Akamas Bay Villas

Akamas Bay Villas is a development of 47 seafront villas in Latchi, on the northwest coast of Cyprus, developed by Cybarco Development and designed by Ergo7 Architects (Greece). The entire complex is located in a 24/7 gated community, right next to the Akamas National Park reserve – an area with 600 plant species and over 100 bird species.

Akamas Bay Villas won 2 International Property Awards 2024 – in the categories of Architecture Multiple Residence (5-star – representing the best in Cyprus) and Residential Development 20+ Units. The project is ready for handover, with prices starting from €1,360,000 for a 3-bedroom villa. Investment from €300,000 qualifies for the Cyprus Permanent Residency programme under Regulation 6(2) (Category 6.2 fast-track).

Akamas Bay Villas Features

A total of 47 villas are divided into 2 main lines based on the number of bedrooms – 3+1 BR (including types A4, A4R, A5, A5R) and 4+1 BR (including K4-K7, M2, M3, A2). Plot sizes range from 420 m² to 1,035 m², averaging approximately 700 m². Interior floor area ranges from 225 m² to 344 m² per villa, including a master suite, open-plan living space, rooftop terrace, spacious veranda, private pool, and landscaped garden.

The architecture utilises floor-to-ceiling glass doors, large balconies, and covered verandas opening towards the sea. Materials combine glass, stone, steel, and wood – a traditional Cypriot style blended with modern elements. Some units have additional personalisation options: a cinema room, gym, or wine cellar upon the owner's request.

Amenities include a private pool for each villa, maintained gardens, a beachside walking path approximately 100m long, a central square, a 24-hour guarded main gate, and property management services via Cybarco's subsidiary, BeCyprus.

Latchi – The Investment Case

Latchi is a historic fishing village on the northwest coast of Cyprus, approximately a 40-minute drive (about 45 km) from Paphos International Airport, a few kilometres from the town of Polis, and about 800m from the 5-star Anassa hotel (a member of Leading Hotels of the World). The area enjoys a Mediterranean climate with approximately 330 sunny days per year.

The surrounding area features the Aphrodite Hills Resort golf course, golden sand beaches, the Baths of Aphrodite (a mythological site), and trails leading into the Akamas Peninsula National Park – a 230 km² reserve comprising pine forests, gorges, sea caves, and the Blue Lagoon. Latchi fishing harbour is a 5-minute walk away and offers traditional seafood restaurants and convenience stores.

Cybarco has announced that the project holds an Energy Performance Certificate Class B, is located 12 km from the nearest national forest, and 100 m from the sea. Detailed directions and information on nearby amenities can be found on the official Cybarco website.

Cybarco – the developer

Cybarco Development Ltd was established in 1945 and is a member of the Lanitis Group – one of the oldest and most reputable economic groups in Cyprus. Cybarco is the island's leading developer of luxury real estate, behind iconic projects such as Limassol Marina, Trilogy Limassol Seafront, Aphrodite Hills Golf Resort, Sea Gallery Villas, and The Oval. Detailed profiles of Cybarco and their full project portfolio can be viewed on the developer's homepage.

Cyprus Permanent Residency Programme

To qualify for Cyprus Permanent Residency under Regulation 6(2), investors must purchase a new property (first sale) with a minimum value of €300,000 excluding VAT. Akamas Bay Villas start at €1,360,000, well above this threshold. Applications must demonstrate an annual income from sources outside Cyprus of at least €50,000 for the main applicant, plus €15,000 for a spouse and €10,000 for each dependent child. All investment funds must be transferred from an overseas personal account.

Fast-track processing typically takes 2 months. Permanent residency is valid indefinitely, does not require renewal, and only requires entry into Cyprus at least once every 2 years. The application includes the spouse and children under 18, and children aged 18-25 if they are in full-time education and financially dependent. Cyprus is a member of the European Union.

Tax Advantages and Yield

Purchasing a villa at Akamas Bay Villas qualifies for a reduced VAT rate (estimated at 5%-7% instead of the standard 19%) for the first 200 m² if the property is used as a primary residence. According to Cybarco, some villas in the project are exempt from VAT.

Common payment terms at Akamas Bay Villas: 70% upon signing the contract and 30% upon handover for villas ready for immediate delivery. For villas under construction according to the new schedule: 30% upon signing, 30% in October 2026, 30% in March 2027, and 10% upon handover in October 2027. A non-refundable reservation deposit of €20,000 is required, valid for 1 month.