Cyprus’ ‘Citizenship by Investment’ Program came once again first in Europe in the annual list published by the Financial Times in their relevant annual report on the subject.
Cyprus gathered 66 points and took the 6th position globally and the 1st in Europe. The whole evaluation was based on seven different parameters that reveal the efficiency of a given ‘Citizenship by Investment’ program. Below, we explain these parameters, as well as the reasons Cyprus got so high a score.
1. Free Movement - 9/10
This factor has to do with the number of different destinations the new citizenship affords its holder, without any limitations in the number and manner of movements whatsoever. It is also influenced by the number of significant financial institutions and business hubs accessed through the new passport.
Obviously, the ability to move without obstructions and limitations is of the essence for businessmen who wish to get second citizenship mostly for professional reasons, as well as for recreation. Being a full member State of the European Union, Cyprus easily got an almost excellent score – namely 9 out of 10.
2. Quality of Everyday Life: 8/10
The term speaks plainly for itself: it has to do with the quality of daily life offered by the new citizenship – a factor of the utmost importance for entrepreneurs with families who wish to move permanently to their new country, along with businessmen that consider the prospect of transferring there a part of all their assets. Other factors, such as safety, delinquency rates, political freedoms and respect for civil rights were also taken into account.
3. Minimum Investment - 2/10
Apparently, this parameter has to do with the amount of money that has to be invested by the applicant, including all the related procedural costs and expenses. Cyprus got here the lowest score of all since the investment it requires from applicants is far from trivial. On the other hand, since 2018, is considerably lower, and it does serve as a sieve that dissuades less serious investors from even thinking of making an application.
4. Duration of Mandatory Stay or Visit – 7/10
How often does the applicant have to visit the country, and for how long, both prior to and after the acquirement of his or her new citizenship? Cyprus offers excellent terms in this respect, which is why it got so high a score.
5. Amount of Time for Granting of Citizenship - 6/10
Here, we consider the average amount of time the applicant has to wait for getting his or her new passport, and how quickly the procedure of filing all the necessary papers and applications. Cyprus got a score far above the average among the other countries participated in the research, and one of the highest in Europe.
6. ApplicationProcessing – 7/10
While the previous parameter has to do mostly with the applicant and the amount of time he or she had to spend to prepare all the necessary documentation, this one considers the issue on the state side, evaluating the speed and ease of process of the applications, and how easily the applicant can get the information he or she needs from state officials. Cyprus’ considerably high score speaks for itself.
7. Procuration & Transparency – 7/10
Finally, the research laid emphasis on the transparency of the evaluation of an application, including the ability of the state services to efficiently and quickly process the data necessary to properly assess each application. Cyprus, once more, got one of the best scores in the world.
Cyprus – The Best ‘Citizenship by Investment’ Program in Europe
After consecutive improvements in its ‘Citizenship by Investment’ program, it was just a matter of time for Cyprus to rise to the top of the FT List of European countries running such programs. The last of these changes took place in 2018, reducing the minimum amount of money invested by the applicant, from €15 million to the purchase of a permanent residence in Cyprus of at least €500,000 and the investment of at least €2 million.
This investment can either take the form of participating in a Cypriot company or financing alternative investments or developments in Cyprus. A combination of investments in different projects is also possible, provided the total sum amount to no less than €2 million.
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