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Cypriot Passport Ranks 12th Worldwide


 
Cypriot Passport Ranks 12th Worldwide
 
The investment required for the Cyprus Citizenship by Investment Programme, which entitles a holder to a Cypriot passport, was significantly amended on 13th September 2016.
 
The Cypriot Passport has scored a passport rank of 12 worldwide, in the list of the Global Passport Power Rank.
 
The redesigned program seeks to retain the exclusive nature of the Cypriot passport, currently ranked 12th by the passport index. 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. The speed, simplicity and the inclusion of dependent parents are the driving indicators of Cyprus.
 
  • The minimum investment has been reduced from €5 million to €2 million plus a privately-owned residence of at least €500.000.
 
  • In case of an investment made in residential property, a minimum investment of only €2 million is acceptable provided that one of the properties included in the investment is worth not less than €500,000 and it is used as the investor’s private residence.
 
  • The applicant’s family is also eligible to apply for citizenship, by investing an additional €500,000 per applicant in a jointly owned permanent residential property.
 
  • The amount that can be invested in Government Bonds is now capped at €500,000.
 
  • The previous collective investment scheme is no longer available.
 
  • The previous bank deposit option is no longer available.
 
  • A combination of different economic criteria is available.
 
  • A new criterion was added, requiring the prior obtaining of a permanent residence permit by every applicant. This can be done simultaneously with the application for naturalization
 
The programme continues to offer the following advantages:
 
  • Fast track procedure: the time frame for the application and approval is just 3 months.
 
  • Full EU citizenship is obtained, with the right to freely reside, work, study and have a business in any of the EU-member states, as well as in Switzerland, Liechtenstein, Norway and Iceland.
 
  • Dual Citizenship is permitted in Cyprus.
 
  • No stay requirement to reside in Cyprus after obtaining the Cypriot citizenship.
 
  • Visa-free travel to over 148 countries worldwide.
 
  • Eligibility for application is passed on to the investor’s spouse, children (dependents up to the age of 28) and their descendants.
 
  • No language proficiency requirements.
 
  • A Cypriot Citizen can freely travel, reside and work within any of the 28 European Union countries.
 
For more information please contact our firm anthony@ashiotis.com.cy
 
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