Why Invest in Cyprus?
Cyprus is the third largest island in the Eastern Mediterranean and located at the crossroads of three continents, Europe, Africa and Asia, which provides easy access for investments in numerous countries. As a member of the European Union investing in Cyprus is a springboard for investment in all EU member states. According to GDP per capita, Cyprus is rated as the 31st wealthiest country worldwide and also 5th as the worlds most recommended country for relocation. The highly regarded international shipping centre also ranks Cyprus as one of the world’s ten most prominent maritime nations.
Cyprus has a lot to offer, the amazing weather provides sunshine for over 300 days per year and the scenic beauty of the beaches and the mountain areas provide majestic vistas throughout the island. With one of the lowest crime rates in the EU, Cyprus offers a safe and carefree environment to live in. Cyprus blends the old and the new with grace and you can enjoy the best of both worlds. The modern high tech cities have the infrastructure to support big business in any field, yet the villages on the outskirts of the cities have a charming quaintness that will remind you of years gone by. If you are looking to buying a private residence in Cyprus, you will find some of the most magnificent homes, with or without sea views depending on which city you are relocating to. Generally the sea side homes can be found along the coastlines of Larnaca, Limassol and Paphos, and all of them are in close proximity to all amenities. The cost of property and the cost of living are relatively low in comparison to most northern European countries.
English medium, private schools providing primary and secondary education enjoy a good reputation and they can be found in all major cities. Cyprus has some of the best English schools in the EU and the Mediterranean in general. For higher education there are numerous public and private universities that attract over 10,000 foreign students per year. Communication with the local population is easy because over 90% of the population speaks English.
Permanent residents in Cyprus are entitled to free healthcare at any of the islands general hospitals as long as they are registered for social insurance. The island also has a huge network of private clinics and hospitals that offer superior healthcare.
Cyprus has one of the lowest corporate taxation systems in Europe. For those that relocate to Cyprus and have not been residents for the last 17 years, no taxes are charged on dividends from other investments worldwide. The attractive tax incentives has generated a huge amount of investments in Cyprus, and this together with the investments for citizenship incentives are bringing in a huge amount of capital to the island. Another tax incentive is that there is no inheritance taxation.
New Investment Opportunities
The offshore gas deposits off the coast of Cyprus affords very lucrative investment opportunities. Gas extraction is set to start in 2019 and this will see many companies in this field setting up businesses in Cyprus. There is also the construction of the first casino resort that will inevitable increase the amount of tourists visiting the island as well as open up new jobs and related businesses. Apart from these new projects there is a wide range of possible investments in Cyprus, residential or commercial properties being the most popular. Off shore companies are also taking advantage of the attractive tax incentives.
Fast track citizenship – 2nd passport
The new program that the Cyprus government has introduced, which allows investors to obtain Cypriot citizenship by investment has proved to be very successful. In only a few months you can become a Cypriot citizen and by extension a citizen of the European Union. Compared to other countries that have similar initiatives, Cyprus has sweetened the pot and made it easy for people who are willing to invest a minimum of €2 million. The main points that make this program so attractive are:
- Quick and easy to obtain citizenship
- No donations to the state
- Not necessary to stay in Cyprus
- Great tax incentives
- Choice of wide range of low risk investments
- Investments must be maintained for only 3 years
- Visa free travel to over 157 countries
- Unrestricted travel, work or study in any EU country
- Dual citizenship allowed
- Applicants spouse and children all get citizenship
- Applicants parents can get citizenship if they purchase home value €500,000
- No language proficiency exams
Things are looking up for Cyprus, after the tragic collapse of the banks in 2012, Cyprus is back on track and showing remarkable recovery in a very short time. The property market is expected to keep on showing improvement and increased investor confidence is a result of all the steps taken by the Cypriot government to improve tax regulations and to protect new home buyers against fraud. How you choose to invest in Cyprus is up to you, whether you are investing for citizenship or just buying a holiday home, you have nothing to lose and everything to gain, Cyprus has a lot to offer.