(power plant) is expected to be completed in 2016 with
the first oil extraction scheduled for late 2019. So, in
the short term the construction and engineering fields
will be given a boost; in the medium term all of the
peripheral services will benefit and in the long term
huge amounts of revenue will be realised.
Tourism remains buoyant and year-on-year growth
in tourist numbers cements Cyprus as a preferred
destination in Europe. Ryan Air, EasyJet, Aegean
Air and all of the European airlines all have Cyprus
on their routes; and Air France recently signed an
agreement to increase their flights to Cyprus due to
high demand. Outdoor sports are in abundance - from
skiing in the mountains in winter to horseback riding
on the beach in the summer; and all of the extreme and
team sports are on offer too. Because of the incredibly
beautiful weather (320 days of sunshine every year!)
Cyprus remains a firm favourite for weddings and
honeymoons. The crystal clear waters and stunning
beaches in Cyprus continue to rank in the top 10
in Europe; and the latest accolade for this country is
that they have just been voted number 1 for having the
cleanest beaches in Europe!
The president’s strategy to create jobs and stimulate
the economy has been widely affirmed as a solid action
plan to get Cyprus back on track to growth within the
next few years. He recently commented “…if new fiscal
measures are needed, there will be no new taxes but
rather better management of state expenditure.” He
also announced that Cyprus would be awarding casino
and golf estate licences to spur the construction and
services industry.
What is the appeal for EU residency and the
associated lifestyle aspects?
Citizenship and residency in Europe
To acquire an EU passport (ie become a citizen of the
EU) is not a short and easy process – each country
requires the applicant to invest in a residential property
www.reimag.co.za
and/or business plus physically live in the country for a
prescribed minimum number of days per annum for a
set number of years.
As a South African passport holder, there are currently
three ways to secure Cypriot citizenship and therefore
a Cypriot passport:
1. Marriage to a Cypriot citizen – after completing
three
years of marriage and harmonious cohabitation,
living permanently in Cyprus: or
2. Through naturalisation - living in Cyprus
permanently for 5 - 7 consecutive years (ie a
minimum of 183 days every year, for 5 – 7 years); or
3. Investment as an ultra-high net worth individual
(HNWI), investor and entrepreneur.
But, to acquire permanent residency (which is the
legal right to reside in a country) is a different process
altogether; and the permanent residency opportunity in
Cyprus is completely unique.
Cyprus is the only English-speaking country
in Europe offering permanent residency without
requiring that you physically live in Cyprus for a
minimum prescribed number of days per annum. In
other words you can acquire permanent residency, carry
on with life as it is in South Africa and then when you’re
ready to move across to Cyprus, as permanent resident
you have the legal right to live in Cyprus.
With regards to acquiring permanent residency in
Cyprus, the basic requirements are as below:
1. Purchase a residential property
2. Pay 66% of the purchase price
3. Prove income
4. Remit funds to Cyprus
5. Secure a medical policy
6. Have a clean police record
The spouse and all children under the age of 18
automatically qualify under the main applicant’s
Offshore Handbook 2013
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