The Government of Cyprus has introduced new regulations for Citizenship, available for investors / foreigners which can be summarised as follows.
Direct Investments:

The applicant should have direct investments in Cyprus exceeding EURO 10 millions (i.e. real estate, shares etc).

Or
Entrepreneurial Activities:

The applicant should have established in Cyprus a Company/Companies with a total annual turnover (based on audited financial statements)exceeding an average of EURO 10 millions per year during the 3 last years proceeding the year of application or/and at least 1/3 of employees of the applicant must be citizens of the Republic of Cyprus.

Or
Introduction of new and innovative technologies, Research Centres:

The applicant should prove that he has introduced to large extent new and innovative technologies in major sectors of the Cyprus economy or has established an important research centre for the conduct of research locally, on a large scale.

Or
Bank Deposits:

The applicant should have personal deposits in Cyprus banks or deposits of privately owned companies or trust (controlled by him) in Cyprus exceeding EURO 15 millions spanning a five year period.

Meaning that the reported deposits must remain blocked in a bank institution of the Republic of Cyprus for a period not less than five (5) years. In the event that periodic checks show that this condition is being circumvented, the naturalization may be withdrawn.

Or
Combination of Direct Investments, Entrepreneurial Activities and Bank Deposit in Cyprus Banks:
The applicant should be the owner of assets worth EURO 15 millions through a combination of the above.

Or
Direct Expenses / Services Fees:
The applicant must have proceeded with the establishment of a company or companies whose management must be in the Republic of Cyprus and the last 3 years, preceding the year of application to have paid to the Cyprus economy in the form of payments to income tax/VAT and /or fees for rendering of services (legal, accounting, auditing, banking and other) at least an average amount of €500.000 per annum.

Other conditions:

• The applicant should be 30 years old and over.
• Certificate of no criminal record from the country of origin or/and Cyprus Police Department.
Cyprus residence.
•The applicant should own a private house in Cyprus for permanent residence purposes the value of which should exceed the amount of €500.000 at current prices.
• Certificate that the applicant is not on the list of people whose assets are frozen within the E.U.

None of the above affects the right of the Council of Ministers to decide at its absolute discretion.

The above criteria and conditions will be in force until the final amendment of the relevant Regulations.

Naturalised citizens have the same rights and commitments as any other citizens including voting rights, payment of taxes etc.

The above is intended to provide a brief guide only. It is essential that appropriate professional advice is obtained.