Law

Benefits of citizenship by investment programmes

While the notion of another passport may hold great appeal, as it pertains to making the substantial investment required by residency and citizenship by investment programmes, the benefits need to be momentous for the investment to be deemed worthwhile. That is relating to CEO of Monarch&Co – an organization which offers residency and citizenship programmes, investment properties and capital investment opportunities in hand-picked territories round the world – James Bowling.

How to Apply for a Cyprus Passport

All it takes for a non-Cypriot citizen to apply for a Cyprus passport is to meet a certain set of criteria, which includes specific economic requirements. As stated by the Cyprus Investment Programme, if you meet this set of criteria, you can easily file an application with the Minister of Interior in order to obtain the Cypriot citizenship.

A recent decision made by the Cyprus Ministry of Interior has brought changes to the standard rules. Namely, as of July 31 2018, the applications for the Cyprus Investment Programme must be submitted by legal persons who are registered with the Registry of Service Providers (Registry) of the Cyprus Investment Programme. As a member of this registry, our law firm can assist you with this matter.

Overall, obtaining a Cyprus passport by investment will bring significant benefits in many different fields. If you are ready to take this important step, contact Evagoras Anastasiou and Associates LLC and one of their representatives will get in touch with you quickly to further explain the legal processes and how the firm can help you achieve a Cyprus passport by investment.

“Because of this, financial citizenship, as it’s often described, holds great appeal for High Net Worth (HNW) and Ultra High Net Worth (UHNW) individuals, as they also often take advantage of the return on the investment within these programmes in addition to gaining citizenship opportunities.”

Bowling highlights the most notable benefits for investors in citizenship by investment programmes as the next:

Lifestyle benefits

Citizenship by investment programmes often provide the investor and their families with usage of better basic services such as medical care, education, security and transportation.

“Cyprus, Portugal, Malta and the uk are all customers of the European Union; and therefore a citizen in virtually any one of the countries can live, work and study in any other EU country, which is known as to be a huge profit to numerous,” says Bowling.

Financial benefits

Bowling highlights that some citizenship by investment programmes offer investors results on their investment of up to 12% and sometimes a buy-back assure after the investor qualifies for citizenship. “Not merely does this reduce the threat of the investment, but it also allows investors, especially those from photography equipment, to earn dividends in a international – and often stronger – currency.”

Unrestricted travel

Freedom of travel is one of the major benefits associated with these programmes, says Bowling who records that lots of African passport holders incur huge inconveniences when going abroad because of the passport that they hold. “Visa applications can be considered a costly, frustrating and a generally annoying technique. Buying into a citizenship programme will get rid of the need to use for visas as the programmes provided by Monarch&Co allow shareholders to visit visa-free to many countries on earth,” he explains.

Tax breaks

Through gaining another citizenship, investors are also often in a position to enjoy tax breaks as well as the opportunity of improved personal and corporate tax visibility. “The extent of these benefits would be based upon the new jurisdiction’s offering and incentives as well as where in fact the investor decides their major tax home will be. Cyprus and Malta – and regarding Africa, Mauritius – are countries that provide very attractive taxes jurisdictions to citizens,” says Bowling.

While citizenship by investment applications may take time, the application form process largely is determined by how quickly the job seekers can submit the required documentation. “Enough time considered for buyers to receive their citizenship position varies, with respect to the country and programme. For example, Grenadian and Cypriot citizenship shareholders can receive their passports within 2-3 months, while those who committed to Antigua and Barbuda can get to get their passports within three to half a year. Other countries like Portugal and the united states may take up to six years before buyers can apply for citizenship, however in these circumstances, shareholders still get a large number of benefits in the years building up to their citizenship position, such as visa-free travel,” Bowling explains.

He concludes by expression that enough time it requires to process these citizenship applications and the level of investment required are actually worthwhile for a number of high end shareholders, who are actually reaping the financial and lifestyle advantages that these citizenship programmes offer.