From a very practical viewpoint (inside your house), you can think about it exceeding 100% efficiency.
Strictly, you can't talk about "efficiency", that's why different terms like "coefficient of performance" are invented, but yes, you will get very actual 3.5kW cooling with way less than 3.5kW of power put in. This is because to transfer heat, less power than the heat flow itself is needed. For example, to transfer heat in the naturally occurring direction requires no power at all, it flows by itself. Heat pumps can force heat transfer, and that requires energy to do it, but still less than the energy transferred. There are formulae that dictate the maximum heat transfer coefficient of performance as a function of temperature difference; real heat pumps will always perform worse than that, but COPs in range of 500% are fairly typical.
If you look at the complete system, i.e., both inside and outside your house, the device always generates heat according to how much power it draws. In cooling application, this is lost outside; in heating application, it plays in your favor.