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India’s Wealthy People Showing More Interest to get Cyprus Citizenship

June 2018, 13
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Wealthy people of India have long coveted international passports. Few people view it as a ticket to more relaxed business-friendly climates and more tax regimes. For remaining, it’s the wish for a more western lifestyle or the ability to study, settle travel abroad or work with ease. For wealthy Indians looking for permanent residency or citizenship in a European nation, the spectacular island country of Cyprus in the Eastern Mediterranean is becoming a more attractive choice, thanks to its “golden visa” program, where citizenship or residency acquired by investment.

Why Cyprus?

Most high profile Indian to opt for citizenship of Cyprus in modern times is tycoon of real estate Surendra Hiranandani, a Forbes Billionaire, and one of India’s wealthiest businessmen. the reason for him is the ease of doing business.

Cyprus not only attracting high net worth Indians in India but also Non-Resident Indians (NRIs) in cities like Dubai or London.
One more popular Indian to newly take on the citizenship of Cyprus is Anish Bhatt, famously known as Watch Anish. He’s the founder of one of the world’s leading lifestyle and watches magazines, and it has approximately two million followers on Instagram. He said the main reason to move is the quality of life. London was also becoming more and more unstable, and I want a good quality of life for my daughter.

The advantage over here is the island tax-friendly business climate, and multiple opportunities for investment are a bonus for new businesses. “It worked really great because the tax system in Cyprus is straightforward to work. Along with that all the new infrastructure and improvement growing up, There are plenty of promising attractive and new investment opportunities said by Anish Bhatt.

Process to get Cypriot passport

Anish Bhatt said that the process to get Cypriot passport was very smooth, and it is a daunting process to switch to the new country. It is even more comfortable if you associate with a consultancy that specializes in this process.

“Cyprus offers the fastest route to the citizenship of Europe through the investment program.” The investment can be in any manner like €2 million to purchase a home in Cyprus, and €2 million investment into land development, businesses, hospitality, etc. To get Permanent Residency Visa “applicants need to invest €300,000 plus VAT in the field of real estate, and comply with necessary basic annual income criteria,” he explained. 

Major Benefits of Cypriot Citizenship or Residency

• Once you get Cypriot residency or citizenship, as long as you spend minimum 60 days in a year in the Cyprus and less than 183 days in some other country, then for tax resident in Cyprus you are eligible, which can be remarkably tax efficient.

• Lowest corporate income tax rates by Cyprus in the EU, which is12.5% which can be decreased to as short as 2.5% by using Notional Interest Deduction (NID). Also, there is no inheritance or estate tax, capital gains, and tax on dividends is zero so it has a lot of benefits for Indians considering financially.

• Primary applicant family members can also easily acquire Cyprus residency or citizenship; under 18 years age, you can include spouses and children and there a chance to include adult children till the age of 28 if they are dependent on the primary applicant financially.

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