Cypriot authorities announced they would close their highly popular Citizenship by Investment Program (CIP) — a scheme that rewards applicants with passports in exchange for a qualifying investment of €2,150,000.
According to a government spokesperson, the program will 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 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 continue to monitor the situation and provide timely updates.
What other citizenship programs can I apply for?
While the cancellation of Cyprus’s Citizenship by Investment Program is unfortunate news for many, there are other suitable citizenship programs with lower minimum investment requirements.
There are several reputable Caribbean citizenship programs offering passports to investors in a few months. Take a look at Dominica’s affordable passport by investment scheme or St Lucia’s citizenship by investment program.
Whatever your needs are, Global Citizen Solutions can assist. We provide bespoke second residency and/or citizenship solutions to international families and have helped hundreds of expats secure legal residency abroad. Contact us today for more information about our programs.