Designed to banish the image of rowdy young Brits abroad forever, a new super-yacht marina in Ayia Napa is scheduled for completion in 2021. This mixed use development will feature waterfront shopping, dining and entertainment venues along with its 600-berth full-service marina, plus 190 apartments and 29 villas. Potential buyers are offered a 125 year leasehold on their property purchase and a number of tax incentives.
So who would live in a place like this? Clearly this is a project that is designed to appeal to international high net worth individuals, berthing their yachts in Ayia Napa for the winter months and in need of a convenient, luxury base for themselves, their families, guests and/or staff.
However, the specific fiscal concessions granted by the Cypriot government in regard to this development has Winkworth International considering the benefits of zero VAT on leased property for another audience too; undoubtedly, this is a new-build project that merits further exploration from just about any British buyer looking for an investment opportunity in Cyprus.
Winkworth International collaborates with established property developers in Cyprus to market exceptional new-build properties in Paphos and surrounding areas. If you're looking for a lucrative investment and would like the benefit of our experience, get in touch.
In order to increase the presence of ultra-high-net-worth individuals in Ayia Napa, which already accounts for 60 per cent of Cyprus’ tourism revenue, the Cypriot government is lavishing developments such as the Ayia Napa Marina project with a host of fiscal incentives. For example, any individual that buys property in Cyprus before 1 January 2017 is exempt from capital gains tax, which starts at 20 per cent. There is also a low taxation system at 12.5 per cent and, as per the Ayia Napa Marina’s concession, there is no VAT payable on property leased, which saves an additional 19 per cent. Cyprus also offers citizenship and residency schemes.