Though Cyprus citizenship programme is one of the costliest investments, the recent announce of reduced tax burdens made an interesting option to those who would wanted to acquire the European citizenship.
Cyprus offers direct citizenship programme, where citizenship offered in three months which make relatively simple to invest.
The Cyprus government recently announced a taxation framework that offers tax-free profits for the non-domiciled workers targeting high net worth individuals (HNWI).
The tax revision excludes such individuals from the special defense contribution tax that is at present 30% on interest income and 17% on divided income.
Also includes transfer fee reduction for real estate transactions about 50% until 2016, investors are also exempted from capital gain tax if the acquisition is made in between the date of law enforced and 31 December 2016.
The Cyprus citizenship by investment programme is among the costliest program in the world, it requires a minimum investment of 5 million Euros.
With the Cyprus passport individual can travel visa free to 151 countries, additionally it grants to the family of the applicant under the same investment made by the individual.