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Copyright © 2013 - 2017. Tai Pan Management Services Ltd.,  Reg. No 1942748 Registered in Hong Kong. At 65-67 Bonham Strand East







RESIDENCY AND CITIZENSHIP

There are many reasons why people seek residency or citizenship in another country. The reasons may include - political uncertainty or financial instability of their home country or region or simply tax efficiency.  There are a number of countries, including several in Europe, with attractive residency schemes varying from a simple residence permit to full citizenship i.e. a second passport.  Acquiring a second residence or citizenship provides an immediate freedom both political and economic.  


Contact us

CYPRUS

Cyprus residency.  

Cyprus offers two “non-domicile” residency schemes:

1. For EEA nationals (EU plus Iceland, Liechtenstein, Norway and Switzerland), no financial investment is required,

2. For Non EEA passport holders a minimum property investment of €300,000 is required together with a     (returnable) €30,000 deposit.

Cyprus ‘fast track’ passport.

In addition, Cyprus offers a ‘fast track’ passport scheme. It is is possible to obtain within 3 to 4 months giving you unrestricted travel/ residency rights within the whole EEA area.  This scheme requires a property investment of  €2.5 million.

Cyprus non-domicile residency.

All three of the above schemes offer non-domicile residency. In essence, those that have not been resident in Cyprus for more than 17 of the last 20 years.  This scheme allows certain types of income, for example dividends etc., to be classed as tax free for qualifying applicants.

In essence, residency is granted and a TIN (Tax Identification Number) issued subject to various formalities. One visit to Cyprus is all that is required - we recommend allowing 3 or 4 days.

We believe that Cyprus created this scheme with CRS in mind.

Once granted, the Cyprus residency/address would be used on all applications/correspondence with financial institutions and this address would thus be used for reporting purposes.

Read about Cyprus Permanent Residency scheme

Read about Cyprus Non-Dom scheme for EEA Nationals

Contact us regarding the Cyprus fast track passport scheme


COMMONWEALTH OF DOMINICA

Dominica, a small sub-tropical island in the Caribbean offers a legal second passport at modest cost. A Dominica passport allows Visa Free travel to over 90 countries including the E.U., the UK as well as many Commonwealth Countries. There is no requirement to live permanently in Dominica and indeed those who are non-resident or not ordinarily resident are liable for tax only on funds remitted to Dominica. For CRS planning purposes this is extremely useful as a Dominica Tax Number (TIN) may of course be obtained but income earned outside Dominica will not be subject to Dominica tax.

Investment required and formalities.

A non-refundable investment for a family application is $175,000 (or $100,000 for sole applicants).  There will also be disbursements in connection with the Government’s Due Diligence and including local agent fees amounting to approximately $30,000.


MALAYSIA

Malaysia has a long running scheme called MM2H.  In essence, this gives a 10 year multiple re-entry visa with no minimum or maximum stay required.  Taxation is territorial in its purist sense, which means that income earned/generated outside the country is not subject to Malaysian tax.  If a TIN (Tax identification number) is important, we would probably recommend establishing a local limited company (we can assist with this) so that a Tax number may be issued, even if the company remains practically dormant.    

Current requirements are that you can show liquid assets (bank statement etc) of  c.US$ 85K to US$120K + monthly income of at least c. US$2400 per month. Additionally, on approval of the Visa, a deposit of c.US$35 to US$70 must be deposited in a Malaysian bank.

Please note that these figures are subject to review by the Malaysia government and an increase is proposed from September 2017. Please contact us for more details.

Click here to read about Malaysia residency


PORTUGAL - Golden Visa


Portugal’s Golden Visa scheme provides residence in the E.U. Schengen area with a route to a Portuguese passport. Subject to meeting the scheme requirements, a residence permit is granted which also gives visa free travel to any country in the Schengen area. The requirements are straightforward - a purchase of a residential property of at least €500,000 or business investment creating either 10 jobs or an investment of €1 million.

Portugal has a pleasant Mediterranean climate, a large tourist sector and has a low cost of living.

Click here to read about Portugal residency


SPAIN


Like Portugal, Spain offers a “Golden Visa” scheme with residency leading to a passport and visa free travel throughout the Schengen area. The requirements are one of the following:

Click here to read about Spain residency


UNITED ARAB EMIRATES

Ras Al Khaimah but allows for residency in the other emirates, including Dubai

By forming a RAK free-zone company, at least one Investor (residence) permit will become available. This permit is initially valid for 3 years and is renewable. The advantage of UAE residency is that there are no personal income taxes of any kind and of course your  RAK Free Zone company is tax free as well.  If you choose not to live full time in the Emirates, the only requirement is that you visit at least once every 6 months to keep your investor visa valid.

Please note the number of visas available with depend on the structure of your Free Zone company.

Please visit our related site (formark.ae) for information regarding RAK Free Zone companies.

 




summary of residency and passport schemes & at-a-glance comparison Table


CYPRUS

CYPRUS

CYPRUS

UAE (RAK)

 Type of scheme

Residency
Non-Dom Permanent

Residency
Non-Dom EEA

 Passport
(fast track scheme)

Investor Visa

For whom scheme is intended

Almost any nationality

EEA citizens
EU + Switzerland, Liechtenstein, Iceland, Norway

Almost any nationality

Almost any nationality

Scheme benefits

Tax exemption on certain classes of income e.g. dividends and interests

Tax exemption on certain classes of income e.g. dividends and interests

Tax exemption on certain classes of income e.g. dividends and interests

Zero personal income taxes

Financial Investment Required

€300,000 for property + €30,000 deposit

Minimal - cost of renting a flat

€ 2.5 million

Formation of a Free Zone company c. $7K & rental of a modest flat c.$5K per annum.

Investment Type

Property purchase
+
3 year block deposit

None required

As part of a Group Investment usually in property (Real Estate).


Maintenance of company in good standing and compliance with UAE Visa rules.

Granting of Citizenship (and Passport)

Possible, but not part of the scheme.

Possible, but not part of the scheme.

Typically 3 to 4 months from submission of application.


No


Requirement to reside in the country

Encouraged, but not mandatory.

Encouraged, but not mandatory.

Encouraged, but not mandatory.

Visit to UAE once every 6 months.

Our fees

€ 7,500 + Government application fees

€ 5,000

 US$ €7,500 + local costs.

US$ 3,000 + local costs e.g. establishing a Free Zone company & renting/buying accommodation.


CYPRUS

CYPRUS

CYPRUS

UAE (RAK)

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Malaysia

Commonwealth of Dominica

SPAIN

PORTUGAL

Type of scheme

10 Year Visa - Residency

Passport

Residency

Residency

For whom scheme is intended

For those intending to reside in South East Asia.

For those looking for a second passport

For those wishing to base themselves in Spain (EU).

For those wishing to base themselves in Portugal (EU).

Scheme benefits

No tax on income derived from outside Malaysia.

Visa free travel to over 90 countries.

EU residency

EU residency

Financial Investment Required

From c.$35K to $70K deposit (depending on age in local bank account)

See costs below

€ 500,000

€ 500,000

Investment Type

Bank deposit

Government fee -
see below

Property Investment (real estate purchase)

Property investment (real estate purchase)

EU residency granted - allows applicant to travel to any Schengen  Country* Visa free.

NO

NO

YES

YES

Granting of Citizenship (and Passport)

NO

YES

After 10 years

After 6 years

Physical Presence Required

Scheme designed for residence

Occasional visit
required

Preferred, but not mandatory.

7 days stay in 1st year of visa, 14 days stay accumulated for the following two years

Our fees

US$ 5,000

US$ 7,500

€ 5,000

€ 5,000

Additional Costs

Modest disbursements

Mandatory contribution $175K (couple) or
$100K (sole applicant)
+
c. $30K Due Diligence & local agent fees

Local agent fees and cost

Local agent fees and cost


Malaysia

Commonwealth of Dominica

SPAIN

PORTUGAL

Summary of Residency and Citizenship Schemes
offering lower tax rates.

Summary of Residency and Citizenship Schemes
in stable locations.

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