The super-rich who made Cyprus their home
There are many reasons to invest in Cyprus right now and all of them are backed up with evidence of tangible economic growth. But is that why the super rich are making Cyprus their home? AME Second Citizenship founder and director Eliza Sergiou looks at the reasons so many are choosing Cyprus.
The Golden Visa
“Cyprus offers the quickest route to European citizenship and that’s why we are seeing so many of the world’s elite and super rich making their home here.” Says Eliza. “Investors can choose citizenship in return for a purchase of a €2 million home or permanent residency in Cyprus for €300,000 plus VAT in real estate. In recent years, Limassol especially has become a who’s who of celebrities and wealthy investors. The luxury marina, shopping, dining and high-end properties are proving to be a real attraction.”
A band of super-rich foreign tycoons have adopted citizenship in recent years lured by favourable tax regimes and easier business environments.
Who’s in Cyprus?
There are lots of super rich individuals who made their home in Cyprus. They range from business leaders to celebrities, social media influencers and entrepreneurs.
- Norwegian-born oil tanker tycoon John Fredriksen is one of the super-rich believed to have taken Cypriot citizenship for tax reasons. For many years, Fredriksen was Norway’s richest man, but gave up Norwegian citizenship in favour of the Mediterranean island because it offered his family better tax arrangements. John Fredriksen is the richest Cypriot billionaire by net worth (8.5 billion USD)
- Russian former scientist Alexander Abramov, has a net worth of 5.6 billion and is one of the two heads of Evraz, Russia’s largest steel producer. Interestingly, Abramov is a close business associate of Chelsea FC owner Roman Abramovich. Abramovich also holds luxury property in Cyprus and enjoys joint citizenship.
- Teddy Sagi is another billionaire who enjoys life in Cyprus. Online gambling entrepreneur Sagi, owns close to half of Playtech, the £1.6bn gaming software group he founded and partially floated on the London stock exchange. Sagi, whose fortune is estimated at $3.2, is based in Cyprus, though he lists his nationality as Israeli and regularly features on lists of Israel’s wealthiest individuals. Sagi has invested considerable sums in Cyprus, sponsoring a school in Larnaca and establishing the island’s first synagogue.
Cyprus offers a luxurious lifestyle for celebrities, business tycoons and fast-paced entrepreneurs. To learn more about the golden visa scheme, speak to the team at AME Second Citizenship now.