Insider Business Cyprus' passport scheme attracting wealthy Indians

Cyprus’ passport scheme attracting wealthy Indians

Cyprus is becoming increasingly popular with wealthy Indians looking for a European passport,  thanks to its ‘golden visa’ programme, where residency or citizenship can be acquired via investment.

According to an extensive article in Forbes by Leeza Mangaldas, perhaps the most high profile Indian to opt for Cypriot citizenship in recent times is real estate tycoon Surenda Hiranandani, cofounder of the Hiranandani Group; a Forbes Billionaire, and one of India’s richest businessmen. His reason: the ease of doing business.

“If I had a chance to speak with Prime Minister Narendra Modi today, I would urge him to do something about improving the ease of getting various permissions for the real estate sector. Then, of course, there is the major problem of the rate of interest the builders are charged,” he said in an interview with the Mumbai Mirror, lamenting the state of the construction business in India.

Cyprus seems to appeal not just to high net worth Indians in India, but equally to wealthy Non-Resident Indians (NRIs) in cities like London or Dubai, she added.

Another famous Indian to recently take on Cypriot citizenship is Anish Bhatt, better known as Watch Anish. He’s the founder of one of the world’s foremost watch and lifestyle magazines, with close to two million followers on Instagram.

He said the biggest draw was the quality of life the move offered. “I travel so much for work, I barely get to spend 60 days a year with my wife and daughter. Those 60 days at home are now in a place with constant sunshine, swimming pools and easy access to the most beautiful beaches in the world, instead of in an apartment in a dreary, hectic city. London was also getting more and more dangerous and I wanted a better quality of life for my little girl.”

The island’s  tax friendly business climate and varied investment opportunities are an added bonus, the Forbes contributor adds. “It really worked well because the tax system in Cyprus is very easy to work with. Plus with all the new infrastructure and development coming up, I’ve also discovered many promising new investment opportunities,” Bhatt said.

Dillon Bhatt, head of international business development at Millwood Kane International which specialises in assisting high net worth individuals with the Cypriot citizenship-via-investment and residency-via-investment processes told ForbesCyprus offered the quickest route to European citizenship through the investment programme.

 

Top Stories

Coronavirus: 109 new cases, two deaths on Tuesday

The Health Ministry on Tuesday announced the death of two people in Cyprus due to Covid-19. This raises the Mediterranean island’s death toll from the...

Health Minister to announce process of covid measures relaxation on Wednesday

Health Minister Constantinos Ioannou on Wednesday will announce the way the strict coronavirus measures now in effect in Cyprus will be gradually relaxed after...

Scientists in Greece find 20 million year-old petrified tree

Greek scientists on the volcanic island of Lesbos say they have found a rare fossilized tree whose branches and roots are still intact after...

Turkey bans parties at ski resorts after Covid curfew backlash

Turkey has banned music and parties at ski resorts after footage of crowded party scenes provoked anger in a country which has endured two months...

EMGF Agreement set to be ratified on Thursday

The House Foreign Affairs Committee on Tuesday decided to speed up the ratification of the Intergovernmental Agreement on the Statute of the East Mediterranean...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...