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Lawyers in Cyprus – Analyzies – Cyprus no smoking ban – on 2^nd january 2010.

CYPRUS PROPERTY LAWYERS ANALYZE NO SMOKING BAN

Although we at A&G Kouzali Legal Firm in Cyprus are in favour of the NO SMOKING BAN, we still have to review all issues to this controversial subject.  

Tensions are rising as Cyprus now abides by the no smoking ban, of which has actually already been introduced in Cyprus but has never officially been forced. However, that has now changed as from 1st of January 2010 if anyone is caught smoking in an enclosed public place, they  will be fined up to €2,000.

The no smoking ban was planned to commence at midnight on New Years Eve, but later became conscious to authorities that this could quite possibly cause major rebellion for smokers whilst under the influence of alcohol celebrating the new year and therefore came in to affect on news years day.

Cypriots are commonly known for social smoking and it has always been allowed in places of business and pleasure, it has never really been judged as a prejudicial issue, more of a social habit and therefore this is not a concept that Cypriot Nationals are in favour of.

A no smoking ban, although you would not believe, can actually have a negative affect on the economy. For example the no smoking ban in England has physically changed the face of night time activity. Bars and clubs are no longer busy because individuals like to smoke while consuming alcohol.  While day time life proceeds as normal night time life is diminishing.

Many of our seaside towns gain major revenue from the island nightlife.  Agia Napa for example situated in the Famagusta region of Cyprus consists of many bars and clubs accommodating the younger visitors to the island, this is one of the main revenues in the tourist season.  After review, we found many individuals would rather not go out and drink if they can not smoke.  

Therefore, what will happen to the business owner who relies on the night time tourist trade and is this really a good time when Cyprus is already trying to revive its economy? We will endeavour to answer these questions in the New Year when this ban comes into effect.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 2^nd JANUARY 2010.

Cyprus Lawyers – Studies – Home swap scheme on 30^th January 2010.

CYPRUS PROPERTY LAWYER REVIEWS HOME SWAP SCHEME

While the Property Market in Cyprus is functioning at such a slow pace, developers are trying different schemes in order to prevent the market from coming to a standstill.  Our job as International Property Lawyers in Cyprus is to keep a look out for new concepts and how they work legally.  One scheme in particular that caught our eye was the home swap scheme.

 After review, we found that this scheme is still in the early stages, but looks to be an effective way for developers to sell their high supply of unsold properties.  The Home Swap Scheme initially targeted at the UK property buyers, offers them the chance to exchange their UK home for a Cyprus home of approximately the same price range.  Their other option is to part exchange their UK home and take out a mortgage for the remainder of the asking price.

This is a great opportunity for those who want to move to Cyprus but cannot sell their UK property due to the current depleted market.  The developer will keep the UK property and use it as a rental income until the UK Property Market is on the up and then sell it to make their profit. 

In the long run this appears to be a good investment for the developer.  And it is less hassle for the UK buyers having to go through the rigmarole of selling their property.  As in all new schemes and projects there are always hiccups, so we will continue to follow this new adventure and update you on any future progression.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 30^th JANUARY 2010.

How our office works – Review by International Property Lawyers in Cyprus on 11^th January 2010.

OUR OFFICE IS BASED ON TRUTH SAYS INTERNATIONAL CYPRUS PROPERTY LAWYERS

We honour the truth in all aspects of work and life and therefore, all members of A& G Kouzali Property Lawyers in Paralimni Cyprus would like to take this opportunity to apologise in advance for any inconvenience caused to our clients.  At the same time we promise you that we are learning from our mistakes.

We can truthfully admit that because of increased volume in workload our office could not always cope.  We are very pleased our workload has increased but we are sad to say our income has halved due to the global struggle. And although we have not had to terminate any staff contracts, the economic crisis saw to it that we could not employ additional staff to deal with this problem.  

Our business has increased dramatically and certain mistakes have been made and therefore, after extensive review of our actions during the course of 2009, we have learned where we went wrong and how to rectify these issues in order to offer a flawless service.

Being a company that can accept constructive criticism we have decided to create a new section on our website for people to put forward theirs views and criticisms in order for us to discuss this with our clients and further learn from our mistakes.

We will also go a step further and create articles based on mistakes we may have made and the expectations of our clients in a quest to clarify our procedures and our working methods.

Visit us at www.lawcyprus.org with your views and thoughts and help us to become your perfect Cyprus Legal Firm.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 11^th JANUARY 2010.

Lawyers in Cyprus – Analyzes – Fractional Ownership in Greece – completed on 28^th January 2010.

INTERNATIONAL CYPRUS PROPERTY LAWYERS REVIEW FRACTIONAL OWNERSHIP IN GREECE

We have been practicing as International Property Lawyers in Cyprus for  many years.  As part of our job we have to constantly review the Global Property Market.  Naturally, being of Greek/Cypriot origins we pay special attention to Greece. 

Diversification has been a priority in keeping the Global Property Markets alive and Greece has been no exception.  Although Greece is taking every step possible to establish itself as a major player in the property and tourist industry, it has still suffered the same as the rest of us.

Fractional Ownership has been present in Greece for some time, but did not really appeal to the property market.  This could be due to the lack of marketing and education or the notion of buying property with people they do not know.  However, since the global financial downturn it has become increasingly more popular.

It can be said worldwide, that people want to invest in property but have held back due to nervousness and apprehension of spending money.   Fractional Ownership emerged to be the best possible solution to this problem, and as in several other countries it has proved to be the current growing trend in Greece.

The law in Greece allows any number of purchasers to invest in one property, awarding each investor an equal share and documented on the sale of contract.  So for an example on the island of Crete this concept easily allows for purchasers to buy into one property with relatives, friends and acquaintances and not having to share with strangers. This also saves on money relating to the running costs and agents commission.

Due to the progression of major development in Greece now is a perfect time to invest. It is predicted that Greece is the up and coming place to be.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALIS LAW OFFICE ON 28^th JANUARY 2010.

Study on Fractional Ownership completed by A&G Kouzali Cyprus Lawyers on 23rd January 2010.

IS FREEHFOLD A THING OF THE PAST ASKS CYPRUS LAWYERS ?

Fractional Ownership is expected to take over the European Property Market within the next few years.  Our Lawyers office in Cyprus continually follows this subject in order to perfect our services regarding Fractional Ownership.

Fractional Ownership is thought to be an affordable solution in this time of economic struggle within the property industry. It allows for individuals or family and friends with any amount of budget to purchase a percentage of a property.  Plus it allows the agents to keep on selling their properties in this time of unrest. Lawyers in Cyprus such as our office are currently working on this issue.

Fractional Ownership is now worldwide and ranges from individual properties to major resorts.  Cyprus Properties can be ideal for this ownership. Many developers are now looking to build Fractional Ownership developments, however it has been advised it is not always possible due to the lack of fully trained agents being able to handle the sales.

With a freehold property expected to soon be a thing of the past and is believed will only be available to the wealthy in future times, maybe it is time agents and developers hurry and get on the fast track.

If you are interested in Fractional Ownership but require further information visit our website at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 23rd JANUARY 2010

 Cyprus Lawyers – Review – World wide Fractional Ownership – completed 1^st February 2010.

PROPERTY LAWYER IN CYPRUS CLAIMS FRACTIONAL OWNERSHIP IS NOW WORLD-WIDE

Fractional Ownership is now a worldwide recognized structure of the property industry.  Fractional Ownership in Cyprus has proved to be worthwhile, especially in these hard times of worldwide financial struggle.  It has also give people the chance to be able to buy holiday homes in other countries besides Cyprus.

In the USA, fractional resorts are situated in South Florida and Miami and it is reported that due to popularity it may expand to Las Vegas.

 In Australia, it is reported that even though tourism has decreased, Fractional Ownership has been very strong.

In France, it has been advised that there are no Fractional Properties on the market at the moment and leaseback is the leading practice, but it is recognized that Fractional Ownership does offer certain advantages. We will follow the progress of Fractional Ownership in France. 

In Thailand many developers are interested in Fractional Ownership and a conference is being held on how to implement this system and to give a full precise understanding of the procedure.  Educating and marketing is very important if Fractional Ownership is to flourish. It is said that associates from, India, Malaysia, China, Hong Kong, and Australia will attend the conference.

Overall, it seems while worldwide tourism and property markets are at an all time low, Fractional ownerships are beginning to thrive. We fully support this method of property buying and have skilled legal experience regarding this subject.

For further details on Fractional ownership contact us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI ON 1^st FEBRUARY 2010.

Cyprus Property lawyers – Review – Developers and Property Dangers completed on 14^th January 2010.

INTERNATIONAL PROPERTY LAWYERS IN CYPRUS – CLIENT PROTECTION AWARENESS

As part of our client protection awareness articles, we would like to advise you on a matter that unfortunately happened to one of our clients.  We hope by publishing this article we can avoid it happening to anyone else in the future.

One of clients who had existing debt in the UK, proceeded to purchase a second holiday home here in Famagusta.  Due to their unfortunate financial situation they got to the point of maybe having to sell their UK property.

Our office ran a due diligence on the Cyprus property and later found out that our clients had land registered the contract in January 2006. However, it later came to our attention that in March 2007 the developer had used the property for collateral at the bank for the amount of €170,000.

Therefore, in order to sell the property a waiver had to be obtained.  The bank initially would not grant a waiver and we proceed in sending numerous letters to the central bank and to the British High Commission.

Finally after a few months had passed the bank granted us a waiver but the wording was not satisfactory.  The waiver deemed to be in the interest of the bank and not of the purchaser.

In the end the purchasers cancelled their contract and this in turn, left them in further and more major debt.

The moral to this story is to always perform due diligence on a positional property investment. The bank lost clients and the clients nearly lost their UK home.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 14th JANUARY 2010.

Lawyers in Cyprus – Review – The Orams case – Completed on 19^TH December 2009.

CYPRUS PROPERTY LAWYERS STUDY THE ORAMS CASE

The Orams case has been the talk of all Greek Cypriot nationals of late.  Our Property Lawyers based in Paralimni Cyprus, have particular interest in this case and continually study any developments.

 The case originally started in 2005 when Mr & Mrs Oram received instructions to appear in a Nicosia Court regarding their property situated in Lapithos on the Turkish Occupied Northern side of Cyprus.  Before the Turkish invasion in 1974 the said property was owned by the Apostolides family and after the divide was sold by a Turkish Cypriot to UK nationals Mr & Mrs Oram, who proceeded to rebuild a house on the land.

The summons ordered the Orams to appear in the Nicosia court to converse on the matter of allegations of infringement regarding the Apostolides family home.  The Orams did not respond at first, feeling safe in their knowledge that they had brought the property fair and square and so were protected.  However, this proved to be quite the opposite when they later attended the Nicosia court and were ordered to tear down their house and give back the land to the Apostolides family along with further corrective compensation.

The Orams continued to ignore this pressing issue and believed that as they were north of the Island no court could possibly have Jurisdiction and therefore, no decision could be upheld. The Apostolides family, very determined of their rights proceeded to have this judgement solidified in the UK London court of Appeal.

The UK court initially denied the case stating they had no jurisdiction on this matter, but then decided to request advice from the European Court of Justice as to whether the UK court had any authority to make rulings on cases involved within the Turkish Occupied Northern part of Cyprus, as this state is not recognized as an official sate by any country but Turkey.  The European Court of Justice returned their conclusion as any court who is a member of the European Union can officially rule on legal issues regarding the Occupied Northern side of Cyprus.

The case is still pending in the London Court of Appeal and we will endeavour to keep you up to date on this matter. We are supporting all Greek Nationals in making claims for their property in the Northern area of Cyprus.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19^TH DECEMBER 2009. 

Lawyers in Cyprus – Review – The Orams case – Completed on 19^TH December 2009.

The Orams case has been the talk of all Greek Cypriot nationals of late.  Our Property Lawyers based in Paralimni Cyprus, have particular interest in this case and continually study any developments.

 The case originally started in 2005 when Mr & Mrs Oram received instructions to appear in a Nicosia Court regarding their property situated in Lapithos on the Turkish Occupied Northern side of Cyprus.  Before the Turkish invasion in 1974 the said property was owned by the Apostolides family and after the divide was sold by a Turkish Cypriot to UK nationals Mr & Mrs Oram, who proceeded to rebuild a house on the land.

The summons ordered the Orams to appear in the Nicosia court to converse on the matter of allegations of infringement regarding the Apostolides family home.  The Orams did not respond at first, feeling safe in their knowledge that they had brought the property fair and square and so were protected.  However, this proved to be quite the opposite when they later attended the Nicosia court and were ordered to tear down their house and give back the land to the Apostolides family along with further corrective compensation.

The Orams continued to ignore this pressing issue and believed that as they were north of the Island no court could possibly have Jurisdiction and therefore, no decision could be upheld. The Apostolides family, very determined of their rights proceeded to have this judgement solidified in the UK London court of Appeal.

The UK court initially denied the case stating they had no jurisdiction on this matter, but then decided to request advice from the European Court of Justice as to whether the UK court had any authority to make rulings on cases involved within the Turkish Occupied Northern part of Cyprus, as this state is not recognized as an official sate by any country but Turkey.  The European Court of Justice returned their conclusion as any court who is a member of the European Union can officially rule on legal issues regarding the Occupied Northern side of Cyprus.

The case is still pending in the London Court of Appeal and we will endeavour to keep you up to date on this matter. We are supporting all Greek Nationals in making claims for their property in the Northern area of Cyprus.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19^TH DECEMBER 2009.

International Property Lawyers in Paralimni Cyprus- review Euro Exchange Rate on 1^st February 2010.

CYPRUS PROPERTY LAWYERS BELIEVE CYPRUS COULD BE A PARADISE TO ALL

After we analyzed the effects of the Euro against the Sterling Pound we found that English citizens are now accepting the low rate offered. It is becoming the norm these days and now that it is widely accepted there seems to be a rise in property and business transactions.

The exchange rate for Euro to Sterling Pound on average is pound for pound. Yet some countries like Spain for example take the low rate in to consideration and reduce prices accordingly, offering major discounts.

Non EU countries who offer strong rates against the currency are seeing a major rise in interest from European buyers. Countries such as the USA and South Africa for example have many Europeans buying property and holidaying at the moment.

Cyprus is reported to still be quite expensive compared to other European countries in relation to what you can buy for Euro currency and maybe could take a leaf out of their books and start introducing some reductions on relevant products.

In saying that Cyprus has many qualities that other EU Countries can not offer, such as safety and excellent tax regimes being a just a couple to mention.

If we did offer reductions to override the Euro rate, Cyprus would be the perfect paradise for all.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 1^st FEBRUARY 2010.

Property Lawyers in Cyprus – Studies – Brazilian Property Market on 15^th January 2010. – Cyprus Property Lawyers.

Overall, we are hearing good things about the property markets for most countries.  Performing as Property Lawyers in Paralimni,  we are constantly on the lookout for positive news. 

Brazil has been receiving fantastic reviews confirming the Brazilian market on the whole is doing amazingly well.  A recent project consisting of 104 new properties, situated in the Sao Paulo region was reported to have been sold out within a few hours.  The developers are advising that there is higher demand for Brazilian property than there is a supply.  This is great news in this time of struggle.  

To help the construction industry the Government has provided R$ 60 Billion. This is part of a motivation package towards supplying more affordable housing for the lower – mid income purchasers.  Other incentives included in the package to revive the Brazilian Property market are, reductions on property tax from up to 6%,  subsidies to cover costs for purchasers of a certain criteria and a restructured easier process for required licences relating to new developments.

Many overseas investors are buying Property in Brazil at an accelerated rate, giving rise to Brazil being one of the most popular places to invest at this uncertain time of financial worry.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 15^th JANUARY 2010.