Cyprus is not just a resort country with attractive climate and recreation services: the country stands out of the neighbours because of its expedient taxation system.
4 interesting peculiarities of Cyprus taxation system
These are the reasons why many foreign entrepreneurs receive Cyprus dual citizenship under “Citizenship by investment” program.
The program offers two options:
One more attractive factor is that investments are refundable: an investor has to keep them for 3 years and then is able to refund all the expenses except for those which he has invested in immovable property for the purpose of his own dwelling.
Note. The government has made amendments to the program: the term of investment withholding will be enhanced to 5 years. Amendments are expected to come into effect in May 2019.
To receive a passport of Cyprus, you have to purchase real estate residential property of at least 500 000 euro if you want to invest the all sum of money in business or commercial real estate.
According to Migronis (https://migronis-citizenship.com/cyprus), the applicant’s wife/husband, children under 28 years old and parents can receive citizenship together with the main applicant. Citizenship is inherited.
Interesting fact: the country’s government has made changes in the scheme of Cyprus golden visa. The criteria have become stricter. Now the applicants must have Schengen visa. Also, the applicants who have been refused in other EU countries are automatically refused in Cyprus.
Cyprus citizenship by investment is an opportunity to benefit from all tax advantages of the country.
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