Buying a passport in Cyprus
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- Introduction to the Cypriot passport
Cypriot is located at the crossroads of three continents (Europe, Asia and Africa), Cyprus is the third largest island in the Mediterranean Sea. It attracts nearly 4 million tourists every year and is renowned for its beaches as well as its warm and sunny climate. The island is easily accessible by plane from the main European countries in 2 hours of flight. Cyprus was a British Crown Colony until 1960; after granting its independence, the Republic became a member of the British Commonwealth and has been part of the European Union since 2004, then of the euro zone from 2008. Inaugurated in 2007 but regularly adapted (2011, 2013, 2016, 2018 and 2019), the Cyprus Investment Program (CIP) , which today grants the Cypriot passport to people investing EUR 2.15M in the country, has benefited, according to the Ministry of the Interior, to about 4,000 wealthy foreigners and generated some EUR 7 billion in revenue. A godsend for this country which was on the verge of bankruptcy during the euro zone crisis and which had to carry out massive and difficult restructuring of its banking sector.
- Benefits of the Cypriot passport
The passport is valid for all family members (minor and adult dependent children up to the age of 28 as well as the investor’s spouse and parents) and nationality is then passed on to subsequent generations. Of course, it confers the freedom of movement, work and establishment of people within the 27 member states of the European Union (and Switzerland), as well as the usual visa exemptions, applicable to citizens of the Republic when ‘they travel (174 countries). Dual nationality is permitted in Cyprus and to our knowledge there is no transmission of information in this regard from the Cypriot authorities to the country of origin. However, the applicant does not become a tax resident on the island unless he spends more than 183 days in the territory (or less if other conditions are met). Thus, the candidate is not obliged to live on the island before or during the process, or even after the granting of citizenship. However, he must visit Cyprus at least once every 7 years. Taxation is low with a corporate tax rate of 12.5% and no inheritance tax. Dividends, interest, royalties and other income received abroad are also exempt.
Golden visa by investment in Greece
The Golden Visa program was launched in Greece in 2013, at the height of the economic crisis, when real estate prices fell drastically. This program offers, among other things, a five – year residence permit throughout the Schengen area. It is renewable and is aimed at nationals of non-European countries who invest at least 250,000 euros in real estate in Greece. Similar programs have been launched in several European countries, but Greece is the country offering the lowest amount of investment. Spain, for example, is asking for € 500,000 for investment, while Portugal is asking for € 350, 00, for further details visit our site.
