Effective from November 1, 2020, the Cyprus citizenship by investment program was officially closed. Until April 29, 2025, foreign investors seeking an EU passport without a lengthy residence requirement were able to apply for Maltese citizenship. That program has also been terminated for political reasons. As of now, no European Union country operates a direct passport program.
In this article, we outline the main qualification criteria of the former Cyprus program. At the end of this page, you will find a list of countries where it is still possible to obtain citizenship relatively quickly and without prior residence, and where Elma Capital experts can assist you throughout the process.
Legal Basis
Under a Council of Ministers’ Decision, foreign investors could acquire Cyprus citizenship through an investment of EUR 2,000,000 combined with a non-refundable contribution of EUR 200,000. This was referred to as “naturalization by exception.”
Key Benefits of Cyprus (EU) Citizenship
- Free travel, residence, and work across the European Union
- Inclusion of family members (spouse, children under 18, and dependent adult children up to 28) in the citizenship application
- Inclusion of the investor’s parents, provided they own private residential property in Cyprus worth at least EUR 500,000 + 5% VAT
- No physical residence requirement before or after citizenship approval
- Dual citizenship permitted; no need to renounce current nationality
Investment Options
- Direct investments (property, development land, securities of Cypriot companies, etc.) totaling at least EUR 2,000,000. Combinations of asset types were allowed; or
- Business activity – the applicant owned and managed a company (or companies) administered in Cyprus and had paid at least EUR 500,000 annually in taxes and business expenses over the past three years. If the company’s head office was in Cyprus and employed 5 Cypriots, this threshold was reduced to EUR 350,000 per year, and to EUR 200,000 per year if 10 Cypriots were employed.
Note: The EUR 2,000,000 investment was required to be held for at least 5 years after citizenship approval. The residential property worth EUR 500,000 had to be maintained indefinitely; if sold, an equivalent property had to be acquired.
Other Eligibility Requirements
- Clean criminal record
- Confirmation that the applicant was not subject to EU asset-freezing orders
- Private residence in Cyprus worth at least EUR 500,000 (excluding VAT)
- At least one visit to Cyprus
Tax Residency
Citizenship did not automatically lead to tax residency. An individual would only be considered a tax resident if they spent more than 183 days in Cyprus within a calendar year.
Professional Services
Elma Capital does not provide legal services in Cyprus. We assist international clients with other relatively fast citizenship programs (Argentina, El Salvador, Antigua & Barbuda, St. Kitts & Nevis, St. Lucia, Vanuatu, Türkiye, Botswana, Sierra Leone, and others). If you require legal assistance in acquiring citizenship in any of these countries, please contact us today.
When sending us an email, please include your citizenship, country of residence, and the age of each family member to be included in the application. This information is required for an accurate quotation of all applicable fees and expenses.