Investor's Guide to Cyprus by Giovani group

Investors Guide to Cyprus

/CYPRUS INVESTOR'S GUIDE PAGE

1 GIOVANI GROUP

BEST PLACES TO INVEST TOP LOCATIONS ON THE SOUTH EAST CYPRUS

GIOVANI GROUP A SUCCESSFUL JOURNEY IN REAL ESTATE

CYPRUS INVESTMENT PROGRAMMES CYPRUS INVESTMENT PROGRAMME CYPRUS PERMANENT RESIDENCE PERMIT

AYIA NAPA & PROTARAS DISTINGUISHED PROPERTIES

INVESTORâ&#x20AC;&#x2122;S GUIDE TO BUY2LET VILLAS2LET PROFESSIONAL SERVICES FOR A SUCCESSFUL RENTAL PORTFOLIO

Investors Guide to Cyprus

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2 GIOVANI GROUP

GIOVANI GROUP

Symbol Residence brings the exclusive beachfront living to a whole new level in both innovative

A UNIQUE BEACH FRONT DEVELOPMENT

design and stunning architecture thus establishing Symbol as the most desired location. Being developed only a few metres from the crystal clear blue waters of the warm Mediterranean Sea at Limassol the Symbol Residence offers much more than just an iconic silhouette on the Cityâ&#x20AC;&#x2122;s skyline.

A S

www.symbolresidence.com

Investors Guide to Cyprus

/CONTENTS

PAGE

Disclaimer

MD'S LETTER

MILESTONES

CYPRUS AN OVERVIEW

CYPRUS AS INTERNATIONAL BUSINESS CENTRE

13 14

CYPRUS AS AN EDUCATION HUB

CYPRUS PERMANENT RESIDENCY BY INVESTMENT

PROJETS

CYPRUS INVESTMENT PROGRAMME

Suncity Spa Hotel & Private Residences Elite Blu Residences

Giovani Group has taken every care to ensure the accuracy of the information contained in this document but we are unable to provide any guarantees concerning such information. This is due to factors that may be beyond our control and that are subject to change.

Levanda Hills Residences Cosmos Private Residences

With this in mind, we urge clients to carry out due diligence in all matters appertaining to contracts and other legal aspects of property and investment. Contracts are the sole binding agreement with developers and will refer to the exact and speciﬁc terms of your sale.

Nissini Villas Levanda Holiday Villas

Buyers and potential investors are further urged to carry out their own research and carefully investigate their options before committing to any property investment or indeed any of the properties or strategies within this document.

Alasia Smart Homes Vanilla Boutique Residence

*Property values and prices are continually subject to fluctuations that will cause them to rise or fall. The documentation herein is intended purely for informational use only and is not intended to offer or suggest any guarantees.

Panorama Villas

Giovani Group ©

Violet Gardens

Premiere Pearl

WHY BUY-TO-LET IN SOUTH EAST CYPRUS?

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5 GIOVANI GROUP

GIOVANI GROUP

Investors Guide to Cyprus

/MD’ S LETTER CHRIS GIOVANIS Managing Director

Our vision begun in 1986 when I ﬁrst founded my ﬁrst company called Ch. Giovanis & Co Ltd. Since then, I and my associates have started our operations having as a main client the British Sovereign bases in Cyprus. The nature of works carried out involved building construction, building PAGE

of maintenance associated works. size with a substantial professional workforce, and a wide range of approved suppliers and subcontractors. The company has diversiﬁed and evolved and is now, in addition to its Sovereign Base works, a major and successful Developing Company with its roots and headquarters in Paralimni at the eastern end of the island of the Republic of Cyprus. For the moment, I have to say that our only goal is to continue the hard work in order to provide our long clientele with quality, service and top location properties. I personally believe that giving value to our clients

HONG-KONG

BEIJING

RIYADH

AMMAN

4705, 47th Floor, Central Plaza, 18 Harbor Road, Wanchai, Hong Kong, China

I1804, Full Tower, No. 9, Dongsanhuan Middle Road, Chaoyang District

Kingdom of Saudi Arabia, P.O.Box 4353 Riyadh 11491, Omar bin Abdulaziz St.,

Sheraton Hotel 5th Circle, Amman, Jordan

Phone: +00852-37066688

Tel. +0086 01065061711 Mobile: +0086 18516948808, E: andy@giovani.com.cy

Tel. +966 11 4786666, Mobile: +966 56111 5600, E: ksa@giovani.com.cy

Τel. : +96 2772447599, E: jordan@giovani.com.cy

and associates is the only way to achieve progress and development!

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7 GIOVANI GROUP

The company has since then grown to considerable

GIOVANI GROUP

maintenance, ground maintenance, and a myriad

GLOBAL OFFICES

Investors Guide to Cyprus

Established in Famagusta with great business progress and development

/MILESTONES 1986

The Group’s story began in the village of Vrysoulles in 1986. It was then that Christakis Giovani Laid the foundation for an unexpected but great process of business progress and development. Earning the very ﬁrst contract with the British Sovereign Bases laid a solid foundation for professionalism, and set a protocol for quality.

PAGE

The company’s defining recognition of its high standards came in 1996 when the group secured quality certifications for ISO 1400 and 14001 and Health and Safety 18001. In those days, securing ISO procedures was an emphasized by the CEO of the company, Christakis Giovani exceptional feat, and the company set a precedent. The then company, named Chr. Giovanis & co, was on a par with similar companies abroad, offering their high standards in Cyprus. With hard work, insight and innovation, it became the first company on the island to obtain all three ISO certifications.

Giovani Group’s history has been built upon the philosophies of its founder, Mr Chris Giovanis, who successfully turned a construction company into the largest real estate development company in the south-east of Cyprus. Today, Giovani Group employs more than 300 people, and constructs and refurbishes a wide range of luxury properties, mainly on the South East Coast of Cyprus.

1999

The Group’s future changed completely in 1999, as it was decided to enter the real estate market with the company name Giovani Developers Ltd. Since then, it has created, developed and executed hundreds of estates, playing an important role in real estate development in the region. Research on the market, conducted by Pulse Market Research, revealed that the Group led within its industry with an impressive 14.4% market share, whilst the competition followed with a signiﬁcant gap. An important example of success in the past was the Group’s inclusion among the top 5largest land development companies on the island, as ranked by the respected ‘In Business’ magazine. Today, the Group continues to implement its development plans, and in spite of the challenges the sector has faced in recent years, forges ahead with highend developments in Protaras and Ayia Thekla - with the Levanda Hills and Panorama projects already underway.

2016

In 2016, the Group celebrated its 30 year anniversary. To mark the occasion, the team of Directors announced their intention to transfer over 100 individual title deeds, with an additional 200 secured. And the Group’s reputation for excellence and innovation is set to continue following the announcement in 2016 of a unique first for the region; the Sun City Spa Resort & residences in Sotira. The first of its kind project is creating a new gold standard for luxury construction projects, which is attracting investment interest worldwide. As emphasized by the CEO of the Company, Christakis Giovani. The group has an immerse target to remain in the biggest employer in the Famagusta district and with innovative projects to promote development into a new era! In addition to its Cyprus developments, Giovani Group is also introducing smart homes, modern residences and innovative office buildings in traditional and new markets in locations such as Lebanon, Beijing and London, whilst also forging new partnerships to expand its sales network in Asia and South Africa.

for ISO 1400 and 14001 Health and Safety 18001

Entering the Real Estate Market with the company name Giovani Developers Ltd

YEARS

anniversary

4000

PROPERTIES delivered

2019

Giovani Group is currently delivering further high-end developments in several South East Coastal resorts and villages while attracting further global investment. Thanks to our association with quality and our passion to deliver excellence, we are on our way to becoming the largest employer in the Famagusta area. Our global reach already extends into China, Saudi Arabia, and Lebanon and we have recently opened further ofﬁces in Hanoi and Riyadh.

1986

1996

NEW PROJECTS

under development

1999

2016

2019 33 years in development

INTRODUCE Sun City luxury project

GLOBAL presence with 4 OFFICES

PAGE

BIGGEST EMPLOYER

on the South east Cyprus more than

300

employees

LARGE SCALE CONSTRUCTION Giovani group has emerged as the largest Famagusta based company providing largescale construction projects.

REAL ESTATE DEVELOPMENT Leading the residential & commercial property development market in Famagusta, Larnaca, and beyond.

PROPERTY MAINTENCE & MANAGEMENT Expert management and maintenance for all types of residential properties.

PROFESSIONAL REAL ESTATE CONSULTANCY Who better to trust with real estate project sales and management services than the industry experts?

HOLIDAY VILLA RENTALS professional and cost-effective villas rental services by the industry leaders. GIOVANI NON-PROFIT One of the many ways that we have been able to put back into a community that has given us so much over the last three decades.

GIOVANI GROUP

1996

Quality

Investors Guide to Cyprus

/CYPRUS, AN OVERVIEW

EUROPE

Cyprus is a modern country that enjoys a strategic geographical position. It lies at the crossroads of three continents, Europe, Africa and Asia, thus provides unrivalled access and travel opportunities

2nd

BEST CLIMATE WORLDWIDE

[ ] ASIA

With its excellent flight connections and ﬁrst-class airports, the island is perfectly placed for working and travelling within and beyond the European Union. Cyprus has a rich heritage and diverse culture, beautiful beaches with the cleanest bathing waters in Europe, fresh air, a wonderful Mediterranean climate and cosmopolitan cities with an abundance of amenities.

AFRICA

The island offers a low cost but high standard of living and is a very popular year round destination for Europeans seeking a coastal or golf holiday. PAGE

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11 GIOVANI GROUP

GIOVANI GROUP

Cyprus has a modern, free-market, service based economy and is a favoured business destination due to its strong set of business and taxation advantages. Additionally, the island is very safe and stable making it an ideal location for families and students. Cyprus is an emerging regional energy hub, since the discovery of huge hydrocarbon reserves in its Exclusive Economic zone the island has seen a surge in foreign investment and development. Additionally, Cyprus’ recently launched residency and citizenship programmes have proved highly popular, creating strong demand in the property sector. Cyprus enjoys world-class property rights and solid investment, trade, labour, business and ﬁnancial freedom. EUROPEAN UNION MEMBER STATE SINCE 2004

2nd

SAFEST COUNTRY IN EUROPE

CURRENCY EURO SINCE 2008

1st

SAFEST SMALL COUNTRY IN THE WORLD

FASTEST ECONOMIC GROWTH THAN AVERAGE IN EUROPE

HIGH POTENTIAL DYNAMICALLY GROWING ECONOMY

5th

10,000

BEST RELOCATION DESTINATION WORLDWIDE

YEARS OF HISTORY

Investors Guide to Cyprus

/CYPRUS AS AN INTERNATIONAL BUSINESS CENTER

/CYPRUS AS AN EDUCATION HUB

The country’s reputation as a business hub has grown, due to its well established legal system, an attractive tax regime, membership with the European Union since 2004, and a highly qualiﬁed and multilingual labor force.

According to Eurostat, the statistical service of the EU, Cyprus has the 2nd highest tertiary education attainment rate in the EU and has acquired an outstanding reputation for scientiﬁc and research excellence.

Cyprus’ regulatory regime is in full compliance with the requirements of the EU and OECD. Cyprus has one of the lowest EU corporate tax rates at 12.5%. The island’s advantageous tax rate coupled with an extensive list of double tax treaties places it high on the list of preferred jurisdictions for international tax planners. The Cypriot government has recently restructured key sectors, such as banking and communications, and has provided transparency to its legal and regulatory systems, offering conﬁdence to investors. With all this and more, the time is right to invest in Cyprus.

EUROPEAN UNION MEMBER STATE SINCE 2004

An affordable & accessible path to success Cyprus spends more than 7% of its GDP on education, the third-highest share in the European Union after Denmark and Sweden.

Comfy accommodation and attractive facilities Students are provided with the necessary conditions for a successful and comfortable study, as well as help with accommodation.

Great universities in Cyprus to choose from PAGE

12.5%

CORPORATE TAX RATE

€22.3k GDP PER CAPITA

+ An individual who spends more than 183 days in the Republic is a tax resident of the Republic in a tax year + Capital gains tax is only imposed on the sale of immovable property situated in Cyprus as well as on the sale of shares directly or indirectly held in companies (other than listed shares) in which the underlying asset is immovable property situated in Cyprus. + Non-dom’ rules for Cyprus tax resident not domiciled in Cyprus. + Relief for high earning or non-resident individual employees taking up employment in Cyprus

MODERN TAX AND LEAGAL SYSTEM

Cyprus has an extensive system of secondary and higher education. However, the latter is particularly popular among foreigners. There are international colleges and universities in Cyprus offer dual degree programs, fully accredited by the UK and USA partner universities.

54%

HIGHEST EDUCATION ATTAINMENT RATE IN EU

80%

OF THE POPULATION IS MULTILINGUAL

Reasonable entry requirements for internationals Entry requirements of the higher education institutions in Cyprus are the same as those of the European ones.

Booming business programs A staple of Cypriot higher education is the abundance of MBA programs, which cater to the needs of the well-developed local business sector

PRIVATE UNIVERSITIES

SECONDARY SCHOOLS

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13 GIOVANI GROUP

GIOVANI GROUP

Effective & efficient - Cyprus tax system

PUBLIC UNIVERSITIES

Investors Guide to Cyprus

/CYPRUS INVESTMENT PROGRAMME As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus, the Council of Ministers, on the 13th of September 2016, revised the "Cyprus Investment Program" and, thus, established the new criteria and terms based on which non–Cypriot entrepreneurs/investors and members of their families may submit applications in accordance with the provisions of the “Program”.

PAGE

+ All nationalities are eligible. + Citizenship and passport is granted to the applicant, the spouse and all ﬁnancially dependent children up to the age of 28. (Conditions apply) * + Parents of the Investor can be included in the same application by purchasing an extra residential property of value €500,000.

Advantages of the programme

Criteria

+ Entire family can qualify (terms & conditions apply)

Α.1 Investment in residential, commercial, land development and infrastructure projects: The applicant must have made an investment of at least €2 million for the purchase or Construction of buildings or for the construction of other land development projects (Residential or commercial developments, developments in the tourism sector) or other Infrastructure projects.

+ Dual Citizenship allowed in Cyprus + Global Mobility + No language requirement

The investment in land is eligible provided there is an investment plan in place. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

+ No interviews during the process + Financial freedom

Criteria based on residential real estate plan

+ Exit Strategy after three (3) years (from 15 May 2019 investment must be kept for (5) ﬁve years).

Motivations

+ Cyprus offers the ideal place to live

+ Stability & Security

+ Excellent worldwide connections

+ Enjoy Visa Free Travel

+ Excellent infrastructure

+ Opportunity + Personal Freedom

ENJOY VISA TRAVEL TO 159 COUNTRIES

+ Insurance Policy + Protection

+ Visa free travel to 159 countries + Access to reputable private and public schools including esteemed British Universities based in Cyprus + High quality healthcare: Cyprus offers excellent access to leading medical centers

5 Years

+ Free movement of goods -right to transfer goods from one member state to another + Free movement of capital – right to transfer any amount of money from one member state to another + Free movement of services – establishment and free movement of services

EXIT STRATEGY

Attractive tax system (no inheritance tax, favourable corporate tax, extensive double tax treaties with many countries)

Option A: Purchase only (1) one single residential unit of at least €2 million and sell in 3 years’ time and at the same time purchase a privately owned residential unit in Cyprus, for at least €500.000. Option B: Purchase more than (1) one residential units (villas or apartments) worth of minimum €2.0 million and sell in 3 years’ time. Maintain private residence worth a minimum of €500,000.

€2m

+5% VAT FOR A SINGLE RESIDENCIAL UNIT INVESTMENT

€2m +€500k +5% VAT

INVESTMENT PLUS RESIDENCIAL AND OR COMMERCIAL INVESTMENT

Note: the parents of the main applicant can be included in the application if they purchase a residential unit worth of €500.000 plus VAT if applicable. Note: As of May 15, 2019 investment must be kept for (5) ﬁve years. Additionally any investment relating to a property which was already subject of a passport application by a previous applicant, the threshold for investment in properties is increased to €2,5 million euros All prices in relation to properties, are exclusive of VAT. A.2 The applicant must have invested at least €2,0 million in Cyprus Companies which: 1.

Are registered in Cyprus

Are operating in Cyprus

Have ﬁve (5) EU citizen employees who must have been Cyprus Residents for the last ﬁve (5) years.

4. If more than one applicant invests in a Cyprus Company during the same period, the number of employees should be increased accordingly. A.3 Investment of €2.0 million in Alternative Investment Funds or Registered Alternative Investment Funds or ﬁnancial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission

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15 GIOVANI GROUP

GIOVANI GROUP

Moreover, the Council of Ministers, as a part of its efforts for the further improvement of the “Cyprus Investment Program” on the 9.1.2018 and 21.5.2018 decided the establishment of the Committee for Supervision and Control as well as of the “Registry of Service Providers for the Cyprus Investment Program.” According to these resolutions from the 1.8.2018 and onwards applications will only be able to be submitted by Service Providers that are included in the «Registry» on the basis of an improved procedure.

Eligibility

Investors Guide to Cyprus

/CYPRUS INVESTMENT PROGRAMME

Plus Criteria An Investment of €500,000 in a residential unit, which must be kept for life. Note: the parents of the main applicant can be included in the application if they purchase a residential unit worth of €500.000 plus VAT if applicable. A.4 Combination of the above options. A.5 In addition to the above criteria and as of May 15, 2019 donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation will be mandatory: PAGE

b) The applicant must have donated at least €75.000 to the Cyprus Land Development Authority for the ﬁnancing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. Note that certain exceptions apply to the above: the obligation is lifted, if the applicant has made an investment of €400.000 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources (as stated in the option A.2 ) will be exempt from the requirement to make a donation to the Research and Innovation Foundation.

REQUIRED DOCUMENTS + Copy of Valid Passport + Clean Criminal Record from the country of origin and country of residence

The Application Process

Terms and Conditions

STEP ONE Investors inspect and reserve the real estate of their preference through a visit to Cyprus or via correspondence.

+ Residence Permit in Cyprus: Prior to acquiring the Cyprus Citizenship, all adult applicants must be residence permit holders

STEP TWO Investors need to produce adequate documentation to the Cyprus Banks to enable the transfer from abroad. They transfer funds to Cyprus from abroad accordingly. At this stage, the local banks will carry out the due diligence (KYC) to ensure the legitimacy of the source of money.

+ Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must always 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.

+ Marriage Certiﬁcate (if applicable)

STEP THREE Investors sign the real estate purchase agreements and deposit them in the Cyprus Land and Surveys Department accordingly.

+ KYC Documents showing that the money used from the investment did not originate from illegal activities

STEP FOUR Investors collect and finalize all required documents for the Cyprus naturalization. Required documents must be provided in the Greek or English language; verified and signed by the notary officer at the Ministry of Affairs, and the Cyprus Embassy of the country of origin or residence (or be apostilled in relation to countries which are part of the Hague Convention).

+ Curriculum Vitae

STEP FIVE Investor arranges a payment of the application fee of €2,000 per adult applicant and then submits it to the Government, along with a set of the property purchase agreements and receipts of full payment issued from the seller or developer.

+ Two consecutive publications in a local newspaper as to the investor’s intention to apply for naturalization. + Two passport size photographs

GOVERNMENT FEES + Submission fee €2,000 per adult, minor child €80 + Approval fee €5,000 per adult

TAXES + VAT may be reduced to 5% in the 1st property purchase of 200m2, instead of 19% + Additional taxes & duties approximately €4,000

STEP SIX Upon approval of the Citizenship application the Minister issues a conﬁrmation of Submission of Application for Naturalization by Exception. STEP EIGHT Following the submission of the CIP application, a ﬁle for the Cyprus permanent residence permit (PRP application) for the main applicant, spouse and minor children under 18 years of age must be submitted with the payment of approximately €580 as fees to the government.

+ All above mentioned investments need to be kept for at least (3) three years from the date of Naturalization. (From 15 May 2019 investment must be kept for (5) ﬁve years). + All investments need to be concluded with fresh funds from abroad. + Schengen Visa: The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation. + A further condition has been added providing that an applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cypriot

STEP NINE At this stage Investor must visit Cyprus to provide biometric data and apply for an Immigration Permit at the Migration Department (this can be done via investor’s local Cyprus Embassy). The Immigration Permit (card) is issued within ﬁve (5) working days. STEP TEN Expected time of examination of the application is 6-7 (six to seven) months. The Council of Ministers approves the Citizenship and investor must visit Cyprus for one (1) day to swear the Oath of Allegiance, receive their naturalization certiﬁcate, and collect passports and European ID cards. At this point the permanent residence permit card will be canceled.

6 Months TIME OF EXAMINATION OF THE APPLICATION

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17 GIOVANI GROUP

GIOVANI GROUP

a) The applicant must have donated at least €75.000 to the Research and Innovation Foundation

Application Criteria & Fees

Investors Guide to Cyprus

/CYPRUS PERMANENT RESIDENCY BY INVESTMENT Cyprus has recently been ranked the 5th best relocation destination in the world by an international lifestyle review source: 2014 report prepared by Knight Frank a leading independent global real estate consultancy firm. Ranked by key business and leisure indicators Cyprus was the only European Country alongside Switzerland to make it into the top five ahead of London, Madrid and Monaco. Cyprus also ranked to its favorite tax regime for new residents. With at least 340 days of sunshine a year. Cyprus is classified the sunniest in European location and is proving an ideal destination for permanent residency of third country nationals enabling you to travel across Europe without elaborate visa requirements. In line with the Cyprus Government’s objective to increase foreign investment the Ministry of interior has recently simplified the procedure for issuing permanent residency permits to third country nationals who wish to invest in Cyprus.

5th

BEST RELOCATION DESTINATION IN THE WORLD

Favourite tax regime FOR NEW RESIDENTS

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Why apply for permanent residency?

RESIDENCY RENEWAL REQUIREMENTS

+ All applications are reviewed by the Civil Registry and Migration Department and the Ministry of Interior grants ﬁnal approval within 3 months. + The application can be processed in the applicants absence and ﬁled on their behalf

+ Application for a Cyprus permanent residency permit (PRP) can be the ﬁrst step towards gaining Cyprus Citizenship.

17 Years

STEP ONE Purchase of a ﬁrst time sale residential property in Cyprus of at least €300,000 (non inclusive of VAT, being either 5% or 19% if applicable). An initial payment of at least €200,000 must be made applicants presence at the time of purchase is not mandatory and can be facilitate by legal and authorize representatives.

+ Clean criminal record + Declare their intention not to be employed in Cyprus (holders of Cy PRP may however own a Company in Cyprus and receive dividends from its proﬁt. + Declare they have a secure annual income from abroad + Ensure applicants name is not included in the list of persons whose property is ordered to be frozen by the EU + Visit Cyprus within one year of the date of the issuance of the PRP to take receipt of the permit and obtain their biometrics and subsequently once every two years thereafter.

STEP TWO Permanent residency application and legal documents must be prepared and submitted to the Civil registry and Migration Department (this can be done on your behalf by your legal and authorize representatives, through the granting of Power of Attorney). STEP THREE Receive Cyprus PRP within 3 months of submission of the application, provided the necessary criteria have been met. STEP FOUR Once the PRP has been granted successful applicants must visit Cyprus within one year to obtain actual permit and have biometrics taken by the authorities (for issuance of PR card) and subsequently once every two years thereafter.

+ Lifts travelling restrictions and elaborate visa requirements (i.e. visitor’s visa) across the EU, facilities access to the Schengen zone.

+ Cyprus permanent status is recognized by Denmark, Latvia, Ireland and Slovenia.

WORLDWIDE TAX EXEMPTION ON DIVIDENDS AND INCOME INTEREST

+ Passport Copy

+ Regulation 6 (2) Permanent residency permit grants to the third country national the right to permanently reside in Cyprus with no renewal requirements.

+ Once granted covers the whole family, the main applicant and spouse their parents and dependents up to the age of 24 (who must enrolled students and cannot be working towards a professional degree i.e. PhD, lawyer, chartered accountant, medical doctor etc.)

WHOLE FAMILY IS COVERED ONCE GRANTED PERMANENT RESIDENCY

The Application Process

+ If Cyprus tax resident, the PRP holder is exempt from tax on worldwide dividends and interest income for a period of 17 years. In addition to this, a Cyprus tax resident is exempt from tax on gains on disposable of securities. This is recognized as the most attractive personal income tax regime in the entire onshore tax

Advantages of the programme Freedom to live freely in Cyprus It offers insurance policy for the future It enables you to own a business in Cyprus It gives you the right to apply for the Cyprus investment programme for Citizenship - it enables you to travel in Cyprus and throughout European member states with ease It enables you to access ﬁrst class healthcare and education The process and requirements are very simple to and the permit is guaranteed to be issued within 3 months.

Process 3 Months

VERY SIMPLE, NO LANGUAGE, MEDICAL EXAM OR INTERVIEW

TIME TO PERMANENT RESIDENCY

100% APPROVAL RATE

€300k PROPERTY PURCHASE PLUS 5% OR 19% VAT IF APPLICABLE

OWN A BUSINESS IN CYPRUS

FIRST CLASS HEALTHCARE AND EDUCATION

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19 GIOVANI GROUP

GIOVANI GROUP

Other Conditions

Investors Guide to Cyprus

22 DERYNEIA

5 7

6 4

/PROJECT'S MAP PYLA

11 13

FRENAROS

PARALIMNI

AVGOROU

PARALIMNI PLANNED MARINA

DASAKI ACHNAS SOTIRA XYLOTYMBOU

PROTARAS LIOPETRI

HEAD OFFICES

3 12

ORMIDHIA OROKLINI

AYIA NAPA

XYLOFAGOU AYIA NAPA MARINA

LARNACA BAY

PORT

MEDITERRANEAN SEA

LARNACA

INDEX

PAGE

CYPRUS 1

SOUTHEAST COAST

SYMBOL Residence

SUNCITY Spa Hotel & Residences

ELITE Blu Hillside Residences

LEVANDA Holiday Villas

ALASIA Smart Homes

VANILLA Boutique Residences

PANORAMA Residences

COSMOS Private Residences

PREMIER VILLAS Luxury Residences

VIOLET GARDENS

LEVANDA HILLS Residences

NISSINI Villas

PREMIERE PEARL Luxury Residences

21 GIOVANI GROUP

GIOVANI GROUP

PAGE

Investors Guide to Cyprus

/SYMBOL RESIDENCE A prime location for an exclusive lifestyle Thanks to its prime location right on the beach and within easy reach of the city’s excellent infrastructure Symbol provides the most enviable address on the Cyprus coast. The project’s designers have virtually brought the stunning Limassol sea-front vista into the living spaces through the innovative use of glass and expansive balcony spaces. Discerning individuals who are fortunate to become residents of Symbol will be able to directly access the beach along with every other facility that this vibrant city has to offer. From brand name shopping and quality dining to a diverse range of businesses that have established themselves in this busy metropolis, they will all be right on your doorstep.

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23 GIOVANI GROUP

GIOVANI GROUP

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Life at Symbol can be anything that you choose to make it thanks to sweeping outdoor spaces and stunning panoramic sea views from every single residence. A choice of bespoke fixtures and fittings including hi-end tiles and bathroom fittings to a truly stunning range of contemporary and modern kitchens are available to make every living space unique and personal.

SUMMARY +

PROJECT TYPE: APARTMENTS

NUMBER OF UNITS: 22

BEDROOMS: 2 – 4

COVERED AREAS: 80m2 - 211m2

SWIMMING POOLS: COMMUNAL

LOCATION: LIMASSOL

STATUS: UNDER CONSTRUCTION

The project includes all the final touches that make for an exclusive beachfront lifestyle including a spa and fitness centre along with a dedicated concierge service. We anticipate that residents at Symbol will expect only the very best that beachfront living has to offer and we are confident that this project will deliver beyond their most demanding expectations.

7km

BEACHFRONT

48km

100m

Investors Guide to Cyprus

/SUN CITY SPA RESORT & RESIDENCES A first of a kind in Cyprus The ground-breaking Sun City Spa Resort is set in an enviable location on Cyprus’s South East Coast adjacent to the stunning new Ayia Napa Marina complex. To say that the team here at the Giovani Group are proud to be associated with such a project would be an understatement in the deepest sense of the word. We view this development as a mere taste of what is to come in placing the region squarely on the map and creating a new prestigious location that is synonymous with quality and luxury.

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SUMMARY +

PROJECT TYPE: VILLAS, APARTMENTS, GUEST ROOMS

NUMBER OF UNITS: 270, 10 PRIVATE DELUXE RESIDENCES, 28 APARTMENTS 220 LUXURY GUESTS’ ROOMS

BEDROOMS: 1 – 4

COVERED AREAS: 62m2 - 299m2

SWIMMING POOLS: YES

LOCATION:AYIA THEKLA

STATUS: UNDER CONSTRUCTION

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25 GIOVANI GROUP

GIOVANI GROUP

This ultra-modern resort complex and residences are set in what is already recognised as one of the most exclusive areas in Cyprus. Ayia Thekla’s residential zone and the Sotira village region remain unspoilt and enjoy a Cyprus lifestyle that has changed little over the last few generations. The local friendly coffee shops and traditional taverna’s of Sotira are only a few minutes’ drive away from this luxury resort. A short walk along the coast will bring visitors to the brand new marina and the vibrant nightlife of Ayia Napa itself is only a quick taxi ride away. Our development team have put a lot of emphasis into the carefully selected location of the Sun City Spa Resort and Residences to ensure that visitors enjoy the beneﬁts of an exclusive location that also remains within easy reach of every possible amenity. The resort complex is complemented by ten private luxury villas with unobstructed sea views that are constructed to the highest levels of quality to ensure the perfect blend of form and function. There are also a number of apartments within the main resort building and guests who use them will beneﬁt from every amenity and service available on the resort.

500m

BEACH FRONT

49km

1km

IN HOUSE

Investors Guide to Cyprus

/ELITE BLU HILLSIDE RESIDENCES

/LEVANDA HILLS RESIDENCES

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26 GIOVANI GROUP

GIOVANI GROUP

These contemporary style villas provide the discerning investor with everything that is needed to make them a desirable place to live or stay for holidays. Through the innovative use of glass and our designer’s ability to make the maximum use of space, we have created a design that will make maximum use of natural light and fresh air.

SUMMARY + PROJECT TYPE: VILLAS + NUMBER OF UNITS: 43 + BEDROOMS: 3 – 4

+ PROJECT TYPE: VILLAS + NUMBER OF UNITS: 60 + BEDROOMS: 3 – 4

+ COVERED AREAS: 148m2 -233m2

+ COVERED AREAS: 133m2 -195m2

+ SWIMMING POOLS: YES

+ LOCATION: AYIA NAPA

+ LOCATION: PROTARAS

+ STATUS: UNDER CONSTRUCTION

1km

2.2km

66km

1km

500m

The prestigious Levanda Hills project will be home to sixty-one luxurious villas with private pools and roof gardens. These properties have been designed with the discerning buyer in mind and offer either 3 or 4 bedroom accommodation that provides the ideal living environment for both permanent residency and holiday investment. Through innovation in design and the strategic positioning of each individual property, these luxury properties will make maximum use of natural light and shade to provide a fresh feeling and spacious living space.

SUMMARY

1km

845m

42km

3km

500m

Investors Guide to Cyprus

/COSMO PRIVATE RESIDENCES

/NISSINI VILLAS

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28 GIOVANI GROUP

GIOVANI GROUP

Whether you are looking for a holiday home that offers a convenient location or a permanent residence within a vibrant town location, Cosmo Private Residences ticks all the boxes. Set in the very heart of Paralimni Town, this spacious modern development provides the ideal environment for family living Individuals and investors who are seeking the beneﬁts that only this style of exclusive development can provide should make a reservation at their earliest possible opportunity.

SUMMARY + PROJECT TYPE: APARTMENTS + NUMBER OF UNITS: 86 + BEDROOMS: 1 – 3 + COVERED AREAS: 55m2 -115m2 + SWIMMING POOLS: YES

+ PROJECT TYPE: VILLAS + NUMBER OF UNITS: 21 + BEDROOMS: 3 + COVERED AREAS: 117m2 -121m2 + SWIMMING POOLS: YES

+ LOCATION: PARALIMNI

+ LOCATION: AYIA NAPA

+ STATUS: UNDER CONSTRUCTION

+ STATUS: DELIVERED

4.2km

4km

44km

1.3km

1.1km

Nissini villas are more than just a project; they provide a lifestyle that speaks luxury, refinement, elegance, opulence and all the finest benefits that coastal living offers. The design and layout of the villas are second to none. Each villa offers a modern kitchen, spacious living and dining area and easy, convenient access to a private swimming pool and patio area. Nissini villas are located just a stone’s throw away from one of the most beautiful beaches in Cyprus, Nissin beach. All the amenities of Ayia Napa are within reach from everyday needs, to shopping, entertainment and leisure activities.

SUMMARY

1km

2.2km

66km

1km

800m

Investors Guide to Cyprus

/LEVANDA HOLIDAY VILLAS

/ALASIA SMART HOMES

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30 GIOVANI GROUP

GIOVANI GROUP

This quality development offers a contemporary design that blends in with the semi-rural environment it is established in. Our architects and design team have achieved an enviable mix of traditional Cypriot styling and modern features that come together to form a perfect balance of form and function.This has resulted in the creation of a range of stunningly modern houses that beneﬁt from a peaceful yet convenient location. The nearest beach is only a ten-minute walk away from the development and all the major South East Cyprus resort centres are easily accessed by car or the excellent local bus service.

SUMMARY + PROJECT TYPE: VILLAS + NUMBER OF UNITS: 55 + BEDROOMS: 3 - 4 + COVERED AREAS: 109m2 -140m2 + SWIMMING POOLS: YES

+ PROJECT TYPE: VILLAS + NUMBER OF UNITS: 80 + BEDROOMS: 3 + COVERED AREAS: 95m2 -132m2 + SWIMMING POOLS: YES

+ LOCATION: PROTARAS

+ STATUS: UNDER CONSTRUCTION

1.1km

650m

66km

550m

1km

High speciﬁcations and low build density are just two of the outstanding features that are making the Alasia Smart Homes one of our ground-breaking developments. Thanks to the build quality and design features of the Alasia Smart Homes project, these properties are able to beneﬁt from this beautiful natural setting and low build density. The development is located in the Kapparis resort and offers high standard customised living adjacent to green areas and other similar low-density developments.

SUMMARY

1km

2.2km

66km

1km

800m

Investors Guide to Cyprus

/PANORAMA RESIDENCES

/VANILLA BOUTIQUE RESIDENCES

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32 GIOVANI GROUP

GIOVANI GROUP

Built on land acquired in Ayia Triada, constructed to blend in with and also complement the beautiful Cyprus countryside, our architects have created a contemporary and stunning design using high-quality materials. Thanks to an emphasis on modern lifestyle and luxury living, Panorama residences feature an abundance of light and covered outdoor space. Due to their convenient and idyllic location, we anticipate that the properties at Panorama Residences will be taken up very quickly. The Cyprus real estate market continues to show steady improvement and prudent investors are likely to make early reservation to secure the most desirable plots.

SUMMARY + PROJECT TYPE: VILLAS + NUMBER OF UNITS: 72 + BEDROOMS: 3 + COVERED AREAS: 161m2 -239m2 + SWIMMING POOLS: YES + LOCATION: PROTARAS + STATUS: UNDER CONSTRUCTION

2km

1.5m

66km

Spacious open plan living, large bedrooms, and the maximum use of natural light make the Vanilla Boutique Residences one of our most energy efficient projects. Each of these modern 3 bedroom villas is strategically sited to get the most from daylight and air-flow throughout the property. The properties feature ensuite bathrooms to the master bedroom and a large balcony to the first floor. Luxury is the assent throughout these villas and it is evident in the quality of the fixtures and other hi-end extras including private pools and ample outdoor spaces.

SUMMARY + PROJECT TYPE: VILLAS + NUMBER OF UNITS: 14 + BEDROOMS: 3 + COVERED AREAS: 161m2 + SWIMMING POOLS: YES + LOCATION: PROTARAS + STATUS: UNDER CONSTRUCTION

3km

1km

550m

66km

550m

1km

Investors Guide to Cyprus

/PREMIERE PEARL

/VIOLET GARDENS

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34 GIOVANI GROUP

GIOVANI GROUP

SUMMARY

Premiere Pearl Villas is a small, carefully designed development which is situated in a prime position next to the new planned Marina development that is currently under study. A main feature of Premier Pearl Villas is that this cluster of houses is only 200 metres from the coastline and enjoys easy access to the Mediterranean turquoise waters. Premier Villas is an ideal choice for those wishing to invest or reside in a stylish and carefully constructed property, which offers all the beneﬁts of a contemporary residence. An excellent investment in an idyllic setting, make it the perfect choice for homebuyers who are looking for that special something.

+ PROJECT TYPE: VILLAS + NUMBER OF UNITS: 32 + BEDROOMS: 3 + COVERED AREAS: 149m2 -179m2 + SWIMMING POOLS: YES + LOCATION: PROTARAS + STATUS: UNDER CONSTRUCTION

300m

200m

66km

300m

100m

SUMMARY

In keeping with our policy to offer the best properties in ideal locations, here at Giovani Group we are proud to announce the commencement of our Violet Gardens Project at Pyla. It is situated only two minutes’ drive outside of the resort centre and beach, and this highly attractive development offers a choice of apartments or villas to astute buyers. The apartments will beneﬁt from a tastefully designed communal area with a luxury swimming pool while there is also an option of a private pool for each of the stylish villas.

+ PROJECT TYPE: VILLAS + NUMBER OF UNITS: 21 + BEDROOMS: 3 + COVERED AREAS: 148m2 + SWIMMING POOLS: YES + LOCATION: LARNACA + STATUS: UNDER CONSTRUCTION

8km

1.4km

14km

600m

800m

Investors Guide to Cyprus

/WHY BUY-TO-LET IN SOUTH EAST CYPRUS? TOP

BUY-TO-LET DESTINATION

Real estate industry experts are in no doubt whatsoever that the property market in Cyprus is experiencing a welcome upturn. Despite the difﬁculties of the past, the market is beginning to experience new buoyancy and this is clearly being reflected in the conﬁdence of leading developers such as Giovani Group. With so many projects already under construction and numerous completed builds, it is abundantly clear that the industry is on the verge of a new growth spurt. While no one can argue that prices did fall in previous years, this has only served to create some great opportunities for any astute investors that are prepared to grasp them.

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GIOVANI GROUP

2 million VISITORS IN 2018

EU membership can only be good news for property buyers and investors in Cyprus and the country’s expedient recovery from its financial difficulties speak for themselves. Through creating a more stable financial environment and ushering in positive reforms within the real estate industry, EU membership is certain to be a major contributing factor in this continuously improving sector. As holiday locations go, Cyprus has a huge advantage over the competition where EU visitors are concerned both in terms of freedom of access and European standards. The warm climate, friendly people, and low crime all contribute towards making our country one of the most attractive holiday destinations.

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37 GIOVANI GROUP

Investing in buy to let property in Cyprus, whether as a means to ﬁnance a personal holiday home purchase or as an intentional investment strategy, now makes extremely sound sense. Apart from the obvious and hectic expansion in the Islands tourism industry following some unfortunate

events in other previously popular locations, the internet has also increased accommodation demand.

Investors considering a buy to let in Cyprus should consider the benefits that include: + Opportunities for low investor deposits that may be as little as 30% + Changes in the law that allow foreign investors to own multiple properties

20231

NUMBER OF TOURISTS ACCOMMODATION KEYS INCLUDING LISTED & NONLISTED

+ Affordable – high-yield properties compared with places such as the UK + A British style legal system that is based on 95% of English law + A land registry system that guarantees title deeds

THE REWARDS OF BUY TO LET Whether buyers are looking for a pure investment or a vehicle that will ﬁnance a personal holiday home, buy to let in Cyprus offers realistic opportunities and achievable ﬁnancial goals. With cash flow returns of 4% and upwards (some astute investors have achieved above 10%) and capital appreciation over 10 years or less, there has never been a better time to buy to let in Cyprus.

91.3% NET BED OCCUPANCY RATE

€300

PER DAYS AVERAGE RENTAL RATE FOR A 3 B3D VILLA

30%

INVESTOR'S DEPOSIT

70% LOAN TO VALUE

Investors Guide to Cyprus

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38 GIOVANI GROUP

GIOVANI GROUP

/Connecting property with people

Investors Guide to Cyprus

PAGE

GIOVANI GROUP

Call free for a Bespoke Appointment on weekdays or weekends 800 300 03

CYPRUS OFFICE

436, Protaras-Cavo Greco Ave., 5314 Paralimni, P.O.Box 33480, Cyprus Freephone: 800 300 03, From Abroad: (+357) 23833780, Email: sales@giovani.com.cy

HONG KONG

4705, 47th Floor, Central Plaza, 18 Harbor Road, Wanchai, Hong Kong, China Phone: +00852-37066688, Email: sales@giovani.com.cy

RIYADH, KSA

Kingdom of Saudi Arabia, P.O.Box 4353 Riyadh 11491, Omar bin Abdulaziz St., Tel. +966 11 4786666, Mobile: +966 56111 5600, Email: ksa@giovani.com.cy

AMMAN, JORDAN BEIJING OFFICE

www.giovani.com.cy

Sheraton Hotel 5th Circle, Amman, Jordan Î¤el. : +96 2772447599, Email: jordan@giovani.com.cy Cyprus Giovani Group China Headquarters, 1804, Full Tower, No. 9, Dongsanhuan Middle Road, Chaoyang District, Beiing, (+86) 18600442727 (+357) 96025166, Email: andy@giovani.com.cy