Cyprus or the Republic of Cyprus is an island in the eastern Mediterranean. Cyprus is the 3rd largest and populated island in the south…
Cyprus, the Mediterranean’s third-largest island, offers a sunny climate, beautiful beaches, and a fusion of Greek and Turkish cultures, thanks to its strategic location near Greece, Turkey, and Lebanon. Its rich tapestry of history is woven from past rulers, including Persians, Romans, Ottomans, and the British, contributing to its diverse cultural heritage and traditions. Today, Cyprus is a trading nexus with a skilled workforce and a robust IT sector. It retains British influences, like left-hand driving. Besides beach fun and water sports, Cyprus provides historical exploration with well-preserved prehistoric settlements and Roman relics, offering a blend of adventure, culture, and history.
Cyprus is characterized by a clear seasonal pattern of hot, dry summers from mid-May to mid-October and mild, rainy, and somewhat unpredictable winters from November to mid-March, with brief autumn and spring periods in between. Yearly average temperatures on the island fluctuate, ranging between 16°C and 20°C, with a typical mean of 17.5°C. Rainfall also varies annually and geographically. The peak rainfall occurs in December through February, while the months of July through September are usually the driest.
Cyprus provides a robust educational structure governed by national legislation and overseen by the Ministry of Education and Culture. Education is a constitutional right, free and compulsory for children between the ages of about 4.5 to 15 years. Public higher education is generally free for Cypriot and EU undergraduates, with various fee structures for international and postgraduate students. The centralized education system features limited school-level autonomy, with significant control resting with central authorities. Early childhood, primary, lower, upper secondary, and post-secondary non-tertiary education follow a structured progression, with higher education offered through both university and non-university institutions. Special education, adult education, and second-chance schooling are also integral parts of the system, reflecting Cyprus’ commitment to comprehensive education for all citizens.
Cyprus attracts international students with its low tuition, quality public education system, and courses predominantly taught in English due to the British colonial legacy. The island’s rich history is showcased by UNESCO heritage sites and artifacts, contributing to its unique culture influenced by various civilizations.
For those considering higher education in Cyprus, it’s advised to explore institutions ranked by the Times Higher Education World University Rankings 2022. Among them is the University of Cyprus in Nicosia, established in 1989, which offers a diverse range of programs and is known for quality research, with notable achievements such as a Nobel Prize in economics.
The Cyprus University of Technology, located in Limassol, was founded in 2004, focuses on research and aims to complement subjects not covered by the University of Cyprus. It has a strong emphasis on international partnerships. The University of Nicosia, the largest institution teaching mainly in English in Southern Europe, offers a broad array of programs and has additional study centers in Athens, Bucharest, and New York.
Cyprus offers a diverse range of destinations, with something for everyone. Paphos is great for couples with its romantic setting and historical sites. Coral Bay is family-friendly, with calm beaches and adventure options. Limassol offers a mix of family activities and local nightlife. Nicosia, the divided capital, is rich in history and shopping opportunities. Lastly, Larnaca boasts one of Europe’s best city beaches, plus significant historical religious sites.
As of November 1st, 2020, Cyprus no longer offers citizenship through its previous investment program. Nonetheless, individuals can still attain permanent residency in Cyprus under the current residence by investment scheme, which necessitates a minimum investment of €300,000, alongside fulfilling additional criteria. This program also permits the inclusion of immediate family members in the application.
Citizenship in Cyprus can also be acquired through other means, such as ancestry, matrimony, or naturalization. Each pathway requires a different set of documents and adheres to specific prerequisites. Those with Cypriot heritage can claim citizenship by descent. Spouses of Cypriot nationals may apply for citizenship after a minimum of three years of marriage. Moreover, residency of at least seven years, predominantly spent in Cyprus, is a requisite for those seeking naturalization.
Cyprus used to offer two pathways for foreign investors: on the one hand, the Citizenship by Investment program, which has been discontinued, and on the other hand, the Residency by Investment program. This enchanting tourist haven continues to present a multitude of appealing investment avenues. In the wake of the Cypriot CIP program’s closure, Cyprus still rolls out the red carpet for investors through the ‘Golden Visa’ initiative, offering residency through investment and keeping the door open to a world of opportunity in this Mediterranean jewel.
Cyprus, ever resilient and inviting, boasts a robust real estate sector amidst its picturesque landscapes and economic upturn. Limassol stands out with its energetic ambiance and promising real estate prospects, perfect for those looking for a blend of leisure and potential capital gains. Paphos is attractive with its deep historical roots and appealing tourist rental markets, ideal for quick returns. Nicosia, the pulsating capital, is a hotspot for commercial investment opportunities, tapping into the commercial nucleus of island life.
For those seeking serenity or seasonal revenue, Larnaca’s cost-effective real estate options present a gateway to peaceful living and lucrative seasonal rental prospects. Regardless of whether you’re investing for business leverage or personal retreat, Cyprus offers a rich portfolio of choices to suit a broad spectrum of investor preferences.
The Cyprus Citizenship by Investment program, once a popular route for acquiring citizenship through significant economic contributions, has been suspended since November 1, 2020. While pending applications are still under consideration, new ones are not being accepted. Prospective investors are directed towards the Cyprus residency by investment program as an alternative, widely known as Cyprus Golden Visa.
Before its suspension, the Cyprus Investment Programme (CIP) initiated in 2018, offered fast-track citizenship within 6 months to high-net-worth investors who invested €2.2 million into the Cypriot economy and met additional criteria. This program provided access to visa-free travel in 180 countries, including EU member states, education within the EU system, and the possibility of dual citizenship while extending Citizenship to the entire family of the investor. The program assured no tax residency. The investments were to be kept for a minimum of five years, with the stipulation of retaining a €500,000 residential property for life.
Although the direct path to Cypriot citizenship via investment is closed, permanent residency remains an option, serving as a potential stepping stone to citizenship. The process involves submitting biometric data in Cyprus and, if successful, acquiring a permanent residence permit card within five working days.
The Cyprus Residence by Investment program, often referred to as the Cyprus golden visa, offers non-EU nationals a path to residency with a minimum investment of €300,000. This program is popular due to Cyprus’s low living costs, absence of inheritance tax, low crime rate, and excellent healthcare system.
Cyprus offers one of the lowest income tax rates in Europe, making it an attractive financial hub. Residents can establish and run businesses with the benefit of receiving dividends. After five years, there’s an opportunity to apply for citizenship. Residency applications are processed swiftly, typically within two months, and once granted, the residency is permanent, extending to all family members. The country has a minimal physical residence requirement and provides access to its General Healthcare System. Permanent residents have the freedom to live, settle, and remain in Cyprus indefinitely, with various competitive investment opportunities available.
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Successful applicants can gain residency rights to live and study in Cyprus, and after maintaining residency for five years, they may be eligible for Cypriot citizenship.
Contact CBF consultants today to dive into Cyprus’s investment landscape and discover how this beautiful country, a hub for tourists and businesses alike, can be your next strategic investment destination.