Real Estate Investor Magazine South Africa July 2016 | Page 58

CYPRUS

Mediterranean Living

Fast Track Residency Benefits in Cyprus
BY JENNY ELLINAS

C

yprus welcomed 2.65 million tourists in 2015,
the highest figure in 14 years.
May this year saw more visitors than ever
before - with particularly high numbers from Britain
and Russia - and the Cyprus Tourism Organisation
(CTO) predicts 2016 will see record numbers.
The Mediterranean island lies just a hundred
kilometers from the coast of Syria.
It is seen as a safe destination compared to other
traditional holiday hotspots in the region, such as
Egypt and Turkey, where political unrest and attacks
on tourist targets have hit the industry hard.
Cyprus has also been spared the migration crisis
that has affected many popular destinations in the
Greek islands.
Cyprus’ FAST TRACK residency programme
currently has the following 8 benefits and predominant
differentiators to the EU residency programmes on
offer in Greece, Malta, Portugal & Spain:
1 It is the most affordable residency programme in
Europe
2 €300k investment in a new residential property
secures permanent residency permits for the whole
family; and
3 only 2/3 of the purchase price needs to be paid
upfront before the application process can begin
(all other countries require full payment to be
made)
4 Dependent children up to the age of 25* qualify.
5 The residency permits are FOR LIFE - they
automatically renew every year.
6 It only takes 4 – 6 weeks for the residency permits
to be processed and approved.
7 No need to stay/live in Cyprus: except for 1 day

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JULY 2016 SA Real Estate Investor

every 2 years - so you can continue to live & work
in South Africa while retaining your EU residency
status.
8 No minimum annual tax levied for your residency
permit to remain valid; and Cyprus’ personal &
corporate tax rates are the lowest in Europe.
9 No inheritance tax: this is highly advantageous for
legacy planning.
10The annual property-ownership costs (council
taxes, levies, rates etc.) are one of the cheapest in
Europe.
And if you want to secure an EU passport, Cyprus’
“Citizenship via investment” programme will get the
whole family – including dependent children up to
the age of 28 - passports within 3 months! This is the
quickest guaranteed way to get citizenship in Europe.

The requirements are:

- the purchase of a single residential property for
min €2,5M OR a portfolio of properties for €3M:
- properties must be retained for min 3 years, then
can be sold;
- in both options a property of min €500k must be
retained after the 3 years.

Benefits on this progamme include:

- you CAN rent the property/ies out
- you have freedom to live, work and travel
anywhere in the EU (incl. the UK)
- Visa-free travel to more than 169 countries
- Never have to live in Cyprus!

RESOURCES
Cypriot Realty
www.reimag.co.za