Cyprus is a beautiful island country in the Mediterranean Sea. It is the most populous island in the Mediterranean Sea. Cyprus is part of the European Union since 2004 and is with the Euro zone since 2008. It is well connected with most European Capitals on a daily basis by air. It has one of the highest standards of living amongst the European states. Due to its picturesque locations, it attracts a lot of adventure enthusiasts and tourists on a daily basis.
Benefits Of Migrating To Cyprus
- High standards of living with low crime rate and world class facilities for the citizens. Its one of the safest small countries in the world.
- A tourist destination, it engages people in many activities set up
- It is a popular holiday destination. Its tourist infrastructure is one of its kind in the whole of the world. It is historically rich which is relevant to this day.
- Access to quality Free State sponsored education.
- It has active well educated labour pool which is also very skilled. Hence there is high quality services provided with excellent business opportunities.
- Cyprus has a strong stable Government and Strong running legal System with reliable land registry system in place.
- Cyprus has the lowest corporate tax in the whole of Europe and there is no inheritance taxes
- Cyprus is an emerging energy hub in the Eastern Mediterranean Sea
- It is strategically located amidst three different continents
- Cyprus is a member of the European Union since 2004. You get to travel visa free to more than 176 countries and territories across the globe
- If you are a citizen of Cyprus then you have the right to live and work in any of the 28 countries of the European Union.
- Citizens have the right to attend schools and universities within any EU country for free, or at special tuition rates exclusive for EU nationals.
- Beneficial tax regime for Cypriot passport holders, no foreign income tax, no inheritance tax, and no withholding tax on interest earned and lowest taxation rates in Europe for residents.
- Cyprus offers 2 methods as a pathway into the country which are otherwise called Golden Visa Programs. In method 1, you can become a Cyprus Citizen while in Method 2, you get your Permanent Resident Status.
Method 1 - Cyprus Citizenship Program
- You get your passport within 3 months
- You can maintain dual citizenship as Cyprus citizenship will not be reported to other countries.
- This program needs you to make a Real Estate Investment in Cyprus for a minimum of Euro 2,500,000.
- Through this program, your spouse and children of age up to 28 years are also entitled for Cyprus citizenship and passport
- You can sell your property after 3 years of investment
- You don't have to reside in Cyprus at any given point of time
The future generations of your family are entitled for inheritance via naturalization
On 15th May 2019, an amendment was passed for the Cyprus Citizenship Program
1. A €75,000/- contribution should be made to the research and innovation foundation
2. A mandatory contribution of €75,000/- needs to be made to the Cyprus Land Development Corporation
3. The investment made needs to be maintained for a minimum of 5 years as against the 3 year rule earlier.
Method 2 - Cyprus Permanent Residence Program
- You must purchase real estate properties in Cyprus with a minimum cost of Euro 300,000
- You need to transfer a secure steady annual income to a bank operating in Cyprus on a regular basis. This income should be derived from a source - employment or business outside of Cyprus.
- You need to deposit funds from outside of Cyprus into a fixed account for no less 3 years period.
- The Cyprus Permanent Residence process time is between 2-3 months
- You get an immigration permit stating that you a Non-EU national has the right to permanently reside in Cyprus. You need not go through the visitor visa process to enter Cyprus.
- Your immediate family is also entitled to obtain the same.