Immigration by Investment
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CITIZENSHIP BY INVESTMENT BLOG
Cyprus implements new passport quota
Answer: Just a few years ago Cyprus launched what has become
one of the most popular citizenship by investment programs
in Europe. Applicants were able to receive Cyprus citizenship
and the EU passport in only 90 days, which made Cyprus the
fastest program in Europe.
One of the main benefits of Cyprus citizenship sought by international investors is the ability to live, work, or study not only in Cyprus, but also in any of the other EU member countries.
Under the CBI program applicants are required to make an investment of EUR 2 million into local real estate, or invest EUR 2.5 million into stocks, bonds, or business operations in Cyprus. Most applicants choose the real estate option because the investor may sell EUR 1.5 million worth of property after only three years (a personal residence valued at EUR 500k must always be kept).
The challenge for Cyprus was that the program had indeed become so popular with international investors that this has led to criticism from other EU member countries which accuse Cyprus of behaving irresponsibly with what these other countries have considered a passport-for-sale scheme.
In response to these accusations and to reduce the volume of applications Cyprus has now implemented several changes to the program:
First, the Cyprus government has prolonged application processing from 90 days to 180 days due to enhanced due diligence procedures. Stretching out the approval process to 6 months is expected to deter applicants who are seeking a quick fix to acute problems in the applicant’s home country rather than taking a genuine interest in the island.
Second, the government of Cyprus has issued new stringent guidelines that regulate the marketing of the CBI program, including which promotional material may and may not be used when describing the program’s benefits. While this measure is not directed at individual applicants, it should have the effect of reducing the number of applications secured through unethical means.
Lastly, the most restrictive of change might be the new annual cap on the number of passports issued per year. Where previously there was no limit, the number of passports available under the CBI program is now limited to 700. While this cap was not reached in 2017 (500 passports issued) it will place a hard ceiling on a program that has increased in popularity every year since 2014.
What’s the outlook for the future?
There are at least two factors that determine if further restrictions will be implemented. First, it remains to be seen if the new immigration conditions will be sufficient to reassure the EU community that Cyprus is taking its responsibility seriously to uphold the high standards expected of EU member states. Second, should the investments brought into the country reach a level deemed satisfactory for the Cyprus government it might decide to further curtail access to the country.
Because immigration by investment program details can change from time to time please inquire with us regarding the latest rules and regulations for the program of your choice.
To start the application process online please register here.
To receive a detailed cost estimate or to schedule a confidential in-office consultation for the Malta citizenship program please complete the Malta Immigration by Investment contact form.
To learn more about the various Immigration by Investment programs, including citizenship and residency, that we cover worldwide please visit our portal at www.Global-Residency.com.
If you are still undecided which program is right for you please use our automatic Product Finder Tool to find an option that best fits your budget and timeline.
One of the main benefits of Cyprus citizenship sought by international investors is the ability to live, work, or study not only in Cyprus, but also in any of the other EU member countries.
Under the CBI program applicants are required to make an investment of EUR 2 million into local real estate, or invest EUR 2.5 million into stocks, bonds, or business operations in Cyprus. Most applicants choose the real estate option because the investor may sell EUR 1.5 million worth of property after only three years (a personal residence valued at EUR 500k must always be kept).
The challenge for Cyprus was that the program had indeed become so popular with international investors that this has led to criticism from other EU member countries which accuse Cyprus of behaving irresponsibly with what these other countries have considered a passport-for-sale scheme.
In response to these accusations and to reduce the volume of applications Cyprus has now implemented several changes to the program:
First, the Cyprus government has prolonged application processing from 90 days to 180 days due to enhanced due diligence procedures. Stretching out the approval process to 6 months is expected to deter applicants who are seeking a quick fix to acute problems in the applicant’s home country rather than taking a genuine interest in the island.
Second, the government of Cyprus has issued new stringent guidelines that regulate the marketing of the CBI program, including which promotional material may and may not be used when describing the program’s benefits. While this measure is not directed at individual applicants, it should have the effect of reducing the number of applications secured through unethical means.
Lastly, the most restrictive of change might be the new annual cap on the number of passports issued per year. Where previously there was no limit, the number of passports available under the CBI program is now limited to 700. While this cap was not reached in 2017 (500 passports issued) it will place a hard ceiling on a program that has increased in popularity every year since 2014.
What’s the outlook for the future?
There are at least two factors that determine if further restrictions will be implemented. First, it remains to be seen if the new immigration conditions will be sufficient to reassure the EU community that Cyprus is taking its responsibility seriously to uphold the high standards expected of EU member states. Second, should the investments brought into the country reach a level deemed satisfactory for the Cyprus government it might decide to further curtail access to the country.
Because immigration by investment program details can change from time to time please inquire with us regarding the latest rules and regulations for the program of your choice.
To start the application process online please register here.
To receive a detailed cost estimate or to schedule a confidential in-office consultation for the Malta citizenship program please complete the Malta Immigration by Investment contact form.
To learn more about the various Immigration by Investment programs, including citizenship and residency, that we cover worldwide please visit our portal at www.Global-Residency.com.
If you are still undecided which program is right for you please use our automatic Product Finder Tool to find an option that best fits your budget and timeline.