Back in 2013, the government of Cyprus launched the Cyprus Investment Program. The program’s purpose was to grant Cypriot passports to those who invest a certain amount of money in real estate. Since then, the program has proved to be popular due to the many benefits a Cyprus passport provides.
- Multiple Citizenships allowed
- Passport granted in just 6 months
- No language requirement
- No minimum physical residency prior to getting a Cypriot passport
- One-time visit required for biometrics
- Valid for life and transferable to descendants
- Rights of an EU Citizen
- All Nationalities eligible
The main benefits of a obtaining a Cyprus Passport include the following:
Freedom of Movement
Cyprus has been a member of the European Union since 2004 resulting in an array of benefits including visa-free access to 173 countries around the world. Now more than ever, free movement is vital to provide safety, opportunities and stability to one’s self and family. A Cyprus passport provides the benefit of freely traveling to enrich life and the opportunity to live and settle in other EU countries.
Quality of Life
Cyprus provides a high standard of living and quality of life. Famous for its hospitality and friendly locals, the people of Cyprus respect and lead a perfect life balance between work and leisure, always taking the time to chat over a coffee. The friendly nature is paired with a low crime rate, making Cyprus a safe location to raise a family, with plenty of sunshine, outdoor activities, and a healthy Mediterranean diet.
Although a small island, Cyprus has a variety of cities that suit many different lifestyles. From beautiful seaside towns and quiet mountain villages to bustling international capital cities and luxurious business centres, Cyprus has something for everyone.
Business in Cyprus continues to grow and develop, creating an abundance of opportunities allowing for the diversification of sectors to create a strong well-rounded economy. The country boasts a flourishing shipping sector with the country’s advanced maritime infrastructure rated the 3rd largest merchant fleet in the EU. The island features the ideal environment for start-ups and innovation. This is due to a highly talented workforce and incentives such as applied research via EU or national funding. Companies also benefit from the low cost of launching and running a business in Cyprus as well as from the possibility of free trade (free movement of capital, goods and services) within the EU.
International businesses are drawn to the island and benefit form the international workforce on the island with the majority speaking a high level of English along with some speaking extra languages such as Russian and Chinese.
Five years after the original investment was made, the investor is allowed to sell up to 75% of the real estate initially acquired in order to qualify for the program. Taking into account that staying in Cyprus isn’t required in order to benefit from the program, that any properties purchased may be rented, as well as due to the capital appreciation over a 5-year period, the investor is essentially getting their money back.
Cyprus has concluded double taxation agreements with over 60 countries around the world, eliminating any double taxation of citizens with dual nationality. Furthermore, the procedures for registering a company with the relevant authorities in Cyprus, can be completed within approximately just 4-5 working days and at a low cost. As a result, international businesses operating in the region, often choose Cyprus as a base and include it in their tax-structuring plans.
To top everything up, Cyprus has zero inheritance, wealth, gift and immovable property taxes.
Cyprus boasts a high level of local education in various languages with a number of highly acclaimed international universities. For those who wish to venture further, youths with a Cyprus passport are entitled to apply to any state schools, colleges and universities in any other EU member country, and if they qualify, they will enjoy the same rights and privileges as the citizens of that particular country. Studying abroad is an enriching life experience that will pave the way for your children’s future career.
Cyprus follows and implements EU laws and safe practicing when it comes to health care. The island has recently launched a new healthcare model on the island called GeSY. It is described as ‘a comprehensive and financially sustainable healthcare system aiming at meeting the expectations of Cypriot citizens for equal access to treatment and provision of high-quality healthcare by using, in the best possible way, all available medical resources’.
Along with its own advanced health care system, a Cyprus passport grands access to the best medicines and treatments Europe has to offer.
Citizenship for the whole family
Cyprus citizenship can be extended to an investor’s family. The spouse of the applicant and children under 18 years old or adults financially dependent on the applicant (university students – up to 28 years old) are eligible to apply for citizenship. Investor’s parents are also entitled to apply for citizenship provided they are owners of a Cyprus residential property worth at least €500.000.
Throughout history, Cyprus has been a steppingstone between Europe and Asia, Middle East and Africa. In today’s world, Cyprus has become the ideal gateway for business activities and investments within the regions of the European Union, Eastern Europe, Russia, CIS, the Middle East and Africa. With no capital city too far away, travel for business, education, healthcare or pleasure is always short, pleasant and easy.