In the Financial Times Professional Wealth Management Group’s report on citizenship by investment schemes around the world, Cyprus was ranked 7th out of the 12 countries studied ahead of Malta, Bulgaria and Austria which where the other European Union countries on the list.
The rankings were based on the below 7 factors, measured and scored on a scale of 1-10, with 10 being the highest:
- Freedom of Movement
- Standard of living
- Minimum investment outlay
- Mandatory residence or travel requirements
- Citizenship timeline
- Ease of process
- Due diligence
Cyprus scored 67 overall, with Bulgaria, Austria and Cambodia ranking last on the scoring scale.
At the top of the scale was Dominica, with one of the longest running citizenship by investment schemes with an overall score of 90 %. Second was St. Kitts & Nevis with 88%, and third was Grenada with 85%.
Cyprus scored highest in the freedom of movement factor, receiving a score of 9 as the Cyprus passport allows for visa free travel to over 160 countries worldwide without restrictions.
Cyprus also scored high for the highest standard of living and for the timeline of obtaining citizenship, receiving a score of 8 for both factors.
The country received a score of 7 for the mandatory residence or travel requirements factor, as the Cyprus citizenship by investment scheme does not require physical residency prior, during or after the citizenship application.
Moreover, Cyprus also received a score of 7 for the ease of process, the scheme having clear procedures for the citizenship application with no additional language or health requirements.
Lastly, Cyprus scored a 6 in the due diligence factor.
The report highlights the increasing popularity of the Cyprus citizenship by investment scheme, especially for people who are interested in the benefits of a citizenship from an EU country as compared to the long standing popular destinations of the Caribbean.
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