Rasheed Alkhanji QICMS
Published 12:38 PM 23 September 2021
Updated 01:10 PM 23 September 2021
ALL PENDING CYPRUS CITIZENSHIP BY INVESTMENT APPLICATIONS HAVE BEEN REVIEWED
The Republic of Cyprus government has completed examining all pending applications filed under the – now invalid – citizenship by investment program, and has duly briefed the European Union (EU) , Interior Minister Nicos Nouris said on Tuesday , September 21 , 2021 .
The Cyprus citizenship by investment program that was introduced back in 2013 used to be one of the fastest routes to a European passport for the whole family. The program was terminated in November 2020.
As of November 1, the official date the program ended, the interior ministry said it had 1,413 pending EU Golden passport program applications comprising 691 from investors and 722 from dependants.
Speaking at a land development congress in Nicosia, Nouris said these pending citizenship by investment applications have been processed, with the government informing the EU about it on August 5,2021. The applicants themselves have yet to receive notification of the outcome, as the files are still under review by the attorney-general’s office.
“We are now waiting for the EU’s response,” Nouris noted.
AUTHORITIES IN CYPRUS NEED TO STOP PROCESSING PENDING 'GOLDEN PASSPORT' APPLICATIONS
The government has had to tread carefully, what with Brussels already signaling its strong disapproval of Cyprus’ continued processing of applications after the citizenship by investment program’s termination.
The Commission added at the time that were Cyprus’ reply not satisfactory, the matter could go before the European Court of Justice.
“While Cyprus has terminated its citizenship by investment program and stopped receiving new applications on November 1, 2020, it continues processing pending applications,” the commission said.
“Hence, today the commission decided to take the next step in the procedure against Cyprus by issuing a reasoned opinion. The commission considers that the concerns set out in the letter of formal notice were not addressed by Cyprus,” it added.
The Commission gave Cyprus two months to take the needed measures to address its concerns – mainly that investors with no links to the country other than their investment were granted Cyprus Golden passports.
IS THIS THE END FOR CYPRUS CITIZENSHIP PROGRAM ?
In other comments on Tuesday, September 21, 2021 ,Nouris said Cyprus has learned from past mistakes. The government is devising a new program seeking to attract foreign investors, but with safeguards ensuring that businesspeople have real ties to Cyprus. This statement does not get along with what Mr. Nicos Anastasiades (President of Cyprus) announced last February. Mr. Anastasiades , has confirmed in February 2020 that Cyprus will not replace its Citizenship by investment program.
The ministries of the interior, finance and commerce are discussing avenues in which to improve the headquartering regime in Cyprus – geared at attracting certain businesses.
CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM REVENUES
Cyprus earned more than EUR 9 billion (USD $10.56 billion) from the citizenship by investment program between 2013 and 2019.More than 3,000 people benefited from the Cyprus citizenship by investment program, giving them visa-free travel across the European Union.
RUSSIA, CHINA AND UKRAINE ON CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM TOP 5
The absolute leaders in the number of “new Cypriots” are the Russians and Chinese. The Ukrainians are in the third place, followed by Lebanese, Egyptians, Iranians, Indians and Jordanians.
MAJOR BENEFITS OF OBTAINING A CYPRUS PASSPORT
A Cypriot passport holder has access to almost 80% of the world, including Hong Kong, Singapore, and Australia. Moreover, a Cypriot national can live, work, and study in any country within the EU and also own property within the region.
Cyprus, alongside Romania, Bulgaria, and Croatia are the only EU but non-Schengen countries. The latter three have completed the five-stage evaluation process and are now waiting for admission.
The island country of Cyprus, which has been part of the European Union since May 2004, has been unable to join the Schengen area so far, due to its territorial division, upon a coup attempt took place in the country in 1974.
INTERESTING FACTS ABOUT CYPRUS CITIZENSHIP BY INVESTMENT BACKGROUND
The citizenship by investment program in Cyprus was introduced in the Republic of Cyprus in 2013. It was a tough time for the country that found itself in a severe financial crisis and was forced to take hated measures, including “deposit haircuts”, in return for financial support from the European Union. To recover the economy, the Cypriot government decided to grant citizenship to investors willing to invest in the country's economy about EUR 2.5 million (including the cost of purchasing real estates in Cyprus).
CYPRUS RESIDENCY BY INVESTMENT
If you want to move to Cyprus and live in a country with a mild climate and decentenvironment, permanent residence by investment in Cyprus is thebest choice. Investors can now attain permanent residency in Cyprus under new rules. It is now possible to invest in many ways, including houses, companies, and investment funds. Here’s how you can become a Cyprus resident in 2021.
INVESTMENT OPTIONS FOR CYPRUS RESIDENCY BY INVESTMENT PROGRAM
An investment of EUR 300,000 in residential real estate (excluding VAT);
Commercial investment activities of a total value of at least EUR 300,000 (excluding VAT);
An investment of EUR 300,000 in Cypriot businesses;
A EUR 300,000 investment in Cyprus investment funds;
After living in Cyprus for a good consecutive numberof years, residents can also apply for citizenship in Cyprus. With a Cypriot passport, you can travel freely to 173 countries worldwide. Besides many other advantages of obtaining the Citizenship of Cyprus.
ALTERNATIVES TO THE CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM
What alternative options remain for investors seeking European citizenship through investment?
MALTA CITIZENSHIP BY INVESTMENT PROGRAM
Malta reviewed its legislation on the naturalization of foreign investors in 2020 by adding additionalstrict financial requirements and establishing firmer due diligence rules for future Malta citizens. It also announced the requirement that foreigners should get a residence permit first, and only 12 months later after it they can be eligible for the passport.Malta Citizenship by investment programhas proven popular with private clients and their families from around the world.
INTERESTED TO KNOW MORE?
The Cyprus Government has announced the suspension of their Citizenship-by-Investment Program (CIP) effective November 1,2020. By now, the question you should ask yourself is “Why not invest in Cyprus?” Whether you want to relocate to for business or pleasure (or both), there are a multitude of reasons why Cyprus’ Golden Visa Program should be your number one choice. From prime tax amenities and high-quality living conditions to idyllic weather and picturesque landscapes, your investment in Cypriot residence will continue to yield professional and personal rewards for generations to come.
QICMS provides guidance and representation through all the procedure until the approval and the issuance of the Cyprus residency or Cyprus passports.
If you have any questions concerning the Cyprus citizenship by Investment Program or have a pending Cyprus citizenship by Investment application and want to find out more information please kindly contact us.
To learn more about Cyprus Permanent Residence Permit (Fast Track), click here .
To learn more about Malta Citizenship by investment program, click here.
To view our European Golden Visa Residence Programs comparison table, please click here.
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