Cyprus now offers Citizenship-by-Investment
Cyprus, in recent years, has had more than its tourist spots and fair weather to boast about. It has proved its economic mettle, and now offers the advantages of an enabling business environment. It is ranked 52nd in the World Economic Forum’s 2017 Travel & Tourism Competitiveness Index.
After three years of modernizing, restructuring and recapitalizing, Cyprus successfully reformed its wage policies, public administration and services, and set up a legal framework that assures economic growth. Within this renewed economic environment, the state has encouraged investments through incentives, including a citizenship-byinvestment program. In fact, Cyprus has been touted as a premier country for immigrant investors by Harvey Law Group, a leading multinational immigration and business law firm.
Says Harvey Law Group founder and managing partner Jean-François Harvey, “By acquiring a second passport to a country with a robust and stable environment like Cyprus, you and your family can achieve peace of mind, knowing that you always have another country to live, work, and do business in. Investors can also open up new educational opportunities for their children, providing them access to the best European universities.”
Cyprus has recently made its Citizenship-byInvestment program more attractive to would-be immigrant investors, reducing the minimum investment in real estate, government bonds, or new business. The country’s strategic location between the three continents of Asia, Africa, and Europe also makes investing in Cyprus especially more appealing to businessmen. From Cyprus, flying to important financial capitals becomes only a matter of hours — five to Zurich and London, four to Paris and the UAE, one to Cairo.
“One of the main motivation s of immigrant investors has always been the education of their children,” Harvey says, citing the inclination of wealthy families to send their children to other countries for better educational opportunities. “What has gotten in the way of that motivation has been the delays and the increased requirements, especially for countries like the United States, Australia, and the UK.»
A Cypriot passport provides free travel, residence, and education opportunities anywhere within the EU. Should an immigrant-investor’s child choose to study and eventually work anywhere in the EU, he may do so without having to submit additional requirements.
Citizenship may also be acquired by descent, or passed on to future generations. There is also no residency requirement for the immigrant-investor and his dependents to acquire citizenship.
A Cypriot passport allows for the increased mobility of the entire family, boasting visa-free entry to over 155 countries across the globe, including Canada, Japan, and Schengen Area.
Cyprus is known as the “island in the sun,” with 340 days of sunshine, and a winter that only dips to 16°C. An added bonus for the beachloving Filipinos is that Cyprus has the most Blue Flag beaches per coastline in the world, testament to the importance the state places on sustaining their natural resources.
The Guardian noted that Cyprus is considered one of the safest countries for young people, has a high standard of living and healthcare at the level of most developed countries.