CYPRUS
application. With qualifying as a shareholder in a legal
entity the house purchase will be accepted even when
made in the name of the company and not in the name of
the applicant, provided that the company is registered in
the name of the applicant and/or the name of applicant
and his spouse and he/they are the sole shareholders.
The visa itself
As Cyprus has not signed the Schengen border
agreement (this is imminent as they are a full member
of the EU and one of the requirements is to sign this
agreement), the permanent residency permit currently
gives a long-term, multiple-entry Cypriot visa. This
means that as a non-EU passport holder you will still
need to apply for a Schengen visa to travel to Europe.
However as a permanent resident of Europe to apply
for a short or long-term Schengen visa directly at one
of the embassies in Cyprus is a lot easier as they look
at your application differently than if you are a South
African applying.
the benefits of a Cypriot (European Union)
permanent residency permit
· The legal right to live in Cyprus, at any time
· No prescribed minimum days per annum to
physically live/be in Cyprus except two days every
two years (ie continue to live and work in South
Africa while still retaining the permanent residency
permit)
· The permit is for life (if still visiting Cyprus) and
therefore does not need renewing
· Bypass strict visa requirements
· Access to top universities and education facilities
· High standard of living
· Low cost of living
· Access to first world medical facilities
· Entitlement to basic health care
· Access to the largest trading block in the world
· No import duties on goods and services within EU
· Powerful tool for international tax and legacy
planning
· Low personal tax regime – you keep your wealth!
40
Offshore Handbook 2013
· Europe is on your doorstep
· Freedom of association.
Investigating the property opportunities in Cyprus
When investing in bricks and mortar it make sense
to work with professional, accredited and reliable
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