Karma Developers

Construction contractor license

In the catalog of the Cyprus Council for Registration of Building Contractors (contractorscouncil.org.cy) for the Famagusta district, category 'Οικοδομικά' (building works), the company 'KARMA CONSTRUCTIONS LTD' is directly listed (row 20) — an exact name match with the registered legal entity Karma Constructions Ltd (HE363866, reg. 15.12.2016, active). An additional address cross-check confirms the link: the registered address of HE363866 — 'Κάππαρη, 16, Παραλίμνι 5290, Αμμόχωστος' — fully matches the head-office address on the developer's own website ('16 Kennedy Avenue (Kapparis), 5290 Paralimni', tel. +357 23 730 777). No discrepancies in address/phone were found, so the match can be considered confirmed — the full score of 40/40 is awarded.

• Cyprus Council for Registration and Control of Building Contractors — Famagusta district "Οικοδομικά" (Building) catalog, row 20: "KARMA CONSTRUCTIONS LTD" (verified directly by requester; exact name match to registered entity)
• CyprusRegistry — KARMA CONSTRUCTIONS LTD, HE363866: registered address "Κάππαρη, 16, Παραλίμνι 5290, Αμμόχωστος, Κύπρος" (used for address cross-check)
• karmadevelopers.com — official contact details: "16 Kennedy Avenue (Kapparis), 5290 Paralimni, CYPRUS", +357 23 730 777 (matches registry address for HE363866 exactly)

Legal entity

Real directors (10/10): Nicolas (Nikolaos) Karoullas is publicly named 'Chairman' of the group, and Nicholas Papadopoulos as the current 'CEO' on the company's own page karmadevelopers.com/meet-karma/ (alongside a named CFO, legal advisor, and sales/operations directors); in the registry Nikolaos Karoullas appears as director/secretary in all three active legal entities (PK Karma Developers Limited HE183407, Karma Holdings Limited HE175091, Karma Constructions Ltd HE363866) — the registry data and the company's public materials match; this is a real individual, not a nominee holder. Structure explained (5/10): the company's website describes the group's structure only through trade names (Karma Developers, Karma Property Management, Karma Rentals, Karma Construction, Eden Square, etc.), but nowhere — neither on the website nor in interviews — does it name the actual registered legal entities ('Karma Holdings Limited', 'PK Karma Developers Limited') or their registration numbers; the holding structure is revealed exclusively via the registry. Completeness (5/10): all 4 known legal entities can be found by a standard search of registry aggregators without particular difficulty, but shareholders/UBO for all structures are hidden behind a paid report at the free-access level, and Karoullas is linked to ~39-59 other Cyprus companies as well (search results surfaced, among others, Karma Estates Limited, E.K. Karma Developers Ltd, P. Karoullas Investments Limited), whose link to the developer is not publicly explained; however, no clear offshore/foreign layer was found — this is more an incomplete picture of affiliation than a hidden offshore structure. The change of operational leadership (new CEO Papadopoulos, with Karoullas retained in the role of Chairman) is disclosed consistently and openly on the company's website, which speaks in favor of transparency specifically regarding current control. Total for the factor: 20/30.

• karmadevelopers.com/meet-karma/ — names Nicolas Karoullas as "Chairman" and Nicholas Papadopoulos as "CEO" of Karma Group, with named bios for both plus other senior staff (CFO, legal advisor, sales/ops directors)
• CyprusRegistry — PK KARMA DEVELOPERS LIMITED (HE183407): Nikolaos Karoullas listed as Director and Secretary
• CyprusRegistry — KARMA HOLDINGS LIMITED (HE175091): Nikolaos Karoullas listed as Secretary (Eirini Karoulla as Director)
• CyprusRegistry — KARMA CONSTRUCTIONS LTD (HE363866): Nikolaos Karoullas listed as Director and Secretary
• karmadevelopers.com/meet-karma/ and karmadevelopers.com/karma-group-building-the-future-on-solid-foundations/ — describe Karma Group as a set of trade-name affiliates (Karma Developers, Karma Property Management, Karma Rentals, Karma Construction, Eden Square, Karma Charity, Multiflow, Karma Hellas) but never use the actual registered legal names or registration numbers ("Karma Holdings Limited", "PK Karma Developers Limited") anywhere on the site
• CompaniesRegistry.cy — KARMA HOLDINGS LIMITED (HE175091), the presumed parent holding entity, is discoverable only via registry search, not via any company-published material

Town planning permits

Neither on the current-projects portfolio page (karmadevelopers.com/current-projects/), nor on the individual project card checked (Nour Residences), nor in the press found (Cyprus Mail, CBN), was there any planning/building permit number, any reference to institutional documentation (e.g., municipal or Town Planning Department decisions), or even a general statement such as 'all permits obtained' / 'fully licensed developer'. Project statuses are limited to marketing tags ('Off Plan', 'Under Construction', 'Construction Starts 2026') with no regulatory link of any kind. 0/30 is awarded.

• karmadevelopers.com/current-projects/ — project portfolio filter page; no planning/building permit numbers or regulatory references, only marketing status tags ("Off Plan", "Under Construction")
• karmadevelopers.com/projects/nour-residences/ — sample individual project page; no permit number, no permission status, only "Construction Starts 2026"