Cyprus is such a popular relocation destination among the British. But what happens post Brexit? Learn more!
For many years Cyprus has been a popular choice for Brits looking for a better life. As a former British colony, there’s a familiarity in Cyprus that feels just a little like home. Great education and health care system, year-round sunshine, low crime rates, great quality of life, cheaper properties, English language widely spoken, legal and banking systems very similar to the Uk are just a few reasons worth mentioning why Cyprus is such a popular relocation destination among the British.
But what happens post Brexit? What does this mean for a British citizen considering relocating to Cyprus?
Well in short, Uk citizens have lost their right to live freely in an EU country. So how are British citizens resolving this restriction? The answer is through Cyprus Permanent Residency Program.
This program has been put in place by the Cyprus Government particularly for foreign investors to ensure a smooth relocation to Cyprus.
The Cyprus Permanent Residency (PR) program offers non-EU individuals a permanent visa for entering, staying and living for a lifetime in Cyprus within 2 months, with a minimum real estate investment of €300,000 + VAT (5% for first time buyers). The process is fast and easy.
UK citizens are finding great value in this program as it eliminates a lot of paperwork / visa applications required to live in Cyprus every few months.
The Permanent Residency Program application covers the entire family, including children up to 25 years of age, the spouse and parents of both the applicant and spouse. In addition, children maintain their resident status for life, as it isn’t lost when they reach the age of 25 nor if they marry.
There are also various advantages to owning a property in Cyprus when compared to the UK. You’ll find the lower cost of living and Cyprus property prices very appealing. Many people who relocate to Cyprus find their new investment property is excellent value for money, resulting in a more spacious and higher quality home than they’ve previously enjoyed back in the UK. Moving to Cyprus comes with major tax benefits and incentives, including zero inheritance tax, 5% VAT on the property, 12,5% corporate tax and many more.
With over 60 years of experience, Domenica Group are experts in building high quality, luxury properties with thousands of happy clients and hundreds that already enjoy the benefits of Permanent residency program. We’ve helped many people relocate from Britain to Cyprus so if you have any questions regarding the Permanent Residency Program, or you’d like more information on our portfolio of properties that qualify for this program then do get in touch. Your wonderful new home on this sun-filled island may be closer than you think.