Cyprus is an island nation located south of Turkey in the Mediterranean Sea. It is the third largest island in the Mediterranean and is a tourist hotspot for families, adventure seekers, and holidaymakers who want to experience the nation’s gorgeous coastline, warm climate, and cultural festivals.
What makes Cyprus an attractive location for foreign investors is the fact that the island nation is not populated to capacity and that there is still much unclaimed beautiful coastline for property development, rental, and sale. Many investors are relocating to Cyprus to purchase property and the country has recently amended its economic citizenship program to make relocating to Cyprus even easier for interested investors.
Flying northeasterly, you approach Cyprus low along the southeastern coast. Watch as the city turns into suburbs which melt into farms dotted by rural homes. Try to count the swimming pools as you make a hard left turn over Lamaca Bay . Once the plane begins its turn there’s nothing to be seen except the Mediterranean Sea.
The plane straightens, flying lower until you feel the wheels touch down on the only runway at Lamaca International Airport. After a short taxi to the gate, you step off as the salt breeze flicks your nose.
You’re in Cyprus. Like hundreds of thousands before you, you’ve come to the island nation for a vacation. Thousands of others have decided to make Cyprus home.
Cyprus’s New Investment Program:
Recently in May of 2013, the Cyprus Council of Ministers amended the nation’s existing citizenship by investment program. In order to qualify for the program, a foreign national must make one of four investment choices: a mixed investment, a direct investment, a deposit into a Cyprus bank, or a combination of these three options.
If the foreign national makes the mixed investment, the national must invest at least 2,000,000 Eurosinto shares and/or bonds issued by the Cyprus State Investment Company, and must also donate a minimum of 500,000 Euros to Cyprus’s Research and Technology Fund.
If the national chooses to pursue direct investment, the national must commit a minimum of 5,000,000 Euros into residential or commercial property, the purchase of a commercial enterprise that is located in Cyprus, the purchase of bonds/securities that are issued by Cyprus, or into a company or group of companies that are completing a public project. By selecting this option, the investor is required to retain the investment amount for at least three years.
If the investor decides to make a bank deposit, the investor must place a deposit of at least 5,000,000 Euros into a Cyprus bank and retain the deposit for at least three years.
Finally, the investor can spread an investment of 5,000,000 Euros amongst all of the above choices or any combination of the above choices.
Alternatively, the investor can qualify for citizenship if the investor is a shareholder or owner of a company that is managed in Cyprus if the company has been in business and paid Cyprus taxes for the past three years and the amount of taxes paid and/or business services utilized totals at least 500,000 Euros per year. If the company employs 5 or more Cyprus citizens, the amount is decreased to 350,000 Euros, and if the company employs 10 or more Cyprus citizens, the amount is further decreased to 200,000 Euros.
In addition to the investment amount, the foreign national must also make at least one visit to Cyprus, have a clean criminal record and a privately owned residence in Cyprus that is valued at 500,000 Eurosor more. It is important to note that, although it is not required that the foreign national reside in Cyprus, the national will not be qualify for the Cyprus tax breaks until the national spends more than 183 days in the country in one calendar year.
Cyprus's Investment Program:
Located at the crossroads of the world in the Mediterranean Sea, Cyprus is just hours away from any part of Europe and not-that-much further to Asia, Africa, and Americas. When you choose Cyprus for your home.
Life was different when Cyprus was discovered as a prime travel destination. Ships would line up at the dock and offload freight while passengers descended the gangplank. On the pier, drivers waited with signs indicating the name of their charges. Porters delivered luggage directly to hotels, and guest service representatives were available for anyone wanting to arrange an excursion. Today hundreds make their new homes in Cyprus with the help of Bukh& Associates http://cypruscitizenship.info/ Europe is just a few hours away from Cyprus. A person can pass the afternoon in the mountains of Germany, the hiking trails of France and wander the streets of Spain — and still be home for dinner.
Cypriots have the freedom to roam, wander and travel inside the entirety of the European Union — they also enjoy “expanded rights.” For example, if there’s a travel interruption within the EU, airlines are required to provide meals, snacks, and accommodations when overnight stays are required. If travel is interrupted for 5 hours, or more, the carrier also is required to provide ticket refunds.
For those frequently traveling outside Cyprus because of their jobs, re-entry requirements are relaxed. Visa and passport examinations are easy with a “frequent traveler” line set up at each border crossing. Cyprus already has some of the easiest and quickest entry points with very little bureaucracy, but the designed frequent-traveler lines make things smoother and faster.
A Cypriot passport, obtained with the help of Bukh& Associates allows the holder to travel visa-free to over 155 nations.
Among the major carriers flying into Cyprus daily are:
• Turkish Air
• Airlines Air
• Malta Air
• Serbia Air
• MEA TAROM
• Lufthansa LOT
• Bulgaria Air
• Qatar Airways
• Air Moldova
Larnaca International Airport is Cyprus’ primary gateway for international flights as well as the bigger of the nation’s two commercial airports, the other being Paphos International Airport on the island’s southwestern coast.
Another aspect which is making Cyprus a desirable place to live are the educational benefits. Cyprus has two recognized universities where citizens may attend tuition free.
Cypriots may also study in another European Union state with the same provisions such as covering the same tuition as the host country — a prime benefit since several EU Members provide free education at both undergrad and post-grad levels. The entire region recognizes degrees, diplomas and other certifications among EU nations, so a degree, diploma or certificate awarded in any member state is recognized by all.
Educational activity in the island nation is managed by the Minister of Education and Culture.
The school operation is broken into preschool (ages three to six), primary (ages six through twelve), secondary (ages twelve through eighteen) and higher (ages eighteen and over). Full-time schooling is mandatory for everyone between five and fifteen. State-offered matriculation, al all levels is covered by taxes.
Cypriots enjoy a synchronic method of accredited autonomous schooling, and guardians may desire to school their kids by any appropriate methodology. Prep school and university fees are not routinely reimbursed by the government.
University often starts with a 4-year degree. Postgrad credits comprise master’s degrees, either directed or by independent study, and the doctorate, a research degree that takes three years. Institutions expect accreditation to award degrees.
EU citizens have wide healthcare rights in each of the member states. Cyprus gives its citizens healthcare based on socio-economic criteria. Many Cypriot hospitals and most Cypriot physicians are training in America or The United Kingdom The hospitals are free, and a citizen is provided a European Health Insurance card which grants them the privilege of getting care and treatment at the same cost as individuals insured in the member state.
For individuals moving to Cyprus, private medical coverage begins at around $250 a month.
As with most nations, Cyprus’ healthcare is split into public and private. Public healthcare, at least for citizens of the EU, is free — or very inexpensive. Even private healthcare is extremely affordable.
Both types, private and state-funded, are found throughout Cyprus’ major cities. The healthcare facilities on the islands south are usually thought to be better than those in the Turkish-controlled northern part of the island.
Emergency medical care is free to citizens and visitors but often triggers a small fee depending on the care.
There are multiple, national emergency services in Cyprus, but can be inconsistent in level of care and comparatively slow. Foreigners often rely on neighbors and friends to take them to the hospital in non-critical situations.
Some private health care facilities have their ambulance service but charge for transporting patients.The standard emergency numbers are:• 112 — General emergency number for EU nations
• 199 — The local emergency number in Cyprus
Citizens from EU-member states may qualify for free health insurance, but this applies only to hospitals in the south. Foreigners living in the northern parts of Cyprus will need private insurance.
Healthcare, the public component, is managed by the Ministry of Health and financed by taxes. Foreigners who are permanent residents in Cyprus are eligible for free state healthcare and can receive a state medical card when they register for social insurance.
The health ministry divides patients into three categories based on income, chronic illnesses and the number of children a person or couple has.
Many foreign residents select to take buy private health policies to access a broader variety of facilities and skip the public sector’s frequently long wait lines. An assortment of plans are available to foreigners in Cyprus, and each receives individually tailored care based on select criteria.
Two Main Private Insurance Choices:
There are two primary private health insurance choices available to foreigners. Many choose the flexibility of international private medical coverage, and others go for considerably cheaper premiums with a local medical insurer.
Treatment is frequently paid for up-front and then reimbursed within the calendar month. Typically it’s not necessary to notify the insurance provider before getting treatment. Most companies provide a 24-hour toll-free number to answer any patients’ questions.
Cypriot pharmacies are open from 9 am until noon and then from 3 pm to 6 pm. Most don’t open at all in the middle of the week.
Foreigners needing a prescription for controlled substances should bring an original script when they arrive. Foreign prescriptions are not recognized, and some pharmacies might refuse to accept them.
Where prescriptions are not accepted, foreigners should make an appointment with a local (Cypriot) physician. Most won’t charge for writing minor prescriptions — such as birth control — but major medications may require several visits. This depends on the physician.
The ease of movement within the EU gives Cyprus’ citizens the ability to move freely in any member state and get gainful employment — without limitations.
Citizens of member nations are also allowed to work and live in any member state — even if their spouse isn’t an EU citizen. Bukh& Associates can help with the documentation.
Cyprus provides minimum wages for professionals who are not covered under a collective bargaining agreement and fall outside any group contracts.
Workers who have been employed for two consecutive years, with the same company, are shielded by the ‘Redundancy Fund, ‘ and those who have been wrongfully terminated get the wages owed by the firm as long as they have been employed for six continuous months.Work Permits
Applications for work permits in general work categories are submitted by the employer to the Civil Registry and Migration Department. The application must be sent with a work contract stamped by the Department of Labor and Social Insurance
In general, these seven items are required:
1. Application on form M58 and M64
2. Photocopy of passport
3. Clean criminal history certificate
4. Medical certificate(s)
5. Bank letter guaranteeing 200-500 Cyprus Pounds depending on the nation of origin
6. A Work contract, and
7. 20 Cyprus Pounds to cover application filing and submission cost.
Online Job Hunt:
Listed below are various resources for seeking employment as a foreigner in Cyprus:
• Public Service Employment Online System
• Cyprus Jobs
• Career Builder
• Career Jet
•District Labor Offices in Cyprus
• Learn 4 Good
• For native English speakers, teaching English could be an option. Each of these sites is similar and have an enormous amount of teaching English work options:
• ESL Employment/
• Total ESL
• ESL Cafe
LinkedIn https://www.linkedin.com/ is a resource for building contacts in the field and region of your interest.
The Cyprus citizenship by investment application must contain proof of the investor’s owned residence, that the investor visited Cyprus at least once before making the application, and that the investor has not committed any crimes. Of course, the most important part of the application is documenting that the foreign national made the requisite investment.
If the investor made the mixed investment and donation to the Research and Technology Fund, the investor should include with the application the receipts for the donation and proof of the bond/share purchases.
If the investor made the direct investment, the investor should include the contract of sale for property, the transfer of title documentation, the contract of sale for the business, or the proof of purchase of the business shares.
In the event that the investor chose the bank deposit option, the investor should include the wire transfer and deposit confirmations with the application.
If the investor chose the business ownership option, the investor must include the Certificate of Registration of the company, the company’s audited financial statements, and the certificate of shareholders showing the investor as one of the owners or shareholders.
Benefits of the Cyprus Economic Citizenship Program:
Upon receiving approval of the citizenship application, the foreign national and family will receive Cyprus passports. They can use their passports to travel freely throughout the European Union without the need for obtaining different visas. Additionally, the investor can freely and easily transfer any amount of funds from one EU member state to another, as well as purchase property or make investments in any EU member state.