The Cypriot Government has established a number of incentives to attract foreign direct investment into the country. One of these is a citizenship-by-investment program that grants full Cypriot citizenship to those that invest more than EUR 2 million in real estate and who meet certain other requirements. Successful applicants gain the right to live, work and study in all 28 EU member countries.
Any non-Cypriot citizen may apply for Cypriot citizenship through Naturalization by Exception if they meet one of the investment criteria presented below..
Another important requirement that applies, regardless of the investment option chosen, is the purchase and life-time possession of a property in Cyprus that will be declared as the applicant’s residence in Cyprus. The purchase price of the particular property should be at least EUR 500,000 plus VAT. In the case that the applicant proceeds with the real estate option, this property can be included in the EUR 2 million investment.
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully. West Coast manages each step and ensures that they are executed correctly and at the right time, since each part of the process, if not properly handled, can affect the final citizenship approval. West Coasts also helps its clients to identify the most suitable investment opportunities, evaluates all possible investments in relation to potential exit strategies, prepares and submits the application for citizenship to the government, follows up with the authorities while the case is being processed, and receives approval and passports for the clients. We also help clients to manage their properties and provide a further, enhanced menu of concierge services. Following the submission of an application, West Coast typically receives approval within three months. This quick process makes Cyprus one of the fastest destinations in which to obtain a second citizenship.