Continuing our review on Island life, Health Care is another excellent attribute that Cyprus has to offer.  Health Care is a priority and therefore, standards are very high.  The Health Care System in Cyprus consists of Public Hospitals, Private Hospitals and various other medical institutes.  Majority of the medical staff have trained in England or in other foreign countries and both local and foreign nationals have complete trust in the Cyprus Health Care System.

Public hospitals offer free or inexpensive medical care for overseas nationals.  This can be obtained by visiting the emergency (if urgent) or providing your EU card, otherwise a minimal payment is required of €20 and your passport will be required.  Local residents can receive free medical care if they are deemed to be on a low income.  The public hospitals offer an excellent and very professional service. 

There are many private hospitals throughout Cyprus and all of a high quality standard and mostly with UK trained practitioners. Low medical Insurance can be obtained for this type of medical care and it is advised for ongoing illnesses. It is also advised to research potential insurance companies and coverage they offer.

Cyprus takes great steps in continually improving health issues. Water and food are consistently monitored, sewage and sanitation are top of the list and there is no industrial pollution to pollute the air. Preventative Medicines are greatly promoted and the average life span is very high.

Cyprus is on par with some of the best medical systems in Europe and health care is a very important factor when thinking of moving or investing abroad.  We are very proud of our health care system and to be apart of the Island Life here in sunny Cyprus.

Visit us at www.lawcyprus.org

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

Dubai’s highest building was built by Emaar, a long established property company.   The building itself is called Burj Dubai and is said to now be the highest building in the world.  In a world historic moment on the 4^th January 2010, the Burj Dubai officially opened its doors to the public.

The Burj Dubai is reported to be 800 meters high and comprise 160 floors of which 1044 residential apartments reside with 57 elevators to accompany them.  The remaining 39 floors accommodate shopping and office facilities.

This magnificent sky scraper is very contemporary in style and built mainly from steel and glass and is said to have cost in the region of 1.5 billion US dollars.  It was very doubtful with Dubai’s current economic struggle that the building would open on time but Emmaar pulled through and now 90% of the premises have been sold.

This is a fantastic time for Dubai and we wish this beautiful country good look for the future!!!

Visit us at www.lawcyprus,org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 5^TH FEBRUARY 2010.

DEVELOPERS TO ACCOMMODATE IRAINIAN MIGRANTS INVESTING IN CYRPUS PROPERTY

Recently the President of Iran was re-elected causing political ambiguity amongst Iran residents, and resulting in a lot of Iranians wanting to go into exile.  Cyprus has been one of the recipients of interest from the Iranian nationals.

Since the re-election, demonstrations of protest have taken place throughout the country having a very negative effect and putting the country at great economical risk.  Many business owners and affluent people have withdrawn all monies from their banks accounts in Iran and deposited it in overseas accounts.  

The Property Market in Iran was thought to be a safe investment.  On the contrary, Iranians have now lost all confidence due to losses in the economic crash, and will not dare to trust the market again.  Alternatively, they seek other routes for example, properties in Cyprus.

The Iranian Nationals are now seeking safe and beneficial economic states, offering them higher level of employment, education and investment opportunities for second homes and businesse investments. They are looking for opportunities that the Country of Iran cannot offer them.

Originally it was the 1980s war against Iraq that provoked extensive emigration and it’s looking promising that the current political situation will entice the same action.  Cyprus Developers have reported increased interest from the Iranian Nationals and are preparing accordingly to accommodate their needs. Cypriot law Office A& G Kouzali can offer full support to all Irainians looking to invest in Cyprus.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALI LAW OFFICE ON 17^th January 2010.

RYANAIR-GOODMOVE FOR OUR ISLAND SAYS LAWYERS IN AGIA NAPA CYPRUS

We recently studied the issue of Ryanair flying to Cyprus, and found that Ryanair could potentially bring in to Cyprus approximately 60,000 holiday makers every year from all European destinations.  This has not been the case due to high landing charges applied at Cyprus airports and therefore Ryanair have been reluctant to fly here.

It has been advised that Ryanair feel they must be able to make a profit and it is not possible with such high landing charges. They also feel Cyprus needs Ryanair more than Ryanair needs Cyprus.

Initially it was reported that Cyprus had not asked for their carrier services, but was later came to light that Cyprus travel officials did actually contact Ryanair but a decision could not be reached on the issue.

60,000 holiday makers a year could see a substantial boost in the property market along with a substantial amount of revenue for our island.

The Cyprus government are granting funds to lower aircraft charges, including lowing VAT on hotels also.

Ryanair would definitely be a good move for Cyprus.  Our island has so much to offer and with more to come over the next 2 years.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON … 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.

DEVELOPERS OFFER SIPP DEVELOPMENTS TO HELP REVIVE PROPERTY MARKETS

After we at A&G Kouzali Cyprus Lawyers reviewed the global property market, we found that SIPP (Self Invested Personal Pension) appears to be the way forward for Developers selling their properties.   Some SIPPs offered by a few specific financial institutes, allow consumers to invest in overseas buy-to-let property.  This gives the consumer tax free profit and continuous income for their future (See our articles on SIPP & Harlequin Hotel & Resort Developments).

However, developers cannot take for granted that their developments are SIPP compliant and can automatically be sold as a SIPP product.  This has to been planned in a careful strategic way under certain regulations as not to blemish the whole SIPP concept.  Developers must have official confirmation that their projects are SIPP approved before they sell it as SIPP product.  Otherwise, this can cause investors to obtain very heavy tax bills.

Many investors are transferring their pensions into SIPPs in order to take advantage of the overseas investments giving them high tax free income revenues.   Normal pensions on a whole are suffering so much under the current global financial struggle and SIPP is a kind of protection against any deductions or drops in rates that occur in normal pensions as you control your money in a SIPP not the Government. 

It may be seen that many developers will now offer their developments as an SIPP package but you have to be aware and check that your investment is officially SIPP approved before you agree to purchase.

 For more information on SIPP or SIPP approved projects visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 7^TH DECEMBER 2009.

MAKE WAY FOR THE GERMANS IN 2010 SAYS FAMAGUSTA LAWYERS

After review of the world property markets it came to light that German Nationals are said to be looking for overseas property such as Cyprus Properties as we speak but developers do not have appropriate developments to lure them in.

German Nationals have liquidity waiting to be invested but quality is of high importance along with the right price.

There are many distressed Properties in Cyprus that developers want to sell at bargain prices yet the quality is not up to Germans standards. The Germans do not believe in spending their money just for the sake of it.

Cyprus Developers must research and create a product that is suitable for the German overseas market. The German property market is consistently on the rise and we here in Cyprus need to create an opening to lure the Germans to invest in our Island.

Cyprus investment system is under going major development that will definitely attract world-wide nationals but can the developers also offer world-wide nationals an attractive and quality Cyprus property package to accompany this major development. We hope so!!

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 16th JANUARY 2010.

FAMAGUSTA LAWYERS REVIEW LE MERIRDIEN HOTEL & SPA RESORT IN CYPRUS

Le Meridien Hotel & Spa Resort in Limassol has now been operating 20 years. The hotel was originally built in 1989 and today it is one of the most luxurious hotels on the Island of Cyprus. Up until 1997 the hotel catered for mostly business guest offering comfortable rooms and quality facilities.

Le Meridien then went on to build the Penguin Village and more and more families started to visit the hotel as the penguin village was a child’s paradise.  More progression took place in 2000 when Le Meridien created Le Spar.  The whole hotel was given a face lift and upgraded creating a luxury 5* hotel & Spa Resort. 

The luxury indoor/outdoor spa offers different sea water pools and 34 treatment rooms.  Further expansion brought cabanas with private Jacuzzis and 18 superior spa rooms.  Adding to the luxury there is also Royal Suites with views of a fresh water grotto and sea water pool.

Following tremendous success and with revenue rising dramatically, Le Meridien Hotel & Spa Resort went on to create a paradise adding top quality restaurants, theatre, teens leisure land and many more top notch facilities.

We strongly recommend the Le Meridien 5* Hotel & Spa Resort to anyone looking for a luxurious, pampering and top quality holiday.

Visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 29th 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.

CAN IDR HELP RESTORE CONFIDENCE IN CYPRUS TITLE DEEDS PROCEDURE?

The International Development Registry (IDR) has been specifically created to protect buyers against the increasing issues surrounding buying overseas property. IDR wanted to give extra protection to clients as they felt standard legal advice is not enough.

IDR in theory offers a health check service on overseas developments.  They undertake research and vetting procedures giving clients peace of mind that a development is a wise and safe investment.

The IDR is an optional register for developers, if they feel confident with their development and want clients to feel the same about buying from them.

This service offers a worldwide register that collects information on the current status of individual properties. Information searched comprises financial searches on developments and relevant permits and licences relating to Title Deed Issues.

These reports are now being incorporated in ‘protected property purchase’ products for pre approval of Title Insurance.

The reports also benefit the developer as this can be used for financial funding from banks and private investors for example. A client is likely to feel more confident in buying from a developer who is IDR registered than not, because this proves all is above board and the developer has nothing to hide.

Registering developments with IDR could help improve property markets as this service helps restore buyers’ confidence in overseas developments.

Visit us at www.lawcyprus.org

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