Cyprus lifestyle magazine issue 4 2015 (english) by Cyprus Lifestyle Magazine

Issue 4 | 2015

Monthly Lifestyle Magazine in English and Russian

cyprus lifestyle investment | business | property | lifestyle

Special Feature

Vino Cultura

The Best Wine Bar in Cyprus Russians in Cyprus UK Pensions — New Changes ПОЖАЛУЙСТА, ЧИТАЙТЕ НА РУССКОМ ЯЗЫКЕ С ДРУГОЙ СТОРОНЫ

PAFILIA RENTALS Pafilia offers a wide range of properties for rent—short term and long term

APARTMENTS — TOWNHOUSES — VILLAS Properties available in:

Paphos, Polis and Limassol areas Prices to suit all budgets

An internationally recognised company with over 30 years’ experience

www.pafiliarentals.com Our rental executives are ready to help you with personal advice and assistance.

Telephone: 00357 26 848 770/ 763 email: rentals@pafilia.com Pafilia Services Ltd. - 33 Nicodemou Mylona Street - Marina Court - PO Box 60320 - CY8101 Paphos

Contents

Issue 4 | 2015

cypruslifestyle investment | business | property | lifestyle

Editorial 3

Golf in Cyprus Golf in Cyprus has come a long way during the past few years. The island now has five golf courses. Four of these courses are in the Paphos district namely: Elea Estate, Aphrodite Hills, Minthis Hills and Secret Valley with Vikla Golf and Country Club situated in the Limassol district. The British community make up the largest share of active golf members and players at each of the clubs in the Paphos area. Tourists are welcome as guests at all of the courses and ‘golf tours’ are becoming more popular in Cyprus as both amateur and professional players from around Europe see the advantages of the great weather and all year round playing conditions.

Russians in Cyprus

Vino Cultura Wine Bar

Elena Ivanova – Classical Pianist

We decided to look at Russian people living and working in Cyprus. Many of these people have chosen the sun and the sea, warm climate and the quiet safety, comfort and quality of life offered in Cyprus.

There is always time for a glass of wine. Vino Cultura is not only a place to unwind after a long week; it is also home to a wine shop and cellar, and an education centre for discerning wine lovers. Every year Vino Cultura offers many wine tasting and seminars for customers’ own education and development on the highly respected beverage. The introductory wine seminars, specialised wine seminars and master classes on offer, are sure to provide you with in-depth knowledge on wine tasting, how wine is made, the main varieties and major wine producing regions of the world.

We talked with Elena Ivanova, a talented pianist and flautist based in Paphos. Originally from Russia.

investment 20

Disclaimer

Cyprus Lifestyle Magazine accepts no responsibility for the accuracy of information about products or services provided by advertisers. Whilst every care has been taken to ensure the accuracy of the information contained in this magazine, the publisher accepts no responsibility for opinions or views expressed by advertisers or contributors to the magazine.

Cyprus Although there are many challenges facing Cyprus in the restructuring of the economy, as we point out in our editorial, it’s not all doom and gloom. Cyprus is still a great country for those seeking a better style of life on this Mediterranean island. Many people from around the world continue to set up a new home here and enjoy the benefits of the warm climate and a more relaxed way of doing business. Plus Cyprus is an ideal location for retirement and now is a good time to seek out a property bargain. But title deeds remain a problem regarding property ownership. Non-Performing Loans still present challenges for the banks. Recent attempts to prepare government owned assets for privatisation also prove to be difficult with resistance from the powerful trade unions. The number of Russian tourists is expected to be significantly less this season.

Tel: +357 97 781 582 No part of this publication may be reproduced, stored in a retrieval system or transmitted without the prior written permission of the publisher.

A CHALLENGING TIME FOR CYPRUS

features

How to Advertise For our rates and special discounts

ACQUIRING CYPRUS CITIZENSHIP BY INVESTMENT For Non-EU citizens, Cyprus has a scheme for naturalization of investors. As part of reforms aimed to attract investments in Cyprus, the amount required to be invested in order to attain Cyprus citizenship has been significantly decreased. Lawyer Michael Mantis explains.

BUSINESS 22

UK PENSIONS AFTER APRIL 2015 Significant changes are occurring to UK pension rules and regulations from April 2015. This may sound a long way off but time has a habit of moving faster than you think! In the last Budget, George Osborne promised pension freedoms from April 2015 – with much more scope to use the pension pot as people see fit and no need to purchase an annuity.

Contact Information Publisher: Bowers Lifestyle Ltd

CYPRUSLIFESTYLE Cyprus Lifestyle Magazine

+357 97 781 582 Registered office: Leoforos Ellados, 12 Paphos, 8020, Cyprus

www.cypruslifestylemagazine.com

Monthly Lifestyle Magazine in English and Russian

CYPRUS CITIZENSHIP BY INVESTMENT

EDITORIAL A challenging time for Cyprus

elcome to Issue 4 of Cyprus Lifestyle Magazine, the only quality magazine published in both English and Russian languages. We focus on the main issues which we think are the most relevant to Cyprus, namely Investment, Business, Property and Lifestyle. Although there are many challenges facing Cyprus in the restructuring of the economy, as we point out below, it’s not all doom and gloom. Cyprus is still a great country for those seeking a better style of life on this Mediterranean island. Many people from around the world continue to set up a new home here and enjoy the benefits of the warm climate and a more relaxed way of doing business. Plus Cyprus is an ideal location for retirement and now is a good time to seek out a property bargain.

Reforms Title Deeds Title Deeds Fiasco Continues- Problems with title deeds continue to pile up for property buyers in Cyprus. During the ‘good times’ all banks in Cyprus provided mortgage funds to property developers to build properties, but then the same banks provide mortgages to the buyers of the properties. The mortgages provided to the developer are not normally disclosed to the property buyers. The lawyers, banks and developers know that many buyers would not proceed with the purchase if they knew they were being offered a second charge mortgage. The first charge over the property is between the bank and the developer. This means that if the developer fails to repay the mortgage before the title deeds are issued then the banks can auction off the property to repay all or part of the developer’s debt. When you consider it takes many years for title deeds to be issued in Cyprus it leaves buyers in constant worry that their developer may default on the mortgage. The so called good news is that in March 2015 the Cyprus government passed a bill to ban the repossession of properties whose owners (the buyers) have no title deeds. These owners are now protected

if they have paid at least 80 percent of the dale price or have complied with their contractual obligations.

However the problem is far from being solved. The government in Cyprus has a reputation for taking a long time to resolve these issues. Property buyers from the UK find it a normal practice to obtain ‘good title’ to a property purchase through the issuance of the deeds shortly after completion of the sale agreement. However, buyers from Russia and China will not be as demanding as they will not be accustomed to any developed property laws like a property/ land registry and ownership title. For these buyers a normal legal sale-purchase agreement through a lawyer would be enough for them to assume they own the property outright. Only when it comes to trying to sell a property will they realise the importance of a title deed. Therefore, the common practice to be seen on many properties now for sale across Cyprus is that the offer contains those important words ‘WITH TITLE DEEDS’. Non-Performing Loans (NPL’s) One of the most pressing challenges in the Cyprus economy is to reduce the excessively high level of nonperforming loans in the banking sector. Non-performing loans (NPL’s) are still on the rise, reaching 51.7% of outstanding loans. Bank restructuring of these loans remains very slow. Two key measures in this regard are the proper implementation of a foreclosure law (which allows a bank to seize real estate collateral) and a modern insolvency framework for individuals and legal entities. These two legal frameworks were needed to create incentives for both debtors and creditors to agree on debt restructuring. The foreclosure law has now been adopted after lengthy delays and indecisions by lawmakers.

Privatisations Plans to privatise the Electricity Authority of Cyprus (EAC) have been met with fierce opposition from the employees and the ever dominant trade unions. The unions claim that the Cyprus Energy Ministry is making a

big mistake and amounts to selling off state assets to foreign investors. The government Privatisations Unit has initiated a tender for commissioning an independent consultant to prepare a study into how the EAC would be separated from government control. This looks to become a very long and drawn out process. Cyprus must generate proceeds from privatisations of at least EUR 1bn under the terms of the EU bailout programme by 2016. Other organisations earmarked for privatisation are the Cyprus Telecommunications Authority and the Cyprus Ports Authority. EAC unions warn that denationalising the power company will ultimately backfire on consumers, as private operators taking over would be sure to hike up rates. In terms of consumers’ purchasing power, in the last few years Cyprus has consistently ranked as the most expensive household electricity supplier in the European Union.

Tourism The number of tourists visiting Cyprus in 2014 was 2,441,239 with the largest number being from the United Kingdom, 871,523 (35.7%) followed by Russia, 636,766 (26.08%). Other countries with over 100,000 tourists were only Sweden 106,666 (4.37%) and Greece 100,955 (4.13%). With a worse than expected deterioration of the economic situation in Russia, the 2015 tourist season can expect a downturn in the number of arrivals from Russia. Many people are questioning the role of the Cyprus Tourism Organisation (CTO) i.e. what do they really do? It would appear that the CTO could be more effective in promoting tourism. With a EUR 52 million budget it performs like most government organisations. See www.visitcyprus.com One privately owned business organisation that is doing a great job in promoting the island is Heart Cyprus. See: www. heartcyprus.com cypruslifestylemag@gmx.com www.cypruslifestylemagazine.com

4 By Gerald Bowers

Four of these courses are in the Paphos district namely: Elea Estate, Aphrodite Hills, Minthis Hills and Secret Valley with Vikla Golf and Country Club situated in the Limassol district. The British community make up the largest share of active golf members and players at each of the clubs in the Paphos area. Tourists are welcome as guests at all of the courses and ‘golf tours’ are becoming more popular in Cyprus as both amateur and professional players from around Europe see the advantages of the great weather and all year round playing conditions. But golf courses/clubs in Cyprus offer far more than what most people realise. Each golf club is more of a resort location offering a lifestyle many can only dream about for those coming from Northern Europe. You don’t have to be a golf fanatic to enjoy the beautiful surroundings and wonderful dining experiences. Indeed you can experience some of the very best culinary delights on offer as each club boasts about the skills of their international chef teams and fully trained catering staff. So far the only golf course offering hotel facilities is Aphrodite Hills (Sensatori Resort) some of the other courses have plans for hotel facilities in the future. But travelling distances are short between all courses with Elea Estate being located close to Paphos centre and Minthis Hills only a 15 minute drive away. Aphrodite Hills is located just off the main Paphos to Limassol road in Kouklia and next to the Secret Valley course at Venus Rock. The Vikla course is only 25km from Limassol.

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Golf in Cyprus has come a long way during the past few years. The island now has five golf courses.

Golf in Cyprus Vikla Golf and Country Club Holes: 18 Par: 72

Nestled in the hills of the picturesque village of Vikla, 25kms from Limassol, is Vikla Golf & Country Club, where you are invited to play a round or two of golf against a backdrop of spectacular beauty. The emphasis here is on pleasure so the pace of your game should be as fast or slow as you’d like it to be. Whether you are on holiday in Cyprus, visiting friends or family in Limassol, or just passing through the Limassol region. Vikla Golf Club is a family run business that provides a facility which is not available anywhere else on the island. At Vikla you will play on quality grass greens, relax in an environment where people don’t take life or themselves too seriously, eat and drink at the bar happy that you’re paying the right price, and only pay 30 euros for golf! Vikla decided not to spend a fortune on water (which is scarce enough in Cyprus) to irrigate the fairways throughout the summer. This not only saves the island water, but also saves money meaning they can pass on these savings to you - They charge up to 75% less than other courses on the island. See: www.vikla4golf.com

Guest Policy: Guests are accepted Handicap Requirements: Everyone is encouraged to play at Vikla

Crowning Aphrodite Hills Resort’s outstanding leisure facilities is the magnificent 18-hole golf course. Five years in the making, it follows the scenic contours of the two plateaux, its challenging fairways cutting a swathe through lakes, olive and carob trees. The course has taken its rightful place among the very best the Mediterranean can offer. No matter how many times you play the course, there’s always a new challenge. Not least the skill needed to conquer the dramatic holes that run alongside or traverse the dramatic central ravine. Celebrate your success in the sophisticated Clubhouse, overlooking the 18th green and the sparkling waters of the Mediterranean below. In the restaurant you can savour delectable Cypriot specialties, international cuisine and an extensive wine list, or just enjoy the breath taking view from the terraces. A premier Golf Academy, practice holes and pro-shop enhance your golf experience.

Designer/Architect: Cabell Robinson Guest Policy: Guests are accepted Handicap Requirements: Men 28, Ladies 36

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Aphrodite Hills Golf Resort Holes: 18 Par: 70

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Minthis Hills Golf Club

Holes: 18

Par: 71

The oldest golf course in Cyprus. Founded in 1994 on the hills of Tsada, set on the grounds of 12th century monastery, in a verdant valley. Created by Donald Steel and renovated by Mackenzie + Ebert in 2006/07, it plays to a par 71 and measures 5843 meters. Situated in the village of Tsada, 15 km north of Paphos, at 550 metres above sea level ensures cool breezes during the summer months. The fairways are challenging and undulating with plenty of options. Bunkers: 35, Lakes 2 with a 16 bay Driving Range, Putting Green, Chipping Green. Golf Buggies, clubs and trolleys are available for rental. Great clubhouse with restaurant and café bar. Ideal for corporate events, weddings and celebrations. Business Centre facilities also available. See: www.minthishills.com/golf

Designer/Architect: Donald Steel Guest Policy: Guests are accepted Handicap Requirements: Men 28, Ladies 36

Par: 71

The Secret Valley Golf Course at the Venus Rock Resort is a highly prestigious golf course located in the renowned area of “Petra tou Romiou”, the legendary birthplace of Aphrodite, the Goddess of love. It is set in a scenic valley surrounded by mature trees and beautiful natural rock formations. Consistently appearing as the preferred course amongst the island’s visiting players in terms of sheer playability and enjoyment. Located 18 km east of Paphos and 49 km west from Limassol, near to the rock of Aphrodite. The nearest village is Kouklia. See: www.venusrock.com

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Holes: 18

Secret Valley Golf Club

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Elea Golf Club

Holes: 18

Welcome to Sir Nick Faldo’s Mediterranean masterpiece. Situated at the heart of the prestigious Eléa Estate in Cyprus, Eléa Golf Club offers world-class golf in a stunning setting. The challenging Par 71 course, designed by the legendary Nick Faldo, incorporates numerous natural features and boasts stunning views of the Mediterranean. A visit to Elea Estate is highly recommended. Elea has quickly developed a reputation for excellent customer service for both golfers and visitors. See: www.eleaestate.com

Designer/Architect: Tony Jacklin Guest Policy: Guests are accepted Handicap Requirements: Men 28, Ladies 36

Par: 71

Designer/Architect(s): Nick Faldo Guest Policy: Guests are accepted Handicap Requirements: Men 28, Ladies 36

Golf in Cyprus

Aphrodite Hills Golf Resort Description: A Golfer’s Paradise. With stunning views to the Mediterranean and its exquisite setting among natural vegetation, Aphrodite Hills Golf is paradise for the golfing enthusiast, be it an advanced or intermediate player. A game of golf here is a journey that begins with enthusiasm and ends in immense satisfaction. Aphrodite Hills is unique, exotic and challenging. The magnificent 18-hole championship Aphrodite Hills Golf Course, which spreads over 6299 meters, was designed by acclaimed architect Cabell Robinson. It is the perfect mix of manicures fairways of lush Bermuda grass, generous tiered greens and challenging pot bunkers. Visually spectacular, the course expands through indigenous olive and carob trees and is built on two plateaus of a mountain separated by a dramatic ravine. With outstanding views of the Mediterranean and 5 Tees per hole, it is a course suitable for advanced or

intermediate players. The seventh, par 3, signature hole, where you have to conquer a 130 metre gorge, is the perfect opportunity to put your skills to the test. 18 holes / 9 holes: Championship standard 18 holes golf course PAR: 70/71 over 6299 Metres from the Professional Tees Course designed by: Cabell Robinson Location: Paphos District Handicap: Men: 28 / Women: 36 Description of Fairways: Crowned as the Best Golf Course in Cyprus in the annual World Golf Awards 2014, this champion standard magnificent 18-hole championship golf course spreads over 6299 metres. The course has a slope rating system: White tee: 123, Yellow Tees: 120, Blue Tees: 122, Red Tees: 116. Beautifully manicured fairways line the golf course. Bunkers: Bunkers are strategically placed all over the golf course to make it a challenging

For Individuals: Extra entitlements

Driving Range: 350 metres double ended practice range - one end sun protected Putting Green: short practice putting greens and practice areas Chipping Green: short chipping greens and practice areas, available to all standards Golf Buggies: The use of buggy at Aphrodite Hills Golf is mandatory due to the long distances between the holes. However there is the option to walk the back 9 holes. Academy Course: The academy club membership is an opportunity for anyone who wishes to play unlimited on the 3 holes Academy and test their golfing skills. It is ideal for new or existing golfer with limited time to play. It provides a chance to really get a feel for the game in a stress

For Couples: Individual 3 months

6 months

12 months

Handicap Management





Range Card Credits

Tournament Entry Discount



Group Lesson

TOTAL COST

but fun experience. Lakes: There are 2 Lake Features on the golf course, both on Par 5, Holes 10th and 18th

Extra entitlements

Individual 3 months

6 months

12 months

Handicap Management





Range Card Credits



Tournament Entry Discount





Group Lesson



€ 205

€ 325

€ 475

€ 360

€ 575

€ 850

TOTAL COST

8 free environment and no time limitations while playing. The 3-hole academy includes 1xPar3 and 2xPar4 and buggies are not permitted on the 3 holes course academy. Special Features /Offers: Golf Lessons: The Golf Academy at Aphrodite Hills caters for golfers of all abilities, from beginners to the experienced player. The experienced resident PGA qualified golf professionals offer expert tuition and advice on all aspects of the golfing game using the latest technology in the perfect environment for learning the wonderful game of golf. The academy also includes the junior Golf academy. Golf is stooped with history, strong values, etiquette and honesty required for the game is a great skill, and it is these factors that the golf academy is trying to pass to all our juniors through the skilled professional tuition. This can give children a massive head start, not only in sport but life in general. Juniors need to be over 6 and under 18 years old. Club Membership: Aphrodite Hills Golf is a paradise for the golfing enthusiast. We offer various Membership Packages designed to suit all of your golf needs, available for Aphrodite Hills Property Owners and Cyprus Residents. It is an opportunity for both categories to take full advantages of both Golf and Clubhouse facilities. The Residents in Cyprus have the choice between an Unlimited Golf Pass, a Cyprus Pass and an Off Peak Pass. If you would like to learn more information about our membership packages please contact our Membership Department at Proshop.office@aphroditehills.com. Rates: One Round of golf: Low Season Rate €101.00 (offers are available). High Season Rate €143.00 (offers are available) Hire Charges: Manual Trolley: €6.00 Club Rental: €50.00 (per round)Range Balls: €4.50 (per 42) Other: Shoes: €20.00 Pro Shop: The Aphrodite Hills Pro Shop carries an extensive range of golfing equipment and stylish apparel from the world’s leading brands. Men’s and Ladies’ specialized clothing and footwear are available, as well as the latest golfing accessories, clubs and bags. What’s more, the friendly and knowledgeable staff is on hand to attend to each golfer’s individual needs. Contacts Enquiries: Golf Pro Shop: Tel: +357 26828200 Bookings/Reservations: golfreservations@aphroditehills.com Membership Department: Proshop.office@aphroditehills.com Club House Restaurant: +357 26828207 Website: www.aphroditehills.com Social Media Sites (Facebook/Twitter/ Instagram/Pinterest/Youtube): ‘Aphrodite Hills Golf’

Aphrodite Hills Golf Public Green Fee Rates Dec. 2014 – Nov. 2015 Winter 2014 until Autumn 2015

Public 18-Hole Green Fee, including buggy seat

Low Season Dates From 01.12.14 until 15.02.15 From 01.06.15 until 15.09.15

€101.00

High Season Dates From 16.02.15 until 31.05.15 From 16.09.15 until 30.11.15

€143.00

Other Prices (2014-2015): 9-holes low season (adults) - €55.00 9-holes high season (adults) - €77.00

Junior Prices 2014-2015 (16 years old and under): 18-holes low season (juniors) - €55.00 18-holes high season (juniors) - €78.00 9-holes low season (juniors) - €39.00 9-holes high season (juniors) - €55.00

Other Items (2014 - 2015): Full Set of Hire Clubs - €50.00 Shoe Hire - €20.00 Basket of 42 Practice balls - €4.50 For golf reservations or further information please contact: Tel: 26 828200 Fax: 26 828201 E-mail: golfreservations@aphroditehills.com For all our latest special offers please visit: http://www.aphroditehills.com/cyprus/offers

10 By Tatiana Shchekochikhina

The Russian Community in Cyprus If life in the hectic metropolis makes you tired of the noise and hectic lifestyle this story will be of interest to you. We decided to look at Russian people living and working in Cyprus. Many of these people have chosen the sun and the sea, warm climate and the quiet safety, comfort and quality of life offered in Cyprus. Let’s start with a little history.

he first question that comes to mind and of interest to many readers is – why do Russians come to Cyprus? Since the 1970’s Soviet, and then Russian universities provided education to many Cypriot citizens in many different subjects and found themselves a parallel Russian second "half". Russians and Cypriots have had a close relationships for many years. However, the surge of Russian immigration to Cyprus came with the development of tourism and the formation of offshore companies in the early 1990’s. According to the Ambassador of the Russian Federation in Cyprus the island is now home to about 40,000 Russians. However, the state census in 2011 showed that only 10,520 people of Russian origin were living in Cyprus, the majority of them, about 50% living in Limassol. This difference in numbers is partly due to the fact that many Russians invest money and buy property in Cyprus, but do not actually live here permanently. Often these property owners are limited to simple tourist visas or even pro-visas, which allows them to stay on the island for 6 months per year, enough to enjoy all the Cypriot benefits without leaving their life and businesses back in Russia. Thus, a large number of Russians were not included in the state census. In addition the word ‘Russian’ in Cyprus sometimes includes all the Russian-speaking population including people from all the former Soviet republics. What attracts Russians to come back to Cyprus that they come back again and again, and subsequently many come and stay permanently? Cyprus presents a unique opportunity for a healthy lifestyle. Soft, warm Mediterranean climate, with sun almost 300 days a year, fresh fruits and vegetables year-round, high quality food. The sea provides the opportunity to swim in

11 the summer and water sports all year round. The mountains of Cyprus provides many bike trails and hiking trails for active walks and a ski resort. Plus fishing and rowing and many more activities. For example, Anna a 33 year old dermatologist, cosmetologist from St. Petersburg, who moved to Cyprus for more than three years ago, describes her life in Cyprus: "Cyprus can be considered an almost perfect place to stay. Sea, good food, warm climate, friendly locals. Here everyone can find something. Because of the short distance and the lack of traffic jams you have free time, which is so lacking when you live in a big city. It would seem that there is no dull and cultural life? Nothing like this, you just have to know the place and get "into the stream." Music concerts, literary evenings, broadcasts and live performances of operas and ballets, performances, touring theatres from different countries. Living in St. Petersburg, it is difficult to find the time to get somewhere, run past the museum, and think ... well, maybe next time .... right there, and now I'm in a hurry ... you survive in the metropolis, in a hurry, chasing somewhere ... but here - you live. Live harmoniously, according to your interests and the interests of your family. Maybe you become older and perhaps there is a reassessment of values, rejoicing in the sunshine outside the window, admiring the full-blown rose, and appreciating the moments. In Cyprus, I have learned to paint, sculpt clay, ride a horse, to engage in gardening and flowers, and began to improve playing the piano, writing articles on a professional topic, attend meetings with interesting people, improve my English and learn Greek. " However, Russian people are not only here to rest and improve their health; many have opened their own businesses or have found themselves in their profession. The largest sector in which the Russians have created and successfully conduct their business in Cyprus – is in the financial services sector. Many banks including Avtovazbank, PSB, and Russian Commercial Bank, as well as companies which provide investment and other financial services make up the lion's share of all Russian businesses in Cyprus. This is due to the attraction of the island and the existing tax system and laws governing the activities of such firms. Some Russian businessmen recognised that such success, what they have achieved in Russia would be impossible to obtain because of the imperfection of the legislative and tax base, as well as state institutions that control different industries. Many Russians living in Cyprus are busy working in a perfectly developed infrastructure, providing services to the Russian-speaking population on the island. This includes newspapers and magazines

("Bulletin of Cyprus", "Europe Cyprus", "My Island" and others), Russian schools and kindergartens ("disciples of Pythagoras», «LITC», «Harmony"), clinic (Clinic Vavilov etc.), legal advice, creative development centres for children and adults ("Angara", "Bravo", "Graffiti" and others), Russian Food Stores, restaurants, cafes, clubs and much more. In Cyprus there are even Russian radio stations "Russian Wave" and "Hit FM".

in comparison with Russia, and almost all schools have their own buses to take children and bring them back home, which is very convenient for parents.

In addition, more and more foreign companies of various profiles are recruiting Russian staff to work with their Russianspeaking clients. Yes, the benefits and advantages of Cyprus have enough to provide a wide choice on this small sunny island. But there is another good reason why there are so many Russians here. The opportunities for children and the unique, broad opportunities offered in Cyprus for education, rehabilitation and creative development of Russian children.

The church, by the way, is a powerful factor that unites Russians and Greeks, because a single religion produces identical values, traditions and spiritual needs. The majority of Cypriots and the Orthodox Christian world do not just give a sense of comfort to devout Russians, but these traditions ascribe to those who did not attach much importance to religion before coming to Cyprus.

The fact that Cyprus is a part of the European Union helps their children get a European education. On the island there are three school systems: Greek, English and Russian. After graduating from high school in Cyprus, Russian-speaking children are usually fluent in Russian, English and Greek. Most graduates continue their education at institutions in England and other European countries. Cyprus, and especially in Limassol, the Russian city on the island, there is a perfectly developed system of supplementary education for children. Sections of various martial arts, swimming, soccer, ballet, dance, gymnastics, drawing and artistic development, theatre, tennis, boating, playing musical instruments and even ski-ing and figure skating lessons. Prices for additional education are acceptable, especially in the state of Cypriot organisations, distances are small

An important factor that contributes to the serenity and tranquillity of Russians living in Cyprus is the low crime rate, which is partly related to a religious and traditional rural way of life. (When compared to Russia)

Due to the fact that the island is small, the Russian community in Cyprus exhibits sufficient cohesion, there is a forum for communication, a traditional meeting place, and more than in Russia and mutual assistance is manifested. There is a bright, rich, but at the same time peaceful and harmonious way of life for Russians in Cyprus and this will keep them here for many years, as well as to attract new arrivals. Because of all the recreational opportunities, comfort and tranquillity of local life that so meets the needs of the Russian people, whether it is a big businessman, accountant, work, housewife or a retiree, that people here just do not want to leave. A well-developed infrastructure, created by Russians for Russians, allows them to feel at home on the island of Cyprus. (Translated and edited from Russian into English by Gerald Bowers)

14 By Dominiue Christou

VINO CULTURA

WINE BAR – NICOSIA There is Always Time for a Glass of Wine Having won the 2013 TimeOut Eating Awards’ ‘Innovation Award’ and 2014’s‘Best Wine List in Cyprus’ Award, it is no surprise that Vino Cultura Wine and Tapas bar in Nicosia is the place to be. Having opened in 2006 as a wine shop and cellar, Vino Cultura is a family business that was created from experience in the hospitality industry, over the last 17 years, both in Cyprus and the USA. In the past few years, Vino Cultura Wine and Tapas bar has managed to create one of the most impressive portfolios of wine producers around the world, as Andreas Kyprianou, Sommelier/Wine Director, Vino Cultura, said, “We respect the beverage that

is called wine and what it stands for. It’s the workers in the vineyards and their hopes and dreams. It’s the hard work that, in-part our civilization was built upon. As the great Greek philosopher Thucydides said: “The peoples of the Mediterranean began to emerge from barbarism when they learnt to cultivate the olive and the vine.” With quality at the forefront, Vino Cultura Wine and Tapas bar was created to offer a comfortable, friendly atmosphere for wine and food lovers, to enjoy their wine, accompanied by exceptional food, in the form of enjoyable delectable small plates, at affordable prices.

QUALITY WINE “Quality is our priority. Quality for us is not just the food or the wine itself; it is a long process like Odysseus journey to Ithaca. To reach our destination we follow a hard path in order to select the best raw materials, apply the right storage procedures, advanced preparation techniques, treat food presentation as art, and finally give our guests the ultimate wine and dining experience,” enthused Andreas. The award-winning bar, which certainly knows the way to a customer’s heart, boasts a homely environment, with an extensive wine list, ensuring to make you want to return and endeavor them all. With

“Wine is one of the most civilized

things in the world and one of the most natural things of the world that has been brought to the greatest perfection, and it offers a greater range for enjoyment and appreciation than, possibly, any other purely sensory thing.

”

— Ernest Hemingway

a vision to enhance people’s knowledge in wine and offer a unique experience in pairing the right wine with the right food, Andreas noted that, “In the last eight years, we have witnessed an amazing growth and development in our market and now our customers are more demanding than ever before. They have more knowledge than ever before and most importantly they are looking for the best value their money can buy.”

WINE SHOP CELLAR & EDUCATION CENTRE Vino Cultura is not only a place to unwind after a long week; it is also home to a wine

shop and cellar, and an education centre for discerning wine lovers. Every year Vino Cultura offers many wine tasting and seminars for customers’ own education and development on the highly respected beverage. The introductory wine seminars, specialised wine seminars and master classes on offer, are sure to provide you with in-depth knowledge on wine tasting, how wine is made, the main varieties and major wine producing regions of the world. Additionally, the premises holds the Nicosia Wine Expo around every November, hailed as the biggest and most professional wine tasting of the island, with more 300 wines

from around the world, available for you to taste. Vino Cultura also offers home delivery services all over the island, cellar management and building, quantity and loyalty discounts, for those special occasions, in addition to importers discount. Vino Cultura Wine and Tapas Bar additionally presents a vast array of beverages for the non-wine lover, thus providing for every eclectic taste. Located on Kyriakou Matsi, 20, in Nicosia, the premises boasts a large parking area, ensuring you will have peace-of-mind right from the start.n

“Accept what life offers you and try to drink

from every cup. All wines should be tasted; some should only be sipped, but with others, drink the whole bottle.

”

― Paulo Coelho

16 By Gerald Bowers

Elena Ivanova Classical Pianist We talked with Elena Ivanova, a talented pianist and flautist based in Paphos. Originally from Russia. Q: How long have you lived in Cyprus Elena? A: Over 19 years now.

Q: Going back to your music, what would you say are your favourite musical pieces? A: Its Rachmaninoff, Prelude in C-sharp minor and Chopin, Nocturne in C sharp minor.

people, they try very hard for their children and families and they enjoy culture that is what I like about living here. Q: You see a bright future for Cyprus? You will continue to live here?

Q: Do you speak Greek?

Q: You really enjoy performing music don’t you?

A: Yes absolutely. I have Cyprus citizenship, I still feel very Russian, but I will stay here.

A: Of course I do (Elena smiles) and Paphos has changed a lot since I first came. There were not so many houses and not so many cars on the streets back then.

A: Music is like relaxation for me. I can be myself and do not need to look at any notes. It is absolute freedom for me. It is something similar to meditation.

Thank you Elena

Q: How would you describe yourself? As a classical pianist or an entertainer or performer?

Q: Do you make regular performances in Cyprus?

A: I am a performer but I’m also enjoying teaching very much, which is interesting and challenging. As a performer I like to express myself. Its entertainment for me and the people who come to listen to me play. It’s like a form of relaxation for me. It is not like work. I enjoy it so much. Q: Are you from an entertaining or performing family?

A: I travel all over Cyprus to give performances but I also perform regularly at the Annabelle Hotel in Paphos. I also play the flute and sometimes I play together with friends. Q: What do you do during the winter season?

Q: You learned to play the piano as a child?

A: I don’t play so much, but I teach and also have more time for myself. I like to go to the gym, sauna, swimming and I like to dance. I like walking, cycling and to have coffee with friends by the harbour or to meet for lunch, it is great to relax here in Cyprus.

A: Yes, but I was lucky to have a very good teacher at the Moscow Music Academy.

Q: What would you tell people about Cyprus?

Q: How would you describe your lifestyle in Cyprus?

A: Cyprus is a very happy place. If you have the wish and energy to do something and to make something of life you can do it here. There are so many possibilities here in Cyprus. I like Cypriots, they are driven

A: No, I’m the first from my family.

A: I would say my lifestyle is relaxed and enjoyable and I am happy here. I enjoy living here in Cyprus.

Elena’s telephone: Cyprus +357 9945 2315 Elena’s Pianist Repertoire (just a small sample) Classical and Sacred Claire de Lune --- Debussy Nocturne in E flat Major -- Chopin Valse in B Minor -- Chopin Arabesque -- Debussy Piano Concerto No 21( from Elvira Madigan) -- Mozart Secular and Contemporary Strangers in the Night -- Frank Sinatra Fly Me To The Moon --- Frank Sinatra Stars Fell On Alabama -- Frank Perkins Lover Man -- Jimmy Davis The Entertainer -- Scott Joplin Professional -- Morricone As Time Goes By -- Herman Hupfeld La Paloma and many others To discuss your preferred repertoire or make a booking. email: elenaclassic@gmail.com

Patron - Her Majesty The Queen UK Charity Number 21927

The Paphos Branch BR3692

The Branch was formed on 27th March 2014 and having met at various locations previously, now has a more permanent location at Neo's Sports Club, Peyia where the monthly Branch Meetings are held:

From April to October, 2nd Thursday at 19:30 From November to March, 2nd Sunday at 16:00 Our next Branch Meeting and Social Event is Tuesday 14th May The Branch has a Three Year Plan and it's core aims are to build up Branch Membership and improve publicity. We also aim to hold fund raising and social events each year to which new and non-members are welcome! The Branch also aims to liaise with other branches in Cyprus to better serve the local ex-service community and their dependants. Our Welfare Representative aims to increase our Welfare resources and in the future form a dedicated Welfare Committee of fully trained Welfare Workers. Membership of The Legion is open to any person who supports the values, aims and objectives of Legion.

Please come along and join us, your Branch needs you!

Coming soon:  8th May V.E. Day Celebration at the Anavargos Tavern. Food & entertainment!  31st May Dunkirk 75th Anniversary Lunch at Neo's Sports Bar. Food & entertainment. For details of all forthcoming events please call our Events Coordinator 97644242 or come and see us at our stall on 3rd May at the Hot Dog Show and 23rd May at the Kamares Festival. The Branch email address trbl3692paphos@gmail.com

Clearly Read Expatriate Services

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Wills & Probate Accountancy & Bookkeeping Child Benefit Social Security VAT Refunds on Property Company Formations

Contact: Mr Div Bedi BSc, ACA, C.T.A for FREE Consultation

www.clearlyread.com

Clearly Read Limited 18 Neofytou Nicolaidi Avenue PO Box 61820 Paphos 8138

email:div@clearlyread.com +357 26811313 (CYPRUS Office) +357 96795340 (CYPRUS Mobile) +44 7973269057 (UK Mobile)

Clearly Read Expatriate Services CLEARLY READ has been providing services in Cyprus since 2007 with a focus on both UK and Cyprus tax matters UK chartered Accountant & Registered Auditor Managing Director Mr Div Bedi BSc, ACA, C.T.A is a fully qualified UK Chartered Accountant with over 30 year’s experience. He is also a UK Chartered Tax Advisor (Member of the Institute of Taxation). He provides advice, support and professional services relating to both Cyprus tax and accounting matters but also UK tax matters. Based in Paphos his firm can provide a full range of tax and accounting related services.

Cyprus Certified Public Accountant & Registered Auditor Recently CLEARLY READ was awarded a quality certificate by the ICPAC (Institute of Chartered Public Accountants of Cyprus). A QUALITY CHECK recognized all of the best practices and procedures and the systems in operation at CLEARLY READ after having been fully audited and includes: Management Controls – Practice Management, Presentation and Image, New Client Procedures, Human Resources, Correspondence, Interview and Telephone Notes, Office Filing and Security of Computerised Data Files. Accounts Preparation – Accounts for Non-Audit Clients, Management Accounts Tax Advice and Tax Compliance Work – Personal Tax, Corporate Tax, Payroll and Related Tax Compliance, Value Added Tax Compliance Work Other Assignments – Projections, Forecasts and Cash-Flows, Income References Contact Clearly Read for an initial FREE Consultation (Strictly Private and Confidential) Tel: +357 26811313 Email: div@clearlyread.com

20 By Michael Mantis

ACQUIRING CYPRUS CITIZENSHIP BY INVESTMENT

ealthy individuals who wish to acquire a second passport and attain dual citizenship can acquire this through traditional means through marriage for example or by residing in a country for many years, however these methods take a long of time. Such individuals usually wish to secure dual citizenship in a short period of time and find that traditional methods are not suitable for them.

the measures implemented after the 15th March 2013. If the loss of funds due to the measures taken is more than €3 million, they have the right to apply. If they are under this amount, they can make an investment in any of the other criteria mention in A1 t o A5

For Non-EU citizens, Cyprus has a scheme for naturalization of investors. As part of reforms aimed to attract investments in Cyprus, the amount required to be invested in order to attain Cyprus citizenship has been significantly decreased.

INDEPENDENT APPLICATION If an investment is made via this specification, then the applicant satisfies the financial criteria. There are some further criteria which are common with the collective scheme and will be analysed further on. More importantly, individuals who have made investments in Cyprus, 3 years prior to the submission of the application, can aggregate their existing investment to support their application. Under the independent application, there is a special reference to persons whose deposits with the Marfin Popular Bank Public Company Ltd (ex Laiki Bank) have been impaired due to

for t h e amount lacking in order to reach the amount of €3 million and be eligible to apply.

Collective investment – group application The collective investment option allows investors to make an application together as a group by investing a smaller amount in comparison to an independent application. The actual investment does not have to be made jointly, but each individual can make

their own separate investment. Only the application must be submitted jointly. Each group usually consists of a minimum of 5 investors. The naturalization under the collective scheme has similar requirements. The investor must again make an investment in Cyprus, but instead of €5 million they must only invest €2.5 million. The investment can be in any one of the above mentioned criteria (A1 to A5). Under the collective investment combinations of the types of investment (A1-A5) is not permissible For example each investor must make his or her investment only on one of the above elements (e.g. only property or only bonds). The majority of investors currently applying are taking advantage of the collective investment option as the amount to be invested is significantly less. All other criteria of the two options are precisely the same. In both instances, it is a requirement that the investor is an owner of a residence in Cyprus of at least €500,000+. If the investment is in property and specifically in residences, this requirement is considered to have been met. On submission of the application, the applicant must pay an amount of €2,000 to the Ministry of Interior. Once an application is submitted the examination process begins. The documents relating to the investment are sent to the Ministry of Finance for evaluation on whether the applicant meets the criteria established by the Council of Ministers. Simultaneously, the Ministry of Interior ensures that the applicant meets the other conditions of

21 the above mentioned Decision of the Council of Ministers. If the application satisfies all the criteria, the Minister of Interior presents the application to the Council of Ministers for a final decision. Once the application is approved, the Civil Registry and Migration Department issues the Certificate of Naturalization, following payment of an additional €5000 that constitutes the Naturalization Certificate issuing fee. The time frame from the date of submission to the date for the completion of the process is approximately 3 months. Along with the investor, his or her spouse, any minor children and any children up to the age of 28 which are considered financially dependent can be included in the application. Some additional documents must be provided for each family member who will apply. The application for the family member can be submitted simultaneously with the application of the investor or can be submitted at a later stage. The significant decrease in the amount required for investment, along with the simplified procedure, has made Cyprus citizenship very attractive for investors. By acquiring Cyprus citizenship the investors then have an E.U. passport but also a passport which allows them to travel to over 140 countries without a visa. The citizenship scheme has become very popular in the past 12 months and there are an increasing number of investors who are taking advantage of this opportunity. Michael@mantislaw.com MANTIS & ATHINODOROU LLC Tel. (+357) 26934277

There are two main routes available to investors in order to acquire citizenship. These are: A) Make an investment of € 5 million and apply independently or B) Make an investment of € 2.5 million and apply as part of a collective investment group with a minimum of €12.5 million.

For individuals wishing to apply independently without waiting for any other investor, they must invest the amount of €5 million in one or more of the following options: Α.1 - Investment in government bonds. Α.2 - Investment in financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus). Α.3 - Investment in real estate, land development and infrastructure projects. Α.4 - Purchase or creation or participation in Cypriot businesses or companies. These businesses or companies should have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens. Α.5 - Deposits in Cypriot banks.

Other than meeting these requirements, the investor must provide the following documents with the submission of their application:  Letter by the applicant or description of the application

representative

with

brief

 Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer  Copy of passport

Fax. (+357) 26944877

 Copy of Birth Certificate

Email : info@mantislaw.com

 Copy of Marriage Certificate

www.mantislaw.com

 Certificate of Non-Criminal Record

Corner N.I. Nikolaide Ave and Koroivou Str, “Penelope’s Palace” Office 101, 8010 Paphos - Cyprus

 Copies of advertisements in a daily newspaper with two consecutive posts

P.O.Box 60307, 8102 Paphos

 Two passport size photographs  Curriculum Vitae of applicant  Documents of proof for ownership of private residence  Documents of proof for the investment

By Lee Hinton

UK Pensions — The New Changes UK pensions after april 2015 Significant changes are occurring to UK pension rules and regulations from April 2015. This may sound a long way off but time has a habit of moving faster than you think! In the last Budget, George Osborne promised pension freedoms from April 2015 – with much more scope to use the pension pot as people see fit and no need to purchase an annuity.

“If you are over 75 years, your heirs will pay their marginal rate of tax. ” You may have received information from your existing UK pension provider about the changes or heard the announcements from the Chancellor of the Exchequer. It is important that you have all the relevant details before any decisions are made. Of course the headline grabbing pension news is that you will be able to encash part or all of your existing plan from April and a portion

of that will be tax free. However, there are many considerations to take into account and the most significant point to consider is that of tax liability.

Present Situation You can start to take an income from your pension funds from age 55 under the “drawdown pensions” regime. The alternative is to buy an annuity. Drawdown provides an ability to take income from the underlying investments, allowing personal investment control of the funds and flexibility of the income drawn. When the balance of the fund is paid to your beneficiaries on death, there is a 55% tax charge if you are aged 75 or over, or if you have started taking benefits. Where appropriate you can also transfer Final Salary Schemes or Personal Pension Plans to a SIPP or QROPS (for non UK residents). An important point for the international readers of Cyprus Lifestyle Magazine is that these rules are for all those with a UK Pension, not just those who are UK nationals / passport holders. So, for example, if you are French and have worked in the UK for 10 years and now live in Italy, the freedom of choices over your UK pension still exists.

New rules from 6th April 2015 If you die under the age of 75 your pension pot will pass to your beneficiaries, tax free, even if it is in drawdown. If you are over 75 years, your heirs will pay their marginal rate of tax. In this case, if they opt to take it as a lump sum, a 45% fixed rate will be charged (although the government hopes to change this to their marginal rate from 2016). There are many planning opportunities available but the key to taking cash from the plan is the taxation agreements in place. If this

“There are many planning opportunities available but the key to taking cash from the plan is the taxation agreements in place” is an area you wish to consider, then please let our qualified and experienced team know if you want any help/input. If you were to encash part of, or your entire, plan your UK pension provider will deduct 20% income tax at source. Depending on the amount taken this could actually rise to 40%!! Obviously nobody likes paying more tax than they need to so it is important to take advice from a professional, qualified financial adviser. Thankfully there is a way to avoid UK tax being deducted for non-UK residents and to have your pensions taxed in Cyprus, which potentially has big advantages for many expats.

You should not rush into any decision today. You need to consider all the available options and how they affect you personally, from a tax perspective, from an income perspective as well as from a longterm financial security point of view. You have to consider tax in your country of residence and how it interrelates with the UK tax rules. While you will be able to withdraw your pension, a good rule of thumb with your finances is, ‘If it sounds too good to be true then it probably is.’ Most of us will have to be very mindful of spending too much too soon - we will still need our pensions to provide our retirement income. Our specialist team are here to help. Listening, guiding, and advising. For further information please contact me on: e-mail: lee@fmgroupinternational.com Tel: 2525 8700 or 99 738 048 Written by Lee Hinton BSc(Hons) DipPFS, Country Manager, FM Group. FM Insurance Advisers, Agents and Sub-Agents Ltd is regulated by the Cyprus Insurance Companies Control Service (ICCS), licence FOS 235 / FOS 236. FM Investment Services is the trading name of Felicitas Management Investment Services Ltd which is authorised by the Cyprus Securities & Exchange Commission under licence no: 157/11 n