5 March 2015
Top Reasons To Invest In Cyprus
In a globalized economy where multinational companies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expectations, Cyprus provides a complete value proposition:
EU & Eurozone
a) Cyprus is a EU27 Member since May 2004, Economic and Monetary Union Member since January 2008. Foreign investors have the opportunity to access the EU market and vice versa.
Cyprus is Europe’s eastern outpost at the crossroads of three continents– Europe, Africa and Asia – providing a gateway to and from each one of them.
a) Cyprus offers one of the most attractive tax systems in Europe. The country provides a simplified, effective and transparent tax regime that is fully compliant with the EU laws and regulations. b) Dividend income, profits from overseas permanent establishments and profits from the sale of securities are exempt from tax. Also, there is no withholding tax on dividend, interest and royalties paid from Cyprus.
c) Most international transactions are exempt from VAT.
d) Cyprus has a network of double taxation agreements with more than 48 countries. For a complete listing please visit the Ministry of Finance Double Taxation Agreements Section (http://www.mof.gov.cy/mof/ird/ird.nsf/dmldtc_en/dmldtc_en). Additionally, Cyprus has access to EU Directives that focus on reducing or eliminating foreign withholding taxes.
2013 statistics demonstrate that 39,2% of Cypriots in the 25 – 64 age group have acquired tertiary education – higher than the EU28 average of 28,63% and one of the highest percentage in the world.
Value for Money
Cyprus is a dynamic business centre that offers relatively lower operating costs while also providing top quality services, including accounting, auditing, tax, business administration, legal, investment and funds management.
Pro-business, based on common law, Accounting and Legal transparency a) The legal system is based on the U.K. Common Law principles and aligned with the EU laws and regulations (Acqui Communautaire). b) Cyprus provides quality legal services in areas such as international law, corporate administration and management services. Most large legal firms are affiliated or collaborate with international law firms.
Well Developed Infrastructure
Cyprus has a robust telecommunications system, two international airports (Larnaca, Paphos) and two ports (Limassol, Larnaca). Furthermore, the relatively small distances make the island a very friendly and easy to get around business location
Ease of Doing Business
Cyprus has developed into an international quality business centre that offers specialized services and rewarding business opportunities catering for the diverse needs of international investors, enhancing the ease of doing business. The World Bank’s Doing Business Report 2014 ranked Cyprus 39th out of 189 Economies and 16 out of the EU28 for the ease of doing business.
Forbes Magazine 2012 Best Countries for Doing Business report ranked Cyprus 25th out of 144 countries.
HAPPY CYPRUS VIDEO ! Quality of Life
Cyprus offers a wonderful environment with a very comfortable standard of living. Living and working in Cyprus is combined with fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable people. Cyprus combines the international competitive business environment with a pleasurable and balanced way of life. The UNDP Human Development Index Report 2013 ranked Cyprus 31st out of 187 countries for the quality of life.
The Knight Frank Report ranked Cyprus on the Autumn of 2013 as the 5th best place for Lifestyle among major European Cities and other competitive destinations. The report was also published in the Financial Times on October 2013.
Additionally, Cyprus stands out with the cleanest sea waters in Europe according to the European Environment Agency.
Residency and Citizenship
a) Non EU residents have the opportunity to acquire a permanent residency permit with the purchase of a private home of at least 300,000 EUR and deposits of minimum 30,000 EUR in a local bank for three years.
b) Non EU residents can acquire the Cypriot nationality with: investment of minimum 2M EUR in a state company and 500,000 EUR investment in the Research and Technology fund; direct investments of 5M EUR; bank deposits of 5M EUR in a local bank for five years; payments of income tax or VAT of more than 500,000 EUR.
Since Cyprus first introduced its “Cyprus Citizenship by Investment Program” back in May 2013, there‘s been a rush by Chinese, Russian and Middle Eastern residents looking to gain full European Union citizenship.
The primary incentive is that it provides visa free travel across 176 countries throughout Europe and the rest of the world. It’s also a free pass for non-EU/EEA citizens to live, work and study anywhere within the European Union as a citizen.
The program is straightforward when compared to the immigration by investment programs in other European Union countries, such as the UK investor or Spanish Golden Visa. You can get a full Cypriot (EU) citizenship and passport within months if you buy a luxurious property worth €2.5million, or invest at least €2.5 million or €5 million into Cypriot real estate. You can sell your properties after three years and acquire, or hold, a permanent residence equivalent of €500,000 to maintain your Cypriot passport.
Reuters predicted in December 2014 that Cyprus is expected to return to growth this year. According to the governor of the central bank of Cyprus, Chrystalla Georghai, the capital controls imposed during the bank crisis back in 2013 could soon be rendered redundant and there is a general consensus that recovery is coming faster than previously forecasted. Moreover, the Land Registry has revealed that the total property purchases from overseas has inversed by 20% in the first half of 2014. Good news for property investors as now is believed to be as good a time as any for those looking to invest in Cypriot real estate.
With an ever-increasing demand for immigration into europe, countries such as Portugal, Spain and Greece have developed Golden Visa packages that allow investors to receive permanent residency in their desired location in exchange for investment towards the countries’ economic recovery. What makes Cyprus distinctive is that it allows investors and their families to obtain a citizenship directly with one off investment and the speedy issue of a Cypriot (EU) passport. From the submission of an application to a passport being issued, the entire process can be completed within only three months. Also, passports can be issued to the applicant (the investor), the spouse, all underage children and adult dependents in full time education and are under 28 years of age. For those who require visa free travel throughout Europe, or would prefer to educate their children in European universities or private schools while taking the advantage of local tuition fees, the Cyprus (EU) citizenship and passport can be an excellent solution.
Another benefit of the Cyprus citizenship program is that investors don’t have to reside in Cyprus. There is no requirement for investors to stay in or visit Cyprus after they have been granted a passport. In contrast, Spain requires Golden Visa holders to stay in the country for a minimum of 185 days each year, and Portugal requires 14 days. Also, you can use your permanent residence either as a holiday home or as a buy-to-let investment opportunity. The months between April and October are peak season for holidaymakers, or alternatively you can provide longer letting arrangements for those wishing to escape the cold winter months that can increase the rental period substantially.
It’s an ideal time to invest in Cyrpriot real estate given the positive outlook for the economy, as well as suppressed pricing due to market conditions over the last few years. Total purchases from overseas increased by 20% in the first half of 2014 and looks set to continue.
The Cyprus (EU) Citizenship and Passport Program is getting more and more popular as it is so far the fastest way for investors and their families to acquire a EU citizenship and a passport. More importantly, there is no residency requirement so that the investors can enjoy the real freedom by the time when they get their passports. Overall, putting properties in exchange for an instant EU citizenship, together with selling the investment properties after three years, make the Cyprus (EU) Citizenship and Passport Program a good investment choice.
Simila Cyprus Ltd are an English-Ukraine family owned company with many years experience of connecting Ukraine and Cyprus for Investments, Company Registrations, Taxation , Accounting , Residency , Banking , Property Purchasing both Private & Commercial and Luxury Rental Properties.
The company is headed by Simon Gale Managing Director who is also a partner of a leading law firm in the Capital of Nicosia.
For a private and confidential discussion contact ; firstname.lastname@example.org
Cyprus Chamber of Commerce & Industry ;
Cyprus Investment Promotion Agency ;