YEAR 2016/Volume 1 All you need to know about the European rights and acceess.
4 FROM THE EDITOR
Welcome note from the editor Mr Antonis Antoniou.
8 WELCOME TO CYPRUS
18 VISA FREE TRAVEL ISSUE 27 TO 158 COUNTRIES
The small yet dynamic Mediterranean island of Cyprus, famous for the warmth and hospitality of its people, continues to be an attractive location to live, work and invest.
10 THE CYPRUS CITIZENSHIP PROGRAM
The Cyprus citizenship program offers the most simple and efficient means of obtaining EU citizenship.
12 PROGRAM BENEFITS
Become an EU citizen in just 90 days!
14 LIVE, WORK AND TRAVEL ANYWHERE IN THE EU
The cypriot passport is ranked 9th in the world!
20 APPLICATION CRITERIA The Cyprus citizenship program offers the most simple and efficient means to obtaining European citizenship.
21 ELIGIBILITY REQUIREMENTS Fees and taxes.
25 30 YEARS OF HISTORY FOR GIOVANI GROUP
Today Giovanni Group has gained a legacy to their name for reliability and solvency. For 30 years places land development for the district in a new era!
All the EU member countries that you can travel and work.
28 INTERVIEW: CHRIS GIOVANI
16 CYPRUS CITIZENSHIP BENEFITS
31 GIOVANI FOUNDATION
The owner of Giovani Group explains how everything started 30 years ago.
During the last decade, Giovani Groupâ€™s growth and investments continue as one of the few companies in Famagusta.
32 CYPRUS, YOUR GETAWAY TO EU
Cyprus is a modern country that enjoys a strategic geographical position. EDITOR Antonis Antoniou PUBLISH Giovani Group PRINTING Cassoulides Masterprinters DESIGN Intelligence Media COPYRIGHTS The edition is distributed from Giovani Group. The republication, reproduction or audio - visual transmission of the whole or part of the edition is strictly prohibited without the prior written permission of the editor.
OFFICES 436, Protaras Cavo Greco Ave 5314 Paralimni, Cyprus Tel: +357 23 833780 firstname.lastname@example.org www.giovani.com.cy
alasia SMART HOMES
The Era of the Global Citizen The term Global Citizen is widely used nowadays in the business World and global communities. It refers to people with a strong belief in the freedom of movement that have the undivided desire to choose their citizenship with the right to work, live and reside anywhere in the world. Beyond political or geographical boundaries Cyprus is offering a unique opportunity to high net worth individuals to acquire a fast track citizenship by direct investment in real estate. The philosophy is to make use of the entire nations of the world as one accessible community without restrictions. With access to 158 countries and a commitment to a boundary-less global community with untamed possibilities and comforts that unfold in front of anyone who sees potential, the Global Citizen program offered by Giovani Group is one of the most competitive and prevailing in the market. But, global mobility is not the only benefit. The safety of the family of the individuals also comes as a priority. In an era where the clash of civilizations dominates the entire world, individuals with economic power have an opportunity to prepare for the safety of their family. With an aboundance of options to work, live and reside the Cyprus Citizenship Program is currently listed as one of the best in the World. In this very first publication of the Global Citizen magazine we invite people to expand their horizons and review the limitless possibilities when investing with Giovani Group and First Class Global Citizen.
- Antonis Antoniou editor
In an era where the Clash of Civilizations dominates the entire world, individuals with economic power have an opportunity to prepare for the safety of their family.
Welcome to Cyprus! The small yet dynamic Mediterranean island of Cyprus, famous for the warmth and hospitality of its people, continues to be an attractive location to live, work and invest. The island’s sophisticated and sun kissed lifestyle coupled with its exceptional business infrastructure has proven a winning combination. Located in the Eastern Mediterranean at the crossroads of Europe, the Middle East and Africa, Cyprus’ strategic position has played a key role in shaping its history and in developing the island into a centre for trade and international business. Despite being a country of only 865,900 people, the Republic of Cyprus has steadily built itself into a thriving business centre and has much to offer in these terms. The EU-compliant domicile has a well-educated workforce, a low-cost business environment with a wealth of support services, a sophisticated ICT infrastructure and an investor-friendly tax regime – backed up by an extensive network of double taxation agreements with around 60 countries. Not only is Cyprus a developed business centre, but also one of Europe’s favourite holiday destinations, offering a perfect balance between business and pleasure. The island enjoys around 340 days of glorious sunshine a year and a coastline teeming with endless stretches of golden sands, secluded bays and rocky coves, all surrounded by the crystal waters of the Mediterranean Sea. The landscape is dotted with the fascinating remains of history, from Neolithic settlements and ancient city-kingdoms to exquisite Byzantine art and magnificent Venetian architecture. English is almost universally spoken and written and is the language of international business. German, French and Russian speakers are also easily found, thanks to the high number of Cypriots with international degrees, the country’s commercial ties with the global business community, and the island’s popularity as a tourist destination. Cyprus has a dynamic and flexible economy that has time and time again proven its capacity to adjust to continuously changing conditions. Before its independence from the UK in 1960, the Cyprus economy was primarily based on agriculture and the export of minerals. However, in the last few decades the country has established itself as a serious business and service centre for shipping, financial services and commerce, and is classified by the World Bank as a high-income country. Tourism has been a key driving force of the Cypriot economy for decades, and 2015 saw record-breaking numbers of tourist arrivals. New projects are currently underway to boost the tourism sector and encourage year-round visitors, ranging from the construction of brand new golf courses, marina developments and the upgrading of the island’s wellness and medical tourism product. In addition, the
country has successfully attracted a number of new carriers to the island, making it even easier and cost effective for visitors to reach Cyprus. A new and exciting prospect is the development of a luxury casino resort , the first of its kind, which has been put out to tender and attracted investors worldwide. The integrated resort is set to exceed five-star status, opening a whole new market for niche tourism on the island. Apart from the sun and the sea, Cyprus has few natural resources and has been dependent on oil imports to satisfy its energy demands. However, the world-class discovery of natural gas and potential oil deposits in Cyprus’ Exclusive Economic Zone (EEZ) in the Mediterranean Sea is expected to change all this. Appraisal drillings in block 12 by US Company Noble Energy confirmed natural gas reserves of 4.54 trillion cubic feet (tcf) – enough to meet Cyprus’ domestic gas demand for over 100 years – and has attracted international energy heavyweights, such as Total and Eni, to explore the island’s waters for new discoveries. Cyprus’ energy sector currently presents one of the best opportunities for foreign investors and for economic growth. Cyprus’ favourable and EU-approved tax regime, its flat rate of 12.5% corporate tax, pro-business government and highly skilled workforce, have long attracted foreign investment into the country. Most capital, predominantly coming from Greece, Russia, the US and UK, has been invested in the real estate, banking and wholesale trade sectors, but the economic crisis has opened new opportunities. With large scale developments, major infrastructure projects in the pipeline, new privatisation plans, and with a restructured banking sector, many international investors are recognising interesting opportunities on the island. Cyprus has all the right elements firmly in place, to maintain its reputation as an international centre of business excellence in one of Europe’s most interesting investment locations. Offering a professional atmosphere that makes doing business pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily with a cutting-edge international business centre, allowing investors to enjoy the best of both worlds: a safe and secure environment for family life and a sophisticated infrastructure from which to grow and develop business.
The Cyprus citizenship program Cyprus offers a fast track option to obtain citizenship and a passport with simplified and efficient procedures. On May the 24th 2013 pursuan to subsection (2) of section 111A of the Civil Registry Laws of 2002-2013, the Cyprus Goverment has enforced favourtable immigration policies, further fostering a way of obtaining Cyprus Citizenship via direct investments in Real Estate.
Spouse & dependents up to
No Physical Residency
THE CYPRUS CITIZENSHIP The Cyprus Citizenship program give the right of free movement within 28 countries which are part of the EU. One of the most visible advantages for citizens who have an urgent need to move freely from country to country wihtout any restrictions. As noted in the Article 21 (1) of the Treaty of the Functioning of the EU it stipulates that every EU citizen has the right to move and reside freely within the territory of the European countries, subject to limitations and conditions laid down in the Treaties and by the measures adoptedd to give them effect. It became applicable for all EU countries on 30th April 2006. CYPRUS CITIZENSHIP'S MAJOR BENEFITS • Global Mobility • Security for the whole family • Access to an advanced European Healthcare • Free Access to Internationally Recognised Eductional System • Favourable Taxation System (No inheritance tax, favourable corporate tax, extensive double tax treaties with many countries) • European Status • Right to Vote or to participate as candidate in European elections.
CYPRUS CITIZENSHIP vs OTHER PROGRAMS No Need to Physically Reside in Cyprus No Need to Abandon Current Nationality No Language Requirements No Interviews During the Process No Tax Implications No Donation Required to Local Goverment Only One Visit to Provide Biometric Data WHY CHOOSE CYPRUS The island of Cyprus offers unique advantages to foreigners who wish to utilize Cyprus as a base for conducting global business activities or even reside with their families. Its competitive advantages are a great result of a strong combination which dereive mainly from its excellent geographical location, advanced business and network facilities, tax system, Internationally reknowned educational system and a modern infrastructure that provides high quality of life to its residents.
Program Benefits THE CYPRUS PROGRAM > Fast track application procedures. > No physical residency required. > Dependents qualify (including children up to 28). > Dual citizenship allowed. > All nationalities eligible. > No language requirements or Interviews. > No medical exams needed. > Future generations obtain passport through â€œderivationâ€? of citizenship > No tax complications. > Passport granted via direct investment to FREEHOLD properties with excellent rental yield. > Properties may be sold in 3 years or passed to next generation with no inheritance tax. BENEFITS OF TRAVELING IN EUROPE A Cypriot passport make travel effortless in the European Union and much easier for those waiting to travel wider afield. Holders of a passport issued in an EU country are entitled to enter, reside, study or work in any coutnry within the European Economic Area (that is EU countries plus Iceland, Liechtenstein and Norway) as well as Switzerland - without the need for a visa.
GENERAL CONDITIONS* 1. Purchase Properties of minmum value â‚Ź2,500,000 + Vat (if applicable) one of which must be declared as the private residence 2. Proof of Funds from abroad 3. Provide a clear police certificate (criminal record) from the country of current residence or country of origin. 4. Provide valid passport *Conditions may change, please enquire for more information.
Become a European citizen with direct investment!
Give yourself and your family the freedom to live, work and travel anywhere in the EU!
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CURRENT EU COUNTRIES Austria Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France
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Germany Greece Hungary Ireland Netherlands Poland Portugal Romania Italy Latvia
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Lithuania Luxembourg â€˘ Malta Slovakia Slovenia Spain Sweden United Kingdom
Cyprus Citizenship Outline Fast-track process - no interview
No minimum residency prior to citizenship
EU Free Movement of goods, services, capital
158 Visa-free destinations
Valid for life
Citizenship to transferrable descendents
Dual Citizenship has nothing to do with national loyatly - it is simply a legal way to protect yourself, your family and your assets from unexpected global economic and political events that may take place. In reality, a second citizenship and second passport are like a solid national insurance. > Cypriot nationals like any other European have the freedorm and right to live, work and travel in Europe and rest of the World. > Dual Citizenship offer perks such as financial privacy, family safety and global status. > European passport holders are safe-guarded politically throughout Europe.
free travel to 158 countries
• Albania • Andorra • Anguilla • Antigua and Barbuda • Argentina • Armenia • Aruba • Austria • Bahamas • Bangladesh • Barbados • Belgium • Belize • Bermuda • Bolivia • Bosnia and Herzegovina • Botswana • Brazil • Brunei Darussalam • Bulgaria • Burundi • Cambodia • Canada • Cayman Islands • Chile • Colombia • Costa Rica • Croatia • Czech Republic • Denmark • Dominica • Dominican Republic • Ecuador • Egypt • El Salvador • Estonia • Falkland Islands • Faroe Islands • Fiji • Finland • France • French Guiana • French Polynesia • French Southern Territories • Gambia • Georgia • Germany • Gibraltar • Greece • Greenland • Grenada • Guadeloupe • Guatemala
• Guinea-bissau • Haiti • Vatican • Honduras • Hungary • Iceland • Indonesia • Ireland • Israel • Italy • Jamaica • Japan • Jordan • Kenya • Kiribati • South Korea • Kuwait • Kyrgyzstan • Lao People’s • Latvia • Lebanon • Lesotho • Liechtenstein • Liechtenstein • Lithuania • Luxembourg • Macedonia • Madagascar • Malawi • Malaysia • Maldives • Malta • Marshall Islands • Martinique • Mauritania • Mauritius • Mayotte • Mexico • Micronesia • Moldova • Monaco • Montenegro • Montserrat • Morocco • Mozambique • Nauru • Nepal • Netherlands • New Caledonia • New Zealand • Nicaragua • Niue • Norway
• Oman • Palau • Panama • Papua New Guinea • Paraguay • Peru • Philippines • Pitcairn • Poland • Portugal • Qatar • Reunion • Romania • Saint Helena, Ascension and Tristan Da Cunha • Saint Kitts And Nevis • Saint Lucia • Saint Martin (French Part) • Saint Pierre And Miquelon • Saint Vincent • Samoa • San Marino • Serbia • Seychelles • Singapore • Slovakia • Slovenia • Solomon Islands • South Africa • Spain • Swaziland • Sweden • Switzerland • Tajikistan • Tanzania • Thailand • Timor-leste • Togo • Tonga • Trinidad And Tobago • Turkey • Tuvalu • Uganda • Ukraine • United Arab Emirates • United Kingdom • Uruguay • Vanuatu • Venezuela • British Virgin Islands • Wallis And Futuna • Zambia • Zimbabwe
First Class Global Citizen First Class Global Citizan comprises of professionals and network of international associations who are focused on assisting investors and their families achieve their aim as well as protect their interests. Cypriot immigration Specialist, lawyers who are members in good standing of provincial or territorial law societies, Global Immigration Process Coordinators, financial analysts, management consultants, chartered accountants, immigration supervisors, legal officers, administrators and immigration clerks. Each dynamic member of our firm is highly proficient and is regularly trained on amendments to Cyprus and Global Immigration laws, regulations or procedures. All associates of First Class Global Citizen / Giovani Developers are qualified to utilize all available resources and knowledge to achieve the best possible results for our clients. First Class Global Citizen is part of Giovani Group, a Leading Real Estate Developers and Immigration Consultancy Compa-
ny assisting our clients worldwide, providing essential solutions related to High Net worth Clients interested in advantageous real estate immigration programs that offer them and their family’s Visa free Travelling, EU Permanent Residency, Citizenship, a Safe Investment in Residential and Commercial Property, legal and tax solutions. The Group’s specialized guidance is targeting businessmen and their family’s to expand their business into the European Union, and to provide informative details for their children’s education and new opportunities in the EU and other countries. With over 30 years of experience our “One Stop Shop” multiple services will be all that the consultants, legal and financial professionals, and investors will require to meet their goals efficiently, successfully and responsibly.. Our Immigration Specialist are capable of analyzing the most challenging and complicated cases and providing the most accurate and comprehensive advice.
Criteria Simplified and efficient ways to obtain the Cyprus European citizenship. All nationalities are eligible to apply and the requirements are minimal. In addition to making a real estate investment applicants must also supply the following documents:
Application/ Government fees Gover,ent fee €2,000 for main applicant plus €300 per dependant Approval fee €5,000 per adult TAXES Additional taxes may apply.
> Valid Passport > Birth certificate > Police clearance certificate from country of residence or origin > Marriage certificate (if applicable) > Curriculum Vitae
Total Direct Investments in real estate €2.5 millions
The process - Inspect and Identify the real estate investment of your preference. The most important part of the process is the step one where the investor must inspect and identify the property/ies of his/ her preference. This could take place via a personal visit in Cyprus or through correspondance. - Proceed to Agreement with the seller Proceed to a fromation of an agreement with the seller, sign contracts and deposit them to the Cyprus land registry. - Transfer Investment funds from abroad to Cyprus Transfer funds from abroad to a secured bank account in association with the developer or seller and receive an officail payment receipt. - Preparation of citizenship application Collect all necessary supporting documentation required for the application - see all the relevant application criteria. All documents must be officially translated into Greek or English and duly certified / apostilled. - Submit Citizenship Application Submit application to relevant goverment authorities with all the supporting documentation and purchase agreeements. Pay applicaton fees. - Visit Cyprus to Receive Passport Once the Council of Ministers approves the citizenship as a final step, the applicant visits Cyprus to provide biometric data and receive passport and I.D. cards.
Guarantee A full money-back guarantee is offered by Giovani Group should the application be declined. Additionally, funds are deposited in a secure account that requires the signature of the independent appointed lawyer in order to be released.
30 years of
Today Giovanni Group has a legacy to their name for reliability and solvency for over 30 years. (places land development for the district in a new era!)
The Group's story begun in the village of Vrisoulles in 1986. Then Christakis Giovannis lay at the foundation for an unexpected but great process of business progress and development.
Earning the very first contract with the British Sovereign Base layed solid foundation for professionalism, and sets a protocol for quality. The first and greatest rewards came in 1996, when the group secured quality certifications for ISO 1400 and 1401, environmental 14001 and health and security 18001. Back then, conventionality of business with ISO procedures was a first and set a persistence. The then company, named Chr. Giovanis & Co, had nothing to be jealous from similar companies abroad. With serious work, tenacity and insistent became the first company in Cyprus that received (or “to receive”) all three ISO certificates. The Group`s future changed
completely in 1999, as it was decided to enter the real estate market with the company name Giovani Developers LTD. Since then it created, developed and executed hundreds of estates and had an important role in real estate development in the area. Researching the market from Pulse Market Research had shown, the Group had the amazing 14.4% share in the market, and with the rest of the competition following with a massive gap. An important example of success in the past was the inclusion of the Group in the 5 bigger companies of land development in the whole of Cyprus, according to the famous business issue “In Business”. Today, the Group applies its development plans, and despite the dramatic implications the sector had in the last 5 years, it presents three grandiose projects in Protaras and Ayia Thakla, where as in two of them constructions have already started, (Levanda Villas and Alasia Smart Homes). In 2016 the group celebrated its 30 year anniversary since its establishment, and the team of Directors agreeably surprises their cus-
tomers with the intention to transfer more than 100 individual Titles of Ownership and with the securitization of more than 200 new units. High standards with big targets were set to reverse the negative image the group exposes in the particular sector according to the Operation Manager of the Operations Public Services, Phillippia Karaoli. Although enterprise surprises, do not stop here. In 2016 the Group target is to present a new found project for the area`s standards, which will attract investment interest worldwide. As emphasized by the CEO of the company, Christakis Giovanis : â€œ
The Group has as an immense target to remain the biggest employer in the Famagusta District and with innovative projects to promote development and new working positions in Famagustaâ€?. As one of the biggest employer in Famagusta district will place land development in the district starting a new era! Smart Homes, modern, innovative brand new offices, in traditional and new markets like Lebanon, Beijing and London, while also scheduling new partnerships to increase the sales network in Asian countries and South Africa.
Giovani Group Your Cyprus immigration and real estate expert! GIOVANI GROUP offers a total solution for Cyprus residency and citizenship. Our extensive experience, personal service and proven-track record, together with our vast and varied property portfolio have made GIOVANI GROUP the market leader for Citizenship and Residency in Cyprus. GIOVANI GROUP offers excellent support to clients whatever their needs and wherever they may be. Our experienced professionals are on-hand to manage your needs with confidence and care, while our transparent and professional approach combined with our highly secure process assures peace of mind. > Cyprus leading luxury property developer > Over 30 years experience > Award-winning developments > Comprehensive property portfolio > Global presence > Comprehensive sales, property management and resale services > Outstanding quality standards > Personalised service and attention to detail > First Class Global Citizen service > In-house immigration specialists
History in the
The man behind Giovani Group Mr Chris Giovani, describes how everything started 30 years ago! 30 years of Giovani Group. Could you ever imagine that you would have this route? Einstein said, “Imagination is more important than knowledge.” In our case, both imagination and knowledge where fused together and created a very unique blend; the Giovani Group of Companies. Hard work, boldness, the quiet and collective work and also the continuous ‘worry’ for progress, granted us to count 30 years of this company. Surely, we were secretly hoping for success and fought to build a professional route however, todays results prove that our success is better than our initial expectations. Our success comes from everyone who worked so fondly for so many years with us and also to the people who continue to trust our products and services.
What are the main ingredients for your success? To reach to this point, we needed to test an effective leadership that is characterised by humanity, honesty, honourability and severity. We kept close to our people who work hard, with courage and confidence and together we made a life goal. With hard work, restless and eternal love, energy, inspiration and vision, we reached
today to celebrate the fruit of our labour. In 2008 we had a ‘shake’ from the global economic crisis. I have to admit that even though we were shaken a lot, we were not afraid. We continued to work seamlessly and focused to our goals. Unfortunately the global credit crunch affected our company to the maximum and in 2013, a second unfortunate moment knocked at our door. At that hard moment when Cyprus knew about the deposits’ haircut and the memorandum, our goal was to keep the Group’s companies alive, and to make them more flexible. Real estate market was prosperous from the beginning of 2016. What is the contribution of the property development sector in the economy of our island? Real estate market always had and has perspective for development and offer. As the non-occupied area of Famagusta, we contribute the maximum to the economy of the island. We hope that, not only for this year but for the next as well, the construction industry will recover, the real estate market will get a development road, not only for the benefit of the area but, for the whole of Cyprus. Our encouragement to all colleagues and relevant local bodies is to start to promote the region as one piece. Our small geographical size
Our encouragement to all colleagues and relevant local bodies is to start to promote the region as one piece. Our small geographical size gives us the opportunity to compete.
In recent years, apart from Europeans, we managed to convince people from Russia and China to trust and invest in us.
gives us the opportunity to compete. Famagusta must conquer lost ground against the rest of the island’s districts that have established infrastructure and developed marketing strategies. We have to join forces to get the old glamour we once had. Which is the Group’s target group? The company, during all these years created a remarkable clientele. In recent years, apart from Europeans, we managed to convince people from Russia and China to trust and invest in us. But our efforts did not stop there. Many buyers from Asia and the Middle East have now invested in our Group and in Famagusta. This alone opens great horizons to us, in order to strengthen our operations towards emerging markets. Tell us about the Giovani Foundation. How did the idea occur? As a Group we always felt the ‘responsibility’ to support the local community and help people that weren’t as fortunate as us. So the idea was born, to create a statutory body that will
help younger people to show their worth. More specifically Giovani Foundation will fund annual student grants from Famagusta who for various reasons are unable to find the resources to study. In this way we give hope and opportunities more targeted, and with scientific planning we give back to society the minimum of what it gives us. Which are the future plans of the Company? Our goal in this 30-year effort was to inspire with our vision and to gain people’s trust. To a large extent this was succeeded but now is the time to make the big step. The group is planning developments with mixed elements of tourism and residential units. Something that we believe is the future in an area like Famagusta that lives through tourism. We also have as its primary aim to give high quality services to those who wish to combine their holiday accommodation with high quality services. We are raising the bar and combine the residential with the tourism. An arrangement that will bring a small revolution in Famagusta.
During the last decade, Giovani Group’s growth and investments continued, unabated; one of the few companies in Famagusta which experienced near immunity throughout the financial crisis. The Group’s persistence and belief in a more promising future translated to continued development resulting in job creation for the Famagusta citizens when other companies were either laying off employees or suspended recruitment. The industry in which Giovani operates is incredibly competitive but the Group has managed to hold it’s promised against even the largest national competitors and in doing so; cemented its position as a local champion. The destiny of Giovani is defined via embodied trust in its personnel. The management and employees of Giovani epitomise zeal and tenacity which are qualities that we seek with the 145 worldwide partners and associates. But aspiring for economic prosperity is not the sole primary objective of the management. Corporate responsibility is considered a key element of the director’s philosophy. Thus, continuing to strive for success in the market place is always coupled with a desire to ‘pay-it-forward’ which in turn benefits and improves living con-
ditions for the local community. This core tenant enhances social cohesion exemplified by the gratification shown to the employees; giving a sense of pride in working for Giovani. As an expression of the continued will and desire to build on existing relations with the local community, it gives a great pleasure to the management to announce the creation of the Giovani Foundation. The sole purpose of this organisation will be to assist those in the community in real need. Most, if not all, of the recipients will have the same ability as any of us yet have never have the opportunity to fulfil their potential and dreams. As a first and initial step, Giovani proudly announces that it will fully sponsor, one student to attend College or University, in the form of an annual scholarship. The promise for the years to come is that the Foundation will emulate the founder’s ethos and group’s values. And this is merely the beginning.
Your getaway to Europe! Cyprus is a modern country that enjoys a strategic geographical position. It lies at the crossroads of three continents, Europe, Africa and Asia, thus provides unrivalled access and travel opportunities.
The island has established a reputation as a springboard for international investors accessing the large EU markets as well as the emerging economies of the Middle East, Eastern Europe, North Africa, India and China. Cyprus provides a plethora of opportunities for investors. Its market-oriented economy operates within a transparent regulatory and legal system based on the Common Law of the United Kingdom, and fully harmonized with the collective framework of laws and regulations of the EU. Cyprus provides many advantages to the corporate sector, including the lowest corporate taxation rates in the EU (10%) with a broad range of double taxation agreements with 44 countries. Foreign investors are able to utilize an advanced transport and telecommunications infrastructure, a highly educated, skilled and multilingual human capital base as well as a high standard of specialist professional services. Moreover, Cyprus offers relatively lower operating costs with high quality services, including banking, tax, accounting, auditing, business administration, legal, investment and funds management. All these paired with the island’s enviable quality of life are the key ingredients that have made Cyprus stand out in the Global Investment Map. LIFE IN CYPRUS Cyprus offers an enviable lifestyle in a clean and healthy environment with a high standard of living. Living and working in Cyprus are directly related to fabulous weather, beautiful nature, art and culture, safety, security, and above all, hospitable and warm people. It is the combination of all these factors that makes the experience of living on the island extremely desirable and attractive. The balance between work and family
part of everyday life, is unique and truly difficult to match. NETWORK Cyprus has managed to successfully exploit its strategic location at the crossroads of Europe, Asia and Africa – establishing it as a thriving international business centre with global connections. This success could not have been achieved without the support of an advanced communications infrastructure. Promoting the digital economy and developing secure electronic communications networks is high on the agenda in 2016, including creating more efficient e-solutions across all sectors. The government’s commitment to attracting foreign investment into Information
and Communications Technology (ICT) projects and with start-ups springing up, Cyprus is being noticed internationally and was recently included in a list of eight emerging global technology hubs by Transfer Wire. BUSINESS ENVIRONMENT Cyprus offers one of the most attractive tax regimes in Europe. A member of the European Union since 2004, Cyprus’ regulatory regime is in full compliance with the requirements of the EU and OECD. Cyprus has one of the lowest EU corporate tax rates at 12.5%. The island’s advantageous tax rate coupled with an extensive list of double tax treaties places it high on the list of preferred jurisdictions for international
tax planners. SHIPPING SERVICES The Cypriot merchant fleet ranks among the 10 largest fleets in the world and ranks third in the European Union, with 12 per cent of the total fleet of the 27 Member States of the EU. Cyprus is also a major ship management centre with a total of around 60 ship management companies, some of which rank among the largest of their kind in the world, operating from within Cyprus. From those ship management companies, 87 per cent are controlled by Cypriot and EU interests and they employ almost 40,000 seafarers, out of whom 5,000 are EU nationals. The total fleet managed from Cyprus represents 20 per cent of the world thirdâ€“party ship management market. Cyprus' ports are the commercial ports of Limassol and Larnaka. In 2013 there were 4,534 calls of ships in the Cyprus ports moving 270,364 passengers and 277,276 metric tons of cargo. LEGAL FRAMEWORK Cyprusâ€™s legal system is based on U.K. Common Law principles. As a member of the European Union, Cyprus has introduced the body of laws and regulations of the E.U. There are over 2100 registered advocates and 160 limited liability law firms providing a wide range of legal services in Cyprus such as international law, corporate administration, and management services. Cyprus offers a wide range of professional accounting, auditing, management consultancy, taxation, financial advisory and other administrative service to both the private and public sectors. In 2009, there were approximately 120 limited accounting firms and 40 partnerships operating in Cyprus. Top international accounting firms are established in Cyprus providing services to international investors
INFRASTRUCUTRE The local infrastructure is ideally suited for businesspeople that need to get things done. Thanks to its modern road network, extensive port facilities and two new international airports, travel and transport in and beyond Cyprus is fast, efficient and economical. Considerable investment has been made into transforming the island into a major telecommunications hub in the region. By building upon its technologically advanced infrastructure, Cyprus has established an extensive telecommunications network, both in terms of cable and satellite, which ranks amongst the best in the world. The coastal resorts of Larnaca and Paphos each operate international airports serving flights to and from both Europe and the Middle East. RESOURCES Cyprus is committed to ensuring the security of its energy supply, protecting the environment, fostering healthy competition in the energy sector and encouraging the development of renewable energy technologies and production. Cyprus also aims to positively contribute to the European energy security of supply. Cyprus ranks first in the world in solar energy use for water heating in households, and has achieved significant progress in the production of energy from Renewable Energy Sources (RES). The most important projects relating to power generation from RES concern wind parks and photovoltaic parks. The existence of world-class deepwater natural gas reserves in Cyprus Exclusive Economic Zone (EEZ) has attracted a lot of attention from potential international investors, while bringing new and exciting opportunities to the energy sector itself. With the energy developments in neighbouring countries, the prospects may be there for Cyprus to become an energy hub in the Eastern Mediterranean.
Facts & figures ISLAND LOCATION Strategic Location in the Southeast Europe CAPITAL Nicosia (Lefkosia) AREA 9251square kilometers EU MEMBER Since 2004 TIME ZONE GMT+2 LANGUAGE
Greek, Turkish, English GOVERNMENT TYPE Presidential democracy CURRENCY Euro (EUR) (since 2008) CLIMATE Mediterranean, CURRENT POPULATION 1,114,306 HIGHEST POINT 1951m, Mt Olympus
30 YEARS IN THE MAKING
Giovani Group celebrated their 30 year anniversary with many guests and friends from all over the world. As one of the biggest and more ambitious companies in Cyprus, Giovani wishes to celebrate for many years to come.
10+1 reasons to invest in Cyprus In a globalized economy where multinational companies are pressed to maintain and increase quality while cutting costs to meet increasingly higher client expectations, Cyprus provides a complete value proposition. 1. Cyprus and the European Union On May 1, 2004 Cyprus became a member of the EU. Cyprus is due to become a candidate of the Schengen and join the Schengen Zone. Accession to the EU has launched a new era of commitment to growth in Cyprus. 2. Tax system benefits. Cyprus offers an advantageous tax system for international business. The uniform corporate tax rate of 10% is the lowest in the EU. 3. Macroeconomic stability Cyprus's real GDP growth rate is well above the average growth rate of Eurozone. Specifically, in 2008 the real GDP growth rate reached 3, 7%. The annual growth rate is expected to continue in such high levels in the future. Cyprus enjoys macroeconomic stability which is reflected through various indicators including Real GDP Growth 4. Foreign Direct Investment. Cyprus is one of the most attractive locations for foreign investments, ranking among the frontrunners of the world indicating both high FDI performance as well as high FDI potential, based on the latest World Investment Report of UNCTAD published in 2006. The long-term FDI trend is positive, and Cyprus has the potential to attract even higher FDI 5. Location of Cyprus Cyprus's strategic location is at the crossroads of three continents playing a major part its great history throughout the centuries and it has developed into a reputable international business and services center. Naturally, Cyprus is one of the key international shipment centres with substantial amount of products exported. 6. Highly regarded International Shipping Centre Cyprus is a highly reputable international shipping centre, ranking among the 10 leading maritime nations in the world; with a mer-
chant fleet exceeding 21 million gross tonnage and nearly 2000 vessels. Ship Management Cyprus constitutes one of the largest ship management centres in the world; around 50 ship management companies and marine-related foreign enterprises are conducting their services in the island. 7. Advanced infrastructure and network Two international airports, a modern road network and port facilities have been long established in Cyprus. It is known as a commercial, financial and business center in the region. More than 33 Airlines operate scheduled flights from and to Larnaca International Airport and Paphos International Airport. Public transport, bus service was recently upgraded across the island. 8. Excellent legal, accounting and banking services Acknowledging that information and knowledge would be the drivers of sustainable growth in the global economy of the future, Cyprus has undertaken a major role in facilitating the exchange of ideas, services and support among professionals worldwide. 9. Highly skilled and multilingual personnel Cyprus has a young, well-educated group of individuals. The country is committed to education and is focusing on reforms to achieve sustainable growth. It has an excellent array of colleges and universities with very high standards offer a diversity of academic programmes. Since 2004 Cyprus has consistently allocated over 6% of GDP of public expenditure on Education 10. The island for everyone Cyprus offers a wonderful environment for a very contented standard of living and Cyprus ranks as the 28th highest in the world, with 90.3 points. The highest score was 96.8 points. By European standards Cyprus is inexpensive to live a comfortable standard lifestyle and the low crime rate encourages many foreign investors 11. Popular Holiday Destination Cyprus was recently awarded by Trip advisor for having the best No. 1 and No. 3 beaches in Europe. The East Coast of Cyprus is the most popular destination and attracts the majority of the tourists to the island. Eastern Cyprus is known for its clear blue safe waters and hosts one of the top diving wrecks in the world. There is also a multitude of historic places to visit across the island and plenty of activities for all the family to enjoy.
Published on Sep 12, 2016
In this very first publication of the Global Citizen magazine we invite people to expand their horizons and review the limitless possibiliti...