Options for Indians to Choose PR in Europe
The wealthy Indians always covet foreign passports. The motivation is an easier tax regime or a better business friendly climate. Additionally there is a desire for a more western lifestyle, or the intention to study or work abroad. Some of them are travel lovers. Cyprus- an East Mediterranean country is increasingly becoming a trendy choice for many rich Indians. This is an option for people who are looking for citizenship or permanent residency in Europe.
Cyprus is a scenic island and also has a golden visa program, which allows residency or citizenship through investment. Many high profile Indians are opting for citizenship in Cyprus recently. Among them is Surendra Hiranandani, the real estate tycoon who is a co-founder of the Hiranandani Group; and a Billionaire, also. The ease of doing business has attracted him.
He feels that India has to do something regarding improving the ease of getting permissions in the real estate sector. The rate of interest charged to the builders is also a major problem.
Furthermore, Cyprus is also appealing to high net worth to wealthy Non-Resident Indians living in London and Dubai.
Indians are Interested in settling Cyprus
Anish Bhatt, Another famous Indian recently became a Cypriot citizen. He is the founder of watch and lifestyle magazines, with a great following on Instagram and has stated that the major reason to move over was the quality of life. Additionally, he is an extensive traveler. His leisure and homely days presently have constant sunshine, lovely swimming pools and access to beautiful beaches.
Cyprus has a tax-friendly business climate, and provides great investment opportunities for new businesses. There is a proposal for new infrastructure and development and many promising investment opportunities exist here he added. The process to get the Cypriot passport was smooth as he worked with consultants who are specialists in immigration.
Assistance to Wealthy Individuals
There are firms which specialize in assisting wealthy individuals to gain the Cypriot citizenship by making an investment and obtain the residency through investment. Furthermore they are now open in Mumbai, to meet the requirements of their Indian clients. Dillon Bhatt is the head of International Business Development at Millwood Kane International; which is a firm, assisting wealthy persons to obtain Cypriot citizenship.
Cyprus presents a quick route to European citizenship using the investment program. The investment options are purchasing a €2 million residence in Cyprus, or an investing €2 million in infrastructure projects, land development, businesses, hospitality, or funds in Cyprus. It additionally requires investing €500,000 + VAT in a home.
Moreover, to get the Permanent Residency Visa, applicants must invest €300,000 and VAT in real estate. Moreover they need to comply with criteria for minimum annual income.
Furthermore, there is no compulsion to reside in Cyprus. Just a single short visit in two years is enough. After seven year residency in Cyprus, the person gets the right to apply for naturalization and also get the Cyprus passport. This process takes about three to six months.
After becoming the citizen of Cyprus the condition is to spend 60 days in a year in Cyprus and lower than 183 days in another country, a person is eligible to become a tax resident in Cyprus. It is immensely helpful and tax efficient for people who move over.
Cyprus has a low corporate income tax rate in the EU, which is 12.5%. It faces a reduction to 2.5% when the Notional Interest Deduction is applied. There are no taxes for capital gains, inheritance or estates, and on dividends. This atmosphere suits the Indians financially.
The family members of the primary applicant also can also get the Cyprus residency/citizenship easily. The rules allow spouses and children below 18 years. Adult children of the age 28 years are also eligible if they can show their financially dependency on the primary applicant.
This is a boon for the wealthy Indians, who are inclined to live with their families and also manage family-run businesses.
The Cyprus citizenship through investment is popular with people of other countries, for many years. Finally the Cypriot government says that it will limit the number of investors for naturalization to 700 per year, from 2018. It will make an impact on the aspirations of Indians who wish to relocate to Europe.