Permanent Residence holders can apply for a Cyprus passport after seven years. Once 30% of the deposit of the property value has been paid the application can be made.
However, an investor can apply for a Cyprus citizenship simultaneously with the application for a residence permit if he/she meets the criteria below:
The following non-Cypriot natural persons who meet of the set financial criteria are eligible to apply for the acquisition of Cypriot Citizenship:
• Natural persons, either personally of through a company in which they are participating as shareholders, in proportion to their holding percentage.
• Through investments made by their spouse or jointly with the spouse.
• As high-ranking senior manager of a company that meets one of the financial criteria below (provided that the receive a remuneration that generates paid tax revenues of at least €100.000 over three years).
ii. Financial Criteria:
Eligible persons who meet one of the following financial criteria may apply for the acquisition of the Cypriot Citizenship:
• Investment in real estate, land development and infrastructure projects of at least €2m.
• Investment in financial assets of Cypriot companies or organizations of at least €2m.
• Investment in Alternative Investment Funds or financial assets of Cypriot companies/organizations that are licensed by the Cyprus Securities and Exchange Commission of at least €2m.
• Combination of the above criteria, which can also include investment in government bonds of up to €500.000.
iii. Other Terms and conditions
• Prior to the naturalization, investors must hold a residence permit in Cyprus. If not, the application for a residence permit can be submitted simultaneously with the application for the naturalization.
• In addition to the above investment requirements, an investor must also own a permanent privately-owned residence in Cyprus of at least €500.000 (+VAT). If investment is made into residential properties, as per the first financial criterion, this requirement is not applicable, if at least one of the units is worth at least €500.000 (+VAT), provided that the applicant retains the possession of the residence for life.
• The investment in government bonds is restricted to €500.000.
• There is no requirement of residing in Cyprus after acquiring citizenship.
iv. Family Members:
• Spouse/ partner: The investor’s spouse or partner may acquire the Cypriot Citizenship. Their application may be filed simultaneously
• Minor children: Dependent children up to the age of 18 may apply, after the investor acquires the Cypriot Citizenship and provided that the other parent consents to the grant of the citizenship
• Adult financially dependent children: the right to apply for citizenship is also granted to the financially dependent adult children of the investor belonging to one of the following two categories:
– students up to the age of 28
– children with severe physical/ mental disability that prohibits employment
• Parents: The investor’s parents may also apply for citizenship after the investor has acquired his/her citizenship, provided that they are owners of a private residence of at least €500.000 (+VAT). The investor and his/ her parents may collectively acquire one residential property of a total value of at least €1m (+VAT).