Cyprus Citizenship by Investment Program: A Comprehensive Guide for Non-EU Citizens
The Cyprus Citizenship by Investment (CBI) Program has historically been an attractive option for non-EU citizens seeking European Union citizenship through financial contributions, particularly via real estate investment. However, as of August 2025, the program has undergone significant changes, including its temporary suspension and stricter regulations following controversies in 2020. This article provides an updated overview of the Cyprus CBI program, its historical context, current status, alternative pathways to citizenship, and key considerations for non-EU citizens.
The Cyprus CBI program, launched in 2013, allowed non-EU citizens to obtain Cypriot citizenship through significant investments in the country’s economy. The program was popular among high-net-worth individuals due to its relatively low investment threshold, fast processing times (6–8 months), and the benefits of an EU passport, including visa-free travel to over 170 countries, the right to live and work across the EU, and access to Cyprus’s favorable tax regime.
However, the program faced scrutiny after allegations of abuse, including insufficient due diligence and the granting of passports to individuals with questionable backgrounds. In November 2020, Cyprus suspended the CBI program indefinitely following an Al Jazeera investigation. As of August 2025, the program remains suspended, though alternative pathways to citizenship through residency and naturalization exist.
Before its suspension, the Cyprus CBI program required applicants to meet specific investment and eligibility criteria. Below is an overview of the program’s structure prior to its termination:
Investment Requirements
Applicants were required to invest a minimum of €2 million (excluding VAT) in one or a combination of the following:
Real Estate: Purchase residential or commercial properties, with at least €500,000 allocated to a residential property for personal use.
Business Investment: Invest in a Cyprus-based company or create a new business employing at least five Cypriot or EU citizens.
Government Bonds or Investment Funds: Invest in Cypriot government bonds or approved investment funds (e.g., AIFs).
An additional €150,000 donation was required, split equally between:
Research and Innovation Foundation: €75,000 to support technological development.
Cyprus Land Development Corporation: €75,000 to fund affordable housing initiatives.
Other Requirements
Clean Criminal Record: Applicants needed to provide a certificate from their country of origin and residence.
Residency Requirement: Hold a Cyprus Permanent Residency (PR) permit for at least six months before applying or simultaneously apply for PR under Regulation 6(2).
Schengen Visa: Hold a valid Schengen visa, as Cyprus is not part of the Schengen Area.
Physical Presence: Visit Cyprus at least once during the application process for biometric data collection.
Family Inclusion
The program allowed the inclusion of:
Spouse or civil partner.
Children under 28, if financially dependent and enrolled in university.
Parents and in-laws of the main applicant.
Benefits
EU Citizenship: Access to visa-free travel to over 170 countries, including the EU, UK, and Canada.
Fast Processing: Citizenship was granted within 6–8 months.
Tax Advantages: No tax on global income, dividends, or capital gains for non-domiciled residents, and a low corporate tax rate of 12.5%.
No Language or Residency Requirements: Applicants were not required to live in Cyprus or demonstrate Greek language proficiency.
As of August 2025, the Cyprus CBI program remains suspended, and no new applications are being accepted under the previous investment framework. The Cypriot government has not announced plans to reinstate the program, citing the need for stricter regulations and compliance with EU standards. The suspension followed EU pressure to address concerns about money laundering and inadequate due diligence in CBI programs across member states.
However, the government has introduced measures to strengthen oversight of existing applications and citizenships granted before 2020. Some passports issued under the CBI program have been revoked following investigations into fraudulent applications. Non-EU citizens interested in Cypriot citizenship must now pursue alternative pathways, primarily through the Permanent Residency Program followed by naturalization.
Alternative Pathway: Permanent Residency and Naturalization
While the CBI program is suspended, non-EU citizens can still obtain Cypriot citizenship through the Cyprus Permanent Residency Program (Regulation 6(2) or Category F) and subsequent naturalization. Below is an overview of this process:
Step 1: Obtain Permanent Residency
Non-EU citizens can apply for permanent residency through:
Regulation 6(2) – Fast-Track PR: Requires a €300,000 investment in real estate, company shares, or investment funds, plus a secure annual income of €50,000 (plus €15,000 for a spouse and €10,000 per child). Processing takes 2–4 months.
Category F – Slow-Track PR: Requires a €100,000 real estate investment and an annual income of €9,568 (plus €4,613 per dependent). Processing takes 12–18 months.
Both programs grant lifelong residency, provided the investment is maintained and the applicant visits Cyprus at least once every two years.
Step 2: Naturalization
After obtaining permanent residency, non-EU citizens can apply for citizenship through naturalization after 7–8 years of legal residence in Cyprus. Key requirements include:
Residency Period: Reside in Cyprus for at least 7 years within a 10-year period, including 4 years of physical presence and 12 consecutive months in the final year. Certain professionals (e.g., high-ranking company executives) may qualify after 5 years.
Language Proficiency: Demonstrate basic Greek language skills (B1 level).
Integration: Show good character, integration into Cypriot society, and knowledge of Cyprus’s culture and history.
Clean Criminal Record: Provide updated police clearance certificates.
Upon meeting these criteria, applicants can obtain Cypriot citizenship, which confers the same EU passport benefits as the former CBI program.
EU Passport: Visa-free or visa-on-arrival travel to over 170 countries, including the EU, UK, Canada, and Australia.
Freedom of Movement: Live, work, and study anywhere in the EU.
Tax Advantages: No tax on worldwide income, dividends, or capital gains for non-domiciled residents, and no inheritance tax.
High Quality of Life: Access to excellent healthcare, international schools, and a Mediterranean lifestyle.
Dual Citizenship: Cyprus allows dual citizenship, so applicants are not required to renounce their existing nationality.
1. Schengen Area Limitations
Cyprus is not part of the Schengen Area, so Cypriot permanent residents do not have visa-free access to Schengen countries. However, citizens (post-naturalization) enjoy full EU mobility. Cyprus’s application to join the Schengen Area is under review as of August 2025, but no timeline has been confirmed.
2. Investment Risks
Real estate investments, a key component of the PR program, carry risks such as market fluctuations. Cyprus’s property market has shown steady growth (1–4% annually), but due diligence on developers and properties is essential.
3. Compliance and Due Diligence
Applicants must provide apostilled and translated documents, including police clearances, proof of income, and investment records. Non-compliance, such as failing to maintain the investment or visit Cyprus, can result in residency or citizenship application rejection.
4. EU Scrutiny
The EU continues to monitor citizenship and residency programs to prevent money laundering and ensure transparency. Cyprus has strengthened its due diligence processes, and applicants should expect rigorous background checks.
5. Professional Guidance
Navigating the PR and naturalization process requires expertise. Engaging immigration lawyers or licensed agents, such as Leptos Estates or PWC Cyprus, can ensure compliance and streamline applications.
Application Process for Permanent Residency (Leading to Citizenship)
Due Diligence: Submit documents for a compliance check (e.g., criminal record, proof of income).
Investment: Finalize a qualifying investment (e.g., €300,000 for Regulation 6(2) or €100,000 for Category F).
Document Submission: Provide apostilled and translated documents to the Cyprus Civil Registry and Migration Department.
Biometric Data: Visit Cyprus within one year of PR approval for biometric data collection.
Maintain Residency: Meet the residency and visit requirements (one visit every two years) while working toward naturalization.
Naturalization Application: After 7–8 years, apply for citizenship with proof of residency, language proficiency, and integration.
The Cyprus Citizenship by Investment Program, once a fast track to EU citizenship, remains suspended as of August 2025 due to regulatory concerns. Non-EU citizens seeking Cypriot citizenship can pursue permanent residency through the Regulation 6(2) or Category F programs, followed by naturalization after 7–8 years. These pathways offer access to Cyprus’s favorable tax regime, high quality of life, and eventual EU citizenship, albeit with a longer timeline and stricter requirements than the former CBI program.
Non-EU citizens considering Cyprus as a destination should conduct thorough research, consult with immigration experts, and ensure compliance with all legal and financial requirements. With its strategic location, business-friendly environment, and Mediterranean lifestyle, Cyprus remains a compelling option for those seeking a secure future in the EU.