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

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 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. 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 beachfront homes and golf estates.

By Nawara Fattahova