€2Bn in Foreign Investment
Over 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.
- 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.
- All dependent children will retain their residency permits for life, without the need to submit any other supporting documentation!
- 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.
- In the case of the main applicant’s death, if the contract was solely in his/her name then the spouse 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:
- It is the most affordable residency programme in Europe
- €300k investment in a new residential property secures permanent residency permits for the whole family; and
- 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)
- Dependent children up to the age of 25* qualify.
- The residency permits are FOR LIFE – they automatically renew every year.
- It only takes 4 – 6 weeks for the residency permits to be processed and approved.
- 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.
- No minimum annual tax levied for your residency permit to remain valid; and Cyprus’ personal & corporate tax rates are the lowest in Europe.
- No inheritance tax: this is highly advantageous for legacy planning.
- The annual property-ownership costs (council taxes, levies, rates etc.) are one of the cheapest in Europe.