Cyprus has consistently charmed tourists, becoming a cherished destination. In the face of current global sociopolitical upheavals, the demand for a secure haven, both personally and professionally, has gained prominence. Cyprus stands out as a secure and welcoming residence, coupled with a business-friendly infrastructure. This makes it an ideal sanctuary for investors and their families, offering a seamless blend of home comforts and optimal support for their business endeavors.
In addition to the evident factors such as safety and business opportunities that attract investors to relocate to Cyprus, there exists a myriad of compelling reasons for investors and their families to choose the island as their new home. Beyond its reputation as a safe and business-friendly haven, Cyprus stands out for its captivating natural beauty and a wealth of historical attractions. Investing in a second family or business base here is further justified by various advantages, including affordable living, a favorable year-round climate, top-notch healthcare, and high-quality education, among other benefits.
Responding to the increasing demand for relocation to Cyprus, the government has tried to facilitate the movement of investors, high-ranking executives, and sought-after professionals. To cater to this demand, a range of options for relocation to Cyprus has been made available by the government.
Cyprus Permanent Residence for Investors
In simple terms, the Cyprus Permanent Residence Program for Investors offers permanent residency in Cyprus to Third Country Nationals who have invested a minimum of 300,000 Euros in the country.
This investment can be directed towards options such as purchasing real estate (whether residential or commercial), acquiring shares in a Cyprus company (which must be an active company with a minimum of 5 employees), or buying units in a Cyprus registered fund. The investor has the choice to include their family in the residency application, provided they can demonstrate sufficient income for their family's support. Many investors also choose to include adult children (up to 25 years old) in the application, indicating a preference to relocate their entire family to the island.
Cyprus Digital Nomad Visa
Not only does the Cyprus Government extend a warm welcome to investors and their families, but it has also introduced a new initiative in 2021—the Digital Nomads Visa—aimed at attracting highly skilled individuals in the digital nomad sphere. This visa is designed for professionals capable of remote work, provided their salary equals or exceeds 3500 Euros (net of taxes and contributions). Over the past three years, there has been significant interest from third-country nationals who have chosen Cyprus as their preferred place of residence over their home countries. The program has observed particular appeal among professionals in Finance and Technology, largely attributable to Cyprus' Fintech-focused infrastructure. The Digital Nomad Visa offers diverse benefits, including recently introduced tax incentives tailored for professionals relocating to Cyprus, the option to bring the visa holder's family to the island, and the allure of Cyprus' cosmopolitan lifestyle.
High Ranking Executives
Cyprus has secured a notable position among the top 20 global destinations for executive nomads according to the Savills Executive Nomad Index. This achievement is a testament to the government's proactive efforts aimed at enticing multinational companies to establish offices in Cyprus or even consider relocating their headquarters to the island. The appeal of Cyprus to high-ranking executives is further amplified by its favorable tax incentives and a robust pro-business infrastructure.
The journey towards positioning Cyprus as a hub for executive nomads is still in its pilot stages, and the government has introduced additional incentives to solidify its appeal. Notably, the Cyprus Government has unveiled a pathway to citizenship for executives willing to commit 4-5 consecutive years to working in Cyprus. For those executives who also possess adequate knowledge of the Greek language, there is an opportunity to apply for a Cyprus passport, subject to meeting specific criteria. These strategic measures underscore Cyprus's commitment to fostering a conducive environment for executive nomads and enhancing its global standing in this regard.
For decades Eurofast has been instrumental in facilitating the seamless relocation and establishment of various executives and corporate entities in Cyprus. Our dedicated business development initiatives consistently showcase the island's appeal, emphasizing the myriad advantages of both residing and conducting business in Cyprus. Should you or your organization express interest, please do not hesitate to contact Eurofast Cyprus office at nicosia@eurofast.eu
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