Cyprus Citizenship Programme- 7th best globally

Dr . Antoine Saliba Haig | 10 Aug 2017

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In a special report titled ‘A Guide to Global Citizenship’, PWM has compiled an index of the top twelve jurisdictions which offer fast-track citizenship to investors. An investor is generally required to invest in the economy of the jurisdiction where he or she wishes to attain citizenship and in return, he or she will receive full citizenship with all the benefits it entails.

The Cyprus Citizenship by Investment Programme has been classified as the seventh best in the world.The jurisdictions were ranked depending on how they scored on a number of criteria, including, the standard of living, freedom of movement, mandatory travel or residence, due diligence, citizenship timeline, and ease of processing and minimum investment outlay.

Cyprus – a high standard of living and visa-free travel to 158 countries

With the possibility to travel to 159 countries without a visa, Cyprus ranked very well for freedom of movement.

It also ranked highly for the high standard of living which it offers to its citizens.

The Cyprus Citizenship by Investment Programme also ranked highly for its citizenship timeline as it is a fast-track route to EU citizenship with just 6 months, with approval being given in 2-3 months. It also ranked well for ease of processing. The programme also received a fairly good score for its mandatory travel or residence requirements since it requires investors to visit Cyprus only once and does not impose any residence requirements before, during or after the programme.

Overall, Cyprus ranked quite well in almost every pillar, which is why it was ranked as the 7th best destination for attaining citizenship by investment.

An Overview

In this index, Cyprus received the highest score out of any European nation and distinguished itself from its European counterparts for offering highly attractive benefits for those seeking a passport which will allow them to travel more easily to a greater number of jurisdictions including all other European Union member states. The Cyprus Citizenship by Investment Programme's requirements when it comes to residence are also considerably less stringent than those imposed by other European jurisdiction's programmes.

The report also noted that Cyprus has a strong economy with low unemployment levels. Several offshore companies seeking a tax-efficient jurisdiction where they can relocate their assets have chosen Cyprus as their jurisdiction of choice.

It also added that the International Monetary Fund (IMF) has estimated a real GDP growth rate of 2.8 per cent for 2016, but has forecasted a reduction in growth to 2.2 per cent for 2017.

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