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The number of British businessmen wanting to “buy” citizenship from countries offering visa-free access to the European Union has risen dramatically, migration companies say, as prospects for a post-Brexit trade deal between Britain and the block, Reuters reports.
Investor immigration firm Astons says it has seen a 50% increase in the number of clients seeking Cypriot citizenship and a 30% increase in Greek citizenship this quarter, less than four months ahead of passport holders in the US Great Britain will lose its right to free movement in the EU.
Henley & Partners also reported an increase in requests for advice on investor migration to Malta, Portugal, Austria and several Caribbean islands, offering a wide range of rights of residence, visa-free travel to the EU and citizenship. who invest in local businesses or properties.
Citizens of certain sovereign Caribbean states, including Saint Lucia and Saint Kitts and Nevis, also enjoy preferential access to the EU due to close ties with EU members as a result of trade and diplomatic agreements.
“This is not about tourists. This is the rich UK community, which has a constant need to travel and spend meaningful time in the EU,” said Henley & Partners Director Paddy Blewer.
Interest in such citizenship is growing, even as the European Commission examines possible restrictions on EU countries selling passports and visas to wealthy foreigners, due to concerns about organized crime groups.
Cypriot residency can be obtained in two months by purchasing a € 300,000 property, and obtaining citizenship takes six months and requires a real estate investment of at least € 2 million.
Henley & Partners said the number of clients seeking alternative citizenship or investment residency increased by 40% in the first quarter of 2020 compared to the first quarter of 2019, before stabilizing during the COVID-19 restriction period in the second trimester.
But interest has risen again since July 1, as the end of the Brexit transition phase approaches.
The company says the British have been increasingly drawn to the Caribbean, which has a lower minimum investment and a faster approval process.
Citizenship in Saint Lucia, which offers visa-free travel to 146 countries, can be obtained in about four months for a minimum investment of £ 76,152, according to data provided by Astons.
For less than £ 40,000, investors can obtain St. Kitts and Nevis citizenship, and visa-free travel to 156 countries, in roughly 60 days.
Instead, Malta offers citizenship in exchange for around £ 1 million in investment, but the process takes up to 14 months.
Meanwhile, Portugal generally processes investment migration requests in three months, but only grants residency to investors and visa-free travel to just 26 countries.
Sven Giegold, a member of the European Parliament in Germany’s Green Party, said the sale of citizenship “represents a serious threat to the security of the EU and the fight against corruption” in the bloc. “EU passports and visas are not a commodity. Money does not have to be a criterion for citizenship and residence rights in the EU,” he said.
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