Cyprus Bailout | Cash for EU Passports

Cyprus Bailout | Cash for EU Passports

It seems that the south’s government are offering citizenship, and therefore EU passports, to depositors who have lost €3m because of the bailout. This is a cut price offer because before the bailout it used to cost €15m for citizenship. Wow, an 80% off sale! Except, previously you got to keep your money. I also get the feeling that in the future this same citizenship deal might also apply to business people willing to invest money in the south. The deal would reflect the risk involved with having money in the south’s financial institutions.

However, there is a slow, and much cheaper way of getting a passport:

“to obtain permanent residence in Cyprus, investors from outside the EU have to spend at least €300,000 (£260,000) on a property. They must also prove that they have no criminal record and are in good financial standing and agree to deposit €30,000 for a minimum of three years in a local bank account. Their permit normally arrives in about 45 days.” [Guardian 6/3/2013]

OK, the cheaper deal does not automatically give you a passport, you have to wait for 7 years to apply, but at least you only have to risk €30,000 in one of the south’s banks. You do have to risk €300,000 in a property which by any stretch of the imagination isn’t going to hold it’s value in the next few years.

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