Business prospects for Cyprus resident
The Republic of Cyprus is placed on the island of the same name in the Mediterranean. It’s a British colony in the past and is currently a participant of the European Union. Tourists, nearly 2 million visitors per year, are the main sphere of profit for locals. Therefore, the country's budget is highly dependent on the service section, which is equivalent to 4/5 of GDP. Besides, Cyprus is an exporter of fruits, clothing, and medications. The local fleet of vessels is the fourth major worldwide and also brings great profits.
Is this piece of land good for commerce and existing?
People from Asia, Russia, and South America consider investing in Cyprus in order to enter the European market. What environment does the country offer for business? Let’s find out.
1. The lowest income tax on the continent, 12.5%.
2. No double tax structure between Cyprus and other 60 countries.
3. Full range of professional supports.
4. No dividend tax.
So what about inhabiting in Cyprus? Statistics show that above 20% of the population are migrants. Why do people consider the island a decent location for obtaining a residency? Well, there are a number of advantages.
- No visa is obligatory to visit 150 countries counting the USA.
- The lowest crime rates in the EU.
- Excellent ecology due to the lack of large enterprises.
- Decent private English schools and quality secondary education.
The recently discovered natural gas origin in the exclusive economic zone of Cyprus foreshadows is the richness of the islet. The volume of reserves is valued at 30-40 billion dollars. It can be confidently said that Cyprus has improved to a substantial figure on the world energy map.
How to get Cyprus residency?
The immigration regulation of the island is extremely liberal. Everyone can get a life-long Cyprus residency by investment. The person who meets all requests of the jurisdiction has to purchase at least €300,000 of real estate. The depositor’s family can also get lasting residence.
Gaining the right to live there isn't complicated but has many nuances. Migronis helps to become a resident in Cyprus by investment. Read the central facts of this program on its website https://migronis-citizenship.com/cyprus-residency). The procedure goes on from three to five months.
Cyprus residency or citizenship?
Certainly, citizenship and a local passport provide more opportunities. However, ways of obtaining such status are more complex and pricey. A non-national can obtain the island’s citizenship by purchasing real estate or business there worth at least €2,000,000. There are other requirements as well, you can visit the website mentioned above to learn more. Please keep in mind that it’s also possible to obtain Cyprus citizenship by residing in the country for at least 7 years, even if you obtained residency card via its residency by investment program.