‘Aristo De­vel­op­ers’ pro­motes in­vest­ment op­por­tu­ni­ties in Cyprus

Kuwait Times - - LOCAL - By Nawara Fat­ta­hova

KUWAIT: Aristo De­vel­op­ers from Cyprus held a pre­sen­ta­tion re­cently at the Hol­i­day Inn Ho­tel about in­vest­ment op­por­tu­ni­ties in Cyprus, pro­mot­ing at­trac­tive projects for both Kuwaitis and expats. The in­vest­ments also bring many ben­e­fits for in­vestors, in­clud­ing ci­ti­zen­ship or res­i­dency in Cyprus. “We rep­re­sent the big­gest de­vel­oper in Cyprus, and this is our first event in Kuwait,” An­dron­i­cos An­to­niou, Sales and Mar­ket­ing Man­ager, told Kuwait Times.

Why in­vest in Cyprus

“In­vest­ment in real es­tate in Cyprus is open to all na­tion­al­i­ties with­out ex­cep­tions. Cyprus is lo­cated in a strate­gic lo­ca­tion con­nect­ing three con­ti­nents Europe, Asia, and Africa. Also, we are very close to the Mid­dle East and there are di­rect flights from Kuwait - about two and half hours in du­ra­tion. We have a very close busi­ness re­la­tion­ship with Kuwait and other coun­tries of the re­gion,” An­to­niou said.

“Cyprus is a Euro­pean Union mem­ber since 2004, which makes it at­trac­tive for many peo­ple to do busi­ness in Cyprus or other Euro­pean coun­tries through Cyprus. Cyprus has the low­est crime rate in Europe and is the fifth safest coun­try in the world. The stan­dard of liv­ing is high, and the coun­try has good in­fra­struc­ture in terms of high­ways, telecom­mu­ni­ca­tion sys­tem, mod­ern in­ter­na­tional air­port, and lux­ury ma­rina.

“The health sys­tem is also very ad­vanced. The ed­u­ca­tion sys­tem is of very high qual­ity, both pub­lic and pri­vate uni­ver­si­ties, which at­tracts many for­eign stu­dents to come and study in Cyprus. And we have one of the high­est lit­er­acy rates in the world (99.1 per­cent). Even the work­force is highly skilled and mul­ti­lin­gual.

“Cyprus has a rich cul­tural his­tory that goes back to over 10,000 years, with many an­cient ar­chae­o­log­i­cal sites. Cyprus has the most blue-flag beaches per coast­line in the world, and it has the clean­est bathing waters in Europe. Cyprus is also known for its ex­clu­sive golf re­sorts. Fur­ther­more, there are sig­nif­i­cant nat­u­ral gas re­serves in Cyprus, in ad­di­tion to high-qual­ity tourist fa­cil­i­ties.

“Cyprus is a very at­trac­tive busi­ness cen­ter. It has the low­est cor­po­rate tax regime in the Euro­pean Union (12.5 per­cent). It has an at­trac­tive tax sys­tem, with dou­ble tax­a­tion agree­ments with 52 coun­tries. There are numer­ous in­ter­na­tional bank­ing units and multi­na­tional com­pa­nies op­er­at­ing in Cyprus, in­clud­ing Kuwaiti banks. Cyprus has a com­pet­i­tive, mod­ern and trans­par­ent le­gal, fi­nan­cial and reg­u­la­tory frame­work. We have the 10th largest ship­ping fleet glob­ally,” An­to­niou told Kuwait Times.

Real es­tate

Res­i­den­tial prices for houses and flats have in­creased by 1.5 per­cent and 1.2 per­cent re­spec­tively. To­tal prop­erty sales in 2015 in­creased by 8 per­cent com­pared to 2014. To­tal prop­erty sales for 2016 are pro­jected to in­crease by 25 per­cent com­pared to 2015, while 2016 Q3 sales are up by 31.5 per­cent. Prop­erty sales to for­eign­ers in 2015 in­creased by 13 per­cent com­pared to 2014. Prop­erty sales to for­eign­ers for 2016 are pro­jected to in­crease by 9 per­cent com­pared to 2015, while 2016 Q3 sales are up by al­most 17 per­cent.

The Cyprus govern­ment has in­tro­duced a num­ber of ad­di­tional mea­sures to boost the real es­tate sec­tor. This in­cludes a 5 per­cent re­duced VAT pol­icy, 0 per­cent cap­i­tal gains tax, 0 per­cent in­her­i­tance tax and 0 per­cent trans­fer fees.

Ci­ti­zen­ship

Many for­eign­ers in­vest in Cyprus to ap­ply for ci­ti­zen­ship, by in­vest­ing 2 mil­lion eu­ros in realty. They be­come Euro­pean cit­i­zens within six months, and dual ci­ti­zen­ship is al­lowed. This ap­plies for the whole fam­ily, and is for life. So they can work and travel to other Euro­pean coun­tries.

There is an­other pro­gram for per­ma­nent res­i­dency, which can be ac­quired by in­vest­ing 300,000 eu­ros. This is a fast and sim­ple process done in only 60 days. It’s also valid for life, and they only have to visit Cyprus ev­ery two years, and it ap­plies to the whole fam­ily too.

Aristo De­vel­op­ers

Hav­ing de­liv­ered in­fra­struc­ture through­out Cyprus and Greece for over three decades, Aristo De­vel­op­ers as­sures its ser­vices are built on the cor­ner­stones of qual­ity and com­mit­ment. Its suc­cess­ful per­for­mance is sup­ported by an ex­ten­sive client base, and abil­ity to de­liver qual­ity and ser­vice.

As a rep­utable de­vel­oper, Aristo De­vel­op­ers has been rec­og­nized for its high-level, qual­ity prod­uct by a plethora of lo­cal and in­ter­na­tional or­ga­ni­za­tions. Hav­ing been ac­knowl­edged by the In­ter­na­tional Fi­nance Mag­a­zine as “Best Real Es­tate Cyprus De­vel­oper 2016” in terms of in­no­va­tion and per­for­mance, Aristo De­vel­op­ers was also the first prop­erty and con­struc­tion de­vel­oper in Cyprus to be en­dorsed by the In­ter­na­tional Stan­dards Or­ga­ni­za­tion (ISO 9001) for qual­ity. Its sta­tus as a “CLASS A” Con­struc­tion and Prop­erty De­vel­op­ment Com­pany - the high­est cat­e­gory awarded to com­pa­nies who have a rep­u­ta­tion for high qual­ity con­struc­tion and build­ing in­fra­struc­ture, al­lows it to un­der­take and ex­e­cute projects of un­lim­ited num­ber, size and value.

Aristo De­vel­op­ers of­fers peace of mind when buy­ing prop­erty abroad. Its guar­an­tee for de­liv­ery dates and ti­tle deeds sub­scribes to its prin­ci­ple of es­tab­lish­ing re­li­able part­ner­ships with its clients. Aristo De­vel­op­ers has also been a pioneering force be­hind large-scale devel­op­ments, hav­ing de­vel­oped two 18-hole sig­na­ture cham­pi­onship golf cour­ses, in­clud­ing the Venus Rock Golf Re­sort - set to be­come the largest beach­front golf re­sort in the south­east­ern Mediter­ranean. Other land­mark projects in­clude the Aphrodite Water­park, the In­ter­na­tional School of Paphos and the Kings Av­enue Mall - the most con­tem­po­rary shop­ping mall on the is­land of Cyprus.

With over 265 is­land-wide devel­op­ments and 50 new projects cur­rently in the mar­ket, Aristo De­vel­op­ers seeks out the finest lo­ca­tions across Cyprus to de­velop an im­pres­sive range of unique, free­hold prop­er­ties - rang­ing from apart­ments, vil­las and town­houses to lux­u­ri­ous

KUWAIT: An­dron­i­cos An­to­niou, Sales and Mar­ket­ing Man­ager, Aristo De­vel­op­ers gives his pre­sen­ta­tion. — Photo by Joseph Sha­gra

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