Myths and Reality: Debunking 5 Greatest Misconceptions About the Cypriot Citizenship
The Astons’s immigration experts have compiled the most popular myths regarding the Cypriot Citizenship by Investment Programme (CIP) to tell the readers what Cypriot passport holders should expect in reality.
Myth #1: The Citizenship of Cyprus can be revoked
You have absolutely nothing to worry about: either you’re just planning to join the Cyprus CIP or you’re already a passport holder.
The rumours of passport revocation were triggered by the scandalous media publications. The media covered the Cypriot officials’ plans to review a few decisions regarding granted citizenship. These only refer to specific situations where the citizenship has been initially processed with violations and provided to nefarious applicants. According to the laws of Cyprus, passport candidates will be rejected if they have a criminal record or current criminal cases against them in any country, or if the applicants are involved with terrorist organisations or listed by Interpol.
Cyprus employs the indisputable rule of law and closely adheres to the immigration rules. If the applicant is law-abiding and submits all the documents in due order, he or she will successfully get a Cypriot passport. The citizenship is granted for the lifetime and can be passed on to future generations.
The Astons’s experts will help you collect all required documents, thoroughly check and double-check them and guide you through the entire immigration process - from application to passport claiming. Due to Astons’s professionalism and meticulous application check ups, 100% of our clients are granted with the cherished citizenship of Cyprus. We urge you not to delay and apply as soon as possible. Investors have nothing to worry about, yet immigrations rules tend to be reviewed or tightened after media scandals.
Myth #2: You can’t relocate to the UK with a Cyprus passport
Of course, you can relocate to the UK with a Cypriot passport.
First of all, citizens of a EU member state Cyprus have a right to live, work and study in the UK. You will never depend on the political situation in your home country. Also, you’ll be able to unlock the best-in-class education to your children - at reduced rates.
Secondly, the Cypriot passport will enable yourself and your family not only to settle in the UK but also apply for the British Indefinite Leave to Remain (ILR) in 5 years, and for the British citizenship in 6 years.
Since the UK immigration rules are fairly complex, many foreign investors find the Cypriot passport the fastest and most efficient way to relocate to the UK.
Myth #3: Cypriot citizens won’t have a right to live in the UK after Brexit
As a Cypriot citizen, you’ll be able to live in the UK even after Brexit.
According to the new rules that regulate the residency of EU citizens in the UK until June 30, 2021 (should Brexit be delayed, this date will shift as well), after you relocate to the UK with a passport of Cyprus you’ll need to register online (the Astons’s experts will do it for you). Once you are registered, the countdown will start till you can apply for ILR (in 5 years) or citizenship (in 6 years).
Most likely, the registration rules for Cyprus - a member of the British Commonwealth - will remain equally simple even after 2022.
Cyprus is a former British colony and has close links with the UK, closer than any other EU country.
Myth #4: You can’t make money with a Cypriot passport
In short: of course, you can.
Now in more detail. The Cypriot Citizenship by Investment Programme (CIP) allows you to opt for a few investment scenarios. The most popular is purchase of real estate.
By acquiring property in Cyprus, you can not only procure a passport but also yield the rental revenues, be it commercial or residential property. The Astons’s experts will help you make the right investment choice based on your needs, budget and interests, and ensure a predictable ROI.
Investing into Cypriot property is very beneficial as the industry is now on the rise. According to the statistics, in 2018 the volume of sale and purchase transactions grew by 21%, with Limassol attracting the highest demand city (37% of all deals). Investors mostly favour luxury villas, apartments, holiday resorts and boutique hotels with panoramic views.
Note that the Cyprus tourist industry boasts record showings: last year, the country was visited by 3.9 million people. According to analysts, the largest Cypriot investment project, casino resort “City of Dreams”, will open in 2021 and bring along 300,000 more tourists per year.
Myth #5: Cypriot citizens pay high taxes
On the contrary, Cyprus has a very relaxed tax system. It has one of the lowest corporate taxes in Europe - just 12.5%.
If you are a Cypriot resident living in another country, you only pay taxes from the Cypriot incomes. If you are a Cypriot tax resident, you can benefit from tax deductions. Cyprus’s IP-Box Regime allows local IT companies to exempt over 80% of incomes from taxes.
For further information or to discuss your personal circumstances in a private consultation, please contact Astons at email@example.com or call +44 207 292 2977.