Home / News / Local News / Passports net €3 billion

Passports net €3 billion

The Cypriot naturalisation scheme put in place on June 1, 2013 has brought in €3 billion in investments in immovable property, deposits, shareholding and bond purchases.

In the data provided by the Ministry of the Interior, it does not say how many foreigners have received Cypriot citizenship through the schemes that have been in place since 2007.

In total, there have been four different naturalisation schemes, with the most recent stipulating the following.

In May 2013 a naturalisation scheme was put together, aimed at maintaining foreign investments and to continue their presence in the country. Secondarily, it aimed to attract foreign investments which would help restart the Cyprus economy.

The scheme required investment of at least €5 million in either direct investments or three-year bank deposits. Investors who fulfilled the following requirements were also allowed to apply. The investor must have owned  companies which during the three years before the submission of the application must have paid €500,000 in taxes or service fees per year.

The amount dropped to €350,000 if the companies employed five Cypriot citizens, and €200,000 if the companies employed 10 Cypriot citizens. The investor must have also owned a permanent residence valued at least €500,000, which he or she must keep for life.

In March 2014, the Cabinet decided to put forward a new naturalisation scheme. It requires a €5 million investment in one of the following: purchase of government bonds, shares, purchase of immovable property or investment in immovable property or public works.

Purchases of shares in Cypriot businesses or companies that maintain offices in Cyprus and employ at least five Cypriot citizens, and a three-year deposit in a Cypriot bank are also eligible. The investor must also own a permanent residence valued at €500,000, which he or she must keep for life.

Check Also

Tourist dies in the sea off Paphos

Police in Paphos say a man has died after going swimming in what has been …

Paphos police arrest drunken passenger at airport

A passenger waiting to depart Paphos Airport ended up in a police cell on Friday …