Cyprus is also considered perfect country for getting second passport by wealthy citizens of the UAE. Cyprus allows different ways to become a citizen of their country, one of the options is citizenship through investment.
Cyprus’ popularity among global investors is increasing because of its unique location as an international trade centre, standard of living, trade exemptions and many more. Employment force here are young, dynamic, creative and intelligent. The facilities provided here are of top-notch quality which increase the productivity.
To accommodate more people and requests, the Investment Program underwent many changes this year 2019.
- To give more options of investment into different sectors.
- To improve effectiveness of CIP which will increase people’s inclination towards countries citizenship.
- To increase Foreign investment in the country to boost the development of the country.
The following are the major changes made to the Cyprus Residency By Investment Program:
- A compulsory contribution of DH 3,06,016.85 in Research department and Innovation. This fee can be exempted if your innovative business gets a relevant certificate from finance ministry.
- An applicant must invest minimum of DH 3,06,003.07 towards the Cyprus Land Development. Which could include development of schools, roads, hospitals.
- Shipping sector is now opened for investment.
- You can invest in the Cyprus Stock Exchange up to DH 8,16,008.19.
- Those with residential investments under the CIP need not purchase another property if one of the residential properties is worth at least AED 2040387.77 or the 3-total investment, amounts to DH 1,02,00,331.97.
- The holding period of the property was 3 years earlier and is changed to 5 years from the time of naturalization.
- Property investment, permission from the Town Planning and Housing Department is required and also a certificate of completion.
- Investments in government bonds is no longer permissible.
- Schengen visa is mandatory requirement for getting citizenship.
- If you have been rejected an EU citizenship in any other EU country, you cannot apply for the citizenship.
- Now to avail citizenship, the applicant must have 6 months valid residency permit before getting citizenship.
- There will be an annual report to maintain transparency and for record purposes. These will track and display the number of applicants who applied, those who were provided citizenship. It will also track the sector in which the investment was made.
- Everyone is barred from advertising the scheme.
- Within two months from the naturalization process, should the tender publication of the purchase of services be done.
For all forms of secondary citizenship needs in Dubai, get in touch with the leading dual citizenship agency in the Emirate.