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The minimum investment was 2 million euros and citizenship was extended to the family of the investor as well. [3] In 2013, the required minimum investment for citizenship was lowered from 25 million in 2007 to 2,5 million. [4] Applicants did not need to physically stay in Cyprus or pass a langugage test to acquire citizenship. [4]
In 2013, a citizenship by investment pathway was created to attract foreign investment into the country. [38] Through the Cyprus Investment Programme, a foreigner could acquire Cypriot citizenship after investing €2 million in real estate, infrastructure projects, local businesses, or domestic financial assets and maintaining that sum within ...
It is estimated that in 2018, €100.6 million came in to Cyprus in revenues from the Cyprus citizenship by investment program. [15] Alternatively, countries may offer certain options to secure a permanent residence. Examples of countries offering such residence programs are the United Kingdom, Switzerland, Portugal, Bulgaria, Canada and Australia.
The country of Vanuatu first started their citizenship by investment program in 2021, ... Cyprus. Cyprus is a small Mediterranean island east of Greece with low cost of living, no inheritance tax ...
Countries that have historically offered citizenship by investment include Austria, [4] Cyprus (closed), Ireland (closed), Moldova (closed) [5] [6] and Montenegro (closed 31 December 2022). [ 7 ] Annually, an estimated 50,000 people, including family members of those who apply, obtain citizenship through investment programs, worldwide.
The Cyprus Papers was a leak of government documents related to the Cyprus Investment Program (CIP) obtained by Al Jazeera and released in August 2020. [1] The CIP allows non-citizens to apply and obtain a Cypriot passport by investing at least 2 million Euros in Cyprus. The passports obtained through the CIP are nicknamed "Golden Passports".
The following is a list of Cypriot billionaires, based on an annual assessment of wealth and assets published by Forbes every April. [2] The vast majority of Cypriot billionaires are not native Cypriots, but are foreign billionaires who acquired Cypriot citizenship (either through the now-defunct Cyprus Investment Program or otherwise) to take advantage of the country's tax laws.
Northern Cyprus nationality law governs the acquisition, transmission, and loss of Northern Cyprus citizenship. Naturalized Northern Cyprus citizens are persons granted citizenship by the de facto Government of Northern Cyprus , which is recognized only by Turkey .