In these uncertain times, many investors and entrepreneurs have made the valuable business decision to obtain a second citizenship. This allows them to take advantage of attractive tax regimes, increase their business efficiency, and ensure that their business remains safeguarded. Indeed, opting for a second passport from a country such as Cyprus can open up significant prospects. We take a look at some of the most important ones.
What are the advantages of having a second citizenship?
The Cyprus Investment Program was launched in 2013, and through it, 1,864 applicants and their families were granted Cyprus citizenship, which allowed the Republic to supplement its budget with an additional 6.6 million Euros. First in line for participating in this program are Russian, British and Ukrainian foreign nationals.
But what are the main advantages of obtaining Cyprus citizenship?
- Border crossing ease: with a Cypriot passport, residents from non-EU countries can move freely across Europe for business or pleasure without the need for a visa. This is particularly beneficial for Russian nationals, as it sidesteps the issue of possible visa rejections and avoids any hassle at the border.
- No restrictions on length of stay: Cypriot passport holders can freely stay in any European country without a visa for any length of time. This advantage makes conducting business throughout Europe easy and efficient.
- Same rights as EU citizens: Investors with Cypriot citizenship have the same rights as EU citizens. This grants them more efficient service in European banks, including applying for loans and transferring funds.
- Favorable economic conditions: Unlike the frequently changing laws of Russia, Cyprus boasts a stable economy and one of the lowest tax rates in Europe, including a 0% inheritance tax and dividends from foreign companies. As such, this creates more favorable conditions for saving than what one might find in the CIS countries. Additionally, Cyprus has double taxation agreements with more than 50 countries.
- Citizenship for the whole family: Cypriot citizenship is inherited, and can also be granted to the applicant’s spouse, parents, and dependent children under the age of 28.
- Prospect of UK citizenship: After a period of 7 years with Cypriot citizenship, investors can apply for UK citizenship, thus opening up a new set of prospects for business and living.
To sum up, these are the main advantages of Cypriot citizenship for investors and their businesses:
- Economic stability
- Low taxation and the possibility of optimizing your tax rates
- Free access to 174 countries across the world
- No restrictions on where to live, work or study
- An abundance of profitable investment opportunities
- Enhanced loyalty from foreign partners
- Access to the financial instruments of international banks not otherwise accessible to non-EU citizens
How to obtain Cyprus citizenship?
The easiest and fastest way to obtain Cyprus citizenship is through the Cyprus Investment Program, which stipulates the purchase of a residential property of the amount of 2 million Euros, with an additional non-refundable contribution to the Development Fund of the Republic of 150,000 Euros. After a waiting period of just 6 months, investors can then obtain their Cypriot passport, and enjoy the rights and opportunities of EU citizens.
The requirements for obtaining citizenship are as follows:
- A clean criminal record
- A Schengen multi-visa
- No prior rejection of citizenship in other countries (Malta, Saint Kitts, and others).
Thanks to its simplicity, accessibility, and overall efficiency, the Cyprus Investment Program ranks first in popularity throughout Europe.