Political instability and currency constraints have led many South Africans to seek out a new lifestyle, residence 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 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.