Coral Vista

Coral Vista Private Residences is a community of 19 luxury villas in Peyia in the Paphos region, developed by Pafilia Property Developers. The project is located on a hill with 3 different designs (Type A, B, C) for 2 and 3-bedroom villas. Coral Vista is in the construction phase with an expected handover time of approximately 20 months after signing the contract.

The project location is in southwest Cyprus, bordering Akamas National Park, between the villages of Peyia and Kathikas. The area is known for its sea views, orchards, and wineries. Coral Vista is surrounded by Akamas National Park and Pikni Pine Forest.

Coral Vista Features

Coral Vista offers 2 and 3-bedroom villas with floor areas from 117 to 160 m² and plots from 300 to 380 m². Each unit has 3 optional design styles (Type A, B, C) with open spaces, large glass windows blurring the boundaries between inside and outside. Interior finishes use marble, parquet flooring, and high gloss kitchens.

All units have private gardens with enough space for an optional private pool. Spacious terrace with transparent glass railings ensures unobstructed views. Class B energy rating for long-term thermal efficiency and energy savings.

Peyia and Coral Bay – the investment case

Peyia is a coastal town located on the hillsides north of Coral Bay, with a population of approximately 12,000 and is one of the areas with the largest expatriate communities in Cyprus (especially the British community). The area includes famous tourist spots such as Sea Caves and Saint George with impressive sea views.

Distance to the best beaches in Paphos is approximately 4 km, to Paphos centre is approximately 14 km, to Paphos International Airport is approximately 28 km. Coral Bay – a Blue Flag sandy beach – is just a 5-minute drive away. The area has a full system of amenities including restaurants, supermarkets, and entertainment centres along the Coral Bay Strip.

Pafilia Property Developers – the developer

Pafilia Property Developers was founded in 1977 by Elias Eliades and is the largest private real estate developer in Cyprus with 49 years of experience and a portfolio worth 3 billion Euro.

Pafilia is behind ONE Limassol – the tallest building on the Mediterranean coast, the 5-star Minthis resort, and many other iconic projects. The company has been honoured with over 39 international awards and is a leading market expert on the Cyprus permanent residency programme.

Cyprus Permanent Residence Programme

According to Regulation 6(2) of the Aliens and Immigration Regulations, investors purchasing new residential property (first sale) with a minimum price of €300,000 (excluding VAT) are eligible to apply for Cyprus permanent residency via the fast-track route. The applicant, spouse, and dependent children up to 25 years old (full-time students) can be included in the same application.

Requirement to prove income from sources outside Cyprus of at least €50,000/year for the main applicant, plus €15,000/spouse and €10,000/dependent child. Parents and parents-in-law are no longer considered dependents according to the update on 02/05/2023.

Processing time is 2-6 months. Permanent residency is valid indefinitely, with no renewal required, only a minimum of one entry to Cyprus every two years. After 8 years of actual residency within the last 10 years, applicants are eligible to apply for Cyprus citizenship by naturalisation.

VAT and Investment Notes

Standard 19% VAT applies to new, unused property in Cyprus. Under Law 42(I)/2023, a reduced 5% VAT applies only when purchasing a primary residence, for the first 130 m² and a maximum price of €350,000, provided the total floor area does not exceed 190 m² and the total price does not exceed €475,000.

The buyer must commit to using the property as their primary residence for 10 consecutive years.

In the case of purchase for rental investment or as a holiday home, 19% VAT applies to the entire property value. Buyers should consider an investment structure that aligns with their residency goals and personal finances.