People, are in the international business, often face the question of obtaining a second citizenship. Some of the possible solutions of obtaining a second citizenship do not require moving to the country to obtain such citizenship. There are lawful and acknowledged options for obtaining the so-called economic citizenship – i.e. the citizenship, which is granted under the condition of fulfillment of some certain requirements: investments into the country, real estate acquisition and paying all the related government fees. In this case, the process of obtaining a citizenship with this status does not require moving to the country for several years, what is required in the case of obtaining a citizenship via naturalization. For this reason, obtaining a citizenship via the economic program is the ideal solution for business persons.
The total costs of such solution on the obtaining of the economic citizenship, including all the necessary investments and fees, starts from several hundred thousand to several million dollars, depending on the country and applicable terms.
For people, who are in the international business, obtaining a second citizenship solution and, respectively, a second passport, can be explained by a number of reasons.
Such reasons may be, for example:
- Possibility of the visa-free travel to a large number of countries;
- Additional protection of assets – a part or all the assets you can register on your second passport;
- Optimization of taxation of your assets in the different countries;
- Possibility for children to stay and to study abroad;
- Additional security owing to the status of a citizen of an established jurisdiction.
Possible solutions on obtaining a second citizenship, which are the most prevalent, can be divided into 2 main categories:
- Latin America and the Caribbean Islands (Dominica, Antigua, Saint Kitts and etc.).
- European countries (Cyprus, Malta, Hungary, Bulgaria, etc.).
As to the first category – Latin America and the Caribbean Islands – in short, all the available solutions cost, on average, from several hundred thousand dollars (including the real estate acquisition in the country), and, on average, in 3-4 months you get a passport of the citizen of the country that provides visa-free travel to more than 70 countries of the world. In this case, to obtain a citizenship and to retain it, it is not required to live in such a country.
The second category – European countries. The costs of obtaining a citizenship in such countries are considerably higher, but the status of such citizenship is, respectively, much more prestigious, and it provides much more possibilities – more countries for visa-free trips, residence in the countries of the EU, reliable protection of the state, possibility of living in Europe for family and children.
Our current review of the possibility of obtaining a second citizenship will be devoted to Cyprus – the island in the Mediterranean sea, which is a part of the European Union. Cyprus, which is a part of the EU, provides a number of different opportunities both for business and for residence. The country provides residential and commercial premises of any type, a wide choice of banks and offers relatively low taxation of the local companies, comparing with the other countries of the EU.
Cyprus: obtaining the European citizenship and the second passport
In addition to all above mentioned, Cyprus provides a program of obtaining the economic citizenship. This government program is being implemented within the frameworks of the relevant legal resolutions and is adopted, as of today, only for the limited number of applicants. In total, within the frameworks of this program, about 2 thousand European passports will be issued, among of which, as of today, more than 700 applications are already received, i.e. about one third of the total quota has already been utilized. The number of existing applications was received in a short period of time, what clearly shows the attractiveness of this option of obtaining the second citizenship, which is offered by Cyprus.
Citizenship of Cyprus gives you the status of the citizen of Europe and, accordingly, the right of the permanent residence for you and your family in Europe, and also a possibility of visa-free trips into 135 countries. Besides, the passport of the citizen of the European Union provides the possibility of visa-free residence of your children in Europe during studying.
Our company offers the program of obtaining the citizenship in Cyprus, the European Union. We offer this program together with one of the largest real estate development companies in Cyprus and the reliable network of partner legal companies, which include KPMG Cyprus.
What is important – is that Cyprus permits dual citizenship, i.e. when obtaining the passport of Cyprus you can also keep your existing citizenship.
The conditions that must be fulfilled for obtaining the citizenship of Cyprus:
- Investments in Cyprus in the amount of 2.5 million EUR. The minimum period of this investment is 3 years.
- Real estate acquisition in Cyprus of the value not less than 500.000,- EUR.
- Payment of all the governmental fees, attorneys fees and costs of obtaining the passport itself.
After the fulfilment of all the conditions above mentioned, on average, within 2 months you can receive the European passport of Cyprus. Your family – your wife and children, get the European citizenship just one month after you get your passport. I.e. in total you and your family get the passport of the citizen of the European Union just in 3 months after submission of all the documents. For comparison - if you choose the option of obtaining a citizenship of Cyprus not via the economic program, as we offer, but through naturalization, you will be required to live permanently in Cyprus for at least 7 years. In the case of choosing the solution we offer, living in Cyprus is not required at all.
In addition to the citizenship of Cyprus we also offer obtaining a citizenship over the economic program of the other countries. In some countries the costs of obtaining a citizenship, including the necessary investments, are significantly lower than in Cyprus – from several hundred thousand dollars.
The second passport of Cyprus or any other country can be used as a standalone solution or in combination with obtaining the status of being tax resident in the UAE. The United Arab Emirates almost never provides a citizenship to the foreign citizens, but obtaining a residence visa and a tax resident status of the UAE do not cause any complications. Besides, the tax residency of Dubai means the full exemption from taxes. And the foreign passport is the safety and freedom of your movement as well as assets protection.