New ways to obtain citizenship… if you have the cash

New ways to obtain citizenship… if you have the cash

 

By Peter Stevenson

Foreign investors will now be able to obtain Cypriot citizenship if they bring in €5 million, have large bank accounts or perform certain business transaction on the island.

The cabinet approved the plan on May 24 enabling foreign nationals to gain citizenship if they meet certain criteria set out by the interior ministry, which has already received two applications.

“The new plan is a very positive move and although we are still at a very early stage we believe plenty of interest will be shown in the coming weeks and months,” a ministry spokesman told the Cyprus Mail yesterday.

The first option given to foreign nationals would require them to deposit €2 million in the state treasury to purchase shares or bonds with the state-run investment company and also donate €0.5 million towards the government’s Research and Technology fund.

The second option would require them to invest at least €5 million in projects ranging from the purchase of houses, offices, shops and hotels as long as the land they purchase is put to use. They can also purchase companies that were founded and are active on the island or buy shares in companies that are registered in Cyprus. They would also be eligible for citizenship if they purchase financial assets such as state bonds that were registered and issued in Cyprus including those issued by the Solidarity Fund. Foreign nationals would also be eligible if they have cooperated with a company which has done work for the public sector. To qualify for citizenship via the second option, applicants will have to present documents which prove they have been active for the last three years on the island.