For today’s article we’ve got an interesting residency by investment scheme to explore in Cyprus, an island nation in the Mediterranean Sea, offering a rapid pathway to residency and citizenship for those of you looking to make the move overseas.
One route to a new citizenship is through investment, where a minimum amount must be put into an asset stipulated by the government of the country you are investigating, and in return, you will receive either a passport or a residency depending on the programme. In the case of Cyprus, you’ll first receive a residency permit, but this can become citizenship after you’ve lived in the country for a stipulated time period.
Aside from the reasons we’ve all heard that Cyprus is a fantastic destination, including their ideal Mediterranean climate, delicious cuisine, picturesque beaches, the nation is also extremely advantageous in terms of business links, taxes, and the low investment threshold it has when compared to some of its other EU member neighbours.
Within one application, you, your spouse, children as well as your parents can all register your desire for residency in the nation, meaning Cyprus is also a perfect destination for families.
How does the process work?
You have four options, all of which cost the same, they are outlined below:
· €300,000 + VAT investment in new residential property
· €300,000 + VAT investment in 2 new or used commercial properties
· €300,000 investment in share capital of a Cypriot company employing 5 or more people
· €300,000 investment in Cyprus Investment Funds Association’s collective investments
Once you submit your application form and are invited to make the investment, processing of your residency takes between 2 and 3 months to be ready, which really is short when compared to other programs. After you’re a resident, after 5 years you’re able to apply for citizenship in the EU nation, which is, again, a very competitive time frame when looked at alongside other member nations.
Are there benefits for me?
Aside from the really short processing time of at most 3 months, Cyprus has a number of additional benefits to offer those of you looking to relocate there, including:
· Only needing to visit once every 2 years to maintain resident status allowing you to return to your home nation for long periods of time
· Access visa-free to 176 countries including EU Schengen Area
· Dual citizenship is permitted
· Low taxes
· Safe and secure nation with a high quality of living and warm climate
· Good education, strong economic opportunity and English as the official language
So, if you are interested in finding out more about the pathway to citizenship through the residency by investment program in Cyprus, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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