Pafilia Plaza

Pafilia Plaza is a luxury apartment project developed by Pafilia Property Developers in Kato Paphos, one of the most sought-after areas in Paphos. The project consists of two 6-storey residential blocks and a ground-floor commercial block, totalling 78 apartments located approximately 500 metres from the Mediterranean coast.

With its contemporary architectural design and central Kato Paphos location, Pafilia Plaza serves international investors seeking property that qualifies for the Cyprus Permanent Residency programme under Regulation 6(2), combining urban lifestyle and resort amenities in one address.

Pafilia Plaza Features

Two 6-storey residential blocks offer units ranging from studios and 1-3 bedroom apartments to 3-bedroom penthouses with floor areas of up to 240 m². Each unit is designed with an open-plan layout featuring floor-to-ceiling glass doors and private balconies with sea and city views.

Standard finishes include custom-designed Italian kitchens with Corian worktops, VRV concealed air conditioning, and natural stone flooring. Penthouses are additionally equipped with underfloor heating. All units are delivered turnkey with fixed furniture already installed.

The ground-floor commercial block includes a coffee shop and boutique stores serving residents and pedestrians, combined with a private gym and pool to create a multi-functional living space within the same building.

Kato Paphos – the investment case

Pafilia Plaza is located in Kato Paphos – the bustling coastal district of Paphos, within walking distance of Kings Avenue Mall (2 km), Lighthouse Beach (2 km), Paphos Castle, Agapinoros View Point, and numerous seafront promenade restaurants and cafés. Paphos International Airport is approximately 16 km away, a 20-minute drive.

During excavation for construction, significant archaeological remains were discovered on the project site, including a medieval hydraulic system and a Roman villa. Pafilia is working with the authorities to preserve and integrate these findings into the project design, in line with the UNESCO World Heritage Site status of Paphos.

Pafilia Property Developers – the developer

Pafilia Property Developers, established in 1977 by Elias Eliades, is the largest privately-owned property developer in Cyprus with 49 years of experience and a €3 billion portfolio. Pafilia is behind ONE Limassol Tower (the tallest building on the Mediterranean coast), Minthis Resort, and many other iconic projects. Pafilia is the market leader in Cyprus citizenship and residency programmes.

Cyprus Permanent Residency Programme

Pafilia Plaza qualifies for the Cyprus Permanent Residency programme under Regulation 6(2). Investors purchasing a new property (first sale) from €300,000 excluding VAT are granted permanent residency for the entire family.

The Regulation 6(2) application includes the spouse, dependent children under 25 years old who are full-time students, and dependent parents of both spouses. Proof of annual income from outside Cyprus is required: a minimum of €50,000 for the main investor, plus €15,000 for the spouse and €10,000 per dependent child. Processing time is approximately 2-6 months. Permanent residency is valid indefinitely, does not require renewal, and only requires entry into Cyprus at least once every 2 years.

Tax Advantages and Yield

Purchasing a Pafilia Plaza unit as a primary residence allows for a reduced VAT rate of 5% (instead of the standard 19%) on the first 200 m². For rental purchases, a 19% VAT refund may be available if conditions under Cyprus law are met.

The Kato Paphos location, within walking distance of the seafront promenade and Kings Avenue Mall, provides a foundation for stable short-term (Airbnb) and long-term rental income. Specific yields should be confirmed by Pafilia based on unit type and timing.