As of November 1, 2020, Cyprus has officially canceled its citizenship by investment program. This decision marked the end of a popular route for investors seeking Cypriot citizenship through significant financial contributions. However, there are still alternative pathways for residency and eventual citizenship in Cyprus.

Overview of the Citizenship by Investment Program

Prior to its cancellation, the Cyprus citizenship by investment program allowed non-EU nationals to acquire Cypriot citizenship and a passport through substantial investments in the country. The minimum investment required was €2.2 million, which could be directed towards real estate or other approved sectors. The processing time for applications typically ranged from eight to twelve months.

The program was designed to attract foreign investment into Cyprus, contributing to economic growth and development. Successful applicants enjoyed benefits such as visa-free travel within the EU and access to numerous countries worldwide.

Current Alternatives: The Cyprus Golden Visa Program

With the cessation of the citizenship by investment program, potential investors can consider the Cyprus Golden Visa as an alternative route to permanent residency. This program allows non-EU nationals to obtain residency rights in exchange for financial contributions, primarily through real estate investments.

Eligibility Requirements

• To qualify for the Cyprus Golden Visa, applicants must invest a minimum of €300,000 in real estate or other approved sectors.
• Applicants must also demonstrate an annual income of at least €50,000 from abroad.
• The application process is relatively straightforward and can be completed within two months.

Benefits of the Golden Visa Scheme

• EU Membership: As a member of the European Union, Cyprus offers its residents access to EU benefits.
• Visa-Free Travel: Holders of a Cypriot passport enjoy visa-free travel to 168 countries.
• Family Inclusion: The application allows inclusion of immediate family members (spouse and dependent children up to age 28).
• No Residency Requirements: There are no obligations for investors to reside in Cyprus before or after obtaining their residency permit.
• Low Crime Rate and High Quality of Life: Cyprus is known for its low crime rates and high standards in healthcare and education.

Application Process

• Interested individuals must submit completed application forms along with supporting documents such as proof of investment and health insurance.
• Successful applicants are required to maintain their investments annually and provide evidence thereof.

Pathway to Citizenship

After maintaining residence status for seven years under the Golden Visa scheme, investors may become eligible to apply for Cypriot citizenship.

Required Documents

1. Valid passport
2. Proof of investment
3. Clean criminal record
4. Evidence of annual income

Other supporting documentation as specified by authorities

In summary, while direct citizenship by investment is no longer available in Cyprus since November 2020, interested investors can pursue residency through the Golden Visa program with a clear pathway toward eventual citizenship after fulfilling specific requirements over time.