The number of applications of Russians for foreign citizenship increased by 20%
According to Forbes magazine, “residence permits in other countries and second citizenship became for Russians an alternative to exit visas”, during the pandemic. This provoked the unprecedented increase in applications for citizenship through investment programs. The number of applications for the spring months increased by 20% in comparison with the previous year. The EU countries are particularly in demand, with Cyprus ranking the third.
Experts of the magazine pointed out that ” the popularity of Cyprus has increased as the result of discounts on island properties up to 30% of the current value of properties.” Provided that the border will be opened, growth can continue in the autumn, when investors will have the opportunity to visit the island to select a property.