Cyprus brings back Golden Visa programme for wealthy foreign investors

Almost 3.5 years after the end of the controversial programme that offered wealthy foreign investors residence, citizenship and a valuable European Union passport, Cyprus has introduced a revamped Golden Visa programme.

According to Bloomberg, the Cyprus Golden Visa programme, led by Astons, has grown in popularity and offers a fast-track approval period of just six months for residence, as well as citizenship and an EU passport within five years, TheNationalHerald reports.

Denis Kravchenko, Business Development Director at Astons, noted that Cyprus is a popular destination for those with the funds to buy real estate to qualify for a visa as the island's banks are also known as a tax haven.

This provides participants with visa-free travel to EU countries and access to its healthcare and education systems. Members are also exempt from the upcoming EU ETIAS electronic visa requirement, making international travel easier.

Astons provides services for dual citizenship, second passport and alternative residency options, and is a certified representative of the respected Cyprus Investment Programme.

The minimum investment to participate in the programme is $300,000, and Aston's Cyprus branch said it has a simplified turnkey solution that guarantees a detailed assessment within 24 hours to speed up the application process, according to Travel and Tour World.

"Cyprus offers an unprecedented combination of strategic investment opportunities and a high-quality Mediterranean lifestyle," Kravchenko said.

The previous residency programme did not check applicants for criminal records, was open to money laundering, and allowed wealthy foreigners to hide their wealth and avoid paying taxes.

The programme ceased to exist after investigative reports by Al Jazeera and media websites revealed that residence permits were secretly put up for sale, leading to the indictment of some government officials and lawyers.

Earlier, Travel Wise wrote about the souvenirs you can take from Cyprus, as well as delicacies and silver jewellery that will remind you of your trip.