Ranked as the 5th best relocation destination in the world by an international lifestyle review, Cyprus vaunts a number of advantages for those seeking to relocate within its shores or attain a Cypriot/ European Passport (Source: 2014 report prepared by Knight Frank, a premier independent, global real estate consultancy firm). Judged on the basis of chief business and leisure indicators, Cyprus shared the limelight with Switzerland as the only two European countries that made it into the top 5, surpassing Monaco, London and Madrid. This high rank can be attributed to Cyprus’ highly advantageous tax regime which new residents, particularly high net worth individuals, may benefit from.
Vaunting a minimum of 320 days of sunshine annually, Cyprus was dubbed as Europe’s sunniest location. Additionally, one should note that the Cyprus Citizenship by Investment Programme ranked among the “top ten best in the world” in recent studies carried out by leading global immigration experts.
Cyprus Citizenship by Investment - The relevant legislation
Following a number of changes carried out to the Cypriot immigration policy and legal framework, Cyprus now offers the Cyprus Citizenship by Investment Programme to investors pursuant to the “Scheme for Naturalisation of Investors in Cyprus by Exception” on the basis of Section 111A (2) of the Civil Registry Laws of 2002-2013, based on a Council of Ministers decision dated 19th March 2014. On the basis of this law, the Cyprus Council of Ministers is empowered to grant citizenship by naturalisation to foreign entrepreneurs and their families who satisfy a number of eligibility requirements.