Cyprus

Investment Immigration Cyprus:

Cyprus offers two visa schemes through investment in real estate. One for permanent residence, and one for nationality. The two investment programs for Cypriot citizenship are simple and successful in issuing a residence permit and second passport. Cyprus is a full member of the European Union and English is widely spoken on the island.

Cyprus provides through investment scheme the easiest, most guaranteed path to a European country’s citizenship through Cypriot citizenship. An investment in real estate of €2.0 million is required, plus a donation of €75,000 to the Research and Development Governments Fund, and €75,000 to the Land Development Organization. Cyprus is exceptional in promising citizenship within only six months of an investment like that. It includes an EU country’s Cypriot passport and residency, allowing rights to work, fly, study and stay everywhere within the EU including nations including Germany, France and the UK. The investment can be reduced to a mere €500,000 after 5 years.

The key draw for high net worth individuals is the immediate citizenship given for eligible investment in real estate. Learn all about Investment Policy on Cypriot Citizenship. Applicants must have clear criminal record. For candidates seeking citizenship, there is no language requirement, medical test or interview.

Permanent residency Cyprus

Applicants can obtain permanent residency in Cyprus through real estate investment. The software is one of Europe’s fastest and shortest investment visa programs. In order to obtain the Cyprus residency permit, it requires investment of just €300,000 in property. The residency visa is granted within two months and covers the whole family. This requires guardians from both the primary claimant and partner and adult children up to 25 years of age. It is life-long valid and can be passed on to dependents and spouse.

The permanent residency program allows ease of travel across the European Union and includes only one return to Cyprus, once every two years, for all family members. The investment may be made by a company for which beneficial owners are the principal applicant and spouse. The investment will be in up to two houses, if they meet the permanent residency limit of €300,000. The properties purchased must be brand new.

Why Cyprus?

Cyprus has a very favourable tax regime for resident individuals and businesses. About 80 percent of the population speaks English and there are outstanding schooling services including many British universities with campuses on the island. Cyprus has the lowest crime rate in Europe and is the 5th safest region in the world. Educational institutions and healthcare facilities are of high standard. Cyprus is geographically situated at the junction of three continents, Europe, Asia and Africa. Cyprus is set to join the Schengen area of the European Union soon. Land purchased is freehold, property tax is low and property VAT is limited by just 5 per cent (under conditions).

Program overview

The Cyprus Citizenship by Investment program provides the fastest and most secure route to gaining a European passport through real estate investment. This is fast and assured and open to developers with ample funds to spend 2,0 million euros in real estate, plus a contribution of 75,000 euros to the Research and Development Governments and 75,000 euros to the Land Development Organization. No other European golden visa program ensures such assured outcomes that offer a second EU passport in just two to three months.

Investment

The house will be leased for sales, whether it is residential or commercial. Any number of assets can be grouped to make up the total commitment of 2,0 million euros. The investment can be made in person or through a firm where the applicant is a shareholder.

Process

Before applying for a visa the applicant must have committed to the investment and funds must be in place in Cyprus before applying. Such funds may be released in accordance with any agreed payment plan for the property, in particular for off-plan developments. An application can must be requested within a few days of committing to the project. The process for gaining the Cyprus passport will then be completed within 6 months. A full refund can be offered for certain real estate investments in the unlikely case of refusal of the citizenship application.

The contribution will be reduced to just €500,000 after 5 years and this commitment must be retained so that the owner will keep his citizenship.

Residential or commercial property

One of the main factors when determining between residential or commercial real estate in Cyprus is the relevant tax rate (VAT). Commercial property attracts VAT at a rate of 19 per cent while residential property attracts only 5 per cent on the first 200sqm of the first and main permanent residence property.

Requirements

In addition to the real estate investment applicants will need a clear criminal record. No requirement for language, medical test or interview. The program needs very clear documentation. It is simple to apply and there is no obligation to live in the country.

Fees

Lawyer fees will apply for the processing of the application for citizenship and the property purchase and typically amount to around €30,000- €40,000 for a family. State procurement and payment costs will amount to about €21,000 for a family of three.

Family

Qualifying family members include spouse, all children up to the age of 28 and all future generations. Parents can also qualify by making a further €500,000 investment in real estate.

Taxes

In 2015, the Cypriot government introduced a package of measures to encourage high net worth investors to invest internationally and reside there. Non-domiciled creditors with personal investment income including dividends and interest would be excluded from taxes in Cyprus. This means that non-domiciled people in Cyprus will pay zero tax, regardless of whether the income is earned in Cyprus or abroad. There is no inheritance tax. Cyprus also has one of the lowest corporate tax rates in Europe at just 12.5%.

Living, working and studying

Applicants receive the full rights of EU residents and are capable of living , working and learning anywhere in the European Union. The Cypriot Administration, however, is keen to promote immigration. Cyprus boasts Europe’s lowest crime rate. An former British colony and Commonwealth member offering high quality and accessible British schooling. An ecologically friendly republic, more than 80 per cent of Cyprus’ people speak English. At least three Universities in the United Kingdom have campuses in Cyprus.

Travel

Applicants are granted a European passport and this gain access allows them to travel to 158 countries and districts without a visa. It includes six months of multiple entry into Canada and three months in Australia, Singapore , Hong Kong and Macao.

Benefits

Cyprus is a full Member of the EU. Cypriots are members of the European Union. One of the EU’s core rules is its citizens’ ability to travel, live, work or study anywhere within the European Union. Cypriot residents and passport holders may reside in each of the 28 EU-forming countries.

Summary

The application process is simple and very straightforward and has a good rate of acceptance. It has a strong family structure which enables children up to 28 years of age to apply and all future generations. It requires basic documentation, and no residency requirement is required. The investment system for citizenship in Cyprus is suitable for High Net Worth individuals seeking a fast and secure path to a European passport

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