Cyprus the ideal Citizenship Package

The Cyprus Citizenship by investment scheme, by contrast, offers a clearly defined program for applying for citizenship outright in exchange for a defined financial contribution that eliminates the intermediary step of legal permanent residence. Cyprus in this instance, the timeframe, cost schedule, investment options, and due diligence expectations are plainly specified by a transparent and formal policy that can be replicated.

The Mediterranean has become a center for sales. In the early 2000s, Cyprus offered economic citizenship on a discretionary basis for around €25 million. From 2007, however, it shifted to a formal citizenship by investment structure, lowering the price to €15 million, then €5 million, to arrive at a current €2 million to obtain Cypriot passports for an entire family. Investors may place their money in real estate, bonds or businesses, among a package of options, and are though no physical presence is required, investors must maintain a residence worth at least €500,000 to retain citizenship. International banks typically carry out the due diligence checks on the applicants. With around 200 petitions, representing individuals or families, approved each year, the country sees the highest demand from Russia. In contrast to similar cases, the government has developed and transformed its policy with minimal intervention from service providers.