Cyprus ends it Citizenship by investment program (CIP)
The Cypriot citizenship by investment program was definitely the most well-known EU CIP in the last few years. With Malta’s CIP being just too expensive and the Bulgarian CIP not marketed adequately, Cyprus could attract the highest number of investors willing to get hold of EU passport.
And Cyprus did good job. On all international events where we have participated, the number of Cypriot exhibitors (citizenship and real estate agents) was the highest among all other countries. They all had great presentations and property portfolios to attract the wealthiest investors.
This is now over. After a huge corruption scandal in Cyprus, the program will be terminated at the end of the month.
The alternative EU CIP
Now that Cyprus’s CIP is non-existent, there is only the expensive Malta and the unknown Bulgaria. Not much of a choice. The cost of the Bulgarian citizenship by investment program is going north after the Cyprus’s decision to end its own CIP. Less choice -> higher prices -> less clients -> bad for the business, but even worse for the end-client.
For more information about the demise of the Cypriot CIP, please visit http://blog.bulgarian-citizenship.org/cyprus-cancels-its-citizenship-by-investment-program/.