Cyprus tax system
Those who plan to move to Cyprus need to get acquainted with the tax system..
On the 18 of August, 2020 the Council of Ministers of Cyprus accepted the following amendments in legislation regarding Cyprus Investment Program:
1. DONATION AMOUNT HAS CHANGED
Previously: the amount of the donation (one-time non-refundable payment) was 150,000 euros.
Now: the amount of the donation has become 200,000 euros. The investment of a minimum of 2,000,000 euros for 5 years stays as before;
2.THE DEFINITION OF FINANCIALLY DEPENDANT CHILDREN HAS CHANGED
Previously: financially dependent adult children (18 to 28 years old) who were married, could apply for citizenship under their parents’ application.
Now: if they are married, they do not qualify under the parents’ application anymore;
3. PARENTS OF INVESTOR’S SPOUSE NOW QUALIFY FOR CITIZENSHIP
Previously: under an investor’s application for citizenship, only his/her parents could apply (for an additional investment of 500,000 euros).
Now: the parents of the investor’s spouse can also apply (for an additional € 500,000 investment). It is allowed for the parents of both spouses to buy one property for at least 1 million euros;
4. TIME SPAN FOR GRANTING THE CITIZENSHIP TO INVESTOR’S FAMILY MEMBERS HAS REDUCED
Previously: adult family members (children from 18 to 28 and the parents of the spouse) could apply for citizenship under the investor’s application only after the investor had been granted citizenship.
Now: adult family members can apply for citizenship at the same time as the main investor. This significantly reduces the time it takes to obtain citizenship for adult family members;
5. THE RECENCY OF CLEAN CRIMINAL RECORD HAS CHANGED
Previously: a police clearance certificate had to be no older than 3 months.
Now: the term has been increased to 6 months;
6. POLITICALLY EXPOSED PERSONS CAN NOW APPLY FOR CYPRUS CITIZENSHIP 1 YEAR AFTER LEAVING THEIR POSITION
Previously: politically exposed persons should not have held public office for five years at the time of applying for citizenship.
Now: the term has been reduced to ONE year. This is provided that they did not occupy significant political positions (heads of states or governments, ministers or their deputies, ambassadors, mayors of cities, etc.);
The following restrictions have also been introduced:
The above requirements were introduced to monitor the reliability of the investor and will not affect the transaction process. We recommend that you do not postpone the decision to apply for CIP, and think about a secure future for you and your family today.
The article was written based on the materials of the company Property Gallery