Cyprus offers a rapid citizenship to investors who either purchase a property with a minimum value of 2m+VAT or those who invest a minimum of €500,000 in a personal residence and an additional €2m in a speculative real estate project. The application can also include a spouse and dependents up until the age of 18 although older dependents including those needing personal care or wanting to study in Cyprus can be considered. In either the €2.5m investment or the €2m investment, the investor is required to permanently uphold a property with a minimum value of €500,000 in Cyprus. Also, it is important to note that planning permission must be granted on any new-build properties before such time as the citizenship application can be processed. Processing time for the citizenship application is around 3 months and typically a planning permission will be secured within a year of the original application.
The permanent residency, which as the name suggests, and unlike in other EU countries which offer similar schemes, does not need to be renewed for the lifetime of the holder. It is predicated on the purchase of a property of €300,000 and above plus VAT and can be given to the applicant, the applicant's spouse and dependents up until the age of 18 . The applicant needs to be in possession of an income of close to €10,000 per year for themselves and just under €5000 additional applicant. They are not allowed to work for a Cypriot company or foreign entity which is registered in Cyprus. They are not required to live in Cyprus once the residency is granted be must visit the island at least once during every two year period. There is a seven year interval before such time as permanent residency holders can apply for citizenship.
