CYPRUS
What is your Plan B?
Residency, Property Investment and Financial Security in Cyprus
BY JENNY ELLINAS
In this current, ever-changing social & political climate, the question is:“ What is your Plan B?” A solid & secure investment for the future is an accumulation of what you’ ve done your whole life – researching, planning and saving. It makes financial sense to critically evaluate your choice of investment location: purchasing in sought-after neighbourhoods, ensuring maintenance facilities and services are available, and being aware of the importance of landscaped gardens and play areas to contribute to a social lifestyle. Perhaps even more crucial considerations are the day-to-day aspects of living in another country: i. e. the schools, public transport systems, medical facilities, business opportunities and social services available.
With many countries offering seemingly attractive benefits to South Africans, the choice of where to invest – whether for permanent residency, a holiday home, a place to retire or emigrate to, or even to set up a business – can be daunting. The complexities of understanding the multitude of legal and tax implications, coupled with language & cultural issues, often makes even thinking about a‘ Plan B’ a non-starter.
Why Cyprus? The list of advantages for choosing Cyprus over other English-speaking countries is extensive. Topping the list( and where Cyprus comes up trumps) is the permanent residency option open to non-EU citizens,
Cyprus’ boast of having one of the lowest crime rates in the world, and the easy accessibility to Europe. The warm Mediterranean climate offers 320 days of sunshine a year, replete with a first world lifestyle and a plethora of outdoor activities. This all adds up to an enviable quality of life. The fact that Cyprus has numerous first class English-medium education institutions( up to tertiary level), cutting-edge medical facilities and care and probably one of the healthiest climates in the Mediterranean only adds to the appeal and cements Cyprus as a‘ must-see’ destination.
The discovery of natural gas in the seas that fall part of Cyprus’ Exclusive Economic Zone( EEZ) is particular significant because it promises to secure Cyprus’ strategic global importance, as well as generate enormous revenue for the country. The impact of this will ensure that not only will Cyprus’ energy requirements be taken care of for at least the next 200 years but also Cyprus now becomes a supplier of energy to the Eurozone and other countries.
There are 13 sectors in the EEZ that the Cypriot government mapped out in the Mediterranean, spanning 165km southwards from the edge of the island. When exploration started last year in the furthest sector south( sector 12), Noble Energy – the US-based firm awarded the contract to do the initial explorations – announced that this sector far exceeded their initial estimates of hydrocarbon gas. They expect this sector alone to generate over € 100Bn of revenue to Cyprus; and when all 13 sectors have been explored
48 FEBRUARY 2017 SA Real Estate Investor www. reimag. co. za