The uncertainty surrounding Brexit poses a challenge for our clients who are looking for the right way to move to the UK, while enjoying the benefits of being part of the EU.
In the past, the standard choice for most HNWIs wishing to immigrate to the UK tended to be the Investor visa (Tier 1). It was a long and difficult process to obtain British citizenship, but in the end the investor would receive a fully-fledged British passport, which was also a European passport.
But now, the goalposts have moved, and situation has drastically worsened. The British passport may cease to be European if Brexit really happens and then it will lose its appeal to many. Those who went through the lengthy investor visa route be become British and be part of the extended European family may feel that they have been misled by the British institutions.
We have been warning about this possible turn of events since the rise of the anti-European movement in the UK and have been for the last 4 years advising our clients against the Investor visa route. Instead, we have been suggesting the Cyprus route, which is now more relevant than ever. Today, it is the only practical route and the last chance to “kill two birds with one stone”. You can still have the best of both worlds: Be European and British. However, one has to act now.
How does it work?
The first step is be become a citizen of Cyprus. It is possible to obtain a Cypriot passport in 6 months under the current Cyprus by investment program. Cyprus is a safe and prosperous country which is part of the EU. The Cypriot passport is a fully-fledged EU passport that entitles you to reside in any of the 28 European countries, including the UK. Yes, you heard it right, including the UK, as the transition period will end no earlier than December 2020. Prior to this period, all EU citizens have the right to register for residency in the UK.
A new Cypriot citizen is free to move to the United Kingdom and enjoy all the rights if they do it before the end of the transition period. Therefore, the second step as a Cypriot citizen is to register for residency in the UK. Once registered and as it stands at present, they will be able to stay in the UK during and after the transition period. After 5 years of residence in the UK, a citizen of Cyprus can apply for British citizenship. Both Cyprus and the UK allow dual citizenship.
If you follow this strategy, you can get two citizenships for the cost of one. Considering the tight timeline before the end of the transition period, it is important to apply for Cypriot citizenship as soon as possible.
Shorex Capital offers a free initial consultation on citizenship through investment programs.
We provide comprehensive support throughout your application and assist with the entire process of obtaining Cypriot citizenship.
Image courtesy of: Gordon Williams