Cyprus Investment Program
Apr 8 2022 11:28:01 PM
European countries are known for their beauty and lively living. It is laden with many beautiful beaches and countries which speak loud about a history that intends to teach the future generations. However, to increase direct foreign investment in the countries, many European countries have come up with investment immigration programs offering either residency or citizenship of the country whichever way possible. One such country is Cyprus which brings about its Cyprus Investment Program.
Cyprus is part of the European Union since 2004 and the Euro Zone since 2008. Cyprus is a beautiful island in the Mediterranean sea and the waters surrounding the island is crystal clear. Due to its beauty and its beaches, the country attracts a number of tourists on a daily basis to the country. Tourism, agriculture and modern industries are the economic backbones of Cyprus. Life in Cyprus has been declared beautiful. The country has low amounts of pollutions and declared areas to be utilized for industrial growth. Cyprus has low crime rate and provides world-class amenities and facilities for the residents in the country. Although small, it is one of the safest countries in the world.
As Cyprus is a tourist destination, there are many engagements available and the locals get implored into them. The country provides cost free education to the children. Cyprus provides ample opportunities for locally educated individuals. Cyprus education is recognized world-wide. Above all Cyprus is supported by good governance and a strong legal system. Cyprus tax regime is quite prudent benefitting the investor. There is low to no inheritance tax and Cyprus has the lowest corporate tax possible. Cyprus is producing natural energies through best practices without harming the environment and it is one of the leading energy producers in Europe.
With Cyprus Passport, you can travel to 170+ countries world-wide without a VISA need. This can be a big boost for those wanting to spread their presence across globe. The 170 countries include the whole of Europe, US, Singapore too. A person with Cyprus Residency or citizenship, can live and work anywhere in the 28 countries of the European Union. Cyprus’ citizens can study anywhere in the European Union at special University rates. There are very few countries which offer these facilities. Another program in Europe, Malta Investment Immigration program also offers its program on similar lines. Cyprus offers a tax regime which is one of the best in the whole of Europe.
Cyprus has two pathways for the investors. The first one is the Cyprus Permanent Residency program. The main intention for this program is economic development by increase in foreign direct investment in the country. Applicants must be non-Europeans. The foremost requirement to be fulfilled under this program, is that the investor needs to purchase a new approved real estate property which has a minimum value of Euro 300,000. At the time of submitting the application, the applicant should have paid Euro 200,000 +taxes and should produce proof of such payment along with application.
Along with this, the applicant must have a bank deposit of Euro 30,000 in a Cyprus bank which should have been transferred from outside of Cyprus through legal sources. Such amount should be maintained by the investor for a minimum of 3 years of time, post which, the applicant can withdraw the amount as they please. The applicant will have to prove a minimum annual income of Euro 30,000 if the applicant is single. However, if the applicant has a spouse, then an additional 5000 euros need to be added to the applicant’s annual income. And for every additional child, the investor has to prove an added earning of Euro 8000. All of this income should be outside of Cyprus. Income could be in the form of salaries, rents, pensions, consultations or dividends in shares. The key is it should legally earned income.
The process will be carried by the CIVIL REGISTRY AND MIGRATION department. Post submission of application, the verdict on the application will be declared in 2 months’ time. Once the visa is approved, the applicant with family has to travel to Cyprus within the year of having obtained the approval to procure the actual VISA. The program is highly efficient and gets completed within 2 months straight. The program doesn’t need the applicant to reside in Cyprus at any point of time, however, it is required that the applicant visit Cyprus once every two years or as directed. Residence applies to the applicant, spouse and dependent children below the age of 25.
The other program that Cyprus offers is Cyprus Citizenship by Investment Program. Any wealthy investor who would invest Euro 2.15 million into the country while fulfilling the regulations can obtain Cypriot citizenship. Successful Investor Citizens, can live, work and study in any part of European Union. In 2019, a new rule was introduced, which needs that the investor seeking Cyprus citizenship, will have to make an additional 2 Government contributions of Euro 75,000 each. This program takes 7-8 months for approval and further process completion. The investor can choose to invest either in the real-estate of the country or can purchase (and/invest) business running (or start-up) in Cyprus or invest in alternate investment funds or Cyprus financial assets or can combine these. The investment will be considered permanent residence address of the investor. Citizenship can be passed on to the future generations.
As we see above, the two programs need proper processing and submission of documents. And it is important that the investment is made through proper sources. Thus it becomes imperative to go through the right source to save your time and money. XIPHIAS Immigration is a top immigration firm in India which believes in delivering what it promises. We have a set of team who are certified international immigrants and who are expert at handling cross border investments of any level. Partner with us today to know how things work and how we can efficiently deliver what we promise.
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