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Cyprus citizenship program officially enhanced

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09-10-2016

Cyprus citizenship program officially enhanced

On 13th September the Cyprus Cabinet approved amendments to its already popular citizenship by investment (CBI) program, making it more attractive than ever. Importantly, the key advantages of the program, including speed of processing, no residency requirement, three-year exit window, and inclusion of dependents up to age 28 have been retained. The Cyprus CBI program was introduced in March 2014, and has proven very successful, injecting over €2billion into the economy. The changes not only improve the competitiveness of the program but according to the Minister of Finance, Harris Georgiades, it ensures longevity as well. The most significant change is the reduction of the required investment to €2M, from 2.5M. This remains a pure investment; there is no donation element. Another advantage is the inclusion of the main investors parents, provided that they acquire a permanent residence property with a value of €500,000. It is possible for this value to be pooled into the main investment, enabling a more premium property to be purchased. The ‘collective scheme’ concept, which required the simultaneous deposition of five applications, has been abolished. All applications will now be submitted individually, thus there is no waiting time for the formation of a group. Real estate was always by far the preferred qualifying investment option; this trend is sure to continue following the abolishment of the bank deposit and pure bond investment schemes. In order to establish further genuine ties between the country and investor, applicants will be required to obtain Cyprus Permanent Residency (PR) status. This PR application can be submitted simultaneously with the citizenship application, it has a processing time of just two months, thus doesn’t impact the overall speed. The investment made to fulfil the citizenship criteria also fulfils the financial criteria of the residency program, so there will be no additional cost to the investor. Cyprus has always been a magnet for foreign investment due to its strategic location, highly attractive tax regime and business-friendly environment. Its ideal Mediterranean climate, beautiful surroundings, safety and high standard of education and healthcare are just a few of the reasons for the island popularity amongst lifestyle purchasers as well. Following strong economic performance and with good projected growth the island has firmly regained investor confidence. The Cyprus CBI program is by far the fastest route to obtaining EU citizenship. Considering the advantages detailed above and the programs clear requirements and simple procedure, it is without doubt the best option for high net worth individuals seeking a premium second citizenship and these latest updates will further enhance the programs popularity.

The fastest route to EU citizenship:
Investment requirement €2M
Time to citizenship 3 months
Residency requirement none
Passport quality 9th in the world
Family spouse, dependents up to age 28 & main investor’s parents
Visa-free travel 168 countries
Exit strategy 3 years
Dual citizenship permitted
Eligibility all nationalities
Tax consequences none
 

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