“There’s a saying that to make money you have to be lucky, to preserve it you have to be smart, but to multiply it you must be wise,” says Evgeny Cherepakhov. These are the words that brought this British entrepreneur with Russian roots to Gibraltar 20 years ago. He was impressed by the potential he saw in this British Overseas Territory as a base for his business – and for the homes and offices he builds.

Apart from its subtropical Mediterranean climate, Gibraltar’s many advantages include
its reputation as an investment centre, its UK jurisdiction and its business-friendly tax structure: there is no capital gains tax, wealth tax, inheritance tax or VAT, and income tax can be as low as 5 per cent on earnings over £1 million.

The last 15 years have witnessed gaming, insurance and IT companies make this sunny peninsula the base for their HQ, with Evgeny believing that this is only the first step. “Gibraltar’s economic climate, rich history and location provide it with numerous points of growth,” he says. “These include the tourism, banking and shipping industries, with Gibraltar being one of Europe’s top five bunkering ports. These are sectors that are rapidly developing and will continue to do so irrespective of its EU status. This economic growth is reflected in the property sector. According to research by Chesterton’s, Gibraltar property prices have been increasing by 5-7 per cent every year since 2010, and they are still only a fraction of its Mediterranean neighbour Monaco. The possibility for growth is impressive.”

Having founded Bentley Investments in 2000, Evgeny made the development of Gibraltar his main priority. The company’s portfolio includes Eurotowers, a luxury residential and commercial complex as well as a range of bespoke office units, car parks and storage facilities. The latest addition to this development was the award winning WestOne tower, which sold out in just three days after its launch in July 2015.

“It showed that there is a niche in the market,” says Evgeny. “As 12,000 people are commuting across the frontier with Spain every day, the demand for business accommodation is very high. It’s why we’re building apartments tailored for business people, seeking to bring London standards of real-estate service into the Mediterranean climate.”

The quest has led to the company’s pièce de résistance: EuroCity, a proposed development at the heart of Gibraltar’s central business district. Designed by a leading British architectural firm, the project consists of three towers that form
an elegant lozenge design above a two-storey podium, which contains a luxurious arrangement of pools and gardens where residents can unwind. On the ground floor, a retail zone will provide shops, restaurants, beauty services and more. EuroCity will embrace the need for more energy- efficient and environmentally friendly construction, incorporating a variety of eco-features.

The EuroCity development is a response to the growing demand from a variety of areas: from individuals seeking to relocate, from growing businesses and their employees, from those wanting to make Gibraltar their vacation home
– and from investors who seek rock-solid returns on their property investments.

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