To promote the economy of Cyprus and increase foreign investment, the government of Cyprus officially launched a collective investment program on March 28, 2014: non-EU citizens could obtain Cyprus passports for their entire families by investing 2.5 million euros in Cyprus and submitting immigration applications in groups of 5 families. Recently, what new changes have been made to the immigration policy of Cyprus?
New Cyprus Immigration Policy:
On September 13, 2016, the government of Cyprus announced another update to the Cyprus Citizenship by Investment Program—reducing the minimum investment amount stipulated by the citizenship by investment act to 2 million euros, abolishing the requirement for group applications, and allowing parents to also become passport applicants. A single family can now obtain Cyprus passports for the entire family upon completing the investment.
Advantages of Naturalization in Cyprus
Article 20 of Chapter 1 of the Treaty on the Functioning of the European Union clearly stipulates: All citizens of EU member states are EU citizens. By naturalizing in Cyprus and becoming an EU citizen, one enjoys the rights and benefits of EU citizenship.
EU citizens can freely settle in the 28 EU member states and enjoy the welfare benefits of these 28 countries. They also enjoy the right to vote and stand for election in the European Parliament. Furthermore, they can freely enter, reside, study, and work in Switzerland, Norway, Iceland, and Liechtenstein.