In September 2016, the Ministry of Interior and Finance of Cyprus has revised the requirements for successful application to its citizenship program. This effectively increases the country’s appeal as a top target destination for High Net Worth individuals seeking global citizenship.
Cyprus boasts strategic business placement, expedient investment and tax regime, and breathtaking natural beauty. The country was recently ranked as the safest country among small nations under 1 Million and 5th safest nation in the world. It’s also generally recognized as the third largest island in the Mediterranean, and arguably one of Europe’s most exciting locations.
The Real Estate Investment Option
Investment in real estate is one of the most attractive options for foreign individuals looking to apply for Cypriot citizenship.
- The applicant is required to make a direct investment of minimum €2 million for the purchase or development of residential real estate projects.
- It’s important to note that the acquisition of land doesn’t count as a qualifying investment under the real estate option.
- For commercial or mixed property investment (residential + commercial) the total value of investment is €2.5 million + VAT
Benefits of Cypriot Citizenship
Holders of Cypriot citizenship enjoy the following benefits:
- An EU passport, with ease-of-travel facilities to over 157 +countries worldwide.
- Multiple tax incentives and grants meant to encourage further investment.
- Double taxation agreements with over 50 nations worldwide.
- No requirements for physical residency – this means second citizens can live and establish their businesses elsewhere in the world.
- Considerably low and no tax rates on many forms of income.
- High standards of living in a clean, safe and healthy environment.
- No Capital Gains Tax when property purchased within 2016
- No inheritance Tax 0%
- One of the lowest Corporate Tax in Europe 12.5%
Key advantage: Cypriot citizenship can be obtained with a fast-track procedure after application, which effectively makes it the fastest citizenship by investment program in Europe.
Fast-track citizenship in Cyprus
Korantina Homes, a leading construction firm in Cyprus, has two luxurious flagship resorts that interested immigrant investors can choose from.
- Cap St. Georges – this is a private Beach Club resort that encompasses up to 150 villas, located on the Cyprus west coast. Each property is set on a gentle slope towards the sea, allowing the occupants a spectacular view. Cap St. Georges homes enjoy breathtaking views of the St. Georges island, and spectacular sunsets on a daily basis. Korantina Homes villas are designed to optimize these views. For Cypriot citizenship applicants who are looking for an exotic location, Cap St. Georges provide a unique setting and pure swimming waters on the island.
- Coral Residences – this is yet another classy resort that investors who are looking for fast-track citizenship in Cyprus can take advantage of. Coral Residences represents seafront living at its best. The property is located proximate to the famous landmarks of Coral Bay Beach and Pafos. There’s also a Clubhouse located within the neighborhood. The project encompasses 14 luxury villas and 20 top-notch apartments. There are also ample facilities including a Spa, Gym, Therapeutic therapies, a swimming pool, reception area and much more.
The fast-track citizenship process, coupled with massive citizenship benefits, promising investments and a wonderful lifestyle, make Cyprus one of the most sought-after global living destinations.
Contact us for more information on the Cap St. Georges and Coral Residences projects.
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