Cyprus the new gateway for EU citizenship

3.04.2013


There is great news regarding the new options to get an EU citizenship for non-EU citizen.
The latest open door to Europe is by obtaining permanent residence in Cyprus. In order to do that the non-EU nationals have to spend at least EUR 300,000 on a real estate property subject to certain requirements, prove that they have no criminal record, carry sufficient financial resources and deposit EUR 30,000 in a local bank for a period of 3 years. In just 45 days, anyone who meets these conditions can expect the permanent residence card in his mailbox. Quite simply, this means you will be able to enjoy the same advantages as everyone else in Cyprus without having to apply for any permits or renewals.
Cyprus is already renowned that offers an ideal family environment, children being able to benefit from excellent schools and universities, while healthcare and infrastructure are all state-of-the-art. Also, the island enjoys a favorable reputation as in International business center, since many international companies operate offices there encouraged by the attractive legal, fiscal and regulatory regime.
In order to encourage the property market development the Cyprus government, in its continuous effort to attract foreign investments, has adopted a range of policies that allow third country/ non - EU individuals to obtain Residence Permit in Cyprus or even an (EU) Cyprus Passport and Citizenship.
Giorgios Leptos, the president of the Pafos chamber of commerce and industry, had mentioned the solution the authorities lately most promoted: "the real growth came after August [2012] because that was when the government made clear the terms and conditions for third country nationals to get permanent residence."
Cyprus does not belong to the Schengen area, but also Cyprus is not the only country exploring ways of boosting the dying property market. There are countries like Spain, Portugal and Ireland follow at high pace currently adjusting their domestic legislation related to residency. European Commission stands empty handed as the rights and conditions for residency remain entirely within the jurisdiction of each member state.