The Cyprus immigration program of investment grants corresponding with some of the best programs in the globe due to its achievement. Residence programs and citizenship on the island country have brought billions in investment, with the significant advantage of the path to the European Union.
The Investor Program of Cyprus Residence is mostly contrary to the Immigrant Investor Program to Quebec.
The Q.I.I.P is mainly aimed at serving high net worth people gain the status of permanent residence to come and live in the nation of Canada. Political stability, excellent education system, federal healthcare and genuine quality of life are few critical draws from the Quebec investor program.
Cyprus presents its residence program towards expanding its property market, expecting applicants to get a house worth €300,000 or higher on the island. Applicants only need to attend the country once in every two years.
It shows that immigration programs of investment differ enormously regarding their qualifications depending on the required 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 at least 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 requirements.||Whole process can be completed from outside Cyprus. Candidate must visit country to obtain 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 recent 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 expected to open in Q3 2018.||Remains open|
|Financing available?||Yes, formal financing schemes available||No|
|Controversies||The main controversy surrounding the QIIP is that investors use it as a back door to Canada (Vancouver and Toronto). Despite attempts to make investors state their intention to reside in Quebec, once they have permanent residence status, they are free to move anywhere in Canada. The program has been blamed for inflating house prices in Vancouver and Toronto.||Cyprus was one of the worst-hit European Union countries during the 2008 financial crisis, with its banks at one point refusing withdrawals. However, it has emerged from that downturn thanks in part to its residence and citizenship-by-investment programs. The Cyprus programs feature some of the quickest processing times available, raising questions over adequate due diligence. The Cyprus government is regularly forced to defend the program, particularly given EU officials are not big fans of its members selling residence and citizenship.|
|Political climate||Canada’s political climate is stable and welcoming to new immigrants.||The island of Cyprus is divided between Greece in the south and Turkey in the north. Unsuccessful attempts have been made to unify the nation. There is no indication of instability from the Greek south, which operates the residence and citizenship programs.|
|Program stability||The QIIP has just increased its investment and net worth thresholds for the first time in nearly a decade. The program is a well-established part of the Canadian immigration landscape.||Cyprus runs both residence and citizenship programs known for their short processing times and relatively low investment thresholds. With access to the European Union, they are two of the most popular investment immigration programs, drawing billions of euros in investment to the island nation|
Deciding Between Quebec and Cyprus
The Quebec investor and the Investor Program for Cyprus Residence are designed towards various kinds of investment immigration candidate.
In Quebec, candidates obtain access to a developed, steady country with cool winters but warmer summers. In Cyprus, applicants are brought 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 more significant investment limit, but the investment is insured and associated with an accredited financing avenue. In Cyprus, candidates are expected to spend in a property market that has noticed some uncertainty, especially given the impression of the financial crisis globally, but the threshold is relatively lower.