Indonesia Expat
Business/Property

Cypriot and EU Citizenship: Opportunities for Immigration to Europe and the US

Nestled amongst the Eastern Mediterranean lies one of the warmest and most beautiful islands in Europe, Cyprus. From the temperate climate to the sweeping natural beauty and landscapes, the island is certainly a desirable location in which to reside. In fact, the country is ranked as the fifth best place in the world to relocate.

Not a local but dreaming of moving and living in Cyprus? One way for foreigners to gain Cypriot citizenship is by investing in property development through the “Scheme for Naturalisation of Investors in Cyprus by exception.”

The scheme grants full citizenship to those that invest more than EUR2 million in real estate. Given that all application requirements are completed, and necessary financial documents are provided (the process takes approximately three months), you are able to action for citizenship and a Cypriot passport. This is then approved and finalised after holding a residence permit for at least six months. For details of all requirements visit the Ministry of Interior website at www.moi.gov.cy

The residential development located on the stunning Limassol coast is a unique opportunity open to foreign investment. Besides the central location, near an array of shopping areas, bars and restaurants, residents can take full advantage of the esteemed hotel service and embrace luxurious living. The properties we offer have incorporated sustainability into the 37-floor building design, which utilises daylight, ventilation, shading, and water recycling in order to have minimal impacts on the environment.

The residential property located in Pafos also presents a highly sought-after investment opportunity, focusing on simplistic and sophisticated living. The sustainable development which is built to accentuate and blend with the natural surroundings, is unique and customisable. Investors can alter designs to suit particular lifestyles, by adding gyms, saunas, guesthouses or wine cellars and select stylish fixtures to create a personal touch.

Within two months, individuals can obtain permanent residency for both them and their family through a single, secure real estate investment of EUR300,000. The applicant’s spouse, dependent children under 25, and parents are also eligible for permanent residency, which can lead to EU citizenship after seven years of holding residency permits. The permits are valid forever and don’t require renewal, making it an easy process. The only requirement for retaining permanent residency is to visit Cyprus at least once every two years.

Permit holders in Cyprus have access to several advantages. These include the ability to live freely in Cyprus, the opportunity to own a business or create a Cypriot intermediary company for export trading, and the ability to utilise the country’s favourable tax laws. Cyprus has a low corporation tax rate of just 12.5 percent on net profits, making it an efficient gateway for channelling foreign investments. By invoicing all exports through a Cyprus company and accumulating most profits in Cyprus, permanent residents can benefit from the tax and also from the zero percent tax on dividends.

The chance to become an EU citizen is an extremely desirable opportunity, which can be achieved by holding permanent residency in Cyprus for at least seven years, in accordance with legal requirements and fulfilling certain criteria. EU citizens are able to live anywhere within the EU, can access first-class healthcare and are able to pursue education (including scholarships) within the region. It is also beneficial in travelling elsewhere, such as the US where visas are granted to EU citizens with ease.

Those wishing to apply must fulfil some legal requirements. First and foremost is the purchase of new residential estate at a value of EUR300,000 excluding VAT, which must be accompanied by proof of purchase and contract of the sale. Applicants will also need to provide supporting documentation of their annual income, a fixed deposit into a Cypriot bank account of minimum EUR30,000, and submit copies of their criminal record, marriage and children’s birth certificates, and passport (minimum validity two years).

US RESIDENCY

Welcome to Los Angeles – the largest city in California and the cultural, financial and commercial centre of Southern California. It is no surprise that the city is one of the most popular settlements for US immigration, with the Mediterranean climate and diverse culture.

Under the EB-5 Immigrant Investor Visa Program, created by the Immigration Act of 1990, foreigners can gain US residency green cards by investing into property or business. The minimum investment is US$1 million, but for targeted employment areas (TEA), the minimum investment is only US$500,000. There is a requirement that such investments will create at least ten full time jobs for workers in the US. Under this scheme, individuals can eventually become citizens with the right to live and work in the US.

The Morrison Hotel is one investment opportunity that has opened up for EB-5 investors. Its historical significance is imbedded with the spirit of Los Angeles Renaissance, dating back to the 1920s when it was first built. The iconic hotel will be restored and renovated, whilst also introducing new upgrades including restaurants, nightlife and entertainment offerings.

The projected tourist population coming into Los Angeles will be at 50 million by 2020, thus the need for more residential spaces and hotels will increase. There are also three prominent demand drivers which support the need for increased development.

Firstly, the LA Convention Center is one of the five largest convention and exhibition centres in the United States. With government plans to invest heavily in expanding the centre, there will be a need to accommodate more guests for upcoming exhibitions.

Secondly, the Microsoft Theatre attracts thousands of spectators each year, being the world’s largest music and performance venue.

Thirdly, in 2028 Los Angeles will be hosting the Summer Olympics, meaning that there will be an influx in demand for hotels around that time, particularly as the Staples Center is a main venue.

For more information regarding these opportunities, head to investinvisa.com or contact seminar@investinvisa.com.

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