UAE and GCC residents eyeing Cyprus for a second passport

Value of citizenship-by investment industry has reached $3 billion globally
By: Leptos Estates
DUBAI, UAE - Nov. 20, 2019 - PRLog -- UAE and GCC residents are becoming increasingly prominent in Cyprus' citizenship scheme; its accessibility to over 150 countries, favourable tax system and reputation as one of the safest countries in the world has made it a popular destination for GCC residents. According to the Investment Migration Yearbook 5,000 estimated number of people acquire citizenship abroad per year and the total value of citizenship-by investment industry has reached $3 billion. A study conducted by IREIS research team shows that the demand for international migration is rising among UAE residents, a 20 per cent increase compared to the previous year.

Leptos Estates, Cyprus' leading property developer, has revealed that Middle Eastern residents are now the second-largest consumer of Cyprus's citizenship scheme, something that has been spurred on by the geopolitical tensions in the region and the rise of dual citizenship as a new status symbol. Only a three-hour flight from Dubai and a short hop from Lebanon, Cyprus has cemented itself as a 'centre of excellence' for international business.

High net worth families from the GCC contributed to a 76% increase in demand for European passports last year. Cyprus' Passport & Permanent Resident Programmes offer Middle Eastern buyers a gateway to Europe; its full strategic location across three continents enabling increased travel freedom, better access to education and healthcare, and the right to do business and settle in an expanded set of countries.

Leptos Estates, Cyprus' leading property developer, has noticed high net worth Middle Eastern families spending increasing amounts on Cypriot property in recent months, as wealthy purchasers look for ways to become global citizens. In particular, seafront villas and luxury new build apartments in Limassol have been popular, allowing them to appreciate the burgeoning luxury lifestyle offerings of the city.

Here, a property purchase of AED8 million or more will qualify them for a full Cypriot passport and EU citizenship, with the right to live, work, travel, stay and study anywhere in the EU, and free travel to over 155 countries including Canada, Switzerland, and Iceland. Once acquired, the Cypriot passport is valid for life, and covers their spouse, parents and any dependent children up to the age of 28 years.

"Cyprus is an EU country and EU residency and citizenship are seen as hallmarks of credibility, so it's no surprise the residency programme here has been so popular. In particular, interest from Middle Eastern, Indian and Asian applicants has increased in recent months; these newly wealthy communities are attracted to the island's flourishing luxury lifestyle offerings and growing economy," Pantelis Leptos, Deputy President of Leptos Group of Companies.

Prem Ramachandran
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