"Palm Beach Resort represents one of the most important investments in our portfolio. Beyond its financial scale, it demonstrates our ambition to develop projects that combine hospitality, residential living and lifestyle in a single destination," Dionysios Karatsis, CFO of Premium Access Cyprus, notes.
In a recent interview with GOLD magazine on the occasion of Premium Access Cyprus being recognised at the 14th International Investment Awards, organised by Invest Cyprus and hosted by GOLD magazine, Karatsis reveals more about the company’s major investment in Cyprus that promises to transform Larnaca and shares his views on what the country needs to do if it is to upgrade its tourism offering.
Launched in 2013, Premium Access is a privately owned property and holding company with a diverse portfolio of properties across Europe. Founded with the vision of making strategic, value-added international investments in real estate opportunities, it established Premium Access Cyprus in 2022. Its flagship project, Palm Beach Resort in Larnaca, is one of the most significant tourism developments in the country. An investment of more than €110 million, it reimagines one of Cyprus’ most iconic waterfront locations, combining luxury hospitality, premium residences and exceptional lifestyle facilities in a landmark mixed-use destination. Scheduled to open in 2027, Palm Beach Resort is expected to deliver lasting economic and social benefits to Larnaca and Cyprus.
How significant to Premium Access is its major investment in the Cypriot market through Palm Beach Resort?
Palm Beach Resort represents one of the most important investments in our portfolio. Beyond its financial scale, it demonstrates our ambition to develop projects that combine hospitality, residential living and lifestyle in a single destination. The investment journey has been demanding – as any project of this magnitude would be – but it has also been rewarding. We have found dedicated professionals, experienced local partners and institutions willing to engage constructively throughout the process. Every large development presents challenges but we have always approached them through dialogue and collaboration. Beyond the project itself, we believe that investments of this scale generate wider economic benefits through employment, local procurement and increased international visibility for Cyprus.
Why did you choose to invest in Cyprus and in Larnaca specifically?
Cyprus offers a unique combination of stability, strategic location and quality of life. It serves as a bridge between Europe, the Middle East and Africa while offering an attractive environment for both investment and tourism. Larnaca, in particular, stood out because of its authenticity. Unlike many established Mediterranean destinations, it has retained its character while entering an exciting period of transformation. Major infrastructure projects, the regeneration of its coastline and the city’s long-term vision convinced us that Larnaca’s best years are still ahead. Palm Beach Resort is designed to become part of that transformation.
Premium Access has established a number of local partnerships in the context of the Palm Beach Resort project. How would you evaluate these partnerships and your overall experience in Cyprus?
Strong partnerships are essential to the success of any investment. From the beginning, our objective was to work with organisations and professionals who share our values and commitment to excellence. We are particularly proud of our collaborations. We are working alongside outstanding architects, engineers, consultants, contractors and local suppliers, whose expertise has been invaluable. These partnerships have reinforced our confidence in Cyprus as a place where ambitious projects can be realised through collaboration.
Hospitality has always been a cornerstone of the Cypriot economy. What is your assessment of the island’s current role in this sector and how do you view its future potential?
Cyprus has already established itself as a high-quality tourism destination but its greatest opportunity lies ahead. Today’s international traveller seeks authentic experiences, sustainability, wellbeing and destinations that offer more than traditional holidays. Cyprus has all the ingredients to meet these expectations. The next step is to continue investing in quality, to diversify its tourism offering and position itself as a year-round destination. Developments such as Palm Beach Resort contribute to that vision by creating experiences that appeal to leisure travellers, business visitors, conferences, weddings and international events alike. We remain optimistic about Cyprus’ future and are proud to contribute to its next chapter. Our investment is not simply about building a resort; it is about helping shape a destination that will continue to grow, attract international visitors and create value for generations to come.
The Invest Cyprus International Investment Award recognises not only Premium Access’ success but also its commitment to Cyprus. What does this award mean to the company and why is it important to your long-term vision?
Receiving this award is a great honour for Premium Access Group and recognition that extends beyond our company. It reflects the vision of our founders – Shaul Keinan and Evgeni Leibovich – who believed in Cyprus and, in particular, in the potential of Larnaca at a time when few others saw its untapped opportunities. For us, investing is never about a single project. It is about creating long-term value, contributing to local communities and developing destinations that will remain relevant for decades. Palm Beach Resort embodies that philosophy. This recognition strengthens our commitment to Cyprus and gives us confidence to continue investing in projects that create lasting economic and social impact. This award also recognises the trust we have placed in Cyprus as a long-term investment destination and reinforces our belief that the island has the vision and potential to attract world-class developments.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
