Cyprus is a beautiful island country with stunning landscapes, sandy beaches and year-round sunshine. Its blissful geographical and cultural location at the crossroads of Europe, Asia and Africa makes it an easily accessible destination for tourists and business travellers. Besides this, it let its residents reach important countries of these three continents within 1-2 hours. The rapid rate of development and significantly lower crime rate have made it the best place for living, investing and holidaying.
Cultural diversity and availability of plenty of work and investment opportunities have made it a dream place for family accommodation. Cypriot Government has made persistent efforts to boost up the country economy. Shipping, tourism, legal and financial sectors have shown significant growth. Moreover, a range of citizenship programs are also offered to benefit the both; the country economy and individuals seeking a second home abroad.
Below I am sharing few important benefits of obtaining Cyprus citizenship.
Residency requirements
No residency requirements for candidates applying via investment program. Investors have to visit once after every seven years to maintain their investment. Individuals can also pass nationality rights to future generations by ancestry.
Visa-free travel & work eligibility
In addition to visa-free travel to more than 158 countries including Canada and European Union countries, candidates possessing Cyprus passport are eligible to work, run and live in any of the member states of European Union.
Tax benefits
All natives are exempted from paying any taxes on personal capital gains, personal income, wealth and inheritance taxes. Zero taxes on the profits generated from dividends or interest. Residents are only asked to pay a low percentage of 12.5% corporation tax and 0 to 35% taxes on tiered income. The primary aim of providing these tax incentives is to attract more capital investments. Besides this, no double taxation’ agreements with more than 50 countries also benefit the natives.
Excellent healthcare & education facilities
Applicants who are planning to settle down here with their families don’t need to worry about the health and education. Cyprus offers state-of-the-art healthcare facilities for its residents. Furthermore, quality schooling is provided at free of cost till undergraduate courses in public universities across the city. Individuals who are interested in earning professional degrees are eligible to obtain higher education in any of the EU country after paying tuition fees.
No obligation to join military service
Applicants who have obtained Cyprus nationality via citizenship by investment are free from requirements to enter military service in the Cypriot National Guard. Joining military services is an obligation for Cypriot males. As they turn 18 years old, they have to join military service.
Profits with investments
Unlike to donation-based economic residency programs, investment residency program of Cyprus let investors earn benefits in the long term. Investors are also allowed to sell their investment unit after completing three years. If it’s a real estate investment, property owners are responsible for keeping it well maintained not only to obtain a passport but to avail good ROI in future.
Conclusion:
These benefits of obtaining Cyprus citizenship have made Cyprus the best option among countries offering second citizenship.
