Cyprus is promoting the sale of its citizenship program, describing it as the fastest citizenship which can be gained in the European Union, claiming Malta’s program to be ‘the second fastest’. Their promotional message says that Cypriot citizenship can be guaranteed within three to four months of the application, emphasising that in Malta it takes longer – up to twelve months. The waiting time in other countries can extend to an average of five years.
The cost of Cypriot citizenship is €1million. The candidate or investor must possess a privately-owned residence in Cyprus worth at least €500,000 (plus VAT), in addition to a fixed term deposit of minimum value €5 million for at least three years in an appointed international bank.
The applicant can also choose to combine his/her donations to the national fund and Cypriot bank deposits to equal the amount of €2.5 million as part of shared applications with other candidates.
Cypriot’s promotional bid also claims that unlike Malta, in Cyprus more than 50% of the candidate’s investments could be recovered. The program also offers freedom to work, study and live in any of the 28 countries of the European Union. Passport of Cyprus also allows visa-free travel to 167 countries across the world including the EU nations, Canada, Switzerland and the UK. Moreover, no minimum residency or relocation is necessary, and applicants do not even need to undergo any interviews.
Another selling point of the program is that the real estate prices in Cyprus have been at their lowest in the past five years, though they are expected to increase as demand goes up.
The British company CSG is processing the citizenship applications in Cyprus. The company claims to have processed citizenships for over 25 nationalities.
In comparison, Malta’s individual investor program requires applicants to make a contribution of €650,000 to the national development and social fund. In addition, they must retain a residence in Malta for at least five years, either through purchase of property worth at least €350,000 or by leasing a property for a minimum annual rent of €16,000. A further investment of €15,000 in government-approved financial instruments is also required.
Source: independent.comGeneral Information: Contact us to receive more information about this article.
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