Cyprus Citizenship-by-Investment Program · Cyprus Citizenship-by-Investment Program Henley &...
Transcript of Cyprus Citizenship-by-Investment Program · Cyprus Citizenship-by-Investment Program Henley &...
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9th Global Residence and Citizenship Conference · Dubai 2015
Cyprus Citizenship-by-Investment Program
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2 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
The Agenda
1. Cyprus Geopolitical Role in EU
2. Cyprus Economy Now and in the Future
3. Today’s Realities and Opportunities
4. Economic Incentives
5. Conclusion
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Cyprus Geopolitical Role in the EU
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4 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Cyprus Geopolitical Role in the EU
St Petersburg
Moscow
Cyprus
Cairo
Dubai
Mediterranean sea
Monaco
Paris
AmsterdamLondon
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5 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
• Cyprus was granted independence from Britain in 1960
• Historically followed a non-aligned foreign policy
• Joined EU in 2004
• Plays important role in the region
• Enjoys excellent relations neighbouring countries
• Known as having one of the most ancient and traditional sea routes in the world
• Acts as an international base between countries and an exchange point of imports and exports
• Member of the United Nations, Council of Europe, Commonwealth
Cyprus Geopolitical Role in the EU
! Cyprus is recognized as the fifth safest country in the world
History and Relation with Neighbouring Countries
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Cyprus Economy Now and in the Future
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7 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Cyprus Economy Now and in the Future
• European Crisis
• Connection of Cyprus with Greek economy
• Opportunity for total reformation
• Macroeconomic Adjustment Program
Crisis of 2013 – What happened?
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8 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Cyprus Economy Now and in the Future
2013-2014:
• Recession in this period was less severe than expected
• Considerably improved fiscal situation
• Consistent over-performance of fiscal targets
• Banking sector recapitalized and stabilizing
• Economy outperformed all macroeconomic forecasts
2015-2016:
• End of recession and return to growth forecast
• Continued fiscal consolidation and safeguarded debt sustainability
• Banking sector highly strengthened
Cyprus comeback
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9 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Cyprus Economy Now and in the Future
GDP Growth (% Change)
Source: Ministry of Finance (update: 06/03/2015) * 2014 estimate ** 2015-2016 projected forecast
5,1
3,6
-1,9
1,3
0,4
-2,4
-5,4
-2,3*
0,2**
1,4**
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10 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Cyprus Economy Now and in the Future
• Improvements in Tax Regime
• Third largest fleet in the EU
• Tourism infrastructure and strategy improvements
• Discovery of natural offshore gas
• Positive ratings by Fitch, and Standard and Poor’s with positive outlook
• Services industry still contributes 81.3% of Cyprus GDP
Positive Facts
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11 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Cyprus Economy Now and in the Future
• Tourism (11.4% of GDP) – Record tourist arrivals to Cyprus, numbers to increase
• Remains an economically robust economic sector
Main Sectors of the Economy
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12 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
• Financial services – Very attractive destination for international businesses due to strong segments of the business services industry, encouraged by around 52 double taxation treaties and a legal system based on English Law
• Favourable taxation
• New tax incentives
Cyprus Economy Now and in the Future
Main Sectors of the Economy
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13 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
• Ship management (7% of GDP) – The Cyprus Registry is classified as the 10th largest merchant fleet in the world and the third largest fleet in the EU
• The tax benefits introduced for both foreign and local ship-owners, triggered the tremendous expansion of the Cyprus Shipping Registry
• The Cyprus Registry is one of the only two “Open Registries” within EU and is estimated to constitute 25% of the whole EU fleet
Cyprus Economy Now and in the Future
Main Sectors of the Economy
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14 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
• Real Estate (2.1% of GDP) – Market has found its bottom and now, a number of incentives offer various opportunities for international investors
• A significant increase of 11.3% in sales
• Magnet for international investors, expats, retirees and those looking to enjoy a second home
• Knight Frank Global Lifestyle Review ranks Cyprus as the fifth best place in the world to relocate
Cyprus Economy Now and in the Future
Main Sectors of the Economy
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Today’s Realities and Opportunities
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16 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Today’s Realities and Opportunities
• Banking sector adjustments
• Public sector reformation
• Privatisation
• Transportation
• Casino development
• Tourism
• Investment in people of Cyprus
• Fund development
• Luxury real estate
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Economic Incentives
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18 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Economic Incentives
• Cyprus tax resident individual who is not domiciled in Cyprus will not be subject to Special Contribution of Defence (SDC)
• 30% on passive interest income
• 17% on dividend income
• 3% on 75% of rental income
• Encourage the relocation of corporate executives and encourage high net worth individuals to take up residency in Cyprus as a significant drawback of the old tax rules has been set aside
Introduction of the Status of “Non-Domicile”
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19 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Economic Incentives
• Reduction of transfer fees on real estate transactions by 50%
• Exemption from Capital Gains Tax on sales of land or land with buildings on it
• Consolidation and modernization of immovable property tax and transfer fees
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20 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Economic Incentives
• Investing, not donating your wealth
• Approved within 90 days after application
• No residency requirement
• Investments can be combined
• Basic documentation
• Easy process
• Very high approval rate
Cyprus Citizenship-by-Investment Program
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Conclusion
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22 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Conclusion
• Cyprus geopolitical role allows it to remain an important member of the EU
• Cyprus economy is now on the upturn
• Today’s realities offer a large number of opportunities to those sharing the Cyprus vision
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23 Cyprus Citizenship-by-Investment Program ∙ Henley & Partners
Yiannos Trisokkas, IMCMManaging Partner
Henley & Partners Cyprus Ltd.Spirou Kiprianou AvenueNo. 9, Office 301 3070, LimassolCyprus
T + 357 2531 1844M + 357 9665 9500E [email protected]
Thank You
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