pafilia newsletter jan 2015
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7/18/2019 Pafilia Newsletter Jan 2015
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HAPPY NEW YEAR 2015
January 2015
I would like to take this opportunity to
wish our clients, associates and friends
a happy, healthy and prosperous 2015!
It is with great pleasure that I announce
that Pafilia had a very successful 2014,
despite challenging times. We boldly
forged ahead with development at allof our projects, and this has paid off,
as it showed our clients and partners
that we are committed to delivering on
our promises and I believe also played
an important role in our sales results.
September 2014, was an important
milestone, as we held the official
Minthis Hills inauguration ceremony
which was presided over by his Excel-
lency President Nicos Anastasiades.
Guests travelled from across the globe
to attend the opening which was also
graced by the presence of Archbishop
Chrysostomos II, the President of the
House of Representatives Mr. Yiannakis
Omirou, the Minister of Energy, Com-
merce, Industry and Tourism Mr. George
Lakkotrypis, Foreign Diplomats, Mayors,
State and Local officials, in addition to
key partners and esteemed members of
the local business community. Excel-lent progress was made at Minthis
Hills in 2014, the core infrastructure
was completed and the first residential
phase practically sold out, two factors
that have positively impacted sales
momentum.
Pafilia also delivered The Emerald at the
end of the year, while our beachfront
development, The Lighthouse, will be
delivered in Spring this year. Addition-
ally, we have now launched the third
and final phase of Elysia Park, which
also includes the commercial centre.
Based on last year’s results, and with
the economic sentiment in Cyprus ever
improving, I’m very optimistic that 2015
will be an excellent year. The Cyprus
citizenship program has proven to be
a very popular choice for investors
wishing to obtain EU citizenship; Pafilia
submitted 5 collective groups since its
introduction in April 2014, giving us a
market leadership position. Now tried
and tested I believe that the program
popularity will further increase in
2015, especially following changes to
other programs such as the threshold
increase of the Tier 1 and recently an-
nounced visa restrictions of the St Kitts
scheme.
On this note, I’m very pleased to an-
nounce that we will launch anotherflagship project in Spring 2015, and a
first of its kind in Cyprus, which will dra-
matically change the Limassol skyline
– The Pafilia Tower.
This will be an excellent choice for
both citizenship and lifestyle pur-
chasers and we anticipate a very
swift sell out. More information on
this incredible project will be pro-
vided in the very near future!
Evangelia Eliadou
Pafilia Executive Director
Pafilia Tower
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CYPRUS, A PROMISING 2015
CHINESE YUAN RENMINBITO EURO EXCHANGE RATE
AT A 10-YEAR HIGH
Set to exit recession and back on inter-
national markets, Cyprus is ripe for eco-
nomic recovery – with tourism, energy
and financial services driving growth.
While Europe is still reeling from the
financial crisis, Cyprus achieved the fast-
est comeback to international financialmarkets from all bailed-out countries in
the history of the euro debt crisis and
is now officially on the cusp of exiting
recession. Forced to undergo a tough
bailout in March 2013, the country
successfully returned to international
markets in June 2014 with a €750 mil-
lion issue. Investors have been showing
keen interest in the Eastern Mediterra-
nean island, with December retail bond
issue being heavily oversubscribed by
foreign investors. Foreign direct invest-ments (FDIs) into Cyprus exceeded €2B
in the past year – boosted by the signifi-
cant capital-raising by Bank of Cyprus
in September and Hellenic Bank earlier
in 2014. Additionally, new company
registrations have been consistently
rising over the period. A quick return
to markets coupled with the domestic
banks’ clean bill of health in the recent
EU-wide asset stress tests, togetherwith the lifting of all domestic capital
restrictions and easing of the remaining
capital controls have brought a rapid
stabilisation of the banking sector. The
country’s tourism and services sectors,
which constitute around 80% of GDP,
have continued to be key drivers for
growth. Retaining and improving its
significant advantages for international
business has always been a key priority
for Cyprus, which before the interna-
tional financial crisis saw decades ofuninterrupted growth. For this reason,
safeguarding the stability and benefits
of its tax and regulatory regime has
been given paramount importance, as
they constitute one of the main pillars
of creating a favourable climate for
international business and investment.
Further investment is set to come from
the European Bank of Reconstruction
and Development (EBRD), who recentlyopened a resident office in Nicosia. The
EBRD, which is owned by the European
Union, the European Investment Bank
and 64 countries, made a €107.5 mil-
lion investment in Bank of Cyprus in
mid-2014 and holds a 5.02% stake in
the bank. The bank plans to invest at
least €100 million annually in Cyprus’
financial and energy sectors as well as
in privatisations. On the energy front,
Cyprus continues to explore its options
on how to best exploit its natural gasreserves.
Chinese Yuan Renminbi to Euro exchange rate is at a ten-
year high, offering significant savings compared to previous
months.
Compared to May 2014, investors that take advantage of
Cyprus’ highly attractive citizenship program can save more
than CNY 3,000,000 on the required investment – a saving of
approximately 15%.
For those considering making a purchase, now offers
the ideal opportunity to invest!Graph from XE.com, 09.01.2015
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A PRIME INVESTMENTCyprus’ continual development into a
luxury destination and transportation
hub, its strategic location and global
appeal together with its highly prom-
ising future make prime real estate a
wise investment choice. Real Estate
has always been a preferred asset class
and according to recent Knight Frank
statistics, accounts for at least 20% of an
investor’s portfolio. The Cyprus luxury
property sector was not affected by therecent economic turmoil, and has actu-
ally seen quite strong demand. This
could be due to a number of reasons
including the limited supply of such real
estate on the island and Cyprus’ highly
promising future following the signifi-
cant oil and gas find.
Minthis Hills is without doubt one of
the most attractive options for discern-
ing clients. The development is at an
early stage of its project lifecycle, yet is
mature enough to offer peace of mind
that an ambitious vision is being per-
fectly realised. The development offers
excellent capital appreciation opportu-nity as additional core facilities, includ-
ing a village, square, luxurious spa
and health club, tennis academy and
equestrian centre are completed. In
addition, Minthis Hills has a locally un-
paralleled project team which includes
internationally-acclaimed architecture
firms Atkins and Woods Bagot, and
an inimitable vision combining luxury
distinctive architecture with sustain-
ability and outstanding facilities. The
project enjoys a breathtaking hillside
location offering pure seclusion, yet is
just ten minutes away from a wealth of
amenities.
With the first phase almost sold out,
and with prices below current market
value, now is the perfect time to invest.
MINTHIS HILLS
HAS GLOBAL APPEALWith over 10 nationalities
having already purchased a
private residence at Minthis
Hills, the resort is proving tohave truly global appeal. Ac-
cording to Swiss purchaser,
Mr. Kaegi, Minthis Hills cor-
porate performance stand-
ards are perfectly aligned
with the projects strapline,
Touch the Sky. He com-
mented that “the personal
engagement, commitment
and quality of all workers
involved has exemplified
Pafilia’s quality at its best– even for Swiss anticipa-
tions”. The combination of
incredible timeless architec-
ture with an extraordinary
setting and breath-taking
views captures the hearts of
all that visit.
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Almost immediate EU citizenship, no residency requirement and an extremely straightforward process are some of the
reasons that Cyprus’ recently introduced citizenship by investment program has proved very popular. The program,
which enables an investor and his/her family to obtain Cyprus (EU) citizenship within 90 days, with a real estate in-
vestment of €2.5M, has attracted investors from across the globe and has provided an additional boost to the luxury
property sector.
Citizenship-by-investment programs enable high-net-worth individuals to move to popular migration destinations,
enjoy easier mobility, benefit from more favourable tax jurisdictions, facilitate business opportunities and offer an insur-
ance policy against political instability in their home country. A core motivation is the need to protect wealth, as many
of these individuals come from countries with an unstable political climate. Education and quality of life opportunities
are additional motivating factors. With no residency requirement and a similar investment threshold, Cyprus’ citizen-
ship-by-investment program is considered a very viable alternative to the UK’s Tier 1 program, especially following the
investment threshold increase from £1M to £2M which applies since November 6, 2014. In fact, it is without doubt the
most attractive option to individuals wishing to settle in any EU country.
Some key benefits of the Cyprus program are:
> Passports issued within three months
> Passports issued to the investor, their spouse and
dependent children up to age 28, provided they are in
full-time education
> Cyprus allows dual citizenship
> Unrestricted right to live, work, travel and study any
where in the European Union
> Visa-free travel to 158 countries
> Free trade within EU, business access to 500million EU citizens
> All nationalities eligible
> No language requirement, medical test or interview
> Exit strategy after 3 years
> No physical residency requirement
> Citizenship is passed on by descent, thus offering a
legacy to future generations
> Cyprus has no inheritance tax, has a highly favourable
corporate tax structure and a comprehensive double
tax treaty network
> No tax consequences, unless you opt to become tax
resident in Cyprus
> Cyprus offers a great place to visit/live, it enjoys astrategic geographical position, offers excellent world
wide connections, has excellent infrastructure, a pleas
ant climate and is highly stable
CYPRUS CITIZENSHIP PROGRAM VERY POPULAR
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CONSTRUCTION PROGRESSPhotos of the construction stage at some of our current developments
The Emerald, now complete. Availability – very limited
The Lighthouse, will be ready in Spring. Availability – very limited
Aisis Park, early construction phase. Availability – good
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HEAD OFFICE
Pafilia House
33 Nicodemou Mylona Street
Marina Court
PO Box 60159
8101 Pafos – Cyprus
Tel: +357 26 848 800
Fax: +357 26 934 910
Email: info@pafilia.com
www.pafilia.com
MOSCOW
Pafilia Property Developers Ltd
Krasnopresnenskaia
Naberezhnaia 12
Pod’ezd 6, Office 1032
123610 Moscow, Russia
Tel/Fax: +7 (495) 258 1970/71
Email: info.russia@pafilia.com
www.pafilia.ru
CHINA
2710 – 2714 Blue Castle International Center
No. 3 Xidawang Road
Beijing CBD
P.R. China
Tel: (+86) 1572 476 1031
E-mail: info@pafilia.cn.com
www.pafilia.cn.com
PAFILIA GREECE, ALMYRIDA, CHANIA, CRETE AN EXCELLENT CHOICE FOR INVESTORS INTERESTED IN THE
GREECE RESIDENCY PROGRAM
Nestled on the hillside above the beach of Almyrida in Chania, Crete, this modern development of 6 very spacious two and
three bedroom houses has been designed with respect for the surrounding landscape. The architectural design is sympathetic
to the natural environment and clever planning has ensured that these 2 storey houses offer perfect, unobstructed sea views
from each property to the crystal clear Souda Bay. Large verandas are a feature of every property and intelligent positioningmeans that both front and back verandas offer sea views. These desirable houses have luxury finishes and have been carefully
designed to complement the property exteriors. A communal swimming pool for the exclusive use of the residents serves as
an alternative to swimming in the clear Mediterranean waters only 150m from the project. Several traditional tavernas can be
found situated on the sandy beach, making dining out in the evening effortless and extremely pleasurable. A short walk of 15
minutes is required to reach the beachside village of Almyrida which boasts a small picturesque fishing harbour, numerous
restaurants and all conceivable amenities.
View from the project
Chania Harbour Chania Village
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