Cyprus is known as the Jewel of the Mediterranean and its popularity is increasing amongst expats of many global nationalities. The reasons why are numerous. They include a relaxed and high quality of life, great healthcare, low crime rates and a number of tax based incentives that benefit those that hold Cyprus Citizenship. But surely a place so idyllic, so blessed by good weather and abundant sunshine and a great way of life cannot be easy to move to? In this article we look at the realities of relocating onto the Island, to obtaining citizenship and how it may be a lot more easily attained than you think. We’ll also examine all of the benefits of such a move in a little more detail, so if you’re interest has been spiked, then read on for more…
Citizenship By investment
Cyprus offers a scheme by which you can attain citizenship through an investment programme. From as little as a €2m investment in residential real estate you can commence the application. The level of investment rises slightly to €2.5m if your portfolio is more diverse.
Unlike other citizenship investment programmes, such as Malta, this money does not include any donation to the government. A number of the investment periods have minimum terms of only 3 years (not including your primary residence), which of course in a financial sense is not a long period of time. Once obtained, this citizenship is valid for life, and can include your whole family – spouse, parents and dependents. Cyprus also permits dual citizenship, and so you do not necessarily have to make any difficult decision.
The application process in itself is relatively straightforward, even more so when you are advised by a suitable expert. There are no language requirements to worry about, nor are there any medical tests required. The process itself can run as quickly as 180 days. Just think that you can gain citizenship within 6 months of commencing your application!
Why Apply
There is so much to be said for Cyprus in a number of areas, some of which have already been touched on. But there are other benefits that may not immediately spring to mind – some of which will be extremely beneficial to you, your family and your business.
Within 180 days you could hold citizenship of an EU country. You would therefore be entitled to all of the benefits that EU nationals have which includes visa free travel to 159 countries worldwide. You could live, study or work anywhere else within the EU once you have citizenship, and whilst this may seem a little odd to mention having only just considered moving to Cyprus, these freedoms will apply to both you and your family forever – your children could benefit from foreign travel, education and experiences perhaps not previously available to them. Although things are changing at present in the UK, and the process of Brexit may see them leave the EU, at the moment, travel and settlement there is still possible without restriction, provided you have no criminal record.
In addition to the benefits that can be gained by being an EU national, there are many benefits to be gained on Cyprus itself. It should not only be seen as a gateway to the World but also a great place to be based. In trouble times, nothing is more important than the safety and wellbeing of you and your family. Cyprus has one of the lowest reported crime levels in the World, together with a great healthcare system also. This alone is a great reason for individuals and businesses to base themselves there.
Education is highly regarded too, and so your children will thrive. You will also enjoy a high standard of living and beneficial tax regime from your citizenship. With no dividend or inheritance tax to worry about you will be able to pass on the benefits of your hard work and investments to the next generation.
Finally, but by no means unimportant, there is the Island itself. It enjoys over 320 days of sunshine a year, has wonderful nature, beautiful beaches and an exciting environment to enjoy and engage with. Your work life balance will improve and your quality of life itself will be boosted. This in itself is priceless.
So there is much more to Cyprus than you may have first thought. It is not only a beautiful location to visit, it is a wonderful place to reside. Given all of the benefits you would come to enjoy, that would benefit both your family and business, isn’t it time that you thought seriously about applying for citizenship?