Cypriot authorities have closed their popular Citizenship by Investment Program (CIP) — a scheme that rewards applicants with passports in exchange for a qualifying investment of €2,150,000.
The program shut down on 1 November 2020, spelling an end to one of Europe’s most sought-after passport by investment initiatives.
While government authorities have not yet confirmed whether this will pave the way for a brand new CIP, this will remain to be seen in the future. Global Citizen Solutions will monitor the situation and provide timely updates.
Alternative European Citizenship: Malta
Right now, Malta is the only country running a direct citizenship by investment program in Europe. What this means is, you can still invest in the nation and acquire a European passport, in as little as a year.
With a Maltese passport, enjoy the following benefits:
- The right to live, work and study anywhere in Europe
- Worldwide visa-free travel to 183 countries+
- Maltese passports for your family members too
- Access to luxurious tax benefits
- Live in a safe and stable country with an excellent Mediterranean climate
Investment requirements start from €690,000 + costs and a passport can be obtained between 1-3 years, depending on the amount you invest in. For more information on obtaining Maltese citizenship, check out our ultimate guide to Malta citizenship by investment here.
Whatever your needs are, Global Citizen Solutions can assist. We provide bespoke second residency and citizenship solutions to international families and have helped hundreds of expats secure legal residency abroad. Contact us today for more information about our programs.