BUSINESS

Wealthy Britons turn to Cypriot citizenship

TAGS: Cyprus, Economy, Property

Interest in additional citizenships by British entrepreneurs is rising even as the European Commission examines possible steps to curb EU states selling passports and visas to wealthy foreigners, due to concerns it can help organized crime groups.

Cypriot residency can be secured in two months with a 300,000-euro property purchase. Securing citizenship takes six months and requires a minimum property investment of €2 million.

In December, Reuters reported that Cyprus government documents showed several donors to Britain’s ruling Conservative Party donors had sought citizenship of the island since the 2016 Brexit referendum.

“Both Cypriot and Caribbean investments are proving very popular ... primarily driven by high-net-worth individuals from the UK who have an eye on the future and life after Brexit,” said investment immigration firm Astons spokesman Konstantin Kaminskiy. [Reuters]
 

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