On November 3, 2017, the House of Representatives of Cyprus voted to amend the VAT law: starting from January 2, 2018, the purchase of residential land in Cyprus will be subject to a 19% VAT. Previously, purchasing land in Cyprus only required a transfer fee, with no VAT applicable. (Note: Agricultural land is not subject to this new legislation.)
Cyprus is a world-renowned tax haven. Immigration experts state that Cyprus property-based immigration is highly favorable for immigrants, as it features low property tax rates, permanent property ownership, and the absence of inheritance tax and capital gains tax. In recent years, with the promotion of the EU passport program, Cyprus has rapidly become a holy land for investors. So, what benefits can one gain from investing in Cyprus real estate?
Top-tier EU Status
Choosing to invest and immigrate to Cyprus allows for a fast-track application to obtain EU citizenship for the whole family, enjoying the generous benefits of EU citizenship. As an EU citizen, you can freely enter, reside, study, and work in other EU member states and European Economic Area countries (including Switzerland, Norway, Iceland, and Liechtenstein). At the same time, you can enjoy visa-free or visa-on-arrival access to over 150 countries and regions worldwide, providing you with the most useful and convenient "travel tool."
WorldWay Expansion
For those needing global asset allocation, a Cyprus passport is an essential document. There is no real estate tax for property-based immigration to Cyprus, and the corporate income tax in Cyprus is only 12.5%, one of the lowest in Europe. Immigrating to Cyprus can maximize the avoidance of various personal and corporate taxes for applicants.
Children's Education
By immigrating to Cyprus with EU citizenship, children can enjoy free education from primary school to high school in Cyprus or other EU member states. At the same time, they can easily apply to top domestic universities and attend international schools as foreign students in Cyprus. Furthermore, if children are studying abroad, parents can also obtain a Cyprus passport to accompany and care for their children's studies and daily life.
Medical and Pension Security
Immigrate to Cyprus, obtain EU citizenship, and enjoy the medical benefits of EU countries, providing insurance for the healthy future of yourself and your family.
The news of this VAT amendment in Cyprus sends a major signal to investors: there is currently significant appreciation potential in Cyprus real estate, making it an optimal time for investment immigration. Therefore, interested individuals must seize this excellent opportunity! Investors who spend 2 million euros to purchase property can now fast-track their immigration application to Cyprus, allowing the whole family to obtain EU citizenship and reap the rewards of both wealth and status.
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