Attracting Foreign Direct Investments is at the epicenter of the development and growth strategy of Cyprus.
Following this policy, the Cyprus government has introduced two schemes for the granting of the Cyprus Citizenship and Residency.
For the granting of the Cyprus Citizenship, one of the criteria is investment in real estate, land development and infrastructure projects of at least €2 m.
Besides the above investment criteria, the investor needs to additionally own a permanent residence in Cyprus of at least € 500.000 (+ V.A.T.). If the whole investment is made in immovable property according to the above criterion, then this requirement is bypassed, if at least one of the units is worth at least €500.000 (+ V.A.T.), given that the applicant keeps possession and ownership of this unit for life.
Prior to being granted the citizenship, investors need to have obtained the permanent residency in Cyprus for a period of six months. If not, the application for the granting of the permanent residency can be made upon applying for the citizenship.