Investors can obtain European citizenship with a Cypriot passport in less than three months, says James Bowling, CEO of Monarch&Co, a market leader in facilitating citizenship, property and investment options, which makes it the fastest route to EU Citizenship. “As a member state of the European Union (EU), Cyprus citizens enjoy all the lifestyle benefits of EU citizens, which includes the right to free movement, settlement and employment across all member states of the EU,” he explains.
Bowling says that there are several benefits for investors who opt for a citizenship programme within an EU country, such as the right to live and work anywhere within the 26 member countries of the EU. Other advantages include the freedom to travel to over 160 countries worldwide without the need of a visa, the right to attend schools and universities within any EU country for free or at heavily subsidised EU national rates and the benefit of access to world-renowned and leading healthcare systems in the EU.
“Regardless of the person’s nationality, they will be able to apply for a Cyprus citizenship through the investment programme. Cyprus recognizes dual citizenship so if applicants wish to, they can retain their current nationality. A big advantage of this programme is that there is no need to live in Cyprus at any point in time to obtain citizenship, and the applicant, their spouse and dependents up to the age of 28 can apply for citizenship through the investment programme. The applicant’s grandchildren also inherit the citizenship via naturalization,” says Bowling.
He adds that the most popular and recommended means of applying through the programme is to purchase property in the Republic of Cyprus, with a value of at least €2,500,000 plus applicable VAT. In addition to making a financial investment, applicants must also have a valid passport, have no criminal record and provide documents supporting the source and origin of the declared funds for investment. Various application and professional fees are also payable by applicants.
“Cyprus offers a range of attractive investment opportunities through its citizenship by investment programme, which are ideal for those looking for a good rand hedge and solid returns,” says Bowling, who points out that Cyprus is completely independent of Greece financially. “Unlike Greece, the Cypriot economy is growing steadily and will be further boosted by the exploration of substantial gas reserves that have recently been discovered in the region.”
But it’s also the lifestyle that has attracted many to the island. “The combination of this part of the Mediterranean’s natural beauty and its rich natural and archaeological heritage have made it a sought after tourist destination. Another draw card is the fact that English is widely spoken on the island making it easy for foreigners to communicate with the locals. English appears on road signs and public notices almost everywhere – and vehicles drive on the left, making it all feel extremely comforting and familiar to some visitors,” says Bowling.
Bowling concludes by pointing out that the benefits of EU citizenship as well as several property investment opportunities available on the island make Cyprus an attractive destination for those looking to benefit from an international investment.