In today's world, government regulations and policies on their High-Net-Worth citizens make them constantly consider obtaining a second passport or dual citizenship; as a “White Knight” that will protect not only their assets, but also their peace of mind, and the safety of their families.
The truth is that “Dual Citizenship” represents for many of them the freedom of travel, new investment opportunities, and the safety of being backed by a second nation.
It is not imperative to investigate the past. History has proven that having Dual Citizenship or a Second passport has tremendously helped citizens from across the globe who have been threatened at some point of their lives by disagreeable and unfavourable regulations imposed by their home governments.
No individual should be left alone in arbitrary situations that can compromise their freedom, life savings, family security and quality of life. Unfortunately, this is a permanent concern for thousands of citizens worldwide who own just one passport. In other words, they are left at the mercy and “goodwill” of strict policies and controls.
“Having a strong passport is not only about the number of countries you can visit with visa-free restrictions”
Given these facts, the number of applicants to “Citizenship by Investment” programs around the world rocketed. It is essential to distinguish legal agencies approved by the governments that provide such programs. As a growing industry, many agencies and consultants will assure you a legal passport in a short period of time. However, every application goes through a rigorous due diligence process, and each case or investment plan is unique. Therefore, if you are not well-represented by a trusted Citizenship Service Agency, your application might be at risk for approval.
Economic Citizenship is unquestionably the fastest and most efficient way to obtain a second citizenship; in this scheme, the investor decides to invest in a program such as government-approved real estate projects or an investment-contribution to the government in question. Other programs offer the opportunity to establish a company and employ a certain number of local citizens in exchange for residendcy or citizenship.
Recent studies developed by global immigration experts have placed Cyprus Citizenship by Investment in the spotlight among the “top 10 Citizenship by Investment” programs. Cyprus is considered one of the easiest routes to obtain dual citizenship. The country is a member of the EU although it is yet to implement the Schengen Agreement.
Investors applying for Cyprus will receive the citizenship within 6 months of applying. Cypriot Citizenship is the fastest route if you want to become an EU citizen, followed by Malta, with an estimated of 14 months. Applicants may apply for Citizenship through the investment of EUR 2 million into Residential Real Estate.
Benefits of Cypriot Citizenship
- Cyprus is home to six of the Mediterranean´s top “blue flag beaches”. This certification is given by the Foundation for Environmental Education, and its criteria include standards for water quality, the provision of services and general environmental management principles.
- Its passport holders have access to 170+ countries visa-free or visa-on-arrival, and they have the right to live and work in any other country within the EU, giving them access to the world's largest economy.
- Cyprus is also home to an excellent educational system; its crime rate is among the lowest in the world. It is also one of Europe´s top vacation destinations, and there are no language requirements for citizenship or residency; at the same time, Cypriot personal income tax regime is extensively considered the most attractive and captivating personal income tax regime worldwide.
- As the Mediterranean's third largest destination and former British colony, Cyprus maintains many of the UK's customs, legal proceeding and other conducts. When compared to its real estate opponents, Cyprus offers convenient advantages.
- It is the EU's second safest country, and ranked 8th most secured country worldwide.
- The majority of the population speaks English and Greek. Nearly 16% of the population speaks foreign languages as a result of an increasing number of arrivals from different countries.
- Its legal system is very similar to UK's.
- Domestic worker assistance for the elderly, public health, outstanding educational system and other EU benefits among others also apply in the island.
- Two international airports located in Larnaca and Paphos operate in Cyprus, providing easy access to all regions in the island.
- Two preeminent marinas are currently operating in Limassol, and a third one is being built in Ayia Napa. It is expected to be finished by 2018. There are also small finishing harbours all across the coast.
- If you are a golf lover, Cyprus will delight you with its five international golf courses. The island also has several sporting clubs of all kinds.
- Amazing weather conditions. The island entertains its visitors with around 300 days of sunshine a year.
- You might be surprised to know Cyprus offers the lowest tax rate in the EU and runs double taxation agreements with major commercial partners, including Egypt, Russia and UK. This creates a perfect atmosphere for those seeking a business destination or investment opportunities offshore.
- Distances on the island are pretty short. You can travel between the coast and mountains in just one hour. The island's countryside and rich history combine to create a spectacular scenario of natural beauty and breath-taking landscapes.
- Cypriot visas and passports cover family members as well.
- There is a growing number of airlines connecting to Cyprus from every corner of the world, which is increasing the favourable reputation of the island.
How to Apply
Savory and Partners strongly recommend all clients to research first; consider given facts and choose the passport that better fits your needs. We firmly believe the Cypriot passport will come up as one of your most reliable options to obtain dual citizenship.
Please feel free to contact us or book a free consultation now; our Citizenship consultants will be glad to assist you to achieve a successful application and approval on your Cypriot Passport.