Cyprus is reintroducing the "golden visa" scheme for wealthy foreign investors

By TravelWiseMar 6, 2024 18:50 PMNews
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Cyprus is reintroducing the "golden visa" scheme for wealthy foreign investors
Cyprus has introduced a revamped Golden Visa program. Source: Pixabay

Almost 3.5 years after the end of the controversial program that offered wealthy foreign investors residence permits, citizenship, and a valuable European Union passport, Cyprus has introduced a revamped Golden Visa program to attract them. According to Bloomberg, the Cyprus Golden Visa program, led by Astons, has grown dramatically in popularity and offers an accelerated approval period of just six months to obtain residence, citizenship, and a passport within five years.

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," TheNationalHerald reports.

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

The minimum investment to participate in the program is USD 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 program 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 program 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.

Travel Wise previously wrote that the Turkish government announced the extension of the visa-free regime for Kyrgyz citizens for up to six months. This decision was announced by Ruslan Kazakbayev, Ambassador of the Kyrgyz Republic to Turkey, during a meeting of the Parliamentary Committee on International Affairs, Defense, Security and Migration.

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