Your access to Europe

1. YEAR 2017/Volume #2
THE
RIGHT
TIME TO
INVEST
IN CYPRUS
A plethora of
opportunities
for investors.
GIOVANI GROUP: MAKING STEADY PROGRESS IN A POSITIVE DIRECTION
THE
RIGHT
TIME TO
INVEST
IN CYPRUS
YOUR
ACCESS
TO EUROPECyprus provides
a complete value
proposition!
THE ISLAND OF CYPRUS I BECOMING A EUROPEAN CITIZEN I WEALTHY GLOBAL FAMILIES
ACCESS
YOUR
TO EUROPE

4. 06 FROM THE EDITOR
Welcome note from the editor
Mr Antonis Antoniou.
34 A NEW LIFE!
Give yourself and your family the freedom to live, work and travel
anywhere in the EU!
36 FREE TRAVEL
A Cypriot citizen can freely travel, reside and work within any of
the 28 European Union countries. Furthermore, Cypriot citizens
are entitled to travel to a total of 169 countries without visas, or
with passports stamped on arrival.
38 AN EXPERT'S INSIGHT ON
CITIZENSHIP BY INVESTMENT (CBI)
Natasa Kirgia has lengthy experience in providing advice on both
investments and dual citizenship.
40 WEALTHY GLOBAL FAMILIES
A family’s fundamental hope is to be able to enjoy the status of
‘global citizen’, enjoying all the world has to offer.
42 30 YEARS OF HISTORY
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!)
48 MAKING STEADY PROGRESS
Jimchang Giovani is one of the few construction and real estate
companies of Cyprus’ south east coast that has managed to de-
rive a number of great developments from the recent financial
crisis.
08
WELCOME TO CYPRUS
The small yet dynamic Mediterranean is-
land of Cyprus, famous for the warmth and
hospitality of its people, continues to be an
attractive location to live, work and invest.
56
SUN CITY HOTEL
The foundation stone for the Sun City
project was placed at the beginning of
this year during a glamourous ceremony
12
YOUR GATEWAY TO EUROPE!
Cyprus is a modern country that enjoys a
strategic geographical position and pro-
vides unrivalled access and travel oppor-
tunities.
19
YOUR ACCESS
TO EUROPE!
Step by step on how to
become a European Citizen in just 90 days!
YEAR 2017/Volume #2

7. Editor's note
- Antonis Antoniou -
editor
The surge of the high net
worth individuals (HNWI)
Dual citizenship is a precious commodity no longer reserved for the
few. With the need for global access increasing, the power of the pass-
port is stronger than ever. With good healthcare and education, low
tax, and unrestricted EU access, Cyprus is becoming an ever popular
destination for the HNWI looking for good returns and unhindered
entry to destinations across the World.
Boasting a developed, high-income economy with
a long life expectancy and good education, Cyprus
has a very high human development index. Being a
member of the commonwealth for over fifty years,
and joining the European Union in 2004, citizen-
ship on the island has become an attractive advan-
tage offering a visa-free travel gateway to 158 coun-
tries around the world.
The EU referendum and the Cypriot citizenship-by-investment program
have led to an influx of foreign investors stepping onto the island with an
appetite for property. Since the Cypriot government announced the scheme
for naturalization of non-Cypriot investors by exception in 2011, new resi-
dential developments on the island have quadrupled.
Demand for luxury has grown and as a nation Cyprus has become better
equipped to embrace the HNWI with the arrival of private jets into Larna-
ka Airport and a plethora of five star hotels across the island.
Cypriot property developers have forged new alliances with overseas inves-
tors and the residential development model has transitioned dramatically
from the family-owned companies of yesteryear into well respected brands
with strict corporate governance. This progression has instilled confidence
in the HNWI looking to Cyprus to invest their wealth, making it easier for
non-Cypriot nationals to invest big in the island - ensuring their demands
for quality, service and luxury are realised and their investment is secure.
To many, Cyprus is a paradise on earth; a hidden gem in the Mediterranean
which can serve as a base for businesses, private and public investors, and a
safe haven for families. With much undeveloped land, the long-term future
of Cyprus looks positive. With foreign investors comes racial diversity - one
of the most defining and impactful characteristics of the millennial genera-
tion. With an increased population, a more diverse socio-economic culture
and further racial integration, Cyprus is sure to continue to attract inward
wealth, bringing with it prosperity and cultural change.
Cypriot property developers have forged new al-
liances with overseas investors and the residential de-
velopment model has transitioned dramatically from the
family-owned companies of yesteryear into well respect-
ed brands with strict corporate governance.
EDITOR
Antonis Antoniou
PUBLISH
Giovani Group
PRINTING
Cassoulides Masterprinters
DESIGN STUDIO
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
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7
B
YEAR 2017/Volume #2

8. Welcome
to Cyprus!
8
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 develop-
ing the island into a centre for trade and in-
ternational 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, seclud-
ed 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-king-
doms to exquisite Byzantine art and magnificent Venetian architecture.
English is almost universally spoken and written and is the language
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 exception-
al business infrastructure has proven a winning
combination.
Ιntro
W
Tourism has been a key driving
force of the Cypriot economy for decades,
and 2016 saw record-breaking numbers
of tourist arrivals.

9. 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 com-
mercial 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 con-
tinuously changing condi-
tions. Before its independence
from the UK in 1960, the Cy-
prus 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 com-
merce, and is classified by the
World Bank as a high-income
country.
Tourism has been a key driv-
ing force of the Cypriot econo-
my 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 coun-
try 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 inte-
grated resort is set to exceed
five-star status, opening a
whole new market for niche
9

10. 10
Ιntro
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 opportuni-
ties 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 eco-
nomic 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 inter-
esting opportunities on the island.
Cyprus has all the right elements firmly in place, to main-
tain 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.

11. SOUTHEASTCOAST
AGIANAPA-PROTARAS
award winning beaches. unmatched hospitality.

12. Cyprus is a modern
country that enjoys a
strategic geographical
position. It lies at the
crossroads of three con-
tinents, Europe, Africa
and Asia, thus provides
unrivalled access and
travel opportunities.
Τhe island
Cyp
Your gateway
12
Your gateway
Cyprus is a modern
country that enjoys a
strategic geographical
position. It lies at the
crossroads of three con-
tinents, Europe, Africa
and Asia, thus provides
unrivalled access and
travel opportunities.

13. prus
to Europe!
13
to Europe!

14. The island has estab-
lished 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 opportu-
nities 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 telecommunica-
tions infrastructure, a highly educated,
skilled and multilingual human capital
base as well as a high standard of spe-
cialist professional services. Moreover,
Cyprus offers relatively lower operating
costs with high quality services, includ-
ing banking, tax, accounting, auditing,
business administration, legal, invest-
ment 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 successful-
ly exploit its strategic location at the
crossroads of Europe, Asia and Africa
– establishing it as a thriving inter-
national business centre with global
connections. This success could not have
been achieved without the support of an
advanced communications infrastruc-
ture. Promoting the digital economy and
developing secure electronic communi-
cations networks is high on the agenda
in 2016, including creating more efficient
e-solutions across all sectors. The gov-
ernment’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 plac-
es it high on the list of preferred jurisdic-
tions 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
Τhe island
14
Τ

16. 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 third–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
Cyprus’s legal system is based on U.K.
Common Law principles. As a member of
the European Union, Cyprus has intro-
duced 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 internation-
al 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 trans-
forming the island into a major telecom-
munications hub in the region. By build-
ing 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.
16
RESOURCES
Cyprus is committed to ensuring the
security of its energy supply, protect-
ing the environment, fostering healthy
competition in the energy sector and
encouraging the development of renew-
able energy technologies and production.
Cyprus also aims to positively contrib-
ute 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
Cyprus has managed to successfully exploit its strate-
gic location at the crossroads of Europe, Asia and Af-
rica – establishing it as a thriving international busi-
ness centre with global connections.
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 ex-
citing 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.
Τhe island

19. Step by step guide on how to
become a European Citizen.
Freedom to live, work, and
travel around the world
Your access
to Europe!

20. The Government of Cyprus offers a Fast Track Citizen-
ship Scheme presenting exciting and endless oppor-
tunities to non-EU ultra-high net worth Individuals,
Investors, entrepreneurs and wealthy families who are
ready to move in swiftly to reap the benefits of one of
the best and strongest passports in the world.
Cyprus is currently the only European Country that
offers a pure citizenship and a second passport in just
6 months by law. On September 13, 2016, pursuant to
subsection (2) of section 111A of the Civil Registry Laws
of 2002-2015, the Cyprus Council of Ministers have es-
tablished and approved a new and even more attractive
Scheme for ‘Naturalization of Non-Cypriot Investors by
Exception’.
Cyprus Citizenship
The Cyprus Citizenship Programme gives an excellent
International travel document to non-EU citizens. Every
Cypriot passport holder is also a Citizen of the Europe-
an Union (EU). The passport - along with the national
identity card - allows for free rights of movement and
residence in any of the 28 states of the EU and Euro-
pean Economic Area. Furthermore, Cypriot Citizens are
entitled to travel to a total of 169 countries without
visas, or with passports stamped on arrival. A Cyprus
Passport is a powerful tool for business investors who
have an urgent need to move from country to country
without any restrictions and delays.
First Class Citizen
Cyprus Citizenship by
Investment (CBI) Programme
20

21. 21
First Class Citizen
Motivations
• Stability Security
• Enjoy Visa Free Travel
• Opportunity
• Personal Freedom
• Insurance Policy
• Protection
Program
Benefits
• Passport issued in just 6 months
• Approved CBI Programme in Europe
• The entire family obtains citizenship
• Dual Citizenship allowed
• Global Mobility
• No language requirement
• No interviews during the process
• Financial freedom
• Pure investment - no donation required
• Exit Strategy after three (3) years
• No physical residence requirement
• Cyprus offers the ideal place to live
• Excellent worldwide connections
• Excellent infrastructure
Benefits of Cyprus
European Citizenship
• Equal rights and privileges with natural born
European citizens
• Visa free travel to 169 countries
• Access to first-class recognised European health-
care and educational systems
• Free movement of goods -right to transfer
goods from one member state to another
• Free movement of capital – right to transfer any
amount of money from one member state to another
• Free movement of services – establishment
and free movement of services
• Attractive tax system (no inheritance tax, favour-
able corporate tax, extensive double tax treaties
with many countries)
Eligibility
• All nationalities are eligible.
• Citizenship and passport is granted to the ap-
plicant, the spouse and all financially dependent
children up to the age of 28.
• Parents of the Investor can be included in the
same application by purchasing an extra residential
property of value €500,000.

22. 22
Benefits of Travelling in Europe
When a Cypriot Citizen is travelling within the whole
of the EU in any of the 28 Member States without the
need of a visa, it is certainly both an economic relief, as
well as extrication from bureaucracy.
Holders of Cypriot passport driving licenses are rec-
ognised in any of the Member States of the EU.
Educational benefits
Cypriot citizens have the right to study in another EU
Member State with the same conditions and fees as the
nationals of the said country.
Healthcare Benefits
Amongst the substantial benefits that the Cypriot citi-
zenship provides with, are the healthcare rights.
EU citizens have extensive and clear rights with respect
to healthcare in any of the 28 Member States of the
EU. Additionally, with the acquisition of the European
Health Insurance Card one may receive treatment under
the same conditions and at the same cost as people
insured in that Member State.
Employment Benefits
EU citizens enjoy extensive rights in all the 28 Member
States of the EU. The freedom of movement gives EU
citizens the right to move freely and work in any Mem-
ber State without restrictions.
Pension Benefits
All Cypriot citizens who are insured under the social
security scheme are entitled to receive pension.
They also have the same rights to social insurance as
the citizens of the Member State in which they live or
work.
Moreover, EU citizens maintain the right to receive their
social insurance benefits even in cases where they move
to another Member State.
First Class Citizen

23. 23
Criteria
A1. Investment in any immovable property, including
land with development plans and excluding land with-
out development rights.
A2. Investment in Cyprus Companies who:
1. Are registered in Cyprus
2. Are operating in Cyprus
3. Have five (5) EU citizen employees who must have
been Cyprus Residents for the last five (5) years.
4. If more than one applicant invests in a Cyprus Com-
pany during the same period, the number of employ-
ees should be increased accordingly.
A3. Invest in Cy Licensed Investment Funds who are
registered and operating in Cyprus, in Bonds Securities
etc.
A4. Combination of criteria A1 to A3 to total €2,5m
now have the option to include €0,5m Government
Bonds within the plan.
B. Citizenship by Investment on REAL ESTATE Pro-
gramme
• For Individuals who wish to purchase only one (1)
single residential property
1st option: The investment on properties plan should
be at least €2m + 5% VAT (for a single residential unit)
OR
• For individuals who wish to purchase more than one
(1) residential property
2nd option: Investment of €2m in a residential unit
for the Investor worth of minimum €500,000 + 5%
VAT plus number of residential units worth €1,5m +
19% VAT.
• For individuals who wish to purchase residential
and or commercial properties. For commercial invest-
ments, an additional €500,000 for a residential proper-
ty is required
3rd option: Investment of €2.5m. A residential unit for
the investor worth of minimum €500,000 + 5% VAT.
Terms and Conditions
The investment should be kept for three (3) years
only, and after this period the investor can sell the
investment. The only requirement after the third year
is to possess a residential property of minimum value
€500.000 to maintain the Cyprus Citizenship.
Other General Conditions
1. Copy of Valid Passport
2. Clean Criminal Record from the country of origin
and country of residence
3. Source of funds
4. Curriculum Vitae
First Class Citizen

24. 24
• STEP ONE: Investors inspect and reserve
the real estate of their preference through a
visit to Cyprus or via correspondence.
• STEP TWO: Investors open a bank
account in Cyprus and sign the necessary
bank documentation. They transfer funds
to Cyprus from abroad accordingly. At this
stage, the Central Bank of Cyprus will carry
out the due diligence to ensure the legiti-
macy of the source of money.
• STEP THREE: Investors sign the real es-
tate purchase agreements and deposit them
in the Cyprus Land and Surveys Depart-
ment accordingly.
• STEP FOUR: Investors collect and
finalise all required documents for the
Cyprus naturalization. Required documents
must be provided in the Greek or English
languages; verified and signed by the notary
officer at the Ministry of Affairs, and the
Cyprus Embassy of the country of origin or
residence.
• STEP FIVE: Citizenship application is
then submitted to the Government, along
with a set of the property purchase agree-
ments and receipts of full payment issued
from the seller or developer.
• STEP SIX: Investor arranges a payment
of application fee of €2,000 per adult appli-
cant.
• STEP SEVEN: Upon approval of the
Citizenship application the Minister issues
a confirmation of Submission of Application
for Naturalization by Exception.
• STEP EIGHT: Investor must visit Cyprus
to provide biometric data and apply for
an Immigration Permit at the Migration
Department (this can be done via investor’s
The Simplified
Application Process
local Cyprus Embassy). The Immigration Permit (card) is issued within five
(5) working days.
• STEP NINE: Permanent Residency Permit Card (P.R) is issued while inves-
tor is waiting for his passport. Passport is issued in a total of six (6) months
after P.R Card is issued.
• STEP TEN: Council of Ministers approves the Citizenship. Investor must
visit Cyprus for one (1) day to swear the Oath of Allegiance and receive their
Cypriot Citizenship Certificates, and collect passports and European ID cards.
STEPS:
First Class Citizen

26. .Fast-track process - no interview
.No minimum residency prior to citizenship
.EU Free Movement of goods, services, capital
.169 Visa-free destinations
.Valid for life
.Citizenship transferrable to 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.
Cyprus
Citizenship Outline
26
First Class Citizen

28. Motivation
This regulation was initially directed at any persons
who arrived and remained in Cyprus, and who could
sustain their existence from their income that came
from abroad. This regulation was reviewed by the Min-
ister of Interior to provide incentives to non-EU country
citizens.
Cyprus surpassed all expectations exiting recession in
2015 – a year earlier than first projected – and contin-
ued to economic growth in 2016. The country has been
remarkably resilient following the financial crisis and
has implemented tough austerity measures to restruc-
ture its economy. Although it has been a challenging
time for one of the smallest EU member states, the
economic adjustment remains on track, with progress
made in all key objectives set out by the country’s
international lenders. Hailed a success story by the
Euro Group, the island nation is determined to exit the
programme in early 2016 and to reclaim its status as a
self-determining and thriving economy.
Objective
In an effort to strengthen the Cyprus real estate market
the government increased the incentives for citizens of
non-EU countries to purchase a house in Cyprus.
The Decision
The Cyprus Minister of Interior has recently introduced
an improved and speedier procedure for providing per-
manent residence through investment to third country
nationals.
The new procedure establishes a new legal framework
by which the process of obtaining Immigration Permits
is simplified and accelerated.
All applications are examined in a positive light and the
Immigration Permit shall be granted; provided that all
necessary criteria are met.
Once obtained, the permit will also cover the appli-
cant’s spouse and dependents, and shall not be can-
celled; provided that all criteria are maintained.
Cyprus Permanent
Residency by investment
28
First Class Citizen

29. 29
First Class Citizen
Do something
today that will
bring you one step
closer to your goal

30. 30
First Class Citizen

31. 31
Criteria
1. According to the provisions of Regulation 6(2) of
the Aliens and Immigration regulations, an individual
investor can invest in residential and/or commercial
property to the minimum value of €300,000.00 plus
VAT, including a contract of sale and proof of pay-
ment of at least €200,000 plus VAT, and be eligible to
apply for Permanent Residency status in Cyprus for
themselves and their family. The property can also be
bought by a company, provided that the company is
registered in the name of the applicant - or the appli-
cant and spouse - and that they are sole shareholders.
2. The Investor must submit a confirmation letter
from a Cyprus bank that they have deposited a mini-
mum capital of €30,000 from abroad into an account
that will be locked for three (3) years. After the expira-
tion of this period, the money will be released without
restrictions.
3. The investor must provide supporting evidence of
a secured annual income of at least €30,000 deriving
from abroad. This income must increase by €5,000 for
every additional child, and €8,000 for each dependent
parent. This income may include salaries from em-
ployment, rents, pensions, and dividends from shares,
etc.
General Conditions
Importantly, the applicant must produce the required
documentation in their application such as:
• Valid Passport
• Source of Funds
• Clear Criminal Record
• Curriculum Vitae
• Health Insurance Policy
The Result
An immigration permit is valid as a permanent permit
in Cyprus and its holders are exempt from time-con-
suming immigration procedures, which are necessary
for non-EU country citizens who wish to enter Cyprus.
The application Process
A fee of €500 is payable with the submission of the
application and €50 extra for the biometric captur-
ing. The application will then be examined by the
Civil Registry and Migration Department and will be
submitted to a permanent secretary of the Ministry of
Interior for a decision within three (3) months. Once
approval has been granted, the applicant and all the
members of the family must visit Cyprus in order to
capture the biometric data for all members of the fam-
First Class Citizen

32. 32
ily applying. The biometric data
can be submitted either with
the submission of the applica-
tion for residence, during the
application process, or immedi-
ately after approval.
The Benefits
of the
Programme
Since joining the EU on May
1, 2004, Cyprus has received
more international recognition
and has steadily developed
even more investment busi-
ness opportunities due to its
location, which sees it often
referred to as a Gateway to
Europe.
Major Benefits of the
Cyprus Permanent
Residency Programme
• Fast track application proce-
dure, within three (3) months.
• High approval rate if all
criteria is satisfied.
• It is not necessary to reside
in Cyprus, but a visit once ev-
ery two (2) years is required.
• Dependents can be enrolled
in high quality private schools,
offering English language
courses.
• Residence applies to the
whole family (applicant,
spouse and children under 18
years old).
• Dependent children between
18-25 and parents of the appli-
cant are also eligible.
• The whole process can be
arranged without being pres-
ent in the country; however, a
visit is required for biometric
capturing.
• Permit holders may own a
First Class Citizen

33. 33
Cyprus company and receive
dividends from it.
• Only required to visit Cy-
prus once every 2 years.
Other Benefits
• 12.5% corporate tax rate,
one of the lowest in Europe.
• Companies can be formed in
just a few days.
• Non-disclosure and ano-
nymity rights.
• Double taxation treaties
with over 40 countries (in-
cluding China).
• No withholding taxes
on payments of dividends,
interest or royalties paid to
non-residents (subject to
conditions).
• No capital gains tax in
Cyprus on sale of immovable
property held outside Cyprus
if the company is tax resident
in Cyprus.
Important
Considerations
• Access to Permanent Resi-
dency Visa (non-working but
permanent stay status).
• However, the same restric-
tion does not apply if they act
as shareholders in any compa-
ny registered in Cyprus.
• The Investor and his depen-
dents only required to visit
Cyprus once every two (2)
years.
• The applicant and any fam-
ily member included in the
application must visit Cyprus
otherwise the residence per-
mit expires its validity after
two (2) consecutive years of
absence.
First Class Citizen

34. 34
Europe

35. 35
Give yourself and your family the freedom
to live, work and travel anywhere in the EU!
.Austria
.Belgium
.Bulgaria
.Croatia
.Cyprus
.Czech Republic
.Denmark
.Estonia
.Finland
.France
.Germany
.Greece
.Hungary
.Ireland
.Netherlands
.Poland
.Portugal
.Romania
.Italy
.Latvia
.Lithuania
.Luxembourg
.Malta
.Slovakia
.Slovenia
.Spain
.Sweden
.United Kingdom
CURRENT EU COUNTRIES
A new life!

36. Index
36

37. Africa
1. Botswana*
2. Comoros
3. Djibouti
4. Egypt*
5. Gambia
6. Kenya*
7. Lesotho
8. Madagascar
9. Mauritius
10. Mayotte
11. Malawi*
12. Morocco*
13. Mozambique
14. Reunion
15. St Helena
16. Seychelles
17. South Africa*
18. Swaziland
19. Tanzania
20. Togo
21. Tunisia
22. Uganda
23. Zambia*
24. Zimbabwe
Americas
25. Anguilla
26. Antigua Barbuda*
27. Argentina*
28. Aruba
29. Bahamas*
30. Barbados*
31. Belize*
32. Bermuda*
33. Bolivia*
34. Brazil*
35. British Virgin Islands
36. Canada*
37. Cayman Islands
38. Colombia*
39. Costa Rica*
40. Curacao
41. Chile*
42. Dominica*
43. Dominican Republic
44. Rep. Dutch Caribbean
45. Equador
46. El Salvador*
47. Falkland Islands
48. French Guiana
49. Greenland
50. Grennada
51. Guadeloupe
52. Guatemala*
53. Haiti
54. Honduras*
55. Jamaica*
56. Martinique
57. Mexico*
58. Montserrat
59. Nicaragua*
60. Panama*
61. Paraguay*
62. Peru*
63. St Barthelemy
64. St Kitts Nevis
65. St Lucia
66. St Maarten
67. St Martin
68. St Pierre Miquelon
69. St Vincent
70. Trinidad Tobago
71. Turks Caicos
72. Uruguay*
73. Venezuela*
Asia
74. Armenia
75. Bangladesh*
76. Bruneia*
77. Cambodia
78. Darussalam
79. Georgia
80. Hong Kong*
81. Indonesia*
82. Iraq
83. Israel*
84. Japan*
85. Jordan
86. Kyrgyzstan
87. Laos
88. Lebanon*
89. Macau
90. Malaysia*
91. Maldives
92. Nepal
93. Oman
94. Philippines*
95. Singapore*
96. South Korea*
97. Sri Lanka
98. Taiwan*
99. Timor-Leste
100. Thailand*
Europe
101. Albania*
102. Andorra
103. Bulgaria
104. Austria
105. Belgium
106. Bosnia
Herzegovina*
107. Bulgaria
108. Croatia
109. Cyprus
110. Czech Republic
111. Denmark
112. Estonia
113. Faroe Islands
114. Finland
115. France
116. Germany
117. Greece
118. Guernsey
119. Hungary
120. Iceland
121. Ireland
122. Isle Of Man
123. Italy
124. Jersey
125. Latvia
126. Liechtenstein
127. Lithuania
128. Luxembourg
129. Macedonia
130. Malta
131. Moldova*
132. Monaco
133. Montenegro
134. Netherlands
135. Norway
136. Poland
137. Portugal
138. Romania
139. San Marino
140. Serbia*
141. Slovakia
142. Slovenia
143. Spain
144. Sweden
145. Switzerland
146. Turkey*
147. Ukraine*
148. United Kingdom
149. Vatican City
Oceania
150. Austrailia
151. Cook Islands
152. Micronesia
153. Fiji*
154. French Polynesia
155. Kiribati
156. Marshall Islands
157. Nauru
158. New Caledonia
159. New Zealand*
160. Niue
161. Palau
162. Papau New Guinea
163. Samo
164. Tokelau
165. Tonga
166. Tuvalu
167. Vanuatu
168. Wallis Futuna
Middle East
169. United Arab
Emirates
Free Travel
37
A Cypriot citizen can freely travel, reside and work within any of the 28 European
Union countries. Furthermore, Cypriot citizens are entitled to travel to a total of 169
countries without visas, or with passports stamped on arrival.
Notes: (*) denotes that time restrictions to these countries apply.

38. An expert's insight on
Citizenship by investment (CBI)
38
When was your first interaction with
the citizenship industry?
My path to consulting came a little bit un-
expectedly. Coming out of college, I was
targeting specialist roles within Business
Consultancy companies, but expanded my search to diversify
from the traditional markets. As a first step, I applied for the po-
sition of Immigration Consultant at First Class Global Citizen and
then I acquired a senior position as an Immigration Programmes
Specialist. The opportunity to interact with investors from around
the world thrilled me and I actually feel blessed by the fact that I
have helped so many families to change their lives.
What are the challenges in your profession?
I was always fascinated with the idea of assisting people to in-
vest in real estate and become Cypriot nationals at the same time.
However, I have to admit that each case differs. Every individual
or family has unique needs that vary from another. Every case is
so unique that it requires your undivided attention and care. In
order to prepare a proposal or a solution I normally listen careful-
ly and then draft a detailed report for a number of solutions. Ac-
cordingly, I always try to spend as much time as possible with the
interested parties in order to tailor-make a citizenship investment
the will best serve their purpose. So, if you ask me personally, I
would say that every case is challenging and through every case
I deliberately try to satisfy the needs of the individual or family.
What do your services involve?
As an Immigration Specialist I provide investors with an insight
into the available programmes and accordingly, I have the respon-
sibility to provide them with multiple solutions. As soon as they
finalise their decision about their type of investment, we then
work closely with all the applicants in order to prepare the re-
quired documents. An application with good standing needs a lot
of preparation and due diligence. My job will be to advise and
assist with the completion of the application and submit it to the
relevant departments too. Our company’s ability to guarantee the
process 100% is what makes us stand apart from the competi-
tion, while at the same time, our ability to convey and explain
the information is what provides an extra sign of confidence to
the applicants.
Can you give us more information about the Citizenship
through Naturalization by Exception?
Naturalization is the legal act of process by which Cypriot Citi-
zenship / nationality is granted to non-EU nationals who fulfil
the requirements established by the Cyprus Council of Ministers
and Migration Department. In 2013, the Cyprus government has
introduced a revolutionary scheme by which investors are eligible
One of the experts in the citizenship industry provides us with an insight on the citizen-
ship and residency programmes that are available today on the island. Natasa Kirgia
has lengthy experience in providing advice on both investments and dual citizenship.
W
Interview
investors can now apply for the Cyprus Pass-
port through a standalone application by in-
vesting in one single residential property or a
portfolio of residential properties of minimum
value of €2.0m plus Vat.
to Cypriot nationality by exception, through a fast track process.
What are the minimum economic requirements for a Cy-
priot Nationality by investment?
Under the new Cyprus citizenship by investment scheme - which
was amended in 2016 - investors can now apply for the Cyprus
Passport through a standalone application by investing in one
single residential property or a portfolio of residential properties
of minimum value of €2.0m plus Vat. Of course, a number of oth-
er conditions apply, such as withholding the investment for three
years before selling any of the units in the open market.
Are there any other terms and conditions that apply?
Of course, the most significant condition is that the investor has
to purchase a residential property of minimum €500,000 + Vat
for life. This property will have to be declared as his/her main
residency on the island.
Is the process of examining an application time-consum-
ing?
An overall average time of 6 months is normally expected before
approval, however, some cases that involve multiple and com-
plex investment plans might take an extra two to three months.
What confidentiality terms apply to the process?
It is perfectly normal for the applicants to require extra confi-
dentiality clauses, and our company ensures that all the infor-
mation provided will stay in full confidentiality without any risk
of publically allowing them to free access. The same applies for
the government departments involved.
How much should one expect to pay for the process fees?
The fee for submitting a Cyprus Citizenship application is €2,000
for each applicant, plus €80 for every dependant person such as
children or parents. Once the naturalization certificate is issued,
then an additional €5,000 is payable to the Cypriot authorities.
Let’s take an average family for example. How many of
them can qualify for this programme?
If we take an example of a non-European family of four peo-
ple, then the main applicant could be the father or the mother,

39. 39
and the application can also include the two children
as dependents, provided that both are under the age of
28, and their main activity is their studies without a
steady source of income from an employer. Simply put,
both children should not be fulltime employed with a
standalone salary. The more clear cases will be those of
children who are still studying. Of course, all the minor
applicants under the age of 18 do not need to prove
their dependency on the family. Parents will obviously
invest in real estate assets, and off course, the family
will need to purchase a permanent residence – villa or
apartment - for the value of €500,000 or more.
In your opinion, what benefits does this scheme
provide the investors?
It is obvious that as more and more countries tighten
their border policies, people from troubled regions are
in more desperate need for permanent solutions that
will give them access to global mobility. Of course,
these solutions are offered nowadays at a heavy cost.
Although, the Cyprus programme does not include any
government donations and expensive fees, compared
to other similar programmes in Europe and the rest of
the World. Thus, one could argue that the Cyprus pro-
gramme is one of the most attractive nowadays since
it offers the best exit investment strategy to applicants.
On top of this, entire families have access to the free-
dom to live, work and travel to Europe and the rest of
the World. In principle, an investor can become an EU
national in six months, gaining all the rights of a Eu-
ropean citizen.
We have a clear view of the applicant’s benefits,
but what about Cyprus? How does the country
benefit from this vigorous plan?
The citizenship programmes in Europe and the rest
of the World date back to the early 1980’s. The gov-
ernments were always keen to attract high net-worth
individuals in order to help boost their economies. Cy-
prus could not stay outside of the market. In fact, after
the economic crisis on the banking sector, the Cyprus
government has initiated a number of different pro-
grammes in order to attract foreign investments. So
far, the plan has helped to stabilise the real estate sec-
tor. As the previous Minister of Interior, Mr. Socrates
Hasikos, mentioned few months ago, foreign investors
who apply for the Citizenship or Permanent Residency
have brought to Cyprus more than three billion Euros
within 2016. As a result, this strategy has helped the
real estate and banking sector, but has also created
thousands of job positions, which helped to bring down
unemployment.
What is the anticipated return on investment on
properties nowadays?
Despite the fact that there is a lot of speculation in the
real estate sector, we strongly believe that the real ROI
could reach up to 5% to 6% per year in the following
five years, especially in the coastal areas of Cyprus.
In addition to that, our group predicts a considerable
increase in the demand of high-end properties, which
will stand out in luxury and services.
Taking into consideration the buoyant rental market of the coastal areas,
the combined returns could reach up to 10% in some cases.
Can you please give us more information about your existing clien-
tele? From which countries does Cyprus mostly expect investors?
We have a record of investors from around the world; however, the most
common markets come from Asia and the Middle East. Russia and Ukraine
represent a smaller market share and African countries are just about a
small fraction of the market.
Why should an investor choose Cyprus for investing and not anoth-
er European programme?
I personally have a strong opinion about the Cyprus programme due to the
fact that I have received so many applications and I have seen how much
we can help to change a family’s life because of this. The most attractive
element of the Cyprus programme is the fact that the applicant does not
have to wait for years before he/she is approved. Uncertainty in our times
is big. The Cyprus programme is a straightforward plan that secures a fast
and easy solution for high net worth individuals. Compared to other coun-
tries, the Cyprus government does not ask for donations either. An investor
can have full access to their properties or investments with the free right
to sell, use and exploit them at their discretion without having to pay con-
siderable costs.

40. 40
Focus
Wealthy
Global Families
On many occasions, families adopt
practices they acquire from other
cultures by simply interacting with
their multicultural neighbours, who
themselves have migrated from other
countries. These families may or may not assimilate
and integrate into their receiving society, and for
this reason, the second-generation may be especially
valuable guides in global living, thanks to experience
in intercultural mingling. As a result, mobility is a
major asset.
Changes in the world create situations that require
families to adapt. A major force in current global
change is modernisation. Modernisation includes
moves toward equality of gender roles, shifts toward
individualism, technological advancement, and an
increasing tolerance (or at least an awareness) of
diverse views and lifestyles.
A parent’s main objective is to provide their children
with the tools necessary to face this ever-changing
world, while trying to preserve their own heritage
and traditions at the same time. In this way, both
elements react to social change and help to create it.
The wealthy are looking for something more; a life of
freedom. They want the opportunity for themselves
and their children to be able to live, work, study and
explore the world on their own terms. They look
for borderless citizenship without limitations in
order to protect their children’s lifestyle and wealth.
Millionaires invest internationally in order to enjoy
the global freedom and access that global citizenship
offers them.
The wealthy have always been a restless class;
moving with the seasons or the social circuit. But
the current wave of millionaire migrations seems
to have reached a new level, with wealthy families
changing citizenship, sending their children over-
seas, or moving permanently to the nation of their
choice.
Rather than fleeing economic ruin or conflict,
A family’s fundamental hope is
to be able to enjoy the status of
‘global citizenship’, enjoying all the
world has to offer.
O

41. 41
millionaire migrants are shopping the world for the best private schools,
financial safety and lifestyle. Technology, coupled with the rise of global
markets and global investors, has given rise to multinational millionaires
who increasingly have no nation. They do not have a set country and it is
remarkable to see how many of the very wealthy are becoming complete-
ly mobile.
Global mobility has been part of mankind since the beginning of time.
Although the world has become more accessible, the price of freedom has
become notably more expensive. As we have seen over the past years,
stability, security and quality of life can change very quickly - and some-
times dramatically. Today, many still believe that your passport is limited
to the country you were born in. Such limitations are disappearing, as
wealthy investors and their families join the ranks of World Citizens.
We believe in global freedom and international independence. The indus-
try of citizenship by investment (CBI) originated in countries needing to
attract foreign direct investment in order to boost their economies, and
has since become a major international industry.
In recent years, more and more countries have joined the global move-
ment, and are now offering immigration investment programmes in
exchange for citizenship and a passport.
Wealthy, global families are becoming increasingly aware of their need
for a well thought-out citizenship and residency strategy to protect their
future security and wealth, and to safeguard their freedom of movement.
In the uncertain world facing us today, prudent families understand the
importance of keeping their options open, and the benefit of having multi-
ple passport choices.
Cyprus provides a safe alternative to many of the more well-known citi-
zenships that the wealthy can consider acquiring.

42. The company
42

43. 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 Giovan-
nis lay at the foundation for
an unexpected but great pro-
cess 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, envi-
ronmental 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 Cy-
prus 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 develop-
ment in the area. Researching the market from Pulse Mar-
ket 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 suc-
cess in the past was the inclusion of the Group in the 5 big-
ger companies of land development in the whole of Cyprus,
according to the famous business issue “In Business”.
30 years of
history
43
T

44. Today, the Group applies its develop-
ment 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 establish-
ment, and the team of Directors agree-
ably surprises their customers 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 expos-
es in the particular sector according
to the Operation Manager of the Op-
erations Public Services, Phillippia
Karaoli.
Although enterprise surprises, do not
stop here. In 2017 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 com-
pany, Christakis Giovanis : “The Group
has as an immense target to remain
the biggest employer in the Fama-
gusta District and with innovative
projects to promote development and
new working positions in Famagusta”.
As one of the biggest employer in
Famagusta district will place land
development in the district starting a
new era! Smart Homes, modern, inno-
vative brand new offices, in traditional
and new markets like Lebanon, Bei-
jing and London, while also schedul-
ing new partnerships to increase the
sales network in Asian countries and
South Africa.
The company
44

45. Smart Homes, modern, innovative brand new offices, in traditional and
new markets like Middle East, Europe and UK while also scheduling new part-
nerships to increase the sales network in Asian countries and Africa.
45

46. 46
Your Cyprus
immigration
and real
estate expert!
Jimchang Giovani Group
offers a total solution for
Cyprus residency and citizen-
ship.
Our extensive experience,
personal service and prov-
en-track record, together
with our vast and varied
property portfolio have made
the Group the market leader
for Citizenship and Residen-
cy in Cyprus.
The group offers excellent support to
clients whatever their needs and wher-
ever they may be.
Our experienced professionals are
on-hand to manage your needs with
confidence and care, while our transpar-
ent and professional approach combined
with our highly secure process assures
peace of mind.
• Cyprus leading luxury property devel-
oper
• Over 30 years experience
• Award-winning developments
• Comprehensive property portfolio
• Global presence
• Comprehensive sales, property man-
agement and resale services
• Outstanding quality standards
• Personalised service and attention to
detail
• First Class Global Citizen service
• In-house immigration specialists
Support

47. 47

48. Vision
48

49. The real estate sector has a new, dy-
namic group by the name of Jimchang
Giovani. This merging of two histor-
ic companies – Jimchang Global and
Giovani Group - is set to change the
Southeast coast’s developments, and
will help to shape a better destination for investors.
Jimchang Global and Giovani Group have entered into
a strategic merger under which a new group has been
formed, bearing the name Jimchang Giovani. Upon its
confirmation, the partnership immediately created one of
the biggest groups within the development and construc-
tion sector on the island of Cyprus.
The new company already commands a significant pres-
ence in the already rapidly growing real estate market,
and forges ahead with a strong focus on the development
of residential and commercial projects. In fact, real estate
development constitutes a long-term strategic priority for
Jimchang Global, and the merge with a local champion
like Giovani Group was a perfect match.
Giovani Group is Famagusta’s market leader in real es-
tate, having constructed more than 4000 units in the past
decade. The group’s experience in designing and building
residential projects, as well as its long-term establish-
ment within the construction industry, has provided an
extra sign of confidence in the merging process. With a
proven network that encompasses the majority of Fama-
A newERA
begins
T
Giovani Group is Famagusta’s
market leader in real estate,
having constructed more than
4000 units in the past decade.
gusta’s construction contacts, Giovani creates a significant
growth opportunity for the combined business by enabling
it to leverage Jimchang’s expertise in project funding.
“Giovani Group impeccably matches Jimchang’s knowhow
in terms of construction, property development and real
estate solutions, and joining forces is a natural extension
of the real estate strategy we have been pursuing for
years,” said Mr. Christakis Giovanis, Managing Director.
“The real estate buyers of the future are currently under-
going a transformation. They have higher demands for
quality, luxury and style. The new group will work closely
to develop an extensive range of projects that will help to
satisfy this new emerging market”, said the group’s execu-
tive director Mr. Antonis Antoniou.
49

50. Combining Giovani Group’s strengths in prime real estate
development, agency network and construction solutions
with Jimchang’s access to the vast market of China and the
rest of Asia, creates an industry leader with a long-standing
position in the market. Partnerships and scale are essential
to succeeding in real estate in the long-term as demand for
luxury properties is at an all-time high.
The deal will also carry complementing strengths, which
together, will expedite growth in Famagusta.
Market benefits and growth opportunities
Jimchang Giovani expects the combination of two construc-
tion giants to deliver significant growth opportunities, as
well as tangible benefits to customers through the leverag-
ing of mutual complementing tools, resulting in increased
market share across the island. Both sides are pursuing a
long-term growth strategy, and plan to develop further pro-
jects like the ground-breaking Sun City Spa Resort and Res-
Partnerships and scale are essen-
tial to succeeding in real estate in
the long-term as demand for luxu-
ry properties is at an all-time high.
idences, which is currently underway.
With offices in Guangzhou, Hong Kong, Limassol and Pro-
taras, the group’s vision is to continue generating long-term
benefits in local society by providing state-of-the-art projects
that are inimitable. It’s successful expansion amid times of
financial and economic destabilization is due to the continu-
ous efforts of its loyal and dedicated partners, Mr. Christakis
Giovanis, Tommy Cheng and Vicki Zheng.
Mr Christakis Giovani
Founder of Giovani Group
Vision
50
Mrs Vicky Zheng
Founder of JimChang Global
Mr Tommy Chen
Founder of JimChang Global

51. Building On Trust
construction solutions for residential commercial projects!

52. 52
A new “diamond” sparkles
on the beach of Ayia Thekla!
Upcoming
Sun

53. 53
Spa Resort Residences
City

54. sea access and views. The rooms will be built with natural ma-
terials, modern and functional, with luxurious furnishings and
state-of- the-art equipment and entertainment systems.
The building will include 40 self- contained apartments, with a
kitchen and bedroom, for long-stay visitors who will be able to
take advantage of all the services provided by the hotel. There
will also be 11 deluxe residences at the front of the hotel with
uninterrupted sea views.
With the participation
of Chinese investors, the
€50 mil-lion project takes
tourism to a whole new
dimension.
The Sun City Spa Resort
Residences project by the
Jimchang Giovani Group,
the first of its kind in the area, has been described as the new
“diamond” of the Famagusta District. The mixed development
of hotel units and apartments on Ayia Thekla Beach at Sotira,
very close to Ayia Napa Marina, bears the stamp of an expe-
rienced developer and the investment of the Chinese-owned
Jimchang Giovani Group.
The project will cost more than €50 million to build and is ex-
pected to be completed within two years. Sun City Spa Resort
Residences is one of the most ambitious projects of its kind.
It includes a five-star hotel with more than 200 luxury rooms,
a gym, a spa and 51 private residences with 24-hour service.
All the hotel rooms have balconies with sliding glass doors and
54
Jimchang Giovani Group
W The project will not only be
the newest, most modern five-star
hotel but also the first mixed devel-
opment in the area since it will be
combined with private residences.
Antonis Antoniou,
Group Manager

55. 55
The project is the second biggest pri-
vate investment ever undertaken by
foreign investors in the Famagusta
district after Ayia Napa Marina and
it represents a vote of confidence in
Cyprus, its economy and its tourism
industry.
INNOVATION IN
DEVELOPMENT
Antonis Antoniou, CEO of Giovani
Developers, says, “The project will
not only be the newest, most mod-
ern five-star hotel but also the first
mixed development in the area since
it will be combined with private res-
idences.” Mr. Antoniou further notes
that, “For Sotira, there could be no
better project since it will be part of
the tourist municipalities and will
bring massive revenues that can
then be allocated to various projects.
The project will cost
more than €50 mil-
lion to build and is
expected to be com-
pleted within two
years.
Most important is the creation of at
least 150 jobs, which will benefit the
local community,” he adds.
“In addition to the five-star hotel,
there will also be the residential
part with villas. Construction work
on both the hotel and the residential
part will be undertaken simultane-
ously,” he explains. Mr. Antoniou
notes that, “after our efforts of many
years, we have succeeded in attract-
ing to the island the necessary funds
for the building of Sun City Spa
Residences. This new project will
change the way people view Fama-
gusta, by providing not only many
jobs but quality hospitality. We con-
sider the project to be much more
than a hotel complex. It is an inno-
vative project that takes tourism,
real estate and Cyprus in general to
a whole new dimension.”

56. Events
56

57. 57
The foundation stone for the Sun City project was
placed at the beginning of this year during a glamourous
ceremony, which was attended by the President of the
Republic of Cyprus, Mr. Nicos Anastassiades, and the
President of the House of Representatives, Mr. Demetris
Syllouris. Present at the ceremony were also many
businessmen, as well as the political elite. During the
ceremony, the Group’s managing director, Mr. Christakis
Giovanis said that Sun City Spa Resort and Residences
will positively affect the area’s long-term macroeconomic
environment as it will attract the attention of many high
net worth investors.
SUN CITY HOTEL

58. Last page
10+1 reasons to
invest in Cyprus!
In a globalized economy where multinational compa-
nies are pressed to maintain and increase quality while
cutting costs to meet increasingly higher client expec-
tations, 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 busi-
ness. 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 invest-
ments, 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, rank-
ing among the 10 leading maritime nations in the world; with a
merchant 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 facili-
ties have been long established in Cyprus. It is known as a com-
mercial, 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 driv-
ers 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 stan-
dard 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 life-
style 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.

60. Obtain a European Citizenship through Direct Property Investment in Cyprus