The EU offers popular programs with some offering direct pathways to citizenship in countries that rank high on the international visa free index scale.
Cyprus has recently introduced a residence by investment program that allows affluent individuals to acquire PR in the EU nation without any hassles, complications, or delays. The country is a member of the EU although it is yet to implement the Schengen Agreement.
The applicant must fulfill the following financial requirements:
- Invest €300,000 in a fixed deposit in a bank in Cyprus for at least three years.
- Enjoy annual foreign income of at least €10,000 per year with an additional €5,000 for each dependent child.
- Invest at least €300,000 with an initial payment of at least €200,000 in any one of the following properties:
- Residential property in Cyprus, or
- Two apartments or housing units, or
- A housing unit and a shop that is of at least 100 sq. meters area, or
- A housing unit and a shop that is of at least 250 sq. meters area, or
Additional conditions include a visit to Cyprus once in every two years and a prohibition on applicants from taking up any employment—paid or unpaid—in the country. The program covers the applicant as well as his/her spouse, minor children, and, subject to certain additional conditions, unmarried dependent children aged below 25 years as well.
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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer.
