Real Estate Investor Magazine South Africa February 2015 | Page 56

TOP INVESTOR

Cypriot

‘Golden Visas’
Jenny Ellinas speaks about how
to invest in Cypriot property.

Q:
What has been your most significant property
deal?
A: “Personal: Paying a premium by purchasing a property
in a good school catchment area meant there would
always be a demand for either a tenant or a resale.
The importance of constant maintenance cannot
be overlooked – a well-looked-after property will
command the best price when it comes to securing a
tenant or being put on the market.
Business: South African investors wishing
to secure permanent residency or a EU passport via
Cyprus’ investment programme can face challenges
getting their funds offshore. Where SA Reserve
Bank approval or a SARS tax clearance certificate is
required, IF the tax affairs are not up to date, it will be
a problem. However, with Cypriot Realty partnering
with some credible forex providers, you have a team
looking after your interests guiding you through the
process.”
Q: How does this 2nd citizenship give you freedom to
live, work, do business, study and travel anywhere
in the EU?
A: “Having a Cypriot passport means you have the same
rights as any European Citizen; as Cyprus is a full
member of the EU:
• You can travel, live, work and study anywhere in the
European Economic Area: European Union (including
the UK), Iceland, Liechtenstein and Switzerland;
• You can travel to 167 countries without a visa;
• You have an effective tool for family and tax planning
as Cyprus has zero inheritance tax;
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February 2015 SA Real Estate Investor

• You have an additional insurance against political
instability;
• You have access to some of the best healthcare and
education institutions in the world.”
Q: How can buy-to-let property investors earn a
Euro-based income by in Cypriot property?
A: “Cyprus is such a popular tourist destination (they had
nearly 2,5 million tourists and enjoyed over €2Billion
in tourism revenue in 2014!) – There is always a
demand for properties for rent during the summer
season (May – October).

Leptos Estates has chosen their areas carefully
- they build their developments in highly soughtafter locations - meaning there is a solid demand
for properties to rent and the re-sale value are very
good. The closer you are to the beaches, promenades
and amenities – the higher the daily rental you can
command.

There is demand for long-term rentals, however,
this is driven by what the market dictates, and
currently you are looking at anything from 2 – 4% net
Return On Investment (ROI) per annum.

The biggest advantage of earning a Euro-based
rental income in Cyprus is the low personal income
tax. You will need to NET in excess of €19,500 per
annum before you start paying tax! Cyprus has one of
the friendliest tax regimes in Europe.”

RESOURCES
Cypriot Realty and Leptos Estates
www.reimag.co.za