Cyprus Investment Programme
Cyprus is an attractive investment destination for many reasons, as it is a member of the European Union. Cyprus is based in a strategic location, and has great infrastructure. The dual citizenship means that you have citizenship of two countries, with all of the benefits that it offers, including Visa free travel to 157 countries. Besides, the dual citizenship of a country with a good international reputation, like Cyprus, offers many benefits for high net worth individuals.
A recent report by Knight Frank (International Property Consultants) ranked Cyprus the 5th best relocation destination in the world. With the bonus of the best European bathing sites, according to a report by the European Commission and the European Environment Agency (EEA) published on the 6th of June 2019. As a bonus Cyprus has about 320 sunny days per year and a very helpful tax system.
ADVANTAGES OF CIP:
- Freedom to reside, work, study and travel across the 28 countries of the EU, as well the benefit of Visa-free travel to 157 countries worldwide.
- Free movement of Capital. Transfer funds between the EU Member States, purchase of property in any preferred EU Member State, and invest in any type of activity. This gives your business access to 500 million EU citizens. No requirement to live in Cyprus.
- Cyprus is an attractive financial centre due to its highly favorable tax system, with no Inheritance tax and a highly favorable cooperate tax system with the lowest Corporation Tax in the EU at 12.5 % and a comprehensive double tax treaty network. Cyprus has the perfect Geographical location, as it is at the crossroads of three continents Europe, Asia and Africa.
- The Legal system is based on English common law.
- The English language is widely spoken and the accepted language for business.
- The Residency Permit covers the Investors spouse, children up to 18 years old, adult dependent children up to 28 years old if in Higher Education.
- The parents of the Investor can also obtain citizenship, as long as they purchase a private property of at least €500,000.
REQUIREMENTS OF CIP:
- Must have a Cyprus Residency at the time of application. No requirement for applicants to live on the island prior, during or after the application process, but they are required to hold a Residency Permit for at least 6 months.
- A minimum Total Investment as low as €2 million in Residential Real Estate, a single property or portfolio.
- A donation to the Cyprus Government of €150,000.
- Must have a clean criminal record.
The period for completion is normally 6 months.
PLEASE NOTE: The main Investment, can be sold after 5 years, however, the Investor has to keep during his lifetime a property with a minimum value of €500,000 + VAT if applicable. The properties purchased, can be rented out, to generate further income.
As a major Real Estate Agent here in Cyprus, A20 Real Estate can offer advice and assistance with finding your ideal property, either new construction or a resale property. We work together with one of the largest and most reputable law firms in Paphos, and together we can guide you through the whole process of obtaining residency, making the whole process very easy for you, and no stress.