According to a 2014 real estate report, Cyprus also ranked fifth in terms of best relocation destinations in the world, the only other European country along with Switzerland to garner a place in the top five, ahead of London, Madrid and Monaco.
Cyprus’ geographic location, stable political situation, favourable tax environment and highly educated multilingual workforce are just a few of the advantages that attract foreign investors to the island as both a home and workbase.
The fact that an actual continued physical presence in Cyprus to gain and keep citizenship is not required is another factor in Cyprus’ favour.
“Most of the Henley & Partners clients are not looking to immigrate necessarily,” Yiannos Trisokkas, Managing Director of Henley & Partners Cyprus Ltd, told the Cyprus Weekly.
“Mobility, safety and security, education, tax benefits and lifestyle are often primary motivators for clients acquiring the Cyprus citizenship”.
The Cypriot government’s latest reforms to its immigration policy and legal framework have further opened the way for third country nationals and their dependants to apply for Cypriot citizenship swiftly and almost red-tape free.
Although the government does not disclose the numbers of applications received or those that havebeen approved or denied citizenship, Henley & Partners, just one of the major players in the programme, says it has brought in over $4 billion in foreign direct investment since it began operating and has seen a two fold rise in the number of applications received this year over 2014.
According to Trisokkas, most investment is ploughed into property, mainly in Ayia Napa, Limassol and Nicosia.
“We have seen a more than 100% increase of applications for Cyprus in 2015 compared to 2014. … Each year, hundreds of wealthy individuals, families and their advisors rely on our expertise and experience in this area,” Trisokkas said.
A global market
With visa-free travel to 157 countries and good transport links to the rest of Europe, Asia and Africa, holding a Cypriot passport allows investors to take advantage of easy access to international markets in which they can promote or grow their businesses further.
“As globalisation has expanded, residence and citizenship by investment have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors.”
Ranked 17th out of 111 countries in a quality of life index, investors interested in making Cyprus their new home are often attracted by the good-quality healthcare and public and private education from pre-school to university education that Cyprus has to offer, as well as a low crime rate.
According to Trisokkas, most interest comes from the Far East as well as from the Middle East and North Africa region, followed by an emerging interest from Africa and North America.
“Henley & Partners has offices in 23 countries and is probably the only international company that source investors from countries that we in Cyprus might have never considered attracting investments from,” he added.
The citizenship programme requires a significant financial investment, attainable by high net worth individuals, who must pass strict vetting scrutiny. Trisokkas believes from experience that interested candidates are talented and open-minded global citizens, something, which can only benefit Cyprus’ image as a business centre.
“Henley & Partners has a 100% success record in Cyprus as our company does a very strict due diligence already before we onboard clients. As an IMC member (Investment Migration Council Member) we have the strictest policies for compliance checks in place”, he noted.
Source: InCyprus
