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Overview - Cyprus: Open Business

By Leo Zhang. The Republic of Cyprus is an island country in the Eastern Mediterranean Sea, east of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and north of Egypt. Cyprus is the third largest island in the Mediterranean Sea. It is also the third most populous island in the region and one of the area's most popular tourist destinations. Cyprus' strategic location at the crossroads of Europe, Asia and Africa has helped shape its history throughout the centuries, making it not only a major eastern Mediterranean trading hub, but a reputable international business and financial...

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Permanent Residency in Cyprus

By Evis Hadjipetrou   Your “insurance policy” for the future   The Cyprus PR program offers non-EU nationals guaranteed permanent residency within 2 months with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse dependent children up to age 25, and the parents of the applicant and spouse.    Permanent residency status means that your family has the right to live freely in Cyprus or continue to live in your home country and just use the permit whenever you need it.      Permit holders also have the right to own a business in...

Cyprus Abolishes Citizenship Through Investment Program

By Al Jazeera Investigative Unit   Cyprus has announced it will abolish a controversial passport scheme following an investigation by Al Jazeera that revealed how high-ranking politicians were willing to issue passports to convicted criminals.   The interior and finance ministries said in a statement posted in Greek on Twitter that the citizenship through investment program in its current form will be abolished from November 1.   “The proposal was based on the long-standing weaknesses but also on the abusive exploitation of the provisions of the program,” Tuesday’s statement said.   In addition, Cypriot Attorney-General George Savvidis said an investigation into possible criminal...

Wealthy Britons Turn to Cypriot Citizenship

The number of British entrepreneurs looking to “buy” citizenship from countries offering visa-free access to the European Union has risen sharply, investment migration firms say, as prospects of a post-Brexit trade deal between Britain and the bloc darken.   Investment immigration firm Astons said it had seen a 50% and 30% year-on-year increase in interest from clients seeking Cypriot or Greek citizenship respectively this quarter, less than four months before UK passport-holders are likely to lose their rights to freedom of movement across the EU.   Henley & Partners also reported a rise in requests for advice on investment migration applications to Malta,...

Cyprus Investment Program: Parliament adopted changes to the program

Changes to the Cyprus Investment Programme officially published in the Government Gazette on August 17-18.   The Cyprus Investment Programme, based on the subjection (2) in section 111A of the Civil Registry Laws of 2002 - 2019, was approved by the Cyprus Council of Ministers on the 13th of September, 2016 and subsequently amended in May 2018, February May, and August of 2019 and August 2020. The latest amendments to the CIP are effective from 18 August and reflected in this memo for your ease of reference.   The amendments include the following changes:   The amount of the donation...

China's Richest Woman Buys EU Citizenship with 'Golden Passport'

According to a batch of leaked documents obtained by Al Jazeera known as the Cyprus Papers, Yang is among more than 500 high-net-worth Chinese citizens who have acquired "golden passports" by each investing at least 2 million Euros (US$2.3 million). Since the tiny island country is a member of the EU, obtaining a Cypriot passport has become a backdoor to quickly enable wealthy individuals to gain EU citizenship.   The news agency has not provided the names of all the Chinese nationals on the list, but it did release eight key figures. Yang was at the top of the list, as...

The Emerging Investment Horizon

Ever-changing global markets provide a diverse range of investment opportunities, which makes it more challenging to keep up with or even to tap into alternative options. We at BAO look at markets from a different perspective with an aim to help broaden your investment horizon. According to the China Global Investment Tracker, the value of China’s overseas investment and construction industries combined since 2005 amounted to over $2 trillion. The rapid development of China’s foreign investment is an inevitable result of the robust economic development, international financial management and focussed strategies of China’s wealthy family groups. China is opening up...

Why Invest in Cyprus

COMPANY INTRODUCTION Founded in 1977, Pafilia is the largest privately-owned residential developer in Cyprus, dedicated to developing world-class properties for personal living and investment. With over 40 years’ experience, Pafilia is Cyprus’ leading luxury property developer with award-winning projects and a comprehensive property portfolio including Minthis, the island’s most exclusive golf resort, ONE, Europe’s tallest seafront residential tower, and Neo, which is set to be a new landmark in the country.  With our uncompromising effort in delivering the best in concept, design, quality and service, we continue to transform and set the benchmark for the Cyprus real estate sector. We...

Where Will Investment Migration Be When the Virus-Dust Settles?

As with most of the world, I am working from my home office and trying to make sense of the global pandemic that has overtaken the world-changing the way we live and making us re-examine our priorities. It has only been a short while since governments introduced drastic measures to counter the effects of the coronavirus and only time will tell if these actions have been successful.The impact of the coronavirus had led to governments shutting down borders, imposing quarantines, and limiting mobility. The knock-on effect, such as airlines reducing their number of flights, supermarkets running out of key supplies,...