Cyprus has attracted several high-net worth millionaire investors to the citizenship scheme. Cyprus offers citizenship to foreign investors by investing €2m in real estate, companies or government stocks and bonds. They must also satisfy residency requirements.
In 2018, Cyprus council of ministers announced new amendments including capping of citizenship scheme to 700 investors and enhancing due diligence standards. The council also proposed a registry for authorized agents allowed to promote Cyprus CIP scheme.
In 2017, Cyprus issued 503 passports to main applicants and 510 passports to families. A total of 1013 passports issued for 2017.
Since 2014, about 2996 foreigners received citizenship and passport under the ‘citizenship investment scheme’
| Year | Investor | Family |
| 2014 | 214 | 186 |
| 2015 | 337 | 342 |
| 2016 | 443 | 461 |
| 2017 | 503 | 510 |
| Total | 1497 | 1499 |
Prior to 2013, Cypriot citizenship was granted on a discretionary basis by ministers required investors least €10 million for a passport, which then lowered to €5m in 2013. The decline of its economy during the global financial crisis, Cyprus lowered the minimum investment requirement to €3 million in 2016. In 2018, the investment minimum stands at 2 million euros.
The Guardian reported, Cyprus has given citizenship to 1,685 “foreign investors” since 2008 – many from the former Soviet Union, China, Iran and Saudi Arabia – and 1,651 members of their families.
Source: qz.com
