There are many reasons to get a second passport or citizenship. Some of the major reasons why people opt to go in this direction include greater security and stability, portfolio diversity, tax efficiency, better education opportunities and more investment opportunities among others. More and more people of means are exploring citizenship Cyprus opportunities and for good reason.
As a member of the European Union, Cypriot citizens can travel within the Union without the need for a visa, which offers relief from bureaucracy and opens new economic horizons. There are also more subtle advantages where travel within the European Union is concerned. As directed by the European Commission, EU citizens are eligible for refreshments and meals, communication facilities and accommodation in the event of significant flight delays. Drivers with Cypriot driving licenses can also freely drive anywhere in the EU using their licenses. These advantages make travel much easier and enjoyable.
Cyprus has a robust and highly developed healthcare system that works on a socio-economic model. This means that some citizens are eligible to low cost and even free healthcare at public hospitals. In addition to this, any holder of the European Health Insurance Card can get the required treatment at an EU member state for the same cost and conditions as local insured citizens.
Cyprus is recognized as having one of the lowest corporate tax rates in the European Union and beyond. A citizen can benefit from low taxation, avoid double taxation in many cases and broaden business horizons. Citizens who receive income in the form of interest or dividends are only required to pay a small contribution for defense, and are not subjected to income tax.
There are many more benefits to consider Cypriot alternative citizenship or your residency Cyprus options where the former is not immediately viable. The main consideration however is to find the best citizenship and residence planning partner to increase your chances of getting that second passport in the shortest time possible.