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Why second citizenship in Cyprus offers the complete package

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April 16, 2019

Why second citizenship in Cyprus offers the complete package

Why second citizenship in Cyprus offers the complete package
rihab saad

Author:

Rihab Saad

General Manager

Next Generation Equity

Are you weighing up second citizenship? Have you considered Cyprus yet? If you haven’t, you should.

Combining tax relief, you’d typically associate with the Caribbean, with the business and travel credentials of a major European country, Cypriot second citizenship offers the complete package.

Here’s what you and your family stand to gain with second citizenship in Cyprus.

Fast access to Europe

Your residency card could be granted in a matter of weeks.

Second citizenship programmes aren’t always known for their speed. Especially in Europe, often looking at years to gain full citizenship.

Cyprus bucks the trend. You could get your Cypriot permanent residency card in six to eight weeks, with no residency requirements. Your new passport comes shortly thereafter, in only six months.

Therefore, you can move from thinking about second citizenship to living your new life in only weeks. Cypriot second citizenship is perfect for investors who need to secure a certain future, fast.

Improved global mobility

Your citizenship will take you all over the world, hassle-free.

There’s a huge disparity in passport strength worldwide, with some countries only allowing visa-free or visa-on-arrival travel to 30-something other countries. That’s compared to an upper-end in the 160-somethings.

If your home nation sits towards the lower end, there can be a real sense of injustice. You face travel restrictions that other citizens simply can’t imagine. Even when you can travel, endless delays and complicated bureaucracy make life difficult.

That’s where second citizenship can make a huge difference. Especially in Cyprus. Because Cyprus is part of the EU, the country has exceptional travel agreements – not only across the 28-member union, but worldwide.

Accordingly, Cypriot passport holders can travel to over 170 countries on visa-free or visa-on-arrival terms (including visa-free across the whole of the EU and most of Europe).

Indeed, if you hold Cypriot second citizenship, you can travel without a passport between any EU countries that also hold Schengen status (that’s most of them).

Tax benefits

Cypriot second citizenship can be a major boost for business.

Like freedom to travel, the disparity between the highest tax and lowest tax countries is huge. Looking at income tax, Sweden sits highest in the world, at 62%, compared to other countries who don’t impose income tax. Much of Africa imposes a high income and corporate tax rate.

Plus, then you’ve got wealth transfer taxes, which makes a huge difference to the future you can bequeath your children. Japanese citizens forsake an incredible 55% of their wealth to the government in inheritance tax, for example, versus the many countries with 0% estate or inheritance taxes.

Cypriot citizens only pay 12.5% corporation tax and non-domiciled residents only pay income tax on income arising in Cyprus. You also enjoy various exemptions on wealth taxes, including complete freedom from estate duty.

Security for your loved ones

Change the course of your family history by securing family citizenship.

Many other citizenship-by-investment programmes ask for additional investment to include family. That can push your investment up considerably, especially if you’ve got a large family.

The Cypriot second citizenship programme is great because your initial investment covers multiple dependents.

Therefore, you can get second passports for your spouse and any dependent children under 28 without paying a large additional sum. You can also add dependent parents aged over 65 too.

That means you can rest easy, knowing you’ve also provided security for your family that will last them years to come.

Your children can pass on their citizenship by descent to their children too – so your investment today has the potential to change the whole course of your family history.

Simple process

Gaining second citizenship in Cyprus is a simple, straightforward process

When you’re considering second citizenship, you want to trust your investment is in good hands.

The Cyprus programme offers a proven, secure process with clear qualifying criteria, so you can trust your application won’t become a hassle. You needn’t even visit Cyprus during your application, so you can secure your second passport with minimum disruption.

Diverse investment

A diversified investment portfolio means your capital is well-protected.

When you’re investing a significant sum of money, you want to be sure your portfolio is diversified, to mitigate risk. The Cypriot programme ticks that box as it enables you to split your overall investment (EUR 2M) into several parts:

  • Real estate
  • Local businesses in Cyprus
  • Financial assets

This means your investment is securely spread across multiple different assets. You need only hold your investment for three or more years, so you’re only tying up your capital short-term (but citizenship lasts forever).

Plus investing into real estate offers great prospects for double-returns, when you resell.

Relocation potential

Cyprus is an attractive holiday or second home option.

The Cyprus second citizenship programme is also a great option if you’re considering relocating or building your home-from-home.

Cyprus is a culturally rich and diverse nation with a thriving expat population. It’s good for business with a robust infrastructure, perfect as your European business hub.

Plus, it’s safe, so it could be a fantastic option for bringing up family. With prestigious international universities at your fingertips (and of course, the prospect for children to travel and study anywhere else across Europe, with their Cypriot passport).

Cypriot second citizenship ticks all the boxes, which is why it’s consistently one of the most popular second citizenship-by-investment programmes. Add Cyprus to your passport portfolio now, as stricter regulations come into force on May 15th, 2019.

Next Generation Equity specialises in dual citizenship-by-investment and residency-by-investment programmes around the world. To schedule a no obligation consultation.

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