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Naturalization / Citizenship by Investment

Naturalization is referred to as the process for which a non-citizen of a country, in this case Cyprus, may become a citizen of that country. The process may be done via a statute or an application to the relevant authorities.

In March 2014, the Cyprus Council of Ministers revised the "Scheme for Naturalization of Investors in Cyprus by Exception" as part of the government's attempts to attract foreign investors to the countryOne of these attempts included a citizenship-by-investment program that granted applicants the right to live, work and study in Cyprus and in the European Union. Applicants applying for Cypriot citizenship through this citizenship-by-investment option must actively invest in the Cyprus economy, by primarily purchasing real estate at a minimum value of 2m Euro which must be held for at least 3 years, thereafter the property may be sold however they must maintain a property of at least 500,000 Euro indefinitely. Citizenship by investment includes the main applicant and his her spouse and unmarried dependents aged 27 and under. The main applicants parents can also be added for an additional investment of 500,000 Euro. Popular cities for real estate investment are as follows: (April 2017)

• Limassol
• Pafos
• Agia Napa
• Larnaca

Pafos and Agia Napa are tourism town and populations fluctuates dramatically between summer and winter seasons.

Three large Marina projects have now been given the go-ahead: Each set to regenerate their respective areas and therefore offer citizenship investors new options.

1. Limassol Marina - 100% constructed (Aug 2017)

2. Ayia Napa Marina - 40% complete (Aug 2017) with a completion date set for 2019

3. Pafos Marina - Not started as yes.

Source

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