Cyprus is originally known as the Republic of Cyprus. It is the third most populous island in the Mediterranean and has emerged as one of the most modern, multinational business centers lately. Located in the south of Turkey, Cyprus has grown as a place offering a variety of investment opportunities across a wide range of regions. Being the third-largest island in the East Mediterranean, Cyprus offers many quality reasons to invest in it. The excellent regulatory structures, the high quality of life, and the striking, transparent tax system which offers Cyprus non-tax residency are the greatest temptations for the investors. In addition, the investment programs in Cyprus offer easy access to the market allowing the people to do strong, supportive businesses at a reasonably low cost. With such a positive economic outlook, Cyprus presents itself as one of the best places for effective investments.
The Knight Frank World Health Report ranked Cyprus as the 5th best relocation destination in the world. Cyprus was the only EU member state to make it to the top five. In addition, the Cyprus investment program (CIP) has been included among the top ten best plans in the world by global immigration experts. There are a number of reasons for such an enormous success of the CIP. It is one of the most attractive programs offered in Europe and some of the main reasons behind it are as follow,
- According to CIP, the applicants of the Cypriot citizenship are not necessarily required to have lived on the island prior to their application.
- The whole application procedure takes around 6 months only.
- The application procedure doesn’t require any medical testing and language demands.
- The applicants must hold the residency permit for at least 6 months.
The CIP was approved by the Cyprus Council of Ministers in 2016 and was later amended in 2019. The eligibility criteria of the program say that the applicant must hold a valid Schengen visa while submitting the CIP application. Most importantly, the applicant must have a clean criminal record history. Anyone who has ever been subjected to a criminal investigation or has faced criminal prosecution won’t be eligible for the application.
Once you have been granted the Cypriot citizenship, you are ready to make the most out of your visit. You can travel freely within the 28 countries of the EU. The CIP offers free movement services within the EU member states without any hindrances. You are free to invest in your preferred areas; you can buy any property, set up a business of your own choice, etc. What is really interesting is that it is never a necessary requirement to live in Cyprus. However, the Cyprus non-tax residency program has been convincing enough to let people live there. This tempting system and administration of tax is considered as one of the major opportunities offered by the Cyprus investment program. Being an attractive center of finances, Cyprus offers a favorable system of taxes. The Cypriot tax system is highly popular among EU tax professionals. A new non-domicile regime has been introduced with an amazing Cyprus non-tax residencyofferor zero taxation of worldwide dividends for almost 17 years.
The political stability, the high living standard, medical and educational facilities, travel amenities, and the charms of the Cyprus investment program make Cyprus a dream destination for successful startups. If you are planning to set up your living in Europe, Cyprus could be a wise decision for sure!