Great news for those seeking citizenship via investment through the Cyprus programme. The Minister of Finance has approved alterations in the requirements that reduce the minimum investment amount to €2 million. Additional enhancements abolish the need for collective group applications, and include a myriad of taxation advantages. For example, there is zero inheritance tax. There are no transfer fees (under certain conditions), and no capital gains tax on real estate transactions (under certain conditions). Annually, there is zero property tax. There is also zero tax on dividend income and none on interest income. Investors will enjoy a substantial VAT deduction on the first property, and a reduction in personal income tax charges.
With tourism booming, this is an optimal time to make an investment in Cyprus. The island is visited by approximately 2.5 million tourists each year, that’s roughly three-times larger than its population. Cyprus has one of the most beautiful climates in the Eastern Mediterranean.
As the government is now poised to develop the business sector and is offering numerous business incentives. Currently, investors are diving into the real estate market. There are many advantages that one will enjoy upon an investment in Cyprus but the quick processing time is notable. One can obtain residency benefits in as little as 3-6 months, or 30-60 days when expedited. Additionally, permanent residency enables one’s family to live in Cyprus.
Cyprus is a member of both the EU and the Eurozone and air travel connects Cyprus to Europe, Asia, and The Middle East. While Greek and Turkish are the main languages spoken in Cyprus, English is widely spoken. Residents enjoy freedom of religion as there are many faiths on the island, the Turkish-Cypriot community is largely Muslim. One can easily conduct business in Cyprus as English is widely spoken.