CYPRUS FAIRS FAVOURABLY FOR CITIZENSHIP BY INVESTMENT PROGRAM

Especially in the government handling of Covid19, protection of its citizens and quick return to normalcy.

Never has there been so much emphasis placed on the importance of global mobility, further to the initial shock and disruption of Covid19, and the political and financial aftermath that has left us all searching for the  return to normalcy.  Most of us have waited anxiously to see the response by our government policy, and the steps taken to protect its citizens from the pandemic, during such unchartered territory. We have quickly come to realize, the importance of what  we perhaps once took for granted, the stability of our country’s infrastructure, health system,  and social security,  as a means of protecting its’ citizens and preserving business, wealth and  the economy.

Although there has been no formal global response policy to Covid19, it has swiftly become apparent that some countries governments have taken quick action to protect their citizens, whilst others have failed miserably.  Such unprecedented times have also seen us highly dependent on media, for validity of government information and guidelines, so we now know how living in a country that allows for freedom of speech and a trusting government is paramount.

With countries like the USA now enforcing martial law where Black Americans and other immigrants are made feel unsafe, losing their human rights and liberties, and Hong Kong citizens feeling suffocated by the newly proposed controversial national security legislation announced by Beijing to tighten Chinese rule, completely overriding Hong Kong’s own legislative process, threatening their human freedoms and civil liberties. Also with other countries such as Russia enforcing public surveillance, with prominence of facial recognition fast expanding, where government authority is stamping down on public freedoms and monitoring social media, the threat of losing our freedoms seems to have become a greater fear than the fear of COVID19 itself, resulting in many HNWIs placing global mobility and citizenship by investment on the top of their agenda, with view to protecting their families, safeguarding their wealth and preserving it for future generations to come.

So why has Cyprus, such a small gem in the Mediterranean sea, received so much praise and attention during the pandemic, by those searching for dual citizenship or looking to relocate their family and wealth?

Cyprus is the 3rd. largest island in the Med, and is located at the eastern end of Europe, at the crossroads of three continents, Europe, Asia, and Africa.

Cyprus is known to have one of the lowest crime rates in the world and is considered to be one of the most attractive onshore tax regimes in the world, ranking 37th best country for business by Forbes in 2018, and 5th best relocation destination in the world, by Knight Frank. Having joined the European Union in 2004 and the Eurozone in 2008, Cyprus is deemed one of Europe’s rising stars, with a steady increase in GDP since the bank crisis of 2013, with its robust legal system based on English common law and transparent regulatory framework, with Cyprus’ banking system, now fully compliant with EU AML Directives.  Cyprus is also OECD compliant, and has one of the most attractive corporation tax rates worldwide, of only 12.5% and many non-dom zero tax benefits, and has attracted many UHNWIs and HNWIs alike.

With the highest tertiary education % in the EU, and a highly educated

professional workforce, where English is the main business language, as well as other widely spoken languages including Greek and Turkish, Cyprus has received much interest from international firms and investors worldwide.

Cyprus also has a strong infrastructure with a free, efficient national health service (YESI), and some of the best ranking universities and private schools, with languages taught as part of the curriculum including Chinese and Russian.

Cyprus’ main industries include financial services, banking, shipping, tourism, R&D and telecoms, as well as emerging industries such as energy and natural gas exploration. The real estate sector has also accelerated over the last ten years, seeing a steady increase in house prices to their pre 2013 high levels.

All this combined with a high quality of life, some of the best blue flag beaches of the world,  sunny  weather all year-round and friendly people with diversity and inclusion of all religions, makes  Cyprus a top Citizenship by Investment choice for many HNWIs and favourable relocation destination for many. With Europe having established itself as the most sought after region for high net worth investor immigration, Cyprus is now deemed the best Citizenship by Investment Programme (CIP) in the world.

Cyprus’ quick quarantine response to Covid19 and astute decisive action by economists, scientists and the Cyprus democratic government, has resulted in the island having one of the lowest fatality rates in Europe. Cyprus began lifting restrictions and returning back to normalcy in May, with the opening of the construction sector and public sector, with some schools resuming by mid-May, as well as private and public hospitals, and all citizen restrictions having been lifted by the end of May. From 1st June Cyprus hotels were open for business and Cyprus airports are to follow, with the reopening of international flights as from the 9 June, from selected low risk countries. Cyprus is proving an exemplary model country in pandemic management, taking successful measures resulting in quick returning back to normalcy, and has been praised for its quick recovery strategy, and shows optimism in its economic recovery.

Cyprus’ strong ethics in the importance family, education, wellbeing, business and innovation has held the country in good stead with amazing results. Therefore is a serious contender for someone evaluating their alternative citizenship application, dual passport, or a relocation destination.

The Cyprus Investment program offers the quickest route to a European passport obtained in approximately only 180 days. It is the only citizenship program offering such a simple and efficient way of obtaining dual citizenship.

Since 2013, the Cyprus Investment Program has attracted an investment of €6.6 billion. The Cyprus government has now lifted the 700 application cap, imposed earlier in the year, and is now more than ever committed to processing the CIP applications as quickly and efficiently as possible, providing they meet the eligibility guidelines and are fully compliant, as a means of boosting the country’s economy.

Eligibility requirements for the CIP include:

  • The main applicant must be 18 years of age or above
  • Have a clean criminal record
  • Have no frozen assets within the EU, as a result of sanctions
  • All applicants must have a Schengen visa
  • The applicant must not have had a citizen application previously rejected by any other EU member state
  • Politically Exposed Persons entrusted with a prominent public function in the last five years are not eligible to apply, even if they do not hold such function at the time of the CIP application;
  • Adult applicants must visit Cyprus in order to provide biometrics for the permanent residency permit, which must be held for a minimum of 180 days, prior to citizenship been granted.

The main advantages of the CIP are as follows:

  • Freedom to live, work and study anywhere in the 28 EU member states including over 172 countries worldwide, including Canada, Switzerland and the United Kingdom.
  • A quick route to acquiring EU citizenship, as a means to relocate to the UK
  • An easy process, with no language or medical testing
  • All family members are eligible including spouse, children including adult dependants  up to age 28 (prior to 29 birthday), and parents, even if over the age of 65
  • No physical residency requirements to live in Cyprus, other than holding of the Residency permit for 180 days prior to citizenship being issued
  • A better quality of life for the family, including excellent healthcare and  education for children, access to top-rated universities
  • Increased personal security and safety and enjoyment of freedoms with excellent lifestyle for all the family
  • Attractive tax regime with zero tax for non-domiciled individuals, no dividend tax and no inheritance tax
  • Citizenship is valid for life and can be passed on to your descendants
  • The acquired assets can be sold after 5 years, other than the €500,000 primary residence which must be held for life, and the €150,000 government donation which is non-refundable
  • Property investment can be rented and may yield between 3-5%. Real estate investment may also provide a guaranteed buy back option, at the end of the five year term (this may be available by some real estate firms)

The investment criteria starts from €2,150,000. The applicant may choose to invest in residential real estate or a combination of real estate and other investment investments as well as a non-refundable contribution.

The €2,000,000 investment option, must be made in residential real estate investment (plus VAT if applicable), as well as a non- refundable government donation of €150,000.

Or

An investment of €2,500,000 can be made, in a combination of real estate and/or other investment instruments such as AIFs, or investment in Cyprus companies as well as a non-refundable government donation of €150,000.

The government donation involves a non-refundable contribution of €75,000 to the Government Research and Development fund and €75,000 to the Land Development Organisation, in both options.

The investor may choose to sell the primary residence to the value of €500,000 and replace with another at any time, and should they wish their parents to be added to the application they can do so without any additional investment other than the purchase of their own primary residence to the value of €500,000 plus VAT.

Jenny Tryfonos Consultancy can assist you with Cyprus investor immigration services. Being of Cyprus descent, living in the UK and speaking the Greek language fluently, Jenny works with trusted local Cyprus lawyers and partners to protect the interest of her clients, ensuring that their needs are met every step of the way, keeping them informed throughout the application process and giving clients peace of mind, from start to successful acquisition of their Cyprus passport. Through her trusted advisory network, other HNWIs services offered include relocation, property acquisition, tax structuring, banking, trusts, and Cyprus company formation services, making your Cyprus experience complete and hassle free.

For a better visual idea on what Cyprus has to offer, check out the video Cyprus-The real return on investment

For further information on the Cyprus Investment Program, feel free to email contact@sterling-law.co.uk or send a WhatsApp or Telegram request to Jenny Tryfonos, so you can discuss your requirements further, in strictest confidence, or call +44 7 305 966 531.