Cyprus is EU Leader in CBI Index
Cyprus ranked highly with a score of nine in freedom of movement, just behind Austria and Malta, which both received top marks. A Cypriot passport allows for visa-free travel without restrictions to over 160 countries worldwide. Freedom of movement is of paramount importance for individuals when selecting a second citizenship, hence Cyprus's high score.
Cyprus also scored eight for standard of living, with Austria and Malta topping the rankings.
The Cyprus CBI programme was first introduced in 2002 at a premium investment of €15 million. The existing scheme became more competitive in 2013, and even more so following the Council of Ministers' September 2016 revisions, under which the minimum outlay was further reduced to a total of €2 million for the residential real estate investment option or €2.5 million for a combination of investments including real estate (both options include an investment of €500,000 in a residential property, which is to be held indefinitely).
Cyprus was ranked as having the fastest route to citizenship in the European Union with a score of eight. Cyprus also scored a respectable seven for ease of processing and clear procedures for citizenship applications and no additional language or health requirements. It scored six for due diligence, with Dominica and St Kitts & Nevis and Malta leading with 10 for their data collection and due diligence features.
In its recent study of citizenship by investment (CBI) programmes, the Financial Times' Professional Wealth Management ranked Cyprus ahead of other EU countries for its highly attractive travel and residency requirements.
Cyprus was ranked 67th overall. The rankings were based on the aggregate of seven measurable factors, scored on a scale of one to 10, with 10 being the highest.
The factors were:
- freedom of movement
- standard of living
- minimum investment outlay
- mandatory residency or travel requirements
- citizenship timeline
- ease of process
- due diligence