The government of Cyprus is offering Cypriot citizenship (European Union citizenship) for investors who significantly impact its country’s economic development. The island of Cyprus is strategically located in the Mediterranean Sea, at the junction of crossroads of Africa, Asia, and Europe. The main advantage of this citizenship programme is that gives investors permanent residency to live indefinitely and imposes no travel restricts and tedious visa requirements otherwise regulated by the European Union.
The citizenship offered by Cyprus grants a person to work, study, and live and in any country belonging to the European Union. The CBI or Cyprus Citizenship by Investment Programme evaluates persons based on the investment amount prior to granting Cypriot (EU) citizenship to individuals. The government will also look at the profile of the individual – for example, the preferred candidates can include a wide array of persons including investors, international business executives, and public figures. Unlike other citizenship programs, the Cypriot (EU) one does not require the candidates to disclose their source of fund, or go through medical tests or require language proficiency.
Most often, alternate citizenship comes in handy when the person requires international tax planning, and to use as a second home if matters in the present country turn volatile. The first step to obtaining the citizenship is to invest a sum of EUR 30,000 in a Cypriot bank for three years, then, there must be evidence that there is a steady flow of the same amount annually gained from sources external to Cyprus. The residency programme requires the applicant to make a purchase of residential property for the value of EUR 300,000. It’s also noteworthy to be at least 18 years of age and has no prior criminal record.
The hassle-free method for citizenship offered by the Cypriot government can be gained within 60-90 days, unlike other countries this process can take up to years. Investors can choose from two methods, depending on their preference. The first is to invest EUR 2 million in real estate in the country or having a total investment of EUR 2.5 million which can include a personal residence of EUR 500,000 and the remaining can be disbursed through real estate, commercial, or infrastructure development. In either form, the citizenship is safe and does not put the investor’s life at risk. Not only would this amount be beneficial for the government but also works as an asset for the investor.