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In the Global Chaos of political and economic instability, wars that force people to leave their homes and transparency requirements such as the De-offshorization and EOCD Exchange of information, the majority of High Net Worth individuals and businessmen worldwide started to look beyond the Offshore Corporate Structures towards other solid solutions. Solutions, that will not only open the doors to a new ways of doing successful business, but will also protect their wealth and ensure high quality of live for them, their families and for the generations to come.
In the globalization age with a common market rules more and more wealthy people around the Globe are combining corporate immigration with economic citizenship that allows them to facilitate their mobility and cross-border travel and to get access to new markets and business opportunities. By obtaining residence in active cities such as London, or by obtaining a passport that facilitates visa- free travel a businessman gains easy access to international business platforms and is introduced to new industries.
The Dual Citizenship gives the High Net Worth individuals and their families the rights for social services, high standards of healthcare and grants their children access to some of the top schools in the world. For example students with European passports, can apply to any of the highest rank universities of Europe. Some countries restrict land ownership to citizens only, and as a legal citizen an investor can purchase property in that country. These factors together with the possibilities to invest in luxurious properties in the country of their choice, will significantly increase the family standard of living and the opportunities for professional realization on a global scale.
With many countries in social unrest, economic strife, and political turmoil and governments that encroach on the business and personal affairs to increase their tax revenues, the ability to live in a stable country committed to the rule of law provides safety, anonymity and personal securities. Some governments that offer Citizenship by Investment programs encourage the investors by providing simpler regulations and business-friendly environments. A second passport in such cases can protect the owner from harmful discrimination. Countries with more flexible governments that allow their citizens to keep their personal privacy, freedom and enjoy lower personal income taxation, are attracting more than ever the High Net Worth individuals.
The today’s World is interconnected in so many ways, we are in globalization fast moving age where nationality, religion and even languages are rather a matter of culture and a personal choice. The question “Where are you from?” for many is rather fictional, as they can identify with two, or even more nationalities, languages and cultural identities. People are constantly moving from one country to another for many different reasons, being those personal, political, economic or due to business. Doing business today on an international scale requires mobility and flexibility.
All this movement has changed significantly the immigration model due to increased number of Second Passport seekers. On the other hand pushed by economic challenges and political pressures some governments have restructured their internal policies and procedures to attract businessman and investors to their countries. One way of doing this is through corporate immigration, more relaxed tax legislation and favorable treaties. The other way is through providing special Citizenship by Investment programs. In the past several years the so called Economic Citizenship Market has flourished and the number of countries offering citizenship through an investment programs has risen greatly. The Countries offering such programmes provide simplified solutions for the investors in terms of time to reside in the countries until obtaining a second citizenship under citizenship by investment programmes. As general practice when applying through such program, the investor and his family are not required to reside in the country for extended periods of time before qualifying for citizenship.
There are two main groups of Citizenship programmes by Investment: the European and the Caribbean programmes.
The main advantages of the European programmes are that they provide Visa Free entrance to all Europe, freedom of the EU citizens, possibility to live, study and/or work in EU and enjoy all the social benefits as a European Citizen. The European passport gives Security, Mobility and Freedom, and it is an investment not only for the investor and his/her family, but for the future generations as well.
Cyprus provides the fastest solution for obtaining a passport among all Citizenship by investment programs Worldwide. By investing minimum 2.5 million Euro In Cyprus, through a group scheme investment, an investor and his/her family are given the unique opportunity to receive European Citizenship within only 3 months. Cyprus is an international financial centre offering favorable Taxation with one of the lowest Tax rates in Europe and highly professional workforce. Due to its strategic position between Europe and the Middle East, and beautiful weather conditions all year round, Cyprus is preferred place to live and do business and at the same time enjoy the beautiful beaches and the sea. The long summer season and booming tourism industry gives the opportunity to those investing in real estate to have high returns from rental income. The island has been awarded as one of the top 10 lowest in terms of crime rate countries, therefore is considered as a Safe place to be and raise a family.
The Bulgarian program is one of the newest and most attractive Permanent Residency and Citizenship by Investment programs in Europe, in terms of the amount of investment required and the security of the return of the investment. With two investments of 511.292 EUR in Government Bonds (the first part payable at the moment of application, and the second part payable after one year from the date of receiving of the permanent residence card) one can apply for fast track procedure. Fast track citizenship program takes approximately 1 year, within a legislative framework with full refund of the investment within less than 5 years. Bulgaria offers the most favorable tax rates and free trade environment within the EU. Visa free travel is granted to more than 97 countries worldwide.
Malta provides Combination of investments in Real Estate, Donation to the Government and Investment in the government. The acquisition of real estate with a minimum value of EUR 350 000 to be held for at least 5 years*;or Lease of a residential immovable property in Malta for a period of 5 years, at an annual rent of at least EUR 16 000, and a contribution to the National Development and Social Fund for a minimum amount of € 650 000. Visa free travel to more than 160 countries.
Small Caribbean countries, like Saint Kitts and Nevis, Antigua and Barbuda, Dominica, and Grenada also have citizenship-by-investments programs. The Caribbean programs are generally cheaper and have the advantage of visa free traveling to more than 120 countries including EU and Schengen area, but does not qualify to live, work, study and to the social benefit of an EU citizen. In order to qualify for citizenship by investment, an investor can make either a donation or invest in real estate approved project for citizenship. The Caribbean with its growing economy, safety, stability and natural beauty is thus not surprising that businesspersons look to the Caribbean as a strong candidate for alternative citizenship.
Citizenship programmes can provide easy solutions to some of today’s most difficult problems: Freedom, Mobility, Security, Safety, Privacy, Opportunities for personal growth, in Business and Better Quality of Live.
LAVECO LTD. was established in 1991 and since that date the company’s main spheres of activity have been the incorporation of tax-free companies and companies with a greatly reduced tax burden, and the provision of all the related services. Along with the tax beneficial corporate structures we combine asset protections and investment schemes to ensure the Safety and Higher Quality Life for our clients. Following the current worldwide economic and political situation, the new market trends and demands of our respectful clientele and professional business partners, we have made a step forward by introducing provision of Permanent Residency and Citizenship by Investment Programs. Laveco Limited is licensed agent in Cyprus, Seychelles, Hong-Kong and UAE. With more than 24 years of experience, 9 international offices in Cyprus, Hong Kong, Hungary, Bulgaria, UK, Seychelles, Romania, Israel and UAE, the highly professional team of multilingual business consultants are at your disposal to assist and provide a professional advice.
For any questions and information about Citizenship by Investment programs please Contact Us
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Cyprus’ recently revised taxation framework makes it the only citizenship-by-investment program in Europe to offer non-domiciled investors tax free profits, reports MENA FM. Will this new tax regime and business incentives attract more foreign direct investment (FDI) into the country?
Henley & Partners, the global leaders in residence and citizenship planning for wealthy individuals and families, announced that Cyprus’ Citizenship-by-Investment Program continues to be one of the leading citizenship-by-investment programs in 2015, according to its recent Global Residence and Citizenship Program (GRCP) Report.
This announcement comes after the President of the Republic of Cyprus, Mr Nicos Anastasiades, announced a number of key revisions to the taxation framework of Cyprus and its economy during his speech at the 54th Annual General Assembly of the Institute of Certified Public Accountants of Cyprus. These changes allow Cyprus to offer investors tax free profits until the end of 2016, making it the only country in Europe to do so.
Cyprus continues to be a leading destination for individuals seeking alternative residence or citizenship. Of the leading citizenship-by-investment programs reviewed in the Henley & Partners’ GRCP Report, Cyprus’ program ranked top in terms of Reputation, Quality of Life, Visa Free Access, Processing Time (currently between three to four months), Compliance, Investment Requirements, Residence Requirements, Relocation Flexibility, Physical Visit required and Transparency.
Henley & Partners’ annual GRCP Report uses scientific methodology to systematically analyse the leading residence-by-investment programs and citizenship-by-investment programs available throughout the world. It features expert commentary from leading figures in the investor immigration industry, including an immigration and citizenship lawyer, economist, country risk expert and Professor.
Comments Dominik Zunkovic, Manager of Henley & Partners Middle East in Dubai, “The Cyprus Citizenship-by-Investment Program has seen a substantial growth in demand by 100 per cent from the MENA region in the past six to eight months. The recent changes to Cyprus’ Tax Laws will further enhance its position as a top business and financial centre. As a major business hub for international trade, the island also offers good quality of life for its residents, excellent healthcare system, advanced infrastructure and diverse options for education. A Cypriot passport furthermore provides access to the 28 European Union member states – all of which makes it a highly attractive destination for investors or high net worth individuals (HNWIs) considering an alternative citizenship or residence.”
The Cyprus Tax Update has introduced the status of a ‘non-domicile’ individual, targeting high-level business executives and HNWIs. This revision exempts such persons from the Special Defence Contribution Tax, which is currently 30 per cent on Interest Income and 17 per cent on Dividend Income. In addition, there has been a reduction of transfer fees on real estate transactions by 50 per cent until the end of 2016.
The recent changes also exempts investors from capital gains tax on any real estate transaction, provided that the acquisition is between the date of entry into force of the law and 31 December 2016. It also includes the consolidation and modernization of immovable property tax and transfer fees and notional interest deduction on fresh capital injected into Cyprus companies.
Adds Zunkovic, “With Cyprus now offering an even more advantageous tax regime and numerous other business incentives, we expect to see increased demand from HNWIs, investors and entrepreneurs. This move by the government will further streamline the island nation’s tax system, boost the property sector and ultimately drive more foreign direct investment.”
Going forward, a number of additional measures are being planned and will be discussed by the Cyprus Parliament later in 2015. These proposals include neutral tax treatment for foreign currency exchange differences (forex) which do not relate to trading in forex, an extension of the arm’s length principle to include arm’s length downwards adjustments and an extension of the period of the employment income exemption for expatriates earning over EUR 100.000 from five to ten years.