EU Citizenship Programmes still available to investors after Cyprus Programme suspension
22 October 2020
Portugal Golden Visa Programme popular option with one less EU Citizenship Programme now available
With the success story of the Cypriot Citizenship-by-Investment Programme coming to an end, investors are left with fewer options to acquire EU citizenship through investment.
The Cyprus Government has announced the suspension of their Citizenship-by-Investment Programme (CIP) effective November 1, 2020. The CIP had an important role to play in the recovery of the Cypriot economy from the previous global recession by encouraging significant foreign direct investment to the tune of over €7 billion, and despite the significant changes that were recently introduced by the government, the programme has been suspended.
Limited options with lucrative investment opportunities
The suspension of the Cypriot Citizenship-by-Investment Programme does not mean that investors need to abandon their European dreams altogether. Quite a few Citizenship-by-Investment Programmes in Europe are still accessible to investors with promising ROIs.
Mimoun Assraoui, RIF Trust CEO and Latitude Vice Chairman stated, “investors are in a race against time when it comes to acquiring European Citizenship by Investment. Only a few countries are still offering citizenship options for investors. This recent Cyprus announcement reaffirms that it is important for clients considering EU citizenship to apply as soon as possible as regulations can change very quickly.”
Malta Citizenship-by-Investment Programme
For investors who are still interested in diversifying their citizenship, Malta will soon be launching a revised version of their citizenship programme. Malta has long been recognized as having the most stringent due diligence standards in the industry and a comprehensive application process which ensures the integrity of the programme remains intact. Version 2.0 is expected to start from approximately €1M.
Portugal Golden Visa Programme
An alternative to these citizenship programmes is offered by Portugal. Their Residence-by Investment programme, also known as the Golden Visa, is very popular due to its flexibility. Applicants only require seven days of residence per year to maintain their residence status Those holding the golden visa gain the right to live and work in Portugal and visa-free access to the rest of the EU Schengen Area and have the opportunity to obtain Portugal citizenship after 5 years. Qualifying real estate investment options start from as little as €280,000.
Montenegro Citizenship-by-Investment Programme
Another alternative to Cyprus is Montenegro, located in South-East Europe, which is expected to join the EU by 2025. As such, it is less costly and starts from €420,000.