On Wednesday 2nd September, Mr Savvas Savvides, Partner at Michael Kyprianou & Co LLC, represented the firm and Cyprus as a speaker on the panel of the "Americas Business Development Virtual Meeting" which was organised by Multilaw. The subject of discussion was 'Visa Programmes and how your clients can take advantage of them.'
The moderator of the panel was Mr Hans Sydow, Chair of the Americas Region whereas representatives from different law firms from five countries of the world elaborated on the visa programmes. The panel consisted of Mr Victor de Cambra, on behalf of Ventura Garces Law Firm from Spain, Mrs Vida Grace, on behalf of Al Suwaidi & Co. from the United Arab Emirates, Mrs Vanessa Lima, on behalf of Abreu Advogados from Portugal and Mr Savvas Savvides, on behalf of Michael Kyprianou & Co. LLC from Cyprus. All participants had the time to present the benefits of the different visa and residency programmes that are offered in their countries.
Mr Savvides started his presentation by explaining why Cyprus is an ideal destination for a person who is either interested in the Cyprus Investment Programme or in the Permanent Residency Programme, focusing on the fact that Cyprus right now is the 5th safest destination in the world. Besides the fact that Cyprus has a strategic location as it is the crossroad between the European Union, the Middle East, Asia and Africa, it is also a full member of the EU. It has a high standard of living, excellent infrastructure, history and culture, while the opportunities for investment are great.
Speaking about the Cyprus Investment Programme, Mr Savvides explained the programme in detail and the criteria for any Non-Cypriot or Non-EU citizen to be eligible for the CIP while he mentioned some of the many benefits that are offered:
- The right of free movement, freedom to work and study, and security within the social and legal system of the EU;
- Benefits for the whole family besides living in a safe and healthy environment;
- Visa-free or visa-on-arrival travel to 174 destinations including Canada, Hong Kong, Singapore, and the UK;
- Completion in approximately six to eight months;
- Investors reach new highly promising markets.
The most important benefit of all, which stood out and became a topic of discussion in relation to the other presentations of the visa programmes of the other countries, was that citizenship in Cyprus, once gained, can be passed down to future generations.
Furthermore, Mr Savvides elaborated on the second option for investment through the Permanent Residency Programme which requires a smaller amount of investment with the purchase of a house worth EUR300,000(+VAT). The attendees also showed interest to learn more for the low tax incentives which Cyprus has to offer. It was also clarified that the Cyprus PR Programme does not provide a work permit although an application for a work permit can be processed by the applicant. Mr Savvides closed his presentation stating that, by choosing the Permanent Residency Programme, the benefits are numerous since Cyprus is a friendly place for anyone who wishes to have the option of a second home to live, as it offers the combination of business, leisure, health and safety for the whole family.
The moderator of the panel, Mr Hans Sydow, congratulated Mr Savvides for his detailed and explanatory presentation, expressing the wish to visit Cyprus soon and perhaps even becoming a permanent resident.