Dear Distinguished Friends, Associates, Colleagues and Clients

We take this opportunity to extend to you our warmest wishes for a happy and Prosperous 2019.

This year, already has begun with concerns for many of you, Brexit being the forefront of everyone’s mind and how this will affect the world. As a British Citizen myself, this is a subject which is very important to me and as such, we are keeping abreast of all issues and we are in contact with the appropriate governmental and ministerial authorities and as soon as we have any update on how this may affect you or your investments we will update you accordingly. This is an unknown procedure and at present there are no official guidelines on the documentation or procedures which need to be completed. With this in mind we do suggest that you do not proceed with any procedures at present and wait for our office to contact you in a similar way as this letter with further updates and / or guidance.

The economy in Cyprus is booming.  We are delighted that with hard work and local sacrifices Cyprus has become one of the fastest economies in EU. Being one of the safest destinations to live, our island is now attractive to a lot of investors, as it provides an alternative and the best option for a second property and / or a solution to problems and issues, especially for our Middle Eastern friends.

Cyprus saw many changes during 2018;

The implementation of VAT at the rate of 19% on land purchases. Please bear this in mind if you are considering purchasing or selling land.

The legalization of Casinos within the free territories of the republic.  This is great news as the Casino Project is valued at 700,000,000 Euros. (Seven Hundred Million Euros)

The eventual move of the District Land Registry Office of Famagusta from Larnaca to their new premises in Paralimni. This has helped to streamline the processing of cases at the land registry office and was a long time coming. It was vital for the economy and the citizens of Famagusta district that the land registry office of their district was within the district.  Our office contributed significantly to enable this movement and we are proud of our success.

Our office is also playing a very important role in the new resales procedures, sending letters to the Legal teams, to the Land registry but also to the Estate agents in order to secure that all owners, especially the ones that are selling their properties, are dealt with correctly and they do pay all their management and maintenance fees to the Management committees.  Our office started to meet with agents and we have also sent these letters to members of parliament, Government bodies but mostly to the agent body and lawyers association.

The Cyprus Investment Program underwent training and procedural changes to tighten and streamline the processing the applications of individuals. The program has created friction and criticism from some parties; however the income which this program has generated for the republic of Cyprus has helped the Island economy to recover and is bolstering the public services of the country.

Anti-money Laundering Processes and Procedures have become much more stringent and in accordance with guidelines of the European central bank, in an attempt to make Cyprus much more transparent but also a regulated and safe business center.  With these changes you will be required to provide certain specific documents. The minimum of what you will be requested to provide are listed as below:

  • A copy of your identity card / Passport
  • A Utility bill dated within the last 90 days (of your residential address – where you live)
  • Source of funds/wealth – (i.e. {employment income – annual salary, recent pay slips, confirmation from the employer} – {self-employed – latest accounts or tax declaration} – {savings/deposits – bank statement} – {inheritance – Grant of Probate with a copy of the will, Letter signed by the solicitor}) etc.
  • Bank Reference Letter
  • CV.

We kindly ask you to expect these new questions and / or requirements even if you are existing clients.

Last year was a very good year for our office but also very difficult during the last few months due to workloads, changes in procedures and / or legislations. Because you are valuable to us and because we care, in order to rectify any issues, any minor delays we may have had, and / or any services that was not as we really wanted and / or as we obtained for you, we are pleased to announce that we have just employed three specialists and we will also outsource some of our services so we can re-establish our office to the best of the best. 

One of these new elements is that following the success of our Larnaca office, we have just opened a brand new, independent office in Pafos. For this reason wait to hear from our office the new recruitments, within the next month, but also pictures and a presentation of our Pafos office very shortly.

In our effort to make a difference and to give ideas, hope and love towards our neighbors, but also our planet, we have decided that our hold music this year will give that message with the theme of ‘helping people’ and ‘loving the neighbor’. We aim to change our hold music within the month of June with another 4 different songs on the same theme for our offices; we do hope that you can spread our messages across your friends and your family.  Paralimni Corporate office: 00 357 23811788, Paralimni Litigation office: 00 357 23811783, Larnaca office: 00 357 24811377 and Paphos Office: 00 37 26811787.

Kindest Regards

Giovanis Kouzalis.