Cyprus Citizenship and Residency
The Cyprus government has implemented various incentives so as to encourage foreign investment into the country. One of the most popular is the Citizenship through Investment Program whereby an applicant can acquire Cypriot citizenship and receive a Cyprus (EU) passport through naturalisation if they make a €2mln investment in real estate and meet certain other criteria.
In an effort to enhance the competiveness, fairness and simplicity of the Cyprus Tax system and make it more attractive to foreign investors, the Cyprus Government passed on the 16th of July 2015 among others the introduction of “Domicile” concept. The introduction of the non-domicile rules aims to attract high-earners relocate to Cyprus and use Cyprus as a business centre, by transferring the headquarters of their business and creating real substance.