Investors prepared to shell out EUR 2mn ($2.14mn) on a property in a new waterfront development in Cyprus will be granted citizenship under a government scheme to attract foreign investment.
Owners and their immediate family who fulfil certain requirements will gain the right to live, work, travel and invest anywhere within the 28 EU member states.
Ayia Napa Marina is a EUR 220mn ($235mn) mixed-used residential and commercial development on the Southeast shore of the Mediterranean island led by Egyptian investor Naguib Sawiris and Cypriot entrepreneur Gerasimos Caramondanis.
The project will boast 190 apartments in a pair of twisting towers; 29 luxury villas; a 600-berth, full-service marina and boatyard; and a collection of retail, waterfront dining and amenities for residents and visitors.
Scheduled for full completion in 2021, Ayia Napa Marina presents an opportunity for UAE residents looking to invest in a new home away from home for their family with the provision of visas.
As well as the option of citizenship, non-Cypriots who purchase a property of a minimum value of EUR 300,000, will be granted a Permanent Residence Permit for them, their spouse and children.
Ayia Napa Marina is not only a luxurious marina development offering a new era of waterfront living, it provides an opportunity for investors from the UAE and wider GCC to gain European citizenship for them and their family, said Sawiris.
The citizenship incentive, along with the luxury residences which will feature uninterrupted panoramic views of the Mediterranean, offer a compelling appeal for investors across the region.
Stavros Caramondanis, Ayia Napa Marina CEO, said: Connected to the Gulf via direct flights from multiple markets, Cyprus has long been favoured as a popular destination for travellers from the GCC due to its safety, natural beauty and culture.
The level of detail and care that has gone into creating this exclusive marina project provides for comfortable living, while facilities and amenities of the highest standards will cater to every lifestyle need.
Designed by US-based architecture, engineering and planning firm, SmithGroupJJR, the two towers climb to 100 metres.