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Cyprus CBI program going strong post Brexit

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08-10-2016

Cyprus CBI program going strong post Brexit

There has been much debate on the impact of Brexit on the Cyprus and other EU citizenship by investment programs. The reality is the change hasn’t curbed interest at all. On the contrary demand is ever-increasing as awareness of the Cyprus program grows, which enables investors to obtain EU citizenship for an entire family within just three months with absolutely no residency requirement. EU citizenship was introduced by the Maastricht Treaty in 1992 and affords rights such as free movement, settlement and employment across the EU. An EU passport, with or without the UK, offers incredible security, opportunity and value to you and your family. If like the majority of investors, your key motivator in obtaining EU citizenship is to enjoy the benefits of the other 27 EU member states in addition to Switzerland, Iceland, Norway and Liechtenstein, then Brexit will have no impact at all. There is strong consensus amongst industry leaders that those seeking access to the UK need not worry either, as it is highly probable that the UK will negotiate an EEA-type of agreement with the EU, or obtain a status similar to Switzerland, thus a form of free movement and settlement will still apply, especially to financially independent citizens. Various forms of relationships are possible. For instance, Liechtenstein, Norway and Iceland are not members of the EU, yet they are party to the European Economic Area (EEA) Agreement, and therefore the right of settlement as well as many other rights still extends to these countries. Switzerland is part of the European Free Trade Agreement (EFTA), but not a member of the EEA. It has opted for bilateral agreements, which give its citizens the right of settlement throughout the EU. For now, the current EU freedoms within the UK remain effective until the conclusion of a full exit, which will inevitably take years to fully implement. Regardless of the UK’s exit negotiations it is highly probable that Cyprus and the UK will continue to enjoy reciprocal benefits, as the two countries have had a long-term relationship that goes far beyond EU membership. Cyprus is an ex British colony, a Commonwealth member and is home to two British Sovereign bases, Akrotiri and Dhekelia. It is also home to one of the largest British communities in the EU.
 

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