OFFSHORE
The Cyprus Residency Programme Key Features
Generational Benefits : The main applicant , their spouse , and all dependent children up to the age of 25 qualify for residency .
Quick Issuance : Permanent residency permits are issued within 3-4 months and are valid for life . No Residency Requirement : There ’ s no need to live in Cyprus for the permits to remain valid . National Health Programme : Eligibility for Cyprus ’ National Health Programme . Affordable Costs : Enjoy the lowest property-ownership costs in Europe . Investment Potential : The property can also serve as an investment vehicle .
The Benefits
Time-Saving : Fast processing time and automatic renewal of permits .
Cost-Efficient : No annual tax for residency permits , free healthcare when in Cyprus , low transfer duty , council taxes , and personal taxes .
Investment Advantage : Opportunity to earn Euro-based income , providing a hedge against the ZAR .
The Requirements
Property Purchase : Buy a new residential property in Cyprus for a minimum of € 300k + VAT . New properties are defined as newly-built , off-plan , or those where transfer has not yet taken place .
Proof of Income : Demonstrate an annual income of € 50k for the main applicant , € 15k for the spouse , and € 10k for each dependent child .
Clean Police Records : Ensure all applicants have clean police records .
The Fine Print
Location Flexibility : You can buy property anywhere in Cyprus ; there are no Special Dedicated Areas ( SDAs ) for foreign investors .
Property Type : Resales do not qualify for this programme . You can purchase a maximum of two new properties , provided their combined purchase price is at least € 300k + VAT .
Minimal Visits : Only one visit to Cyprus every two years is required to maintain residency validity .
Schengen Visa : Currently , a Schengen visa is required as Cyprus is not yet part of the Schengen zone .
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108 REI MAGAZINE AUGUST
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