Giovani Property Investor Magazine by Giovani group

CYPRUS IS THE GOLDEN TICKET FOR INVESTORS Cyprus provides a complete value proposition!

YEAR 2019/Volume 3

REASONS TO INVEST IN CYPRUS Ayia Napa is becoming Cyprus' most attractive destination

THE ISLAND OF CYPRUS I 10+1 REASONS TO INVEST IN CYPRUS I WEALTHY GLOBAL FAMILIES

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Contents The essentials 07 from the editor

Welcome note from the editor Mr Antonis Antoniou.

31 Your access to Europe!

Step by step guide on how to become a European Citizen.

48 Cyprus is the golden ticket for investors

The man behind Giovani Group Mr Chris Giovani, describes how everything started 32 years ago!

52 Why Ayia Napa is attracting Smart Investors?

An Insight into the Mayor of Ayia Napa’s Strategy for Foreign Investments in the Town.

56 International Standards for the construction of the Ayia Napa Golf Course

The Department of Environment, of the Ministry of Agriculture, Rural Development and Environment are evaluating the Environmental Impact Assessment Study of the spatial planning (Master Plan) for the construction of a golf course and all related facilities.

58 An expert's insight on the Cyprus Investment Programme

Natasa Kirgia has lengthy experience in providing advice on the Cyprus Investment programme.

60 Why Cyprus is the ideal family destination to live

Cyprus is a wonderful place to move to with your family. Of course, it is the weather that is often the biggest draw for anyone moving overseas. We get so fed up of being cold, the thought of long hot summers, and time spent outdoors with our family is what usually sets us thinking about moving abroad. But there are many other benefits of moving to Cyprus too….

In depth 62 What made me stay!

The story of a British expat who's chosen a home away from home

66 Leading the real estate since 1986

Today Giovanni Group has a legacy to their name for reliability and solvency for over 32 years. (places land development for the district in a new era!)

72 A new era begins!

Jimchang Giovani is one of the few construction and real estate companies of Cyprus’ south east coast that has managed to derive a number of great developments from the recent financial crisis.

76 Sun City Spa Resort & Residences

A new “diamond” sparkles on the beach of Ayia Thekla!

86 10+1 reasons to invest in Cyprus!

In a globalized economy where multinational companies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expectations, Cyprus provides a complete value proposition.

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Editor's note The Cyprus Real Estate Sector insight One can surely claim the industry as we knew it does not exist anymore. Nowadays buyers are more sophisticated, demanding and looking for lucrative investments that are financially sustainable. In addition to that, there is a definite trend on the luxury properties. The influx of HNWI has helped to change the real estate map of the island. Industry professionals who fail to cope with changes will be wiped out of the market sooner or later. It’s a buyer’s market where emotions do not fit it. The demand is growing for luxury projects that give great value to the buyer. I could also say that some companies which adapted quickly are in a far better position than the pre-crisis period. Of course, we can’t neglect the fact that we do operate in a citizenship-driven market, however, Cyprus could continue to attract foreign direct investments provided that we build a more transparent marketplace. The local trend towards high-rise luxury properties I’m personally the biggest fan of high rise developments as I truly believe that a city, can’t be truly called a ‘city’ if there is no skyline. Thus, as the market’s demand will continue to grow, in an island where there is scarcity of land, the government authorities have to become more flexible and open minded on this subject. In fact, if you carefully study the island’s topography and landscaping you will notice that there is considerable scarcity of land in the areas of rural activity. Why we all have we failed to recognize the need to grow our towns vertically instead of horizontally, I believe it’s a matter that should challenge us and give more food for thought when designing the cities of the future. Skepticism and conservatism will not help us in this case. Cyprus is the only country in Europe that has no genuine master plan that takes into consideration the future development of its four major cities including the area of Famagusta. On this island we just need to release that we can’t produce land. Land is our precious commodity and has to be used wisely. Green technology, genius master-planning and eco-friendly materials all have to be combined together to protect our country’s only asset. Our land. A real estate industry that might become reliant on foreign buyers On an island of less than a million inhabitants we can’t really expect a whole industry of real estate professionals to depend on the local market. Actually, the banking system is controlling the real estate market. It’s their long time position that has encouraged developers to look for alternative sources of finance through foreign direct investments. The industry professionals had two choices, die or survive. We have chosen the latter. Becoming extroverted and prepared to look for new markets in the south east Asia and Middle East was key to keep us alive. Thus, I would expect the trend to continue. One could argue about our dependence in foreigners, however, we have no choice but to work hard to make our product attractive. And for that reason genius has to kick-in to our developments. No more mass productions, no more cheap constructions, no more poorly designed developments. If we are keen on catching the attention of international buyers it is the right time to think about quality developments and boutique services that match our limited supply of land. We can cater for less investors, with bigger wallets. That should keep us going without turbulence. The successful journey of the Cyprus Investment Programme Cyprus was the first country in Europe that introduced the CIP in 2011. At the time it was a revolution and people who had access to it had to spend more than 10ml euros. The program adopted successfully and changed quality to match the investor’s need. There are currently 11 programs around the World that involve citizenship by investment and Cyprus is amongst the most successful one. It is our sovereign right to continue this program but I’m afraid people will cannibalize it before a competitive country introduces something better and more attractive.

My personal point of view is that media have a big responsibility on protecting this program that proved as a savior of the Cyprus economy. Let’s all help the public to recognize that HNWIs do not impose a threat to our country of employment status. They are here not to compete with us, but to gain access to a privilege that can’t be offered by their country of origin. Let’s understand that their economic contribution is key to a country that produces nothing and imports everything. Let’s help the public opinion that they are not here to change our demographics. Once we achieve that we could work to make our CIP industry regulated in order to present a reputable solution to the rest of the world.

Antonis Antoniou Editor Giovani Group Executive Director

YEAR 2019/Volume #3 EDITOR Antonis Antoniou PUBLISHER Giovani Group PRINTING Cassoulides Masterprinters DESIGN STUDIO Intelligence Media COPYRIGHTS The edition is distributed from Giovani Group. The republication, reproduction or audio - visual transmission of the whole or part of the edition is strictly prohibited without the prior written permission of the editor.

OFFICES 436, Protaras Cavo Greco Ave 5314 Paralimni, Cyprus Tel: +357 23 833780 info@giovani.com.cy www.giovani.com.cy

GIOVANI.COM.CY PROPERTY INVESTOR 7

Intro

Welcome to Cyprus! The small yet dynamic Mediterranean island of Cyprus, famous for the warmth and hospitality of its people, continues to be an attractive location to live, work and invest. The island’s sophisticated and sun kissed lifestyle coupled with its exceptional business infrastructure has proven a winning combination.

Located in the Eastern Mediterranean at the crossroads of Europe, the Middle East and Africa, Cyprus’ strategic position has played a key role in shaping its history and in developing the island into a centre for trade and international business. Despite being a country of only 865,900 people, the Republic of Cyprus has steadily built itself into a thriving business centre and has much to offer in these terms. The EU-compliant domicile has a well-educated workforce, a low-cost business environment with a wealth of support services, a sophisticated ICT infrastructure and an investor-friendly tax regime – backed up by an extensive network of double taxation agreements with around 60 countries. Not only is Cyprus a developed business centre, but also one of Europe’s favourite holiday destinations, offering a perfect balance between business and pleasure. The island enjoys around 340 days of glorious sunshine a year and a coastline teeming with endless stretches of golden sands, secluded bays and rocky coves, all surrounded by the crystal waters of the Mediterranean Sea. The landscape is dotted with the fascinating remains of history, from Neolithic settlements and ancient city-kingdoms to exquisite Byzantine art and magnificent Venetian architecture. English is almost universally spoken and written and is the language of international business. German, French and Russian speakers are also easily found, thanks to the high number of Cypriots with international degrees, the country’s commercial ties with the global business com-

Tourism has been a key driving force of the Cypriot economy for decades, and 2016 saw record-breaking numbers of tourist arrivals. I

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munity, and the islandâ&#x20AC;&#x2122;s popularity as a tourist destination. Cyprus has a dynamic and flexible economy that has time and time again proven its capacity to adjust to continuously changing conditions. Before its independence from the UK in 1960, the Cyprus economy was primarily based on agriculture and the export of minerals. However, in the last few decades the country has established itself as a serious business and service centre for shipping, financial services and commerce, and is classified by the World Bank as a high-income country. Tourism has been a key driving force of the Cypriot economy for decades, and 2015 saw record-breaking numbers of tourist arrivals. New projects are currently underway to boost the tourism sector and encourage year-round visitors, ranging from the construction of brand new golf courses, marina developments and the upgrading of the islandâ&#x20AC;&#x2122;s wellness and medical tourism product. In addition, the country has successfully attracted a number of new carriers to the island, making it even easier and cost effective for visitors to reach Cyprus. A new and exciting prospect is the development of a luxury casino resort , the first of its kind, which has been put out to tender and attracted investors worldwide. The integrated resort is set to exceed five-star status, opening a whole new market for niche tour-

GIOVANI.COM.CY PROPERTY INVESTOR 9

Intro ism on the island. Apart from the sun and the sea, Cyprus has few natural resources and has been dependent on oil imports to satisfy its energy demands. However, the world-class discovery of natural gas and potential oil deposits in Cyprus’ Exclusive Economic Zone (EEZ) in the Mediterranean Sea is expected to change all this. Appraisal drillings in block 12 by US Company Noble Energy confirmed natural gas reserves of 4.54 trillion cubic feet (tcf) – enough to meet Cyprus’ domestic gas demand for over 100 years – and has attracted international energy heavyweights, such as Total and Eni, to explore the island’s waters for new discoveries. Cyprus’ energy sector currently presents one of the best opportunities for foreign investors and for economic growth. Cyprus’ favourable and EU-approved tax regime, its flat rate of 12.5% corporate tax, pro-business government and highly skilled workforce, have long attracted foreign investment

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into the country. Most capital, predominantly coming from Greece, Russia, the US and UK, has been invested in the real estate, banking and wholesale trade sectors, but the economic crisis has opened new opportunities. With large scale developments, major infrastructure projects in the pipeline, new privatisation plans, and with a restructured banking sector, many international investors are recognising interesting opportunities on the island. Cyprus has all the right elements firmly in place, to maintain its reputation as an international centre of business excellence in one of Europe’s most interesting investment locations. Offering a professional atmosphere that makes doing business pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily with a cutting-edge international business centre, allowing investors to enjoy the best of both worlds: a safe and secure environment for family life and a sophisticated infrastructure from which to grow and develop business.

The island

Cyp

All the Cyprus is a modern country that enjoys a strategic geographical position.

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prus

way home! It lies at the crossroads of three continents, Europe, Africa and Asia, thus provides unrivalled access and travel opportunities.

GIOVANI.COM.CY PROPERTY INVESTOR 15

The island

The island has established a reputation as a springboard for international investors accessing the large EU markets as well as the emerging economies of the Middle East, Eastern Europe, North Africa, India and China. Cyprus provides a plethora of opportunities for investors. Its market-oriented economy operates within a transparent regulatory and legal system based on the Common Law of the United Kingdom, and fully harmonized with the collective framework of laws and regulations of the EU. Cyprus provides many advantages to the corporate sector, including the lowest corporate taxation rates in the EU (10%)

with a broad range of double taxation agreements with 44 countries. Foreign investors are able to utilize an advanced transport and telecommunications infrastructure, a highly educated, skilled and multilingual human capital base as well as a high standard of specialist professional services. Moreover, Cyprus offers relatively lower operating costs with high quality services, including banking, tax, accounting, auditing, business administration, legal, investment and funds management. All these paired with the island’s enviable quality of life are the key ingredients that have made Cyprus stand out in the Global Investment Map.

crossroads of Europe, Asia and Africa – establishing it as a thriving international business centre with global connections. This success could not have been achieved without the support of an advanced communications infrastructure. Promoting the digital economy and developing secure electronic communications networks is high on the agenda in 2016, including creating more efficient e-solutions across all sectors. The government’s commitment to attracting foreign investment into Information and Communications Technology (ICT) projects and with start-ups springing up,

Cyprus is being noticed internationally and was recently included in a list of eight emerging global technology hubs by Transfer Wire.

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BUSINESS ENVIRONMENT Cyprus offers one of the most attractive tax regimes in Europe. A member of the European Union since 2004, 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 plac-

LIFE IN CYPRUS Cyprus offers an enviable lifestyle in a clean and healthy environment with a high standard of living. Living and working in Cyprus are directly related to fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable and warm people. It is the combination of all these factors that makes the experience of living on the island extremely desirable and attractive. The balance between work and family part of everyday life, is unique and truly difficult to match. NETWORK Cyprus has managed to successfully exploit its strategic location at the

es it high on the list of preferred jurisdictions for international tax planners. SHIPPING SERVICES The Cypriot merchant fleet ranks among the 10 largest fleets in the world and ranks third in the European Union, with 12 per cent of the total fleet of the 27 Member States of the EU. Cyprus is also a major ship management centre with a total of around 60 ship management companies, some of which rank among the largest of their kind in the world, operating from within Cyprus. From those ship management companies, 87

PRIVATE VILLAS NEAR THE NEW PARALIMNI MARINA

The island per cent are controlled by Cypriot and EU interests and they employ almost 40,000 seafarers, out of whom 5,000 are EU nationals. The total fleet managed from Cyprus represents 20 per cent of the world third–party ship management market. Cyprus' ports are the commercial ports of Limassol and Larnaka. In 2013 there were 4,534 calls of ships in the Cyprus ports moving 270,364 passengers and 277,276 metric tons of cargo. LEGAL FRAMEWORK Cyprus’s legal system is based on U.K. Common Law principles. As a member of the European Union, Cyprus has introduced the body of laws and regulations of the E.U. There are over 2100 regis-

Europe and the Middle East. RESOURCES Cyprus is committed to ensuring the security of its energy supply, protecting the environment, fostering healthy competition in the energy sector and encouraging the development of renewable energy technologies and production. Cyprus also aims to positively contribute to the European energy security of supply. Cyprus ranks first in the world in solar energy use for water heating in households, and has achieved significant progress in the production of energy from Renewable

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INFRASTRUCUTRE The local infrastructure is ideally suited

for businesspeople that need to get things done. Thanks to its modern road network, extensive port facilities and two new international airports, travel and transport in and beyond Cyprus is fast, efficient and economical. Considerable investment has been made into transforming the island into a major telecommunications hub in the region. By building upon its technologically advanced infrastructure, Cyprus has established an extensive telecommunications network, both in terms of cable and satellite, which ranks amongst the best in the world. The coastal resorts of Larnaca and Paphos each operate international airports serving flights to and from both

Energy Sources (RES). The most important projects relating to power generation from RES concern wind parks and photovoltaic parks. The existence of worldclass deepwater natural gas reserves in Cyprus Exclusive Economic Zone (EEZ) has attracted a lot of attention from

potential international investors, while bringing new and exciting opportunities to the energy sector itself. With the energy developments in neighbouring countries, the prospects may be there for Cyprus to become an energy hub in the Eastern Mediterranean.

tered advocates and 160 limited liability law firms providing a wide range of legal services in Cyprus such as international law, corporate administration, and management services. Cyprus offers a wide range of professional accounting, auditing, management consultancy, taxation, financial advisory and other administrative service to both the private and public sectors. In 2009, there were approximately 120 limited accounting firms and 40 partnerships operating in Cyprus. Top international accounting firms are established in Cyprus providing services to international investors

Cyprus has managed to successfully exploit its strategic location at the crossroads of Europe, Asia and Africa – establishing it as a thriving international business centre with global connections.

HOLIDAY VILLAS WITH TITLE DEEDS IN AYIA NAPA

SOUTH EAST CYPRUS THE MAJESTIC SUNRISE RIVIERA OF CYPRUS - FAMAGUSTA

Astute investors who are looking to make a significant financial contribution or to improve their lifestyle are turning their attention to what is set to be the newest and fastest evolving property hot-spot in the Mediterranean. The unspoilt area of Famagusta on the South East Coast of Cyprus is already attracting major investment from Chinese and European speculators. Such interest is a clear indication of their recognition concerning the outstanding

potential that the region has to offer. The whole area is already part of a carefully structured and scaled development initiative that has seen major investment in both commercial and residential properties. Not least, the exciting Agia Napa Marina project and the luxurious Sun City Hotel Complex that Cyprusâ&#x20AC;&#x2122;s leading property Development Company The Giovani Group is extremely proud to be associated with.

South East

The ideal location Situated on the South East coast of Southern Cyprus, Famagusta has retained much of its culture and ethnicity thanks to a long tradition of farming and a village community lifestyle. While the growth in tourism has brought modernisation into the region, it has not, however, impacted negatively on the “laidback” Cypriot lifestyle. Consequently, the locals are among the friendliest and most welcoming people you could wish to meet. Peace and quiet are never more than a few minutes’ drive away from the vibrant resorts of Protaras and Agia Napa and there is an abundance of space available to anyone looking to “live the dream”. The miles of meandering coastline are punctuated by quiet coves with soft sandy beaches that are never too far from a welcoming taverna or family run restaurant. Whether you are looking to invest or settle in the area, Famagusta is the ideal location for both. Steeped in History and Culture To say that Cyprus has been the home of many different cultures would be something of an understatement and each one has left its indelible mark on the Famagusta area. From ancient burial grounds and secret “cave churches” to the ruined City of Salamis in the North of the region, there is enough to keep any cultural enthusiast happy. The

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Cyprus has managed to successfully exploit its strategic location at the crossroads of Europe, Asia and Africa – establishing it as a thriving international business centre with global connections.

Island is also the home of early Christianity and the Greek Orthodox Church flourishes to this day with a calendar of public religious festivals being celebrated throughout the year. There is strong evidence to suggest that the area has seen human habitation as far back as the Neolithic period. The once Central City of Famagusta is gauged to have been built around 274 BC after Salamis (along with the other cities on the island) was ruined by a major earthquake. Since then, the area has seen success as a major trading point and a busy port. From Arabians and Venetians to a strong Ottoman Empire influence and finally an English occupation, they have all left their imprint on the Famagusta region. The Uniqueness of Famagusta Though it is, of course, intrinsically Cypriot in culture and tradition, the Famagusta area also has its own distinct identity that sets it apart as the Majestic Sunrise Riviera of Cyprus. Alongside the area’s rural aspect of farming and village life, commercialisation has always been carefully scaled to fit in with the region’s unique geography and community. This approach continues

to facilitate a well-balanced mix of commercial and residential development that makes the Famagusta region the ideal place to live and work. Thanks to the area’s long association with fishing, there are scores of scenic harbours such as the one in the resort town of Agia Napa that are fronted by traditional fish restaurants. All types of pleasure craft and private yachts add to this vibrant harbour lifestyle and it has led to the creation of some beautiful shopping and eating areas within close proximity to the many blue flag, award winning beaches the area has to offer.

A Sun Seekers Paradise The South East region of the island is always markedly warmer than other areas of Cyprus by at least a few degrees. This means that property owners in the area are able to make the best possible use of their own private pools and bathing off the area’s long sandy beaches. South East Cyprus’s residents are therefore able to enjoy the island’s average of 320 days of sunshine a year to their full advantage. Apart from the many excellent resort beaches in the area, there are countless bays and sheltered coves to explore where sun seekers can relax away from the stresses and strains of their everyday lives. Whether you prefer the convenience of resort facilities or the peace and tranquillity of isolation, South East Cyprus won’t disappoint you. Enjoy Cyprus Life with the Locals The local people of South East Cyprus work hard and that may be one of the reasons why they make the very best of relaxing together. In the villages and towns of the Famagusta area, the family is a number one priority among the Cypriot people. Summer evenings and Sunday’s are the times when many families gather together to cook and relax over a traditional meal of salad, pitta bread, and barbecued meat or fish. Alfresco is the order of the day and many properties have their own outdoor kleftico oven where they slow cook lamb in the same way it has been done for countless generations. No outdoor meal is considered complete without an invite being extended to the neighbours and foreign homeowners often find themselves sharing a meal with their new found Cypriot friends.

The local people of South East Cyprus work hard and that may be one of the reasons why they make the very best of relaxing together. In the villages and towns of the Famagusta area, the family is a number one priority among the Cypriot people.

Vibrant nightlife and delicious food Thanks to the area’s well-balanced mix of Europeanization and retained cultural identity, food lovers are able to enjoy the benefit of a diverse range of cuisine. From virtually every branded “food on the go” outlet and ethnic choice to gourmet dining and traditional Cypriot fare, the area provides food for every taste and occasion. Eating in Famagusta is a mix of laid-back meze style meals, dining in quality restaurants when socialising and coffee shops or fast food options during the bustle of the working day. Whether you come to Famagusta to live, work, or relax, there is an abundance of nightlife available to you. Alongside the trendy coffee shops and high-quality eateries, there are plenty of vibrant bars and clubs for the young and the young at heart to enjoy. When it comes to nightlife, of

GIOVANI.COM.CY PROPERTY INVESTOR 23

South East Cyprus course, Agia Napa is Cyprus’s very own entertainment capital. Situated on a hill up above the main resort in the old town, it is ideally located away from the more family orientated beach, harbour, and shopping areas. Outstanding Real Estate Opportunities in South East Cyprus Right at this moment in time, South East Cyprus, and more particularly the Famagusta area represents outstanding value for money in terms of real estate investment. Work is already well underway in relation to the construction of the brand new Agia Napa Marina project with berthing for luxury yachts. The project also boasts luxury high-rise waterfront apartments that are being quickly snapped up by savvy locals and foreign investors from all over the world. Thanks to the current levels of interest that both the marina and the Sun City Hotel development have stimulated, property values along the South East coast and the Famagusta area have already started to rise. Real estate experts are predicting that this is only the tip of the iceberg and that as other new projects start to come online, property values look set to continue upward. Now is the best time for astute buyers to make their investment in the area whilst there is still at least 18 months remaining before the completion of the harbour project. With other projects already underway and further projects planned for the near future, there is still plenty of room for further economic growth in the region.

The iconic church of Agioi Anargyroi in Cape Greco, Ayia Napa.

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Famagusta, the Ideal Choice on Cyprus’s South East Coast When it comes to choosing the ideal location to visit for holidays, when considering relocation, or simply as an excellent return on investment, Famagusta has everything you are looking for. Holiday lettings are running at an all-time high in the area with many owners already reporting a full booking calendar for the year starting 2018. Long-term rentals in the area have also increased and for the first time in many years, the demand for residential rentals has outstripped the supply. While many other European countries have seen their tourist industry virtually collapsing, Cyprus visitor numbers continue to increase year on year. Every resort along the South Eastern coast has several new hotels and most of the existing ones have been extended and refurbished. Along with this economic expansion have come increased business opportunities and a healthy employment market especially in the tourism and construction sectors. In addition, the island’s cosmopolitan capital, Nicosia is easily commutable being located less than a one hours drive away from the Famagusta area. For individuals and families that are looking for a quality lifestyle that comes with one of the best value-for-money standards of living, Famagusta and the South East coast of Cyprus tick all of the boxes. With low crime, enviable family values, and one of the best climates in Europe, Cyprus is already recognised as one of the best places in the world to live.

HOLIDAY VILLAS WITH PANORAMIC SEAVIEWS IN PROTARAS

Culture

History, art and mythology Located at the crossroads of Cape Gkreko and Kryou Nerou Avenue, the 20.000 square metres sculpture park and its adjoining cactus park offer a beautiful setting for a stroll with stunning, panoramic views, and benches along the way.

Ayia Napa Sculpture Park is one of my favorite places to visit again and again throughout the year especially when I want to clean up my mind, relax and think or when I want to take a walk with the family. Ayia Napa Sculpture Park is a

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multicultural landmark of art and personal soul depiction, through which history and culture are united. The place which lies east of Ayia Napa towards Cape Greco, fused with the background of the endless blue, was the vision of Mr.Kikis Constantinou. His vision of Ayia Napa becoming the best tourist desti-

nation on the island, while simultaneously being a source of Arts and Culture, became a reality in 2014 with the groundbreaking idea of creating an Open Sculpture Museum. With the unanimous consent of the Mayor Mr. Yannis Karousos, the members of the Municipal Council and a faithful companion to the realization of his vision, the Cultural Officer of the Municipality, Maria Tofini -Tsantila, the Sculpture Park was inaugurated on the 11th of May 2014. Since then, the annual International Sculpture Symposium takes place in two phases (first phase October - November and second phase March - April). International artists present their enriching work on-site which is created using

Cypriot limestone from the area of Kivides as well as other materials which are being gradually introduced, in order to constantly upgrade the quality of the Park. The aim of the International Sculpture Symposium within the Ayia Napa Municipality is to establish the Symposium and the

The Park stretches along the eastern side of Ayia Napa on a bushy and rocky slope at the intersection of Cavo Greco and Kryo Nero Avenues.

GIOVANI.COM.CY PROPERTY INVESTOR 27

Culture

sculpture park as a venture of international projection, interest and visitation. Furthermore, the Symposium aims to enrich the park with the creation of new sculptural works by international artists, use new materials which will enhance the quality, exchange knowledge and experience among artists, contact and familiarize visitors with the art of sculpting, and last but not least enrich the Cultural Events during the conventions. The Park stretches along the eastern side of Ayia Napa on a bushy and rocky slope at the intersection of Cavo Greco and Kryo Nero Avenues. Today (November 2017),

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the park is adorned with 170 sculptures by 115 artists, which attract dozens of local and foreign visitors, as well as schools that organize educational excursions to the innovative Open Museum Sculpture Museum. History, art and mythology represented in sculptures together with the local rocky landscape, flora, fauna and the sea are all carefully and nicely blended to inspire the soul. When there early in the morning after sunrise or late in the afternoon before sunset yields a magic blend of colors ideal for photography.

Freedom to live, work, and travel around the world

Cyprus Investment Programme

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 Programme" 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 “Programme”. Moreover, the Council of Ministers, as a part of its efforts for the further improvement of the “Cyprus Investment Programme” 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

32 PROPERTY INVESTOR GIOVANI.COM.CY

the Cyprus Investment Programme.” 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.

Motivations • • • • • •

Stability & Security Enjoy Visa Free Travel Opportunity Personal Freedom Insurance Policy Protection

Cyprus Investment Programme Advantages of the programe • • • • • • • • • • •

Entire family can qualify (terms & conditions apply ) Dual Citizenship allowed in Cyprus Global Mobility No language requirement No interviews during the process Financial freedom Pure investment - no donation required Exit Strategy after three (3) years Cyprus offers the ideal place to live Excellent worldwide connections Excellent infrastructure

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

Eligibility • 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.

Main benefits of the programme

Criteria

• 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 leading access to leading medical centers • 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

A1. Investment in any immovable property, including land with development plans and excluding land without development rights. A2. Investment in Cyprus Companies who: 1. Are registered in Cyprus 2. Are operating in Cyprus 3. Have five (5) EU citizen employees who must have

GIOVANI.COM.CY PROPERTY INVESTOR 33

Cyprus Investment Programme

been Cyprus Residents for the last five (5) years.

additional €500,000 for a residential property is required

4. If more than one applicant invests in a Cyprus Company during the same period, the number of employees should be increased accordingly.

3rd option: Investment of €2.5m. A residential unit for the investor worth of minimum €500,000 + 5% VAT.

A3. Invest in Cy Licensed Investment Funds who are registered and operating in Cyprus, in Bonds Securities etc. A4. Combination of criteria A1 to A3 to total €2,5m now have the option to include €0,5m Government Bonds within the plan. B. Citizenship by Investment on REAL ESTATE Programme

Terms and Conditions 1. Residence Permit in Cyprus: Prior to acquiring the Cyprus Citizenship, all adult applicants must be residence permit holders 2. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must 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.

• For Individuals who wish to purchase only one (1) single residential property 1st option: The investment on properties plan should be at least €2m + 5% VAT (for a single residential unit) OR

3. All above mentioned investments need to be kept for at least three years from the date of Naturalisation

• For individuals who wish to purchase more than one (1) residential property

Other General Conditions

2nd option: Investment of €2m in a residential unit for the Investor worth of minimum €500,000 + 5% VAT plus number of residential units worth €1,5m + 19% VAT. • For individuals who wish to purchase residential and or commercial properties. For commercial investments, an

34 PROPERTY INVESTOR GIOVANI.COM.CY

4. All investments need to be concluded with fresh funds from abroad

1. Copy of Valid Passport 2. Clean Criminal Record from the country of origin and country of residence 3. Source of funds 4. Curriculum Vitae

Cyprus Investment Programme

The Application Process STEPS: • STEP ONE: Investors inspect and reserve the real estate of their preference through a visit to Cyprus or via correspondence. • STEP TWO: Investors open a bank account in Cyprus and sign the necessary bank documentation. They transfer funds to Cyprus from abroad accordingly. At this stage, the Central Bank of Cyprus will carry out the due diligence to ensure the legitimacy of the source of money. • STEP THREE: Investors sign the real estate purchase agreements and deposit them in the Cyprus Land and Surveys Department accordingly. • STEP FOUR: Investors collect and finalise all required documents for the Cyprus naturalization. Required documents must be provided in the Greek or English languages; verified and signed by the notary officer at the Ministry of Affairs, and the Cyprus Embassy of the country of origin or residence. • STEP FIVE: Citizenship application is then submitted to the Government, along with a set of the property purchase agreements and receipts of full payment issued from the seller or developer. • STEP SIX: Investor arranges a payment of application fee of €2,000 per adult applicant. • STEP SEVEN: Upon approval of the Citizenship application the Minister issues a confirmation of Submission of Application for Naturalization by Exception. • STEP EIGHT: 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

36 PROPERTY INVESTOR GIOVANI.COM.CY

Permit (card) is issued within five (5) working days. • STEP NINE: Expected time of examination of the application is 6 (six) months.Permanent residency permit card is issued while investor is waiting for his passport. • STEP TEN: Council of Ministers approves the Citizenship. Investor must visit Cyprus for one (1) day to swear the Oath of Allegiance and receive their Cypriot Citizenship Certificates, and collect passports and European ID cards.

Cyprus Permanent Residency

Cyprus Permanent Residency by investment Motivation This regulation was initially directed at any persons who arrived and remained in Cyprus, and who could sustain their existence from their income that came from abroad. This regulation was reviewed by the Minister of Interior to provide incentives to non-EU country citizens.

by which the process of obtaining Immigration Permits is simplified and accelerated. All applications are examined in a positive light and the Immigration Permit shall be granted; provided that all necessary criteria are met. Once obtained, the permit will also cover the applicantâ&#x20AC;&#x2122;s spouse and dependents, and shall not be cancelled; provided that all criteria are maintained.

Objective

Criteria

In an effort to strengthen the Cyprus real estate market the government increased the incentives for citizens of non-EU countries to purchase a house in Cyprus.

The Decision The Cyprus Minister of Interior has recently introduced an improved and speedier procedure for providing permanent residence through investment to third country nationals. The new procedure establishes a new legal framework

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1. According to the provisions of Regulation 6(2) of the Aliens and Immigration regulations, an individual investor can invest in residential and/or commercial property to the minimum value of â&#x201A;Ź300,000.00 plus VAT, including a contract of sale and proof of payment of at least â&#x201A;Ź200,000 plus VAT, and be eligible to apply for Permanent Residency status in Cyprus for themselves and their family. The property can also be bought by a company, provided that the company is registered in the name of the applicant - or the applicant and spouse

Cyprus Permanent Residency Do something today that will bring you one step closer to your goal

GIOVANI.COM.CY PROPERTY INVESTOR 39

Cyprus Permanent Residency

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Cyprus Permanent Residency - and that they are sole shareholders. 2. The Investor must submit a confirmation letter from a Cyprus bank that they have deposited a minimum capital of €30,000 from abroad into an account that will be locked for three (3) years. After the expiration of this period, the money will be released without restrictions. 3. The investor must provide supporting evidence of a secured annual income of at least €30,000 deriving from abroad. This income must increase by €5,000 for every additional child, and €8,000 for each dependent parent. This income may include salaries from employment, rents, pensions, and dividends from shares, etc.

General Conditions Importantly, the applicant must produce the required documentation in their application such as: • Valid Passport • Source of Funds • Clear Criminal Record • Curriculum Vitae • Health Insurance Policy

The Result An immigration permit is valid as a permanent permit in Cyprus and its holders are exempt from time-consuming immigration procedures, which are necessary for non-EU country citizens who wish to enter Cyprus.

The application Process A fee of €500 is payable with the submission of the application and €50 extra for the biometric capturing. The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior for a decision within three (3) months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus in order to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.

GIOVANI.COM.CY PROPERTY INVESTOR 41

Cyprus Permanent Residency The Benefits of the Programme Since joining the EU on May 1, 2004, Cyprus has received more international recognition and has steadily developed even more investment business opportunities due to its location, which sees it often referred to as a Gateway to Europe.

Major Benefits of the Cyprus Permanent Residency Programme • Application procedure within three (3) months • High approval rate if all criteria is satisfied. • It is not necessary to reside in Cyprus, but a visit once every two (2) years is required. • Dependents can be enrolled in high quality private schools, offering English language courses. • Residence applies to the whole family (applicant, spouse and children under 18 years old). • Dependent children between 18-25 and parents of the applicant are also eligible. • The whole process can be arranged without being present in the country; however, a visit is required for biometric capturing. • Permit holders may own a Cyprus company and receive dividends from it. • Only required to visit Cyprus once every 2 years.

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Cyprus Permanent Residency Other Benefits • 12.5% corporate tax rate, one of the lowest in Europe. • Companies can be formed in just a few days. • Non-disclosure and anonymity rights. • Double taxation treaties with over 40 countries (including China). • No withholding taxes on payments of dividends, interest or royalties paid to non-residents (subject to conditions). • No capital gains tax in Cyprus on sale of immovable property held outside Cyprus if the company is tax resident in Cyprus.

Important Considerations • Access to Permanent Residency Visa (non-working but permanent stay status). • However, the same restriction does not apply if they act as shareholders in any company registered in Cyprus. • The Investor and his dependents only required to visit Cyprus once every two (2) years. • The applicant and any family member included in the application must visit Cyprus otherwise the residence permit expires its validity after two (2) consecutive years of absence.

GIOVANI.COM.CY PROPERTY INVESTOR 43

A new life! Give yourself and your family the freedom to live, work and travel anywhere in the EU! CURRENT EU COUNTRIES

.. .. .. .. .

Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland

.. .. .. .. .

France Germany Greece Hungary Ireland Netherlands Poland Portugal Romania

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Italy Latvia Lithuania Luxembourg Malta Slovakia Slovenia Spain Sweden

GIOVANI.COM.CY PROPERTY INVESTOR 45

Focus View of Ayia Napa.

Ayia Napa and Protaras A choice of Cyprus resorts

When it comes down to deciding upon the ideal location for your Cyprus property investment it can turn out to be a challenging choice. There is no shortage of beautiful south-east coastal locations to choose from and the resort towns of Ayia Napa and Protaras are among the best. In the following article, we aim to provide some useful information and facts about these two distinctly different resorts to help you make a best-informed property investment decision.

Previous to the mid-1970s, there were only two hotels in Protaras and Ayia Napa boasted nothing much other than a small fishing harbour. Fast forward to the present day and both of these bustling resorts are a testament to Cyprus’s on-going magnetism. Both resorts continue to draw in tourist and investors from the traditional markets such as the UK and Germany along with places as distant as Russia and China. From the miles of pristine coastline to the areas rich cultural history, Ayia Napa and Protaras have something to offer every tourist and investor. The famous Nissi Bay Beach is among 14 others in the Ayia Napa municipality that have achieved “blue flag” status. Protaras also offers the kind of beaches that attract sun, sea, and sand worshipers from far and wide.

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Nissi Bay offers visitors everything they would expect for the perfect beach holiday from soft sands and crystal clear waters to water sports, cool drinks, and, of course, an abundant supply of warm Cyprus sunshine. Whichever of the two south-east Cyprus jewels you choose to invest in, you will never be far away from every amenity needed for either sun-filled holidays or the chance to live the Mediterranean lifestyle. Both resorts still have plenty of room for growth in the surrounding suburbs and there are many on-going developments for investors to choose from. Two tourist havens Despite the resorts vibrant nightlife, Ayia Napa also attracts large numbers of families among the one million yearly visitors to its soft sandy beaches year on year. While the younger generation prefers to party the nights away above the town’s mon-

astery square, there is plenty of family entertainment, quality dining, and leisure facilities closer to the harbour area. Protaras may have around a thousand less licensed tourist accommodation keys than Ayia Napa’s 9,300 but that doesn’t appear to have made any dent in the wide range of facilities the town extends to the 750,000 visitors that flock there every year. Protaras resort does have a more family oriented feel to it and although it covers a smaller land mass it still boasts 8 blue flag beaches that include the famous Fig Tree Bay. Culture and history With the islands long and fascinating history it comes as no great surprise that visitors to either resort are never more than a short walk away from an iconic historical attraction. The famous Ayia Napa Monastery has situated only a short walk from the main beach and resort centre. Visitors to the sister resort can look forward to a steep but leisurely ascent to the famous Profitis Elias Church to be rewarded with a panoramic view of the whole area. A meeting of two municipalities Although the two resorts are within different municipalities, Protaras’s Paralimni authority and the Ayia Napa boundaries converge at the well-known Konos Bay Beach. A boundary that was only agreed upon as recently as 2015 and which has led to the rather comical situation of having the 2 municipalities sun loungers at opposite ends of the beach. Exciting on-going developments While the proposed Cape Greco Golf Course still remains “understudy”, construction of the much awaited and heralded Ayia Napa Marina is already well underway. Scheduled for completion as early as 2022, it is certain to be the area’s jewel in the crown in terms of prestige and it will enhance the perception of the whole region as an upmarket holiday destination. Making the most of the available opportunities Anyone visiting the south-east coastal region of Cyprus during

the winter season will be left in little doubt that Ayia Napa has is already breaking the traditional mould in respect of providing year-round facilities. This has been reflected in the steadily increasing number of winter visitors who spend anything from a few weeks to 4 months off the year there. While Protaras enjoys the same temperate climate it has so far established itself as a seasonal resort where most of the local hotels still choose to close down for the winter months. Situated on the coastal edge of the “red soil” villages, many of those who are employed in the resorts tourist industry spend the closed season months working in the agricultural heart of the region. Two resorts – two distinct cultures While both Protaras an Ayia Napa provide excellent amenities for family holidays, the latter has also built a long-standing reputation with the younger generation. A drive along Nissi Avenue from the resort centre to the Nissi Bay area is all that you need to confirm this view. The area above the monastery is home to at least 12 high profile clubs and around 80 vibrant bars that attract headline entertainers from across Europe. Beach parties, white-knuckle water sports, and virtually every branded fast food outlet ensures that the countless visitors who flock there every year are more than well catered for. Protaras also has plenty of late bars, cosmopolitan restaurants, and nightly entertainment for all the family. Along with this abundance of family-friendly facilities the resort's appeal lies in its stunning beaches, crystal clear waters and hi-end hotels. All inclusive holidays have undoubtedly enhanced the family appeal of Protaras and the recent surge in new construction and hotel extension bear witness to the areas continued growth. Investors and would be residents can be confident that wherever they chose to live in south-east Cyprus, they will be making an astute investment in an economy that still has plenty of potential for growth. View of Konnos Bay beach near Protaras and Ayia Napa.

GIOVANI.COM.CY PROPERTY INVESTOR 47

CYPRUS IS THE

GOLDEN TICKET FOR INVESTORS THE MAN BEHIND GIOVANI GROUP MR CHRIS GIOVANI, DESCRIBES HOW EVERYTHING STARTED 30 YEARS AGO!

H I

How do you view the Real Estate industry right now? Do you think it has bounced back from the post-2013 recession slump? One can surely claim the industry as we knew it does not exist anymore. Nowadays buyers are more sophisticated, demanding and looking for lucrative investments that are financially sustainable. In addition to that, there is a definite trend on the luxury properties. The influx of HNWI has helped to change the real estate map of the island. Industry professionals who fail to cope with changes will be wiped out of the market sooner or later. It’s a buyer’s market where emotions do not fit it. The demand is growing for luxury projects that give great value to the buyer. I could also say that some companies which adapted quickly are in a far better position than the pre-crisis period. Of course, we can’t neglect the fact that we do operate in a citizenship-driven market, however, Cyprus could continue to attract foreign direct investments pro-

48 PROPERTY INVESTOR GIOVANI.COM.CY

Interview

GIOVANI.COM.CY PROPERTY INVESTOR 49

T Interview

vided that we build a more transparent marketplace. There appears to be a local trend towards high-rise luxury properties at present. Do you see this continuing in the foreseeable future? I’m personally the biggest fan of high rise developments as I truly believe that a city, can’t be truly called a ‘city’ if there is no skyline. Thus, as the market’s demand will continue to grow, in an island where there is scarcity of land, the government authorities have to become more flexible and open minded on this subject. In fact, if you carefully study the island’s topography and landscaping you will notice that there is considerable scarcity of land in the areas of rural activity. Why we all have we failed to recognize the need to grow our towns vertically instead of horizontally, I believe it’s a matter that should challenge us and give more food for thought when designing the cities of the future. Skepticism and conservatism will not help us in this case. Cyprus is the only country in Europe that has no genuine master plan that takes into consideration the future development of its four major cities including the area of Famagusta. On this island we just need to release that we can’t produce land. Land is our precious commodity and has to be used wisely. Green technology, genius master-planning and eco-friendly materials all have to be combined together to protect our country’s only asset. Our land. Isn’t there a danger that, once again, the industry may become over-reliant on foreign buyers? On an island of less than a million inhabitants we can’t really expect a whole industry of real estate professionals to depend on the local market. Actually, the banking system is controlling the real estate market. It’s their long time position that has encouraged developers to look for alternative sources of finance through foreign direct investments. The industry professionals had two choices, die or survive. We have chosen the latter. Becoming extroverted and prepared to look for new markets in the south east Asia and Middle East was key to keep us alive. Thus, I would expect the trend to continue. One could argue about our dependence in foreigners, however, we have no choice but to work hard to make our product attractive. And for that reason genius has to kick-in to our developments. No more mass productions, no more cheap constructions, no more poorly designed developments. If we are keen on catching the attention of international buyers it is the right time to think about quality developments and boutique services that match our limited supply of land. We can cater for less investors, with bigger wallets. That should keep us going without turbulence.

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How successful has the government’s Citizenship by Investment Scheme been? Do you think that it should be extended indefinitely? It was actually Cyprus the first country in Europe that introduced the CBI in 2011. At the time it was a revolution and people who had access to it had to spend more than 10ml euros. The program adopted successfully and changed quality to match the investor’s need. There are currently 11 programs around the World that involve citizenship by investment and Cyprus is amongst the most successful one. It is our sovereign right to continue this program but I’m afraid people will cannibalize it before a competitive country introduces something better and more attractive. My personal point of view is that media have a big responsibility on protecting this program that proved as a savior of the Cyprus economy. Let’s all help the public to recognize that HNWIs do not impose a threat to our country of employment status. They are here not to compete with us, but to gain access to a privilege that can’t be offered by their country of origin. Let’s understand that their economic contribution is key to a country that produces nothing and imports everything. Let’s help the public opinion that they are not here to change our demographics. Once we achieve that we could work to make our CBI industry regulated in order to present a reputable solution to the rest of the world. Of your many developments, give us some information about what you consider to be your flagship project right now. Giovani Group holds a number of coast developments in the South East Coast of Cyprus, in Famagusta. We are currently have a unique flagship development called the Sun City Spa Resort and Residences. It’s a mixed touristic beachfront development that consists of a luxury five star hotel and 41 residential units. The project is currently under construction with 65% of it being sold to international and local buyers. The completion date is set for June 2019 and our management team has a vision that will help to change our area’s perception towards quality developments and services. Can you please provide us with a brief company profile. Giovani Group started its operations as a family metal workshop in 1986. It has continued to grow rapidly for 31 consecutive years. As of today the company is the largest employer of the Famagusta area on the non-tourism sector. Its group companies employ over 200 people and help to sustain the jobs of thousands more through its activities. Marking its 30th anniversary Giovani has officially launched 15 new projects in the market in 2016, putting it therefore way ahead of local competition. With offices in Hong Kong, Guangzhou, Hanoi and Riyadh the companies continues to support an expanding network of 270 international brokers that help support the continuing influx of foreign investors in Famagusta.

GIOVANI.COM.CY PROPERTY INVESTOR 51

Business

Why Ayia Napa is attracting Smart Investors? An Insight into the Mayor of Ayia Napaâ&#x20AC;&#x2122;s Strategy for Foreign Investments in the Town

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The Ayia Napa Marina

GIOVANI.COM.CY PROPERTY INVESTOR 53

Business

The Mayor of Ayia Napa Mr Yiannis Karousos.

As part of his strategy to lift the area’s profile, the Mayor has also sent out signals that the town of the future will be a place that attracts families and quality investors.

Clever investors with an eye on the Cyprus property market will be well aware that the Municipality of Ayia Napa has enjoyed continuous prosperity for several decades. Much of this success can be attributed to the huge amounts that have been reinvested in innovative projects over recent years. Such projects include a 6.5 million beachfront upgrade and the highly acclaimed and prestigious marina that are both scheduled to be completed as early as 2020. The town’s Mayor, Yiannis Karoussos revealed that he is focused on attracting more foreign investment into the area. As part of his strategy to lift the area’s profile, the Mayor has also sent out signals that the town of the future will be a place that attracts families and quality investors. This is a definite move to shake off the town’s image as the islands clubbing capital and instead attract top-level venture capital into the area. What will the Ayia Napa of the future look like? With berthing for luxury yachts and ocean-going cruisers at the new marina, it is obvious that the Mayor is optimistic about the kind of investors and the development the area is looking for. This is a clear indication that the face of tourism in the area is expected to change dramatically if Mayor Yiannis has his way. In recent years there has been an influx of quality restaurants, coffee shops, and boutique spa style hotels, all of which are aimed at families and discerning tourists. All of these are palpable signs that the profile of the town and surrounding area is rising and this can only be good news for would-be investors. No other resort on the South East Coast has seen such prolific investment as Ayia Napa and if Mr Karoussos has his way it looks set to continue well into the future.

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3 major reasons why you should invest in Ayia Napa Thanks to the outstanding work that Mayor Yiannis and his team has done in promoting the area, Ayia Napa has become a prime target for savvy investors with an eye on the future. If that alone wasn’t enough to make it an attractive place to speculate, here are 3 more major reasons to consider. 1. The scheduled completion of the new marina will put the town squarely on the map for discerning tourists and owners of upmarket marine craft. The marina is also set to become a highly desirable area for both residential property and associated commercial enterprise including hospitality and upper market retail outlets. 2. Property both in Ayia Napa town and the surrounding areas is already experiencing an unprecedented upturn. Many South Eastern Cyprus property experts are anticipating that this merely signals the beginning of a sustained increase in the areas property values. The Mayor further believes that as many of the exciting projects in the area near completion, property values in the area will further increase. 3. Lucrative returns on investments are likely in both the retail, hospitality, and accommodation sectors due to the inevitable augmentation in demand. This is already apparent in the highly buoyant holiday rental market where many villa and apartment owners are already fully booked for the forthcoming season. If that wasn’t strong enough evidence of an impending upturn, the demand for long-term residential rentals in the area has already outstripped the limited supply. All in all, the signs are that Mayor Yiannis has started an investment ball rolling that will continue to gather speed and momentum long into the future. A future that will see Ayia Napa and the surrounding areas enjoying new levels of foreign investment and increased prosperity for the communities that live and work there.

The scheduled completion of the new marina will put the town squarely on the map for discerning tourists and owners of upmarket marine craft.

GIOVANI.COM.CY PROPERTY INVESTOR 55

South East

International Standards for the construction of the Ayia Napa Golf Course The Department of Environment, of the Ministry of Agriculture, Rural Development and Environment are evaluating the Environmental Impact Assessment Study of the spatial planning (Master Plan) for the construction of a golf course and all related facilities. The club will be named ‘Ayia Napa Forest Golf’, which will take part of the state forestry land and specifically the ‘Ayia Napa Forest’, state and private land at the ‘Mazeri tou Koukou’ site, as well as at the ‘Atopetres - Perneres’ site, within the administrative boundaries of the Municipalities of Ayia Napa and Paralimni, in the Famagusta region. The entire development will be carried out by AYIA NAPA FOREST GOLF LTD, to whom the state land will be allocated. It is worth noting that the state land will be granted with an annual rental fee, that is going to be calculated by the Department of Lands and Surveys, of the Ministry of Interior, at 5% of the total market value, after calculating the total size of the requested land. The rent will be reviewed every five years. The lease term will be for an initial period of 33 years, renewable for two more periods of 25 years each. State land will only be used to build the golf course with all associated facilities. For this land, a spatial planning application has been submitted for an 18-hole golf course including auxiliary facilities (Clubhouse, parking space, space for the maintenance of the golf course etc.) and other related developments including tourism development (5-star hotel), commercial development(shops and a multi-functional conference hall) and residential development (houses and complexes), according to the decision of the Council of Ministers. International Standards The development of the golf course will include a world-class 18-hole golf course with standards that will allow it to host international golf competitions as well as attracting tourists to Cyprus. It will also include a practice and learning pitch where guests and locals can learn and practice, bathroom facilities on site, access strips for the movement of golf carts around the course, the Clubhouse and a unit for the maintenance of the golf course. Clubhouse The building of the Members' Club will be a conventional building with reinforced concrete, a brick-filled body and aluminium openings. The building is designed to be Class A energy with a central electrical air conditioning system and with external thermal insulation. This building will have 2 or 3 floors and a basement. The total area of the building will be 3,000

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m2 with an expected coverage of 1,000 - 1,500 m2 and an expected depth of 3 - 4 metres from the natural terrain. The building will have approximately 75 parking spaces, both open-air and underground. Tourism Development The tourist development will include a luxurious 5-star hotel with an original capacity of 500 beds (250 rooms) and all the amenities that enrich the tourist product such as spa, swimming pools, gym, restaurants, bars etc. The proposed hotel will have ten (10) floors and one (1) basement. Its total area will be 15,000 m2. The hotel will have a total of 225 parking spaces, both underground and outdoor. In a future phase the 5-star hotel is expected to expand by 100%, doubling the number of beds and its facilities. Residential Development The target is a uniform housing development with luxurious modern houses with minimal architecture and the use of natural materials, as natural as possible in light shades. The total number of houses will be 228, of which 216 will be two-storey houses with a building area of 140 m2, while the remaining 12 will be two-storey houses with a building area of 200 m2. In the complex developments there will be a construction of a total of 60 residencies of 140 m2. Commercial Development The commercial development, which will be built in the form of square suburban space, will be the link between all the proposed uses. It will include shops for every day use, a multipurpose hall and underground and outdoor parking spaces. The shops as well as the multipurpose hall will cover 2 or 3 floors with a basement. These buildings will have a total area of 6,000 m2. The underground areas will have a total area of 1,500 m2. Parking spaces are estimated at 130, some of which will be underground.

SMART HOMES WITH PRIVATE POOL IN PROTARAS

alasia SMART HOMES

Interview What are the challenges in your profession? I was always fascinated with the idea of assisting people to invest in real estate and become Cypriot nationals at the same time. However, I have to admit that each case differs. Every individual or family has unique needs that vary from another. Every case is so unique that it requires your undivided attention and care. In order to prepare a proposal or a solution I normally listen carefully and then draft a detailed report for a number of solutions. So, if you ask me personally, I would say that every case is challenging and through every case I deliberately try to satisfy the needs of the individual or family. What do your services involve? As an Immigration Specialist I provide investors with an insight into the available programmes and accordingly, I have the responsibility to provide them with multiple solutions. As soon as they finalise their decision about their type of investment, we then work closely with all the applicants in order to prepare the required documents. An application with good standing needs a lot of preparation and due diligence. My job will be to advise and assist with the completion of the application and submit it to the relevant departments too. Our company’s ability to guarantee the process 100% is what makes us stand apart from the competition, while at the same time, our ability to convey and explain the information is what provides an extra sign of confidence to the applicants.

An expert's insight on the Cyprus Investment Programmes One of the experts in the immigration industry provide us with an insight on the Cyprus investment programmes that are available today on the island. Natasa Kyrgia has lengthy experience in providing advise on both programmes.

When was your first interaction with the immigration industry? My path to consulting came a little bit unexpectedly. Coming out of college, I was targeting specialist roles within Business Consultancy companies, but expanded my search to diversify from the traditional markets. As a first step, I applied for the position of Immigration Consultant at First Class Global Citizen and then I acquired a senior position as an Immigration Programmes Specialist. The opportunity to interact with investors from around the world thrilled me and I actually feel blessed by the fact that I have helped so many families to change their lives.

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Can you give us more information about the Cyprus investment programme? Naturalization is the legal act of process by which Cypriot Citizenship / nationality is granted to non-EU nationals who fulfil the requirements established by the Cyprus Council of Ministers and Migration Department. In 2013, the Cyprus government has introduced a revolutionary scheme by which investors are eligible to Cypriot nationality by exception, through 6 months process What are the minimum economic requirements? Under the “Cyprus Investment Programme” which was amended on the 9.1.2018 and 21.5.2018 investors can now apply through a standalone application by investing in one single residential property or a portfolio of residential properties of minimum value of €2.0m plus Vat. Of course, a number of other conditions apply, such as withholding the investment for three years before selling any of the units in the open market. Are there any other terms and conditions that apply? Of course, the most significant condition is that the investor has to purchase a residential property of minimum €500,000 + 5% vat for life. This property will have to be declared as his/her main residency on

the island. Is the process of examining an application time-consuming? An overall average time of 6 months is normally expected before approval, however, some cases that involve multiple and complex investment plans might take an extra two to three months. What confidentiality terms apply to the process? It is perfectly normal for the applicants to require extra confidentiality clauses, and our company ensures that all the information provided will stay in full confidentiality without any risk of publically allowing them to free access. The same applies for the government departments involved. How much should one expect to pay for the process fees? The fee for submitting the Cyprus naturalization application is €2,000 for each applicant, plus €80 for every dependant person such as children or parents. Once the naturalization certificate is issued, then an additional €5,000 is payable to the Cypriot authorities. Let’s take an average family for example. How many of them can qualify for this programme? If we take an example of a of a third country family of four people, then the main applicant could be the father or the mother, and the application can also include the two children as dependents, provided that both are under the age of 28, and their main activity is their studies without a steady source of income from an employer. Simply put, both children should not be fulltime employed with a standalone salary. The more clear cases will be those of children who are still studying. Of course, all the minor applicants under the age of 18 do not need to prove their dependency on the family. Parents will obviously invest in real estate assets, and off course, the family will need to purchase a permanent residence – villa or apartment - for the value of €500,000 or more. In your opinion, what benefits does this programme provide the investors? It is obvious that as more and more countries tighten their border policies, people from troubled regions are in more desperate need for permanent solutions that will give them access to global mobility. Of course, these solutions are offered nowadays at a heavy cost. Although, the Cyprus programme does not include any government donations and expensive fees, compared to other similar programmes in Europe and the rest of the World. Thus, one could argue that the Cyprus programme is one of the most attractive nowadays since it offers the best exit investment strategy to applicants. On top of this, entire families have access to the freedom to live, work and travel to Europe and the rest of the World. In principle, an investor can become an a Cypriot

national in six months, gaining all the rights of a Cypriot citizen. We have a clear view of the applicant’s benefits, but what about Cyprus? How does the country benefit from this vigorous plan? The citizenship programmes in Europe and the rest of the World date back to the early 1980’s. The governments were always keen to attract high net-worth individuals in order to help boost their economies. Cyprus could not stay outside of the market. In fact, after the economic crisis on the banking sector, the Cyprus government has initiated a number of different programmes in order to attract foreign investments. So far, the plan has helped to stabilise the real estate sector. As the previous Minister of Interior, Mr. Socrates Hasikos, mentioned few months ago,

Investors can now apply for the Cyprus Ivestment programme through a standalone application by investing in one single residential property or a portfolio of residential properties of minimum value of €2.0m plus Vat. foreign investors who apply for the Citizenship or Permanent Residency have brought to Cyprus billion Euros within 2016. As a result, this strategy has helped the real estate and banking sector, but has also created thousands of job positions, which helped to bring down unemployment. What is the anticipated return on investment on properties nowadays? Despite the fact that there is a lot of speculation in the real estate sector, we strongly believe that the real ROI could reach up to 5% to 6% per year in the following five years, especially in the coastal areas of Cyprus. In addition to that, our group predicts a considerable increase in the demand of high-end properties, which will stand out in luxury and services. Taking into consideration the buoyant rental market of the coastal areas, the combined returns could reach up to 10% in some cases. Can you please give us more information about your existing clientele? From which countries does Cyprus mostly expect investors? We have a record of investors from around the world; however, the most common markets come from Asia and the Middle East. Russia and Ukraine represent a smaller market share and African countries are just about a small fraction of the market. Why should an investor choose Cyprus for investing and not another investor programme? I personally have a strong opinion about the Cyprus programme due to the fact that I have received so many applications and I have seen how much we can help to change a family’s life because of this. The most attractive element of the Cyprus programme is the fact that the applicant does not have to wait for years before he/she is approved. Uncertainty in our times is big. The Cyprus programme is a straightforward plan that secures a fast and easy solution for high net worth individuals. Compared to other countries, the Cyprus government does not ask for donations either. An investor can have full access to their properties or investments with the free right to sell, use and exploit them at their discretion without having to pay considerable costs.

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Family

Why Cyprus is the ideal family destination to live Cyprus is a wonderful place to move to with your family. Of course, it is the weather that is often the biggest draw for anyone moving overseas. We get so fed up of being cold, the thought of long hot summers, and time spent outdoors with our family is what usually sets us thinking about moving abroad. But there are many other benefits of moving to Cyprus too… IT’S VERY SAFE If there’s one thing that will be at the top of your list when moving abroad with your family, it will be safety. No amount of sunshine or the lure of low property prices can compensate for a lack of safety, especially when you have children to consider. When you move to Cyprus you can rest assured you’re in one of the safest places in the world, with a very low crime rate. This peace of mind is one of the main reasons many people choose to live in Cyprus.

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IT’S LIFE AS YOU WANT IT In Cyprus, you can live how you want to live. If you like to relax and take it easy, Cyprus certainly is the place to do that! Life flows by slowly in Cyprus. The people don’t tend to rush about manically as they do in other places. But, if you do like a high octane lifestyle then you’ve also got plenty of opportunities right on your doorstep. You can party until dawn, you can take part in extreme sports, and it’s all made even more pleasant thanks to that famous Cyprus sunshine!

EVERY DAY IS A HOLIDAY For most people, a beach holiday involves months of planning, packing, long flights and not to mention a lot of money! For those lucky enough to live in Cyprus, every single day feels like a holiday. Many properties in Cyprus have easy access to some of the best beaches in Europe. Ever felt like you didn’t want your summer holiday to end? Now that dream can come true. IT’S SO EASY TO FIT IN Moving abroad can be daunting, It’s a different culture, there are language barriers to worry about. This is just not the case with Cyprus though. For one thing, just about everyone

For one thing, just about everyone speaks English, so you’ll have no problems being understood and you’ll soon make friends. speaks English, so you’ll have no problems being understood and you’ll soon make friends. There is also a large and very friendly ex-pat community in Cyprus so you’ll always have someone to ask if you have any questions about the way of life in Cyprus. IT CAN BE FINANCIALLY BENEFICIAL TOO Many people believe that it is expensive to move abroad, but in actual fact, you could be better off if you move to Cyprus! The cost of living is low, so you’ll be spending less on the essentials, and there’s also a high tax threshold and low levels of taxation so you won’t be handing as much of your hard earned cash over to the tax man as you do now. AND OF COURSE….HALLOUMI CHEESE While there are many reasons why moving to Cyprus is a great idea, of course, who wouldn’t want to move to the home of halloumi! Once you’ve tried real Cypriot halloumi, you’ll certainly want to move to Cyprus just so you can have grilled halloumi every day for lunch! SOUNDS GOOD? LOOK INTO IT FURTHER… If the idea of moving with your family to Cyprus sound interesting to you and you’d like to know more, then check out the new Giovani property developments near Protaras and Ayia Napa. Your dream lifestyle abroad in the home of your dreams could be nearer than you think!

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Living

What Made Me Stay! The story of a British expat who's chosen a home away from home

Along with thousands of other British expats that have chosen South East Cyprus as their home, Kevin and his wife Julie made the decision to sell up and move to the Famagusta region. We were interested to know what motivates individuals and families to move to Cyprus so we asked them to explain what prompted them to make their decision. In doing so we aim to gain some insight that could prove valuable to anyone else considering doing likewise.

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When asked what prompted them to leave the UK Julie and Kevin outlined the following reasons. I had been working as a business owner which included weekends and holidays since the age of 21 and was finally beginning to question what it was all for. I first visited Cyprus as a tourist in 1998 and immediately fell in love with this beautiful sun-kissed island. Crazy as it may sound; I told Julie that I intended to live here at some point in the near future. Even crazier still; I proposed this despite never having set foot outside of the UK before that time. In the years that followed, we visited many other foreign holiday destinations but our love affair with Cyprus continued to grow. Eventually, we decided to purchase a holiday home here and at the time we have visited both Paphos and Limassol but we had never visited the South East of the island. However, an internet search for property threw up some attractive options in the Famagusta region. An Enhanced LifeStyle We jointly purchased our first property in the Kapparis area of Famagusta with another couple who were close friends, with the intention of taking some long holidays there. Then the housing market and economy in the UK went into recession in the late 90â&#x20AC;&#x2122;s and we decided to take the plunge and sell up in the UK. We then upgraded to a 3 bedroomed detached villa of our own in the Agia Triada area with a private pool and we moved here permanently. The things that attracted us here were the friendly locals, a thriving expat community, low crime rates, and the excellent value-for-money of our Cyprus property purchase. Oh! And not forgetting the glorious Cyprus weather, of course, which we have never tired of even to this day. We asked whether they both still felt the same way about Cyprus and how their future looks from where they see it. I guess itâ&#x20AC;&#x2122;s a bit like an old married couple, the longer you are together the better you get to know one another and the easier it is to get along. Our love affair with South East Cyprus and the Famagusta area has been a lot like that, the longer we are here the more comfortable it feels. Since we arrived here in July of 2008 we have never looked back and we have every intention to see our days out here. We both enjoy the pace of life here, the congestion free roads, and the sunshine. The way I see it, we would be crazy to go back to the cold, dark, and often dangerous streets of the UK when everything that we could ever want is right here.

South East Education Our philosophy is simple: To provide world-class international education, by combining exceptionally high-quality teaching with a deep understanding of our students and their personal needs. We do this in a welcoming and enriching environment, where students are free to develop their potential, both academically and personally. Our students are taught by outstanding teachers and supported by a talented welfare and support team who are experienced at guiding pupils, allowing every student to fulfil their potential. Our supportive yet challenging learning environment creates well-rounded individuals, who thrive both within the classroom and beyond.

XENION EDUCATION XENION aims to provide an unforgettable educational experience. Since our foundation in 2001, we have grown into one of the most innovative and successful education providers in Cyprus.

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• Exceptional modern school premises with programmes designed to meet the needs of students • Highly qualified teachers who use innovative methods to help students excel in their academic studies • One-to-one support from Tutors • Development of personality and character through a broad curriculum • Extensive use of technology; Parents’ Portal for direct and constant communication, teaching of Robotics, E-learning. • Among the top schools in Cyprus, based on IGCSE and A’ Level results • 50+ extra-curricular activities and clubs • Disciplined environment • Specialist Higher Education advisers who guide students through each step of their university application journey • 100% progression to University • Developing 21st century citizens who distinguish themselves in knowledge, ethos, and character. Xenion Education Departments • Preschool • Junior School • High School • Boarding School • Institute • The Cyprus School of English • Summer Camp • Summer Fun Club • Unistudies Services

The company

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1986

Leading the real estate since

1986

Today Giovanni Group has a legacy to their name for reliability and solvency for over 32 years. (places land development for the district in a new era!)

The Group's story begun in the village of Vrisoulles in 1986. Then Christakis Giovannis lay at the foundation for an unexpected but great process of business progress and development. Earning the very first contract with the British Sovereign Base layed solid foundation for professionalism, and sets a protocol for quality. The first and greatest rewards came in 1996, when the group secured quality certifications for ISO 1400 and 1401, environmental 14001 and health and security 18001. Back then, conventionality of business with ISO procedures was a first and set a persistence. The then company, named Chr. Giovanis & Co, had nothing to be jealous from similar companies abroad. With serious work, tenacity and insistent became the first company in Cyprus that received (or â&#x20AC;&#x153;to receiveâ&#x20AC;?) all three ISO certificates. 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 created, developed and executed hundreds of estates and had an important role in real estate development

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The company

in the area. Researching the market from Pulse Market Research had shown, the Group had the amazing 14.4% share in the market, and with the rest of the competition following with a massive gap. An important example of success in the past was the inclusion of the Group in the 5 bigger companies of land development in the whole of Cyprus, according to the famous business issue â&#x20AC;&#x153;In Businessâ&#x20AC;?. Today, the Group applies its development plans, and despite the dramatic implications the sector had in the last 5 years,

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it presents three grandiose projects in Protaras and Ayia Thakla, where as in two of them constructions have already started, (Levanda Villas and Alasia Smart Homes). In 2016 the group celebrated its 30 year anniversary since its establishment, and the team of Directors agreeably surprises their customers with the intention to transfer more than 100 individual Titles of Ownership and with the securitization of more than 200 new units. High standards with big targets were set to reverse the negative image the

group exposes in the particular sector according to the Operation Manager of the Operations Public Services, Phillippia Karaoli. Although enterprise surprises, do not stop here. In 2017 the Group target is to present a new found project for the area`s standards, which will attract investment interest worldwide. As emphasized by the CEO of the company, Christakis Giovanis: â&#x20AC;&#x153;The Group has as an immense target to remain the biggest employer in the Famagusta District and with innovative projects to promote development and new working positions in Famagustaâ&#x20AC;?. As one of the biggest employer in Famagusta district will place land development in the district starting a new era! Smart Homes, modern, innovative brand new offices, in traditional and new markets like Lebanon, Beijing and London, while also scheduling new partnerships to increase the sales network in Asian countries and South Africa.

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Support

Your Cyprus real estate

expert! Jimchang Giovani Group offers a total solution for Cyprus investment programmes. Our extensive experience, personal service and proventrack record, together with our vast and varied property portfolio have made the Group the market leader for the Cyprus investment programmes.

The group offers excellent support to clients whatever their needs and wherever they may be. Our experienced professionals are onhand to manage your needs with confidence and care, while our transparent and professional approach combined with our highly secure process assures peace of mind. • Cyprus leading luxury property

developer. • Over 32 years experience. • Award-winning developments. • Comprehensive property portfolio. • Global presence. • Comprehensive sales, property management and resale services. • Outstanding quality standards. • Personalised service and attention to detail.

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Our experienced professionals are on-hand to manage your needs with confidence and care, while our transparent and professional approach combined with our highly secure process assures peace of mind.

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Vision

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A era new begins T

The real estate sector has a new, dynamic group by the name of Jimchang Giovani. This merging of two historic companies – Jimchang Global and Giovani Group - is set to change the Southeast coast’s developments, and will help to shape a better destination for investors. Jimchang Global and Giovani Group have entered into a strategic merger under which a new group has been formed, bearing the name Jimchang Giovani. Upon its confirmation, the partnership immediately created one of the biggest groups within the development and construction sector on the island of Cyprus. The new company already commands a significant presence in the already rapidly growing real estate market, and forges ahead with a strong focus on the development of residential and commercial projects. In fact, real estate development constitutes a long-term strategic priority for Jimchang Global, and the merge with a local champion like Giovani Group was a perfect match.

majority of Famagusta’s construction contacts, Giovani creates a significant growth opportunity for the combined business by enabling it to leverage Jimchang’s expertise in project funding.

Giovani Group is Famagusta’s market leader in real estate, having constructed more than 4000 units in the past decade. The group’s experience in designing and building residential projects, as well as its longterm establishment within the construction industry, has provided an extra sign of confidence in the merging process. With a proven network that encompasses the

Giovani Group is Famagusta’s market leader in real estate, having constructed more than 4000 units in the past decade.

“Giovani Group impeccably matches Jimchang’s knowhow in terms of construction, property development and real estate solutions, and joining forces is a natural extension of the real estate strategy we have been pursuing for years,” said Mr. Christakis Giovanis, Managing Director. “The real estate buyers of the future are currently undergoing a transformation. They have higher demands for quality, luxury and style. The new group will work closely to develop an extensive range of projects that will help to satisfy this new emerging market”, said the group’s executive director Mr. Antonis Antoniou.

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Vision

Mr Tommy Chen Founder of JimChang Global

Mrs Vicky Zheng Founder of JimChang Global

Combining Giovani Group’s strengths in prime real estate development, agency network and construction solutions with Jimchang’s access to the vast market of China and the rest of Asia, creates an industry leader with a long-standing position in the market. Partnerships and scale are essential to succeeding in real estate in the longterm as demand for luxury properties is at an all-time high. The deal will also carry complementing strengths, which together, will expedite growth in Famagusta.

Market benefits and growth opportunities Jimchang Giovani expects the combination of two construction giants to deliver significant growth opportunities, as well as tangible benefits to customers through the leveraging of mutual complementing tools, resulting in increased market share across the island. Both sides are pursuing a long-term growth strategy, and plan to devel-

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Mr Christakis Giovani Founder of Giovani Group

Partnerships and scale are essential to succeeding in real estate in the long-term as demand for luxury properties is at an all-time high. op further projects like the ground-breaking Sun City Spa Resort and Residences, which is currently underway. With offices in Guangzhou, Hong Kong, Limassol and Protaras, the group’s vision is to continue generating longterm benefits in local society by providing state-of-the-art projects that are inimitable. It’s successful expansion amid times of financial and economic destabilization is due to the continuous efforts of its loyal and dedicated partners, Mr. Christakis Giovanis, Tommy Cheng and Vicki Zheng.

Building On Trust

Sun Upcoming

A new “diamond” sparkles on the beach of Ayia Thekla!

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City Spa Resort & Residences

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Jimchang Giovani Group

With the participation of Chinese investors, the €50 mil-lion project takes tourism to a whole new dimension. The Sun City Spa Resort & Residences project by the Jimchang Giovani Group, the first of its kind in the area, has been described as the new “diamond” of the Famagusta District. The mixed development of hotel units and apartments on Ayia Thekla Beach at Sotira, very close to Ayia Napa Marina, bears the stamp of an experienced developer and the investment of the Chinese-owned Jimchang Giovani Group. The project will cost more than €50 million to build and is expected to be completed within two years. Sun City Spa Resort & Residences is one of the most ambitious projects of its kind. It includes a five-star hotel with more than 200 luxury rooms, a gym, a spa and 51 private residences with 24-hour service. All the hotel rooms have balconies with sliding glass doors

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and sea access and views. The rooms will be built with natural materials, modern and functional, with luxurious furnishings and state-of- the-art equipment and entertainment systems. The building will include 40 self- contained apartments, with a kitchen and bedroom, for long-stay visitors who will be able to take advantage of all the services provided by the hotel. There will also be 11 deluxe residences at the front of the hotel with uninterrupted sea views.

The project will not only be the newest, most modern five-star hotel but also the first mixed development in the area since it will be combined with private residences. Antonis Antoniou, Group Manager

The project is the second biggest private investment ever undertaken by foreign investors in the Famagusta district after Ayia Napa Marina and it represents a vote of confidence in Cyprus, its economy and its tourism industry.

INNOVATION IN DEVELOPMENT Antonis Antoniou, CEO of Giovani Developers, says, “The project will not only be the newest, most modern five-star hotel but also the first mixed development in the area since it will be combined with private residences.” Mr. Antoniou further notes that, “For Sotira, there could be no better project since it will be part of the tourist municipalities and will bring massive revenues that can then be

The project will cost more than €50 million to build and is expected to be completed within two years.

allocated to various projects. Most important is the creation of at least 150 jobs, which will benefit the local community,” he adds. “In addition to the five-star hotel, there will also be the residential part with villas. Construction work on both the hotel and the residential part will be undertaken simultaneously,” he explains. Mr. Antoniou notes that, “after our efforts of many years, we have succeeded in attracting to the island the necessary funds for the building of Sun City Spa & Residences. This new project will change the way people view Famagusta, by providing not only many jobs but quality hospitality. We consider the project to be much more than a hotel complex. It is an innovative project that takes tourism, real estate and Cyprus in general to a whole new dimension.”

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Projects

ALASIA III Situated close to the thriving resort of Protaras, this project of 20 three bedroom homes offers buyers the chance to live in one of the few green areas where construction is allowed.

PROJECT HIGHLIGHTS

excellent location

breathtaking views

high rental return up to 5% per annum

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 customized living adjacent to green areas and other similar low-density developments. Paralimni town centre is only 5 minutesâ&#x20AC;&#x2122; drive away and there are plenty of supermarkets, bars, and restaurants a short walk away. The nearest beach is also within walking distance and the location offers both con-

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outstanding villas

venience and easy access to every amenity. With the options of customization and roof terraces, the Alasia Smart Homes project represents outstanding value-for-money. Potential investors and owners should act swiftly if they wish to secure one of these innovatively designed and constructed homes as they are already attracting high levels of interest. 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.

NISSINI 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.

PROJECT HIGHLIGHTS

prime location

21 majestic villas

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. Make your dreams a reality with these majestic 3 bedroom villas located in the heart of Ayia Napa on the South East coast of Cyprus. Carefully designed with an emphasis on the modern

high rental return up to 5% per annum lifestyle holiday makers seek worldwide, Nissini will offer the very best of a luxury summer lifestyle. Nissini villas are located just a stoneâ&#x20AC;&#x2122;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.

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Projects

ELITE BLUE HILLSIDE RESIDENCE

Elite Blue Hillside Residence will offer a unique lifestyle of tranquility and relaxation. The development will be set 104m above sea level in the hills overlooking Ayia Napa.

PROJECT HIGHLIGHTS

superb location

unobstructed sea views

high rental return up to 5% per annum

The development will consist of 43 luxury villas all with private pools and built to the highest standards. The superb location, design and layout of the villas is second to none. The development will also have an adjacent green area which will offer prenominal unobstructed views of the city and the Ayia Napa bay. A ten minute walk will lead you to all the amenities and a short drive from the blue flag beaches. Each villa will offer spacious modern kitchens, living and dining areas which will all have easy access to the private swimming pool and spectacular views while upstairs all 3 bedroom will be finished to a very high standard with private balcony and en suite in the master bedroom, and again those amazing views. To

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43 amazing villas

top it off there is a large roof terrace with outdoor kitchen area, which will be the perfect area for taking in a fabulous Ayia Napa sunset. With provisions for many extras including central heating, Jacuzzi, wireless alarm system, automatic parking entrance gate and sensor lighting these properties offer ultimate luxury! The combination of wonderful views and the delightful silence in the area makes the project unique for the region of Famagusta. The sandy beaches are only 10 minutes away while you also have the benefit of the town center, with all kinds of restaurants, pubs and clubs being only 5 minutes away.

LEVANDA HILLS

The prestigious Levanda Hills project will be home to sixty-one luxurious villas with private pools and roof gardens.

PROJECT HIGHLIGHTS

Prime location

panoramic sea views

high rental return up to 5% per annum

These properties have been designed with the discerning buyer in mind and offer 3 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. We have created a cool and relaxing environment that will make the maximum use of outdoor living during the long lazy Cyprus summers and provide a cosy home during the cooler months of the year. Our team of designers and architects have worked together to create a blend of traditional style and modern design features

61 detached villas

that owners on this exclusive development will be benefiting from for many years to come. The properties feature spacious garden areas that will make the most of Cyprusâ&#x20AC;&#x2122;s South East Coast climate. Each property is offered with a diverse choice of interior finishes and layouts to complement every individual taste and they offer a perfect balance of form and function. Levanda Hills Project features properties that are built to the highest of standards using the most innovative construction methods and durable materials. By keeping the local landscape firmly in mind, we have achieved an enviable balance between the aesthetic value of the villas and the timeless rugged beauty of this typical Cyprus landscape.

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Projects

JASMINE LUXURY VILLAS Jasmine Luxury villas is a very unique development of only 8 detached villas, and will be built in a quite area only a minutes walk from the sea in Ayia Thekla. The project will also be just 1km from the Ayia Napa Marina and 6km from Ayia Napa town.

PROJECT HIGHLIGHTS

prime location

spectacular views

high rental return up to 5% per annum

This exclusive complex is a continuation of other successful projects of Giovani Group of companies. Each residence will have distinctive style and modern architecture which will give character and a new dynamic to the area. Each villa will offer spacious modern kitchens, living and dining areas which will all have easy access to the optional private

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8 unique villas

swimming pool and spectacular views. On the first floor you will find 3 double bedrooms all of which will be finished to a very high standard with private balcony and en suite in the master bedroom. Jasmine villas will be the perfect project for taking in the fabulous Ayia Napa sunset.

Last page

10+1 reasons to invest in Cyprus! In a globalized economy where multinational companies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expectations, Cyprus provides a complete value proposition.

1. Cyprus and the European Union

On May 1, 2004 Cyprus became a member of the EU. Cyprus is due to become a candidate of the Schengen and join the Schengen Zone. Accession to the EU has launched a new era of commitment to growth in Cyprus.

2. Tax system benefits

Cyprus offers an advantageous tax system for international business. The uniform corporate tax rate of 10% is the lowest in the EU.

3. Macroeconomic stability

Cyprus's real GDP growth rate is well above the average growth rate of Eurozone. Specifically, in 2008 the real GDP growth rate reached 3, 7%. The annual growth rate is expected to continue in such high levels in the future. Cyprus enjoys macroeconomic stability which is reflected through various indicators including Real GDP Growth

4. Foreign Direct Investment

Cyprus is one of the most attractive locations for foreign investments, ranking among the frontrunners of the world indicating both high FDI performance as well as high FDI potential, based on the latest World Investment Report of UNCTAD published in 2006. The long-term FDI trend is positive, and Cyprus has the potential to attract even higher FDI

5. Location of Cyprus

Cyprus's strategic location is at the crossroads of three continents playing a major part its great history throughout the centuries and it has developed into a reputable international business and services center. Naturally, Cyprus is one of the key international shipment centres with substantial amount of products exported.

6. Highly regarded International Shipping Centre

Cyprus is a highly reputable international shipping centre, ranking among the 10 leading maritime nations in the world; with a merchant fleet ex-

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ceeding 21 million gross tonnage and nearly 2000 vessels. Ship Management Cyprus constitutes one of the largest ship management centres in the world; around 50 ship management companies and marine-related foreign enterprises are conducting their services in the island.

7. Advanced infrastructure and network

Two international airports, a modern road network and port facilities have been long established in Cyprus. It is known as a commercial, financial and business center in the region. More than 33 Airlines operate scheduled flights from and to Larnaca International Airport and Paphos International Airport. Public transport, bus service was recently upgraded across the island.

8. Excellent legal, accounting and banking services

Acknowledging that information and knowledge would be the drivers of sustainable growth in the global economy of the future, Cyprus has undertaken a major role in facilitating the exchange of ideas, services and support among professionals worldwide.

9. Highly skilled and multilingual personnel

Cyprus has a young, well-educated group of individuals. The country is committed to education and is focusing on reforms to achieve sustainable growth. It has an excellent array of colleges and universities with very high standards offer a diversity of academic programmes. Since 2004 Cyprus has consistently allocated over 6% of GDP of public expenditure on Education

10. The island for everyone

Cyprus offers a wonderful environment for a very contented standard of living and Cyprus ranks as the 28th highest in the world, with 90.3 points. The highest score was 96.8 points. By European standards Cyprus is inexpensive to live a comfortable standard lifestyle and the low crime rate encourages many foreign investors.

11. Popular Holiday Destination

Cyprus was recently awarded by Trip advisor for having the best No. 1 and No. 3 beaches in Europe. The East Coast of Cyprus is the most popular destination and attracts the majority of the tourists to the island. Eastern Cyprus is known for its clear blue safe waters and hosts one of the top diving wrecks in the world. There is also a multitude of historic places to visit across the island and plenty of activities for all the family to enjoy.