In a move which will make the country more attractive to potential Asian based investors, the Cypriot Cabinet has approved significant new changes to the Citizenship by Investment program.
Under the new program several requirements have been calibrated. It will no longer be necessary to form groups of 5 or more investors, the upper threshold on the required investment for single applicants has been halved to €2.5 million, more safeguards for the investors are introduced, while main applicants can secure citizenships for dependent parents, a move which could appeal to some Asian investors.
The redesigned program seeks to retain the exclusive nature of the Cypriot passport, currently ranked 12th by the Passport Index.
Rapid Processing Time to Citizenship
The speed of processing remains one of its unique features, currently unmatched by other EU countries competing to attract foreign direct investments such as Malta, Portugal, Hungary or Bulgaria.
Within 3 months, qualified investors can be granted Cypriot citizenship approval, which makes it the fastest CIP in Europe.
Dependent Parents Welcomed
Cyprus places an emphasis on the genuine ties with investors, ensuring that they maintain a permanent housing unit bought at a minimum of €500,000+VAT and held for the duration of their lifetime. The immediate needs of applicants are also addressed, as citizenship applicants are given a Residence Permit until they secure their passport.
The speed, simplicity and the inclusion of dependent parents are the driving indicators of Cyprus' updated ranking on the Arton Index, the industry benchmark of global citizen programs, where it scores 74 points, out of 100 and claims the pole position by a EU country.
«We congratulate the Government of the Republic of Cyprus, and more particularly the Ministries of Interior and Finance, for their prudent work which took into consideration industry requirements and standards, the sensitivities, psychology and motives of the investors, the need for transparency and the need for ease of assessment of the applications,» said Armand Arton, President of Arton Capital, a global financial advisory specialised in investor programs for residence and citizenship.
