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Driven by the politically and economically uncertain climate generated following UK’s Brexit vote, a great number of UK citizens, and especially businessmen, expressed their interest in acquiring a new nationality, of a European state, in order to preserve their rights to live, work and travel freely around the European Union. In the light of the above, the Republic of Cyprus has become an attractive destination for UK citizens, not only for vacation, but also for naturalization purposes in order to obtain the Cypriot citizenship and all the rights that flow by virtue of its acquisition. According to data released by the Embassy of the Republic of Cyprus in the UK, from the beginning of 2016 until the 23rd of June 2016, the day the referendum proposing to leave the EU took place, the applications submitted for the acquisition of Cypriot citizenship did not exceed the number of 17, while from that day onwards the number of applications submitted has reached the number of 230 in total!
Apart from the ideal location, the pleasant climate and the similarities that the island has adopted as part of British Commonwealth, Cyprus has become one of the main choices for UK citizens by virtue of the recently introduced investors’ scheme for acquisition of citizenship by exception. More precisely, the exception scheme offers the opportunity to acquire citizenship by making an investment of €2 million in combination with the purchase of a property valued over €500.000. Furthermore, the scheme enables the acquisition of citizenship for the investor’s cohabitant and parents, while the fast procedure for the application submission and examination constitutes it an easy, and therefore attractive, naturalization procedure.