Cyprus has launched a new immigration scheme aimed at attracting non-European Union (EU) citizens to invest in the country’s economy and obtain permanent residency or citizenship. The new scheme, known as the Cyprus Investment Programme (CIP), outlines specific investment thresholds and criteria that must be met by applicants in order to qualify for the program.
The minimum investment required for the CIP is 300,000 euros for real estate or 2 million euros for investments in other sectors of the Cypriot economy, such as alternative investment funds or financial assets of Cypriot companies. In addition to the investment threshold, applicants must also meet other criteria, including having a clean criminal record, providing evidence of the legal source of funds, and holding medical insurance coverage in Cyprus.
Applicants must also have a permanent and privately-owned residence in Cyprus with a minimum value of 500,000 euros (excluding VAT) and must visit Cyprus at least once every two years. For those who wish to obtain Cypriot citizenship, they must have held a permanent residency permit for at least six months prior to submitting their citizenship application, have a clean criminal record, and make an additional donation of at least 75,000 euros to a government fund.
The new immigration scheme is expected to attract high-net-worth individuals who are interested in obtaining residency or citizenship in Cyprus. Cyprus is known for its favorable tax policies and strategic location, making it an attractive destination for those looking to invest in Europe.
The CIP replaces a previous citizenship-by-investment scheme that had faced criticism from the European Union due to concerns about money laundering and corruption. The CIP aims to address these concerns by implementing stricter due diligence procedures and criteria for applicants.
Cyprus is not the only country in Europe that offers residency or citizenship through investment. Other countries, such as Portugal, Spain, and Greece, also have similar programs in place. However, each country’s program has its own set of requirements and criteria, so it’s important for applicants to carefully review the details of each program before applying.
Overall, the new immigration scheme of Cyprus offers an opportunity for non-EU citizens to obtain permanent residency or citizenship in the country through investment. With its favorable tax policies and strategic location, Cyprus is a prime destination for high-net-worth individuals looking to invest in Europe.
Link: http://www.moi.gov.cy/moi/crmd/crmd.nsf/immigrationpfi_en/immigrationpfi_en?OpenDocument
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