Lifetime EU membership can be had by those with a liquid USD3 million
Thai property investors are among those being “wooed” by Cyprus, offering them lifelong European Union citizenship for investments of over Bt100 million (USD2.9 million).
This is one of several incentives the Cypriot government is presenting to attract wealthy Thais in a number of sectors, including the real estate world, the Nation reports.
“The country is targeting more capital from Thailand, attracting investors with easy migrant permission to become an EU citizen through investment, Cypriot High Commissioner Demetrios Theophylactou said last week. “The country expects to raise capital from Thai investors in prospective sectors including property, energy, oil and gas, infrastructure and tourism.”
More: Thailand’s luxury developers seek outside investments
Citizenships are being offered for a minimum of EUR2.5 million (USD2.8 million) and permanent residencies for EUR300,000 (USD339,000).
Cyprus offers a competitive edge over its EU counterparts, including lower minimum capital and lower capital-gains tax, which make it easier to migrate to Europe.
The country has been a member of the EU since 2004 and the euro zone since 2008.
Its competitive advantages include ease of doing business, a robust legal and regulatory framework, a strategic location in the EU and good quality of life.