The benefits of the particular program for Cypriot citizenship scheme are highly regarded by South Africans who seek to ensure a second passport that will not only allow them to gain access to the European Union but also offers very attractive investment opportunities.
Cyprus, the third largest island in the Mediterranean, member state of the EU since 2004 and a member of the Eurozone since 2008, is a business hub, a welcoming environment and a very popular tourist destination. It is considered as one of the most appealing destinations for citizenship by investment and living, backed with low corporate and income tax rate, multiple investment opportunities in different sectors, excellent climate, high education and high healthcare system, excellent security with incredibly low crime rates and excellent quality of life.
In order for someone to be eligible for the Cyprus Citizenship by Investment Program benefits he must apply through a certified service provider and meet the following criteria:
- Clean Criminal Record – the applicant must have a clean criminal record. Furthermore, his/her name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
- Residence in the Republic of Cyprus. The applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
- Residence Permit in Cyprus – The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.
- Have obtained a valid Schengen visa.
The applicant for the Cyprus Investment Program is also required to make 2 different donations:
- A mandatory donation of €75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation ecosystem.
- A mandatory donation of €75,000 to the Cyprus Land Development Corporation, aiming at the contribution of the program to the new integrated housing policy.
Along with the increased interest in the Cyprus Citizenship by Investment Program, South Africans are also drowned to the Permanent Residence scheme that allows them and their families to live on the island. The preconditions for Permanent Residence permit are fewer and include the purchase of real estate (more than 300 000 euros) and a steady income or fund in a local Bank.
The Cyprus Investment Program and the Permanent Residence scheme are particularly popular lately among High Net Worth Individuals (HNWIs) from South Africa since they offer an EU member state citizenship, the option to live in Cyprus, Investment Opportunities, high return on assets, low taxation, security and many more.
Our firm’s Real Estate and Immigration team will be happy to assist anyone and to answer any questions relating to the citizenship by investment program that will make you take a wise decision. Please contact us at firstname.lastname@example.org or visit the relevant section of our website.