Cyprus is the third largest island situated in the north eastern corner of the Mediterranean Sea. The island has perfect location and transportation routes and one of the most beautiful and memorable coastlines in the world.
Since becoming a full member of the European Union in May 2004, Cyprus has been trans-formed into a key outpost in the Eastern Mediterranean, facilitating partnerships and serving as the springboard for investments among Europe, Africa, and Asia. Providing the perfect gateway for businesses to penetrate new markets, Cyprus is a heaven for modern business.
Cyprus has a dual taxation agreement with more than 50 countries. This means that any earnings on property, business, inheritance and much more will not be touched or in any way claimed in the own country of residence.
Mahandru associates is one of the most reputable institutions in the region with regard to Cyprus Citizenship by investment Program in UAE with a vast array of property developers’ portfolio and multiple independent law firms with a greet record of success in previous applications.
FACTS OF CYPRUS
| Capital: | Nicosia |
| Dialing code: | +357 |
| Currency: | Euro |
| Memberships: | Member EU, and EAA |
| Population: | 1.2 Million |
| Official language: | English / Greek |
| Economy: | At GDP per capita of $34,000, its economy is billed better than Portugal, Poland, Malta and Hungary. |
| Expats and foreigners: | 23% of the total population is of foreign origin Nationality: the 13th powerful passport with a visa free access to more than 147 countries like EU, UK, CANADA & AUSTRALIA. |
Cyprus offers an enviable lifestyle in a clean and healthy environment with a high standard of living. Travelling to Cyprus and living in the country is directly related to fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable and warm people.
20% of the Cyprus population is foreigners making Cyprus an ideal multicultural environment.
RANGE OF YOUR CYPRUS INVESTMENT
Cyprus is one of the most popular European destinations for non-Cypriots who wish to become European citizens. Over the last few years, Cyprus has attracted many third country nationals from around the globe who applied and successfully obtained the Cyprus citizenship.
Cyprus is currently one of the very few countries within the European Union which by law offers directly the Cypriot and subsequently the European citizenship and passport in a short period of time (3-6 months). The Cyprus naturalization by investment scheme is considered the most straightforward route to becoming a European citizen.
The applicant should make an investment of at least EUR 2 million for the purchase or construction of real estate.
The applicant must make an investment of at least EUR 2 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot citizens.
The applicant should purchase units amounting to at least EUR 2 million from Alternative Investment Funds (AIF). This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities and debt securities.
Combination of the Above Investments
The applicant may invest in a combination of the above, provided that the total investment amounts to at least EUR 2 million. The applicant’s investment combination may include the purchase of special government bonds of the Republic of Cyprus of up to EUR 500,000.
Procedure
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully. Henley & Partners manages each step and ensures that they are executed correctly and at the right time, since each part of the process, if not properly handled, can affect the final citizenship approval.
Henley & Partners also helps its clients to identify the most suitable investment opportunities, evaluates all possible investments in relation to potential exit strategies, prepares and submits the application for citizenship to the government, follows up with the authorities while the case is being processed, and receives approval and passports for the clients. We also help clients to manage their properties and provide a further, enhanced menu of concierge services.
Time Frame
Following the submission of an application, Henley & Partners typically receives approval within three months. This quick process makes Cyprus one of the fastest destinations in which to obtain a second citizenship.
Benefits of the Cypriot Citizenship-By-Investment Program:
- Citizenship of an EU member state
- The right to live, work, and study in all 28 EU countries
- The right to security within the European social and legal system
- Full citizenship and passports are granted to the applicant and included family members
- Visa-free travel to 171 countries around the world
- Flexible options with no residence requirement; approval usually within 90 days
- Qualify by acquiring assets in Cyprus, with no requirement to donate your wealth
INVESTMENT: YOUR GATEWAY TO EUROPE
Cyprus has recently been ranked the 5th best relocation destination in the world by an international lifestyle review (source: 2014 report prepared by Knight Frank, a leading independent, global real estate consultancy firm). Ranked by key business and leisure indicators, Cyprus was the only European country alongside Switzerland to make it into the top five – ahead of London, Madrid and Monaco. Cyprus also ranked highly due to its favorable tax regime for new residents. With at least 320 days of sunshine a year, Cyprus is classified the sunniest European location and is proving an ideal destination for Permanent Residency of Non-EU nationals enabling you to travel across Europe, without elaborate visa requirements.
In line with the Cyprus government’s objective to increase foreign investment, the Ministry of Interior has recently simplified the procedure for issuing Permanent Residency Permits to Non-EU nationals who wish to invest in Cyprus.
WHY APPLY FOR PERMANENT RESIDENCY (PR)?
- Regulation 6 (2) Permanent Residency Permit grants a Non-EU national the right to permanently reside in Cyprus with no renewal requirements;
- Lifts traveling restrictions and elaborate visa requirements (i.e. Visitor’s Visa) across the EU, facilities access to the Schengen zone;
- Once granted, the Permanent Residency Permit covers the whole family: the main applicant and spouse, their parents and dependents up to the age of 24 (who must be enrolled students, and cannot be working towards a professional degree i.e. PhD, lawyer, chartered accountant, medical doctor etc.);
- Fast track application procedure – all applications are reviewed by the Civil Registry and Migration Department and the Ministry of Interior grants final approval within 2 months from the date of filing;
- The application can be processed in the applicant’s absence and filed on their behalf;
- Cyprus Permanent Resident status is recognized by Denmark, Latvia, Ireland and Slovenia;
- Application for a Cyprus Permanent Residency Permit (PRP) can be the first step towards gaining Cyprus Citizenship;
- If a Cyprus tax resident, the PRP holder is exempt from tax on worldwide dividends.
- In Addition to this, a Cyprus tax resident is exempt from tax on gains on disposable of securities. This is recognized as the most attractive personal income tax regime in the entire onshore tax
- Free movement, residency and work within the EU;
- Ease of travel to more than 150 countries in Europe, Asia Middle East, Africa and USA with no visa required or visa on arrival;
- Dual citizenship for the applicant and family members;
- Citizenship can be passed on to the next generation;
- Favorable tax regime;
- Fast track application and efficient procedure to obtain the citizenship;
- No requirement to live in Cyprus before or after obtaining the passport;
- No language competence requirements;
- No restriction on nationalities;
- Cyprus is a full member of the European Union and a member of the Commonwealth;
- High standards of international schooling and universities;
- Access to modern medical facilities and healthcare systems;
- A renowned international business and commercial center operating as the bridge between East and West and the gateway to the European Union;
- An efficient and transparent British-based legal system and business infrastructure;
- English is widely spoken;
- Dependents of the citizenship applicant (spouse and children up to the age of 18, or 28 if in full- time education) and the applicant’s parents are eligible to apply with no further investment.
- The Cyprus Permanent Residency and Citizenship by Investment Programs have proven widely successful in attracting investment into Cyprus from third country nationals. Cyprus has proven to be attractive for third country nationals for the following reasons:
- Geographical location (Cyprus is at the crossroads of three continents: Europe, Asia and Africa);
- Stable economy in a western-type presidential democracy;
- Cyprus Exclusive Economic Zone holds significant economic growth potential in Oil & Gas exploration;
- Low tax rates as well as a highly favorable international double tax treaty;
- No Inheritance Tax;
- Legal system based on English common law;
- English language is widely spoken and the accepted language for business;
- High level and mature professional services industry;
- Highly trained professional labor force;
- Access to reputable private and public schools including esteemed British universities based in Cyprus;
- Safety: Cyprus boasts the lowest crime levels in the EU;
- Low cost of living;
- Reasonably priced immovable property;
- High quality healthcare: Cyprus offers access to leading medical centers;
- Schengen applicant state, with membership pending;
- Excellent telecommunication and air travel connections;
- Rich history with four UNESCO World Heritage Sites in Cyprus
Cyprus is one of the most popular European destinations for non-Cypriots who wish to become European citizens. Over the last few years, Cyprus has attracted many third country nationals from around the globe who applied and successfully obtained the Cyprus citizenship.
Cyprus is currently one of the very few countries within the European Union which by law offers directly the Cypriot and subsequently the European citizenship and passport in a short period of time (3-6 months). The Cyprus naturalization by investment scheme is considered the most straightforward route to becoming a European citizen.
Cyprus offers an enviable lifestyle in a clean and healthy environment with a high standard of living. Living in Cyprus is directly related to fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable and warm people. 20% of the Cyprus population is foreigners making Cyprus an ideal multicultural environment.
SIMPLE FAST TRACK PROCESS
Purchase of a “first-time” sale residential property in Cyprus of at least €300,000 (non inclusive of VAT, being either 5% or 19%, if applicable). An initial pay ment of at least €200,000 must be made; applicants’ presence at the time of purchase is not mandatory and can be facilitat-ed by legal representatives;
Permanent Residency application and legal documents must be prepared and submitted to the Civil Registry and Migration Department (this can be done on your behalf by our representatives,through the granting of a Power of Attorney);
Receive your Cyprus PRP within two months of submission of the application, provided the necessary investment criteria have been met
Once the PRP has been granted, successful applicants must visit Cyprus within one year to obtain the actual permit and have biometrics taken by the authorities (for issuance of PR card), and subsequently once every two years thereafter.
OTHER QUALIFYING FINANCIAL CRITERIA & TERMS
- Maintain a three year fixed deposit account with a Cyprus bank for an amount at least €30,000; the funds deposited must emanate from sources outside Cyprus;
- Secured annual income of at least €30,000, originating from abroad (increased by €5,000 for each dependent included in the application, and €8,000 for each parent of the main applicant and/or spouse)
In addition to satisfying the above financial criteria, the applicant, their spouse, their parents and their dependents, as applicable, must fulfill all of the following conditions:
- Have a clean criminal record;
- Declare their intention not to be employed in Cyprus (holders of a PRP may however, own a Cyprus Company and receive dividends from its profit);
- Declare they have a secured annual income from abroad;
- Ensure the applicant’s name is not included in the list of persons whose property is ordered to be frozen by the EU
Visit Cyprus within one year of the date of issuance of the PRP, to take receipt of the permit, and obtain their biometrics, and subsequently once every two years thereafter.
CYPRUS - PERMANENT RESIDENCE ADVANTAGES
- Very efficient and secure application procedure.
- Cyprus Permanent Residency permit is permanent and unlimited in duration.
- Cyprus Permanent Residency applies to the entire family, husband, wife and children up to the age of 18, or up to the age of 25 if proved to be financially dependent.
- Cyprus Permanent Residence can be granted to the parents and parents-in-law of the applicant.
- Cyprus Permanent Residence holders can apply for the “long-term residency” status which enables applicants to enjoy similar rights to EU citizens, including the ability to work, study, and operate a business. “Long-term residency status” is permanent and available to all non-EU nationals that have resided in Cyprus for over 5 years as long as they have not been absent for over than 6 consecutive months or more than 10 cumulative months within the 5-year period.
- English language proficiency, education certificates and physical examination are not required.
- The island enjoys a favorable reputation as a renowned international business center and gateway to the EU. Many international companies have their branches and headquarter in Cyprus.
- Possibility to enjoy education of British Universities based in Cyprus.
- Access to modern medical facilities and healthcare systems.
- No inheritance, withholding and Capital gain tax.
- Pure investment with attractive return; No donation or disbursements.
- Citizenship and Passport after five years of tax residency.
- Strategic Geographical location (at the crossroads of three continents).
- A stable economy in a western-type democracy.
- Legal system based on English Law.
- Excellent telecommunications, railway and banking networks.
- Readily available and highly trained local staff.
- Relatively low cost of living.
- Low crime level and Reputable lifestyle.
- Excellent education system up to university level.
- Excellent climate with Stunning coastlines and water sport facilities.
- Easy Access worldwide: The visa to the Schengen zone’s countries can be easily obtained in Cyprus for 1-year Schengen visa in the any EU Embassy in Nicosia.
- Cyprus has one of the lowest property taxes in the world;
- No wealth, gift, or inheritance, tax;
- No foreign income or capital gains tax as there is no requirement to become a Cyprus tax resident;
- No personal income tax as there is no requirement to become a Cyprus tax resident;
- No restriction on the repatriation of profits and imported capital;
- Purchasing real estate property until the 31st of December 2016 is exempted from Capital Gains
- Tax if sold in the future;
- Transfer fees are reduced to 50% if the property is purchased until the 31st of December 2016. No transfer fees are imposed for the transfer of property that is subject to VAT.
International students receive a quality education in a safe, friendly environment at an affordable cost. Cyprus offers higher education of high quality standards and facilitates students with the knowledge and skills to work in a contemporary global marketplace. Pleasant Mediterranean climate and picturesque sandy beaches can only add to this once-in-a-lifetime experience of being a student in Cyprus.
Around 10,000 international students choose the Mediterranean’s third-largest island every year attracted by a climate and culture that perfectly complements the excellent academic system. Cyprus has become a major international education destination. International students come from 75 countries.
Cyprus offers internationally recognized bachelor and master degree programs in a variety of sectors (business, medicine, law, tourism, technology, science, engineering, journalism, fashion, arts, education, psychology, international relations, marketing). Public and private universities in Cyprus offer their courses in the English language and all higher educational institutions actively participate in EU funding programs such as the Erasmus+ program. Scholarships are often provided to international students. The majority of foreign students who select Cyprus for their tertiary education originate from Asia, Africa, Eastern European Countries and countries members of the European Union.
Undergraduate and Postgraduate qualifications in Cyprus are equivalent to their UK counterparts, with the quality of infrastructure just as impressive. Undergraduate usually takes three to four years to complete, where diplomas and certificates are also available. Masters degrees usually take one or two years to complete, and entrants must have a Bachelor’s Degree. MBA and Doctorate degrees are also available.
Higher education in Cyprus is provided at university and non-university level, in public and private institutions of higher education. Currently there are 3 state and 5 private universities, 5 public and 40 colleges and private institutions of higher education. Franchise study programs are also available at a number of private institutions. This gives students the opportunity to gain qualifications from universities abroad, mostly from the UK and the USA. One British University also has its own campus in Cyprus.
Credit transfers to other EU countries, US and Canada. The European Credit Transfer System (ECTS) and the Diploma Supplement are used by all public universities and most of other institutions.
The requirements for entering private universities or institutions vary according to the institution and usually include proof of good knowledge of English, since English is the language of instruction. Many schools offer English language foundation courses.
Mahandru Associates - Consulting at its Best
Mahandru Associates is well positioned to provide an extended scope of services to foreign investors and High-Net-Worth-Individuals in cooperation with our affiliate law firms, including but not limited to:
- Advise on the key financial criteria to be met, and assist the applicant with the complete application procedure;
- Legal advice on the applicable legislation as well as the preparation and drafting of agreements connected with the purchase of property in Cyprus;
- Conduct a thorough examination of the applicant’s specific circumstances, in order to establish the most efficient way to meet the required financial criteria;
- Managing financials required for the investment including arranging the different business and personal loans, if required, for qualified investors.
- Find the right property matching the criteria of the applicant via our network of reputable licensed real estate agents and developers, and ensure the applicant is presented with properties that are good value for money;
- Due diligence connected with the acquisition of immovable property in Cyprus.
- Drafting and assisting with the collection of all required documents;
- Regularly update the applicant on the progress of their application;
- Assistance in the management of the purchased property post residency
Our cross-border experience and rich knowledge of worldwide rapid changes enable us to thoroughly access and comprehend the market perspectives. Consequently, we identify the right action to be taken to mitigate risk and yield exceptional results.
Our corporate understanding and legal experience merges with supreme acknowledgement of international industry mechanism which enables us to offer unprecedented consulting for individuals, businesses, and organizations around the world. We love challenges and we are simply good in handling and overcoming them. We change methodologies, strategies and operations within various structures for better performance. We are two steps ahead in global methods and we can offer to our clients, services that can surpass competitions.
WHY APPLY FOR PERMANENT RESIDENCY (PR)?
- Regulation 6 (2) Permanent Residency Permit grants a Non-EU national the right to permanently reside in Cyprus with no renewal requirements;
- Lifts traveling restrictions and elaborate visa requirements (i.e. Visitor’s Visa) across the EU, facilities access to the Schengen zone;
- Once granted, the Permanent Residency Permit covers the whole family: the main applicant and spouse, their parents and dependents up to the age of 24 (who must be enrolled students, and cannot be working towards a professional degree i.e. PhD, lawyer, chartered accountant, medical doctor etc.);
- Fast track application procedure – all applications are reviewed by the Civil Registry and Migration Department and the Ministry of Interior grants final approval within 2 months from the date of filing;
- The application can be processed in the applicant’s absence and filed on their behalf;
- Cyprus Permanent Resident status is recognized by Denmark, Latvia, Ireland and Slovenia;
- Application for a Cyprus Permanent Residency Permit (PRP) can be the first step towards gaining Cyprus Citizenship;
- If a Cyprus tax resident, the PRP holder is exempt from tax on worldwide dividends.
- In Addition to this, a Cyprus tax resident is exempt from tax on gains on disposable of securities. This is recognized as the most attractive personal income tax regime in the entire onshore tax.