Wednesday, November 13, 2024

Less than 3000 investor citizenships granted by Malta, Cyprus and Bulgaria combined

Malta, Cyprus and Bulgaria are the only three member states that grants fast track citizenships, so called golden citizenships in exchange for investment.

 

So much noise is made around few thousand investors gaining citizenship through investments, starting with EU report, then OECD claiming CRS avoidance and several other criticisms from other organizations.

 

We decided to dig deep on the numbers.

 

Our analysis show,  the total citizenships granted by 3 member states combined is 2,869 investors which is less than 3000, which is infinitely small compared to member states granting citizenship to 1 million people in 2016.

 

Note that 1 million citizenships granted by EU is during one year of time, while the 2,869 investment citizenships granted during 5 years of time.  Equating both, this roughly equates to 574 citizenships for investment per year

 

These citizenships were granted spread over more than five years since the inception of citizenship schemes after 2013.

 

  • Cyprus – 1864
  • Malta – 960
  • Bulgaria – 45

 

Investment citizenships
Citizenships granted from 2013 to 2018

 

All the three member states impose mandatory residence requirements to satisfy genuine link criteria. The condition of residence permit is imposed before being granted of citizenship.

 

  • Malta – 12 months
  • Cyprus – 6 months
  • Bulgaria – 12 months

 

 

 

Malta currently offers citizenship through Individual investor program (IIP) to rich foreigners for close to €900,000  invested in Malta.   Official figures show, Malta receives 300 applications every year, and as of June 2018, , Malta only approved less than 1000 IIP applications, precisely 960 according to ORiip report. The initial proposed quota was 1500 applications.

 

 

Cyprus, owing to pressure from Brussels, last month tightening its citizenship scheme, imposed schengen visa requirement, requiring first vetted by member states before being granted citizenship. Last year Cyprus cut the citizenship quota to 700 passports for investment. Cyprus finance minister announced 1864 citizenships were issued since the start of citizenship scheme. Cyprus requires €2 million investment

 

 

Bulgaria has fast track citizenship scheme which requires €1 million investment. Bulgaria recently announced tightening of measures for citizenship, and also proposed closing of golden visa and citizenship scheme, because of lack of interest in the scheme, and low volume of applications.  Official reports show Bulgaria approved citizenship for 29 investors for investment under fast track in 2018. Bulgaria granted in total a small number of 45 citizenships in exchange for investments.

 

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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