The largest sector is the service sector that pushes the economy in the country. Originally agriculture was the driving force of the country’s economy. The tax regime is quite good for entrepreneurs in Cyprus.
Cyprus recently has experienced a large growth in the investment funds sector as the country has attracted many funds to its growth and development. One of the forces that impact the success of Cyprus economy is the maritime sector. Cyprus Registry is named one of the world’s largest fleets and also has ship management advantages.
Tourism to Cyprus is an ongoing trend that has brought the economy to the level it is today as Cyprus has experienced records of tourist arrivals to enjoy the pleasant country. Furthermore, there are many reasons to move to Cyprus. Cyprus Citizenship by investment program offers a great opportunity to relocate to Cyprus.
Cyprus Citizenship by Investment Program (CIP)
Cyprus offers two types of Citizenship by Investment Programs. One is for permanent residency and the other is for citizenship.
The Citizenship by Investment Program is a great economically beneficial practice that grants a person the option to gain citizenship by investing in the country. It is fast and efficient and allows to create a Cyprus passport as a second passport.
The program offers you to invest 2 million EUR in real estate in Cyprus and an additional 75 000 EUR as a donation to the Cyprus Government Research and Development funds. Also, 7 000 EUR of a donation to Land Development Organization. The permanent residency requires 300 000 EUR investment in property in Cyprus.
The process from the payment of investment and donations to citizenship in the hands of a person applying is 6 months long. Permanent residency is obtained within 2 months.
The main idea is to attract a well-established person to invest in the country and get their needed passport in Europe quickly and easily. Furthermore, a Cypriot passport provides many useful benefits.
How to apply for Cyprus Citizenship by Investment Program?
If the individual has the funds for applying to the program, they must establish the option for investment which is one of the three:
- investments in real estate;
- participation with investments to Cypriot businesses;
- investment in Cypriot enterprises and organizations.
When the funds and the aim for investment are established, a person must apply to the program when they already have the permanent residency or person applies to the Citizenship by Investment Program along with application to permanent residency.
The overall periods for the obtaining of documents are 3 months for Permanent Residency and 6 months for citizenship. The person doesn’t need to live full-time in Cyprus, they can have the permit or citizenship even if they reside somewhere else.
The procedure is quite simple and requires a person to be clear on the selection of investment objects. Then it comes to the processing of documents at the Ministry of Interior. In the case of a family being in the application, the partner has to apply at the same time as the main applicant and children can apply after parents submit their application. The passport of Cyprus is valid for up to 10 years.
Documents required when applying for Cyprus Citizenship by Investment Program
Documents needed for the application for Cyprus Citizenship by Investment Program are:
- identification documents;
- proof of stabile annual income;
- certificate of no criminal records;
- birth certificate;
- marriage certificate;
- CV;
- photos;
- documents pertaining to private location or housing in Cyprus;
- investment proof.
The documents must be submitted in translated form in English or Greek languages. The documents also have to have a stamp by Ministry of Affairs or Cyprus Embassy.
Benefits of Cyprus Citizenship by Investment Program
Benefits of applying to Cyprus Citizenship by Investment Program are the relatively quick access to citizenship or a permanent residency in Cyprus and Europe and the option to get citizenship for family and spouse with the requirement to visit the country once within two years if they live away.
Cyprus is a wonderful country with a warm and pleasant Mediterranean climate and other than the obvious beauty of nature. Cyprus has a good tax regime for companies and individuals working there. The corporate tax rate is the lowest in the European Union at 12,5 percent. There is no need to pay the estate duty and personal income tax. The intellectual property creation system is very simple and attractive.
The country is speaking English widely and has very low criminal action as the people are educated and health institutions are in great condition. People are warm and welcoming and the standard for living in Cyprus is overall very good. The Cypriot has a well-made infrastructure and the education institutions are very well-established as the people are getting a good education.