December 17, 2019
The Republic of Cyprus has a tremendous cultural and traditional history. Along with this, it has also continuously featured as one of the most affluent nations globally. It is not surprising that many people want to settle amidst the vibrant and bountiful natural scenery that is also a great place for tourism.
The free market economy model of the country opens up amazing vistas for conducting business across multiple industry verticals. Some of the more prominent industries include tourism and real estate. No wonder that many individuals and businesses are looking to establish a presence in Cyprus.
If you are interested in acquiring citizenship to the country, then you can choose to go with the Cyprus investment residency program. This avenue is selected by quite a few individuals and families to establish a presence in Cyprus and obtain a life of privileges.
As per the law in effect, the applicant must have a minimum age of 18 for applying to the country of Cypriot. The applicant must also have a clean criminal record, which means that he or she should not have a record of detention or legal punishment in police custody. The applicant should not also be implicated in international smuggling, bank fraud, or any other criminal activity and must have documentary evidence to prove that.
For EU residents, they need to meet extra norms. Their assets should not be frozen in EU. Plus, they should not have faced any rejection of staying in a state under the countries of the European Union. Upon fulfilling these criteria, the persons can apply for Cyprus passport without any trouble of rejection.
The financier shall advance a particular amount (excluding VAT) in the Cypriot economy. The investor needs to maintain funds there for at least 3 years. Moreover, the person should be a real estate owner there in Cyprus. However, a personal lease on the property would also do. Also, he or she shall obtain stable marketable residency in the nation.
An interested applicant for citizenship gets other benefits too. EU citizens can go for dual citizenships to Cyprus and hold a valid passport to both countries (Cyprus as well as their home nations) These advantages make Cyprus a land where opportunity beckons. Smart investors should enlist the assistance of a good travel agent in order to make their dual citizenship dream come true.