So those of you looking to invest in Cyprus with a view to getting 2nd Citizenship and a EU passport First Celtic International has launched a fantastic Financed product that brings the entry level to 850,000. This is made up of 500,000 for you prime home that you cannot sell without giving up your citizenship and 350,000 in various fees including Government Donations.
For those of you who know the details of the full non financed scheme with the new Government donation and VAT on the property you buy this now gets close to 2.5M Euros. This represents a great saving for those not wanting to invest 2.5m plus into Cyprus property. However, the new changes to the scheme mean that it will not be the people who are price hunting that will get the benefit of this new product.
So the major changes to the scheme to keep the EU happy and for the program to continue have some major new conditions. The first one being you must have a net worth of at least 3 Million Euro and show proof of funds. Also you must be in possession of a Schengen Visa. This is a big change and rules out a lot of Asian investors as they struggle to get a Schengen Visa.
Saying all of this it is still the best 2nd Citizenship program in the world with the best passport in the world where you can go straight to Passport. What I mean by that is in USA, Canada, Australia and UK you have to do 5 years’ residency before you are considered for Citizenship.
As an EU Citizen you get to live and work in any one of the 27 Member states of your choice and have visa free travel to nearly every important country in the World including USA and Australia. This option is also excellent for Estate Planning.
Cyprus is also one of the most tax effective places in the world to reside even though you don’t have to live in Cyprus to keep your citizenship.
How long this program will continue for nobody knows but we believe once the EU has BREXIT out of the way they will look to standardize the granting of Residency and Citizenship across the EU. Whilst the EU cannot tell a member state who they can and who they cannot accept as a citizen they can formulate a set of ground rules for all that could include the EU Blue Card.
Should you want to know more information about the Cyprus investment program or other Citizenship by Investment programs throughout the world then please email help@exclusivehotproperties.com or reach out to me on LinkedIn at https://www.linkedin.com/in/nick-j-stuart/
Thank you for taking the time to read this article.
