If you’ve ever thought about moving overseas, read on to discover all the benefits of relocating to Cyprus, the 5th best relocation destination in the world, through the Cyprus Investment Programme…
There are lots of great places in the world, so why choose Cyprus for your investment? Well, there are so many reasons and we all have our favourites. For some, it will be its wonderful climate, the golden sand beaches, and the breath-taking scenery. For others, it will be its low crime rate and excellent educational facilities. Some may be tempted by the low tax rates and the ease of travel and shipping to three continents. Or perhaps it’s all these aspects that draw you to a new life in Cyprus.
The Benefits of Acquiring Cypriot Citizenship
As part of the European Union, Cypriot Citizenship offers a range of benefits and rights. As a Cypriot citizen, you’ll have the right to free movement between all EU member states as well as visa-free travel to more than 173 countries worldwide. As well as these benefits to travelling for business or leisure, the free movement also applies to any services you offer or goods you sell, making Cypriot citizenship highly beneficial for your business. There are also some very good tax benefits for Cypriot citizens, such as the zero tax on property or foreign income received in Cyprus, or the zero-inheritance tax and estate duty. In addition, your children will also have the right to lower tuition fees within the EU.
Prior to naturalisation, a residency permit for 6 months must be attained, but before filing, or after obtaining citizenship, there is no legal requirement to live in Cyprus, so you can be perfectly flexible with your arrangements.
Criteria of eligibility
Your application for citizenship can also include your spouse, children up to 17 years, and adult children up to 28 years old provided they are in education. The parents of the main applicant can also be included with an additional investment of €500,000 in residential property on the island.
For an application to be successful the applicant must have a clean criminal record, must never have been denied citizenship by an EU country and must be able to provide proof of the source of wealth.
Your investment can be made in one of two ways. The first option is residential real estate only consisting of an investment of at least €2 million in residential properties and a government donation to the aggregate of €150,000. The residential investment must be held in its entirety for at least five years, after which only €500,000 (plus any VAT) must be held, for a property that will be your permanent residence.
The second option is an investment of €2.5 million in a combination of real estate and/or other investments, as well as a government donation to the aggregate of €150,000.
Find out more
The application process is simple and straightforward. There are no residency or educational requirements, nor any language tests. The process takes around six to eight months from start to finish. Here at Domenica Group, we have a wealth of experience helping our customers on their journey to Cypriot citizenship. We are one of the largest property development company in Cyprus with many projects underway. To learn more about our current projects and for more information regarding the Cyprus Investment Programme, please visit our website.