00357 24 254848
00357 24 254849

Cyprus Overview

Cyprus Overview

Global citizenship.

The term global citizenship defines a person who places their identity with a “global community” above their identity as a citizen of a particular nation or place.

Dual citizenship offers an effective tool for for international tax planning and provides financial privacy for banking and investment. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.

Key motivators

  • Mobility
  • Stability and security
  • Healthcare and education
  • Taxation and succession planning
  • Investment opportunities
  • Enhance financial freedom

 

CYPRUS AN OVERVIEW

The small yet dynamic Mediterranean island of Cyprus, famous for the warmth and hospitality of its people, continues to be an attractive location to live, work and invest.  Its exceptional business infrastructure has proven a winning combination. The Cyprus is the third largest island in the Mediterranean Sea, is among the oldest in the world. Cyprus has a rich heritage and diverse culture, beautiful beaches with the cleanest bathing water in Europe, fresh air, a wonderful Mediterranean climate and cosmopolitan cities with an abundance of amenities. In Cyprus there are a variety of primary and secondary schools of a high standard. More than 30 private primary and secondary schools (Greek-language, English-Language, French-language and Russian-language) operate with Ministry of Education and Culture approval. Compared with many European countries, Cyprus enjoys an exceptionally low crime rate. Visitors are clearly reassured by this relaxed aspect of life on the Island because crime is very low and theft is not commonplace, making it a safer place for you and your family. The island offers a low cost but high standard of living and is a very popular year-round destination for Europeans seeking a coastal or golf holiday. Cyprus has recently been ranked the 5th best relocation destination in the world by an international lifestyle review (source: 2014 report prepared by Knight Frank, a leading independent, global real estate consultancy firm). Ranked by key business and leisure indicators, Cyprus was the only European country with Switzerland to make it into the top five (ahead of London, Madrid and Monaco). Cyprus ranked highly because of its favourable tax regime for new residents, particularly high net worth individuals. With at least 320 days of sunshine a year, Cyprus was classified the sunniest European location. Additionally Cyprus recently launched residency and citizenship programs have proved highly popular, creating strong demand in the property sector.  With the recent growth in the tourist industry due to increased facilities and an improved infrastructure, Cyprus is quickly taking on a new identity as a very sensible investment option within one of the fastest growing property markets in Europe.

 

*Cyprus has a British-based legal system and a British-based banking system, thus making the choosing of mortgages and managing of your money similar to the UK.

*Cyprus enjoys a high standard of living with good facilities.

*Cyprus allow dual citizenship

*excellent healthcare system

*Excellent education

*Beautiful and the cleanest bathing waters in Europe

*very low crime rate

*No inheritance tax

*English widely spoken

CYPRUS GLOBAL RANKING

  • The Economist- where to be born index 2013, rank 24
  • The World Bank – Doing Business 2014, rank 39
  • 2015 Index of Economic Freedom, world rank 45, regional rank 20
  • Forbes Best Countries for Business Index, rank 33
  • Knight Frank Global Lifestyle review 2013, rank 5
  • UNDP Human Development Indicators, rank 31

 

INTERNATIONAL MEMBERSHIPS

  • World Trade Organisation (WTO) (1995)
  • Organisation for Security and Cooperation in Europe (OSCE) (1975)
  • The Commonwealth (1961)
  • The Council of Europe (CoE) (1961)
  • The United Nations (UN) (1960) and its Specialised Agencies
  • The World Bank
  • The International Monetary Fund (IMF)

 

CYPRUS CITIZENSHIP BY INVESTMENT

In March 2014, Cyprus changed the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization, making it more accessible and affordable than ever. An EU citizen is any person who holds the nationality of an EU country. EU passport holders are entitled to enter, reside, study and work in the European Union, Iceland, Liechtenstein, Switzerland and Norway.

Non-Cypriot Investors can acquire Cyprus Citizenship by naturalization by exception on the basis of the Civil registry Laws 2002-2013.

Benefits of the program

  • Obtain European citizenship and passport in just  90 day ( the faster in Europe)
  • No need to reside in Cyprus at any point in time in order to obtain or keep the citizenship.
  • Passports issued to the investor, their spouse and dependent children up to age 28, provided they are in full-time education.
  • No tax consequences unless you opt to become tax resident in Cyprus.
  • The program is greater towards high net worth individuals with a required investment in real estate in Cyprus of 2.5 million +vat if applicable (the invest can be in a single property or portfolio). the property investment has to be kept for 3 year and once it is sold a property worth 500.000 has to indefinite.
  • Citizenship is passed on by descent thus offering a legacy to future generations.
  • No physical residency requirement.
  • Cyprus allows dual citizenship
  • All nationalities eligible
  • Pure investment no donation required
  • No language requirement, medical test or interview.
  • EU citizens also enjoy these rights in Iceland, Lichtenstein and Norway which participate in European Economic Area (EEA) and have some rights in Switzerland as well.
  • European Citizens have the right to attend schools/universities within any EU country for free or with reduced tuition rates, as applicable
  • European citizens have the right to protection by the diplomatic or consular

authorities of any EU country in a third country (country outside the EU) where your

home EU country is not represented by a consulate

  • European citizens can access the established first-class EU health care systems

 

Benefits of Cyprus EU citizenship

  • Citizens of EU countries are well accepted and welcomed internationally.
  • Visa-free travel to 158 countries.
  • Free trade within EU business access to 500 million EU citizens.
  • Cyprus has no inheritance tax has a highly favorable corporate tax structure and a comprehensive double tax treaty network.
  • Access to well establish EU healthcare system.
  • Wide choice of investment options.
  • Unrestricted right to work, travel, live and study anywhere in European Union.
  • Establishment and free movement of services and good
  • Cyprus offers a great place to visit or live , it enjoys a strategic geographical position, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate and is highly stable.

 

Possible investment schemes available in Cyprus

  • Individual scheme – investment of 5 million invested
  • Collective scheme 2.5 million invested
  • a collective citizenship application requires the simultaneous deposition of at least 5 application, the investors and investments are totally independent.

 

Investment criterion

  • Cyprus citizenship may be obtained through a secure property investment.
  • The main investment may be sold after three years; however, the investor must always maintain/purchase a property with a value of at least €500,000.
  • Property purchased up to 3 years prior to the introduction of the legislation will count towards the required investment
  • Applicants must hold a clean criminal record from the country of origin and their name must not be on the list of persons whose property is ordered to be frozen within the EU.

 

Conclusion

The Cyprus citizenship program offers the most simple and efficient means of obtaining EU citizenship, it is the only direct EU citizenship program as it has absolutely no residency requirement and passports are issued in just 90 day. Investors and their families can obtain full EU right, including the ability to live and work in any EU country practically immediately.

Cyprus Overview