If you are looking for great weather, modernized living, free travel, low taxes, and the big life, you might want to consider moving bases and becoming a Cyprus citizen.
Some of the lowest taxes in the EU make Cyprus a haven for many entrepreneurs who often come following their companies. The island is understandably a multicultural and diverse society with most people well-versed with at least functional English.
Advantages of donning the Cypriot hat –
- Lowest taxes. No inheritance or gift tax.
- Investors who do not reside in Cyprus after the investment do not need to pay any taxes.
- Over 55 double tax treaties with other countries offering protection from double taxation.
- Business-friendly regimen.
- Lowest crime rates.
- Slow and relaxed island life away from the hullabaloo of big cities.
- Modernized living.
- Affordable and excellent healthcare.
- World-class education system.
- Benefits of an EU passport in traveling and work abroad in Europe.
- Visa-free access to over 155 countries globally.
- Double citizenship is allowed by Cyprus.
- Many other corporate benefits.
One of the most wholesome options, even for non-EU members, to utilize all that Cyprus has to offer is to become a citizen of the country through the Cyprus Investment Program. This programme was launched with the objective of facilitating Citizenship to all the people who invest significantly in the economy of the country.
The key features of the program
- Cyprus has no required exams on the country’s history and languages like many other popular destinations for citizenship by investment like Latvia and the UK.
- The processing time of the application is just under 6 months and is one of the shortest if not the shortest.
- Along with the main investor, spouse and dependent children up to the age of 28 years, can also apply for the citizenship on the same application. Parents can also be added to the same application on meetings a few other requirements of investment.
- There are virtually no requirements for the applicant to prove residency or physical presence in the country. The applicants are mandatorily required to be physically present in the country only once to submit biometric information.
- There is no restriction on any person of any nationality as long as they have no criminal convictions.
- The main applicant needs to be at least 18 years of age.
- The government processing fee is 7000 EUR along with an additional 7000 EUR for each family member.
The minimum required amount of investment to be made by an applicant is 2 million euros. This can be done by investing in any, or all, or any combination, of the available investment options. The applicant must also possess a residential property in Cyprus valued not less than 500,000 EUR which is included in the total minimum investment required only if the applicant chooses to invest solely via a residential property. After 3 years the investment can be reduced to a minimum of 500,000 EUR and from thereon must be maintained for life.
- Real Estate – Applicants can invest in residential or commercial immovable property depending on their needs. Residential properties are liable for lower VAT. Income from the commercial properties is allowed.
- Cypriot Company – Applicants can buy, incorporate or participate in any other way, in a Cypriot company by pledging an investment of 2 million euros. The companies must have a physical presence in the country and must employ a minimum of 5 European citizens.
- Financial Assets – One can invest the required minimum in Alternate investment funds, qualified securities, or other such financial assets.
- Government bonds – An applicant can buy Cyprus government bonds to the amount of 500,000 EUR and include this to complete the 2 MIL EUR minimum investment requirement.
We can help
Simon Zenios & CO can help you with every step and process of getting your new citizenship including –
- Advise on financial information to be provided.
- Guide on the most beneficial investment options as per the need of the client.
- Sort documentation and ensure meeting of all criteria according to the regulations.
- Fill forms and manage applications for all members of the family.
- Assistance with submitting documents and drafting applications.
- Regular follow-up on the status of the application.
People whose needs are not met with the Citizenship Program, like in cases where they want to keep their original citizenship, also have the option to select the Permanent Resident by Investment program which is comparatively cheaper at 300000 EUR.
Cyprus Investment Program is undoubtedly the fastest and one of the cheapest ways to attain a passport of Cyprus – an EU Country