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27 September, 2017
It has been found that Cyprus currently leads the way when it comes to the requirements of travel and residency.
The main objective of the CBI is to understand the factors that are associated with measuring the CBI programmes features in several different jurisdictions. The research was created around sources that are reliable and come from institutions that are highly thought of while industry experts have also had an input.
The research rankings were led by the Caribbean jurisdiction as Dominica held the top spot with a long standing DBI programme and a score of 90%. This was followed closely by St. Kitts & Nevis.
Overall, Cyprus had a score of 67 which put it ahead of Covoros and Malta as well as Bulgarian, Austria and Cambodia.
There are seven factors in place that are measurable on a scale of 1-10. These were known as Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Residence or Travel Requirements, Citizenship Timeline and Ease of Process: Due Diligence.
Cyprus received a score of 9 for Freedom of Movement and this put the country just behind the likes of Malta and Austria. Being in possession of a Cypriot passport enables individuals to travel to over 160 countries across the world without the need for a visa, which is an important reason for those who are considering a second citizenship.
When it came to the Standard of Living, Cyprus had a score of 8, once again, putting it behind the likes of Malta and Austria while the Minimum Investment Outlay was headed up by St Lucia and Dominica.
In Cyprus, the CBI Programme was introduced in 2002 at a cost of €15m while the current scheme is operated more competitively in 2014 and improved more following a revision in September 2016 as the minimum outlay was reduced to €2m for residential property choice. A mix of overseas property investment and other options amounted to €2.5m which made this a popular European programme.
The mandatory travel or residence factor was led by Dominica, St Lucia, St Kitts & Nevis with a rating of 10 as they have no requirements when it comes to travel or entering the respective countries during or following citizenship. Cyprus came in with a score of 7 here as it has no requirements when it comes to physical residency before, during or after the application for citizenship.
St Kitts & Nevis and Vanuatu led the citizenship timeline ranking with a month, while Cyprus ranked with a 7 for the way in which the process is made simple and clear. Cyprus received a score of 6 for due diligence.
The Caribbean jurisdictions are shown to be popular as seen by the CBI index summary as they are stable and proven in CBI programmes but it seems as though people are looking to obtain citizenship in certain areas of the EU.
Properties for sale in Cyprus now looks like an attractive option when it comes to European Citizenship as determined by investment programme but also by the fact that is now classed as the 5th best relocation destination in the world.
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