cyprus citizenship by investment 2017 – Golden Visas hit 3 Billion Euros
The Portuguese Golden Visa programme has always been a firm favourite since it was released back in 2012 and the latest figures from SEF, the immigration authorities, confirm this. A record breaking 3 billion euros has now been generated from investment via the Golden Visa scheme and there has been a total of 7,896 family residency visa’s granted so far.
2016 saw the busiest year to date with a total of 2,344 golden visa’s issued. But 2017 is set to see significantly higher figures with an impressive 1,259 visas being issued in just the first quarter alone.
The Golden Visa programme in Portugal has always been a popular choice for investors looking to secure EU residency rights via real estate investment. A major draw of this programme is the opportunity to apply for citizenship after 6 years, without the need to reside in the country for long periods on time. Like any EU residency visa scheme, the benefit of visa free travel throughout the Schengen zone is a huge advantage to many.
We urge anybody who is considering this visa programme to contact one of our expert consultants today. La Vida can assist with the whole process from A to Z, from providing initial advice, sourcing a property and processing the application itself through one of our specialist legal partners.
Programme Review and New Year Developments
This year 2016 has proven to be a further step on the ever developing market for investor visa programmes. Demand is increasing for most schemes, many programmes have changed and further amendments are expected in 2017. With a Trump victory, Brexit and European immigration concerns we can expect major changes to continue into 2017 and 2018.
We have highlighted below some of the key developments in 2016 and expectations of change in the year ahead.
The delays in SEF in processing golden visa applications in mid 2015 led to a drop in numbers. However a new fast track procedure introduced earlier this year has put applications back on track. The number of approved applications in 2016 looks set to be the highest ever running at over 2000 investors per annum. The introduction of a €350,000 limit for renovation projects is taking time to produce the necessary supply. Such projects are complicated and need to be fully managed. La Vida has sourced some interesting options for clients and we will see more of these in 2017. The property market is gaining strength in Portugal with price rises over the last three years now fuelling growth and demand. Developers are reluctant to offer discounts and the best properties are sold long before completion.
There were some key changes introduced in 2016 to the Cyprus citizenship and residency programmes.
The qualifying real estate investment level for citizenship was reduced from €2.5 million to €2.0 million. The timescale for achieving the pasport increased to six months as it is now necessary to hold residency (but not necessary to live in Cyprus) before being issued a passport. It still remains the fastest route to EU citizenship.
The residency programme was amended to include parents. Three generations can now be included for an investment of just €300,000 in real estate. A key benefit is that this is for Permanent Residency (PR).
Changes for 2017 could see Cyprus becoming part of the EU Schengen zone. Anyone obtaining the Permanent Residency before that point will no doubt retain it should Cyprus enter Schengen. The EU has not allowed any Schengen country to issue Permanent Residency immediately on investment. Should Schengen happen then we can expect some changes to the programme. Investors may be wise to act sooner to grab the benefits on offer.
The economy in Cyprus may well see a further boost in 2017 with the discovery of huge natural gas resources off the coastline and the development of its first casino under the Hard Rock brand.
Political developments in Hungary could well see the end of the residency bond visa programme in 2017. It has been possible to obtain residency in Hungary through a €300,000 investment in government residency bonds. However Hungary’s nationalist opposition party Jobbik is seeking an end to the programme in return for its support on other matters. Parliament closes this week so unless change happens in the next few days we can expect no further developments until at least February 2017. Still time for any investor to get their application in ahead of any changes.
We can expect changes in 2017 to the recently launched citizenship programme in St. Lucia. The scheme has been in operation less than 12 months but there is a new government in place and new ideas and our conversations with those close to the programme suggest a more coordinated and consolidated programme will be launched in 2017.
The Spanish government made some changes to its golden visa programme in 2016 but nothing that enables it to seriously compete with some of the better schemes on the market.
The government is reaping the benefits of its $100,000 contribution limit. The caribbean countries are concerned that this is a race to the bottom in terms of sale of passports.
Expect changes to the St. Lucia citizenship by investment program in 2017. A change of government has already led to a $100,000 donation offer until 31 March 2017.
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