Change and uncertainty are always worrisome, however, the move towards the UK leaving the European Union (colloquially known as Brexit) has pushed this uncertainty to new levels for many British Citizens But, the Cyprus Citizenship by Investment programme could put many of those fears to rest by holding a second passport.
EU travel and working rights for UK citizens after Brexit
For many families seeking secondary citizenship in Cyprus, the main reason behind the move will be to secure working and living rights within the European Union. The Citizenship by Investment programme puts you back within the EU, with the full rights to work and travel around the member states that UK citizens currently enjoy.
Benefits of the Cyprus EU Citizenship Programme
- Eligibility: – UK citizens are eligible for the programme now and after leaving the EU. You simply need to invest €2 million Euros into property for a period of three years.
- Fast-tracked citizenship: – Cyprus EU Citizenship by Investment can be obtained within three to six months.
- Sell your property: – You are free to sell most of your property portfolio after just three years. You must retain property to the value of €500,000, which can include your personal home.
- No tax consequences: – You do not need to become a tax resident of Cyprus after you acquire citizenship through the Cyprus Citizenship by Investment programme.
- Low capital gains taxation: – Capital Gains taxation is low and takes account of inflation
- No residency requirement: – Investors only need visit the island of Cyprus once every 2 years
- No language requirements: – There is no need to learn Greek. English is widely spoken
- Dual citizenship: – No need to renounce your UK citizenship, opening up more possibilities should the Brexit procedure be beneficial to the UK.
- Free movement of people and capital: – The Cyprus Citizenship by Investment programme allows you to live and work anywhere in the EU with free movement of goods, services and capital to any country in the European Union. The exact same benefits that you currently enjoy as a UK citizen
- Valid for your lifetime and future generations: – Legal status gained by the Cyprus Citizenship by Investment programme can be passed to future generations by descent
- Bring your family: – Your dependents are automatically covered by your new status. Your parents can also gain citizenship provided they also invest €500,000 in a permanent residence in Cyprus
On the international stage, much remains to be confirmed regarding the rights of British citizens, whilst there is the possibility to need to make Visa applications to non-EU countries that were previously covered by our joint agreements, the most likely upheaval will be for anyone who relies on the EU network of consular assistance when abroad.
Currently, a UK citizen is also a citizen of the EU and could expect to be helped by the staff of the embassy of another EU state if help was not at hand from the UK. It remains to be seen if this assistance will continue to be available after Brexit. Securing Visa-free travel to more than 158 countries and territories for you and your dependents is a key benefit of the Cypriot Citizenship by Investment programme.
Requirements for the Cyprus Citizenship by Investment programme
The citizenship process is not for everyone, but the rewards greatly out way the costs. If you meet the following requirements then you can retain your citizenship of the European Union through the Cyprus Citizenship by Investment programme following Brexit.
- Clean Criminal Record
- A secure property portfolio investment of €2 million invested for a period of at least three years. This can be sold after the three years and should yield a profit, but you must retain a minimum property investment in Cyprus of at least €500,000 from year 3 onwards.
If you meet the requirements you could soon be taking advantage of the many advantages of Cypriot citizenship – and we don’t just mean the weather. Call the Citizenship by Investment experts at Property Shop Cyprus today to get your application for Cypriot citizenship and related property purchases in motion.