Access to the European Union and its key geographical location are making the Cyprus investment immigration programs popular among citizens of countries in the Middle East.
With the likes of war-torn Syria, Israel and Lebanon just a short flight away, investors are keen to have a stable safe-haven on their doorstep should problems arise in their home countries.
High-net worth individuals are increasingly taking the option of securing the future of their families with a second residency or citizenship.
|Distances from Cyprus capital Larnaca|
Cyprus offers both, with the purchase of residential property worth €300,000 enough to secure permanent residency. For citizenship, an investment of €5 million is required for an individual, although that amount drops to €2 million if you are part of a group investing €12.5 million or more.
Israelis in particular are looking at Cyprus as a realistic option.
Investment Requirements: Cyprus Residence Investor Program
- Deposit €30,000 with a financial institution in Cyprus.
- Possess secured annual income of not less than €30,000. This requirement will increase by €5,000 for every dependent person included in the application.
- Purchase a dwelling or any other property of minimum market value of €300,000
Real estate prices remain high in Israel, but have dropped by 40 per cent since 2013 in Cyprus, making buying a home a more realistic prospect in the island country. The purchasing power of investors essentially doubled between 2013 and 2015, with prices showing only a small recovery in the first quarter of 2016.
Many factors make Cyprus a preferable option for investors over other European schemes, such as those in Portugal, Greece and Malta.
Investment Requirements for Cyprus Citizenship Program
|Purchase of State Bonds of the Republic of Cyprus from the Ministry of Finance||€5 million|
|Purchase of financial assets issued by Cypriot companies||€5 million|
|Investment in real estate, land development, or infrastructure projects||€5 million|
|Purchase, creation, or participation in Cypriot businesses or companies||€5 million|
|Investment in fixed deposits||€5 million|
|Combination of the five investment options||€5 million|
|Deposit in the Popular Bank Public Company||€3 million|
|Collective Investment of more than €12.5 million||€2 million|
|Purchase of private residence in Cyprus (in addition to one of above)||€500,000|
There is no requirement for physical presence, no language requirement, no need to keep the property permanently and no statutory government donation. In addition, spouse and children up to age 28 qualify and the citizenship is passed on by descent.
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