Some passports are stronger than others as the Global Passport Index promotes which means that the world is more accessible to stronger passports than to those who rank low. With the factor of accessibility and mobility by having one or another countries passport, citizenship and what kind of terms and conditions come with it is different in every country is very impactful to life of the passport holder. Cyprus is another country that ranks quite high in the strongest passport list and there are many advantages to this passport.
Employment benefits
There are many benefits to employment in European Union as a holder of a passport. For example, Cypriot passport allows their holders to move and work in member states of European Union. Citizen of European Union can work live in member states with their families which is a valuable advantage. Being employed in Cyprus gives the benefits of sickness leaves and allowances of job searchers and more. Also, after the hard-working years, Cypriot passport grants the advantage of having secure pension and social insurance which in many countries outside European Union is rare.
Tax benefits
Cyprus has one of the lowest corporate fees out there in European Union. As Cyprus has these low corporate tax rates, business owner in Cyprus benefit of having lower business-related taxes can help with growing as a business.
Other fees are related to education, as Cypriot passport gives the advantage to study anywhere in European Union with same fee as nationals in the chosen country. Overall, Cyprus has low taxation rates in comparison to other countries, therefore the advantages of not giving large part of income to government certainly is a advantage.
Travel benefits
With a passport of Cyprus, holder can travel to 122 countries visa-free and 40 countries with making visa on arrival. The countries that require making a visa amount to 36.
Overall Cyprus passport is quite strong as the Global Passport Index in year 2019 has ranked it with coefficient 8. The passport issued in European Union grants many benefits to the travel process overall, like in case flight is delayed, airline should be providing a meal and accommodation.
Disadvantages of holding a Cypriot passport
There are many advantages to having a Cypriot passport, but there also are some disadvantages that impact the passport holder. These disadvantages cover low income overall on the island’s territory due to lack of branded stores and shops as well as hotels and services, limited accessibility to the island on the low tourism months and stricter citizenship by investment programs. These are some of the possible disadvantages that must be taken in account when thinking and evaluating Cypriot passport.
Low income on the island
Cyprus might seem like a wonderful and promising place to live and work, but as a holder of Cypriot passport and citizenship there are many obvious disadvantages in income. As the salaries and overall income rate on the island is very low, the taxation is adjusted to the rates of income.
Therefore, the low tax rates might be great in case of thriving business, but not as a regular worker in shops, farmers markets and other jobs popular on the island. The living costs are very low therefore salaries are adjusted to the average spending and don’t show signs of increase. As there is lack of branded shops in the island, the salaries can be dictated by local businesses and farmers.
Limited accessibility to territory
Cyprus has a high flight and ship activity during summer when the tourism has its peek period, but at other times of the year, Cyprus is harder to access. There are limited amounts of direct flights to European countries between the tourism period therefore the accessibility to outside world in winter is low.
This is a disadvantage because passport holder with a need to have mobility with holding certain passport changes when the accessibly is high but the realistic chance to be on the move is low.
Citizenship by investment programs
After some countries were criticizing this program, Cyprus government stated that the procedure of getting passport by investment will be stricter. The number of issued passports by investing in country will amount only in 700 per year. This scheme was first having its peek in year 2013 when government of Cyprus wanted to boost the economy and investment in the country.
Now it is harder to gain the citizenship by investment in Cyprus and the procedure by itself has become stricter and more controlled. This might be a disadvantage to a passport holder as the chance of building a business with foreign partners might involve a need for this service and can cause problems.