We would like to ensure that you are still receiving content that you find useful – please confirm that you would like to continue to receive ILO newsletters.
01 September 2017
In its recent study of citizenship by investment (CBI) programmes, the Financial Times' Professional Wealth Management ranked Cyprus ahead of other EU countries for its highly attractive travel and residency requirements.
A primary objective of the CBI Index was to identify factors which satisfactorily measure the features and desirability of CBI programmes in various jurisdictions. The research was based on "reliance on official sources from institutions of the highest international standing and on the specialised input of industry experts", as confirmed by Professional Wealth Management.
Cyprus was ranked 67th overall. The rankings were based on the aggregate of seven measurable factors, scored on a scale of one to 10, with 10 being the highest. The factors were:
Cyprus ranked highly with a score of nine in freedom of movement, just behind Austria and Malta, which both received top marks. A Cypriot passport allows for visa-free travel without restrictions to over 160 countries worldwide. Freedom of movement is of paramount importance for individuals when selecting a second citizenship, hence Cyprus's high score.
Cyprus also scored eight for standard of living, with Austria and Malta topping the rankings.
The Cyprus CBI programme was first introduced in 2002 at a premium investment of €15 million. The existing scheme became more competitive in 2013, and even more so following the Council of Ministers' September 2016 revisions, under which the minimum outlay was further reduced to a total of €2 million for the residential real estate investment option or €2.5 million for a combination of investments including real estate (both options include an investment of €500,000 in a residential property, which is to be held indefinitely).
Cyprus scored seven for residency requirements, with no physical residency requirements prior, during or after a citizenship application other than an initial visit to take biometric data as part of the permanent residency application process. This is required if the applicant is not already a resident when the citizenship application is lodged.
Cyprus was ranked as having the fastest route to citizenship in the European Union with a score of eight. Cyprus also scored a respectable seven for ease of processing and clear procedures for citizenship applications and no additional language or health requirements. It scored six for due diligence, with Dominica and St Kitts & Nevis and Malta leading with 10 for their data collection and due diligence features.
For further information on this topic please contact Jenny Tryfonos at Savva & Associates Ltd by telephone (+357 22 516 671) or email (email@example.com). The Savva & Associates Ltd website can be accessed at www.savvacyprus.com.
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
ILO is a premium online legal update service for major companies and law firms worldwide. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.