PLEASE NOTE: Cyprus has suspended its CBI program in November 2020.
Cyprus suspended its CBI program in November 2020 after media reports alleged the scheme was rife with corruption. A few months later, the Cypriot president told an inquiry committee tasked with looking into Cyprus’ citizenship controversy in February 2021 that Cyprus would no longer offer a path to naturalization to investors.
Please do note that Cyprus offers other options such as the permanent residency-by-investment, start-up visa and intellectual property programs.
Investors can enjoy Cyprus for its location as well as its low taxes and flexible approach that allows applicants to retain their current nationality and acquire and maintain Cypriot residency.
Cyprus is one of the very few EU countries that is not part of the Schengen area. This means that a Cypriot resident will have to rely on their existing passports to gain entry to the rest of Europe and will remain subject to their existing visa requirements.