Cyprus to announce their fast track processing in relation to the Cyprus Investment Program (CIP)

May 15th 2020

Cyprus is a very popular destination in relation to foreign investment especially in the most recent few years. In 2018, Cyprus was graded 8th out of the top 20 countries globally as per the Global Finance Magazine’s Foreign Direct Investments (FDI) performance and appeal.

Setting up a Cyprus company has become very popular within the EU as well as outside the European Union due to its low tax rates, low corporate tax and the small set-up costs along with reasonable professional accounting and legal amenities.

Administrative procedures for registering a company have now become more simplified, and Cyprus registered companies can be entirely owned by foreigners. Share capital can be in any currency and there is no minimum paid-up share capital.

If you choose to reside in Cyprus by spending 183 days in the Country, then you can become a tax resident or if you choose not to be a tax-resident, then you need only reside for sixty days in the country within once calendar year. This way, you can take advantage of Non-Dom status for new tax residents with at times substantial tax deductions on your income along with tax exemption on interest and dividends for seventeen years.

The Non-Dom position is an asset to some investors who would like to move to Cyprus, either through the Cyprus Investment Program (CIP), or by applying for a Cyprus Permanent Residence or a Work Permit.
On the 12th May 2020, the Government of Cyprus made an announcement in relation to the fast-track processing of citizenship applications through the CIP in order to enhance the economy. The Government made several decisions to combat the financial impact that the outbreak of the coronavirus has affected country.
A big advantage is that the Government is looking to proceed with remote application in relation to the CIP which will then give you a very high probability in being able to acquire an EU passport without you even having to leave your home and this all may happen in less than 6 months!

More information can be obtained from the Government link:-
http://www.moi.gov.cy/moi/moi.nsf/All/0A09FCB93BA3348BC22582C4001F50CF