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Cyprus during the COVID-19 pandemic: to seal the win and a brighter future

What is the situation like where you are, as the novel coronavirus continues to rise across the world? The Republic of Cyprus looks like one of the safest places on the globe at the moment, considering its well-handled response to the Covid-19 pandemic (with only 1 new case registered on May 30, and the 83.2% recovery rate) and other well-known advantages: the glorious scenery, 340 sunny days a year, the business and economic growth surpassing all expectations, legislation based on English common law, reasonable taxes, and the most favorable fast-track citizenship by investment opportunities in EU.

Reports from around the world have convinced many countries that we are not in the same boat. We are in very different boats, trying to sail across the same rough sea. Some of those boats are very leaky. Several economies are in a more desperate situation than others; the majority keep on navigating their ways through the ups and downs of the pandemic waves, and very few are gradually recovering from lesser damage.

Just a handful of states and territories across the globe have reported no or no new COVID-19 cases during recent weeks. Most of them are either too hard-to-reach, or too small to fail, or just conceal their true statistics. But very few have earnestly managed to dramatically reduce the number of new cases thanks to their prudent healthcare management approaches adopted from the very first weeks of the epidemic.

Cyprus is perhaps the best example of the bright effects of the early emergency measures taken to contain the spread of the virus.

This article is a brief statement of the Cyprus advantages as a EU destination granting citizenship by investment in 2020. Should you need more details of the current economic, political and health status of Cyprus, please refer your business-related or other questions to our experts at info@offshore-pro.info.

In a state of emergency, following scientific advice, the Cypriot Government responded quickly and firmly by imposing the unprecedented restrictions, including the peace-time regime of the night curfew for nearly two months.

Other special coronavirus protection protocols were adopted –  in line with the directions of EU institutions and agencies, and the WHO – within two weeks from the first coronavirus case registered in Cyprus. The Government introduced a special mobile app to allow people who test positive to coronavirus to share this information with public health authorities to the noble purpose of curbing the virus spread. All non-essential international trips to and from the island were banned, and a health certificate before arrival in the Republic or the period of self-isolation of all arriving travelers were administered.

As a result, according to the WHO data, less than 1000 confirmed COVID-19 cases and only 17 deaths (a relatively small number) have been reported on the island from March 9 till June 1, 2020.

In the first days of June, experts discussed and confirmed the positive epidemiological profile on the island.

Cyprus is lifting or relaxing many restrictions according to a well-balanced strategy. The island is returning to its normal lifestyle, building plans for restarting its tourism and hospitality. The Government of the Republic of Cyprus even promised such perks to tourists as the free healthcare for Covid-19 patients and hotel expenses for dependents in case of their ruined holidays. The Republic’s travel and tourism generate about 21 % of Cyprus’ 22 bln EUR GDP. That is why the Government’s strategy is justified and thoroughly discussed. Cyprus is entering the second stage of economic recovery.

Despite the favorable picture, the Cyprus economy has certainly suffered some damage. The Government is currently developing a mechanism for granting financial and economic support to affected businesses and organizations. Cyprus is trying to sensibly balance its health concerns and economic resilience, the wins, and the new policies.

What services and opportunities are available to international entrepreneurs and investors, who are looking for beneficial solutions and new opportunities?

Business in Cyprus

Setting up a company in Cyprus is a sound idea for entrepreneurs interested in trade, e-commerce, asset protection, hospitality, and many more opportunities.

To register a company, you do not need any partner or another shareholder. A company can be founded by one physical person or one legal entity. The staff may consist only of the director and a secretary. The company can be registered within 7 days, but usually takes more time. Before April, it had been considered reasonable to rent an office, hire employees, etc. Nowadays, as work from home is becoming a new normal, this physical environment might become unessential, and entrepreneurs are reengineering their processes.

Taxes in Cyprus are quite reasonable. Should you need more details of legislation and taxation in Cyprus, please refer your business-related or other questions to our experts at info@offshore-pro.info.

Cyprus Trusts

The establishment of trusts in Cyprus is based on the English system and offers several immediate advantages:

  • the simplicity of the registration procedure
  • benign tax regime
  • legal protection of the assets
  • strict confidentiality
  • succession planning
  • common investment
  • charity
  • established for the duration of a lifetime plus 21 years

Some other benefits may be acquired in the course of the Trust operation.

Cyprus citizenship by Investment

At the moment the Cyprus citizenship by Investment program is one of the fastest ones in the EU. It provides the investor a Cyprus / EU passport and the right to live, study, work on the island, or elsewhere in the EU, as well as to travel to 171 countries, including the Schengen zone, without visas.

A total of 700 applications for citizenship by investment per year are approved by the Republic of Cyprus.

If you invest a minimum of 2 million Euros in some residential assets plus pay some extra fees, you will obtain your Cyprus passport within a few months. There are some other options and guarantees too.

You may invest in local real estate for life, rent it out, sell in five years, or use it otherwise.

You may set up a local company or invest in an existing one.

Investment in alternative investment funds, registered investment funds, financial assets of Cyprus companies is also promising.

Your investment may be a combination of the above-mentioned assets worth 2 million Euros or more.

The property, regardless of its type, must be held in ownership for at least 5 years. It is not allowed to sell it before this period expires.

Shortly after the application, applicants obtain Cypriot Permanent Resident cards while waiting for the Cyprus passport. The spouse and children under 28 and elderly parents above 65 are eligible to obtain citizenship as dependents of the applicant.

Prospective advantages in Cyprus

A few years back, the Cyprus crisis was the lesson learned by the local authorities. They had to react quickly then, and they responded fast during the outbreak of the pandemic. As a result, the country has been less affected by the virus and has maintained its main advantages. There is every reason to believe that the prompt manner of risk management and mitigation is what Cyprus can put forward as a competitive advantage in the future.

Cyprus welcomes any chance to develop productive collaboration and hopes that all difficulties can be overcome sooner rather than later. The most critical political and economic problems on the island have been compromised, if not resolved. Its pre-pandemic economic policy has made the country economically strong, and the country knows how to break through hard times, looking strategically into the future.

Cyprus is interested in investment, and this is the reason why the Republic promotes its citizenship by investment offer as the fastest track to a second passport in Europe. Dual citizenship is allowed. The benefits of the Cyprus passport have been mentioned above.

However, in public opinion, Cyprus is, above all, a very attractive sunny, picturesque, safe, and hospitable resort island preparing to open to the world soon again.

Most importantly today, it is going to be promoted as a health destination, which is well-protected against the coronavirus.

The advanced health care system and the established high-quality education in Cyprus are going to be also very important as the future advantages and competitive aspects of the quality of life on the island in the post-pandemic world.

The global landscape

For many years, especially in the last decade, threats and fear of various global disasters, famine, fires, wars, tectonic geopolitical shifts, terrorism, aggravation of the refugee and migration crisis, economic recession have been part of daily shocking news reports, urging reaction in social media, escalating public concern and triggering official anxiety in all parts of the world.

However, humanity suddenly had to face the truth: all of us are vulnerable. Nobody was ready to meet the type of worldwide challenges and adversities unleashed by the previously unknown common enemy – the novel coronavirus outbreak.  Even experts and specialized international institutions like WHO, to say nothing of senior politicians busy with their national agendas, were too complacent, overconfident, unprepared, reluctant to recognize the COVID-19 pandemic despite the evidence of the virus rapid global spread.

Who would ever imagine the virus could make its way to the most remote place in a matter of weeks if not days! According to experts, the worst is over. But the virus is still taking an enormous toll on humanity, disrupting lives and wellbeing, perhaps even reshaping the global order.

Some visionaries warn that the current pandemic is just the beginning of other epidemic outbreaks, quarantines, and disruptions. Those who are looking for a nice, warm, comfortable place where you could shield your assets and family against the possible calamities, Cyprus is the perfect place.   

A residence permit or your citizenship by investment is a guaranteed method of finding your home away from home in Cyprus.

You are welcome to subscribe to our news, learn more on our web site about companies, citizenship, and other opportunities in Cyprus, and send us your questions to info@offshore-pro.info.

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