Cyprus citizenship has become popular among India’s wealthy. There are various reasons why Indians apply for alternative passports but what is the reason for India’s rich people getting Cyprus passports but no any other passports.
The main reasons are benefiting from tax regimes and business-friendly environment. There are also people wishing for a new lifestyle, education, work, and travel with easy access to countries. Now, with the citizenship via investment Indian’s rich can easily apply for a European passport or permanent residency in a beautiful place in the Eastern Mediterranean. The citizenship has become an easy solution especially for those who consider themselves as Global Citizens, the new trend for people influencing the world in a new pace.
Who are those applying for Cyprus Citizenship?
The most high profile Indian is the real estate billionaire Surendhra Hiranandani, co-founder of the Hirandani Group. According to the interview given to Mumbai Mirror, the main reason is the comfort of doing business, especially in a construction business. The idea is associated with getting permissions for the real estate sector and the interest rate charged from the builders.
Recently Anish Bhatti, the founder of the watch and lifestyle magazines, also applied for Cyprus citizenship. In the interview published in Forbes, he stated that the program allows having more stance in a business-friendly environment of Cyprus and better quality lifestyle for the family, his wife and daughter. Now he has time to spend with family in a sunny and safe place with swimming pools and beautiful beaches. According to Anish Bhatti, there is also an opportunity for investment with new infrastructure development.
The applications are also getting popular among Indians based in major cities around the world including Dubai.
On another note, the primary benefit of citizenship and residency is the tax resident eligibility after spending at least 60 days in Cyprus and not more than 183 days in another country. Hence, making tax residency more accessible. For a global citizen, it is a great solution as well for those looking for a new lifestyle in a friendly and pro-business place in Europe.
The majority of India’s wealthy apply in the offices of consultancy agencies in Cyprus.
If you would like to know more about applying for the Cyprus passport, our citizenship experts will be happy to help. Apply and change your life for better today with Freemont.