A growing number of South Africans are exploring the option of purchasing a property overseas to acquire permanent residency to leave a legacy for their family, but the choice of where to invest can be daunting.
Cyprus, a full member of the European Union, has the best permanent residency programme on offer, in which two generations of the same family all secure permanent residency for life through the purchase of a single property. Residency is issued in three months, plus you don’t need to live in Cyprus for the residency to remain valid.
In Cyprus, not only is there no inheritance tax applicable, but the cost of living and property ownership costs are less than what we pay in South Africa. Being voted the safest country in the world, with a population of less than five million, investing in Cyprus is a good option.
There are a number of other reasons why Cyprus is so appealing:
No language barrier: Cyprus is a former British colony, so everyone speaks English. The road signs are in English, your telephone accounts and municipal accounts are in English; and you feel right at home;
Strong economy: Cyprus’ economy is booming, with increased foreign investment pouring into the country. There’s a massive infrastructural drive, with the building of new marinas, a casino resort, and new golf courses. And Paphos, the province on the west of the island similar to the Western Cape, has been named the European Capital of Smart Tourism for 2023. The province is expecting more than 1.6 million additional tourists this year alone. Cyprus is an appealing investment destination because of its solid fiscal policies, offering tangible benefits to investors and having the perfect location where East meets West;
Politically stable: Cyprus has a democratically elected government, and has a president with zero tolerance for bribery and corruption;
Incredible lifestyle: You have every modern convenience, coupled with incredible outdoor living, a plethora of outdoor activities, and loads to do. Being on the cusp of the Mediterranean means travelling to Europe and the United Kingdom is quick and cheap;
Culture like South Africa: With gorgeous outdoor walks, nature reserves, golf estates, and open spaces, you’ll feel right at home. Plenty of expats have made their home in Cyprus. The Cypriots are warm and friendly, and don’t have any xenophobic attitudes or prejudices.
Advantageous tax benefits:
- No inheritance tax (death tax). In South Africa, you are taxed 20%;
- Low personal tax: The first €19 500 of your worldwide income, including pension income, is exempt from personal tax; and
- Low municipal rates: Rates are 75% cheaper than South Africa, being calculated at between 0.1% and 0.2% of property value.
English-speaking universities: On offer is a medical school faculty from Oxford University; a variety of postgraduate and undergraduate degrees; and a host of colleges. You can secure your child’s future by educating them in Cyprus.
Cyprus represents an excellent Plan B investment destination, and property is affordable. The choice of where to buy is personal, and the type of property depends on your lifestyle requirements, budget, and long term plans. With an impressive portfolio of more than 330 completed projects, every style and location of property is available, from seafront and hillside villas to beachfront apartments and townhouse complexes. We’ll find you your ideal home.
Be clear on the reason why you want a Plan B in Europe. You’ll approach your investment decision with a different mindset if you’re seeking residency/citizenship, are wanting to relocate and create a legacy for the children and grandchildren, versus investing in a property to rent to earn a subsidiary income.
Buying a home overseas is a major financial and emotional commitment, but the decision is made easier when you get advice from professionals. It’s recommended that you always check exactly what you’re buying before signing any contracts. The cost of an inspection trip to view property opportunities and do the groundwork will save you thousands in the long run.
Cypriot Realty is a pioneer in actively and consistently promoting property opportunities primarily in Cyprus. It has been doing this successfully from its Cape Town and Sandton offices since 2008. As a result, the company is recognised and respected as southern Africa’s authoritative investment specialist for promoting Cyprus as an ideal destination for acquiring permanent residency/citizenship, property investment, and immigration/retirement.
Contact us for a confidential meeting to discuss how Europe can fit in with your family’s plans. We’ll assist and guide you every step of the way to realise your Plan B.
Contact Jenny Ellinas, founder and chief executive, tel: +27 83Â 448 8734; email: jenny@cypriotrealty.com; LinkedIn: https://za.linkedin.com/in/jennyellinas; Twitter: https://twitter.com/jennyellinas; or visit: www.cypriotrealty.com
