UAE and GCC residents interested in Cyprus for second passport

Cyprus is an island in the Mediterranean Sea. Lying about 770 kms southeast of Greece (mainland), 100 kms west of Syria, and around 65 kms south of Turkey, Cyprus stands at a historical, cultural and linguistic crossroads between Asia and Europe.

Many residents of the U.A.E. and the GCC countries are increasingly expressing an interest in getting a second passport from Cyprus.

Established in May 1981, the GCC stands for Gulf Cooperation Council. The GCC is an economic and political alliance of 6 countries in the Middle East – Oman, Qatar, the U.A.E., Kuwait, Bahrain, and Saudi Arabia.

Cyprus allows dual citizenship. As Cyrus is a full member of the European Union, a citizen of Cyprus is also to be a citizen of the EU and can travel and live in any of the EU member states.

As per the Investment Migration yearbook, an estimated 5,000 people acquire citizenship abroad in a year. The citizenship-by-investment industry has a total value of $3 billion.

How can you buy Cyprus citizenship or permanent residency?

Cyprus has two golden visa programs through investment in real estate. While one is the route to permanent residency, the other is the pathway to Cyprus citizenship.

Both the immigration investment schemes are efficient and fast at getting you a residency permit with a second passport.

[I] Permanent Residency Cyprus

Investment in real estate can get you permanent residency in Cyprus. An investment of €300,000 into property is needed. The processing time for the residency visa is less than 2 months.

Family included on the visa are – spouse, dependent children up to 25 years of age, as well as the parents of both the main applicant and spouse.

Valid for life and can be passed down to spouse and dependents.

Requirement of only a single visit to Cyprus by all family members once every 2 years.

Properties purchased have to be new. Investment can be in a maximum of 2 properties, provided they reach the €300,000 permanent residency limit.

[II] Citizenship by investment Cyprus

Effective May 15, 2019, the total investment has been raised to €2,150,000 (from the earlier investment of €2,000,000).

The amount has been raised following the inclusion of 2 additional donations of €75,000 each to the Land Development Organization, and the Research and Development Fund.

The investment has to be maintained for 5 years after the date of naturalization.

Citizenship will be provided within 6 months of making such an investment in Cyprus.

Stringent background checks to be conducted.

No interview needed of the applicants.

There is also no requirement for passing any language test or clearing any medical examination.

There are many reasons that make Cyprus much sought-after among the residents of GCC countries and the U.A.E. looking for citizenship-by-investment options. High standard of education and healthcare, lowest crime rate in Europe, and a favorable tax regime are generally the main draws.

If you have the money, why not buy your way into the EU through Cyprus? With a Cyprus citizenship, you can travel, study, work, and live anywhere within the EU.

Y-Axis offers a wide range of visa and immigration services as well as products to the aspiring overseas immigrants including Australia Evaluation, Germany Immigration Evaluation, and Hong Kong Quality Migrant Admission Scheme (QMAS) Evaluation.

If you are looking to Study, Work, Visit, Invest or Migrate Overseas, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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