Cyprus: CBI - An Investment Scheme Worth Looking Into!

Last Updated: 11 March 2019
Article by Michalis Economides

Why?

Because for investors, additional citizenships are considered to be valuable assets for them and their families due to the fact that citizenships offer them the opportunity of enhancing their quality of life and gain them access to additional jurisdictions without getting a visa.

However, time is of great importance, since particular citizenship schemes may not be continued forever and therefore, investors wishing to obtain additional citizenships should move forward with their CBI program selection without any delays.

Ultra – High – net worth (UHNW) and High-net-worth (HNW) individuals consider dual Citizenship an excellent investment opportunity because of the scheme's benefits for them, their families and businesses.

  • Firstly, their overall quality of life will be enhanced as dual citizenship represents a lifetime asset and has an immediate impact on their life.
  • Secondly, the mobility offered by the additional citizenship is an important advantage for investors as they will instantly acquire a visa free regime for a number of countries.
  • Thirdly, the owners of the additional citizenship have the opportunity to live, work or make business in the second country because they instantly gain the same rights as a local individual. For example, access to educational system, business operation, holding of bank accounts, property ownership, medical system and a lot more.
  • Fourthly, through the visa free regime, dual citizenship owners can travel between countries, without having to acquire a long-stay visa or asked about the purpose of their travel (subject conditions).

One jurisdiction that is considered to be heaven on earth is Cyprus. The geographical position, business and professional infrastructure, the sunny weather and awarded, renowned beaches make it a popular business and vacation destination in the Mediterranean. The island country operates in an open and market driven economy, where foreign investors are allowed to own property and establish business entities under favorable conditions that are regulated by the Republic of Cyprus.

Known as a center for foreign investments, offshore businesses and activities, Cyprus is a tax heaven jurisdiction, since it offers one of the lowest corporate taxes in Europe, 12.5%. Additionally, Cyprus has one of the lowest crime rates in the world.

The local economy has a diversified power through drawing resources from various activities. A high percentage of Cyprus GDP results from tourist services, financial services and the shipping industry. The Republic of Cyprus is concentrating on developing all these sectors by promoting a low tax scheme regime, among others.

The key factors that make Cyprus an attractive destination for investment are the highly specialized human capital, reliable legislative and regulatory framework, straight forward tax system, safe and stable conditions prevailing in the country.

Along with Cyprus, Caribbean Islands are also beneficial jurisdictions when it comes to additional citizenships through investment. Antiqua and Barbuda, St. Kitts & Nevis, Grenada and Dominica are some of the Caribbean Islands offering dual citizenships with many advantages for the Ultra – High – net worth (UHNW) and High-net-worth (HNW) individuals, who want to invest in order to get the additional citizenships.

Investors will highly benefit from the Citizenship by Investment schemes for many reasons such as:

  1. Dual citizenship privilege
  2. No physical residence requirements before or after citizenship (subject to conditions)
  3. Estimated time 2 – 6 months
  4. Visa–free regime to more than 110 countries including EU, Schengen Zone, Japan, Singapore etc (subject to conditions of each jurisdiction)
  5. Inclusion of dependent children or grandparents (subject to conditions of each jurisdiction)
  6. No interview requirement
  7. No foreign income, inheritance tax, gift or capital gains tax (subject to conditions)
  8. Transferable to the next generation (subject to conditions)
  9. Full Residence status

Cyprus and Caribbean Islands Citizenship by Investment schemes is an alternative way of investing in something which, besides the financial benefits, can open the door to an entirely new world of opportunities, both business and personal.

Our internationally awarded law firm, Chambersfield Economides Kranos has a great expertise in proposing Government approved Citizenship by Investment schemes to Ultra – High – net worth (UHNW) and High-net-worth (HNW) individuals, as well as business investors, around the globe.

The firm's legal team is constantly updated to the latest modifications and changes in regards to the citizenship by investment programs. It will be your trusted partner through the whole process and documentation while you start dreaming a brighter future, for you and your family.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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