Real Estate Investor Magazine South Africa December/ January 2018/2019 | Page 54

EUROPEAN CITIZENSHIP
Affluent South Africans
setting their sights on
Cyprus and Portugal
BY GAYE DE VILLIERS
F
or good reason, Portugal remains a highly sought-after
destination for international property buyers - including
South Africans – but now new kid on the block, Cyprus,
is stirring up interest in the marketplace, says Chris Immel-
man, MD of Pam Golding International.
“For the bulk of South African residential property buyers
in these countries, their primary aim is to acquire European
Union residency for their families – mainly with a view to
enabling their adult children gain ease of access to study and
work abroad, and to travel freely in Europe.
“Having recently hosted investor roadshows in major
centres around the country, it’s evident that many affluent SA
residents are seeking to create international opportunities for
their children while at the same time leaving a lasting legacy
for their families - not just their immediate families but for
future generations too. 
EU citizenship in just six months
“An offshore investment in a stable country is an ideal way to
diversify a property portfolio and the appealing island of Cyprus
in the middle of the Mediterranean Sea offers considerable
opportunities to accomplish this. For an investment of EUR2
million, you can acquire full European citizenship for life in
just 4-6 months for you and your entire family up to the age
of 28 years, with the opportunity to disinvest after three years
by selling your property, but with the requirement that you
reinvest EUR500 000. 
“Property here has a sound underlying investment value.
In Cyprus as with Portugal, we have done our homework,
meeting with local developers and law firms and thoroughly
researching the market in person.
52
DECEMBER 2018/JANUARY 2019 SA Real Estate Investor Magazine
“As a result we have extensive knowledge of the local real
estate markets on the island, enabling us to offer interested
clients a customised portfolio of preselected properties, all
legally and financially compliant and based on each applicant’s
preferences and criteria. Together with our Cape Town based
team and PWC (Price Waterhouse Coopers) Cyprus, we
offer an all-inclusive service throughout the entire citizenship
application process.”
For investors in Cyprus, a key advantage is that citizenship
can be passed on to future generations by descent, while a
Cypriot passport also allows visa-free travel to 159 countries
including Canada, Hong Kong, Singapore and the UK.
An attractive tourist destination which is very strategically
located at the crossroads of Europe, Asia and Africa, Cyprus
also attracts a huge number of British immigrants.  This
is a stable country and financial centre very attractive for
residence, with a modern, free-market, service-based economy
and effective and transparent regulatory and legal framework
based on English Common Law. It was ranked 65th  out
of 144 countries by the World Economic Forum Global
Competitiveness Report 2015-16. Although Cyprus is about
four times the size of Mauritius, there are only some 700 000
inhabitants.
Attractions include numerous historic sightseeing
highlights, including ruins of Neolithic dwelling, Bronze Age
and Phoenician tombs, Roman monasteries, Venetian walls,
Byzantine castles and churches and Islamic mosques. A variety
of leisure pursuits range from beach and water sports to golf
and nature or mountain activities. 
Currently the largest project being constructed in Cyprus