Real Estate Investor Magazine South Africa September 2016 | Page 60

INVESTING

Cyprus

The most attractive residency
programme in the EU

€2Bn in Foreign Investment
BY JENNY ELLINAS

O

ver the past 2 years Cyprus has received more
than €2bn in foreign investment via their
permanent residency and “Citizenship via
investment” programmes.
The Republic of Cyprus is an ex-British colony
(Cyprus is not part of Greece), a full member of the
EU and currently has the most attractive residency
programme on offer for non-EU citizens. And her
“Citizenship via investment” programme has been
ranked in the Top 10 in the world by an international
lifestyle review.
Cyprus has become the darling of foreign investors
and is an attractive investment option because of the
new energy fields, privatisation and reforms. The
country exceeded growth expectations for first half
of 2015 growing 2,3% in Q3; and with 1,6% GDP
growth forecast for 2016, the Eurozone has declared
Cyprus a success story.
The Cypriot Government recently announced 4
enhancements to their already attractive FAST
TRACK permanent residency programme – making
this the quickest, most inexpensive & most attractive
residency programme in the EU.
1 Parents & parents-in-law of the main applicant
also qualify on same residency application! So there
is no need for each parent to purchase their own
property to secure permanent residency.
2 All dependent children will retain their residency
permits for life, without the need to submit any
other supporting documentation!
3 Dependents of a residency permit holder can study
in Cyprus on a temporary student visa for the whole
duration of their studies and after graduation will
secure their residency permits regardless of their
age.
4 In the case of the main applicant’s death, if the
contract was solely in his/her name then the spouse

58

SEPTEMBER 2016 SA Real Estate Investor

and descendants can continue to retain their
residency permits without the need of any other
criteria. The old regulation required the spouse
and dependents to reapply once they had shown
property ownership.
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
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.
10 The annual property-ownership costs (council
taxes, levies, rates etc.) are one of the cheapest in
Europe.

RESOURCES

Cypriot Realty
www.reimag.co.za