Easier and safer, the enhanced CIP offers multiple new
benefits
MONTREAL, Sept. 13, 2016 /PRNewswire/ - Cypriot
Cabinet approved today significant new changes to the already
popular Citizenship by Investment program.
(Photo: http://photos.prnewswire.com/prnh/20160913/407295)
"We congratulate the Government of the Republic of
Cyprus, and more particularly the
Ministries of Interior and Finance, for their prudent work which
took into consideration industry requirements and standards, the
sensitivities, psychology and motives of the investors, the need
for transparency and the need for ease of assessment of the
applications.", commented Armand
Arton, President of Arton Capital, a leading global
financial advisory specialised in investor programs for residence
and citizenship.
Under the new program, it is no longer needed to form groups of
5 or more investors, the upper threshold on the required investment
for single applicants has been halved to €2.5 million, more
safeguards for the investors are introduced, while main applicants
can secure citizenships for dependent parents.
The redesigned program seeks to retain the exclusive nature of
the Cypriot passport, currently ranked 12th by the Passport Index.
The speed of processing remains one of its unique features,
currently unmatched by other EU countries competing to attract
foreign direct investments such as Malta, Portugal, Hungary or Bulgaria. Within 3 months, qualified investors
can be granted Cypriot citizenship approval, which makes it the
fastest CIP in Europe. The speed,
simplicity and the inclusion of dependent parents are the driving
indicators of Cyprus' updated
ranking on the Arton Index, the industry benchmark of global
citizen programs, where it scores 74 points, out of 100 and claims
the pole position by a EU country.
Cyprus places an emphasis on
the genuine ties with investors, ensuring that they maintain a
permanent housing unit bought at a minimum of €500,000+VAT and held
for the duration of their lifetime. The immediate needs of
applicants are also addressed, as citizenship applicants are given
a Residence Permit until they secure their passport.
"The new changes, Cyprus's
unique geographic location, Mediterranean climate and sound
economic recovery provide ideal investment opportunities for new
citizens of Cyprus," added
Arton.
Given that the economy of Cyprus is setting new records in recovery and
is now an example of sound economic management, investors are
expected to keep flocking to the island in increasing numbers.
Values of property aimed at the local market have been stabilized,
while the values of high-end, seaside properties geared toward the
foreign market have been rising right through the crisis.
"The Government clearly aims toward further reduction in the
unemployment rate, which has been deescalating sharply over the
past months, and a reduction in non-performing loans, which are
gradually becoming less of a problem.", Arton concluded.
With offices in Cyprus and
around the world, Arton Capital have been quietly driving the
industry innovation through its sough-after sovereign advisory
practice, vast certified partner network and bespoke investor
relations.
SOURCE Arton Capital