Cyprus is considered to be an attractive country for living, doing business and studying. In 2014 the Cyprus Government decided in adopting the provision to obtaining citizenship by buying property (this applies to foreign investors). The Government of Cyprus has established and revised a “Scheme for Naturalization of non-Cypriot investors by exception”, amended in 2016. According to this Program every foreign citizen can acquire Cypriot citizenship by investments of one or more kinds. The fast way of obtaining the Cypriot citizenship is by buying real estate in Cyprus.
What are the advantages of buying of the real estate in Cyprus?
- Acquisition of real estate in the amount of at least €2,000,000 is regarded as an investment in the Cypriot economy and is the main qualifying requirement for participation in the “Citizenship by Investment in Cyprus” Program. On fulfilment of this condition the investor is normally granted citizenship of Cyprus within 6 months.
- The Investor can choose the property of their preference as in Cyprus there is a big number of high quality buildings and infrastructures.
- Prices for real estate in Cyprus are affordable and reasonable, even in the largest cities of Cyprus in comparison with other European countries.
- Investments are reliably protected as investors are allowed to sell a property purchased under terms of the Program after three years have passed (except for personal real estate for the value of at least €500,000, which must be retained on a continuing basis).
- The full amount of investments made by an applicant shall belong to him or her which makes the program unique in comparison to other countries.
- Important amendments to legislation were implemented with respect to tax matters in favour of investors, such as abolishment of immovable property tax from 2017 and tax reliefs with respect to payment of VAT.
What are the steps of getting citizenship through acquisition of real estate?
- Search, examination and selection of the real estate objects for investments with a possibility to perform remotely, i.e. the clients doesn’t have to be physically in Cyprus in order to select a property.
- Preparation of application. The client is provided with a detailed list of documents and necessary requirements. The applicant shall prepare all the required documents which must be officially translated into Greek or English and apostilled (for those countries which are Contracting parties to the Hague convention of 1961) or stamped with the official seal of the Ministry of Foreign Affairs and respective embassy.
- Submission of applications for the residence permission and for citizenship grant. At this stage, the applicant and the members of his (her) family are required to visit Cyprus to deliver their biometric data. All the required documents (such as the sales and purchase agreement, application, the receipt as confirmation of payment for the item of real property, etc.) shall be submitted to the Ministry of Internal Affairs for consideration.
- Approval of application by the Ministry of Internal Affairs. The Ministry approves the application for granting of citizenship within three months from the date of its submission. At this stage, the applicant is required to pay the Government a fee of €5,000.
In 2003 the Marriage Law was put to action in Cyprus. The procedure was divided on the before or after 2003 date of marriage. If you got married before 2003 then your divorce would have to be dissolved by the Cypriot Family Court Law, but if you married after 2003 then you would get your divorce dissolution according to the Marriage Law regulation.
By Cyprus Law the term “legal separation” is not recognised or acknowledged. Within three years after the marriage registration you can submit an application to the family court in Cyprus and get a marriage annulment.
What are the reasons for getting a divorce in Cyprus?
According to the legislation the following main reasons are taken into consideration when filing for divorce in Cyprus:
- the breakdown of the martial relationship,
- four years of continuous separation,
- the absence of one of the spouses for two or more years,
- the imprisonment of one the spouses,
- separation for five years,
- a violent behavior,
- an immoral behavior.
These are some of the main reasons people get divorced in Cyprus but there are of course a variety of many more reasons behind a divorce.
What are the divorce proceedings in Cyprus?
After a couple takes the decision to go ahead with a divorce in Cyprus, there are some procedures that have to be followed in order to do so. Firstly the couple has to file a petition with a cleric in the residential area of either the husband’s or the wife’s. After that a notification will come from the church stating the divorce procedures can begin with the ecclesiastical court. Three months must pass before the couple can submit their petition with the Cypriot Family Court.
The Family Court will decide in the following divorce issues:
- dissolution of marriages celebrated in churches,
- dissolution of a religious marriage, provided that the dissolution does not fall under the regulations of the Family Courts of the Religious Groups,
- dissolution of civil marriages, family issues such as child custody, maintenance and division of property.
Considering the difficulties arising from the application for divorce with ecclesiastical courts and family courts as well, couples are advised to ask for the legal advice from our office before commencing the procedure.Read More
To be a Cypriot citizen is a major advantage which involves a plethora of benefits that come from being a member of the Republic of Cyprus which is a member of the European Union. In an unsure, growing world a second passport is an investment for anyone to own for future use. It offers among other benefits extra stability and protection, portfolio variety, funding possibilities and asset protection.
Cyprus is undeniably one of the countries with the lowest corporate tax rate. This is a number one reason for business man considering the expansion of business activities to Cyprus especially taking into consideration the treaties that Cyprus has signed with several countries, for the avoidance of double taxation.
Among many advantages are the travel benefits that one may pick up as a Cypriot citizen. Going in and out the entire European Union in any of the 27 Member States without the need of a visa is unquestionably one of the greatest benefits to have as it saves time, money and eliminates the need for administration.
EU residents have rights in specific situations when they travel. For example, as following direction of the European Commission if there are huge delays of a flight there must be dinners and refreshments given, convenience and correspondence. In the event of a delay of over 5 hours the company should offer to discount or refund the ticket.
Amongst the many benefits that the Cypriot citizenship offers with are healthcare rights. As per the right of the cross-border healthcare, EU citizens have rights in regards to health in any of the 27 Member States of the European Union. In Cyprus specific patient cases allow for free healthcare in Cypriot public hospitals. Patients have the benefit to receive healthcare in any of the 27 EU Member States and receive some of the amount paid in respective to what it would be covered by their Country.
The freedom of movement of being in the EU gives EU citizens the right and opportunity to move freely and get a job in any Member State without restrictions. Furthermore, citizens of the EU Members States additionally have the right to work and live in any Member State with their family even if their spouse is not an EU national.
Under the social security scheme Cypriot citizens can benefit for a number of advantages offered like for example sickness advantages, job-seeking, maternity leave, pension, disability allowance and workplace accident allowance.
Educational advantages are another part of essential advantages that one may pick up as a national of the Republic of Cyprus. Cyprus has two profoundly perceived public Universities (University of Cyprus and Cyprus University of Technology). Cypriot residents that gained a place at the state funded Universities are not subjected to any educational cost expenses as the whole University classes are free.
Furthermore, Cypriot citizens have the right to study in a different EU Member Country with the same conditions and fees as the residents of that country.
Cypriot citizens who are insured under the social security scheme are allowed to receive pension. Additionally they have the same rights to social insurance with the nationals of the EU Member State in which they live or work. Moreover, EU citizens can keep the right to get their social insurance advantage even if they move to a different EU country.Read More
Why Living in Cyprus is a great opportunity
Cyprus is a long-loved place to relax and rest. It is an island with a great climate, good infrastructure, a decent selection of private schools and universities. It is a place where one can find high quality and relatively inexpensive products, beautiful beaches as well as numerous multi-lingual communities that attract people from all over the world. The majority of people coming to visit Cyprus, decide to settle on the island and buy property here which is one of the main requirements for obtaining a residence permit in Cyprus. The island is considered as the 5th best relocation destination according to Knight Frank Global Lifestyle Review 2013. A combination of business-friendly environment and high quality of life – the island gives the opportunity of enjoying the best of both worlds. Low stress life, art, culture, gastronomy and hospitality are some of its features that can make anyone adore this small heaven. A jewel in the East Mediterranean with a host of opportunities and prospects for both economic growth, prosperity and an enviable lifestyle. Life is meant to be enjoyed in Cyprus.
Cyprus is an island in the sun, offering 340 sunny days per year. The average temperatures during winter range around +23°C and during summer around +34°C. Furthermore, winters are short, summers are long, and you can expect to see the sun with a reasonable degree of certainty about 89% of the time. It has been scientifically proven that sunshine is good for lifting our spirits and making us feel happier. Take as example the simple fact that only 20 minutes in the sun gives our skin the boost it needs to rejuvenate itself.
The Republic boasts an extremely high standard of education. In fact, many Cypriot children have the opportunity to attend one of the many International schools on the island. Compared to other more popular ‘Study-Abroad’ Destinations around the world, Cyprus has a lower number of international students which makes studying much more interactive between students and instructors. With international students from over 25 countries including India, Nigeria, Russia, China and many others, students are guaranteed to have a multi-cultural experience. It should be pointed out, that schools and universities in Cyprus have an extensive variety of subjects as well as extracurricular activities. Our educational system is working in a proper manner for many years and provides high-quality knowledge from UK and USA. It is no coincidence that Cyprus holds the 4th place out of 144 countries for ‘Higher Education and Training’ according to the World Economic Forum Report 2015-2016.
Low Crime Level
The Republic of Cyprus has one of the lowest crime rates in Europe. This alone has been enough to convince many young families that moving to Cyprus is a great idea. According to ValuePenguin Safest Countries in the World Study 2015, Cyprus is ranked as the 1st most safe country among smaller Countries and 5th worldwide.
The clean air on the island, largely owed to the absence of heavy industry on its shores, is an often-overlooked factor by those considering relocation here. The level air of pollutants is actually very low. Additionally, Cyprus’ immaculate beaches have been named the cleanest in Europe for the 11th consecutive year, with a total of 57 local coastlines receiving the Blue Flag certification.
Cyprus excellent transport and telecommunication facilities make it one of the most attractive destinations in the European Union for both living and doing business. The island has two international airports and two ports offering variety of travelling options. Approximately 35 international airlines operate on a regular basis. Furthermore, commutes are minimal between cities which make internal travelling enjoyable.
Hard-working people with Academic talent
Collaboration with highly qualified professionals with high education in legal, accounting, business administration, legal proceeding, trustee, investment, brokerage and banking services. In fact, around 81,7% of the country’s economy is based on these services thanks to its dynamic, diverse and skilled workforce of tertiary education. This also can be evidenced from the 34th place that Cyprus strongly maintains for ‘Labour Market Efficiency’ according again to the World Economic Forum Report 2015-2016.
The Island harmoniously blends influences from numerous nations due to its historical background. Cultural influences have come from all directions, with many civilizations leaving their mark on the island, contributing to the development of a rich and diverse cultural heritage. Its landscape is dotted with the fascinating remains of history that one can easily visit all-round-year. Peaceful – picturesque villages are hidden on the stunning mountains. Local – international festivals, exhibitions, concerts taking place at both modern and ancient venues as well as flourishing museum nights are some of the events that one can attend to throughout the whole year.Read More
The legal profession has a bad reputation. This is particularly true in the startup world. Some of this is well deserved.
Many startup attorneys take a one-size-fits-all approach to their new start-up clients. They want to structure your start-up in a format that will make it easier to ship you off to the Venture Capital firms with whom the attorneys have a long term relationship.
Unfortunately, this format makes sense for only a small, a very small, fraction of start-ups.
Most startups, even very successful start-ups, do not need to rely on Venture Capital money to fund their business start-up. Most entrepreneurs who rely upon Venture Capital funding for their start-up never get funding. And if the entrepreneur does get Venture Capital funding, that entrepreneur will find out that Venture Capital funding is the most expensive money the entrepreneur will find. There are lots of other funding options available to an entrepreneur today.
Up Venture Capital Creek Not Always the Best Path
In our experience, the ride up Venture Capital Creek does not benefit most startups. It makes no sense to structure a start-up for the ride up Venture Capital Creek when that is the least likely route to successful funding for your start-up. Entrepreneurs who structure their start-up for the ride up Venture Capital Creek will always end up spending a lot more money than necessary for a business structure that does nothing to improve the probability of their success.
Every start-up is different. Every entrepreneur is different. Every business plan is different. An experienced, ethical and honest attorney will structure your start-up in a manner that will maximize the probability of your success. That attorney is the attorney that founders should be looking for when they look for an attorney to help them launch their business. An experienced, honest attorney at an ethical law firm wouldn’t send you up Venture Capital Creek unless that was the right path for your start-up, and it is not the right path for most start-ups.Read More