According to figures of BBC, the number of Britons granted citizenship of another EU country increased by 158% since 2016. Brexit is likely to make UK Citizenship less useful for working, living or travelling in the EU. As Brexit comes to reality the dual citizenship demand from the Britons is rising and is expected to grow. The UK passport looks like it will become less powerful and many British people want to ensure that they will keep their EU rights, freedom and easiness of movement.
- What are the main rights of EU Citizenship?
- Travel freely to 157 countries worldwide
- Live, reside anywhere in the EU.
- Diplomatic protection from any EU member state in a third country.
- Vote and stand as a candidate in elections of a state member or in EU elections.
Cyprus as we know is a very famous destination to British people for business or vacation purposes. The island is also a great place for entrepreneurs, investors and pensioners who want to reside under the warm Mediterranean sun or operate their business under a solid business environment.
So while many families choose to reside in Cyprus just because is a great island to live, many investors take advantage of the Investment program offered to do business, setup companies and at the same time gain citizenship for all the family allowing them to enjoy all the European citizen privileges.
Why choose Cyprus for dual citizenship?
- Citizenship granted to investor and the rest of the family
- International business and Maritime center. Ease of doing Business.
- Low corporate tax rate – 12.5%
- Personal tax exemptions and deductions
- Non-domicile provision
- No restrictions for capital movement
- Freedom of movement to 157 countries
- More than 180 double tax treaty agreements
- Sunniest country in Europe – 340 days of sun yearly
- One of the safest countries in the world
- Various growth sectors currently – Tourism, Energy, Casinos and many Residential developments
What are the business motives for investors?
- People in Cyprus are amongst the most educated individuals in the world, specializing in accounting, legal and other business professions with studies in well-known Universities in UK and the US.
- The Cyprus legal system is fundamentally based on the English legal system, which is one of the most efficient and reliable legal systems in the world. The legal system has some minor influences from the continental European legal system but its foundation is based on the Anglo-Saxon judicial system.
- The Cyprus Company Registrar is based on the UK’s Companies House system, its legal aspects and is fully computerized.
- Cyprus Companies are obliged to fully implement and follow the International Financial Reporting Standards of Accounting in accordance with all the provisions of International Accounting Standards Board.
- The country is a member of the United Nations and Organisation for Economic Cooperation and Development. It fully adopts the UN charts as well uses OECD recommendations for economic governance and development.
- Furthermore, the Cyprus banking system is also based on the Anglo – Saxon system where its foundations are based on the colonial era of 1887 to 1960. The period in which Cyprus was a British Colony. Nowadays, Cyprus banks follow the world banking standards and are monitored by the European Central Bank.
Download the personal tax guide of Cyprus here.
Corporate Tax guide