Category Archives: Uncategorized

Off-Plan Property Sales: To Buy or Not to Buy

Buying property off-plan is one of those things; it’s a coin with two sides, with a for-and-against list that each buyer has to check and assess for himself.

The obvious ‘for’ for a completed or resale home is that you see what you’re buying, in its final form, and the property is ready to move into, with zero waiting time.

The main advantage of buying off-plan is that – depending on whether construction has started or not – you often still have a chance to modify the interior layout and can choose the finishing options that match your taste and preferences. Modifying a range of properties from seafront villas to luxury houses you can create and design your ideal Cyprus property.

Some buyers also choose to create a larger home by merging two smaller units. And more often than not, buying off-plan gives you a price advantage, as prices tend to increase by the time the property is completed.

The fact is that buyers who have had negative experiences with off-plan property acquisition and have shared their experience online and offline – without reservation and often out of context – have shaped the widespread perception that buying off-plan is a gamble that is not worth taking.

However, that does not have to be the case. Yes, you can buy off-plan and enjoy all the advantages, without putting your investment at risk. In many cases, when the demand for new-build property is higher than the supply, buying off-plan might be your only option. And the truth is, most off-plan buyers are more than satisfied with their new home.

The difference between being satisfied and being disappointed is to a great extent in your own hands. By consulting professionals and understanding the ins and outs of property acquisition in the jurisdiction where you are planning on buying a home you can largely eliminate or at least minimize the risk of anything going seriously wrong. Here are some points to consider:

Work with Professionals

It’s a general rule that applies in any situation: work with professionals. In this case, that means choosing a registered estate agent with an impeccable reputation and insurance to cover any serious problems with his clients; look into the history and track record of the developer you are interested in buying from; consult an independent and experienced lawyer who will either draft your contract or review the one prepared by the developer or the estate agent.

Read the Fine Print

The contract between the developer and you is of paramount importance. Consult a local lawyer who will check and understand any fine print and ensure that there are no shady areas and that your investment is safeguarded. The system in Cyprus offers buyers adequate protection, provided you understand and follow the rules.

Pay in Stages

Keep a close eye on the progress of construction and ask for certification by the supervising architect or engineer. It is customary to pay in stages, with payment made only after each stage is certified. Never pay in advance, and hold the final payment until the property is finished to your satisfaction and handed over as per your agreement.

Check Communal Facilities and Services

Apart from making sure that your private property is delivered as agreed, take a look around to ensure that common areas have also been completed as expected. Check your parking areas, storage room, lights, landscaping, and make sure all utilities are connected and running smoothly.

Cyprus is a small place where news – good and bad – travels fast by word of mouth. Ask and shop around, and you will soon identify who the trustworthy and reliable professionals are. Many investors have done this and decided to entrust SkyPrime group with their property, some have also seized the opportunity to partake in the Cyprus Investment Program when building their ideal home.

Date published: January 29, 2020

Cyprus Economic Overview 2020

Cyprus is a resilient Island proving that fact time and time again over the past few years. The island has one of the fastest-growing eurozone economies thanks to flourishing sectors such as foreign investment, tourism, property development and now natural gas exploitation. The countries priority in 2020 is now to ensure and maintain the momentum of growth by improved efficiency and strengthening investor confidence. So, what will the economy look like in 2020?

Investment Grade

In 2018 Cyprus regained investment grade, Standard Poor & Fitch Ratings assigning a BBB- credit rating to long-term sovereign debt. It is clear that agencies recognised Cyprus potential and stability with the IMF expecting growth rates in excess of 3% to 2020. Cyprus government has used the rating to its advantage by improving its debt profile, issuing cheaper debt with longer maturities. In April 2019 a 30-year bond was issued and was more than 12 times oversubscribed showing how international investors view the credibility of Cyprus.

GDP Growth

Cyprus has seen a healthy GDP growth with rates averaging 4.4% from 2015-2018 resulting in the island is among the top five eurozone performers. Health growth for Cyprus continues with a 3.1% growth in 2019. With strong sectors driving growth such as private demand, growing employment and an improved tourism sector in 2020 a growth of 2.7% is predicted.

Employment

Due to improved opportunities and investments, the amount of jobs available in Cyprus has increased significantly in the past several years. From an unemployment rate of 16.1% in 2014 the rate has fallen to just 6.9% in 2019 with predictions of an even greater reduction in 2020. As more and more people work and earn money general spending in many sectors such as real estate, restaurants and shops has increased and benefited the overall economy.

Investment and Trading

As Cyprus is a member of the EU more than half trade in goods is within the EU with the country achieving strong numbers. The main exports for Cyprus are sent to Greece and the UK for commodities such as mineral origin, pharmaceutical products, and food products. The main imports for Cyprus are hydrocarbons, machinery, chemicals, vehicles and metals such as iron and steel. Cyprus has a small economy that is open, a range of new incentives have been implemented in 2019 and will be going forward into 2020. The incentives aim to attract and renew interest in large scale projects and developments. Other incentives focus on shipping and tourism.

Inflation

The last few years have muted inflation with a decline of 1.2% in 2016 due to low oil prices and high unemployment. The EU consumer price index rose by just 0.7% in 2017 and 0.8% in 2018, 2019 saw an increase of 0.9% with predictions of 1.1% increase in 2020 according to the EU commission. Earnings on the island have been rising in 2019 and are expected to increase in 2020.

Cyprus Investment Program

Following some changes in 2019, the Cyprus Investment program remains a competitive and appealing option for those looking to gain a second passport. Cyprus is able to provide a Cypriot passport for those who invest a certain amount of money into real estate. Due to the appealing factors that Cyprus has to offer such as tax, lifestyle, education and travel to name just a few this program continues to draw international investment to the island with many purchasing luxury villas or investing in the development of new real estate and projects that benefit the island and economy as a whole.

Gas Exploitation

With newfound gas, the opportunities for Cyprus have increased. Following a year of negotiation in 2019, an agreement has been reached that will allow Cyprus to become a producer offering an alternative source of gas to the EU and the ability to provide gas in the Eastern Mediterranean. The product contract ensures that Cyprus will receive an average yearly income of 520 million dollars over the 18-year lifespan of the gas field. This will benefit the Cypriot economy greatly, not just in 2020 but beyond creating a stable economic backdrop for the growth and development of the island further.

Our Role in 2020

With all the main elements of the economy on the rise, in 2020 we are committed to meet the growing demand of the economy in the real estate sector. The Cyprus Investment Program is an important part of the success of Cyprus and will continue to play a vital role. We are dedicated to supporting the program by developing appropriate properties such as luxury seafront properties and supporting and processing applications efficiently, this will ensure continued foreign investment in the island of Cyprus that will continue to benefit the economy in 2020 and beyond.

Cyprus is not only resilient, but it is flourishing. 2020 shows no signs of slowing as the economy remains healthy and continues to grow benefiting many sectors. In 2020 Cyprus is the place to be.

Date published: January 7, 2020

Cyprus Tourism Rebranded to Boost Arrivals

Following the participation in the London World Travel Market, one of the world’s largest travel shows that holds meetings with airlines and travel firms around the world, Cyprus sets out to promote tourism beyond the sun and sea.

The rebrand is apart of a 10-year strategy for Cyprus tourism. Currently, the plan seeks to welcome visitors aged over 50, coming away from the traditional tourism Cyprus usually offers. Cyprus will also focus on promoting short breaks and welcoming visitors from markets such as Eastern Europe, the Middle East, America, China, and Japan.

Deputy Tourism Minister Savvas Perdios has revealed a potential collaboration between Greece, Israel, Egypt, Lebanon and Jordan to offer the public joint package holidays.

Perdios comments on the plan “The extension of the tourism season is a dream for us. It was not possible to pursue such a dream without the solid foundation needed,”

Adding “Over the last decade, we established the sun and sea model, which can now serve as the backbone that allows us to go for the more detailed and special forms or tourism. Already this year we will have an increase in winter arrivals of around 10% on last year.”

The strategy will also include the promotion of specific forms of tourism such as cruises, cycling, sports, health, and wellness.

Preparation for Tourism

Perdios commented that Cyprus is fully ready for an increase of tourism year-round as infrastructure has been improved, hotels renovated, new projects such as marinas and a casino resort will be ready in 2021. All these aspects set the scene for new tourism all year round.

Despite recent travel setbacks such as the collapse of Thomas Cook many new deals and contracts with tour operators have been signed to maintain the current UK tourism market.

General Manager of the Association of Cyprus Tourist Enterprise Chrisemily Psilogeni commented “We have managed to sign deals with smaller tour operators, mainly operating online, who have great potential to grow. These deals will close the gap created in the UK market by Thomas Cook’s collapse.”

Due to the stability and reoccurring figures from the UK tourism market focus is able to shift onto other countries for the upcoming seasons with special attention to the Netherlands, France, Scandinavia, and the Arab countries.

In fact, to meet demand Ryanair has launched new routes from Cyprus to locations such as Poland with weekly services set to run from March.

Overall Benefits for Cyprus

As more tourists visit the island of Cyprus it benefits the overall economy of Cyprus creating a secure location not only for holidaymakers but a stable market for businesses, investors, growth, and development.

For investors, the increase and diversity of tourism all year round provides the opportunity to invest in holiday homes that holidaymakers can rent. Investors are able to purchase luxury seafront villas in sought after locations such as Ayia Napa near the upcoming Ayia Napa Marina. Investors can also benefit from the Cyprus Investment Program when entering the real estate business.

Date published: December 3, 2019

What it Means to be Cypriot

First-time visitors are drawn to Cyprus for one or more of several reasons: the Mediterranean climate, the beaches, the history and archaeology, the UNESCO listed churches, the mountain trails, and the fresh and tasty food… But there is primarily one factor that brings visitors back, again and again, and that is the culture and character of the Cypriots.

Cypriot Culture

Cypriots are very family-oriented and not only child-friendly but child-doting. Here the extended family is still alive and kicking. Grandparents are widely responsible for child-care and in their old age are cared for by their children. Good neighbourly relations are valued and pursued, often with regular food and dessert traffic between them. On the other hand, Cypriots have an intrinsic interest in visitors, which may start as innocent curiosity but often leads to genuine bonds.

The immediate result is that visitors are integrated into the social fabric at an exceptionally fast rate – compared to other European countries – and it is precisely that, which brings them back again, often to the same town, even to the same hotel. Many are the resort hotels that have repeat guests who have registered dozens of visits; guests who become friends before ultimately buying Cyprus property and making the island the home of their heart.

Expatriate Community

Over time the island has attracted a sizeable expatriate community from East and West and of all ages. Young professionals seek employment in multinational organizations or start up their own business, benefitting from the healthy work-life balance that is the norm rather than the exception. Perhaps it’s the sunshine and the fact that people are able to spend their leisure time outdoors most months of the year.

Those who never considered relocating to Cyprus during their working years often make a mental note to retire in this welcoming environment, where they can enjoy the Cypriot-Mediterranean way of life, with a cosmopolitan, multicultural dimension provided by expatriates of very mixed backgrounds. And somehow this mix creates a diversity that counteracts extremes: career ambition is healthy but reasonable, so family life is not sacrificed; local entertainment is wholehearted but remains within the boundaries of decency; traditional festivals and holidays are quickly adopted by all nationalities – possibly with individual modifications – leading to island-wide celebrations shared by everyone.

In short, such is the hospitable, relaxed, unaffected yet proud nature of the Cypriots, that expatriates who have spent a few years on the island often find themselves becoming… more Cypriot than the Cypriots.

Date published: November 21, 2019

Benefits of the Growing Cyprus Shipping Industry

The government of Cyprus is aware of the significance and the value of the positive effects the shipping industry has on the Cypriot economy. With its contribution at approximately 7 percent of the GDP, Cyprus shipping remains an industry with substantial prospects.

The Cyprus Registry is the third-largest fleet in the EU and is considered one of the largest management areas in the EU and third-largest globally.

The shipping industry has further benefited from the establishment of the shipping deputy ministry created in 2018. The ministry has the goal of making the maritime administration more modern and more business-friendly to Cyprus related shipping companies. This dedicated activity will aid in the promotion of Cyprus shipping thus attracting shipping related companies to Cyprus, expanding the Cyprus registry. This will also allow for international investment as many companies wish to operate on the island due to favourable tax and a strong economy.

Increasing Demand for Personnel in Cyprus

As the shipping sector expands and draws international trade and companies another positive aspect to consider is the creation and increase of jobs on the island. In recent years it has become evident that the Cyprus shipping industry is in need of graduates that are ready for work.

Advisor to the deputy minister Andreas Karamitas commented on the matter:

“There is an awareness in Cypriot society that personnel is needed,” The ministry is supporting the sector in any way it can, he added. “We give them [educational institutes] money from our budget, and empower people.”

As professionals are needed for the industry Cyprus is creating educational programs designed for people to start working in the shipping industry. This type of investment is beneficial as young Cypriots are able to begin careers and positively contribute to the economy.

The Future of Cyprus Shipping

With a growing sector and larger workforce, the shipping industry in Cyprus is taking steps towards the use of innovative technology. Blockchain technology is now being used in the shipping industry around the world and Cyprus is following suit.

House President Demetris Syllouris commented “Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organised and their operation,”

This technology will ensure security in the industry and speed up transactions without the use of a middleman.

Director General of the Cyprus Shipping Chamber, Thomas Kazakos commented “We are confident to say that the Cyprus Shipping industry is ready to implement blockchain technology since we have seen a number of our member-companies already implementing blockchain technology during the development stage of their products and services,”

Adding “The industry is aware that blockchain technology provides practical solutions to many of our daily business functional issues. To that end, service providers and end-users have realised that and welcomed this new technology with enthusiasm.”

Overall Benefits of the Cyprus Shipping Industry

The Cyprus Shipping Industry already proves itself as a strong sturdy support to the Cypriot economy. However, this fact does not hold back ambitions for growth. As the sector draws international investment and attention, the economy as a whole benefit greatly.

The increasing demand for jobs has led to new educational programs to equip people with the knowledge to qualify as personnel in the industry. This in turn also has positive effects on the economy as spending increases and young professionals wish to leave parents houses to rent or buy a property. The Shipping industry is also embracing new technology to further enhance and improve the sector.

With such strong sectors it is no secret that Cyprus is becoming an international business hub, not only are international investors drawn all over to benefit from the island or to take part in the Cyprus Investment Program but locals also see benefits from the creation of jobs and a strong economy.

Date published: October 30, 2019

Choose your Property in Cyprus Wisely

It happens: you see a property – whether already built or off-plan – and instantly fall in love. Or, you hear of something but reject it offhand, without even taking a closer look. In fact, good marketers know that consumers often buy with their heart (not their head), and then rationalize their decision to justify their choice. Something that is not uncommon for those buying property in Cyprus. 

The thing is, in the case of property, this is a transaction that involves a substantial investment and has long-term consequences, either positive or negative. So it’s wise to avoid rash decisions, and regardless of your initial emotional reaction, ask yourself – and the experts – a few important questions.

Road Access and Utilities

How easy is it to reach the land or development? If you are a frequent traveler, can you easily access the highway that leads to the airport? Especially in the case of a plot of land, does it have road access? Without that, it will be impossible to start building. Also, make sure that there are no building restrictions for that particular piece of land, and that the supply of utilities and telecom connections already exist or can be provided hassle-free.

Location and Surroundings

You’ve probably pre-selected a district, but the immediate surroundings can vary to a great extent. Make a list of your must-have amenities and a few bonus amenities that would make the property more appealing than others. Do you care to have a grocery, supermarket, bank or chemist within walking distance? Do you want to be next to a particular school for your children? How important is public transport to you? Do you value tranquility and privacy or prefer a central location? Different buyers have different priorities. Put yours down in writing; that will help you and your real estate agent or developer find the right property more easily.

In the case of an area that is still not fully developed, consider that there are likely to be changes in the neighbourhood, so try to find out if any further plans are already in the pipeline.

Price vs Value

When it comes to price, property buyers usually have an upper limit in mind. While that is likely to be fixed, when comparing property prices, make sure you are comparing like with like. You might find that the price of two or three properties is roughly the same, but what you are getting for your money differs, either in construction quality / age of the property, or design features and finishing. You might also be paying a high price for a location that you don’t necessarily care for, or for additional features – for example a swimming pool – that you will hardly use. Ideally, you want to pay for the features that have value for YOU and enhance the lifestyle you are looking for.

Other points to remember when considering how price and value compare is to think about financing options (some might be more favourable than others) and management fees. After all, good management at a reasonable cost will maintain the value of your property much longer than if it is neglected.

Legal Aspects

Last but not least, consult a property professional to make sure that any property you are interested in – especially land or resales – is free from any existing mortgages. Otherwise, transferring the title deed could prove to be time-consuming and nerve-wracking. In the case of off-plan purchases, confirm that all the necessary building permits and construction approvals have been issued by the relevant authorities.

In short: ask questions, demand answers, prepare a file of all the necessary documents that you can then examine carefully in your own time, and you will be well-equipped to make an informed decision.

SkyPrime are experts in property and have the ability to guide you through the buying process in Cyprus, with advice expanding to areas such as the Cyprus Investment Program.

Date published: October 14, 2019

Chinese Investment in Cyprus via the Cyprus Investment Program

The Cyprus Investment Program allows those who invest 2 million into Cyprus property to obtain a Cyprus Passport. The program has been successful and raised €4.8 billion from the exchange of passports for real estate under the investment program since 2013, according to a recent study by international anti-corruption watchdogs Transparency International and Global Witness.

No official statistics are held concerning the nationality of those who partake in the program, however, according to industry insiders who are involved with the process it is said that Chinese / Asian investors account for more than half of the numbers.

Carrie Law, chief executive, and director of property portal Juwai.com commented “Cyprus is a beautiful place that offers a very high quality of life, access to Europe and good real estate investment opportunities. One of the big drivers of foreign investment is the Cyprus Investment Program, which is very popular with mainland Chinese.”

Going Beyond Initial Investment

Initially when the Investment Program launched in 2013 Chinese investors purchased luxury villas that allowed them to gain the Cypriot Passport and in turn gain access to Europe.

However, in recent years a shift is taking place in what developments are receiving investment. Instead of quick buy villas in exchange for passports Chinese investors are developing substantial buildings such as hotels and residential blocks that surpass the price of the Cyprus Investment Program.

“What we are seeing is a decline in one-off buys, which originally led to concerns that they were based exclusively on the passport scheme. We are now seeing east Asian investors focusing more on investments that would require financing beyond the original sale,” commented a banking source.

Adding “The focus on China has changed. This market does not only generate consumers who purchase assets for personal use and perhaps for additional residency benefits. China now generates actual investors who are taking a position on the prospects and opportunities of Cyprus, adding further cash in their original investment, completing construction and improving the existing value proposition of the asset they buy”.

Why are Chinese People Investing in Cyprus?

Chinese investors are showing increased interest in Cyprus as they recognise promising business potential. In recent years the Cypriot economy has expanded with Cyprus becoming a regional hub of business, attracting investors and international workers alike. For those who move to Cyprus to work the positive impact of property purchases and spending can be seen in the economy.

In 2019 a steady growth of 3.1 percent is predicted with 2020 growth remaining strong at 2.7 percent. The growing economy and boost in jobs have drastically lowered unemployment rates from 8.4 percent in 2018 to 6.7 percent in 2019 with predictions of an unemployment rate of 5.9 in 2020.

Another factor that draws investment is the favourable Cyprus tax regime that is on offer. Many seize the opportunity to benefit from favourable tax, strong growing economy and an increasingly diverse and international workforce on the island.

The increase of those moving to the island to benefit from investment or work can be seen in the property sale figures. All transactions between January and May totaled €1.45 billion, resulting in an increase of 7.6 percent from the €1.35 billion recorded during the same period last year.

One property expert commented “Relatively low costs, avoidance of bureaucracy, sunny weather and short time frame – up to six months – for receiving a passport make Cyprus the best investment destination.”

It is no wonder that so many from Asia are choosing to not only invest in Cyprus but to benefit from thriving business on the island.

Why Select SkyPrime Group for your investments in Cyprus?

Our team are experts at communicating with international clients and arranging all essential legal documentation for those who wish to partake in the Cyprus Investment Program. Here at Skyprime Group, we have a range of properties including luxury seafront villas suitable for both permanent living and investments in the most sought-after locations in Cyprus.

Date published: September 24, 2019

Easy, Enjoyable and Efficient Property Viewings in Cyprus

As more and more people choose to buy a second home abroad, either for their own use or as a wise investment, the internet allows developers and sellers to present their portfolios online with detailed descriptions, extensive photos, and often even virtual tours. The value of online property searches cannot be overstated; however, once you have narrowed down the options to your favourite four or five properties, it is worth taking a short trip to see these properties for yourself.

If you are thinking of buying property in Cyprus, your visit can be combined with a most enjoyable holiday, as Cyprus ranks among the most popular destinations in the Mediterranean region. Come with your partner or your family, and combine your break with property viewings, which the SkyPrime team would be happy to organize for you. But before you book your tickets, make sure to consider the following:

Do you Require a Visa?

Unless you are a resident of Cyprus, or a European passport holder, or a citizen of a country that has concluded a visa-free travel agreement with Cyprus, you will have to apply for a Cyprus entry visa from your nearest Embassy of the Republic of Cyprus consular department. In some cases, your tour operator may be able to help. Holders of a Schengen visa may also enter Cyprus, although it is not yet a member of the Schengen Area.

Where Would you Like to Stay?

Cyprus welcomes over 3 million visitors a year; so there are many hotels and self-catering villas and apartments available for short-term and holiday rental. Upon request, our team can propose conveniently located accommodation, according to your wishes, at the special corporate rates we have agreed with our associates. We can also arrange airport transfers with Meet & Greet service upon arrival.

Property Viewing Schedule

Once we have discussed your personal needs and expectations, we will prepare a list of suitable properties to show you during your visit. On the agreed date, a member of our team will pick you up from your chosen accommodation and drive you to properties that match your requirements. If you prefer, a preliminary meeting at our office can be arranged before the viewings. Either way, this is your chance to not only see some of your chosen properties in person but also the right time to ask our property professionals detailed questions regarding property acquisition in Cyprus, the actual transactions, as well as property management services and all associated costs and obligations.

As we visit the properties you wish to see, make sure to take notes and photos that you can then review and compare at leisure before making a final decision. Before leaving the island, you may wish to have a second look at one or two properties that you are particularly keen on.

Remember, the best way to identify the ideal property that matches your preferences is to prepare a detailed list of your ‘must-have’ features as well as extras that would make the property even more appealing. Another great help is to read Frequently Asked Questions Affecting the Real Estate Market in Cyprus. That will help us direct you to the right property for you in the shortest possible time. Are you ready to start your search?

When choosing a property Skyprime Group can also advise on beneficial investment programs that may be of interest such as the Cyprus Invest Program and the Cyprus Permanent Residence Permit. 

 

Date published: September 10, 2019

Cyprus Set to be Europe’s Newest Investment Funds Hub

The European Union as a whole has been affected by Brexit and as the deadline approaches a notable shift in UK firms looking elsewhere can be seen. As investment and fund managers are looking for stability outside the UK Cyprus has seized the opportunity to provide attractive legislation, thus setting the country on the road to becoming Europe’s newest Investment Funds Hub.

Toll of Brexit

In the course of the past 3 years, Brexit has caused an ongoing uncertainty in the world of finances that have rippled across the whole of Europe. Due to the slow nature of Brexit UK firms are turning elsewhere for business as the toll of Brexit continues to erode long-established businesses.

This can be clearly seen in figures as the New Financial Reported that 269 UK-based financial firms have responded to Brexit by transferring business, relocating employees or rebasing assets elsewhere in the EU. The report also mentions that 65 billion pounds of portfolio funds have been transferred out of the UK so far, this figure is based only on publicly available records.

It is clear to see that Brexit is resulting in the movement of funds and investments outside of the UK and into other EU Countries.

Cyprus a Strong Contender for Investment Funds

As businesses in the UK shift many EU cities are keen to seize this unique opportunity, however, Cyprus continues to stand out among the rest due to ongoing efforts. New legislations put in place in 2018 has aided the progression of AIFs (Alternative Investment Funds) with Cyprus attracting several funds and managers designed to benefit those who set up businesses on the island.

Cyprus continues to work on the progression of jurisdiction so as to remain competitive with other EU countries. One example is KPMG Cyprus who is leading the efforts “At KPMG Cyprus we stand at the forefront of the funds’ development”, states Christos Vasiliou, Managing Director and Head of Advisory Services. “We have been involved in the drafting of the new AIF legislation as far as the framework is concerned, as well as the tax incentives that have been given to funds and fund managers.”

“The fund’s sector was always considered by us to be one of the biggest growth areas that we could develop going forward. What we did in the past three years was manage to upgrade all the legislation, bring everything up to speed, modernise everything and make our funds service offering extremely competitive. Legal framework-wise we are not running behind any of the other EU jurisdictions when it comes to funds.”

“I consider Cyprus to be a hub for British businessmen and financial institutions through which they can access the European market. I’m hopeful that it may have a positive effect on Cyprus rather than a negative effect, but it remains to be seen. We should be taking this opportunity further with British businessmen, and British fund managers especially, to promote Cyprus.”

Seizing the Opportunity

The efforts of those creating attractive jurisdiction are now paying off, according to the Cyprus Securities and Exchange Commission the number of collective investment management companies and collective investment organisations under supervision increased to 187 in the first quarter of 2019. In fact, total assets under management totaled [1] 6.7 billion euros, representing a 7 percent increase, when compared to the last quarter of 2018.

Due to these high figures, enthusiasm has spread in the sector with industry experts predicting that total funds could reach 10 billion euros or higher by 2020. The high figure is also driven by Cyprus unique selling point of the country’s location. “I must stress that Cyprus funds can be used as a passport for non-EU fund managers to direct investments through Cyprus to other countries”, explains Vasiliou, adding that fund managers who leverage the country’s vast double taxation treaty network – encompassing 50 countries – will find that Cyprus is “an ideal distribution network with opportunities for fund managers to direct their investments [internationally] through the island”.

The Overall Benefits for Cyprus

The increase in international business in Cyprus has led to an overall benefit for the economy. As new offices are needed to hold new businesses property developers in Cyprus accommodate rising demands. Alongside international workers who require housing, use travel, and services alongside general spending in Cyprus the economy is thriving.

Here at SkyPrime Group, it is our mission to ensure that our clients benefit fully from these opportunities in Cyprus. This is achieved by SkyPrimes continual growth and commitment of offering higher quality with more options when it comes to investment and property in Cyprus.

Date published: August 23, 2019

Protaras Prepares for a New Era

It’s not a secret: When seasoned travelers visit a holiday destination and are looking for the best restaurants, what do they do? They follow the locals… The same applies to beaches in Cyprus. Follow the permanent residents and you’ll find a steady flow of the inland population driving towards Protaras every weekend. That’s because Protaras is known to have some of the cleanest, safest and most beautiful and popular beaches, as well as more secluded coves, in Cyprus.

Apart from the beaches, what makes Protaras special is that it is midway between two key and opposite attractions along the southeastern coast of the island. On the one hand you have the fun and exciting around-the-clock entertainment of Ayia Napa and on the other hand the serenity, tranquility and natural beauty of the protected Cape Greco peninsula with its enchanting landscape, vegetation and nature trails.

The New Paralimni Marina

And very soon, Protaras will gain yet another, very different dimension to make it even more of a local and regional magnet. By 2021, the new Paralimni Marina along the coast of Protaras will be fully operational, launching a new era in the evolution of this corner of Cyprus. In actual fact, the mood and activity levels in and around Protaras began to change in 2017, when the first contracts for the construction of the new marina were signed. That is because it is not designed to be purely a facility with services for yachts and sailboats, but a fully-fledged destination for everyone.

Take a closer look at the plans and you will quickly recognize the attractive features of this waterfront development. Discerning home buyers dreaming of a property overlooking the sea will be able to choose from apartments and penthouses as well as duplexes and garden villas. Once complete, the development will also include a commercial complex with bars, cafés and restaurants, health and wellness facilities, beach and kids’ clubs, as well as function rooms and lounges.

If you own a boat or a yacht and need a home for it in the Mediterranean, the Paralimni Marina comprises 300 berths for vessels up to 25m length, and will provide all the necessary services, from fuel, electricity and water disposal, to wifi, concierge services and lounge, as well as police, customs and immigration services. In other words, it will be an official point of entry, with access to a well rounded, enjoyable Mediterranean lifestyle.

The Effect of the Project in Protaras

Alongside the construction, the surroundings as a whole have woken up to a new reality. The need to prepare for an increased influx of visitors has prompted local entrepreneurs to expand their offerings – from retail to gastronomy and leisure options – to appeal to this new market. Competition is driving businesses to upgrade their products and services with attention to quality and value for money. Construction activity has moved into a higher gear.

Furthermore, the project will add value to properties both in the immediate vicinity and in nearby locations. As a result, prices for all types of residential properties are starting to rise, as investors in general and candidates for the Cyprus Investment Program, in particular, discover the potential of Protaras. For anyone interested in investing in real estate in Cyprus, Protaras is now offering buyers the opportunity to benefit from exceptional returns on any investment in and around this beautiful seaside resort, as it prepares for a bright future.

Date published: July 30, 2019