{"id":9374,"date":"2017-06-11T18:43:39","date_gmt":"2017-06-11T18:43:39","guid":{"rendered":"https:\/\/www.investmentimmigration.com\/?p=9374"},"modified":"2019-02-12T14:00:52","modified_gmt":"2019-02-12T19:00:52","slug":"cyprus-citizenship-program-draws-investment-e4b","status":"publish","type":"post","link":"https:\/\/www.investmentimmigration.com\/cyprus-citizenship-program-draws-investment-e4b\/","title":{"rendered":"Cyprus Citizenship Program Draws Investment Of \u20ac4B"},"content":{"rendered":"

Cyprus has drawn investment equivalent to a quarter of its GDP in a stellar last 12 months for its investor citizenship program<\/a>.<\/p>\n

\"Cyprus<\/p>\n

Mainly-Russian investors have helped pump \u20ac4 billion into the Cypriot economy through the program. Itrequires a \u20ac2 million investment in one of three streams, including real estate, purchase of financial assets or outright purchase of a Cypriot company.<\/p>\n

Cyprus Finance Minister Harris Georgiades says 2,000 passports have been issued through the program, with estimates suggesting half of them have gone to wealthy Russian nationals.<\/p>\n

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Read More<\/strong><\/p>\n

Cyprus Citizenship and Residency Programs Boost Real Estate Scene<\/a>
\nCyprus Drops Citizenship Program Investment Threshold to \u20ac2m<\/a>
\nCyprus Looks To Thailand For New Investors<\/a><\/p>\n

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Traditionally strong ties between Russia and Cyprus is one reason for the program\u2019s success.<\/p>\n

It also boasts one of the shortest processing time targets, with candidates told they could get their passport in just three months after the investment is made.<\/p>\n

After the Cypriot banks hit crisis point during the global financial crisis, the citizenship program has gone a long way to helping the island nation drag itself out of recession.<\/p>\n

However, the awarding of passport to rich Russians in return for investment has not pleased the European Commission. As a European Union member, Cypriot passport holders enjoy free movement around the bloc.<\/p>\n

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Cyprus Citizenship Program: Investment Requirements<\/h3>\n

Purchase of financial assets issued by Cypriot companies:\u00a0\u20ac2m<\/strong><\/p>\n

Investment in real estate, land development, or infrastructure projects:\u00a0\u20ac2m<\/strong><\/p>\n

Purchase, creation, or participation in Cypriot businesses or companies:\u00a0\u20ac2m<\/strong><\/p>\n

Combination of the five three investment options (may include purchase of special government bonds worth \u20ac500,000):\u00a0\u20ac2m<\/strong><\/p>\n

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Developers in Cyprus are seeing healthy interest in both the\u00a0Cyprus citizenship<\/a> and\u00a0Cyprus residency<\/a>\u00a0investment programs.<\/p>\n

Candidates from the Middle East and North Africa have been lining up to take advantage of the programs, which offer European Union access as a major benefit.<\/p>\n

If the \u20ac2 million citizenship option is too expensive, candidates can consider a Cyprus residency option, for which the threshold is \u20ac300,000.<\/p>\n

Developers including Aristo Developers, which has 250 projects within Cyprus, have seen a spike in interest since the threshold change.<\/p>\n

A huge Ayia Napa Marina project is also being funded in part by the\u00a0investment immigration<\/a>\u00a0programs.<\/p>\n

The country\u2019s prime location between Europe and the Middle East make it an extremely popular option for wealthy Arabs looking for a second citizenship.<\/p>\n

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Benefits of\u00a0Cyprus Citizenship<\/h3>\n