SKYLOUNGE SA 2017 مجلة على العقارات

‫ الصيف ألف ني سبعة عش‬/ 2017SKYLOUNGE ‫مجلة على العقارات وإدارة ال رثوات‬ Real EstateOpportunities in Texas In Conversation with Dansi Kurban, CEO Premier Group Texas PROPERTY INVESTMENT ALTERNATIVE INVESTMENTS PRIVATE WEALTH Cyprus Why not buying land in USA ? FX - Turbulent Times Crete Citizenship by Investment: St. Lucia What’s News in Dubai ? USA ∙ Caribbean EB5 - Investor Visa Wealth Advisory ∙ TrendsKBA



Editor’s NoteDear Readers,We once again take you with us on our travels around the world and present toyou the most beautiful retreats. Aman Resort is well known for its exceptionalhotel & spa resorts all over the world. One of them in Utah, Amangiri, hasdefinitely caught our attention.Antonia Torr and Emily Mailer from top law firm Howard Kennedy will brief us onthe latest within UK Top Tier 1 Investor Visa.We have Ellen Hansen from Crete presenting us her beautiful properties, thusexplaining also the Greek Residency Program.Speaking of residency programs, we will also look into the US EB5-Investor Visaprogram and highlight opportunities which lay ahead when investing in “acres”and why not? The “land” of opportunities, so let’s dive in…with an excursion intothe Greater Area of Houston/Texas. Dansi Kurban from Premier Group Texasoffers insights into attractive investment opportunities in and around Houston.St. Lucia stays on our radar as this beautiful Caribbean Island recently opened upfor its attractive citizenship by investment program.Keeping up with the UAE - It seems there is no stopping of UAE’s fast pace in thenear future: modernisations, countless new projects, innovations etc. (includingthe appointment of the world’s first Happiness Minister), we highlight some ofthem. Uncertain times, volatile markets, Brexit and so on, Adam Cobbold fromCity Forex shows us the impact on the currency exchange market and explainshow to make the best out of it.We also have the honour to speak with Richard Gaona, Chairman of ComluxAviation, the leaders in Business Aviation.Cosmetic doctor to the stars, Dr. Rita Rakus invited us to her prestigiousKnightsbridge Clinic in London. With over 25 years of experience in non-invasivecosmetic solutions, Dr. Rita Rakus has attracted a celebrity following and earnedher the title “London Lip Queen”.We hope you enjoy this issue.Yours sincerelyMarisa Z. Ramirez



Managing Editor ‫مدير التحرير‬ Marisa Zahra Ramirez ‫مشاركة الجمهور‬ Audience Development Kathrin Kostin CONTENTS Middle East Correspondent ‫الشرق الأوسط‬ Hassan Khalouf (Dubai) 12 Private Wealth: Family Office ∙ Top Tier 1 Investor Visa Julia V. Silva (Bahrain) 23 Private Wealth: Fiduciary ∙ Trust & Corporate Services 31 Foreign Currency Exchange South East Asia Correspondent ‫جنوب شرق آسيا‬ 38 Luxury Real Estate: Cyprus Budi Tahsin 54 Outlook GCC: United Arab Emirates 84 Luxury Real Estate: Crete ∙ Spain Business Development ‫تطوير الأعمال‬107 Business Aviation Kathrin Kostin124 USA: Buying Land ∙ EB5 Investor Visa ∙ Real Estate Temi Abass139 Bespoke Luxury Travel156 Saint Lucia: Luxury Real Estate ∙ Citizenship by Investment Production ‫مدير الانتاج‬180 Luxury Gadgets Temi Abass186 Medical Tourism Top Destinations Art Director & Photo Editor ‫تصميم فن الصورة‬ Index Elizabeth Rodriguez Information Technology ‫تكنولوجيا المعلومات‬ Luke Micallef Marketing & Sponsorship ‫تسويق‬ Kathrin Kostin Publisher & Founding Editor ‫الناشر والمدير العام‬ Dr. Khalid B. Amar Yakhloufi Contributors ‫المساهمين‬ Ellen Hansen (Kreta Eiendom) Severine Cosma (Comlux) Antonis Pisharas (Aristo Developers) Julia Arp (HG Hamburg) Dr. Rita Rakus (London Clinic) Antonia Torr (Howard Kennedy) Emily Mailer (Howard Kennedy) Mukadas Dansi Kurban (Premier Group Texas) Richard Gaona (Comlux) Special thanks to ‫شكرا للجميع‬ Adam Cobbold (City Forex) Friedhelm Gruber (Senat) Martin Oser (CAYAGO AG) Alexandre von Heeren (Mandaris) Ross Marshall (Starting Point) Becky Kramm (Comlux) Maria Buchner (Blue Reef Estate) National Archives of UAE Boston Consulting Group Dubai International Financial Centre Caricos Published by KBA Enterprise Limited Penhurst House, Suite 11 Battersea Park SW11 3BY London United Kingdom www.kba-enterprise.com Tel. +44 (0) 208 088 1077 Fax. +44 (0) 207 101 3490 United Kingdom London / Email: [email protected] United Arab Emirates Dubai / Email: [email protected] INTERNATIONAL DISTRIBUTION ON DEMAND AMERICAS: US-$ 15,80 ∙ EUROPE: € 13,50 ∙ UAE: AED 70 Main distribution across GCC countries: United Arab Emirates ∙ Kingdom of Saudi Arabia Qatar ∙ Oman ∙ Kuwait ∙ Kingdom of Bahrain & in designated Private Jet Charters en route from and to the Gulf region Every possible effort has been made to ensure that the information presented in this publication is accurate at the time of going to press and the publishers, editors, contributors and advertisers can accept no responsibility for any errors or omissions. No part of the magazine, including text, photographs, illustration, advertising layouts or other graphics may be reproduced in any way without prior written consent of KBA Enterprise Ltd. The views expressed in this magazine are not necessarily those of the publisher who accepts no responsibility for any loss incurred due to reliance on the information provided in this publication. © KBA Enterprise Ltd.









Private Wealth Growing WealthManaging Wealth Protecting Wealth

YOUR WEALTH, OUR EXPERTISEInternational Fiduciary & Private Family Office Services For discreet, personalised, trustservices, or advice on family office matters, from experienced professional advisers, contact: Opus Private Limited, PO Box 139, 9-12 The Grange, St Peter Port, Guernsey, Channel Islands, GY1 3JL T +44 1481 754700 F +44 1481 728600 [email protected]

ompany PortraitHoward Kennedy LLP Antonia Torr Head of Immigration Services

he firm provides a wide range of services across six targeted groups: real estate, retail andleisure, financial services, TMT, sports individuals and HK One (HNW). It provides legalservices combined with detailed sector knowledge to an international, corporate andpersonal client base. These range from national and global organisations, SME’s and ownermanaged businesses through to family offices, entrepreneurs and their funders and high-networth individuals.Principal areas of work Howard Kennedy comprises of five departments: corporate andcommercial, dispute resolution, employment, private client and family and real estate.Corporate & Commercial The department’s Dispute Resolution The department’s services include;services include; M&A, capital markets with a general commercial litigation, real estate disputeparticular focus on venture capital trusts and resolution, media litigation, arbitration and mediation,enterprise investment schemes, AIM, corporate defamation and human rights, business crime andreal estate, intellectual property, commercial regulatory and personal injury.contracts, business advisory and tax, businessrecovery and reconstruction, financial Private Client & Family The department’s servicesregulation, immigration and international include; contentious trusts and probate, tax planning,banking and finance. estate planning, establishment of trusts both in the UK and offshore, Court of Protection work, marriage andEmployment The department’s services include; partnerships, divorce and break up, work and issuesboard level advice, discrimination and involving children.harassment, confidentiality and businessprotection, disciplinary and grievance issues, Real Estate The department’s services include;international workforce issues, TUPE, Tribunal planning, construction, development, commercialand High Court claims, redundancy and investment, finance, real estate disputes, businessreorganisation programmes, employment occupation, plot sales and residential real estatecontract preparation, whistleblowing and policy acquisition and disposals and leaseholdguidance. enfranchisement.Sector Groups The firm operates six cross Clients The firm provides a full range of personal anddepartmental groups; real estate, retail and business services to an established client baseleisure, financial services, TMT, sports comprising national and international organisations,individuals and HK One (HNW). These draw on SME and OME businesses, entrepreneurs, their fundersexpertise from across all the legal disciplines and high net worth individuals. Clients include:within the firm. The combined knowledge of the Ballymore Properties Limited, Galliard Homes, Melroselawyers within these sector teams offers deep Plc, City & Docklands, Sydney & London Propertiesinsight into the industries in which the clients Limited, Allied Irish Bank, Santander UK plc, Grangeoperate. This enables us to provide timely, Hotels, Mills & Boon, Pandora, Yum! and Pizza Hut.relevant and commercial advice to meet theirspecific needs. International Howard Kennedy is the UK member of two global networks Meritas and Lawyers AssociatedHoward Kennedy LLP. Worldwide (LAW). The firm has built up close workingNo. 1 London Bridge, relationships with the firms in these networks but it isLondon not limited by them. Outside these networks the firmUK SE1 9BG maintains relationships with wide range of firms thatTel +44 (0)20 3755 6000 have relevant skills that is useful to its client base. TheFax +44 (0)20 3650 7000 firm works with these firms globally and offer a centralDX 144370 Southwark 4 hub for inward investment into the UK for their clients.www.howardkennedy.com 13

e spoke with Antonia Torr and Emily Mailer from Howard Kennedy LLP, London 1. Howard Kennedy is a well-known and reputable firm but what do you see as your competitive strengths and what makes you different from the many other law firms in London? Emily: Howard Kennedy is a London based law firm with an impressive international client base. We are the UK affiliate member of two international legal networks (LAW and Regardless of the time zone that our clients are in, we aim Meritas). Our membership means that we are able to look to ensure that their wealth, their family, their home and after our clients' legal needs across multiple jurisdictions. their business is protected, both now and for future For example, we have assisted clients from the Middle East generations. Our full service and integrated approach who require immigration advice for Cyprus in order to means that our offering is one of a kind. acquire EU citizenship in order to relocate to the UK as EU nationals. As a consequence of our membership to these 2. Considering the fact that high net worth Arabs find two international networks, we were able to recommend a London a serious attraction due to the already large Arab Cypriot firm and then work with that firm to ensure that population and highly tolerant attitude towards foreign their advice complemented our clients' UK focussed investors and visitors, what is your experience so far of objectives. This coordinated approach reflects our firm's Arab families? ethos in providing a complete service to our clients. Another unique feature of our firm is Howard Kennedy's Emily: We have long-standing relationships with many 24/7 legal concierge service for high net worth individuals clients in the Middle East, both individuals and businesses, called HK One, which I lead. HK One was born from Howard which we have developed over many years. Colleagues Kennedy's extensive experience in addressing the unique have lived and worked in the Middle East for a number of needs of high net worth families. We have been acting for years which has helped us gain a deep understanding of the Middle Eastern families for many years and as a result we region. As a result of this experience, our Middle Eastern have a deep understanding of the economic, cultural and clients appreciate the professionalism, care and sensitivity political considerations that may impact them. Our firm of that we provide alongside our legal advice. We recognise experts advise families on all of their complex legal needs by that our clients are not one-dimensional – they are not just providing bespoke advice on a range of issues, whether it is families but also businessmen and women who are for their individual needs or for their businesses and the concerned with securing a future of the next generation. investments they make. We also regularly visit the region so that we can provide assistance both in the UK and locally. Antonia: As already explained, our experience allows us to not only just provide the legal advice that our clients' need Antonia: A further unique feature of HK One is that it is not but also make the necessary introductions to trusted third just an “offering for private clients\" which is what many parties. These introductions allow all of our clients' needs other firms provide. HK One is a complete multi-disciplinary to be met. For example, I recently had a client who was approach and draws upon the extensive resources of relocating himself and his family to the UK – I provided the Howard Kennedy. We work alongside other professional necessary legal advice on the immigration visas that would advisers, who also work for our clients, to provide a bespoke be required but also made the necessary introductions to and discrete legal service. Our extensive contact book the client so that he could obtain all the help he needed in means that we can recommend trusted advisers and make order to settle into the UK. Our 'little black book' of trusted effective introductions. For example, we assisted a client advisers and contacts means that we can assist clients in who was relocating his family from Jordan so that he could everything from arranging airport collections to sourcing pursue investment opportunities in the UK as well as staff for the family home. ensuring his children were educated in the UK. As well as providing the legal advice, we helped our client by Emily: Our Middle Eastern clients are drawn to London for introducing him to a wealth manager who could manage his various reasons. On the personal side, there is the desire to UK investments and an education specialist who could have their children educated in the UK and to possibly buy a arrange interviews with his preferred schools. We are further family home. On the business side, our families are therefore able to build a team of experts and advisers interested in diversifying their investments and seeking new around our clients. business opportunities. The fact that we recognise and can service both the individual and business needs of our clients results in the provision of a complete and reliable legal service. Our knowledge means that London can truly become a home from home for our international clients.14

3. How do you provide solutions for your clients withinthe increasingly complex tax landscape?Emily: We take a bespoke approach to the needs of each Immigration is increasingly becoming a specialised areaindividual client, taking time to understand their of law and our clients are grateful for having asparticular investment/commercial objectives as well as knowledgeable a guide as Howard Kennedy to lead themfamily considerations. Our tax specialists then work through the maze that is the Immigration Rules.together with the clients and their professional advisersto achieve those objectives, developing integrated and Emily: The work our immigration team do is one of aworkable solutions within the framework of the ever- kind and Antonia's client base is a reflection of that. Itchanging global tax environment. Due to the fact that also complements the HK One offering.our clients have diverse portfolios, we are required toprovide both personal and corporate tax advice so that 6. Let's talk about the Top Tier 1 Investor Visa. What arethe full picture is delivered. the requirements for the Tier 1 Investor and the Tier 1Several of our lawyers are dual-qualified legal and tax Entrepreneur visa programme? How does Brexit affectadvisers, which puts us in the best possible position to these programmes?meet the complex needs of our international client base. Antonia: The Tier 1 (Investor) and Tier 1 (Entrepreneur)4. With a volatile market and oil prices down to a categories are perhaps the most coveted visa categoriesrecord level, many Arab family offices are tending to in the UK.outsource their succession planning to experts abroad The Tier 1 (Investor) programme requires an individualso as to safeguard their assets for the next generation. to have a minimum of £2 million to invest in either a UKWhat advice do you offer them? trading company or Government Gilts. After five years, the Tier 1 (Investor) can then apply for settlement in theAntonia: By analysing our clients' investments and United Kingdom. If a Tier 1 (Investor) would like toobjectives we are able to give advice to the client on the reduce the time it would take to achieve settlement thenlegal merits of existing and potential asset structures. this can be done by increasing the investment levels toOur firm has experience in a variety of niche areas, and either £5 million or £10 million. The Tier 1so we are therefore in a position to give our clients (Entrepreneur) programme is a category which ourdetailed legal advice on what is happening (in the legal younger and more economically active clients would bemarket) with respect to various asset classes. For interested in. This category requires an individual toexample, we have seen a number of Middle Eastern have a minimum of £200,000 to invest in either a newfamilies investing in hotels and retail businesses as an business or an already established business. Thealternative asset class and we have advised on those individual would need to be involved in the day to daytransactions. management of the business and ultimately create twoHoward Kennedy also has an impressive property team full time jobs for a period of twelve months. After fivewith numerous contacts in various sectors and so our years in this category, you can then apply for settlement.clients benefit through being part of our wider networks Like the Tier 1 (Investor) route, you can reduce the timewhere new deals and opportunities are discussed. taken to settlement by demonstrating certainOur international clients have a variety of pressures on investment or turnover levels.their wealth and the fact that we have lawyers whoregularly visit the Middle East means that we can keep 7. What is your strategy for servicing more clients fromabreast on all developments (both local and the GCC for the next three years?international). This level of dedication means that ourclients receive the best possible advice. Emily: Howard Kennedy has long-standing relationships with many key organisations and families within the GCC5. Antonia, you joined Howard Kennedy to help them and as a result we have a unique understanding of thelaunch a dedicated immigration practice – tell us more various cultural sensitives that exist for these clients. Weabout it. will continue with our strategy of regular visits to the region to maintain our existing relationships and ensureAntonia: Our immigration practice was officially that our clients and their local advisers are kept up tolaunched in January 2016 and has really grown from speak with developments in English law and the UK,strength to strength. Our dedicated team of immigration specifically London markets.adviser's work alongside our other lawyers to ensure We will also continue to coordinate work for our clientsthat any immigration solutions suggested sit well with and advise them on the necessary steps they need tothe other legal objectives that our clients may have. I make when it comes to succession planning.have a particular specialism in dealing with niche This coordinated and seamless provision of legal adviceimmigration issues which involve discretion and and assistance is critical to our clients in the region.sensitivity. Whether it is an allegation of illegal working Our clients appreciate the care that we take with them,or slave labour, our team work to ensure that a client is their families and their wealth.not the subject of immigration enforcement action. Wealso assist children who may wish to come to the UK to We thank you for the interview.study or, if they are older, would like to come to the UKto set up their first business. 15

Emily Mailer Head of HK One No. 1 London Bridge, London UK SE1 9BG Tel +44 (0)20 3755 5584 Fax +44 (0)20 3650 6935 Emily’s background primarily relates to advising High Net Worth individuals in relation to their Wills, trusts and Estate planning, having been a member of the firm for 15 years. As an experienced private client solicitor, Emily has a Recent experiences broad practice with specific expertise in the following areas: Acting for the attorney of a high net worth individual who no longer had capacity to • Advising individuals and their families regarding make changes to her Will or make disputes concerning Wills, estates and trusts, on substantial lifetime gifts to family matters such as the validity of Wills, claims relating members – this required careful to the removal of executors or trustees, or negotiation with other family members in allegations such as breach of trust. order to make a successful application to the Court of Protection for an order to • In an ageing population, providing advice to execute a new Will and authorise families where a family member may no longer be substantial lifetime gifts for inheritance tax able to manage their affairs by reason of incapacity planning purposes. and where necessary making an application to the Court of Protection. Acting for the executors of a well-known artist in the course of both the • Providing advice to families regarding the administration of his estate and in the transmission of wealth between generations. context of claims brought by family members for reasonable financial Emily offers a bespoke service to individuals and provision from the estate. their wider family members and, when resolving disputes, takes a commercial and pragmatic view to Acting for television personalities, achieve a resolution. entertainers and actors and others in the music industry in relation to their Wills and For more information about HK One estate planning, to ensure successful please visit HKOne.com transmission of wealth between generations of a family as well as recognising the specific requirements for these individuals, for example, their intellectual property rights and wider reputation management.16

Antonia Torr Head of Immigration No. 1 London Bridge, London UK SE1 9BGTel +44 (0)20 3755 5835Fax +44 (0)20 3650 6770Antonia assisted a number of Tier 1 Antonia has extensive experience in UK(Investor) Migrants from the UAE and immigration law specialising in both businessChina and has successfully obtained and private client migration.multiple Tier 1 (Entrepreneur) visas for Possessing an excellent track record with clientsnumerous clients from the Asian sub- based both in the UK and abroad, Antonia hascontinent assisted a great many clients in obtaining their investor, entrepreneur or sole representativeAlthough Antonia was born in the UK, visa. In addition, she has given in-depth adviceshe has spent most of her life in Africa, to those who wish to sponsor migrants whetherAustralia and Canada giving her a real it be through the family route or under a workinsight into international migration and permit scheme. Her ability to properly assessrelocation. her client’s needs along side the requirements of the Immigration Rules mean that she is able to achieve the best possible outcome for her clients. Experienced in complex human rights issues, Antonia has appeared before the First and Upper Tier Tribunals on numerous occasions thereby establishing her reputation as a highly effective advocate. Antonia regularly advises private individuals and businesses and is known for providing pragmatic and technically accurate solutions to complex legal problems. 17

HK One: The legal concierge service for high net worth individuals offering a multi-disciplinary approach drawing on the extensive resources of Howard Kennedy dispute resolution HK One is uniquely positioned financial distress to offer you a comprehensive and employment multi-disciplinary range of services ip and data protection to help you protect, manage and grow your business and my investments investments now and to plan for reputation management the future. corporate tax immigration \"Whatever time zone you are in, HKOne will ensure that your The UK’s position as a global centre for business, as well as having one wealth, family, home and business of the highest standards of living in are protected\". the world, a thriving market and advantageous tax regime for you as a high earner, may understandably be attracting you to invest here. HK One’s immigration team, working closely with their exclusive contacts and other teams across the firm, have extensive experience helping clients relocate their business to the UK and advising on the many other issues associated with UK immigration.18

An approachable, professional,commercial and responsive law firmproviding excellent value and support to our clients, both domestic and international.



Dr. Thomas Goergen Co-founder



Swisswide roots, worldwide networks Our clients are our first priority Legal and Tax Advice Fiduciary and Accounting Services Trusts and Companies Investment Funds and Structured FinanceBASEL ZURICH ZUG MALTAMandaris Ltd. Mandaris Ltd. Mandaris Ltd. Mandaris Group (Malta) Ltd.St. Alban Anlage 46 Beethovenstrasse 49 Bahnhofstrasse 23 Forni Complex 1E, Level 2CH-4052 Basel CH-8002 Zurich CH-6300 Zug Pinto Wharf, Valletta WaterfrontSwitzerland Switzerland Switzerland Floriana, FRN 1913 - MaltaT. +41 61 285 17 17 T. + 41 43 344 33 55 T. +41 41 500 01 15 T. 356 2779 1900Fax + 41 61 285 17 77 Fax +41 43 344 33 66 Fax +41 41 500 01 16 Fax +356 2713 2410 www.mandaris.com

nterview with Alexandre von Heeren, Mandaris AG - Switzerland 1. Your firm offers corporate & fiduciary-, Alexandre von Heeren Lic. trust services, investment funds and iur., LL.M. (International structured finance as well as legal and tax Banking and Finance Law) advice to international high net worth Managing Partner, Chairman clients. Please tell us more about your of the Board of Directors company and what makes you so special? clients benefit from our broad in-house or when Mandaris is serving individuals and companies in needed readily available external know how. all aspects of asset structuring and administration, Solutions must be well planned and continuously most often in the context of cross-border monitored to ensure compliance in the multiple situations. We operate out of Malta and different areas. Switzerland, with the local teams essentially working as a single cross-jurisdictional group. In 3. Many wealthy Arab clients do not want addition to the more classic trust and fiduciary prescribed investment products but instead services offered since 1933, we are offering the require solutions which are tailored to their set-up and administration of financial instruments needs. How do you accommodate these such as investment funds and securitisation. requests? Combining the two services may often permit to achieve the best possible results. Our clients know Within Mandaris almost every solution is that they can rely on us to take care of all aspects specifically tailored to the client’s needs. Every of their asset structuring, from a technical and, client situation is personal, every requirement is mainly in case of family structures, from a different and so are Mandaris’ answers to it. personal side. We combine classic values with Standardisation is rarely compatible with such sustainable solutions, in anticipation of long-term situations. The offering of standardised solutions is developments. a different business strategy for a different type of client. 2. How do you provide solutions for your clients within the increasingly complex tax landscape? Mandaris core competence is to navigate the complex international environment and offer solutions that are compliant with the relevant tax (including automatic exchange of information), legal, accounting, administrative and last, but not least family challenges. Our senior advisers are all covering a specialist area and each situation is dealt with as a team, thereby ensuring that the24

“Our clients are our first priority”4. How do you maintain transparency between 6. Malta has introduced an “Individual Investoryourself and your clients ? Programme” aimed at high networth individuals looking to secure a second passport - How doesTransparency takes high priority within Mandaris this work?as transparency is the basis for reciprocal trustthat is essential for a fruitful long term The citizenship within MIIP programme is grantedrelationship. An important part of this is our to foreign individuals and families to thetransparent and foreseeable charging and development of Malta satisfying of course certaininvoicing procedure. Clients will soon also have a specific criteria. The key advantages include24/7 secured electronic access to all key access to a stable, friendly, EU country located indocuments and information with regard to their the Mediterranean and free travel to up to 160solution. countries and possible tax advantages. The application must be submitted to Identity Malta5. With a volatile market and oil prices down to a by an ‘Accredited Agent’. The procedure takesrecord level, many Arab family offices are time and the applicants should be resident intending to outsource their succession planning to Malta for 12 months before the application for aexperts abroad (offshore jurisdictions) safe- passport can be submitted. As an ‘Accreditedguarding their assets for their next generation. Agent’ Mandaris is authorized to represent clientsWhat advice (trust services) do you offer them. and guide them through the process to guarantee the application runs smoothly.The protection of assets should not be confined toa diversified asset management strategy, but also 7. What is your strategy servicing more wealthyintegrate the geographical and legal diversification Arab families from the GCC within the next 3as well as multi-generational planning. All of this is years?achievable through trusts and similar structures.In fact, the risk that materialises more often than The strategy of Mandaris goes well beyond theothers are disputes within the family itself. The next three years or a specific region. We serverisks, threats and goals must first be properly some clients for two or more generations. Theseidentified in order to be able to select the may originally have started in a specific country orappropriate legal structure and the most suitable region and over time spread or redomiciledjurisdiction. It is therefore crucial to properly elsewhere. In these cases we “travel” with ourunderstand the client’s circumstances. clients. The GCC is obviously a region with many well situated families with personal or financial interest across the world. It has always been and continues to be a very important region for Mandaris. We thank you for the interview. 25

“The consultancy firm that puts you first” PRIVATE CLIENT SERVICES The interests of an individual or a group of individuals are at the heart of our service: legal and tax matters, inheritance planning or setting up and administering companies. Tax advice for private clients Examining all taxation issues on a national and international level constitutes an integral part of comprehensive financial planning. Our experienced specialists can show you ways to optimise both your privately owned assets and those of your companies. We think about tomorrow today, which enables us to advise you on choosing the best framework for your tax planning – not only in Switzerland, but also abroad. We help private clients from abroad to take up residence in Switzerland and negotiate tax rulings. Naturally, our services also include handling your tax returns and requests for reimbursement, checking your tax assessments and calculations, preparing objections and taking legal recourse and representing you in front of taxation and tax law authorities. Inheritance planning What you have built up can become a burden for you and your descendants unless you think thoroughly and in good time about inheritance and your legacy. Thanks to our forward-looking inheritance-planning service, you do not need to worry about a generational change. Transferring your private and business assets and dealing responsibly with your inheritance requires detailed knowledge, sensitivity and experience, especially in an international context; our specialists have been specifically trained for this. Several of them have a great deal of experience in setting up corporate structures such as foundations and British- and American-style trusts. Mandaris has a subsidiary which operates exclusively as a trustee. Legal advice for private clients Our legal experts can put a great deal of specialist knowledge in the field of asset management, matrimonial property law, inheritance law and international business law at your service. Drawing up marriage and testamentary contracts, wills and executor mandates, and dealing with the distribution of estates, Swiss and other company and contract law, fiscal and banking law are all important elements of this work. We are also happy to prepare expert opinions for you.26

“ We always get personal”The complex interactions in a globalised world should be met with a holistic approachto asset and corporate management. Mandaris has the necessary expertise and insightto do just that.Interface between private and corporate assetsA company often represents a major part of the total assets of a private individual. We can act as yourpoint of contact on all matters of investment and finance, while taking account of your privatecircumstances. We can assess your company, support you by producing feasibility studies and help youwith setting up or buying/selling a company or property. We will monitor your holdings for you and canprepare shareholder commitment contracts and other contractual material.Family officeAssets have to be cared for and organised on a daily basis, especially if some members of the familymove abroad or your family’s assets are located in more than one country. Family governance and strategic planning for family members and their assets then become critical if the family’s assets are to be preserved for future generations. Our family office service spares you this demanding task. Thanks to our collective expertise and reliable contacts with well-known international specialists, we can work with you to find solutions that more than meet your needs. Our family office team delivers tailormade services under one roof, helping you to restructure, manage and safeguard your assets – thereby relieving you and your family members of this burden. CORPORATE CLIENT SERVICES For operating companies, our services encompass advice on legal and tax issues, salary administration, accounting and corporate consultancy, advice on compliance, serving on management boards andTax advice for companies providing fiduciary services.For us, taxes are not an impenetrable tangle, but a clear thread running through all our detailedplanning. By analysing all aspects of taxation – both national and international – our experiencedadvisers and internal and external experts will explore the best ways of optimising the tax situation foryour company.When choosing the best tax planning structures in Switzerland and elsewhere, we also take account ofyour future needs. We can assist foreign companies with setting up a company in Switzerland andnegotiating tax ruling. Of course, our services also include handling tax returns of all kinds and claims forreimbursement, checking your tax assessments and calculations, preparing objections and taking legalrecourse and representing you in front of taxation and tax law authorities. 27

“ Shouldering responsibility for your company” Corporate consultancy and fiduciary functions With our business administrators, accountancy and fiduciary experts, your finances are in safe hands. They will apply their technical Knowledge and experience to organising your finance and accounting systems (financial, operational, debtor, creditor and payroll accounting, consolidation) or other company operations as effectively and efficiently as possible. Management organisation, staffing, performance management, finance and investment matters, business appraisals and questions of social security or VAT all come within our remit. When it comes to financial constraints or divesting assets, we will advise and assist you. We help out by providing interim management services. In your business transactions, we offer our services as fiduciary owner or escrow agent. Instructed to act for corporate bodies As a result of our many years of experience and our knowledge of company law, we are familiar with the requirements for companies of all sizes and will sit on management boards in Switzerland or elsewhere. Our closeness to our clients enables us to respect the special circumstances of family- owned companies. We will also act as administrators or liquidators and play the role of mediators in achieving a successful outcome. If you are in the process of buying or selling a company, we can help you with the legal, financial and fiscal due diligence procedures. Compliance Do you lack the capability to handle the risks resulting from legislation on compliance and due diligence? Our Compliance Team will advise you if you wish to reorganise or strengthen your company’s system of controls. We handle all compliance issues for you, allowing you to keep risks under control and get on with your job. Legal advice for companies We help you with setting up your company and applying for residence and work permits for you. We also represent you before the authorities. We can advise you on legal issues such as how to draw up company and shareholder commitment contracts or employment contracts for your employees and managers, as well as expatriates. We work with your legal advisers in other countries in the complex field of international business law. We support you in converting your company to a different legal entity, relocating your head office in Switzerland or abroad, handling mergers, restructurings and liquidations.28

MALTA RESIDENCY & VISA PROGRAMMELaunched in August 2015, the Malta Residence and Visa Programme (MRVP) is a fast and efficient way forforeign investors from non-EU countries to obtain a valid European residence permit legally. Under the Maltagolden visa program, non-EU citizens can acquire a Malta residence permit promptly allowing the investorand their family to enter and/or live in Malta, as well as to travel freely to all EU Schengen Area countriesincluding Switzerland. Once in possession of a Maltese residence permit, there is no need to apply for aSchengen Visa in order to visit EU countries such as Germany, France, Spain, Italy, Portugal, or Greece. Financial Contribution To qualify for a Malta golden visa, an investor must make a monetary contribution to the Government of € 30,000 from which sum a non-refundableadministrative deposit of €5,500 is due upon application submission, while the remaining amount does notneed to be paid until after approval in principle.Real Estate Purchase or RentalTo be eligible for the Malta residency program, an investor must rent or buy a qualifying property in the country. Toqualify by buying real estate, an investor must purchase a property in Malta for at least €320,000. If the property islocated in Gozo or the South of Malta, the minimum purchase amount is €270,000. To qualify by renting real estate, aninvestor must lease a property in Malta with a minimum annual rent of €12,000. If the property is in Gozo or the South ofMalta, the minimum lease amount is €10,000 per year.Qualifying InvestmentThe aim of the Malta Residence and Visa Programme is to attract foreign direct investment to the country in order tocreate jobs and wealth which will enhance the nation's standard of living. Consequently, candidates for Malta investorvisas must make a qualifying investment in Malta of at least €250,000. To be eligible for the golden visa program, thisinvestment must be made in accordance to the terms set out by Identity Malta, and must be retained for a minimum offive years.Additional ConsiderationsIn order to obtain an EU golden visa Malta, applicants must be 18 years of age. Applicants must also provide an affidavitstating that they have an annual income greater than €100,000 arising outside of Malta, or are in possession of capital ofnot less than €500,000. All Malta residence program candidates must also pass a stringent due diligence process, andmust not have a criminal record or be involved in any criminal activity. Mandaris’ team and its affiliated partner companies have the necessary expertise and insight to advise on all aspects of the Maltese Residency and Visa Program. 29



Foreign Currency Exchange

ompany Portrait City Forex Managing foreign exchange risk during periods of high volatility Over the past year, currency values have the shops. There is a long way to go before fluctuated wildly against each other. It will not the trade deficit is closed but the weakening have escaped many people’s attention that of the currency is said to be helping to re- following the UK’s vote to leave the EU, the balance the economy, something the bank of pound has weakened by around 15% across England is keen on, in order to reduce the the board. For any business involved in balance of payments deficit in the UK and international trade, this kind of volatility can boost completeness. have a significant impact on profitability if not effectively managed. When it comes to conducting international business, you will be facing either a great Those importing coffee or machinery from opportunity to capitalise on an increase in overseas will frequently be quoted prices in competitiveness or worrying about how to foreign currency, but when selling compensate for the weak pound when domestically will be accepting their home delivering payments in local currency abroad. currency and this will create a dilemma. An importer will face the choice of either raising If you are based abroad, you will also face the prices and becoming uncompetitive, or dilemma of volatility. Moreover, the starting retaining prices and becoming unprofitable. In point may will already be disadvantageous. practice, most importers have made a Emerging market currencies tend to be weak, compromise between the two. especially where the US Dollar predominates as the accept currency of choice. The Exporters, may be able to avoid currency accepted way to assess how weak or strong a fluctuation risk by invoicing in their home currency is, is through looking at Purchasing currency, but there are occasions, particularly Power Parity (PPP) otherwise known as the for smaller companies with large overseas Big Mac index (note graph below). In the last clients, when they are forced to price in the year, and for the first time, commentators buyer’s currency, so that they can be easily have started talking about the pound as an assessed against international competitors. As emerging market currency for this reason. a result, UK manufacturers, domestic real estate vendors, financial services and tourism Whether it is major events such as the in the UK have all had a shot in the arm in the decision to leave the EU, or simply managing last year. medium term volatility, you need to protect the rate at which you calculated your costing UK Exports have grown 5.8% since the Brexit level or expected profits. vote, and contrary to many people’s fears the UK economy was one of the fastest growing in the OECD during 2016/17. It is widely accepted that any deterioration in investor sentiment has been offset by the weak pound, and domestic consumerism sentiment has not yet shown signs of having been too badly dented, despite slightly higher prices in32

nterview with Adam Cobbold fromCity Forex in LondonSo what can be done in order for companies torecognise, measure and manage the riskassociated with currency movements eating intotheir profits?There are simple steps and tools available in (ii) Forward Contractsorder to achieve this: This involves fixing an exchange rate (based on1. Ensure the pricing is realistic the current rate) for a purchase of a specificToo often, an importer will quote re-sale prices amount of currency on a future date. Generally,based on the exchange rate of that day itself. To only a small deposit is payable, which is then offensure that you are not already exposed to set at maturity. This is a pure protection tool,adverse currency movement, before you can since your exchange rate is fixed. It is ideal if youeven think of buying the currency, either add a have 30, 60, or 90 days invoicing terms, orbuffer for the exchange rate to your pricing (3-4% projects lasting many months. City Forex offersshould be adequate if you expect a response up to 18 month forward contracts or evenwithin a couple of weeks) or explain that you potentially longer. Bear in mind, however, thatreserve the right to requote if the actual you are obliged to carry out the purchase whenexchange rate fluctuates adversely by more than the contract date arrives (most banks and othera certain percentage by the time you receive providers will also allow you to specify a ‘window’confirmation of the order. You can see from both period of a few weeks or even months in which tothe GBP/USD and GBP/EUR graphs, that the settle, rather than a specific day, and this ispound has been trading within clearly defined known as a flex, window or time option forwardranges for much of the past year. Equipped with contract).this information decisions can be made aboutaccommodating fluctuations in the way described (iii) Foreign currency optionsabove. These provide a greater level of flexibility and a wider range of risk/reward choices. They can2. Decide on which tools to use offer a mixture of the ‘opportunity’ offered byAs soon as you, as an importer, confirm your buy spot foreign exchange (i.e., if the market movesorder in a foreign currency, you have a currency in your favour, you can take advantage) andexposure that you need to manage. You need to protection, such as offered by forward foreignwork out which products you will utilise to exchange. This mixture, of course, comes at apurchase the currency. There are three basic price, either in the form of a ‘premium’types: (appropriate, since this is a form of insurance) or in the form of a built-in penalty (such as the(i) Spot foreign exchange obligation to purchase at a less attractive rate, orThis involves purchasing currency at the current leveraged option that may force you to purchaserate, and is designed for delivery within two days. or sell more than you might normally wish to).Many companies wait until the invoice due date The selling of these products is highly regulatedand then purchase in this way, but this is a because they need to be applied in the mostmaximum risk, maximum reward strategy, rather expert way to your business model. They shouldthan adhering to any kind of risk management only be considered very carefully and with a fullstrategy, since the entire invoice amount is understanding of all terms.exposed to the risk of exchange rates movingsteadily adversely until the due date, and theresulting currency conversion being moreexpensive than originally budgeted for. 33

3. Design and implement a simple strategy If you are implementing a strategy on an invoice-by-invoice basis, then this is very Common sense might tell us that the easy, and you can probably cover even up to obvious balanced approach to risk 100% of your exposure straight away on management is to purchase half of the forward contracts, if you so wish. If you are required currency on a forward contract as not (e.g., if you are implementing a strategy soon as the exposure is confirmed (once you based on expected future sales) then you confirm your import order), and then to probably don’t want to over-commit to leave the remainder to purchase on the spot cover as yet unknown liabilities. In this market. In this way, whether the market situation, it is advisable to work from the moves up or down between invoice receipt expected minimum exposure and trade any and due date, you gain on half of the excess using a spot trade. amount. However, this approach is too simplistic because there are other variables (iii) What is my appetite for risk? that will determine the mix of products. Here are the questions that you should be If you are generally more risk tolerant, then asking yourself: weight your currency purchases towards spot, or indeed multiple forward contracts. If (i) How close is the current exchange rate to you are very risk averse, and would rather my “costing level” (the rate used to remove all currency exposure risk from your originally quote a price to your client) by contract, then cover 100% on a forward the time the order is actually confirmed? basis. If it is in your favour and very close to the (iv) Do I have a view on where exchange current exchange rate, you will probably rates are heading? want to protect more than 50% of the invoice amount straight away, by taking out If so, and if you believe your home currency a forward contract on as much as 100% for will strengthen, you can put off purchasing what you will need to pay or expect to currency on the forward market. Beware, receive. If there is a large difference in your however, that the markets are extremely favour between the two rates (i.e. you are in fickle, and it is impossible even for major no danger of losing money on the foreign banks to accurately predict future direction. exchange element of your costing) then you It is common to want to guess the future of may want to book less than 50% and watch currency, but currency markets are the most the market for opportunities to successively unpredictable of markets, and you do so at increase your cover as they arise and only your peril. enter the market if this situation changes. In this situation, you can effectively use stop- loss orders or OCO (one Cancels the Other) market orders. (ii) How much visibility do I have on my Moving your money future currency exposures? forward, at rates you want34

(v) Am I likely to receive any foreigncurrency that I can use to pay this invoice?If so, you can reduce your exposure, and Several foreign currency specialist offertherefore your cover, by this amount, if this type of consultative approach whenyou so choose. But bear in mind that you transact with them, free of charge. It isforeign currency receivables may well have also the case that the exchange rates theytheir own ’costing level’ that may not offer are generally more competitive thanmatch up with your liabilities. You may also large commercial banks. Today more thannot want to muddy the waters by mixing ever it is important to as much as possiblecontract funds in your accounting, instead control the risks posed by currencypreferring to cover each exposure on a fluctuations. Currency movements over thecase-by-case basis independently. Keeping past year have had enormous, and in somethings separate will make future cases calamitous consequences. Thereconciliation far easier. uncertain current economic and political outlook is likely to prolong this volatility onDo you really need a foreign exchange the exchange markets, so now more thanexposure risk management policy? ever it is prudent to see if there is anything else you can be doing to protect yourself.If you report to anyone else, if you want toapply a certain risk approach to your Adam Cobbold,business in general, if your profit margin is Sales & Dealing Supervisor. Adam hastight and a fluctuation would be significant, worked in the FX industry for over 8 yearsif the exposure itself is a significant part of and has built up a high level of knowledge inyour business, or if you want a level of international markets. Adam has a Bachelorsforecasting certainty, then yes, absolutely degree from Coventry University andyou should have a clear policy that you Masters degree from Essex University.implement every single time. Without one,you are playing an incredibly unpredictablemarket with your company’s funds.Where can you get assistance on this?Since most small companies are not in Adam Cobboldtheir bank’s list of top ten customers, it is Sales & Dealing Supervisorrare for them to receive consultation on City Forex Limitedthe vagaries of the foreign exchange 145 Leadenhall Street, London,market. Having someone who understands EC3V 4QT - United Kingdomyour business requirements and who can Tel: +44 (0)20 7621 0090advise not only on risk management but Mobile: +44 (0)7876 574 922also help you time your currency DDI: +44 (0)20 3196 2185conversions to take advantage offavourable conditions, can amount tothousands on your bottom line, and willalso leave you free to concentrate onrunning your business. 35



Trusted - Confidential - Independent - CompliantAmber Wealth SA is an independent trustee and fiduciary services business group offering specialist services internationally to both private clients and corporations. As a Swiss Trust company we work closely with our clients’ professional advisors to provide forthe compliant, confidential protection of the assets of wealthy families and individuals. We ensure continuity of succession, whilst enabling innovation and supporting change - where to do so is beneficial for those who will inherit.Headquartered in Geneva, we have operations in multiple jurisdictions like Dubai, London, Panama, Mauritius. Conveniently located adjacent to Geneva international airport, our experienced team ensures that any financial planning advice is implemented in a timely, discrete and professional manner, and settled in accordance with the recommendations of a Client’s legal advisors. Services Overview ‫الخدمات المقدمة‬ Trustee Services ‫خدمات صيا‬Corporate Management Services ‫خدمات إدارة الشركات‬ ‫الخدمات الاستشارية‬ Business Consultancy Services ‫تخطيط الثروات الخاصة‬ Private Wealth Planning Fund Administration ‫إدارة الصناديق‬World Trade Center I Tel. +41 22 7100 450 A dedicated team of legal and tax experts guiding you10, route de l'Aéroport Fax: +41 22 7100 451 through the complexities of wealth in Switzerland andP.O. Box 253 internationally.CH-1215 Geneva 15 www.amberwealth.ch We would be delighted to hear from youSwitzerland Luba Utrosina, TEP (Managing Director) [email protected]









Cyprus t the eastern edge of the Mediterranean Sea lies the beautiful island of Cyprus.It is an island rich in culture, proudly boasting over 9,000 years of history.It is the third largest island in the Mediterranean NICOSIA, located in the east of the geographic centreafter Sicily and Sardinia and covers an area of of the island, is the capital of Cyprus and has aapproximately 9,250 square kilometres. Cyprus is population of approximately 330,000. The secondsituated in a prominent location and is the stepping largest city, LIMASSOL, is situated in the south-weststone between the three continents of Europe, Asia and has a population of around 240,000 inhabitants.and Africa. Limassol is the principal seaport in Cyprus and is anThe abundant natural wealth of Cyprus along with its established player in the shipping industry. It is also adominant position created an attraction for many of thriving industrial centre and a popular location forhistory’s conquerors. These included the tourists. LARNACA, the third largest city has aPhoenicians, Assyrians, Franks, Venetians, Ottomans, population in the region of 195,000 and includes theBritish and many others, who throughout history all region of Ammochostos, also known as Farmagusta.stamped their mark on the island with untold Located in the south, Larnaca boasts the maindisasters and human tragedies. However, Cyprus has international airport, an International Free Trade Zonecontinually managed to retain its Greek identity. and a rapidly growing tourism industry. The smallestRoman theatres and villas, Byzantine churches and city on the west coast of Cyprus is PAPHOS. With amonasteries, castles of the Crusaders and Medieval population of about 92,000 inhabitants and a verycastles, Ottoman mosques and prehistoric strong tourist industry, Paphos is the location for thesettlements are all testament to the fact that Cyprus second international airport.experienced many races of people trying theirutmost to conquer and gain control of the island. Cyprus has a presidential system of government, in which the President of Cyprus is elected in a secret ballot by the population for a term of five years. The House of Representatives is the legislative body and consists of 56 elected members, who also serve a five- year term. The legal system is based on English and EU law. Cyprus is a member of the United Nations, the European Union and the Eurozone, the Commonwealth and the Council of Europe.

dvertorial Aristo DevelopersAristo Developers is one of the largest Property Developing companies in Cyprus, as well as the largest private land owner on the island with more than 30 years of extensive experience in the construction & Real Estate sector. Aristo Developers emanates as one of the largest property developing companies on the island of Cyprus. Aristo Developers is one of the largest Property Developing companies in Cyprus, as well as the largest private land owner on the island with more than 30 years of extensive experience in the construction and Real Estate sector. The Company's professionalism and expertise combined with a wide range of tastefully designed projects, a highly professional after sales service, invaluable property management and strong commitment towards its customers, have allowed Aristo Developers to become the market leader. Since its establishment, the company has developed a plethora of projects on the island of Cyprus. Spanning over three decades, Aristo Developers is internationally-renowned for its exclusive locations and credible building techniques. Currently and with a property portfolio over fifty projects, the potential buyer is presented with an impressive range of freehold properties which include apartments, townhouses, (privatised) private residential developments, exclusive villas, retirement havens and luxurious golfing estates. In addition to its vast portfolio, Aristo Developers includes an extensive selection of plots and large-scale developments, suitable for investment purposes.Our philosophy 43Guided by our strong roots, principles andsuccessful history, we continue to strivefor an even more dynamic futurerespecting our clients, associates,community and environment.AchievementsAristo Developers’ success history isaccredited worldwide. The company’sreputation for quality and reliability isendorsed by international organizationssuch as the NQA (National QualityAssurance / ISO 9001) and the CyprusChamber of Commerce andIndustry. Aristo Developers is also amember of the FIABCI International RealEstate Federation and the EU Eco-Management and Audit Scheme (EMAS).In April 2007, Aristo Developers became amember of the Dolphin Capital InvestorsGroup of Companies – the largestinstitutional investor in the holiday homesector in south-east Europe. DolphinCapital Investors are listed on the AIM(Alternative Investment Market) of theLondon Stock Exchange. As a parentcompany, Aristo Developers maintains agroup of subsidiary companies thatsupport its current business operations.

INVESTMENT CRITERIA ANDCONDITIONS1. Cyprus EU Citizenship may beobtained through a secure propertyinvestment of €2 million, providedthe property/ies is/are residential.2. The investment can be a singleproperty or combined propertyportfolio.3. The main investment may besold after a period of three (3)years, however, the investor mustalways maintain / purchase aproperty with a value of at least€500,0004. Clean criminal record is required5. The investor’s parents areentitled to apply for CyprusCitizenship by Exceptionprovided that they have purchaseda permanent residence of at least€500,000 plus VAT. BENEFITS OF THE CYPRUS EU CITIZENSHIP PROGRAMME FAST AND SIMPLE Cyprus EU Citizenship by Investment can be obtained within 3 months NO RESIDENCE REQUIREMENTS Investors must visit Cyprus at least once every 7 years FREE MOVEMENT Citizens have the right to live, work and get an education within the European Union, Free movement of goods, services and capital, Visa-free travel to over 158 countries including the EU and Canada PROTECTION Protection by the diplomatic or consular authorities of any EU country LANGUAGE There are no language requirements NO DONATION No donation to the Cyprus Government is required RIGHT TO VOTE All European Citizens have the right to vote and stand for European Parliament Elections DUAL CITIZENSHIP No need to renounce previous nationality as dual citizenship is allowed VALID FOR LIFE Citizenship can be passed to future generations by descent ELIGIBILITY All nationalities are eligible for the programme NO TAX CONSEQUENCES No tax consequences unless one opts to become a tax resident in Cyprus

VENUS ROCK - IMPERIAL RESIDENCES Villa, Golf Property Location: Venus Rock Golf Resort, Paphos Conjuring a sense of Mediterranean elegance a hamlet of opulent homes at the renowned Venus Rock Golf Resort, offer a refreshing sense of luxury, complimented by the resort's unparalleled beauty. Nestled on an elevated site, commanding sweeping coastal and golf course views, the privileged owners of these residences, will reap the rewards of world-class facilities at Europe’s largest golf-integrated spa resort. Aristo Developers, the market leader in the development and management of superior residential developments and major tourist projects across Cyprus, have combined exceptional elements of this project to create a uniquely integrated community that can evolve with the Venus Rock Golf Resort. KEY FEATURES • World-class villas which will redefine the level of quality and luxury living in Cyprus. • Nestled within the Venus Rock Resort, one of Europe's largest, golf-integrated spa resorts.• The owners of these luxurious golf villas will have access to a variety of amenities and services available within the resort. • Attention to detail with excellent, quality finishes and specifications. • Furniture and Landscaping packages included. • Exceptional golf and sea views. PRICES FROM : €2.035.000 EXCL. VAT (€2.136.750 INCL. 5% VAT*, €2.421.650 INCL. 19% VAT**)*Reduced VAT rate of 5% may be applicable subject to approval by the authorities **Normal VAT rate presently in effect in the Republic of Cyprus 45

Villa, Golf Property Villa, Golf Property46



Villa, Golf Property Villa, Golf Property48

Villa, Golf PropertyVilla, Golf Property 49

Diversified ProductAristo Developers is a pioneer in the fields of design and construction, developing diverse projectssuch as golf resorts, water parks, schools and shopping malls. Some of these include: • Venus Rock Golf Resort (www.venusrock.com) • Paphos Aphrodite Water Park (www.aphroditewaterpark.com) • International School of Paphos (www.paphosinternationalschool.com) • Kings Avenue Mall (www.kingsavenuemall.com)International DimensionWith offices in Cyprus and abroad, including a large network of professional associates fromaround the globe, Aristo Developers upholds a firm worldwide presence with an effectualpersonalized approach for its potential customers. The company maintains its own offices in thefollowing countries: Cyprus, Greece, United Kingdom, United Arab Emirates, Russia and China. “Building on Trust for three decades”Head office Dubai Mobile: +971 5 063 50865Aristo Centre ARISTO Developers LLC Office: +971 4 506 94018 Apriliou 1st Street Petros Ioannides Fax: +971 4 320 3794CY-8011 Paphos, Cyprus Head of UAE Office [email protected]. Box 60269 CY-8011 Millennium Plaza Hotel,Tel.: +357 26 841 800 Office No. 2201-01,Tel.: +357 99 21 31 21 Sheikh Zayed Road,Fax: +357 26 9 38 290 Dubai, [email protected]