The Cyprus immigration program of investment permits corresponding with some of the leading programs in the world due to its victory. Residence programs and citizenship on the island country have brought billions in investment, with the critical advantage of access to the European Union.
The Investor Program of Cyprus Residence is mostly different to the Quebec Immigrant Investor Program.
The Q.I.I.P is targeted at serving high net worth people gain the status of Canada permanent residence to come and live in the country. Political balance, advanced education system, government healthcare and best quality of life are few critical draws of the Quebec investor program.
Cyprus provides its residence program towards expanding its property market, expecting candidates to obtain a house worth €300,000 or more on the island. Applicants only need to visit the country once in every two years.
It reveals that immigration programs of investment vary enormously regarding their qualifications depending on the expected outcome.
QIIP vs Cyprus Residence Investor Program
|QIIP||Cyprus Residence Investor Program|
|Investment threshold||$1.2 million
|Purchase a dwelling or any other property of minimum market value of €300,000
Deposit €30,000 with a financial institution in Cyprus
|Net worth requirement||$2 million||Secured annual income of not less than €30,000, rising by €5,000 for each dependent included in application|
|Nature of investment||Passive investment over 5 years bearing no interest||Property purchase and bank deposit|
|Residence qualification||Immediate permanent residence||Residence permit|
|Processing time||Asian-based investors who make up majority of candidates wait 3-4 years||2 months|
|Physical presence requirement||To maintain permanent residence, you must live in Canada for minimum two years in a five-year period. To qualify for citizenship, you must be physically present for three years in the last five, as well as meet other criteria.||Whole process can be finished from outside Cyprus. Candidate should visit country to get permit. Each person included in application must visit country once in two years|
|Business experience required?||Yes, two years in the last five of suitable management or business experience.||No|
|Application window||The QIIP sets managed application periods, with the present threshold set at 1,900 applications, including a maximum of 1,330 from China, Hong Kong and Macao. With families, the program welcomes 5,000 new permanent residents each year. The next application period is assumed to open in Q3 2018.||Remains open|
|Financing available?||Yes, formal financing schemes available||No|
|Controversies||The major controversy enclosing the Q.I.I.P is that investors use it as a backdoor to Canada (Vancouver and Toronto). Despite attempts to make investors state their intention to stay in Quebec, once they have PR status, they are free to move anyplace in Canada. The program has been blamed for inflating house prices in Vancouver and Toronto.||Cyprus was one of the worst-hit European Union nations during the 2008 financial crisis, with its banks at one point denying withdrawals. However, it has appeared from that downturn thanks in part to its residence and citizenship-by-investment programs. The Cyprus programs feature some of the fastest available processing times, raising questions over adequate due diligence. The government of Cyprus is regularly forced to defend the program, particularly given E.U officials are not big fans of its members selling residence and citizenship.|
|Political climate||Canada’s political climate is constant and welcoming to new immigrants.||The island of Cyprus is divided between Greece in the south and Turkey in the north. Failed attempts have been made to unify the nation. There is no indication of uncertainty from the Greek south, which operates the programs of residence and citizenship.|
|Program stability||The Q.I.I.P has just raised its investment and net worth thresholds for the first time in nearly a decade. The program is a well-established part of the landscape of Canadian immigration.||Cyprus runs both residence and citizenship programs known for their short processing times and comparatively low investment limits. With access to the European Union, they are two of the most attractive investment immigration programs, drawing billions of euros in investment to the island nation.|
Deciding Between Quebec and Cyprus
The Quebec investor and the Cyprus Residence Investor Program are organized towards various kinds of investment immigration applicant.
In Quebec immigration, applicants get access to a developed, stable country with freezing winters but hotter summers. In Cyprus, applicants are drawn to the beach-going lifestyle of an island in the Mediterranean.
Quebec and Cyprus are programs examples on various ends of the spectrum of investment immigration. The main contestants for the residency program of Cyprus are European rivals such as Malta and Portugal.
Quebec’s program has a greater investment limit, but the investment is insured and associated with an authorized financing avenue. In Cyprus, applicants are required to spend in a property market that has seen some uncertainty, especially given the impact of the global financial crisis, but the threshold is comparatively lower.