The interest of British people in obtaining Cyprus citizenship is notably increased. The number of telephone calls received daily by the Cypriot Embassy in London is 200, whereas before the Brexit vote in the UK’s EU referendum the number of such calls was about 30.
The relevant applications are categorized into two types:
1. The first type relates to people who are not Cypriots but they wish to obtain Cypriot citizenship.
2. The second type relates to people who are second and third generation Cypriots living in Britain.
After the Brexit vote in the UK’s EU referendum there has been a dramatic surge from second and third generation Cypriots living in Britain applying for citizenship. The Cyprus government announced on 13 September 2016 a revised set of criteria for granting the Cypriot citizenship by exception to foreign investors in an effort to promote foreign investment in Cyprus. As a result, Cyprus now offers to investors the opportunity to obtain Cypriot citizenship by investing at least €2mn held for at least 3 years and by purchasing Cyprus government bonds of a maximum amount of €500.000.
One of the main benefits of granting the Cyprus citizenship is the express procedure (including review and approval of the application) which takes roughly 3 months to be completed. The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the financial criteria. The approval of citizenship is granted by the Cyprus Council of Ministers. It is clear that, from and after the UK’s EU referendum period, the number of applications has increased rapidly.
At the same time, British people show their interest to obtain citizenship in other European countries too, such as Ireland, Germany and Malta.
Some of the key benefits that British people can have by obtaining Cypriot citizenship focus on issues of safety and free movement within the EU. After the Brexit vote, British people question the usefulness of a British passport and now they are seeking the benefits which a citizen of an EU Member State enjoys. In fact young professionals show particular interest in Cyprus citizenship, as they often travel within the EU for business purposes.
If you are interested in obtaining Cyprus citizenship or residency, please contact us at info@internetincorporate.com for a complimentary initial consultation.