The freedom of visa-free travelling, the possibility of doing business and unlimited residence in European countries – these are the problems that most of our clients face. Each case is individual, so in one case a situation can be resolved by receiving a residence permit in Europe, and in the other – only by receiving a second citizenship. How it happened to be with our heroes, you can read in the case below.
- Alexander, 44 years old. Businessman, the owner of a construction business.
- Julia, 44 years old. His wife, the owner of a network of beauty salons.
- Artem, 20 years old. Their son, a student of the University in the UK
The whole family regularly visits Europe and has to constantly apply for visas.
- The suppliers of building materials for Alexander’s business are located in Germany, Italy, France and Cyprus. He deals with them on a permanent basis and has to travel there and other European countries.
- His wife Yulia also often visits international exhibitions and conferences in the beauty industry, deals with representatives of global brands.
- Their son Artem has been studying in a University in Great Britain. He has a student visa, which allows him to stay in the country only until the end of his study. Meanwhile, Artem plans to commit himself with the UK and work in the financial sector. London offers a huge number of opportunities for this, as it is rightly regarded as the world capital of finance. Besides, Artem likes the local lifestyle and the pace of life, and also English traditions.
Each member of the family faces or will face in the future problems that significantly limit life opportunities and adjust plans for the worse.
- Alexander has to constantly apply for Schengen visas. Sometimes he needs to fly to his business partners immediately, but his trip is hampered by the visa application process. Already several times he had to postpone or completely cancel important events, which negatively affects his business.
- For Julia it is also important to move around Europe without additional difficulties. She also considers business trips outside Schengen. In addition, both parents often visit Artem in the UK. And in the last year, British services are not too eager to open entry for Russians.
- To stay in London, Artem will have to get a residence permit in the UK. To do this, after graduating from the university he should as soon as possible find a job there. But he is not sure that this will happen, due to the recent changes in the geopolitical situation. In addition, the human resources market is quite full with staff who have received a good education in the UK. Therefore, Artem does not exclude that he will have to consider options of working in the EU countries. In this case, however, he will also need to apply for a residence permit in the country where the employment is planned.
Thinking about the situation and ways to solve these problems, Alexander began to consider having the official status of an EU resident for all members of his family, in order not to think about visas and control the duration of staying in Schengen.
Caribbean Citizenship Option
Before contacting us, clients have already studied many options for obtaining a second citizenship. In Alexander’s opinion, the passport of one of the Caribbean countries could solve their problems. However, our experts more fully revealed to him the advantages and disadvantages of the Caribbean programs, and it turned out that not everything is as smooth as our client thought.
In fact, possessing citizenship of , for example, St. Kitts and Nevis, one can travel around Schengen countries and visit the UK without visas. And the entire visa-free list is not limited to these countries only.
However, with a Caribbean passport you can stay in Schengen for only 90 days within six months. Then you will have to leave for the same 90 days, and only after their expiration you can live in the Schengen zone again for the same period. This means that in total you can stay here for 180 days a year with a break of 90 days. As for the UK, with the Caribbean citizenship you can also live in this country 180 days a year, but in a row without a break.
Alexander and Julia were completely satisfied with this option, since they were not going to live in Europe permanently, and the allotted terms of staying in Schengen suited them. However, the Caribbean passport wouldn’t solve the problems of their son Artem, since he would not be able to live and work in the UK or any European country permanently. Caribbean citizenship allows to stay in London only as a tourist and does not give the right to employment. And to be able to work in the EU, Artem would have to apply for a residence permit.
Malta Citizenship Option
Our heroes asked us to choose the best suitable program for them that would solve the tasks of all family members, that would allow them to plan their future and not worry about it. Certainly, in our opinion, the most reliable document providing maximum opportunities and rights is the EU passport.
At first, we offered our clients to use the Malta citizenship program, as it required a smaller amount of investments. Under the terms of the program it is necessary:
- make a non-refundable contribution to the national fund in the amount of 650 thousand euros
- buy Maltese securities for 150 thousand euros (with the opportunity to sell them in 5 years)
- buy property in Malta worth 350 thousand euros or rent housing worth around 12-16 thousand euros a year for 5 years
- administrative expenses under the program would be about 50 thousand euros
We have long discussed with Alexander the conditions of this program and came to the conclusion that it is not suitable for him. The fact is that our client is a beneficiary in several companies and owns a fairly large number of assets in the form of financial instruments and real estate. And within the program framework, the investor undergoes a thorough Due Diligence check, according to which he is obliged to provide all the information about himself and prepare a list of documents for all companies and assets he owns. Alexander had no desire to do this, as the list would be too long, and it would take long to prepare it.
In addition, he was not satisfied with the fact that out of more than 1 million euros of investment in Malta, only 150 thousand placed in securities, could be returned.
The optimal variant is Cyprus citizenship
There was only a Program for the registration of citizenship of Cyprus left, and it fully met the demands of our customers. Under the terms of this program, one should buy property in Cyprus worth from 2 million euros. This amount is more than in Malta, however in 3 years the investor gets the right to sell the property, maintaining only the property worth at least 500 thousand euros for lifetime. This asset can also be sold during its using, but in this case one should buy real estate for the same amount.
The choice of property in Cyprus
Based on customer preferences, we prepared a list of objects that might be of interest to them. Alexander studied all variants and chosed several objects, which we planned to see directly in Cyprus.
Planning a trip did not take much time (usually we do it quite quickly). In Cyprus, Alexander and Yulia met with our employee, who organized viewing the object and helped to solve all legal issues that emerged in the process of reservation and acquiring of the object.
Customers stayed at the villa first-line on the sea coast in a picturesque and ecologically clean place. The choice of property to buy was excellent! Such objects possess high liquidity by reselling and provide their owner with a good income in case of renting.
All real estate documents were in perfect order, and the transaction registration process took one month. The procedure went smoothly, as the seller was a well-known Cyprus company. We try to work only with large developers who conscientiously approach their activities.
Applying for Citizenship of Cyprus
After transferring the investment to Cyprus (against the acquisition of the object), we submitted the clients’ documents for consideration to the local authorities responsible for making decisions on granting investment citizenship.
The Cypriot authorities also carry out Due Diligence checks on all applicants for citizenship participating in the program. However, the conditions of this test are much softer than in Malta. No difficulties in the procedure arose.
At the very beginning of cooperation with customers, we always conduct our own customer checks, similar to those that await them in Cyprus. For this we have a special employee responsible for the preliminary Due Diligence. This gives us an understanding that we can move on without catches, and the client – an additional sense of security and confidence in a positive outcome.
6 months later, Alexander and Julia received a passport of Cyprus. Since Artem is over the age of 18, then, according to the law, we could submit his documents for consideration only after his parents became Cypriot nationals. However, Artem will not have to wait long for a new document, because the period of consideration takes also 6 months.
Results of cooperation
- Alexander and Julia are actively using new passports, moving around Europe without a visa and not counting the days, to keep within the required limit.
- Parents visit Artem in the UK and spend as much time with him as they want.
- Artem is waiting for his passport, but he is already beginning to think about where he will work and live after the graduation from the University. Now all the doors are open to him, he just should choose the most suitable one.
The Benefits of Cyprus Program
- Having invested 2 million euros in Cyprus citizenship now, Alexander will be able to get back 1.5 million euros in 3 years. Since our hero is well-versed in the international real estate market and is also an experienced investor in these assets, it was the most comfortable and familiar investment option for him.
- Alexander, Julia and Artem received their Cyprus passports in just 6 months, while the Malta program assumes a period of 12 months or more.
- With Cypriot citizenship our clients can live in any EU country with simplified registration. By agreement between the UK and the European Union, EU citizens permanently living in this country, until December 31, 2020, can easily obtain a UK residence permit, live and work here, while maintaining the EU passport.
Thus, the passports of Cyprus solved the problems of moving around the Schengen, as well as the issue of Artem’s residence in the UK or any other EU country without obtaining additional residence permits. The Cyprus passport has become a document that provides freedom and confidence in the future for our customers, and most importantly – the future for their child.