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.
Cyprus is emerging as a prime financial centre in the Mediterranean. The country’s reputation as a business hub has grown, due to its well-established legal system, attractive tax regime, membership with the European Union, and a highly qualified and multilingual labour force.
The Cypriot government has recently restructured key sectors, such as banking and communications, and has provided transparency to its legal and regulatory systems, offering confidence to investors.
EU membership and relations with other states
Cyprus has been a member of the European Union since 2004, meaning European citizens are free to travel to the country, live in Cyprus, and conduct business there without any legal restrictions. The Republic also maintains diplomatic relations with 178 states and has secured bilateral partnerships with several countries around the world.
The country’s strategic location at the crossroads of three continents makes it an ideal gateway for business and investments to Europe, Asia and the Middle East.
Ideal infrastructure and a highly-trained labour force
Ideal for business, the local infrastructure is set up to support international trade and investment. Cyprus’ two international airports make travel in and out of the country quick and efficient, while roads and port facilities are modern and well-maintained.
The island has also recently focused on the professional service sector and boasts a highly-trained labour force. Cyprus is also considered the region’s top telecommunications hub, and network connections are fast and reliable.
Cyprus has all the tax attributes expected from an international financial centre. The country maintains one of the lowest corporate tax regime in Europe, which currently stands at 12,5%. It also holds tax treaties with over 45 countries, ensuring no double-taxation for individuals.
Cyprus remains an attractive destination for the purchase of an overseas home, with foreign investors seeking to benefit from the favourable tax regime and the sunny climate.
The outlook for Cyprus’ economy and the real estate market is positive, with several growth opportunities emerging, including several luxury developments. With investor-friendly, efficient government services and tax authorities, a low crime rate, an excellent climate and a relatively low cost of living, the island has become an attractive destination for investors.
Make the most of these advantages
Life in Cyprus means an excellent healthcare and education system, beautiful urban and rural settings, and a warm climate. However, living in Cyprus is not a requirement for residency-by-investment, which offers visa-free travel and the ability to do business within the Schengen area, giving you the quickest access to the mobility you desire.
Our dedicated in-house specialist teams are always on hand to deliver a personal service to meet your requirements. Our financial and tax advisers team will help you optimise your investment in Cyprus, guiding you through the visa process and maximising returns.
Contact us today to learn more.