Real Estate Investor Magazine South Africa June 2016 | Page 60

CYPRUS The Jewel of the EU Residency benefits for Cyprus Investors BY JENNY ELLINAS T he news has been met with much excitement and anticipation that non- EU citizens can now make an EU lifestyle possible by becoming a permanent resident in Cyprus. Villa Developments, such as Venus Gardens have begun to offer applicants immediate permanent residency in Cyprus , the benefits of which are as follows. from any incentives given to persons having double residency according to their country of origin’s regulations. It has also been stated that after an accrued 7 years of living in Cyprus, one can become eligible for citizenship and make Cyprus their permanent home. Immediate Family Lastly, because Cyprus has the lowest taxation rate in Europe, it is advantageous for the permit holder to establish a company or a business of his/her own. So given all the above benefits, there is no reason not to look into becoming a permanent resident of Cyprus! Firstly, eligibility is not limited to the investorapplicant, but his immediate family can also enjoy this benefit. In addition, extended family applications will also be regarded more favourably. Visa Exempt Another advantage is that when one obtains permanent residency, he or she is free to enter and live in Cyprus without the need to obtain a visa. If, however, they do not want to relocate to Cyprus immediately, they can still maintain the permit as long as they visit once every 2 years. The permanent residency holder and his or her family now have a ‘second home’ base, which in itself has many obvious advantages. Schengen Zone Another important aspect is that applying for visas to other countries, and in particular, a Schengen visa is now made easier which is great for easy travel and business opportunities. Also, once Cyprus enters the Schengen zone, permanent residence owners will be able to travel freely in the zone. Taxation When it comes to tax, being a holder of a permanent resident permit, will not affect one’s tax liability in Cyprus. What’s more is that the holder can benefit 58 JUNE 2016 SA Real Estate Investor Establishing a Company or Business CYPRIOT REALTY TOURS TO CYPRUS Cypriot Realty are arranging FOUR inspection tours in MAY/ JUNE and SEPT when they will be in Cyprus accompanying clients looking at properties. Your property inspection trip itself is personalised & you will have your own representative host you in order to make your time both an enjoyable and rewarding experience. Your agent will be at your disposal to address any queries that you may have on a 1-to-1 basis, dealing with you in a professional, confidential manner. TOUR 1Check in Mon 30th MAY - check out Sat 4th JUNE TOUR 2Check in Mon 6th JUNE - check out Sat 11th JUNE TOUR 3Check in Mon 7th SEPT - check out Sat 12th SEPT TOUR 4Check in Mon 14th SEPT - check out Sat 19th SEPT RESOURCES Cypriot Realty www.reimag.co.za