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Cyprus’s economic bailout by the European Union (EU) without the proposed “levy on bank deposits” has done little to quell the anxiety of its citizens who had feared that the government would extract money from their bank accounts to cover the tiny EU island-nation’s debt crises.

As part of the deal, Cyprus agreed to shut down the bankrupt Laiki Bank, transferring its deposits under 100,000 Euros to the country’s largest lender, Bank of Cyprus. Deposits over 100,000 Euros at Bank of Cyprus will be subject to a yet-to-be determined tax, which reportedly could reach as much as 60 percent of their value. Cyprus has also committed itself to raise taxes, rein in spending and carry out structural reforms in the public sector.

International Monetary Fund (IMF) managing director Christine Lagarde said in a recent ABC News Report that the measures adopted “seek to distribute the burden of the adjustment fairly among the various segments of the population and to protect the most vulnerable groups.” But not everyone agrees.

Analysts say even though the levy was averted the attempt to confiscate money from depositors has opened a Pandora’s Box that probably cannot be closed. “How can I trust any bank in the Euro Zone after this decision,” asked Andreas Andreou, a trader with a Cypriot investment firm in a recent New York Times report? “I’m not waiting around to see what happens to my 130,000 Euros ($169,000). I’d rather put the money in my mattress,” he added.

Mr. Andreou’s feelings are not unique. Not only have many Cypriots withdrawn their money from their country’s banks. Because of the instability many are showing strong interest in pursuing residency outside their native country leading industry insiders to expect an increase in EB-5 by Cypriots.

“Bad economies and uncertain political conditions typically motivate individuals to investigate alternatives to residing in their country of origin,” said Joe Sloboda, Vice President and Co-founder of Exclusive Visas, a Weston, Florida-based EB-5 consultancy. “With the popularity of the U.S. and Cyprus’ current situation it’s only natural to expect more interest from Cypriots in EB-5,” said Mr. Sloboda.

The EB-5 visa is attractive for high net worth Cypriots (willing to invest in a U.S. business) because it does not require having a close relative or a U.S. company willing to sponsor the immigrant, as required by conventional immigrant visas. Under the EB-5 program the investor is issued a conditional Green Card providing Permanent Residency for themselves, their spouse and children (under the age of 21) on an investment of at least $500,000. The investment must result in the development of at least 10 permanent jobs.  

While the key features of EB-5 are easily stated the process can be arduous and confusing. The entire process is a vast combination of timelines, deadlines, tax returns, supporting documentation, and due diligence involving, immigration attorneys, the USCIS and the SEC. It is not a world anyone should attempt to navigate without an experienced expert at their side.

An Exclusive Visas Expert EB-5 Consultant will cut through the confusion for the investor by explaining how the program works generally and specifically for the Cypriot candidate. Exclusive Visas brings together all the elements of the program, manages timelines, and gives the client the broadest likelihood of success.

From petitioning the USCIS to choosing a credible project to invest in, Exclusive Visas will see to it that the investor has all the information necessary to give them peace-of-mind while making the best of the EB-5 opportunity.

Don’t wait another day. Click here to contact an Exclusive Visas EB-5 consultant now.