Investors (non-Cypriot citizens) can acquire the Cyprus Citizenship by Naturalization, on the basis of the Decision by the Council of Ministers of the Republic of Cyprus in 2013.
The ‘fast track’ process, the investment eventually allows the applicant (and eventually his wife and children) to hold a Cyprus EU member state country passport within 90 days.
The Cyprus Citizenship program is currently one of the most desirable immigration programs in Europe attracting a huge response due to the very attractive key benefits
It is very beneficial to have dual citizenship, particularly EU, for many reasons including:
Applicant does not become a tax resident in Cyprus unless he/she spends more than 183 days in any one calendar year.
Property cannot exceed 275 sq.m. of total covered areas.
Total covered areas include the following:
If the property meets the above criteria then the first 200 sq.m of total covered areas can qualify for the reduced rate.
Furniture, white goods, the garden etc cannot be included in the purchase price.
In case the client will take advantage of the VAT Regulation, then the following restrictions are in effect:
It is noted that if he/she wishes to sell the property before the lapse of ten years then a proportion of the VAT saved initially will have to be paid.