Page 12 - Expat Living Summer 2018
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MEDITERRANEAN MONEY:
CYPRUS AND MALTA
Cyprus and Malta are two islands in the Mediterranean which share a common goal – to attract
both expats and their investments. Each offers endless sunshine, a long and exotic history, a
relaxed lifestyle, and the opportunity to earn or invest money without paying restrictive taxes.
They are however very different islands and have very different things to offer.
CYPRUS INVESTING TO
DRAW IN WEALTHY EXPATS
C yprus is a small island in the Eastern Mediterranean They are an industrious nation but believe in balance. Settling
with a rich history and culture spanning 10,000 years. in to the country is helped by the large number of expat
It is one of the oldest civilisations in the Mediterranean, communities and the fact that there is so much to do on the
situated at the crossroads of three continents - Europe, Asia island.
and Africa. This unique geographic position has played an
important part in its turbulent past throughout history. The Passport and visas
Mycenaean Greeks established their civilisation 3,500 years
ago and the island has had Greek roots ever since. Many Citizens of EU countries and 35 other countries do not
other cultures followed thereafter, including the Phoenicians, require a visa for stays for up to 90 days. Entry via the
Assyrians, Egyptians, Romans, Franks, Venetians, Ottomans Turkish occupied northern areas is illegal and a stamp in your
and British. All have left behind traces which have contributed passport from past visits to the north can cause problems.
to the culture of Cyprus.
Short-stay/multiple entry visas are generally valid for
Cyprus gained its independence from Britain in 1960. one year, and allow visits for leisure or business purposes
Following many years of nationalist violence which displaced provided the total duration of the stay does not exceed three
Turkish Cypriots, a coup d’état by Greek Cypriot nationalists months in a six-month period.
in 1974 was followed by a Turkish invasion of Cyprus. This
ultimately resulted in the declaration of a separate Turkish For visits longer then three months a long-stay visa is
Cypriot State in the north of the island. Never recognised by required for employment, study or business purposes.
any country other than Turkey, this division of the island has
been in place ever since. Despite this ongoing dispute, Cyprus If you are planning to work in Cyprus you must apply for
is regarded as one of the most safe and secure destinations in a work permit before arriving in Cyprus. The employer
this part of the world. normally applies, having provided proof that there is not a
qualified Cypriot available. The maximum stay subject to
Cyprus is the third largest island in the Mediterranean Sea at some exceptions is four years.
just over 9,000 sq km (240km long by 100km at its widest
point). It enjoys an average of 340 days of sunshine a year Temporary Residence Permits must be obtained if you
giving plenty of opportunity to enjoy the 49 blue flag beaches plan to stay longer then 90 days. There are self-employed,
on the island. It has long hot summers with temperatures over permanent employment and non-working (retired)
30°, and even in the winter the temperature is around 10°. In categories available. If you do not have a job you will need to
the Troodos Mountains temperatures are lower at around 24° provide evidence that you can support yourself financially.
in summer and 3° in the coldest month of January and snow
and rain is seen. The island allows you to enjoy skiing and then Cyprus launched its ‘F visa’ scheme in 2012 which allows you
return to the sunshine on the coast. to gain residence rights based on your property investment.
The requirement is for a property of €2m or more or invest at
The official languages are Greek and Turkish, but around 80% least €2.5m (where part of a larger group of shareholders) or
speak English. The legacy of British colonial rule is that the invest €5m in the Cypriot economy.
legal and banking systems are based on the UK model. The
population is 1.2 million and British expats are the largest Finance
group, with over 62,000 permanent British residents. Number
of Russians and Chinese are increasing. In Cyprus tax residence is established if you spend 183 days
in Cyprus cumulatively in a calendar year. There is a tax
The often-heard phrase ‘Siga, siga’ (slowly, slowly) reflects treaty with the UK and other countries. Blevins Franks advise
the emphasis on ensuring that you take the time to enjoy life. that as you cannot continue to pay into an ISA once you
have left the UK you should look at some of the tax-efficient
vehicles available in Cyprus that allow income and capital
12 EXPATLIVING
