Real Estate Investor Magazine South Africa March/April 2019 | Page 52

QUALITY GROUP
ADVERTORIAL
Become an EU Citizen
while studying
with Permanent Residence
for the family
P
olitical instability and currency constraints have led
many South Africans to seek out a new lifestyle, resi-
dence and citizenship in Cyprus.
This EU member state is considered a global investment
hub due to the gateway it offers to various countries and
markets.
As an investor in Cyprus Property, you receive two
additional rewards: PR and/or EU Citizenship
By investing €300 000 + VAT in property you qualify for
Permanent Residence (PR) in Cyprus an EU Country; to
retain PR for life you just need to visit Cyprus once every two
years. (If this proves impossible an administration fee of €500
will reinstate permanent residence.) It’s considered to be a
great exit strategy by many investors who choose to move away
from political instability and strict financial controls imposed
by their governments. After obtaining Permanent Residency,
you are eligible for EU Citizenship having accumulated 5
years of residency. There is no time limit on accumulating the
residency days and this can evolve into the EU citizenship
without any additional payment; earliest year 7.
The second option is to invest in the Cyprus Investment
Programme (CIP). The minimum investment for the
programme is due to increase 15 May, so interested investors
should get their applications and deposits in as soon as possible.
This programme currently requires a €2million investment
in a portfolio of property (Commercial and Residential) in
exchange for citizenship and the right to live, work, retire,
study, access healthcare and play anywhere in EU Europe after
only 180 days. After May 2019, this minimum requirement
increases to €2,150,000  000  (excluding VAT, government
& legal costs). Applicants will also be vetted more strictly
– they will need to possess a 90-day Schengen visa and any
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MARCH/APRIL 2019 SA Real Estate Investor Magazine
applicant rejected for permanent residency and/or citizenship
in another EU country will be excluded.
The property portfolio can be sold within five years;
but a single property worth a minimum of €500,000 must
be retained. This property can earn rental income. Most
importantly the citizenships and passports are for life and pass
on from generation to generation.
New luxury developments are popping up all over the
country, offering investors tremendous opportunities. Larnaka
is the city with the greatest potential for growth, according
to Quality Group SA’s International Director and CEO Rose
Lopes. ‘Larnaka is the next best thing in Cyprus.’ According
to Lopes, unspoiled, luxurious developments, high-rise office
towers and new international hotel brands are lighting up the
pathway for the future of the city.
Property investors might be interested to learn that
Quality Group undertook the development and construction
of the Students’ Campus Accommodation housing for the
University of Central Lancashire in Cyprus. This university
has been successfully registered in Cyprus and is the island’s
only university offering double degrees accredited in the UK
and Cyprus. ‘With families acquiring PR in Cyprus, students
can accumulate the residency days while studying and if they
started at say age 20; they complete their studies; work for one
or two years to achieve 5 years and then by 27 they can be EU
Citizens with the tremendous career opportunities that come
from owning an EU passport,’ says Lopes.
So far 171 units have been delivered, with another 206
planned for September 2020. ‘An investment in these ‘Students
Nests’ can tick a couple of the boxes you need on your way to
becoming a citizen of Cyprus,’ says Lopes.