The Cyprus government announced this week the lowering of investment thresholds to obtain Cyprus citizenship. Previously an individual was required to invest either 5 million Euro if applying individually or 2.5 million Euro if applying through a collective investment scheme. This number has now been lowered to 2 million Euro for all applicants, allowing for a variety of investments to obtain citizenship. The investment structures available for an individual to obtain Cyprus citizenship are as follows:
- The applicant can make a direct investment of at least 2 million Euro in Cyprus for the acquisition and/or development of residential or commercial real estate projects. Acquisition of land per se is not a qualifying investment.
- The applicant can make an investment of at least 2 million Euro in order to purchase, incorporate or participates in companies that have a physical presence and activities in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years.
- The applicant can purchase financial assets worth at least 2 million Euro in alternative investment funds, bonds and securities that are issued and registered in the Republic of Cyprus and organizations with substantial economic activity in Cyprus which are being regulated by the Cyprus Stock Exchange Commission.
- Any combination of the above is allowable to reach the 2 million Euro threshold. In addition, to reach the threshold, an applicant may also purchase government bonds of the Republic of Cyprus for a maximum amount of 500,000 Euro.