ACCESS TO EUROPE RIGHT INVEST YOUR THE TIME TO IN CYPRUS. A plethora of opportunities for investors. Cyprus provides a complete value proposition!

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1 GIOVANI GROUP: MAKING STEADY PROGRESS IN A POSITIVE DIRECTION YEAR 2017/Volume #2 YOUR ACCESS TO EUROPE Cyprus provides a complete value proposition! THE RIGHT TIME TO INVEST IN CYPRUS A plethora of opportunities for investors. THE ISLAND OF CYPRUS I BECOMING A EUROPEAN CITIZEN I WEALTHY GLOBAL FAMILIES

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4 08 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. 56 SUN CITY HOTEL The foundation stone for the Sun City project was placed at the beginning of this year during a glamourous ceremony YEAR 2017/Volume #2 12 YOUR GATEWAY TO EUROPE! Cyprus is a modern country that enjoys a strategic geographical position and provides unrivalled access and travel opportunities. 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 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. 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 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!) 19 YOUR ACCESS TO EUROPE! Step by step on how to become a European Citizen in just 90 days! 48 MAKING STEADY PROGRESS 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.

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7 Editor's note The surge of the high net worth individuals (HNWI) YEAR 2017/Volume #2 Dual citizenship is a precious commodity no longer reserved for the few. With the need for global access increasing, the power of the passport 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. BBoasting 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, citizenship on the island has become an attractive advantage offering a visa-free travel gateway to 158 countries around the world. The EU referendum and the Cypriot citizenship-by-investment program have 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 residential 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 Larnaka Airport and a plethora of five star hotels across the island. Cypriot property developers have forged new alliances with overseas investors and the residential development model has transitioned dramatically from the family-owned companies of yesteryear into well respected brands with strict corporate governance. This progression has instilled confidence 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 safe haven for families. With much undeveloped land, the long-term future of Cyprus looks positive. With foreign investors comes racial diversity - one of the most defining and impactful characteristics of the millennial generation. With an increased population, a more diverse socio-economic culture and further racial integration, Cyprus is sure to continue to attract inward wealth, bringing with it prosperity and cultural change. Cypriot property developers have forged new alliances with overseas investors and the residential development model has transitioned dramatically from the family-owned companies of yesteryear into well respected brands with strict corporate governance. - Antonis Antoniou - editor EDITOR Antonis Antoniou PUBLISH 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: info@giovani.com.cy 7

8 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 exceptional business infrastructure has proven a winning combination. WLocated 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 Tourism has been a key driving force of the Cypriot economy for decades, and 2016 saw record-breaking numbers of tourist arrivals. 8

9 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 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 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 island 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 9

10 Ιntro tourism 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 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. 10

11 SOUTHEASTCOAST AGIANAPA-PROTARAS award winning beaches. unmatched hospitality.

12 Cyp Τhe island Your gateway Cyprus is a modern country that enjoys a strategic geographical position. It lies at the crossroads of three continents, Europe, Africa and Asia, thus provides unrivalled access and travel opportunities. 12

13 rus to Europe! 13

14 Τhe island Τ 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. 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 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. 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 places 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 14

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16 Τhe 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 registered 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 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 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 Energy Sources (RES). The most important projects relating to power generation from RES concern wind parks and photovoltaic parks. The existence of world-class 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. 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. 16

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19 Your access to Europe! Freedom to live, work, and travel around the world Step by step guide on how to become a European Citizen.

20 First Class Citizen Cyprus Citizenship by Investment (CBI) Programme The Government of Cyprus offers a Fast Track Citizenship Scheme presenting exciting and endless opportunities to non-eu ultra-high net worth Individuals, Investors, entrepreneurs and wealthy families who are ready to move in swiftly to reap the benefits of one of the best and strongest passports in the world. Cyprus is currently the only European Country that offers a pure citizenship and a second passport in just 6 months by law. On September 13, 2016, pursuant to subsection (2) of section 111A of the Civil Registry Laws of , the Cyprus Council of Ministers have established and approved a new and even more attractive Scheme for Naturalization of Non-Cypriot Investors by Exception. Cyprus Citizenship The Cyprus Citizenship Programme gives an excellent International travel document to non-eu citizens. Every Cypriot passport holder is also a Citizen of the European Union (EU). The passport - along with the national identity card - allows for free rights of movement and residence in any of the 28 states of the EU and European Economic Area. Furthermore, Cypriot Citizens are entitled to travel to a total of 169 countries without visas, or with passports stamped on arrival. A Cyprus Passport is a powerful tool for business investors who have an urgent need to move from country to country without any restrictions and delays. 20

21 First Class Citizen Motivations Stability & Security Enjoy Visa Free Travel Opportunity Personal Freedom Insurance Policy Protection Program Benefits Passport issued in just 6 months Approved CBI Programme in Europe The entire family obtains citizenship Dual Citizenship allowed Global Mobility No language requirement No interviews during the process Financial freedom Pure investment - no donation required Exit Strategy after three (3) years No physical residence requirement Cyprus offers the ideal place to live Excellent worldwide connections Excellent infrastructure Benefits of Cyprus European Citizenship Equal rights and privileges with natural born European citizens Visa free travel to 169 countries Access to first-class recognised European healthcare and educational systems 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 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. Parents of the Investor can be included in the same application by purchasing an extra residential property of value 500,

22 First Class Citizen Benefits of Travelling in Europe When a Cypriot Citizen is travelling within the whole of the EU in any of the 28 Member States without the need of a visa, it is certainly both an economic relief, as well as extrication from bureaucracy. Holders of Cypriot passport driving licenses are recognised in any of the Member States of the EU. Educational benefits Cypriot citizens have the right to study in another EU Member State with the same conditions and fees as the nationals of the said country. Healthcare Benefits Amongst the substantial benefits that the Cypriot citizenship provides with, are the healthcare rights. EU citizens have extensive and clear rights with respect to healthcare in any of the 28 Member States of the EU. Additionally, with the acquisition of the European Health Insurance Card one may receive treatment under the same conditions and at the same cost as people insured in that Member State. Employment Benefits EU citizens enjoy extensive rights in all the 28 Member States of the EU. The freedom of movement gives EU citizens the right to move freely and work in any Member State without restrictions. Pension Benefits All Cypriot citizens who are insured under the social security scheme are entitled to receive pension. They also have the same rights to social insurance as the citizens of the Member State in which they live or work. Moreover, EU citizens maintain the right to receive their social insurance benefits even in cases where they move to another Member State. 22

23 First Class Citizen Criteria 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 been Cyprus Residents for the last five (5) years. 4. If more than one applicant invests in a Cyprus Company during the same period, the number of employees should be increased accordingly. 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 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 For individuals who wish to purchase more than one (1) residential property 2nd option: Investment of 2m in a residential unit for the Investor worth of minimum 500, % 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 additional 500,000 for a residential property is required 3rd option: Investment of 2.5m. A residential unit for the investor worth of minimum 500, % VAT. Terms and Conditions The investment should be kept for three (3) years only, and after this period the investor can sell the investment. The only requirement after the third year is to possess a residential property of minimum value to maintain the Cyprus Citizenship. Other General Conditions 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 23

24 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 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 Permit (card) is issued within five (5) working days. STEP NINE: Permanent Residency Permit Card (P.R) is issued while investor is waiting for his passport. Passport is issued in a total of six (6) months after P.R Card is issued. 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. 24

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26 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 political events that may take place. In reality, a second citizenship and second passport are like a solid national insurance.. Cypriot nationals like any other European have the freedorm and right to live, work and travel in Europe and rest of the World.. Dual Citizenship offer perks such as financial privacy, family safety and global status.. European passport holders are safe-guarded politically throughout Europe.. Fast-track process - no interview. No minimum residency prior to citizenship. EU Free Movement of goods, services, capital. 169 Visa-free destinations. Valid for life. Citizenship transferrable to descendents 26

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28 First Class Citizen 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. Cyprus surpassed all expectations exiting recession in 2015 a year earlier than first projected and continued to economic growth in The country has been remarkably resilient following the financial crisis and has implemented tough austerity measures to restructure its economy. Although it has been a challenging time for one of the smallest EU member states, the economic adjustment remains on track, with progress made in all key objectives set out by the country s international lenders. Hailed a success story by the Euro Group, the island nation is determined to exit the programme in early 2016 and to reclaim its status as a self-determining and thriving economy. Objective 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 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 applicant s spouse and dependents, and shall not be cancelled; provided that all criteria are maintained. 28

29 First Class Citizen Do something today that will bring you one step closer to your goal 29

30 First Class Citizen 30

31 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, plus VAT, including a contract of sale and proof of payment 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 applicant 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 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 fam- 31

32 First Class Citizen ily applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately 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 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 Fast track 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 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 32

33 First Class Citizen Cyprus company and receive dividends from it. Only required to visit Cyprus 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 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. 33

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35 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. Italy Latvia Lithuania Luxembourg Malta Slovakia Slovenia Spain Sweden. United Kingdom 35

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

38 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 citizenship and residency programmes that are available today on the island. Natasa Kirgia has lengthy experience in providing advice on both investments and dual citizenship. WWhen was your first interaction with the citizenship 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. 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. Accordingly, I always try to spend as much time as possible with the interested parties in order to tailor-make a citizenship investment the will best serve their purpose. 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. Can you give us more information about the Citizenship through Naturalization by Exception? 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 a fast track process. What are the minimum economic requirements for a Cypriot Nationality by investment? Under the new Cyprus citizenship by investment scheme - which was amended in investors can now apply for the Cyprus Passport 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 + 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? investors can now apply for the Cyprus Passport 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. 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 a Cyprus Citizenship 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 non-european family of four people, then the main applicant could be the father or the mother, 38

39 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 scheme 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 EU national in six months, gaining all the rights of a European 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, foreign investors who apply for the Citizenship or Permanent Residency have brought to Cyprus more than three billion Euros within 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 European 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. 39

40 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. OOn many occasions, families adopt practices they acquire from other cultures by simply interacting with their multicultural neighbours, who themselves have migrated from other countries. 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 overseas, or moving permanently to the nation of their choice. Rather than fleeing economic ruin or conflict, 40

41 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 completely 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 sometimes 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 industry 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 movement, 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 multiple passport choices. Cyprus provides a safe alternative to many of the more well-known citizenships that the wealthy can consider acquiring. 41

42 The company 42

43 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!) TThe Group's story begun in the village of Vrisoulles in 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 and health and security 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 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 development 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 In Business. 43

44 The company Today, the Group applies its development plans, and despite the dramatic implications the sector had in the last 5 years, 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 : 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 Famagusta. 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. 44

45 Smart Homes, modern, innovative brand new offices, in traditional and new markets like Middle East, Europe and UK while also scheduling new partnerships to increase the sales network in Asian countries and Africa. 45

46 Support Your Cyprus immigration and real estate expert! Jimchang Giovani Group offers a total solution for Cyprus residency and citizenship. Our extensive experience, personal service and proven-track record, together with our vast and varied property portfolio have made the Group the market leader for Citizenship and Residency in Cyprus. The group offers excellent support to clients whatever their needs and wherever they may be. 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. Cyprus leading luxury property developer Over 30 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 First Class Global Citizen service In-house immigration specialists 46

47 47

48 Vision 48

49 A new ERA 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. 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 long-term establishment within the construction industry, has provided an extra sign of confidence in the merging process. With a proven network that encompasses the majority of Fama- gusta 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 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. Giovani Group is Famagusta s market leader in real estate, having constructed more than 4000 units in the past decade. 49

50 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 position in the market. 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. The deal will also carry complementing strengths, which together, will expedite growth in Famagusta. 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. 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 develop further projects like the ground-breaking Sun City Spa Resort and Res- idences, which is currently underway. With offices in Guangzhou, Hong Kong, Limassol and Protaras, the group s vision is to continue generating long-term 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. Mr Tommy Chen Founder of JimChang Global Mrs Vicky Zheng Founder of JimChang Global Mr Christakis Giovani Founder of Giovani Group 50

51 Building On Trust construction solutions for residential & commercial projects!

52 Sun Upcoming A new diamond sparkles on the beach of Ayia Thekla! 52

53 City Spa Resort & Residences 53

54 Jimchang Giovani Group WWith 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 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 54

55 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 allocated to various projects. The project will cost more than 50 million to build and is expected to be completed 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 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. 55

56 Events 56

57 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

58 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 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 exceeding 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.

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60 Obtain a European Citizenship through Direct Property Investment in Cyprus