IMPORTANT UPDATE: It’s official, Cyprus closed its popular citizenship by investment program on 1 November 2020. What this means is investors will no longer be able to directly acquire a Cypriot passport by investment.
A new program has taken place, however. The Cyprus Golden Visa provides individuals with an alternative route to permanent residency in Cyprus. Those looking for European citizenship can also apply to the Malta citizenship program, which offers a direct investment route to a Maltese passport.
Several investment specialists, wealth management professionals and individuals attended Global Citizen Solutions’ Cyprus Showcase Event on 29 November at the Hyatt Churchill in London to learn about the benefits of citizenship-by-investment in this sunny locale. Port Nansen, consultancy on investment immigration, writes: "On November 29, 2017, a seminar was held in London, organized by Global Citizen Solutions, on the program for acquiring the Cyprus citizenship through investment. The seminar stressed that the investment program is still popular with foreign investors and it is unlikely that there will be any significant changes in the program conditions in the near future. "There are two types of investors who participate in the program," said Patricia Casaburi, director of Global Citizen Solutions, which assists with Cypriot citizenship-by-investment. "The first one is those who receive the passport of Cyprus for the opportunity to live and work in any country of the European Union, and to travel without a visa to many countries of the world. The second - those who want to permanently live in Cyprus and obtain tax residency. Many of our clients are concerned about the issue of automatic information exchange between countries (CRS). The solution for them may be a change in the tax residency." To obtain the status of a tax resident in Cyprus, it is necessary to spend more than 183 days a year in the country. In the summer of 2017, Cyprus presented the opportunity to become a tax resident for those who live in Cyprus for 60 days. For this, it is necessary to prove that a person is not a tax resident of another country, has a place of residence in Cyprus (rent is allowed) and has business connections with the country. In 2015, Cyprus introduced the concept of a tax resident without domicile, which made the island even more attractive from a tax perspective." You can obtain the citizenship of Cyprus through investments in the amount of EUR 2 million. The most popular option is an investment in real estate. The process of registering citizenship takes about 6 months. A big thank you to everyone who attended the event, our speakers, and our partners, ATS Consultants. Interested in learning more about Cyprus’ citizenship-by-investment program? Contact us today.