New easy citizenship rules for foreign investors.

April 15, 2013 The Ministry of Internal Affairs of Cyprus has decided to grant the Cypriot citizenship under special conditions.

Investors can apply for the Cyprus citizenship if their activities are the subject to the following conditions:

1. At least 3 million euros Investment in Cyprus distributed as follows:

a) 2 million - real estate and construction;

b) 0,5 million - technology, research and development activities;

c) 0,5 million - Solidarity and Employment Fund.

Investment period must not be less than five years. If the investment will be withdrawn before the end of the period, then the received citizenship can be may be revoked.

2. Investment in Cyprus for an amount not less than 5 million euros. These investments can be distributed among the following types of investments:

a) property purchase (any type of real estate that are under construction, with the exception of land unliable to building);

b) business and companies purchase;

c) purchase of shares of companies registered in Cyprus;

g) purchase of any kind of securities issued by the Cyprus Republic, including the Solidarity Fund, under the National Solidarity Fund law of 2013;

d) participation in a company or consortium of companies carrying out government contracts.

3. Ownership of shares of a company registered and leading activities in Cyprus, with its headquarters in Cyprus. A necessary condition is that during the last 5 years the company transferred not less than 500 thousands euros to Cyprus state funds annually, and there must be at least 10 citizens of Cyprus among the company’s employees. In this case, two shareholder of that company can be given the citizenship.

4. The right to apply for the Cypriot citizenship can be given to those persons who have had a deposit account at Bank of Cyprus and the Cyprus Popular Bank (Laiki) and who have lost at least 3 million of the funds deposited in one or both banks in the course of the European Group decisions taken in March 2013.

Time to Buy Property in Cyprus

Major improvements have already taken place. Interior Minister Neoklis Sylkiotis promised that from now on every month approximately 1 200 Cyprus property owners will receive their Title Deeds. The above mentioned measures significantly increased the demand for the island’s property. From May to June 2011 the number of real estate transactions in Cyprus have increased by 10%. Also due to the global economic crisis prices for Cyprus property have been reduced. Experts believe that now is the right time to purchase property in Cyprus.

ReLux Estates

Cyprus Property Market in 2011

Since the beginning of 2011, the sales of residential property in Cyprus have been consistently growing. In June, the number of sales has increased significantly comparing to May of this year. In March and April sales were 908 and 1178 properties respectively. In total from January to June, 6213 units of residential real estate were sold on the island, according to the portal “Cyprus Property Buyers”.

Most of the properties were sold in Nicosia, while the fewest were sold in the Famagusta area.

ReLux Estates

No Solution Reached on Cyprus Property Tax Discussion


“There was a preliminary discussion, which we will continue to see how the immovable property tax will become better and fairer, and we will revisit the matter,” said Filios Zahariades, the chairman of the employers’ federation.

At present:

-owners of property up to a value of €171 thousand do not pay Immovable Property Tax. 

-properties valued between €171 thousand and €427 thousand pay 2.5% 

-owners of property valued between €427 and €854 thousand pay 3.5% 

-owners of immovable property valued up to  €854 thousand and above pay 4%


It is significant that the matter of immovable property taxing has been already discussed last year, but the measure was rejected by the parliament.



Good News for Property Buyers in Cyprus

Most experts agree upon the fact of foreign investment bringing considerable financial benefit to the country, developing tourism, construction and related sectors of the island’s economy.

Experts believe that Cyprus, is able to attract business from all around the world, possessing a number of advantages, such as a strategically important geographical location of the island, as well as its tax system.

During business meetings and seminars, the public officers from ministries and departments of Cyprus promised to contribute to the acceleration and simplification of the real estate purchasing transactions on the island.

ReLux Estates