Considering a Tier 1 Investors Application? – Think about Cyprus Citizenship
Tier 1 investor applicants are in the happy position of being able to pick and choose their destinations. The current EU rules concerning citizenship mean that, irrespective of where in the EU citizenship is granted, those new citizens enjoy the same rights to residence, work and study throughout the EU. So, for example, anyone granted citizenship in Cyprus immediately assumes the right to make a life for themselves in a European city.
Encouraging inward investment
Different national administrations have gone out of their way to encourage high net worth investors to make their applications within their jurisdictions in the hope that, for all the freedom of movement that a specific citizenship status entails, those migrants will establish property and business links in their territory. The case of Cyprus, which boasts some of the lowest application tariffs and the quickest approval rates anywhere in the world, offers a usefully clear-cut example.
The granting of Cypriot citizenship by investment is contingent on a €2.5 million investment in Cypriot property but, if all other aspects of the application are in order, full citizenship will be granted to the applicant, his or her spouse and any children up to the age of 28 within three months. Residency visas are available subject to a more modest €300,000 investment in real estate on the island plus a deposit in a Cypriot bank account.
Favourable tax terms
Commensurate with the financial terms of these arrangements Cyprus currently operates a 0% inheritance tax regime, and applicants are entitled to sell up to €2 million worth of property after three years. Moreover, the Cypriot government is keen to promote the economic benefits of investment on the island: offshore oil and gas exploration promises an energy boom, the prospects of political reunification are increasingly promising, and the Cypriot property and banking sectors are showing sustained growth.
In the competitive market for high net worth, migrant locations such as Cyprus which combine an investment-friendly culture, a developing economy and flexible and affordable entry requirements are becoming increasingly attractive. Anyone considering a Tier 1 Investors’ Application in the UK could do a lot worse than think about Cyprus as a seriously viable alternative.
YDVISAS specialise in all visa categories and are specialist immigration lawyers in the UK. Please contact the expert team at YDVISAS, should you need any professional help with your visa application.