Rendering it harder to buy an EU passport
Now, the Cypriot government is slowing it down. Some changes apply more scrutiny to the application process. Starting from August 1, new people will have to wait for six months to have the passport request examined and approved-doubling what it takes now.
The Cypriot government is wanting to deflect criticism that this program facilitates corruption and money laundering. It improved the name of the program from “Cyprus Citizenship by Investment” to “Cyprus passport by investment Programme.” In addition, it released new rules (pdf) that prohibit mentions of “fast track technique”, “sales of passports” or “acquisition of Euro citizenship” from being touted as benefits of this program in advertising or promotional materials.
Cyprus offers the quickest, most assured route to citizenship of a European country through the Cypriot citizenship by investment programme. An investment of €2.0 million in real estate is necessary, and also a donation of €75,000 to the Governments Research and Development fund and €75,000 to the Land Development Organisation. Cyprus is unique in its offering of citizenship within just six months of this investment. This grants a Cypriot passport and citizenship associated with an European union country, allowing the freedom to work, travel, analysis and live everywhere within the EU including countries such as Germany, France and the UK. The investment can be reduced down after 5 years to just €500,000.
Everlasting RESIDENCY CYPRUS
Applicants can secure permanent residency in Cyprus through investment in real estate. The programme is one of the most effective and simplest investor visa programmes in Europe. It requires investment of just €300,000 into property to gain the Cyprus residency allow.The residency visa is granted within 8 weeks and covers the whole family. It includes parents of both the key applicant and spouse plus centered children up to age 25. It really is valid for life and can be passed on to dependents and partner.
The permanent residency programme offers simple travel throughout europe and requires just one single trip to Cyprus by all family once every two years. The investment may be produced by a company that the primary applicant and spouse are beneficial owners. The investment can maintain to no more than two properties provided they reach the €300,000 long term residency limit. The properties purchased must be brand new.
Cyprus has an extremely favourable duty regime for individuals and companies residing there. Over 80% of the united states talks English and there are great education facilities including several UK universities with campuses on the island. Cyprus has the minimum crime rate in European countries and is also the 5th safest country in the world. There’s a high standard of educational institutions and medical care facilities. Cyprus is strategically located at the crosssroads of three continents, European countries, Asia and Africa. Cyprus is defined to become listed on the EU Schengen area soon. Property attained is freehold, there’s a low property tax and there is reduced VAT on property of just 5% (at the mercy of conditions).