GIOVANI GROUP: MAKING STEADY PROGRESS IN A POSITIVE DIRECTION YEAR 2017/Volume #2

YOURYOUR ACCESSACCESS TOTO EUROPEEUROPE provides a complete value proposition! THETHE RIGHTRIGHT TIMETIME TOTO INVESTINVEST ININ CYPRUSCYPRUS A plethora of opportunities for investors.

THE ISLAND OF CYPRUS I BECOMING A EUROPEAN CITIZEN I WEALTHY GLOBAL FAMILIES LUXURY VILLAS WITH POOL IN PROTARAS the perfect holiday villas for the rental market LUXURY VILLAS WITH POOL IN PROTARAS the perfect holiday villas for the rental market WELCOME TO CYPRUS SUN CITY HOTEL The small yet dynamic Mediterranean is- The foundation stone for the Sun City land of Cyprus, famous for the warmth and project was placed at the beginning of 08 hospitality of its people, continues to be an 56 this year during a glamourous ceremony attractive location to live, work and invest.

YEAR 2017/Volume #2

06 FROM THE EDITOR Welcome note from the editor Mr Antonis Antoniou.

34 A NEW LIFE! Give yourself and your family the freedom to live, work and travel anywhere in the EU!

36 FREE TRAVEL A Cypriot citizen can freely travel, reside and work within any of YOUR GATEWAY TO EUROPE! the 28 countries. Furthermore, Cypriot citizens Cyprus is a modern country that enjoys a are entitled to travel to a total of 169 countries without visas, or strategic geographical position and pro- with stamped on arrival. 12 vides unrivalled access and travel oppor- tunities. 38 AN EXPERT'S INSIGHT ON CITIZENSHIP BY INVESTMENT (CBI) Natasa Kirgia has lengthy experience in providing advice on both investments and dual citizenship.

40 WEALTHY GLOBAL FAMILIES A family’s fundamental hope is to be able to enjoy the status of ‘global citizen’, enjoying all the world has to offer.

42 30 YEARS OF HISTORY Today Giovanni Group has a legacy to their name for reliability and solvency for over 30 years. (places land development for the district in a new era!)

48 MAKING STEADY PROGRESS Jimchang Giovani is one of the few construction and real estate YOUR ACCESS companies of Cyprus’ south east coast that has managed to de- TO EUROPE! rive a number of great developments from the recent financial Step by step on how to crisis. 19 become a European Citizen in just 90 days!

Editor's note

The surge of the high net YEAR 2017/Volume #2 worth individuals (HNWI)

Dual citizenship is a precious commodity no longer reserved for the few. With the need for global access increasing, the power of the pass- port is stronger than ever. With good healthcare and education, low tax, and unrestricted EU access, Cyprus is becoming an ever popular destination for the HNWI looking for good returns and unhindered entry to destinations across the World.

Boasting a developed, high-income economy with a long life expectancy and good education, Cyprus has a very high human development index. Being a member of the commonwealth for over fifty years, and joining the European Union in 2004, citizen- ship on the island has become an attractive advan- tage offering a visa-free travel gateway to 158 coun- tries around the world. The EU referendum and the Cypriot citizenship-by-investment program Bhave led to an influx of foreign investors stepping onto the island with an appetite for property. Since the Cypriot government announced the scheme for naturalization of non-Cypriot investors by exception in 2011, new resi- dential developments on the island have quadrupled. Demand for luxury has grown and as a nation Cyprus has become better equipped to embrace the HNWI with the arrival of private jets into Larna- ka Airport and a plethora of five star hotels across the island. Cypriot property developers have forged new alliances with overseas inves- tors and the residential development model has transitioned dramatically - Antonis Antoniou - from the family-owned companies of yesteryear into well respected brands with strict corporate governance. This progression has instilled confidence editor in the HNWI looking to Cyprus to invest their wealth, making it easier for non-Cypriot nationals to invest big in the island - ensuring their demands for quality, service and luxury are realised and their investment is secure. To many, Cyprus is a paradise on earth; a hidden gem in the Mediterranean which can serve as a base for businesses, private and public investors, and a EDITOR safe haven for families. With much undeveloped land, the long-term future Antonis Antoniou of Cyprus looks positive. With foreign investors comes racial diversity - one PUBLISH of the most defining and impactful characteristics of the millennial genera- Giovani Group tion. With an increased population, a more diverse socio-economic culture PRINTING and further racial integration, Cyprus is sure to continue to attract inward Cassoulides Masterprinters wealth, bringing with it prosperity and cultural change. DESIGN STUDIO Intelligence Media

COPYRIGHTS Cypriot property developers have forged new al- The edition is distributed from Giovani Group. The republication, reproduction or audio - visual liances with overseas investors and the residential de- transmission of the whole or part of the edition velopment model has transitioned dramatically from the is strictly prohibited without the prior written family-owned companies of yesteryear into well respect- permission of the editor. ed brands with strict corporate governance. OFFICES 436, Protaras Cavo Greco Ave 5314 Paralimni, Cyprus Tel: +357 23 833780 [email protected] www.giovani.com.cy

7 Ιntro

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 exception- al 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 develop- ing the island into a centre for trade and in- ternational business. Despite being a country W 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, seclud- ed 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-king- doms to exquisite Byzantine art and magnificent Venetian architecture. English is almost universally spoken and written and is the language

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

8 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 com- mercial ties with the global business community, and the island’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 con- tinuously changing condi- tions. Before its independence from the UK in 1960, the Cy- prus 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 com- merce, and is classified by the World Bank as a high-income country. Tourism has been a key driv- ing force of the Cypriot econo- my 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 island’s wellness and medical tourism product. In addition, the coun- try 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 inte- grated resort is set to exceed five-star status, opening a whole new market for niche

9 Ιntro tourism on the island. into the country. Most capital, predominantly coming from Greece, Russia, the US and UK, has been invested in the real Apart from the sun and the sea, Cyprus has few natural estate, banking and wholesale trade sectors, but the eco- resources and has been dependent on oil imports to satisfy nomic crisis has opened new opportunities. With large scale its energy demands. However, the world-class discovery of developments, major infrastructure projects in the pipeline, natural gas and potential oil deposits in Cyprus’ Exclusive new privatisation plans, and with a restructured banking Economic Zone (EEZ) in the Mediterranean Sea is expected sector, many international investors are recognising inter- to change all this. Appraisal drillings in block 12 by US esting opportunities on the island. Company Noble Energy confirmed natural gas reserves of 4.54 trillion cubic feet (tcf) – enough to meet Cyprus’ Cyprus has all the right elements firmly in place, to main- domestic gas demand for over 100 years – and has attracted tain its reputation as an international centre of business international energy heavyweights, such as Total and Eni, excellence in one of Europe’s most interesting investment to explore the island’s waters for new discoveries. Cyprus’ locations. Offering a professional atmosphere that makes energy sector currently presents one of the best opportuni- doing business pleasurable as well as profitable, Cyprus’ ties for foreign investors and for economic growth. Mediterranean lifestyle coexists happily with a cutting-edge international business centre, allowing investors to enjoy Cyprus’ favourable and EU-approved tax regime, its flat rate the best of both worlds: a safe and secure environment for of 12.5% corporate tax, pro-business government and highly family life and a sophisticated infrastructure from which to skilled workforce, have long attracted foreign investment grow and develop business.

10 SOUTHEASTCOAST

AGIANAPA-PROTARAS

award winning beaches. unmatched hospitality. Τhe island Cyprus YourYour gatewaygateway toto Europe!Europe! Cyprus is a modern country that enjoys a strategic geographical position. It lies at the crossroads of three con-- tinents, Europe, Africa and Asia, thus provides unrivalled access and travel opportunities.

12 Cyprus YourYour gatewaygateway toto Europe!Europe!

13 Τhe island

The island has estab- corporate taxation rates in the EU (10%) LIFE IN CYPRUS lished a reputation with a broad range of double taxation Cyprus offers an enviable lifestyle in a as a springboard for agreements with 44 countries. clean and healthy environment with international investors Foreign investors are able to utilize an a high standard of living. Living and accessing the large EU advanced transport and telecommunica- working in Cyprus are directly related to markets as well as the tions infrastructure, a highly educated, fabulous weather, beautiful nature, art Τemerging economies of the Middle East, skilled and multilingual human capital and culture, safety, security, and above Eastern Europe, North Africa, India and base as well as a high standard of spe- all, hospitable and warm people. It is China. cialist professional services. Moreover, the combination of all these factors that Cyprus provides a plethora of opportu- Cyprus offers relatively lower operating makes the experience of living on the nities for investors. Its market-oriented costs with high quality services, includ- island extremely desirable and attractive. economy operates within a transparent ing banking, tax, accounting, auditing, The balance between work and family regulatory and legal system based on the business administration, legal, invest- part of everyday life, is unique and truly Common Law of the United Kingdom, ment and funds management. All these difficult to match. and fully harmonized with the collective paired with the island’s enviable quality framework of laws and regulations of the of life are the key ingredients that have NETWORK EU. Cyprus provides many advantages to made Cyprus stand out in the Global Cyprus has managed to successful- the corporate sector, including the lowest Investment Map. ly exploit its strategic location at the

crossroads of Europe, Asia and Africa Cyprus is being noticed internationally es it high on the list of preferred jurisdic- – establishing it as a thriving inter- and was recently included in a list of tions for international tax planners. national business centre with global eight emerging global technology hubs connections. This success could not have by Transfer Wire. SHIPPING SERVICES been achieved without the support of an The Cypriot merchant fleet ranks among advanced communications infrastruc- BUSINESS ENVIRONMENT the 10 largest fleets in the world and ture. Promoting the digital economy and Cyprus offers one of the most attractive ranks third in the European Union, with developing secure electronic communi- tax regimes in Europe. A member of the 12 per cent of the total fleet of the 27 cations networks is high on the agenda European Union since 2004, Cyprus’ Member States of the EU. Cyprus is also in 2016, including creating more efficient regulatory regime is in full compliance a major ship management centre with e-solutions across all sectors. The gov- with the requirements of the EU and a total of around 60 ship management ernment’s commitment to attracting OECD. Cyprus has one of the lowest EU companies, some of which rank among foreign investment into Information corporate tax rates at 12.5%. The island’s the largest of their kind in the world, and Communications Technology (ICT) advantageous tax rate coupled with an operating from within Cyprus. From projects and with start-ups springing up, extensive list of double tax treaties plac- those ship management companies, 87

14

Τhe island per cent are controlled by Cypriot and advocates and 160 limited liability law for businesspeople that need to get EU interests and they employ almost firms providing a wide range of legal things done. Thanks to its modern road 40,000 seafarers, out of whom 5,000 are services in Cyprus such as internation- network, extensive port facilities and two EU nationals. The total fleet managed al law, corporate administration, and new international airports, travel and from Cyprus represents 20 per cent of management services. Cyprus offers a transport in and beyond Cyprus is fast, the world third–party ship management wide range of professional accounting, efficient and economical. Considerable market. Cyprus' ports are the commercial auditing, management consultancy, investment has been made into trans- ports of Limassol and Larnaka. In 2013 taxation, financial advisory and other forming the island into a major telecom- there were 4,534 calls of ships in the administrative service to both the private munications hub in the region. By build- Cyprus ports moving 270,364 passengers and public sectors. In 2009, there were ing upon its technologically advanced and 277,276 metric tons of cargo. approximately 120 limited accounting infrastructure, Cyprus has established an firms and 40 partnerships operating in extensive telecommunications network, LEGAL FRAMEWORK Cyprus. Top international accounting both in terms of cable and satellite, Cyprus’s legal system is based on U.K. firms are established in Cyprus providing which ranks amongst the best in the Common Law principles. As a member of services to international investors world. The coastal resorts of Larnaca the European Union, Cyprus has intro- and Paphos each operate international duced the body of laws and regulations INFRASTRUCUTRE airports serving flights to and from both of the E.U. There are over 2100 registered The local infrastructure is ideally suited Europe and the Middle East.

RESOURCES to power generation from RES concern investors, while bringing new and ex- Cyprus is committed to ensuring the wind parks and photovoltaic parks. citing opportunities to the energy sector security of its energy supply, protect- The existence of world-class deepwater itself. With the energy developments in ing the environment, fostering healthy natural gas reserves in Cyprus Exclusive neighbouring countries, the prospects competition in the energy sector and Economic Zone (EEZ) has attracted a lot may be there for Cyprus to become an encouraging the development of renew- of attention from potential international energy hub in the Eastern Mediterranean. able energy technologies and production. Cyprus also aims to positively contrib- ute to the European energy security of supply. Cyprus ranks first in the world in solar energy use for water heating in Cyprus has managed to successfully exploit its strate- households, and has achieved significant gic location at the crossroads of Europe, Asia and Af- progress in the production of energy rica – establishing it as a thriving international busi- from Renewable Energy Sources (RES). ness centre with global connections. The most important projects relating

16

Your access to Europe! Freedom to live, work, and travel around the world

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

Cyprus Citizenship by Investment (CBI) Programme

The Government of Cyprus offers a Fast Track Citizen- Cyprus Citizenship ship Scheme presenting exciting and endless oppor- tunities to non-EU ultra-high net worth Individuals, The Cyprus Citizenship Programme gives an excellent Investors, entrepreneurs and wealthy families who are International to non-EU citizens. Every ready to move in swiftly to reap the benefits of one of Cypriot holder is also a Citizen of the Europe- the best and strongest passports in the world. an Union (EU). The passport - along with the national Cyprus is currently the only European Country that identity card - allows for free rights of movement and offers a pure citizenship and a second passport in just residence in any of the 28 states of the EU and Euro- 6 months by law. On September 13, 2016, pursuant to pean Economic Area. Furthermore, Cypriot Citizens are subsection (2) of section 111A of the Civil Registry Laws entitled to travel to a total of 169 countries without of 2002-2015, the Cyprus Council of Ministers have es- visas, or with passports stamped on arrival. A Cyprus tablished and approved a new and even more attractive Passport is a powerful tool for business investors who Scheme for ‘Naturalization of Non-Cypriot Investors by have an urgent need to move from country to country Exception’. without any restrictions and delays.

20 First Class Citizen

Motivations Benefits of Cyprus European Citizenship • Stability & Security Enjoy Visa Free Travel • • Equal rights and privileges with natural born • Opportunity European citizens Personal Freedom • • Visa free travel to 169 countries Insurance Policy • • Access to first-class recognised European health- • Protection care and educational systems • Free movement of goods -right to transfer Program goods from one member state to another Benefits • Free movement of capital – right to transfer any amount of money from one member state to another • Passport issued in just 6 months • Free movement of services – establishment • Approved CBI Programme in Europe and free movement of services • The entire family obtains citizenship • Attractive tax system (no inheritance tax, favour- • Dual Citizenship allowed able corporate tax, extensive double tax treaties • Global Mobility with many countries) • No language requirement • No interviews during the process Eligibility • Financial freedom • Pure investment - no donation required • All nationalities are eligible. • Exit Strategy after three (3) years • Citizenship and passport is granted to the ap- • No physical residence requirement plicant, the spouse and all financially dependent • Cyprus offers the ideal place to live children up to the age of 28. • Excellent worldwide connections • Parents of the Investor can be included in the • Excellent infrastructure same application by purchasing an extra residential property of value €500,000.

21 First Class Citizen

Benefits of Travelling in Europe Health Insurance Card one may receive treatment under the same conditions and at the same cost as people When a Cypriot Citizen is travelling within the whole insured in that Member State. of the EU in any of the 28 Member States without the need of a visa, it is certainly both an economic relief, as Employment Benefits well as extrication from bureaucracy. Holders of Cypriot passport driving licenses are rec- EU citizens enjoy extensive rights in all the 28 Member ognised in any of the Member States of the EU. States of the EU. The freedom of movement gives EU citizens the right to move freely and work in any Mem- Educational benefits ber State without restrictions. Cypriot citizens have the right to study in another EU Member State with the same conditions and fees as the Pension Benefits nationals of the said country. All Cypriot citizens who are insured under the social Healthcare Benefits security scheme are entitled to receive pension. They also have the same rights to social insurance as Amongst the substantial benefits that the Cypriot citi- the citizens of the Member State in which they live or zenship provides with, are the healthcare rights. work. EU citizens have extensive and clear rights with respect Moreover, EU citizens maintain the right to receive their to healthcare in any of the 28 Member States of the social insurance benefits even in cases where they move EU. Additionally, with the acquisition of the European to another Member State.

22 First Class Citizen

Criteria OR A1. Investment in any immovable property, including land with development plans and excluding land with- • For individuals who wish to purchase more than one out development rights. (1) residential property

A2. Investment in Cyprus Companies who: 2nd option: Investment of €2m in a residential unit for the Investor worth of minimum €500,000 + 5% 1. Are registered in Cyprus VAT plus number of residential units worth €1,5m + 19% VAT. 2. Are operating in Cyprus • For individuals who wish to purchase residential 3. Have five (5) EU citizen employees who must have and or commercial properties. For commercial invest- been Cyprus Residents for the last five (5) years. ments, an additional €500,000 for a residential proper- ty is required 4. If more than one applicant invests in a Cyprus Com- pany during the same period, the number of employ- 3rd option: Investment of €2.5m. A residential unit for ees should be increased accordingly. the investor worth of minimum €500,000 + 5% VAT.

A3. Invest in Cy Licensed Investment Funds who are Terms and Conditions registered and operating in Cyprus, in Bonds Securities etc. The investment should be kept for three (3) years only, and after this period the investor can sell the A4. Combination of criteria A1 to A3 to total €2,5m investment. The only requirement after the third year now have the option to include €0,5m Government is to possess a residential property of minimum value Bonds within the plan. €500.000 to maintain the Cyprus Citizenship.

B. Citizenship by Investment on REAL ESTATE Pro- Other General Conditions gramme 1. Copy of Valid Passport • For Individuals who wish to purchase only one (1) 2. Clean Criminal Record from the country of origin single residential property and country of residence 1st option: The investment on properties plan should 3. Source of funds be at least €2m + 5% VAT (for a single residential unit) 4. Curriculum Vitae

23 First Class Citizen

The Simplified 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 legiti- macy of the source of money.

• STEP THREE: Investors sign the real es- tate purchase agreements and deposit them in the Cyprus Land and Surveys Depart- ment 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 agree- ments 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 appli- cant. local Cyprus Embassy). The Immigration Permit (card) is issued within five • STEP SEVEN: Upon approval of the (5) working days. Citizenship application the Minister issues a confirmation of Submission of Application • STEP NINE: Permanent Residency Permit Card (P.R) is issued while inves- for Naturalization by Exception. tor is waiting for his passport. Passport is issued in a total of six (6) months after P.R Card is issued. • STEP EIGHT: Investor must visit Cyprus to provide biometric data and apply for • STEP TEN: Council of Ministers approves the Citizenship. Investor must an Immigration Permit at the Migration visit Cyprus for one (1) day to swear the Oath of Allegiance and receive their Department (this can be done via investor’s Cypriot Citizenship Certificates, and collect passports and European ID cards.

24

First Class Citizen

Cyprus Citizenship Outline

Dual Citizenship has nothing to do with national loyatly - it is simply a legal way to protect yourself, your family and your assets from unexpected global economic and . Fast-track process - no interview political events that may take place. In reality, a second citizenship and second passport are No minimum residency prior to citizenship like a solid national insurance. .

EU Free Movement of goods, services, capital . Cypriot nationals like any other European have the . freedorm and right to live, work and travel in Europe and rest of the World. . 169 Visa-free destinations

. Dual Citizenship offer perks such as financial privacy, . Valid for life family safety and global status. . Citizenship transferrable to descendents . European passport holders are safe-guarded politically throughout Europe.

26

First Class Citizen

Cyprus Permanent Residency by investment

Motivation Objective

This regulation was initially directed at any persons In an effort to strengthen the Cyprus real estate market who arrived and remained in Cyprus, and who could the government increased the incentives for citizens of sustain their existence from their income that came non-EU countries to purchase a house in Cyprus. from abroad. This regulation was reviewed by the Min- ister of Interior to provide incentives to non-EU country The Decision citizens. The Cyprus Minister of Interior has recently introduced Cyprus surpassed all expectations exiting recession in an improved and speedier procedure for providing per- 2015 – a year earlier than first projected – and contin- manent residence through investment to third country ued to economic growth in 2016. The country has been nationals. remarkably resilient following the financial crisis and The new procedure establishes a new legal framework has implemented tough austerity measures to restruc- by which the process of obtaining Immigration Permits ture its economy. Although it has been a challenging is simplified and accelerated. time for one of the smallest EU member states, the All applications are examined in a positive light and the economic adjustment remains on track, with progress Immigration Permit shall be granted; provided that all made in all key objectives set out by the country’s necessary criteria are met. international lenders. Hailed a success story by the Once obtained, the permit will also cover the appli- Euro Group, the island nation is determined to exit the cant’s spouse and dependents, and shall not be can- programme in early 2016 and to reclaim its status as a celled; provided that all criteria are maintained. self-determining and thriving economy.

28 First Class Citizen

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

29 First Class Citizen

30 First Class Citizen

Criteria

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 €300,000.00 plus VAT, including a contract of sale and proof of pay- ment of at least €200,000 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 appli- cant and spouse - and that they are sole shareholders. 2. The Investor must submit a confirmation letter from a Cyprus bank that they have deposited a mini- mum capital of €30,000 from abroad into an account that will be locked for three (3) years. After the expira- tion 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 em- ployment, 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-con- suming 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 captur- ing. 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 fam-

31 First Class Citizen

ily applying. The biometric data can be submitted either with the submission of the applica- tion for residence, during the application process, or immedi- ately after approval.

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 busi- ness opportunities due to its location, which sees it often referred to as a Gateway to Europe.

Major Benefits of the Cyprus Permanent Residency Programme

• Fast track application proce- dure, within three (3) months. • High approval rate if all criteria is satisfied.

• It is not necessary to reside in Cyprus, but a visit once ev- ery 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 appli- cant are also eligible.

• The whole process can be arranged without being pres- ent in the country; however, a visit is required for biometric capturing.

• Permit holders may own a

32 First Class Citizen

Cyprus company and receive dividends from it. • Only required to visit Cy- prus once every 2 years. 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 ano- nymity rights.

• Double taxation treaties with over 40 countries (in- cluding 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 Resi- dency Visa (non-working but permanent stay status).

• However, the same restric- tion does not apply if they act as shareholders in any compa- ny registered in Cyprus.

• The Investor and his depen- dents only required to visit Cyprus once every two (2) years.

• The applicant and any fam- ily member included in the application must visit Cyprus otherwise the residence per- mit expires its validity after two (2) consecutive years of absence.

33 Europe

34 A new life! Give yourself and your family the freedom to live, work and travel anywhere in the EU! CURRENT EU COUNTRIES . Austria . France . Latvia . Belgium . Germany . Lithuania . Bulgaria . Greece . Luxembourg . Croatia . Hungary . Malta . Cyprus . Ireland . Slovakia . Czech Republic . Netherlands . Slovenia . Denmark . Poland . Spain . Estonia . Portugal . Sweden . Finland . Romania . United Kingdom . Italy

35 Index

36 Free Travel A Cypriot citizen can freely travel, reside and work within any of the 28 European Union countries. Furthermore, Cypriot citizens are entitled to travel to a total of 169 countries without visas, or with passports stamped on arrival.

43. Dominican Republic 87. Laos 130. Malta Africa 44. Rep. Dutch Caribbean 88. Lebanon* 131. Moldova* 1. Botswana* 45. Equador 89. Macau 132. Monaco 2. Comoros 46. El Salvador* 90. Malaysia* 133. Montenegro 3. Djibouti 47. Falkland Islands 91. Maldives 134. Netherlands 4. Egypt* 48. French Guiana 92. Nepal 135. Norway 5. Gambia 49. Greenland 93. Oman 136. Poland 6. Kenya* 50. Grennada 94. Philippines* 137. Portugal 7. Lesotho 51. Guadeloupe 95. Singapore* 138. Romania 8. Madagascar 52. Guatemala* 96. South Korea* 139. San Marino 9. Mauritius 53. Haiti 97. Sri Lanka 140. Serbia* 10. Mayotte 54. Honduras* 98. Taiwan* 141. Slovakia 11. Malawi* 55. Jamaica* 99. Timor-Leste 142. Slovenia 12. Morocco* 56. Martinique 100. Thailand* 143. Spain 13. Mozambique 57. Mexico* 144. Sweden 14. Reunion 58. Montserrat 145. 15. St Helena Europe 59. Nicaragua* 101. Albania* 146. * 16. Seychelles 60. Panama* 102. Andorra 147. Ukraine* 17. South Africa* 61. Paraguay* 103. Bulgaria 148. United Kingdom 18. Swaziland 62. Peru* 104. Austria 149. Vatican City 19. Tanzania 63. St Barthelemy 105. Belgium 20. Togo 64. St Kitts & Nevis 106. Bosnia & 21. Tunisia Oceania 65. St Lucia Herzegovina* 150. Austrailia 22. Uganda 66. St Maarten 107. Bulgaria 151. Cook Islands 23. Zambia* 67. St Martin 108. Croatia 152. Micronesia 24. Zimbabwe 68. St Pierre & Miquelon 109. Cyprus 153. Fiji* 69. St Vincent 110. Czech Republic 154. French Polynesia Americas 70. Trinidad & Tobago 111. Denmark 155. Kiribati 25. Anguilla 71. Turks & Caicos 112. Estonia 156. Marshall Islands 26. Antigua & Barbuda* 72. Uruguay* 113. Faroe Islands 157. Nauru 27. Argentina* 73. Venezuela* 114. Finland 158. New Caledonia 28. Aruba 115. France 159. New Zealand* 29. Bahamas* 116. Germany 160. Niue 30. Barbados* Asia 74. Armenia 117. Greece 161. Palau 31. Belize* 75. Bangladesh* 118. Guernsey 162. Papau New Guinea 32. Bermuda* 76. Bruneia* 119. Hungary 163. Samo 33. Bolivia* 77. Cambodia 120. Iceland 164. Tokelau 34. Brazil* 78. Darussalam 121. Ireland 165. Tonga 35. British Virgin Islands 79. Georgia 122. Isle Of Man 166. Tuvalu 36. Canada* 80. Hong Kong* 123. Italy 167. Vanuatu 37. Cayman Islands 81. Indonesia* 124. Jersey 168. Wallis & Futuna 38. Colombia* 82. Iraq 125. Latvia 39. Costa Rica* 83. Israel* 126. Liechtenstein 40. Curacao Middle East 84. Japan* 127. Lithuania 169. United Arab 41. Chile* 85. Jordan 128. Luxembourg Emirates 42. Dominica* 86. Kyrgyzstan 129. Macedonia

Notes: (*) denotes that time restrictions to these countries apply.

37 Interview An expert's insight on Citizenship by investment (CBI)

One of the experts in the citizenship industry provides us with an insight on the citizen- ship and residency programmes that are available today on the island. Natasa Kirgia has lengthy experience in providing advice on both investments and dual citizenship.

When was your first interaction with to Cypriot nationality by exception, through a fast track process. the citizenship industry? What are the minimum economic requirements for a Cy- My path to consulting came a little bit un- priot Nationality by investment? expectedly. Coming out of college, I was Under the new Cyprus citizenship by investment scheme - which targeting specialist roles within Business was amended in 2016 - investors can now apply for the Cyprus ConsultancyW companies, but expanded my search to diversify Passport through a standalone application by investing in one from the traditional markets. As a first step, I applied for the po- single residential property or a portfolio of residential properties sition of Immigration Consultant at First Class Global Citizen and of minimum value of €2.0m plus Vat. Of course, a number of oth- then I acquired a senior position as an Immigration Programmes er conditions apply, such as withholding the investment for three Specialist. The opportunity to interact with investors from around years before selling any of the units in the open market. the world thrilled me and I actually feel blessed by the fact that I Are there any other terms and conditions that apply? have helped so many families to change their lives. Of course, the most significant condition is that the investor has What are the challenges in your profession? to purchase a residential property of minimum €500,000 + Vat I was always fascinated with the idea of assisting people to in- for life. This property will have to be declared as his/her main vest in real estate and become Cypriot nationals at the same time. residency on the island. However, I have to admit that each case differs. Every individual Is the process of examining an application time-consum- or family has unique needs that vary from another. Every case is ing? so unique that it requires your undivided attention and care. In order to prepare a proposal or a solution I normally listen careful- ly and then draft a detailed report for a number of solutions. Ac- cordingly, I always try to spend as much time as possible with the investors can now apply for the Cyprus Pass- interested parties in order to tailor-make a citizenship investment port through a standalone application by in- the will best serve their purpose. So, if you ask me personally, I vesting in one single residential property or a would say that every case is challenging and through every case I deliberately try to satisfy the needs of the individual or family. portfolio of residential properties of minimum What do your services involve? value of €2.0m plus Vat. As an Immigration Specialist I provide investors with an insight into the available programmes and accordingly, I have the respon- sibility to provide them with multiple solutions. As soon as they An overall average time of 6 months is normally expected before finalise their decision about their type of investment, we then approval, however, some cases that involve multiple and com- work closely with all the applicants in order to prepare the re- plex investment plans might take an extra two to three months. quired documents. An application with good standing needs a lot What confidentiality terms apply to the process? of preparation and due diligence. My job will be to advise and It is perfectly normal for the applicants to require extra confi- assist with the completion of the application and submit it to the dentiality clauses, and our company ensures that all the infor- relevant departments too. Our company’s ability to guarantee the mation provided will stay in full confidentiality without any risk process 100% is what makes us stand apart from the competi- of publically allowing them to free access. The same applies for tion, while at the same time, our ability to convey and explain the government departments involved. the information is what provides an extra sign of confidence to How much should one expect to pay for the process fees? the applicants. The fee for submitting a Cyprus Citizenship application is €2,000 Can you give us more information about the Citizenship for each applicant, plus €80 for every dependant person such as through Naturalization by Exception? children or parents. Once the naturalization certificate is issued, Naturalization is the legal act of process by which Cypriot Citi- then an additional €5,000 is payable to the Cypriot authorities. zenship / nationality is granted to non-EU nationals who fulfil Let’s take an average family for example. How many of the requirements established by the Cyprus Council of Ministers them can qualify for this programme? and Migration Department. In 2013, the Cyprus government has If we take an example of a non-European family of four peo- introduced a revolutionary scheme by which investors are eligible ple, then the main applicant could be the father or the mother,

38 and the application can also include the two children Taking into consideration the buoyant rental market of the coastal areas, as dependents, provided that both are under the age of the combined returns could reach up to 10% in some cases. 28, and their main activity is their studies without a Can you please give us more information about your existing clien- steady source of income from an employer. Simply put, tele? From which countries does Cyprus mostly expect investors? both children should not be fulltime employed with a We have a record of investors from around the world; however, the most standalone salary. The more clear cases will be those of common markets come from Asia and the Middle East. Russia and Ukraine children who are still studying. Of course, all the minor represent a smaller market share and African countries are just about a applicants under the age of 18 do not need to prove small fraction of the market. their dependency on the family. Parents will obviously Why should an investor choose Cyprus for investing and not anoth- invest in real estate assets, and off course, the family er European programme? will need to purchase a permanent residence – villa or I personally have a strong opinion about the Cyprus programme due to the apartment - for the value of €500,000 or more. fact that I have received so many applications and I have seen how much In your opinion, what benefits does this scheme we can help to change a family’s life because of this. The most attractive provide the investors? element of the Cyprus programme is the fact that the applicant does not It is obvious that as more and more countries tighten have to wait for years before he/she is approved. Uncertainty in our times their border policies, people from troubled regions are is big. The Cyprus programme is a straightforward plan that secures a fast in more desperate need for permanent solutions that and easy solution for high net worth individuals. Compared to other coun- will give them access to global mobility. Of course, tries, the Cyprus government does not ask for donations either. An investor these solutions are offered nowadays at a heavy cost. can have full access to their properties or investments with the free right Although, the Cyprus programme does not include any to sell, use and exploit them at their discretion without having to pay con- government donations and expensive fees, compared siderable costs. to other similar programmes in Europe and the rest of the World. Thus, one could argue that the Cyprus pro- gramme 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 free- dom to live, work and travel to Europe and the rest of the World. In principle, an investor can become an EU national in six months, gaining all the rights of a Eu- ropean 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 gov- ernments were always keen to attract high net-worth individuals in order to help boost their economies. Cy- prus 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 pro- grammes in order to attract foreign investments. So far, the plan has helped to stabilise the real estate sec- tor. As the previous Minister of Interior, Mr. Socrates Hasikos, mentioned few months ago, foreign investors who apply for the Citizenship or Permanent Residency have brought to Cyprus more than three 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.

39 Focus Wealthy Global Families

A family’s fundamental hope is to be able to enjoy the status of ‘global citizenship’, enjoying all the world has to offer.

On many occasions, families adopt practices they acquire from other cultures by simply interacting with their multicultural neighbours, who themselves have migrated from other countries.O These families may or may not assimilate and integrate into their receiving society, and for this reason, the second-generation may be especially valuable guides in global living, thanks to experience in intercultural mingling. As a result, mobility is a major asset.

Changes in the world create situations that require families to adapt. A major force in current global change is modernisation. Modernisation includes moves toward equality of gender roles, shifts toward individualism, technological advancement, and an increasing tolerance (or at least an awareness) of diverse views and lifestyles. A parent’s main objective is to provide their children with the tools necessary to face this ever-changing world, while trying to preserve their own heritage and traditions at the same time. In this way, both elements react to social change and help to create it.

The wealthy are looking for something more; a life of freedom. They want the opportunity for themselves and their children to be able to live, work, study and explore the world on their own terms. They look for borderless citizenship without limitations in order to protect their children’s lifestyle and wealth. Millionaires invest internationally in order to enjoy the global freedom and access that global citizenship offers them.

The wealthy have always been a restless class; moving with the seasons or the social circuit. But the current wave of millionaire migrations seems to have reached a new level, with wealthy families changing citizenship, sending their children over- seas, or moving permanently to the nation of their choice.

Rather than fleeing economic ruin or conflict,

40 millionaire migrants are shopping the world for the best private schools, financial safety and lifestyle. Technology, coupled with the rise of global markets and global investors, has given rise to multinational millionaires who increasingly have no nation. They do not have a set country and it is remarkable to see how many of the very wealthy are becoming complete- ly mobile.

Global mobility has been part of mankind since the beginning of time. Although the world has become more accessible, the price of freedom has become notably more expensive. As we have seen over the past years, stability, security and quality of life can change very quickly - and some- times dramatically. Today, many still believe that your passport is limited to the country you were born in. Such limitations are disappearing, as wealthy investors and their families join the ranks of World Citizens.

We believe in global freedom and international independence. The indus- try of citizenship by investment (CBI) originated in countries needing to attract foreign direct investment in order to boost their economies, and has since become a major international industry.

In recent years, more and more countries have joined the global move- ment, and are now offering immigration investment programmes in exchange for citizenship and a passport.

Wealthy, global families are becoming increasingly aware of their need for a well thought-out citizenship and residency strategy to protect their future security and wealth, and to safeguard their freedom of movement. In the uncertain world facing us today, prudent families understand the importance of keeping their options open, and the benefit of having multi- ple passport choices.

Cyprus provides a safe alternative to many of the more well-known citi- zenships that the wealthy can consider acquiring.

41 The company

42 30 years of history

Today Giovanni Group has a legacy to their name for reliability and solvency for over 30 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 Giovan- nis lay at the foundation for an unexpected but great pro- cess 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 Tsecured quality certifications for ISO 1400 and 1401, envi- ronmental 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 Cy- prus that received (or “to receive”) 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 develop- ment in the area. Researching the market from Pulse Mar- ket 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 suc- cess in the past was the inclusion of the Group in the 5 big- ger companies of land development in the whole of Cyprus, according to the famous business issue “In Business”.

43 The company

Today, the Group applies its develop- than 200 new units. High standards the biggest employer in the Fama- ment plans, and despite the dramatic with big targets were set to reverse gusta District and with innovative implications the sector had in the last the negative image the group expos- projects to promote development and 5 years, it presents three grandiose es in the particular sector according new working positions in Famagusta”. projects in Protaras and Ayia Thakla, to the Operation Manager of the Op- where as in two of them constructions erations Public Services, Phillippia As one of the biggest employer in have already started, (Levanda Villas Karaoli. Famagusta district will place land and Alasia Smart Homes). development in the district starting a Although enterprise surprises, do not new era! Smart Homes, modern, inno- In 2016 the group celebrated its 30 stop here. In 2017 the Group target is vative brand new offices, in traditional year anniversary since its establish- to present a new found project for the and new markets like Lebanon, Bei- ment, and the team of Directors agree- area`s standards, which will attract jing and London, while also schedul- ably surprises their customers with investment interest worldwide. As ing new partnerships to increase the the intention to transfer more than emphasized by the CEO of the com- sales network in Asian countries and 100 individual Titles of Ownership pany, Christakis Giovanis : “The Group South Africa. and with the securitization of more has as an immense target to remain

44 Smart Homes, modern, innovative brand new offices, in traditional and new markets like Middle East, Europe and UK while also scheduling new part- nerships to increase the sales network in Asian countries and Africa.

45 Support Your Cyprus immigration and real estate expert!

Jimchang Giovani Group offers a total solution for Cyprus residency and citizen- ship.

Our extensive experience, personal service and prov- en-track record, together with our vast and varied property portfolio have made the Group the market leader for Citizenship and Residen- cy in Cyprus.

The group offers excellent support to clients whatever their needs and wher- ever they may be. Our experienced professionals are on-hand to manage your needs with confidence and care, while our transpar- ent and professional approach combined with our highly secure process assures peace of mind.

• Cyprus leading luxury property devel- oper • Over 30 years experience • Award-winning developments • Comprehensive property portfolio • Global presence • Comprehensive sales, property man- agement and resale services • Outstanding quality standards • Personalised service and attention to detail • First Class Global Citizen service • In-house immigration specialists

46 47 Vision

48 A new ERA begins The real estate sector has a new, dy- gusta’s construction contacts, Giovani creates a significant namic group by the name of Jimchang growth opportunity for the combined business by enabling Giovani. This merging of two histor- it to leverage Jimchang’s expertise in project funding. ic companies – Jimchang Global and Giovani Group - is set to change the “Giovani Group impeccably matches Jimchang’s knowhow Southeast coast’s developments, and in terms of construction, property development and real Twill help to shape a better destination for investors. estate solutions, and joining forces is a natural extension Jimchang Global and Giovani Group have entered into of the real estate strategy we have been pursuing for a strategic merger under which a new group has been years,” said Mr. Christakis Giovanis, Managing Director. formed, bearing the name Jimchang Giovani. Upon its confirmation, the partnership immediately created one of “The real estate buyers of the future are currently under- the biggest groups within the development and construc- going a transformation. They have higher demands for tion sector on the island of Cyprus. quality, luxury and style. The new group will work closely The new company already commands a significant pres- to develop an extensive range of projects that will help to ence in the already rapidly growing real estate market, satisfy this new emerging market”, said the group’s execu- and forges ahead with a strong focus on the development tive director Mr. Antonis Antoniou. 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. Giovani Group is Famagusta’s Giovani Group is Famagusta’s market leader in real es- tate, having constructed more than 4000 units in the past market leader in real estate, decade. The group’s experience in designing and building having constructed more than residential projects, as well as its long-term establish- ment within the construction industry, has provided an 4000 units in the past decade. extra sign of confidence in the merging process. With a proven network that encompasses the majority of Fama-

49 Vision

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 Partnerships and scale are essen- position in the market. Partnerships and scale are essential tial to succeeding in real estate in to succeeding in real estate in the long-term as demand for luxury properties is at an all-time high. the long-term as demand for luxu- The deal will also carry complementing strengths, which ry properties is at an all-time high. together, will expedite growth in Famagusta.

Market benefits and growth opportunities idences, which is currently underway. Jimchang Giovani expects the combination of two construc- With offices in Guangzhou, Hong Kong, Limassol - andPro tion giants to deliver significant growth opportunities, as taras, the group’s vision is to continue generating long-term well as tangible benefits to customers through the leverag- benefits in local society by providing state-of-the-art projects ing of mutual complementing tools, resulting in increased that are inimitable. It’s successful expansion amid times of market share across the island. Both sides are pursuing a financial and economic destabilization is due to the continu- long-term growth strategy, and plan to develop further pro- ous efforts of its loyal and dedicated partners, Mr. Christakis jects like the ground-breaking Sun City Spa Resort and Res- Giovanis, Tommy Cheng and Vicki Zheng.

Mr Tommy Chen Mrs Vicky Zheng Mr Christakis Giovani Founder of JimChang Global Founder of JimChang Global Founder of Giovani Group

50 Building On Trust construction solutions for residential & commercial projects! Upcoming Sun City

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

52 Sun CitySpa Resort & Residences

53 Jimchang Giovani Group

With the participation sea access and views. The rooms will be built with natural ma- of Chinese investors, the terials, modern and functional, with luxurious furnishings and €50 mil-lion project takes state-of- the-art equipment and entertainment systems. tourism to a whole new The building will include 40 self- contained apartments, with a dimension. kitchen and bedroom, for long-stay visitors who will be able to The Sun City Spa Resort & take advantage of all the services provided by the hotel. There Residences project by the will also be 11 deluxe residences at the front of the hotel with Jimchang Giovani Group, uninterrupted sea views. the first of its kind in the area, has been described as the new W“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 expe- The project will not only be rienced developer and the investment of the Chinese-owned Jimchang Giovani Group. the newest, most modern five-star The project will cost more than €50 million to build and is ex- hotel but also the first mixed devel- pected to be completed within two years. Sun City Spa Resort opment in the area since it will be & Residences is one of the most ambitious projects of its kind. It includes a five-star hotel with more than 200 luxury rooms, combined with private residences. a gym, a spa and 51 private residences with 24-hour service. All the hotel rooms have balconies with sliding glass doors and Antonis Antoniou, Group Manager

54 The project is the second biggest pri- vate 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 mod- ern five-star hotel but also the first mixed development in the area since it will be combined with private res- idences.” 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 allocated to various projects.

The project will cost more than €50 mil- lion to build and is expected to be com- pleted within two years.

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 simultane- ously,” he explains. Mr. Antoniou notes that, “after our efforts of many years, we have succeeded in attract- ing to the island the necessary funds for the building of Sun City Spa & Residences. This new project will change the way people view Fama- gusta, by providing not only many jobs but quality hospitality. We con- sider the project to be much more than a hotel complex. It is an inno- vative project that takes tourism, real estate and Cyprus in general to a whole new dimension.”

55 Events

56 SUN CITY HOTEL

The foundation stone for the Sun City project was placed at the beginning of this year during a glamourous ceremony, which was attended by the President of the Republic of Cyprus, Mr. Nicos Anastassiades, and the President of the House of Representatives, Mr. Demetris Syllouris. Present at the ceremony were also many businessmen, as well as the political elite. During the ceremony, the Group’s managing director, Mr. Christakis Giovanis said that Sun City Spa Resort and Residences will positively affect the area’s long-term macroeconomic environment as it will attract the attention of many high net worth investors.

57 Last page 10+1 reasons to invest in Cyprus! In a globalized economy where multinational compa- nies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expec- tations, 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 their services in the island. commitment to growth in Cyprus. 7. Advanced infrastructure and network 2. Tax system benefits. Two international airports, a modern road network and port facili- Cyprus offers an advantageous tax system for international busi- ties have been long established in Cyprus. It is known as a com- ness. The uniform corporate tax rate of 10% is the lowest in the EU. mercial, financial and business center in the region. More than 33 3. Macroeconomic stability Airlines operate scheduled flights from and to Larnaca International Cyprus's real GDP growth rate is well above the average growth rate Airport and Paphos International Airport. Public transport, bus of Eurozone. service was recently upgraded across the island. Specifically, in 2008 the real GDP growth rate reached 3, 7%. The 8. Excellent legal, accounting annual growth rate is expected to continue in such high levels in the future. and banking services Acknowledging that information and knowledge would be the driv- Cyprus enjoys macroeconomic stability which is reflected through ers of sustainable growth in the global economy of the future, various indicators including Real GDP Growth Cyprus has undertaken a major role in facilitating the exchange of 4. Foreign Direct Investment. ideas, services and support among professionals worldwide. Cyprus is one of the most attractive locations for foreign invest- ments, ranking among the frontrunners of the world indicating 9. Highly skilled and both high FDI performance as well as high FDI potential, based on multilingual personnel the latest World Investment Report of UNCTAD published in 2006. Cyprus has a young, well-educated group of individuals. The The long-term FDI trend is positive, and Cyprus has the potential to country is committed to education and is focusing on reforms to attract even higher FDI achieve sustainable growth. It has an excellent array of colleges and universities with very high standards offer a diversity of academic 5. Location of Cyprus programmes. Cyprus's strategic location is at the crossroads of three continents Since 2004 Cyprus has consistently allocated over 6% of GDP of playing a major part its great history throughout the centuries public expenditure on Education and it has developed into a reputable international business and services center. 10. The island for everyone Naturally, Cyprus is one of the key international shipment centres with Cyprus offers a wonderful environment for a very contented stan- substantial amount of products exported. dard 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 6. Highly regarded International standards Cyprus is inexpensive to live a comfortable standard life- Shipping Centre style and the low crime rate encourages many foreign investors Cyprus is a highly reputable international shipping centre, rank- ing among the 10 leading maritime nations in the world; with a 11. Popular Holiday Destination Cyprus was recently awarded by Trip advisor for having the best merchant fleet exceeding 21 million gross tonnage and nearly 2000 No. 1 and No. 3 beaches in Europe. The East Coast of Cyprus is the vessels. most popular destination and attracts the majority of the tourists Ship Management Cyprus constitutes one of the largest ship to the island. Eastern Cyprus is known for its clear blue safe waters management centres in the world; around 50 ship management and hosts one of the top diving wrecks in the world. There is also a companies and marine-related foreign enterprises are conducting multitude of historic places to visit across the island and plenty of activities for all the family to enjoy.

Obtain a European Citizenship through Direct Property Investment in Cyprus