Cyprus Accumulated Billions of Euros through Citizenship and residence by Investment programs
Cyprus has launched its citizenship program in 2013 and within 4 years its economy gained more than 4 billion euros. Mostly foreigners are interested to invest in luxury residential properties. In order to acquire Cyprus’s passport foreign national should finance reals estate project with up to 2 million euros cost. But if person is interested to get only residency – 300 000 euros will be enough.
Acquiring real estate and living in (immigrating to) Cyprus have a lot of benefits, like: relatively cheap and high standard education; safety; clean environment; unique location and easy to reach; bright short and long term economic prospects; good health care; high standard of living and financial and tax benefits.
Cyprus has been a member of the EU since May 2004, unlocking property restrictions and opening up work and business opportunities, thus broadening the lifestyle and investment possibilities. In January 2008 Cyprus adopted the Euro as its currency, raising the financial attractions even further.
Cypriot citizens have no visa restrictions to travel within the EU. They have visa-free access to over 140 other non-EU Countries. So far, more than 2000 foreigners have been granted Cypriot passport, since the program began in 2013.
One of the most favorable destination for foreign investments is beautiful seaside town of Limassol. Tens of towers with modern architecture have been constructed for the past several years. Thus calling the town a mini-Manhattan on the Mediterranean.
Last year the International Monetary Fund warned Cyprus, that the country is getting to dependent on the real estate sector and asked government to diversify its economy. But it seems that it wont affect the citizenship/residency issues, as profits from these programs helped Cyprus to overcome the recession and boost the economy.