Lana Villas

Lana Villas is a community of 7 high-end 3-bedroom villas on the hills of Yermasoyia in Limassol, developed by Pafilia Property Developers. The contemporary design blends harmoniously with the surrounding natural landscape.

Yermasoyia is one of the most famous areas in Limassol, combining a location near the sea with a quiet hilly terrain. Lana Villas is situated on the hills, providing privacy while maintaining quick access to the urban amenities of Limassol.

Lana Villas Features

Lana Villas offers 7 3-bedroom villas with a floor area of 136-159 m² and plots from 380 m² upwards. Each villa is similar in size and designed consistently, yet privacy between units is ensured through the orientation and layout of the plots.

Interiors include Italian-designed kitchens, high-end standard finishes, double-glazing windows, landscaped gardens, and private parking. The design maximises natural light and views of the surrounding areas.

Yermasoyia and Limassol – the investment case

Limassol is the second-largest city in Cyprus and the island's leading business and financial centre. The Yermasoyia area is located in the east of Limassol and is known for Yermasoyia Beach (Blue Flag), Yermasoyia Dam, and high-end residential areas.

The distance to Limassol city centre is approximately 6 km, to Yermasoyia beach is about 3 km, to Limassol Marina is about 8 km, to Larnaca International Airport is about 65 km, and to Paphos International Airport is about 75 km. The area has a system of international private schools (Logos School, The Heritage School), private hospitals, and a developed business centre.

Pafilia Property Developers – the developer

Pafilia Property Developers, founded in 1977 by Elias Eliades, is the largest private property developer in Cyprus with 49 years of experience and a portfolio valued at €3 billion. 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 market leader in the Cyprus permanent residency programme.

Cyprus Permanent Residence Programme

Under Regulation 6(2) of the Aliens and Immigration Regulations, investors who purchase new residential property (first sale) with a minimum value of €300,000 (excluding VAT) are eligible to apply for Cyprus permanent residency via the fast-track route. The applicant, along with their spouse and dependent children up to 25 years old (full-time students), are included in the same application. A minimum annual income of €50,000 from sources outside Cyprus is required for the main applicant, plus €15,000 for the spouse and €10,000 for each dependent child. Parents and parents-in-law are no longer considered dependents as per the update of 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 VAT of 19% applies to new, unused property in Cyprus. According to Law 42(I)/2023, the reduced VAT of 5% only applies when purchasing a primary residence, for the first 130 m² and a maximum price of €350,000, provided that 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.