Why Wait 6 Years? Faster, Cheaper and Simpler Access to the UK and Europe
An Alternative to the UK Tier I Investment
Visa
The UK Tier 1 Investment Visa has been a
reasonably attractive route for wealthy non EU individuals and families to gain
access to the UK and European Union for many years. However the cost of this
option recently doubled to €2 million, the process and requirements have
understandably become more challenging, it includes extensive residency
requirements and typically takes in the region of 6 years to accomplish.
This
may still be an attractive option for some, however the length of time it
takes, the requirement to live in the UK for a minimum of 185 days per year,
every year for 5 years, and the language requirements makes it prohibitive for
many. So is there a practical alternative that can provide similar benefits?
The
Cyprus (European Union) Citizenship and Passport Programme offers almost identical
benefits to the UK Tier 1 Investment Visa route in a fraction of the time, is
far simpler and is without any residency or language requirements.
How do the offerings compare in terms of
benefits to the investor
They both provide the freedom, security and
mobility of a second passport and the possibility to live, work and study
anywhere in the European Union. Both offerings include the investors spouse and
dependants and the Cyprus offering extends this cover to dependants up to the
age of 28 as long as they are in full time education. They both allow extensive
travel to over 150 countries.
Are there any notable differences
Not at the moment as both offerings
currently provide Full European Union Citizenship and Passports and the
benefits that go with it. On the cover page of the UK Passport it states
European Union, United Kingdom of Great Britain and Northern Ireland Passport
whilst the cover page of the Cyprus Passport states European Union, Republic of
Cyprus Passport. However depending upon the outcome of this year’s EU
referendum the UK option may be restricted to providing the ability to live and
work in the UK only whilst the Cyprus offering will provide complete freedom
and access to live and work anywhere in the European union.
Are there major differences in
qualification?
The difference in qualification is quite
extensive. The UK Tier 1 Investor visa requires the investor to live in the UK
for a minimum of 185 days every year for a minimum period of 5 years before an
application can be made for Citizenship. It therefore typically takes around 6
years to obtain UK (EU) Citizenship and Passports. There are English language
tests and requirements. The minimum investment level has recently increased to
£2m (approximately €2.8m) and property investment does not qualify as an
allowable investment route despite it being a very popular investment vehicle
for international investors.
By comparison the Cyprus offering taking
just 3-4 months for Cyprus (European Union) Passports and Citizenship to be issued
is lightning fast. There are no residency requirements, no language
requirements and one of the major investment options for the fast track route
is property investment. At €2.5m it is also a little less expensive.