According to recent studies, which rank the world’s most powerful passports, Cyprus travel documents were cited as among the most powerful in the world, with Cyprus passport holders being able to travel to over 140 counties without visa.
In orderto come up with the rankings, the studies use a weighted approach that considers five factors: visa-free travel, taxation, perception, dual citizenship and overall freedom. And while Cyprus’ main advantages are the speed of approval, its membership in the EU and the visa-free agreements with a number of third-world countries, it is one of the most sought after destinations for investors seeking to establish their business, due to the low tax jurisdiction, or looking for a holiday home or a permanent residence to one of the safest countries in the world.
Asked about the findings of these recent studies, Yiannis Misirlis, Director at Imperio said, “the fact that Cyprus has improved its ranking as one of the most desirable passports among High-Net Worth Individuals is great news. This has a direct reflection on the economy, and the property market in particular. The economic prosperity of the country (especially the come-back of the economy since the 2013 banking crisis) and the political stability are two of the most important factors of the desirability of the Cypriot passport. Our country can further improve its already excellent ranking by negotiating a visa-free policy with countries such as the U.S, Russia, India and China. This should make the Cyprus citizenship programme unbeatable”.