Cyprus Lawyers
Famagusta Property Lawyers – Review – Cyprus oil prices – by Cyprus Lawyers
We are hearing a great deal of complaints on the price of petrol. Everyone seems to be saying the same thing when we put petrol in out tanks the petrol gage does not seem to move.
Just last year in a 1.4 engine it used to cost €7 to go to Larnaca airport and back now it costs €10, it used to cost less than €15 to go to Nicosia and back now it cost €20.
We have heard some car users saying they are going to take a litre bottle to the petrol stations to see what we are really getting for our money as people can not believe such a steep hike in petrol prices.
The petrol station owners argue that petrol prices go up and down as the oil markets fluctuate. With Cyprus buying there oil from the Middle East prices look set to soar even more due to the civil unrest forcing oil prices to plummet.
Cyprus has been deemed one of the most expensive countries in the EU for petrol and diesel before tax but one of the cheapest after tax? We have to wonder if this is really true.
Electric bills will also increase by 10% from the beginning of May, as if they are not high enough already! This is also due to the Middle East and the high cost of oil prices.
It seems whenever bills need footing the first place to look is the public electric bills. I mean what is an extra 10% on top. We reiterate salaries are dropping and consumer products are rising. How are we supposed to live with this?
This is definitely a recipe for disaster. It is a good thing that everything is done tomorrow in Cyprus!!!
PUBLISHED BY A&G KOUZALI LAW OFFICE
Cyprus Lawyers in Paralimni – Review – Retirement living in Cyprus
The majority of world-wide property markets are still continuing to slump. Bank interest rates are rising and obtaining a mortgage these days is like being granted a visit to the worlds leading bank volt. Impossible!
Many individuals are sticking to renting which great news for those who have properties to let. So in a bid to keep the property markets moving developers, especially here in Cyprus are now targeting the sector of potential investors who appear to be one of the only groups living comfortably … the over 65s/retirement sector.
Developers are investing large projects and transferring them into luxury warden controlled retirement come nursing homes.
In Cyprus there are at least 3 big projects alone we can mention offering luxury retirement living. We have one in Pernera, one in Dherynia and a major project planned in Paphos, with further expansion of the retirement market coming in the near future.
This type of luxury retirement living offers 24 hour nursing care and facilities, doctors on site or on call and at the same time the projects are also being designed to offer luxury living not your ordinary nursing home.
In fact they pose as luxury holiday resorts with the added benefit of nursing facilities if so needed. Therefore you do not feel you are living in nursing home but in a luxury hotel resort.
This is an excellent step towards helping the Cyprus economy and property markets, bringing in over 65s all year round tourism and employment.
We are sure we will be seeing many more luxury retirement/nursing homes open up in the near future and good luck to all those involved in this new concept. Every positive step helps!
PUBLISHED BY A&G KOUZALI LAW OFFICE – Cypriot Lawyers
Lawyers in Cyprus – Review – Future tax policies.
There are many issues going on in Cyprus and the EU with regards to taxes and country deficits. While Cyprus and the EU are finding ways to combat negative deficits, no matter which way they turn it is the public who are going to pay.
A new bill which is being addressed as we speak will tax banks on deposits made. The bank profits as it stands are protected, so do you really think the banks are going to foot this tax bill? No it will be the consumer who foots the bill which will reportedly bring in an extra €50 – €60 million for the government.
Lending is already near impossible and interest rates in Cyprus are one of the highest in the EU. Taxing the consumer now, which is what this boils down to, would be devastating. In fact with recent added charges the bank has put into action it does not pay the consumer to use banks anymore. Many people will find alternative safe places for their cash as the banking system just can not be trusted anymore.
On another issue the European Union are looking at the low corporate tax policy Cyprus offers. At only 10% Cyprus has one of the lowest taxation policies in the U and this is a life line to Cyprus in attracting new business and investment. Take this away and what do we have?
We have to have something that little extra to attract overseas investor, we cant offer then low banking interest rates and we definitely cant offer them an efficient title deed policy at least leave us with our valued and much needed 10% taxation policy.
We reiterate while we love our island and are very proud of many aspects and over the moon at the progression of investment development, there are still many issues that are very disappointing and we just hope the public can take the financial pressure that looks to be coming our way?
PUBLISHED BY A&G KOUZALI LAW OFFICE
Cyprus Lawyers – Studies – Buy-to Let Scheme
To combat the economies financial unrest and help give first time buyers a chance to get on the mortgage ladder in Cyprus a new concept has been introduced called ‘Rent to Buy’ scheme.
Currently to be able to buy property in Cyprus you must have 30% deposit plus solicitors fees, it is virtually impossible in these times of unrest to even acquire a small loan without 2 Cypriot guarantees.
The Rent-to-Buy scheme allows buyers to choose a property, put only a 5% deposit down and live in the property! The buyer can live in the property for 5 years paying rent of which will then be deducted from the original sale price.
There are advantages for the buyer and the seller. The buyer has 5 years to get the rest of the deposit together and get all their finances in order, while also paying some of the cost off the sale price. The seller can use the rent money to pay the mortgage and is also exempt from capital gains tax and other expenses.
At the moment this is only available on certain properties making investment limited and maybe not what the buyer really wants but it is an affordable way to get on the property ladder especially for the young and first time buyers.
The recent economic crisis has forced many schemes to come in to action to try and keep the markets moving. We have seen Fractional Ownership, Self Invested Personal Pensions, Recovery Scheme and now the Rent-to-Buy scheme.
Each concept has had its fair share of criticism but all seem to be keeping the markets moving. We are yet to see where the Rent-To-Buy scheme will rate along side the rest of the schemes, but we will certainly investigate further and let our readers know our honest thoughts on the matter.
PUBLISHED BY A&G KOUZALI LAW OFFICE
World-Wide Property Markets For 2011…Who Do You Think Looks The Most Promising Ask Paralimni Property Lawyers?
Property Lawyers in Paralimni – Review- World-Wide Property Markets
Interest in the overseas property markets seems to be very rickety at the moment, while interest is high in some countries, investors are still quite happy to sit and wait for the best possible bargains.
Various searches show that the top three countries seeing the most growing interest are the Netherlands, Germany and Barbados. Interest has risen by as high as 40% more than usual for these countries yet investors are still sitting tight.
Many countries are seeing a significant drop in interest and this has dropped by an amazingly 60-80% for countries such as Dubai, Romania and Brazil. The European property market appears to remain static.
Hong Kong however, has seen major rise in sales and this is a country we haven not actually touched on before. Sales are up by 40% from last years figures and it is thought this is now Hong Kong’s time to boom.
Unfortunately although supply in Hong Kong is more than adequate to accommodate the high demand, what you can buy for your money is no more than a shoe box, yet investors are buying these shoe boxes so Hong Kong is doing something right.
We did have high hopes for Brazil and it is a shame that interest has dropped so much, however we did predict as much as the property owners in Brazil we believe became very greedy to quickly, raising prices drastically due to the unprecedented and rapid interest because of the world cup and the Olympic Games. Brazil should of kept there prices firmly on the ground and kept prices at a mediocre level.
It is very hard to say who looks the most promising for 2011, of course Cyprus will always be our favourite but we will keep an eye and ear out for anything that sparks our interest and report back to our committed readers.
Tell us your thoughts on the world-wide property markets and who you feel looks promising for 2011.
PUBLISHED BY A&G KOUZALI LAW OFFICE
Review – Cyprus Title Deed Investigation
The Title Deed issue in Cyprus has been quiet of late! Maybe this is because we are waiting for the government to solve the new Title Deed Legislation or maybe it is because all the relevant property officials are stepping up their acts in order to keep publicity to a minimum.
Whatever the reason this may soon change as the Vice President of Cyprus has applied to the European Union asking them to intervene in the Cyprus Title Deed problem.
The Vice President would like members of the European Commission to preside over a meeting ‘so to speak’ in order to hear all the facts and investigate the Title Deed issue.
Under an EU directive that relates to consumer protection against commercial practices within the EU, of which incorporates immovable property, the European Union has every right to intervene.
In simple terms many properties in Cyprus are being sold to consumers by property professionals, with the full knowledge that there are still loans outstanding against the said properties potential putting investors at risk and not being able to acquire Title Deeds to their investment.
Under the EU Directive this could be seen as ‘misrepresentation’ and there fore in breach of EU laws. It is not clear yet if the EU will intervene and conduct an investigation although we actually hope that this does prevail.
The local government do not seem capable of correcting this issue themselves so maybe a higher power will do the world of good. It appears we really are getting no where with the Title Deed problem, parliament have not as yet passed any legislation even though this was a matter of urgency, so bringing in the EU to get to the bottom of it all we feel will only do good and also put further pressure on the Cypriot government.
We ourselves will continue to make the public aware of the dangers and safety procedures for buying a Cyprus property and continue to push the fact that due diligence must be performed before any monies are handed over.
We will continue to urge potential investors to appoint a Cypriot Lawyer before taking any steps in to their potential investment and we will continue the fight for Title Deed Reform as well as helping existing investors.
PUBLISHED BY A&G KOUZALI LAW OFFICE
Lawyers in Cyprus – Review – Cyprus Tax & Deficit – Completed on 25th July 2010. – Cyprus Lawyers
As per usual not all is going according to plan within the Cyprus governmental sector.
Proposed plans to tax the wealthy property investors and corporate businesses failed to materialize when a bill put forward to the house of parliament was rejected. The government planned to gain up to 100 Million Euros from taxing these wealthy individuals and companies to help with the struggling economic state. Thank God! As the UK government is taxing big companies and high profile business people and they have now left the country. This we have to avoid.
And now to make matters even worse for Cyprus economy, due to the countries high debt the EU has put sanctions of the government to reduce the countries debt by 2012.
Cyprus is not the only country facing sanctions, others were also placed these sanctions. However, now the government must find ways to clear the high deficit, which has arisen from too much expenditure, and it will definitely not come from the wealthy investor or corporate businesses.
If Cyprus fails to reach the required amount of 3% reduction in deficit by the specified time period, any EU funding normally available to our country to help the public state will be denied by the EU, and this can easily run in to the 100s of Millions. What a hard hitting blow that would be for us!
The government intends to cut many of the countries spending patterns and reduce the high wages of government officials, of which we are sure they will not cut enough to even make a slight dint in the amount required to reach.
It may be a good victory for property investors but somewhere along the line the tax payer will be paying in one way or another, we have no doubt about that. And a good example of this is the EU punishment for Cyprus not having Ecological power (wind, sun etc), and therefore, the electricity board increasing prices to pay the penalty.
We will be keeping a wary eye on this issue and you can rest assured we will keep you well informed, as this could affect all Cyprus citizens.
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 25TH JULY 2010. http://www.lawcyprus.org/
Lawyers in Cyprus – Review – Property Packages – completed on 20th February 2010.
Fractional Property Ownership is the most talked about topic within the European Property market. Fractional sales have boosted since the end of 2009. Developers who are offering a variety of property packages are seeing the most sales.
As Fractional finance is now more readily available and with expected recovery of many economies all over the world, investors believe the fractional ownership market will increase in value and are therefore plucking up the courage to invest in this relatively new product. The wealthy are also cashing in on the luxury fractional developments.
The property markets in different countries are so diverse with some developers giving up on fractional and others specializing in solely fractional as sales are plummeting. This is a sign of the times.
We like the idea of having offices solely dedicated to fractional sales. Not only will staff be 100% clued up on fractional ownership, it will also be less confusing for potential investors, who lets be truthful cannot possibly know all the facts about fractional when developers themselves are not sure.
We wish good luck to Fine & Country estate Agents who are dedicating offices solely for Fractional Ownership.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22nd FEBRUARY 2010.
Lawyers in Cyprus – Review – Fractional and Timeshare – on 7th February 2010 by Cyprus Lawyers.
Timeshare and Fractional Ownership has been the target of discussion of late. The main concerns for fractional are finance and marketing.
Fractional Ownership is a relatively new concept and developers are still not 100% sure of the workings surrounding the fractional product.
Many developers want to abandon timeshare and deal many in fractional ownership. However, it has been advised that it would be more beneficial to offer a range of options.
Timeshare and fractional are very much alike, with a timeshare you buy a period of time in a resort of you’re choosing to holiday every year. With fractional ownership you buy a share in a property for example 25% and you can use your property for 3 months of the year however you like, for yourself or to earn rental income. You own 25% of a property until you decide to sell.
There are more benefits with fractional ownership with regards to rental revenue and also increase in market value. Timeshare developers see this as their completion, when really they work in conjunction with each other.
For Fractional Ownership developers and timeshare developers want to proceed with fractional ownership. Education and full co-operation throughout the property industry is a must for this concept to fully work.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 9TH FEBRUARY 2010.
Cyprus Lawyers – Review – Northern Cyprus – completed on 12th February 2010.
With all the controversy over the Cyprus divide, it would appear to most a very risky time to invest on the Northern Turkish Occupied area of Cyprus. But for the Israelis’ this is not the case.
After investigating this issue, we found Israeli nationals are increasingly buying land and property on the Northern Side. Also Israelis’ are investing millions of Euros erecting new buildings for business purposes and most of their investments affecting Greek Cypriot Land! Always keep in mind that 92% of land in the North is owned by Greek Cypriots, and most of the Turkish own land in the South.
It is good for any community when investors take interest and invest major sums of money in the area. It has to be said however, that checks must be carried out before buying any land or property on the Turkish Occupied Area of Northern Cyprus.
A recent court ruling allowing a Greek national to keep his rights to his family land on the Northern Side, has now opened the floodgates to thousands of Greek nationals also proceeding to make the same claim for family owned land before the 1974 invasion.
We advise anyone looking to invest in the occupied area to seek legal advice and perform all necessary checks before handing over any currency.
For further information on this issue see our articles on the Orams case by visiting our website at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 14TH FEBRUARY 2010.
Cyprus Lawyers – Review – Rights to Greek owned property completed on 18th February 2010.
2 historic events have recently taken place, effecting Greek nationals all over the world.
The European Court of Human Rights recently ruled on 2 major cases in favour of Greek nationals claiming rights to their family property in Istanbul Turkey, and the Turkish Occupied Area of Cyprus.
The Fokas brothers made an application the ECHR to claim their late sisters’ property in Istanbul Turkey. The ECHR ruled that Turkey had violated the Fokas brothers’ rights to their family home. A harmonious agreement must be made by the 29th March 2010.if no agreement can be made the Turkish Government must pay the Fokas brothers €24,000,000.
The Apostilides family claimed property in Northern Occupied Cyprus. After gaining a favourable decision from the ECHR, the same decision was upheld in the London Court of Appeal. UK nationals who proceeded in rebuilding a villa on the Apostilides land have been order to knock the villa down, give back the land and pay damages and costs.
For both cases these are historical decisions and will pave the way for thousands of Greek Nationals claiming their property rights in Turkey and Northern Cyprus.
This was little justice for such atrocious treatment but Greek nationals have today won back their rights to what is rightfully and legally theirs.
If you would like to claim your rights to family property in the above mentioned states please visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 18TH FEBRUARY 2010
Lawyers in Cyprus – Review – SNK Administration- completed on 4th February 2010.
CYPRUS LAWYERS VERY PROUD OF PROGRESSION ON SNK DEVELOPMENTS
Since our Lawyers Office in Cyprus took over the Administration for SNK Developers on 10th August 2009, we have worked non stop on getting the SNK projects finished.
Our Administration Executive first of all, collected all documents which must be said were in no order and it took quite a while to sort them all out. Once all the documents were in order we had to go through each one to find out what they were and where each case stood.
After extensive study and review we started the procedure for the Final Building Permit on Elena Phase 1. We found a lot of difficulties but with just 1 document pending the permit will be issued in the very near future. The license has been paid and we expect the document within days.
Our Administration Executives main responsibilities are dealing with new client contracts, cancellation contracts for swapped properties, dealing with water, electric and licensing authorities, dealing with the banks for mortgages, and the overall administration account and payments.
The projects we have been working over time to finish are Elena Gardens Phase 1,2,3 and the Dinos project of which there are only now 2 properties left for sale.
We have organized the construction of the properties and roads. We have paid the electric and water authorities to supply the developments, along with the necessary paperwork for licences and building permits etc.
Elena Gardens Phase 1 is ready for completion and is awaiting power of which will be supplied within a few days.
We are very proud of our efforts and progression regarding the SNK Administration and developments. Our Administration Executive works to the highest standard and we would like to congratulate her for an excellent job.
For more information on this matter visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 4th February 2010.
Lawyers in Cyprus – Studies – Fractional Ownership –completed on 27th January 2010.
CYPRUS LAWYERS REVIEW OVERSEAS FRACTIONAL OWNERSHIP
Fractional Ownership has been around for many years but it hasn’t taken off as well as expected. It is believed that this is due to lack of education and marketing. For those of you who are not aware of Fractional Ownership it actually means what it says. You own a fraction of a property.
In brief, you can purchase 25% of a fractional property with a view to later buying a higher percentage if so required. You have 12 weeks of the year to holiday on a flexible calendar and you have no need to worry about rentals or upkeep of the property for the rest of the year. This is a way of owning a property but only paying a quarter of the price.
The majority of holiday makers buy property and only spend a small amount of time there, with the rest of the time available for rentals, but in the current global financial situation many of these properties are not achieving the maximum rental potential.
You can sell your 25% share at any time it is the same procedure as buying a normal property. The legal procedure is the same as in you will require an Independent Solicitor and a Contract of Sale will be safely in place.
We can provide professional legal assistance in this area and we recommend fractional ownership as a way of getting on the property ladder and saving money at the same time.
For more information contact our office where a trained member of staff will be able to advise you further. www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 27th JANUARY 2010.
Lawyers in Cyprus – Review – Orams Defence – Completed on 19th December 2009.
CYPRUS LAWYERS ANALYZE ORAMS ARGUMENTS
After further review from our International Property Lawyers Office in Cyprus, of the Orams case regarding the purchase of property on the Northern Occupied area of Cyprus, rightfully owned by Greek Cypriots before the 1974 Turkish invasion. Advocates have been arguing their case in the London Court of Appeal in order to have the original ruling by the Nicosia Court overturned.
One of the arguments put forward in court by Cheri Blair one of the advocates of the Orams counsel alleged that Mr Vassilios Skouris who is currently President of the European Court of Justice, has associations with certain Greek Cypriot officials and therefore cannot possibly submit an unbiased decision advising the UK Court on this case.
Further arguments from the Orams counsel said that individual claims should not proceed but should be considered by the politicians who are working to find a solution to the political situation and should be taken in to account and considered as part of a solution when one is found.
It was also argued that while Greek Cypriots are claiming for property in the occupied area there is no system available to the Turkish Cypriots who also owned property in the Republic of Cyprus before 1974. And in reality, if the Nicosia ruling is upheld it will affect thousands of people not just Turkish Cypriots but many UK and foreign nationals.
Another issue argued was that these claims could in fact put great peril on peace talks currently in progress for a solution being found to the long running and on going political situation in Cyprus.
A decision is waiting to be heard from the London Court of Appeal.
Visit us at www.lawcyprus.org we fully support all Greek nationals claiming property in the Turkish occupied Northern part of Cyprus.
Published by A&G Kouzali law office on the 19th December 2009.
Lawyers in Cyprus – Studies – Russians in Cyprus – Completed on 19TH December 2009.
CYPRUS LAWYERS ANALYZE RUSSIAN NATIONALS SNAPPING UP BARGAIN PROPERTIES IN CYPRUS
After reviewing the Global Property Market it seems Russian Buyers are favouring Cyprus and jumping in on the low property prices, forced by the current global financial situation. Adding to this, there are several other reasons for the Russian Nationals snapping up bargain property in Cyprus.
For many years Cyprus has retained affable relations with the Country of Russia. Both countries pay homage to the Orthodox Religion with the town of limassol in Cyprus, actually possessing a Russian Church, and accommodating Russian schools. For these reasons Russian Nationals feel at home this accentuates the harmonious relationship.
In Addition, there are many scheduled flights coming and going from Cyprus to Russia. Plus Cyprus also benefits from the Double Taxation Treaty and with such low taxation policies it is too tempting not to invest in Cyprus.
It has been reported that many Russian Nationals withdrew their cash savings from the bank. This was due to the financial turmoil and feeling their money was not sufficiently protected and alternatively, invested in property. Once upon a time it was only the wealthy Russian Nationals buying overseas property however, more recently mid- income buyers are jumping on the property ladder while the going is good. The British are still the main buyers of Cyprus property with the Russians slowly creeping up behind them.
There are numerous new developments going on in Cyprus right now, especially with the new Airports in Paphos and Larnaca, and property developments surrounding Larnaca Port. Not forgetting property developments surrounding the new Marinas and Golf Courses, it really is an exciting time to be involved in the Cyprus Property Market. The bargain investments are countless.
We advised local and overseas buyers to research all developers and only use independent and reputable agents and Law Firms when purchasing property in Cyprus.
A&G Kouzali Law Office supports all Russian nationals looking to buy property in Cyprus.
Visit us at www.lawcyprus.org PUBLISHED BY A&F KOUZALI LAW OFFICE ON 19TH DECEMBER 2009.
Lawyers in Cyprus – Review – Cyprus Will – Completed on 4th February 2010.
CYPRUS LAWYERS ADVISE TO MAKE YOUR CYPRUS WILL
Making a Will in Cyprus could not be simpler. However, it is a vital deed that many people both local and foreign neglect to do. Resulting in assets intended for their loved ones, unfortunately being dictated under the Cyprus Law and granted to other parties. Thus, leaving intended loved ones financially deprived at a time they are most vulnerable.
Under Cyprus Law and when there is no Cyprus Will to administer, a certain amount will consequentially bequeath to the spouse and the rest will be divided between the children and other relatives. It will not automatically be passed to the spouse or the children solely.
Here at A&G Kouzali Law Office, International Property Lawyers based in Paralimni Cyprus, are trained staff who specialize in this area. We will advise you on how to deal with your assets, as well as assist in the preparation of your Will and the Creation of Trusts. We can also act as executor and administrator of the deceased estate.
All members of staff at A&G Kouzali Law Office have extensive experience and impressive levels of skill, along with up to date knowledge on all new developments of the Law.
We strongly advise all persons to invest in a Cyprus Will and protect the people you love for that inevitable time when they will need help the most.
Visit us for further information at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 4th FEBRUARY 2010
Paralimni Legal Consultants – Review – Office Achievement on 16th January 2010.
CYPRUS LEGAL CONSULTANATS REGISTER FIRST EVER CHURCH IN CYPRUS
We are very proud to announce that A&G Kouzali Legal Consultants in Paralimni Cyprus have successfully achieved to register Larnaca Community Church. Larnaca Community Church is the first Church to be registered in Cyprus and this is major progression for our wonderful island.
We feel ecstatic that our hard work has paid off and we are so very proud that we have succeeded in finalizing this registration.
We felt it was out duty to prove to the world that our country accepts all nationals and religions. Our magical island of Cyprus does not discriminate, which is why we paid so much attention to this case.
Just to experience the happiness our clients felt for our achievement was all we could of asked for.
We would like to give a special thank you to all the staff at the Ministry of Interior and also a special thank you to the Executive of the Communities and Associations for their full co-operation and continuous support. Thank You so much.
We will continue to offer our full support and services on issues detrimental in helping Cyprus become perfect in all aspects of island living.
Visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON … JANUARY 2010.
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