Real estate investments: a straight forward way to obtain citizenship in Cyprus
Cyprus is an attractive place to live and work for several reasons. Strategic geographical location, satisfying Mediterranean lifestyle, flourishing economy, simple processes of purchasing property with ownership rights are the few reasons motivating foreign buyers to buy Cypriot property. Though these benefits are tempting enough to excite potential buyers, an opportunity to obtain permanent residency or citizenship via real estate investment have made this country a hard to ignore option for high- net-worth-individuals and desperate second home seekers.
Real estate sector has a strong potential to allure foreign property buyers to spend money to purchase residential and commercial properties in Cyprus. Government is offering a wide range of investment opportunities for foreign investors, which leads them to obtain permanent residency and citizenship. The primary reason for making these offers is to progress company economy via bringing more capital and job creation.
What are the few reasons for offering economic citizenship?
Despite facing a financial crisis due to the global economic recession, Cypriot economy started showing positive growths rate in the year 2016, which continued throughout 2017 and expected to continue in 2018. Fiscal indicators are improving gradually, which is the clear sign of economic recovery. This tremendous economic growth only becomes possible because of tactical efforts. Industries like tourism, shipping and real estate are playing crucial role revive the economy. Moreover, unique investment opportunities leading to Cyprus citizenship by investment efficiently fuel the economy with a significant contribution in country’s GDP.
Why are candidates purchasing real estate assets to obtain Cyprus nationality?
The simplicity of the legal-framework, flexible immigration policies and no residency requirements before and after citizenship approval are few extended benefits of investing in the property market. Since the government has allowed non-EU residents to buy property in ready now and off plan projects; a significant rise has observed in this sector. Freedom to purchase a suitable unit in residential and commercial projects along with an option to invest in infrastructure and development project has even encouraged individuals to invest who don’t want to purchase residential and commercial properties.
International investors, business executives and high-net-worth individuals are showing great interest to avail second citizenship via real estate investment option. Their primary aim is to obtain a trusted passport to enjoy visa-free travel across the European Union countries. Economic citizenship programs offer full native rights to an applicant and his family. Once Cypriot ID is issued, individual and his family will be allowed to live, work and study.
How it facilitate Non-EU nationals to obtain a second passport?
Non-EU applicants across the world are allowed to purchase properties with freehold ownership rights. They may either buy commercial space for their business or residence after applying to the Council of Ministers. Once permission is granted, applicants can proceed for property possession without restriction. Application to acquire immovable property is a mandatory step and must be made within a reasonable time after signing the sale contract.
Endnote: In short, Cyprus citizenship by investment is a fast track to obtain the second nationality. No more medical test and foreign language assessments are required.