Due to the low travel freedom of Saudi Arabian nationals only able to travel to about 60 countries without visa, high net worth individuals from Saudi Arabia are looking to invest in second passports that will expand the list of countries they can travel to hassle-free. This is especially true for business owners from Saudi Arabia who need to travel for business affairs on a regular basis. Constantly having to apply for visitors’ visas is not only an inconvenience, but an expense each time as well.
Second passports can be obtained through several citizenship by investment programs offered throughout the Caribbean and Europe. Residency by investment programs available in the USA and Canada can also lead to eventual citizenship in these countries.
Europe offers some of the most prestigious immigration through investment programs in the world. Cyprus, the beautiful island in the Mediterranean, ranked 25th on the Index. Due to its convenient geographical position, investors view Cyprus as an attractive destination for both business and residence. Cyprus offers both a permanent residence program and Citizenship by Investment Program. Cyprus Citizenship program seeks out Ultra high net worth individuals who want to become Cypriot citizens.
The main investment options for Cyprus’ Citizenship by Investment Program are as follows:
- Deposit €5 million in Cypriot banks that must be held for a minimum period of three years, OR;
- Make a €5 million direct investment in Cyprus that must be held for a minimum of three years through the following options:
b. Purchase financial assets of Cypriot companies like bonds, securities, and debentures, OR;
c. Make investment in real estate or in development projects by purchasing or constructing buildings including residential or commercial projects, or other infrastructure projects, OR;
d. Purchase, create, or participate in businesses or companies that are based in Cyprus and employ at least five Cypriot citizens, OR;
- Combination of the above mentioned investment options from A to D, amounting to a total of at least €5 million.An accepted applicant will receive Cypriot citizenship directly in return for the eligible investment. Applications are processed quickly, within three months of submission. One major benefit is that the program requires applicants to invest their funds rather than donate a sum that will not be returned. Investors are thus able to accumulate interest on their chosen investments over the required holding period.
For more information on the Citizenship by Investment Programs, please click here.
Click here to fill out our Free Assessment and find out if you qualify under any of the immigration programs offered.