Hotel real estate in the Carpathians is reaching new heights. How three phases, a single standard, and the right partners are shaping a new-generation investment product
FORREST Trinity Resort — a project where answers to key investor questions are thought through before sales begin: who manages it, what is the financial model, how are my rights protected, and is there demand for this property in summer and winter?
Bukovel has long ceased to be exclusively a ski resort. According to market analysts, tourist traffic reaches 2.5 million people per year, and occupancy rates for high-quality hotels during peak season are 100%. In summer and during the off-season, this figure remains at 67–73%.
This means that a properly positioned hotel product in Bukovel doesn’t sit idle—it generates revenue.
But there’s a catch: not every project is the same. High-quality hotels with full-scale management, consistent service, and actual occupancy throughout the year are few and far between. Most offerings on the market are apartment complexes where operational efficiency depends on the decisions of each individual owner. FORREST Trinity Resort is built on a different logic.
Most resort projects are geared toward a single audience. Forrest is built differently.
Phase One — a space for those seeking peace and rejuvenation. Surrounded by forest, a wellness center, and a rooftop pool. For those tired of the city who just want to unwind.
Phase Two—conference rooms, meeting spaces, a paddle tennis court, and a networking area. For corporate groups, small forums, and teams combining work with relaxation. The MICE segment in Ukraine is underrated—and this is an opportunity.
Phase Three—a children’s area, a large spa, a climbing wall, an outdoor pool, and the panoramic restaurant FORREST Sky View—the resort’s signature dining destination, located 48 meters above ground, offering a 360° panorama of the Carpathian mountain landscapes. For those who want their children to have something to do while their parents relax.
Three distinct target audiences mean three different reasons to visit—and three independent booking streams. If one segment slows down, the other two continue to perform. This directly impacts occupancy stability and, consequently, the monthly payment to the owner.
At FORREST Trinity Resort, the model is fundamentally different. All 461+ units, without exception, are transferred to Maestro Hotel Management—a condition stipulated in the contract. The owner handles nothing: no bookings, no check-ins, and no maintenance of the rooms. Maestro is responsible for the entire cycle. A guest on Booking sees a fully-fledged resort property with consistent ratings—a higher average check and stable payments to every owner.
Maestro Hotel Management—a management company with 10 years of experience in the hospitality industry. Crucially, they joined the project not after construction, but at the very start. Together with the Perspektyva Group team, they shaped the room layouts, service standards, and financial model. When a management company participates in the creation of a hotel, the rooms are designed to fit the operational model—not the other way around. This ensures a different level of readiness on opening day.
The financial model is transparent: 80% of rental income goes to the owner, and 20% to the management company based on EBITDA. Operating costs are calculated in advance, and a profitability calculator is available before signing.
The unit owner has the right to stay at the hotel up to 30 days a year during the low season and up to 10 days during the high season—with full hotel service. On these days, no revenue is generated from the room, but the vacation is yours.
Perspektyva Group is a company with 30 years of experience and 17 completed projects. Over $300 million in attracted investments. FORREST Trinity Resort is the company’s first hotel project, which is why it has been approached with particular care: architecture, materials, engineering, and partners—no compromises.
The first phase is being built using the developer’s own funds. This means that the pace of construction does not depend on sales velocity. The first phase will be completed regardless of the number of units sold today. For investors, this eliminates one of the key risks.
Commissioning — Q4 2028. The second and third phases are being built in parallel — completion in 2029. The site is active, and construction is underway.
The quality of the architecture directly influences the average rental rate. Architecture by Filimonov & Kashirina, winners of architectural awards. A stone and glass facade, seamlessly integrated into the landscape. This is not just another hotel in the mountains—it is a property with its own distinct character.
Interiors where natural aesthetics blend with premium comfort — Makhno Studio, Serhii Makhno’s studio. Guests choose a hotel that is beautiful. Beauty is a driver of occupancy.
FORREST Trinity Resort has direct access to the 5G trail—one of Bukovel’s best panoramic trails. Ski-in/ski-out—a WOW advantage that saves time and underscores the project’s status.
Surrounded by forest, a waterfall, and a mountain river. A promenade that creates the atmosphere of a European resort.
One of the key fears of investors in Ukraine is: what if the developer doesn’t deliver? FORREST Trinity Resort operates under the MON model—a special property right to the future property. What this means: — the agreement is registered in the State Register — double sales are impossible; — there is a refund mechanism if the completion is delayed by more than 6 months; — changes to the property without the investor’s consent are impossible; — assignment (sale of a unit before completion) — unrestricted, without penalties.
Minimum unit size — 26 m². Price starting at $4,500/m².
Projected return on management: up to 12% per annum in currency.
Asset appreciation from the start of sales to opening: projected 19–20%. An investor who enters at the start receives an asset valued at ~$5,400–5,500/m² by the time of commissioning—even before the hotel’s first day of operation.
FORREST Trinity Resort stands out for its combination of rare factors: Product: three phases for three target audiences, 5G connectivity, architecture by Filimonov & Kashirina, interiors by Makhno Studio. Management: 100% of units managed by Maestro. The management company joined at the design stage. Developer: Perspektyva Group, 30 years of experience, 17 projects. Phase 1 is funded with the developer’s own capital. Security: Ministry of Education and Science approval, state registry, transparent model, free transferability.
Together, this is an asset backed by a system, not just a promise.
FORREST Trinity Resort. Three worlds—one asset. A unique resort ecosystem created for living, relaxation, and capital growth.
More details on investment terms and profitability calculations: +380 (777) 999-999
BUKOVEL, FORREST Trinity Resort, INVESTMENT, PROFITABILITY, REAL ESTATE, VACATION
Paraguay has introduced new requirements for obtaining investor status, under which foreigners can apply for permanent residency by investing at least $200,000 in real estate.
According to information published by the Paraguayan Cabinet, the reform is enshrined in Decree No. 0283/2026 and involves the introduction of the Investor Pass system, which allows investors to obtain permanent residency directly, bypassing the temporary status stage. The new rules formalize four main tracks for investors: industrial investments of $70,000 or more, real estate investments of $200,000 or more, investments in financial instruments of $200,000 or more, and investments in tourism projects of $150,000 or more.
A key innovation for the real estate market is that applicants will be able to apply for investor status not only after full payment for the property. For the first time, Paraguay allows applicants to apply for permanent residency after paying just 30% of the property’s value, provided the transaction is formalized through a notarized purchase agreement and the commitment to pay the remaining amount is confirmed.
In effect, this means that Paraguay offers one of the most flexible investment migration models in South America. Unlike many programs that require full capital investment before status is granted, the Paraguayan scheme allows investors to join a project during the construction or design phase, thereby lowering the entry barrier for investors.
For the real estate market, this model could become an additional driver of demand from foreigners seeking both immigration status and investment opportunities in a relatively affordable market.
Paraguay is a landlocked country in central South America. The country borders Brazil, Argentina, and Bolivia, and its capital is Asunción. Paraguay is traditionally considered one of the most affordable countries in the region in terms of cost of living and doing business, and its economy relies on agriculture, hydropower, trade, and the processing of agricultural products.
Argentina has suspended the practical launch of its citizenship-by-investment program following the cancellation of an international tender to select a consultant tasked with developing and implementing its operational model. The country’s Ministry of Economy has canceled the tender for consulting and technical services for the Citizenship by Investment program, according to official tender documents.
This does not involve the repeal of the program’s legal framework, but rather a suspension of its launch. The basis for the mechanism was previously established by Argentine President Javier Milei’s Decree No. 524/2025. The document allowed foreigners who had made a “significant investment” to apply for Argentine citizenship through a special agency under the Ministry of Economy.
To prepare for the practical launch, the authorities announced an international tender in December 2025 for “consulting and technical services” for the Citizenship by Investment program. It is this tender that has now been canceled.
Sources familiar with investment migration note that following the cancellation of the tender, the program’s parameters—including final investment requirements and launch dates—have once again become uncertain.
It was previously expected that Argentina would become one of the first countries in Latin America with a distinct citizenship-by-investment model. However, the launch will now likely be postponed at least until the organizational structure is revised and a new operational model for the program is selected.
According to the Relocation project, the Paraguayan government has launched the new Paraguay Investor Pass program, which allows foreign investors to obtain permanent residency directly, without a prior temporary residency phase. According to the country’s official authorities, the program offers several investment options. To obtain permanent residency, foreigners can invest $150,000 in tourism projects or $200,000 in real estate or the Paraguayan stock market.
The program will be administered through the SUACE single-window system under the Ministry of Industry and Trade. Most of the procedure has been digitized, while in-person visits will be required primarily for obtaining an identity card.
The Paraguayan government expects that the new scheme will increase the country’s appeal to foreign capital and simplify the relocation of investors interested in launching or developing projects locally.
The government cites tax benefits for residents as an additional incentive. Specifically, the dividend tax rate for residents has been reduced from 15% to 8%.
According to official data, Paraguay issued 40,600 residence permits last year, with the majority going to Brazilian citizens. The government expects a further increase in the number of residency permits in 2026.
The new program may contribute to capital inflows primarily into tourism, real estate, and the financial sector, as well as increase foreign investors’ interest in Paraguay as one of the relatively affordable jurisdictions for obtaining permanent residency through investment.
According to Open4business, the Caribbean nation of Saint Lucia has seen a sharp increase in interest in its citizenship by investment program. In the 2023/2024 fiscal year, 5,642 applications were submitted under the Citizenship by Investment Program (CIP), which is 424% more than the previous year, when there were 1,076. This is stated in the program’s official statistics and annual report.
According to the report, the number of approved applications rose to 1,171 compared to 544 the previous year, while the number of rejections was 77 compared to 8 in the prior period. At the same time, the volume of applications in a single fiscal year exceeded the cumulative total of all previous years of the program’s operation, which was estimated at 2,768 applications over seven years.
The financial impact on the country was also significant. Program revenues reached 240.3 million East Caribbean dollars, or approximately $89 million, which is nearly four times higher than the previous year’s level. The bulk of the revenue came from due diligence fees and administrative charges, primarily related to real estate investments.
Thus, Saint Lucia has become one of the most dynamic players in the investment citizenship market in the Caribbean. At the same time, such a sharp surge may heighten scrutiny of the quality of due diligence, application processing times, and the sustainability of the model itself, especially given that certain Western countries have been taking a tougher stance on “passport-for-investment” programs in recent years. This conclusion is based on official program statistics and the market context described by industry publications.
Saint Lucia is an island nation in the eastern Caribbean and a member of the British Commonwealth. The country uses the East Caribbean dollar, and its economy relies primarily on tourism, real estate, and external services. The citizenship-by-investment program has been in effect here since 2015 and has become one of the tools for attracting capital to state funds and approved development projects.
Last year, the enterprises of the Lviv-based “Elektron” Group invested 58 million UAH in development, more than double the amount invested in 2024 (28 million UAH), according to a report on the group’s website.
“In 2025, the company’s enterprises invested 58 million UAH in development. Capital investments amounted to 50 million UAH, current investments to 8 million UAH, with accrued depreciation of 26 million UAH,” the report states.
The year before last, out of 28 million UAH in investments, capital investments amounted to 23 million UAH, and current investments to 5 million UAH.
One of the largest investments in 2025 was the production by the “ElektronMash” plant of a demonstration model of an electric bus (12 m).
“This electric bus will be used to showcase the plant’s capabilities, but may be sold in the future,” the concern noted.
In total, capital investments by the “ElektronMash” plant amounted to 24.4 million UAH.
The second-largest investments (11.2 million UAH) were made by the Innovation and Industrial Enterprise “Elektron” (formerly “Elektron Leasing”), whose main specialization is real estate leasing services. The funds were mostly invested in building renovations.
More than 7 million UAH was invested by the manufacturer of heaters and heat exchangers for vehicles, the Sferos-Electron joint venture, specifically in accounting software (1.7 million UAH), repairs to production equipment and presses (2.2 million UAH), and the purchase of new equipment—a stacker, a liquid cooler, a hydraulic table, and compressor units (2 million UAH).
As reported, in 2025, “Sferos-Electron” recorded the highest sales and profit among the group’s enterprises, increasing net revenue by 15%—to 250 million UAH—and net profit by more than 45%—to 43 million UAH.
The Electronpobutprylad (EPP) plant, which manufactures electric drives and motors, received nearly 6.3 million UAH in investments, primarily for the preparation of new production facilities (5.5 million UAH).
The report notes that by 2026, EPP’s main production of all motors will be located in modern facilities with space reserved for expanding the range of existing and new motor types. In particular, a metalworking shop with an area of up to 2,000 square meters has been built and is being commissioned, and new automatic presses and CNC machines are being installed.
The “Elektron” television plant, with total investments of 4.63 million UAH, developed computer software for trolleybuses and adapted electronic systems for vehicles. Significant investments were made in the repair and restoration of buildings (3.5 million UAH).
NVP “Elektron-Karat,” a developer of production technologies and a manufacturer of materials for nano- and microelectronics, sensor technology, and information technology, invested nearly 2.4 million UAH in development.
The report notes that a 95 kW grid-connected solar power plant was installed on the roofs of one of the “Elektron-Karat” buildings to increase the company’s energy independence. The cost of the work amounted to 1.35 million UAH, with a payback period of 2.5 years.
The “Elektron” Concern comprises 12 enterprises, as well as the parent company, PJSC “Concern-Elektron.”
As reported, JSC “Concern-Electron” (Lviv) ended 2025 with a consolidated net profit of 17.22 million UAH, which is 3.3 times less than the corresponding figure for 2024; net revenue decreased by 10.4% to 671.1 million UAH.
