South Africans Are Emigrating to Cyprus
South Africa has recently experienced record breaking numbers of citizens leaving the country seeking political, economic and social stability. As one of the sunniest and safest locations in Europe, Cyprus is an ideal location for both EU and non-EU nationals looking for a high-quality standard of living. Cyprus has been billed by many as one of the top five European Union (EU) residency programs.
What does residency entail and how does it differ from citizenship?
Residency refers to a person’s visa status, and is usually divided into temporary and permanent residency. By achieving residency, a person may reside within a country (of which he or she is not a citizen) for a set, valid period that differs from country to country.
By obtaining citizenship in another country, the investor becomes a citizen of that country, which entitles them to carry that country’s passport. Depending on the country, the investor may be able to keep their existing citizenship and passport, and thus the new passport becomes their second passport. Citizens may trade and transport goods, services and capital through EU borders with no restrictions on capital movements or duty-fees. They also have the right to vote in and run as a candidate in local elections in the country where they live, and have the right to consular protection by embassies of other EU member states.
Cyprus EU residency program
The Cyprus residency program requires a minimum property investment of €300 000 and a minimum capital deposit of €30 000. The Cyprus program is especially attractive because of its quick processing times – applicants can receive permanent residency in as little as two to three months..
Investors are required to visit Cyprus only once every two years.