In 2011, Cyprus introduced Criteria and Conditions for Naturalization of Foreign Investors to allow citizenship by investment. Initially, investments of at least €25 million were required.
The program was amended in 2013 and again in 2014 to reduce the minimum investment requirements. Current applicants can chose from one of the following seven investment routes:
- Purchase at least €5 million in state bonds.
- Invest at least €5 million in financial assets of Cypriot companies.
- Invest at least €5 million in real estate, land development or infrastructure projects.
- Make an investment of at least €5 million in purchase or participation of a business in Cyprus.
- Make a fixed deposit of at least €5 million, held for three years, in a Cypriot bank.
- A combination of criteria 1 to 5 amounting to at least €5 million.
- Invest at least €2.5 million in a special collective scheme investing at least €12.5 in any of options 1 to 4.
Applicants are also required to have a clear criminal record and hold a permanent privately-owned residence in Cyprus, purchased for at least €500,000.