Cyprus’ citizenship and residency by investment programs have brought in €2 billion to the Cypriot economy through property sales and investment, according to an official audit services report.
Cyprus offers several investment schemes that grant either citizenship or residency to foreign investors. One route offered by the Cypriot citizenship-by-investment program is citizenship through the investment of more than €2.5 million in real estate and the meeting of certain other requirements.
Another scheme requires foreigners to invest €2 million in the state-run investment company to purchase state treasury shares or bonds, as well as donate €0.5 million towards the government’s Research and Technology fund.
Another way is for applicants to invest at least €5 million in projects ranging from the purchase of residential property, offices, shops and hotels – provided the real estate is put to use.
Yet another option requires applicants to have deposits or own a company of which they are the main beneficiary of up to €5 million in a local bank for at least the previous three years.
Finally, permanent residence in Cyprus can be obtained by purchasing property worth at least €300,000.
The Cypriot government has refused to submit details on the number of people who received citizenship through its citizenship-by-investment program, saying it violated personal data protection laws, and instead has only disclosed the total cash generated by the scheme.
Source: Cyprus-mail.com