PW speaks to Stavros Caramondanis, CEO of Ayia Napa Marina, about the development and insights about Cyprus’ property-linked citizenship programme.
Who are your target groups for this investment, apart from UAE and other GCC nationals? Do other foreign investors qualify?
Ayia Napa Marina appeals to a wide international audience of investors because the project offers an unparalleled home ownership experience. With a beautiful, sun-drenched location at the tip of three continents, Ayia Napa Marina boasts an array of luxurious accommodation options, complemented by world-class berthing options and retail, hospitality and lifestyle amenities.
The incentive of European citizenship holds great appeal for potential investors eager to leverage this offer for both themselves and their immediate family. Through the project, those who make an investment of €300,000 (Dh1.19 million) will be granted a permanent residence permit for themselves, their spouse and children. Cypriot citizenship will be granted by the government of Cyprus — thereby allowing them the right to live, work, travel and invest anywhere within the 28 EU member states — following an initial investment of €2 million. This landmark opportunity opens a number of doors for potential investors and provides additional benefits to investing in the Ayia Napa Marina project.
The recent launch at the Burj Al Arab in Dubai marked the beginning of a strategic campaign in the emirate and the maiden foray of our international roadshow. In the next few months we will participate in key exhibitions such as the Dubai International Boat Show and Dubai International Property Show, in addition to hosting a promotional stand at the Mall of the Emirates. These activities are part of a wider and strategic international campaign that positions Ayia Napa Marina as an exclusive marina project that provides comfortable and luxurious living, as well as a profitable investment opportunity.
Tell us about your relationship with Sawiris Group for the €220-million development.
Ayia Napa Marina is the realisation of a dream and vision of the project’s partners, Egyptian investor Naguib Sawiris and Cypriot entrepreneur Gerasimos Caramondanis, founder of Caramondanis Group. The value added by Sawiris not only guarantees that the project will be successfully implemented, but attention to quality and detail will be emphasised. In turn, Caramondanis Group enjoys a well-respected local reputation and its 55-year leadership in mechanical and electrical engineering complements the sponsor’s team.
To retain the residency permit, is it necessary to spend a minimum amount of time in Cyprus per year?
There is no requirement to reside in Cyprus after acquiring citizenship.
Does Cyprus residency entitle the holder to free travel across the EU?
The permanent residency permit is for Cyprus only, while those who acquire Cyprus EU citizenship will gain full access to the EU. Citizenship is also granted to the investor’s spouse, children under the age of 18, as well as adult dependent children up to 28-years old who are full-time students. The citizenship is irrevocable and cannot be cancelled.
What would be the estimated yield of a residence within the project in case it is rented out or utilised as rental holiday property?
We expect the majority of buyers to purchase property to supplement their main residence in their home country. Cyprus’ weather and climate lend itself as the ideal location for investors based in the Middle East to use the Mediterranean island as a summer home.
However, for those looking to sell or rent their property within the development, the return on investment is expected to be healthy at around four to five per cent per year. Ayia Napa Marina is an unprecedented development in Cyprus. Due to the high demand for rental units, both short and long term, we anticipate the return on investment will be far greater than the regional average. Since we shall operate the marina and the residences for the next 50 years, this gives the necessary comfort to our clients that we shall be running on their behalf the facility management of their property, giving them only healthy yields without headaches.
Furthermore, we expect a series of events and activities across the community to significantly boost demand — especially from international tourists, the global marine community and conference participants utilising the on-site event centre.
How long is the process of acquiring residency or citizenship?
The procedure of obtaining Cyprus citizenship by investment takes approximately six months to be approved, though a fast-track route is available, which reduces the process to three months. To gain this, investors must hold a Cyprus residence permit first to qualify, which is offered with investments of over €300,000 and takes two months to process.
