Why Indian Investors Are Seeking Citizenship in Cyprus
Cyprus’ Citizenship by Investment Program does not need any introduction. Year after year, it proves its efficiency and popularity by reaching the top of the charts in every research and consultancy company’s index. The island’s more tax-friendly business climate, and varied investment opportunities are reasons for Cyprus citizenship’s attractiveness.
The scenario is not different for Indians looking for a second passport either. Whether it is for a ticket to a better tax regime or a more business friendly atmosphere; whether it is for a different lifestyle or a better educations system; rich Indians also look for second citizenship. For Indians too, Cyprus’ Golden Visa Program is a popular choice. The Program allows investors to get Cypriot residency or citizenship in exchange for a substantial investment.
Surendra Hiranandani, cofounder of the Hiranandani Group pinpoints his reason as the ease of doing business. “If I had a chance to speak with Prime Minister Narendra Modi today, I would urge him to do something about improving the ease of getting various permissions for the real estate sector. Then, of course, there is the major problem of the rate of interest the builders are charged,” he said in an interview with the Mumbai Mirror. Active in the construction sector, Hiranandani criticizes India’s current state of affairs in terms of easiness of conducting business.
Interestingly, Cyprus seems to appeal not just to high net worth Indians in India, but equally to wealthy Non-Resident Indians (NRIs) in cities like London or Dubai. Anish Bhatt, about his business and Cyprus citizenship process, said that “It really worked well because the tax system in Cyprus is very easy to work with. Plus with all the new infrastructure and development coming up, I’ve also discovered many promising new investment opportunities,”
It is also important not to forget that Cyprus through its Golden Visa Program offers the quickest route to European citizenship. All things considered, Cyprus citizenship for Indians is quite an attraction.
What the Process is like
Anish Bhatt summarizes the process by saying that “While it may seem daunting to make the switch to a whole new country, it can actually be a very smooth process–you just work with consultants that specialize in enabling your move.” Leaving most of the job to the professionals and consultant is the smart thing to do. Even though one studies about the process very well, the sector is quite an organic one going through constant changes.
There are several methods of investment enabling Cyprus citizenship. The investment can be made by a purchase of a €2 million home in Cyprus, or an investment of €2 million into land development, infrastructure projects, hospitality, businesses, or even funds in Cyprus with an additional €500,000 + VAT invested in a home.