Hope springs in Cyprus

Date: 24 Jun 2013


George Ioannou, a leading UHNW property developer, offers his view of the developments in Cyprus.

George Ioannou of Korantina Homes is the man behind some of the most prestigious homes on Cyprus. His Cap St George development sells at Euro 5million+ per property and he has won two awards from Bloomberg for architecture and development. George took out time to talk to Karen Jones of Citywealth about the recent economic developments and his entrepreneurial view for the future of Cyprus.

New President, Nicos Anastasiades will change the negative vibes
“Cyprus places all its hope in Nicos Anastasiades,‚Äù says George. “That’s the reason why he was designated as president of our democracy. He is an open-minded politician, with modern ideas and will be an important voice for us in Europe and globally. His main target is to create the necessary perspective for the evolution of his country. I believe he also has the ability to change the negative vibes that have occurred in the past.‚Äù

Europe needs a new, governing strategy
“In my view, Nicos Anastasiades understands that the global economic crisis creates new challenges for the future of the European Union. He also believes, as many do in the EU, that a new agreement for Europe should be made which will settle the solidarity among nations. This will need a strategy programme and determination from the leaders of the member nations.‚Äù

We see the crisis as an opportunity to reinforce European bonds
“This mean that in the limits of a reform‚Äù continues George, “that Cyprus has the opportunity to reinforce its bond with all the nations of the European Union and to reinforce its position as an island to invest in, particularly in property, both in the short and long term.‚Äù

The bail in-deal could have been handled better
“We understand that the IMF proposition for Cyprus is to reorganize the financial system and to reduce the national banks funds to a level that should fit those of the Eurozone but they have done this in an extremely violent way and not gradually which is unfortunate for Cyprus. Just to underline what has happened. The decision actually only affects the national banks, Laiki and Bank of Cyprus. All the remaining 12 banks are not affected.‚Äù

The Eurozone and IMF shouldn’t decide the fate of Cypriot banks
“I don’t agree that the Eurozone and the IMF should have the authority to decide the luck of any kind of institution, especially when it is governmental, like Laiki bank. The state should have the ability to regulate issues that have to do with its inner economic policy and to correct any mistakes or omissions. The imposition of a decision means unfair intervention in my view.‚Äù

Russia and Cyprus are joined by more than just bank accounts
“The world thinks Russia was here to evade tax but Russia has been and still is one of the most important allies for Cyprus. There are deep economic, political and strategic bonds that connect the two countries and this is never going to change.‚Äù

Property becomes attractive to overseas investors
“Despite the difficulty with the economic crisis, our clients still wish to invest because of the attractive offers available in the property sector. Particularly in the high-specification and luxury properties. Foreign money and foreign investors are very important for Cyprus and so it is a high priority to attract these individuals. It is why Cyprus has a competitive tax rate and has made naturalization simpler. Not only China and Russia but other countries consider Cyprus as a good centre to make investments.‚Äù

Natural gas reveals a bright future for Cyprus
“Cyprus has excellent prospects for the foreseeable future,‚Äù says George, “because of the huge quantity of natural gas, which was discovered. I think Cyprus will shift from a financial centre to a centre of energy and become a station of production and transport which will bring strong economic growth. There are good prospects because of this for Cyprus to create all the necessary alliances in the future with many countries. Cyprus will be one of the most powerful economic centres in the energy sector globally. Our debt of 5.8 billion is extremely low compared to the profits that Cyprus will derive from any future gas agreements. It will just take time which the Eurozone and IMF unfortunately haven’t been willing to consider.‚Äù

As well as Cap St George, Korantina Homes have also got a new development underway called Akamas. Nine villas will be built by the Akamas forest with views of the Mediterranean coast. They will have three and four beds with gated entrances and are ideal for holiday homes or investment.

Have you seen our mentoring videos?

The Citywealth International Financial Centre Awards are coming up for their third year. Closing date for submissions is 12th July 2013.

More information

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2. Awards ceremonies

Citywealth Magic Circle Awards: 16th May 2013
In their 8th year
400 + attendees

Citywealth holds an annual awards to find best advisors and managers in the global industry. Awards are judged by nominations sent in by the global industry then refined and selected by industry judges (usually ten global experts). There is also online voting. This is a chance to meet major private investors from a pool of the worlds wealthiest individuals and their advisers and managers. It is also an ideal platform to promote expensive lifestyle offerings and make charitable appeals.

Citywealth International Financial Centre Awards: January each year
In their third year
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Citywealth IFC Awards to find the best wealth advisors and managers in the Caribbean, Switzerland and UK Offshore. 160+ attendees.

3. Networking clubs: Citywealth Tomorrow Club: Citywealth YP and Citywealth Women in Wealth Supper Club

Citywealth Tomorrow Club
6.30-8.30pm /Four events a year/cocktails
60+ attendees

Citywealth Tomorrow Club aims to help mentor advisers and managers in their first or second job in the industry and help them up the career ladder. It also allows members to find their own group of contacts. Maximum four individuals allowed from any one organisation. Four cocktail party networking events per year with mentor speakers. Membership fees apply. See video library

CITYWEALTH YP: A business development networking club.
6.30-8.30pm/Four events a year /cocktails
60+ attendees

6.30-8.30pm /Four events a year/supper event
60+ attendees

Held in London each quarter we have an educational speaker, drinks and light supper to facilitate business networking. The group has 60 + members from private wealth and private client. Entry into the group is with twenty years + work experience in this industry sector only.

Citywealth also an Asian diaspora club called The Shanghai Delhi Club for UHNW +£100million private individuals. This is VIP invite only and wealth managers and advisors may only attend by sponsoring the club.

NEW initiatives for 2013

Citywealth has launched a mentor speaker library offering help and information for those in the industry from a mix of experts and uhnw entrepreneurs. The mentor speakers talk at our events to help prepare the upcoming generation and assist with corporate succession planning.


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Contact office number (Marble Arch)

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Karen Jones, Editor

Joe Bell, Managing Director

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