Following Cyprus's application to join the Schengen Area in July, there is now an update: EU regulatory authorities and experts from the European Commission will visit Cyprus from November 24 to 29 to assess the country's infrastructure and examine the Office of Personal Data Protection.
Information Commissioner Irene Loizidou Nicolaidou stated that the experts will evaluate her department to determine whether necessary checks regarding accession to the Schengen Area need to be conducted.
Joining the Schengen Area will strengthen European borders and facilitate travel between Schengen member states. Accession to the Schengen Area will benefit Cyprus's economy, security, tourism, and many other sectors.
The examination of the Office of Personal Data Protection is just the first step in the assessment process. The evaluation of the Office of Personal Data Protection is the first to be conducted, with follow-up assessments planned for 2020 in areas such as border management, returns, visas, Schengen IT systems, police and judicial cooperation, and arms. If the Republic of Cyprus receives a positive evaluation regarding personal data, subsequent evaluations will be conducted in the aforementioned areas.
Member states of the Schengen Agreement are also known as "Schengen countries" or "Schengen states," and the collective of member states is referred to as the "Schengen Area." The purpose of the Schengen Agreement is to eliminate border checkpoints between member states and to coordinate border control outside the Schengen Area. According to this agreement, travelers holding a valid visa from one of the countries can legally visit all other Schengen countries.
Traveling between Schengen countries by air is as easy as taking a domestic flight, with no need for immigration procedures.
Out of the 28 member states of the European Union, 22 countries have joined the Schengen Area. Cyprus, the United Kingdom, Ireland, Romania, Bulgaria, and Croatia have not yet joined the Schengen Area. In the future, if Cyprus successfully joins the Schengen countries, then individuals holding a Cypriot passport, PR, and visa will be able to travel freely to other Schengen member states!
As a country poised to become one of the few that is a member of the European Union, Eurozone, Commonwealth, and Schengen Area, Cyprus's investment citizenship program has been highly sought after by high-net-worth individuals. Currently, through the Cyprus Investment Citizenship Program, investors can purchase Cypriot real estate starting from €2 million (regardless of whether it is one or multiple properties) and make a donation of €150,000, allowing three generations of the family to apply for a Cypriot EU passport.
Additionally, investors can apply for immigration to Cyprus by purchasing, establishing, or participating in investments in Cypriot enterprises. For example, the Limassol Golf Resort project introduced by WorldWay Immigration is an equity investment immigration project applicable for those who purchase, establish, or participate in investments in Cypriot enterprises. By investing €2 million to subscribe to the equity of this project, while also purchasing real estate in Cyprus starting from €500,000 and donating €150,000, the entire family can apply for a Cypriot EU passport.
Advantages of the Cypriot EU Passport
1. One investment allows the entire family across three generations to apply for an EU passport, which grants visa-free access to over 150 countries and regions worldwide;
2. 1=32, holders of the Cypriot EU passport can freely reside, work, and study in 32 European countries (including the UK, Germany, Italy, France, and 28 other EU countries, as well as Switzerland, Norway, Iceland, and Liechtenstein) and enjoy the same benefits as EU citizens in EU countries;
3. Permanent ownership, real estate can be inherited;
4. British education system, children can enjoy quality education;
5. Favorable tax system.
With the increasing popularity of the Cypriot EU passport and the growing number of applicants, the Cypriot government has repeatedly raised the application thresholds since last year, not only limiting the number of applications but also increasing donation costs. It is uncertain whether future policies will tighten further, so investors interested in immigrating to Cyprus should cherish the opportunity.
Currently, WorldWay Immigration is holding a major discount event for its immigration projects across 18 countries in November! During this period, there are many discounts and surprises, and we welcome both new and old customers to actively participate and seize the opportunity! For more details, please consult: 400-138-2929.
