On Thursday, November 30th 2023, The Parliament of Cyprus adopted a new citizenship framework for highly skilled professionals. Through the adopted law, the foreigners who possess highly specialised knowledge and qualifications can obtain a citizenship of the Republic by virtue of naturalisation in four or five years depending on the level of the Greek language. The law aims to attract and retain talented persons in the island.
Anastasia Yanni, CEO of Cyprus Sotheby’s International Realty, commented:
«We all have been waiting for the adoption of this law. An oportunity to obtain a citizenship for highly skilled professionals in four or five years is of the great importance and an excellent news. A lot of talented specialists have come to Cyprus from different countries in recent years. Many international companies opened their offices here. Thanks to this law, many workers will settle in Cyprus as they can get a European citizenship in a few years. The economy of Cyprus in general will benefit as the specific sector contributes to the development of other sectors, including real estate.”
The qualifications and criteria that must be met in order for a foreigner to acquire the status of a citizen of the Republic by virtue of naturalization:
*At the same time, through the updated law, the right to naturalisation is also granted to members of the applicant's family.
Cyprus tech sector set to benefit from updated citizenship framework. Cyprus’ effort to establish itself as a technological hub has been a strategic goal pursued by both past and present administrations. According to the Statistical Service for the year 2022, the contribution of the technology sector to the GDP of Cyprus amounted to 13%, noting that 70% of the companies registered in Cyprus in the same year were of foreign interests.
More attractive legislation for foreigners will help attract foreign investments and improve the island’s reputation. This is already being done by other European countries, as seen in Finland and Germany.