Holding a Republic of Cyprus Passport is your “Ticket to Europe and the World”
Cyprus has been a fully-fledged European Union member state since May 1st 2004. This means that citizens of the Republic may live, work, and travel freely in all 28 27 EU member states.
However, the Republic’s passport holds more attractions than its ability to grant unrestricted movement within the European Union. As of February 2020, Cyprus’ passport grants visa-free or visa-on-arrival access to 166 countries, including Australia, Canada, Hong Kong, and New Zealand.
Cyprus’ Passport: Your Ticket to Education and Healthcare
As European Union nationals, citizens of Cyprus are able to study in any EU country under the same conditions and fee structures as residents of that country. Further, undergrad courses are offered free to citizens in Cyprus’ universities . Degrees and certificates obtained in the Republic are also recognized throughout the European Union and much of the world.
Health care in the Republic of Cyprus is structured on a co-payer basis. This is to say that patients are required to make nominal contributions when consulting a physician or using a public health care facility.
On the face of it, this may sound like a potentially expensive approach, until one realises that nominal charges really are “nominal.”
As per the Ministry of Health website:
“Non beneficiaries (non medical card holders) can still use the services of public hospitals by paying €15,00 for visiting a General Practitioner and the amount of € 30,00 for a visit to a Specialist.”
The European Union’s cross-border healthcare system also gives holders of Cyprus’ passports a clearly defined set of rights of access to healthcare in all EU member states via the European Health Insurance Card. The EHIC programme provides holders with access to medically necessary, state-provided healthcare during a temporary stay in any EU member state. You can find more information about cross-border healthcare on the Europa website.
Cyprus’ Passport: Your Ticket to Employment Rights and Benefits
As EU nationals, citizens of Cyprus enjoy freedom-of-movement and employment rights and privileges across all European Union member states under Article 45 of the Treaty on the Functioning of the European Union.
This entitles all EU citizens to:
- Seek employment in any EU member state
- Work in any EU member state without the need for a work permit
- Reside in any EU member state for the purposes of employment
- Reside in any EU member state after employment has ceased
- Equal employment rights, working conditions, social & tax advantages to nationals of the member state they are working in
Cyprus’ Passport: Your Ticket to Lower Taxes
At just 12.5%, the Republic of Cyprus boasts one of the lowest rates of corporation tax in the European Union. This fact alone has served to attract a great many international companies and organisations to open bases in the Republic of Cyprus during recent years.
Additionally, the Republic boasts high tax allowances, with individuals not being required to pay income tax on the first €19,500 earned. Coupled with the exceedingly low rate of corporation tax, holders of Cypriot passports are able to enjoy one of the most favourable tax climates in the world.
As you can see, there are many advantages to obtaining dual nationality through Cyprus’ passport by investment programme. Contact us today for more information.