LONDON, Feb. 8, 2016 /PRNewswire-iReach/ -- Cyprus has topped the list of countries
favoured by investors for citizenship according to leading
Golden Visa consultants La Vida. "We have seen a marked shift
towards Cyprus from the Caribean
programmes" according to La Vida CEO Paul
Williams.
Photo - http://photos.prnewswire.com/prnh/20160206/330404
Cyprus is the only country in
Europe that offers a guaranteed
passport through real estate investment, issued within 3 months. As
a full member of the EU, citizenship in Cyprus grants the investor citizenship of
Europe and hence the ability to
live or work anywhere in the European Union as a European
citizen.
While the Caribbean programmes
grant passports that ease travel worldwide, the residency benefits
are not as attractive as those in Europe for most investors. The Caribbean programmes offer a cost effective
route to a second passport but do not offer the quality and
prestige of a European passport. "We are finding our Ultra High Net
Worth clients are favouring Cyprus
because the investment is secured in real estate while with other
programmes the money is often lost in government contributions"
says Williams.
Currently citizenship is available in Cyprus by investing €2.5
million in real estate. Second passports are offered by five
countries in the Caribbean,
St. Kitts, Dominica, Grenada, Antigua and the recently launched programme
from St. Lucia. Investments
through real estate are typically $200,000 -
$400,000 with government costs and related fees around
$150,000 for a family of four.
Residency in Europe through
real estate investment is showing strong growth with four
programmes launched in the last few years from Spain, Portugal, Greece and Cyprus.
Gaining citizenship in Europe
is a longer process in other countries. In Portugal an investment in real estate of
€500,000 grants a Portuguese golden visa for residency and can lead
to citizenship after six years. In Spain, at the same investment level
citizenship can be applied for after 10 years of residency. The UK
recently raised its investment level for the Tier 1 programme to £2
million and has seen a big fall in the number of applications in
2015. However the UK Tier 1 programme grants residency only and
citizenship is far from guaranteed.
The benefits to the Cyprus
programme are quite clearly the European citizenship. "Many
investors are looking at this for their families and their
children's future" says Williams. As a citizen of the EU students
have access to European universities at EU citizen rates and of
course can later live or work anywhere in Europe. Cyprus also offers a very favourable tax
status for those investors looking for a tax haven. Cyprus has also become popular with wealthy
American investors looking to denounce their US citizenship to
avoid US taxation on their international earnings.
La Vida is currently marketing the One Tower in Cyprus. Set to be the most prominent building
on the European coastline "One" is available to reserve off plan at
reduced prices before 1st March 2016.
La Vida expects One Tower to offer considerable investment
potential and capital growth prior to completion. "It is the most
prominent building in Cyprus and
offers a level of luxury that appeals to the Ultra High Net Worth
clients" says Williams.
Media Contact: Edwina
Keyser, La Vida, +44 207 060 1475, info@goldenvisas.com
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SOURCE La Vida