Firstly, I would like to welcome all of our subscribers to the Savva & Associates monthly newsletter and thank you all for your support and the trust you have given us over the past several years. Those of you who have worked with us since 2013 know that we have quickly grown into the leading European Investment Immigration firm, helping HNWIs and their families obtain European citizenship in the shortest amount of time possible within the EU. We have taken great pride in the fact that our clients have trusted us to play a small but important role in this life-changing process, helping business people and their families obtain the freedom, mobility, and opportunities they seek in this ever-connected world we live in.
The opportunity available today in Cyprus (and Malta as well) is nothing short of unique, and it should not be taken for granted that the program will run indefinitely. Mounting pressure from the EU may prove to be the end for the last two remaining CBI programs in Europe, but we are committed, well positioned, and will stand ready to service our good clients until such time.
I am often asked “how did Savva & Associates become a leader in such a competitive space?”, as we are among the most active firms in Cyprus in terms of filing of successful CBI applications. The answer is rather simple, and certainly not a secret: we have been transparent with our clients from day 1. What does this mean exactly? We learned early on in 2013 that success in the CBI space required the ability to help clients navigate across the sometimes-complex immovable property market and assist with the sourcing of potentially suitable investments. In this regard, we have never touted Cyprus as a first-class jurisdiction to invest in property, and instead have taken the approach to help investors match with developers who were willing to de-risk the clients’ exposure in various ways i.e. partial buy back provisions, rental guarantees, bona fide JV arrangements with developers, and much more.
The fresh approach we take has been well received in the global CBI community, as we in turn have helped professional intermediaries (immigration agents, law firms, accountants, bankers etc) successfully promote this opportunity to their client base. By presenting an accurate picture of the state of affairs here in Cyprus, clients have felt confidence armed with the knowledge they can make an informed investment decision, which is the cornerstone of Investment Immigration- it is a shame the industry often forgets the “investment” aspect of “investment immigration”.
2018 is looking to be our strongest year yet- even after strong double-digit growth in all years since 2013. The demand for the CBI program in Cyprus has never been stronger, as well as the commitment of the Cypriot government to maintain the world’s most attractive CBI program. You will often hear me quoting the below 5 points, on why Cyprus has the most attractive European CBI program (or in other words, a more competitive program than Malta), and in my humble opinion the most attractive such program in the world:
- There is no requirement to make a donation to the local government, in contrast to many other citizenship programs worldwide, including Malta which currently requires a EUR €650k+ donation.
- Cyprus does not require applicants to live on the island prior, during or after the application process, unlike all other EU countries with citizenship programs that impose some form of residency requirements. Malta effectively requires a 2 week visit for application purposes.
- Application process takes 6 months, with approval granted within 2 to 3 months, being by far the fastest route to EU Citizenship. Malta’s timeline is between 12 to 13 months.
- Simple and straightforward application process with no requirements to disclose source of wealth or funds, no medical testing, no interview, and no language requirements.
- Approved by the EU.
I welcome the opportunity to meet you in person at any one of the 30+ investment immigration focused events we attend/sponsor globally each year- wherever you are based, there is a good chance we will be in your neighborhood soon. We have by far the largest CBI team in Cyprus, currently 9 full-time, dedicated CBI staff who stand ready to answer any of your questions and assist you in the life changing process of EU CBI.
I would like to thank you once more for your continued support and interest in Savva & Associates and I look forward to receiving your many fruitful comments and queries as we receive each month, following the issue of our newsletter.
Managing Director- Investment Immigration Services