It has been a while since we at QICMS have written about one of our favorite locations: Cyprus. It’s not only the coastal nation’s historical landscape, golden sunsets, and turquoise waters that make Cyprus so alluring, but the fact that it’s a country that offers both business and pleasure for individuals looking to relocate to Europe.
In Forbes magazine’s recent publication for Best Destinations for Business in 2017, Cyprus ranked at the 32nd position, scoring well under categories that included tax amenities, technology, investor protection, and property rights, among others. Cyprus was also listed as the 5th top destinations to relocate, according to the 2016 Knight Frank Global Lifestyle Review, which annually ranks tax-friendly countries worldwide.
For investors who want to broaden their business opportunities in Europe, or provide a “fresh start” for themselves and their family, Cyprus’ Permanent Residence Program offers all of this and more—and we’ll tell you why.
Cyprus for Business
Also known as a “Golden Visa Program,” Cyprus allows foreign investors to obtain permanent residency by making a capital contribution into the country’s economy. To qualify for Cypriot residency as an investor, he or she must have a minimum net worth of EUR 500,000 and make a combined economic contribution of at least EUR 330,000. This investment includes EUR 30,000 allocated to a Cypriot financial institution and the purchase of real estate property for the remaining EUR 300,000 (excluding Value-Added Tax, or VAT).
Real estate properties encompass personal residencies (apartments and/or houses), shops, or office buildings, which can be purchased as a combination if desired. For instance, a business owner can choose to purchase a personal residence and a shop or office developments. In respect to business opportunities in Cyprus, there are several advantages such as low corporate tax rates (less than 12.5%) and 0% taxation on dividends. In addition, Cyprus also has ‘Double Tax Treaties’ with 48 countries, which provides protection for businesspersons (or otherwise) against double taxation on income earned abroad.
Cyprus for Pleasure
While Cyprus offers many advantages for business-minded people, not every person wants to establish or expand their business overseas. Indeed, some may only be looking for that “fresh start” in a Mediterranean paradise, and this is why Cyprus is the perfect choice for you and your family.
As a country that boasts an average of 340 days of golden sunshine per year, residents are also advantaged in enjoying the country’s robust cultural and geographical history, an ideal Mediterranean climate, and high-quality living and safety standards.
If fun and excitement is more appealing, Cyprus will not disappoint you. Residents and visitors alike can explore the country’s ancient ruins and archeological sites, go horseback riding, splash around in one of Cyprus’ blue lagoons or spend a casual day at the beach. These, of course, are but a few activities that residents of Cyprus can enjoy practically year-round.
By now, the question you should ask yourself is “Why not invest in Cyprus?” Whether you want to relocate to for business or pleasure (or both), there are a multitude of reasons why Cyprus’ Golden Visa Program should be your number one choice. From prime tax amenities and high-quality living conditions to idyllic weather and picturesque landscapes, your investment in Cypriot residence will continue to yield professional and personal rewards for generations to come.
If you are considering permanent residency solutions in Cyprus, contact our office today to discuss your options with one of our immigration professionals.
For more information on Cyprus’ Permanent Residence Program through Investment, please click here.
To view our European Golden Visa Residence Programs comparison table, please click here.
Fill out our Free Assessment to see if you qualify for any of the immigration programs offered.