Кипр проголосовал за законопроект о реформе международных трастов. Закон с поправками был опубликован в официальном бюллетене от 23.03.2012.

Закон Кипра о международных трастах оставался неизменным с момента его принятия в 1992г. Понимая, что траст имеет потенциал  использоваться в качестве канала для иностранных инвестиций на или через Кипр, законодательством были осуществлены поправки в правовую базу с целью достижения максимального привлечения инвестиций.

 Новый закон был одобрен кипрским деловым и правовым сектором. Это шаг вперед предоставлению Кипру более конкурентоспособный траст юрисдикций и дальнейшей модернизации Кипра, как международного экономического центра.

Основные Изменения в законе

Резидентный статус посредников, бенефициаров и попечителей

Раздел 2 закона 92 года был изменен. Новый закон предусматривает, что учредитель не должен быть резидентом Кипра в период, предшествующий году заключения траста.

Согласно старому закону, было не ясно, может ли учредитель проживать на Кипре после формирования международного траста и эта неопределенность обескураживала учредителей. Поправки к разделу 2 проясняют, когда и сколько человек может находиться на Кипре и его права как учредителя в международном трасте. То же самое касается бенефициаров, а именно: получатель не должен быть резидентом Кипра в год, предшествующий году заключения траста. Исключением являются благотворительные фонды, в которых бенефициары могут быть резидентами Кипра.

Что касается попечителей, обязательным является то, что  один из них должен быть резидентом Кипра  в течение всей продолжительности Траста.

Полномочия учредителя

Все вопросы, касающиеся кипрского международного траста, определяются в соответствии с действующим законодательством Республики Кипр. Всё это в полной мере относится к фидуциарным полномочиям и обязанностям попечителей.

Новый закон (раздел 3) предусматривает, что международный траст ни будет считаться недействительным или оспоримым в связи с тем, что правовые положения, которые действуют в любой юрисдикции, запрещают или не признают содержание Траста.

Срок действия международного траста

Согласно 1992 году закон о международных Трастах мог быть действительным до 100 лет со дня своего основания, за исключением благотворительных трастов и тем которым было разрешено существовать вечно. Новый закон отменяет все ограничения на продолжительность трастов.

 Что касается международного траста, который был создан во время или после вступления в силу нового Закона предусмотрено, что нет предела времени, в течение которого траст может оставаться в силе.

Полномочия доверительного лица инвестировать в движимое и недвижимое имущество

В Статью 8 Закона 1992 года были внесены поправки. Доверенное лицо может теперь иметь, содержать и вкладывать средства в движимое имущество, на Кипре и за рубежом, включая инвестиции в акции компаний, зарегистрированных на Кипре и в недвижимое имущество, расположенное на Кипре или за границей.
Новый закон признает уже существующие полномочия Доверенного лица, и некоторые из наиболее важных полномочий являются:

1. распределять капитал;
2. нанимать;
3. Чтобы заимствовать;
4. Для ипотеки;
5. Для обеспечения;
6. Чтобы инвестировать / одалживать деньги;
7. Для осуществления платежей для/от имени бенефициаров, а также
8. Для продвижения денег к другому трасту

Налоговые преимущества международных трастов
Международные трасты являются идеальным решением для защиты активов, наследования и налогового планирования. Польза от использования таких трастов выделяет Кипр как одним из самых выгодных трастовых юрисдикций.

Согласно статье 12 Закона, если бенефициар такого Траста является резидентом Кипра, то доход или прибыль, возникшая на и из Кипра, будет облагаться налогом на Кипре.
Кроме того, в случае, если бенефициар не является резидентом Кипра, то доход или прибыль такого траста, возникший на территории Кипра, облагаются налогом в соответствии с налоговым законодательством Кипра. В действительности любой доход или прибыль этого траста, возникший за пределами Кипра не облагается налогом на Кипре.

Следует также отметить, что определение термина «резидент Кипра»  относится в соответствии с налоговым законодательством.

Конфиденциальность

Конфиденциальность и тайна до сих пор сохранились с новым Законом и Доверенным лицом, защитник или правительственный орган, не имеет права раскрывать информацию или документы, относящиеся к:

1. учредителю,
2. бенефициарам,
3. доверенным лицам, и
4. имуществу Траста,

 ,В том случае если вышеуказанное не будет запрошено судами Кипра.

Заключение

Все эти поправки к закону Кипра о Международных Трастах, несомненно, будут продвигать Кипр как один из наиболее благоприятных Трастовых юрисдикций, а так же дал выгодный налоговый режим на острове, новое законодательство, как ожидается, будет одним из самых полезных инструментов в налоговом планировании для иностранных инвесторов.

N. Pirilides & Associates LLC | Multilysis Services Limited

The Cyprus House of Representatives voted in favour of the Bill for the much anticipated reform of the Cyprus International Trusts Law and the amendments were published in the Official Gazette of the 23rd of March 2012.

The Cyprus International Trusts Law remained unaltered since its enforcement back in 1992.  Realising that Trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments.

The amended new Law indeed modernises the legal framework for international trusts and is expected to boost investments in Cyprus.  The new Law has been welcomed by the Cyprus legal and business sector since it is a step forward in rendering Cyprus a more competitive trust jurisdiction and it further upgrades Cyprus as an International Economic Centre.

Major changes to the law

Residency Status of Settlors, Beneficiaries and Trustees

Section 2 of the 1992 Law was amended. The new Law provides that the settlor should not be a Cyprus resident in the year, preceding the year of the establishment of the trust.

Under the old law, it was not clear whether a settlor could reside in Cyprus after forming an International Trust and this uncertainty discouraged the settlors from relocating.  The amendments to Section 2 clarify when a person/s can reside in Cyprus and still be eligible as a settlor under an International Trust. The same applies to beneficiaries; namely the beneficiary should not be a Cyprus resident in the year preceding the year of establishment of the trust. The only exception is that of a charitable trust where the beneficiaries could be Cyprus residents at any given time.

Regarding the trustees, it should be noted that at least one of the trustees should be resident of Cyprus during the whole duration of the Trust.

Validity of International Trust

All matters relating to a Cyprus International Trust shall be determined in accordance with the applicable laws of the Republic of Cyprus.  Anything relating to the validity, interpretation or effect of any trust or transfer shall be governed by the Laws of Cyprus. The same will apply to the fiduciary powers and duties of trustees.

The new Law (Section 3) provides that no International Trust would be considered void or voidable due to the fact that the legal provisions that are in force in any jurisdiction prohibit or do not recognize the substance of the Trust.

The Law clearly states that the inheritance laws of any other country will not be enforced in Cyprus by the Cyprus courts and this provision confirms that the heir-ship provisions in succession laws of foreign countries will not apply to a Cyprus International Trust.

Powers of the Settlor

Section 4A was added to the new Law, extending the powers of the settlor.  Revocation and modification of the terms of the trust by the settlor is now allowed.  Additionally, a settlor may instruct the transfer, distribution, payment or transfer of income or capital from the trust property or the issue of binding instructions and/or directions with regards to the above.  The settlor may also appoint or remove a Trustee, a Beneficiary or a Director of any of the companies that belong to the trust or the settlor can act as a director himself and a settlor may also issue binding instructions to Trustees in relation to the exercise of any power. The most important change however is the fact that the settlor can now choose the applicable law that will govern the Trust and change the governing law or the forum of administration of the Trust.

Duration of Trust

Under the 1992 law, an International Trust could be valid for up to 100 years from the date of its establishment, with the exception of charitable and purpose trusts which were permitted to exist in perpetuity.  The new law abolishes all restrictions on the duration of trusts.

With regards to an International Trust which was established during or after the entry into force of this new Law, it is provided that there is no limit in the period over which a trust may continue to be valid and enforceable.

Notwithstanding anything to the contrary contained in the terms and conditions of the trust, no concession, distribution, payment, holding or disposal of the income or capital of the trust to another trust is invalidated solely on the ground that the other trust continues to be valid and enforceable after the date on which the former trust must come to an end.

Definition of Charitable Institutions

The new Law redefines charitable institutions. According to Section 7, International Trusts are considered as charitable institutions where the trust has as a main objective to achieve one or more of the following purposes:

1. Prevention or alleviation of poverty;
2. Promotion of education;
3. Promotion of religion;
4. Promotion of health or salvation of life;
5. Promotion for the development of citizens and of the community;
6. Promotion of art, culture, heritage or science;
7. Promotion of amateur sports;
8. Promotion of human rights, dispute settlement or reconciliation or the promotion of religious or national harmony or equality and individuality;
9. Promotion of the protection or development of the environment;
10. Relief needs arising from young or advanced age, ill health, disability, economic hardship or other disadvantage;
11. Promotion of the welfare and protection of animals; and
12. For any other reason for the benefit of the general public or which is consistent with paragraphs (a) – (k) above.

Power of Trustee to invest in movable & immovable property

Section 8 of the 1992 Law has been amended.  The Trustee may now hold, maintain or invest in movable property in Cyprus and abroad, including investments in shares in companies registered in Cyprus and in immovable property located in Cyprus or abroad.

The new Law recognises the already existing powers of Trustees; some of the most important powers are:

1. To make capital distribution;
2. To employ;
3. To borrow;
4. To mortgage;
5. To guarantee;
6. To invest/lend money;
7. To make payments for/on behalf of beneficiaries; and
8. To advance money to another trust

Tax Advantages of International Trusts

International Trusts are ideal for asset protection, inheritance and tax planning.  The benefits arising from the use of such trusts distinguish Cyprus as one of the most advantageous trust jurisdictions.

According to Section 12 of the Law, if the beneficiary of such Trust is a resident of Cyprus then the income or profits of such trust which arise in and out of Cyprus will be taxed in Cyprus.

Additionally, in case the beneficiary is not a resident of Cyprus, then the income or profits of such trust that arise within Cyprus are taxed according to the tax laws of Cyprus. In effect any income or profits of such trust that arise outside Cyprus are not taxed in Cyprus.

It should further be noted that the definition of a ‘resident of Cyprus’ has the meaning attributed to the term under the Income Tax Laws.

Confidentiality

Confidentiality and secrecy are still preserved under the new Law and the Trustee, the Protector or any Governmental body is not entitled to disclose information or documents relating to:

a)      The settlor,

b)      The beneficiaries,

c)       The trustees, and

d)      The property of the Trust,

unless the above are ordered by the Courts of Cyprus.

Conclusion

All the above amendments to the International Trust Law of Cyprus will certainly promote Cyprus as one of the most favourable trust jurisdictions and given the island’s beneficial tax regime, the new legislation is expected to be one of the most useful tools in tax planning for foreign investors.

Cyprus Lawyers N. Pirilides & Associates LLC  | Cyprus Corporate Services Multilysis Services Limited

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Следующая информация и / или документы будут необходимы для получения разрешения Советом Министров на приобретение недвижимости иностранцами:

1. План местности

2. Копия документа, устанавливающего правовой титул на землю  и  Земельного кадастра, сопровождающего правовой титул собственности, которая будет приобретена.

3. Копия разрешения на строительство для возведения дома или любого другого здания, или разрешение жилищного строительства на земле. За землю, которая находится под разделением такое разрешение должно быть также подано.

4. Копия договора купли-продажи, заверенная печатью.

5. План дома / квартиры. В случае разделения земли, план не требуется. В случае жилищного строительства,  будет необходим план, в котором будет показано точное       местоположение застройки на территории всего земельного участка.

6. Общая площадь в кв.м. приобретаемого имущества.

7. Документы, свидетельствующие о финансовом статусе заявителя.

8. Копия паспорта заявителя и паспорта мужа / жены, включая все страницы, показывающие штампы их прибытия на Кипр и выезда из Кипра должна быть поданы.

9. Копия свидетельства о браке заявителя или соответствующее свидетельство из посольства своей страны  (это относится к случаям, где фамилия жены и мужа различны или если    жена не меняла девичью фамилию ).Свидетельство о браке должно быть официально переведено на греческий или английский языки.

10. Копия разрешения на жительство или разрешения на работу на Кипре.

11 Надлежащим образом заполненное и подписанное заявление Comm 145.

12. В случае, если заявителем является компания или заявитель является акционером оффшорной компании, все соответствующие сертификаты компании (акционеров, директоров и зарегистрированный офис компании) обязательны для предоставления. Кроме того, должны быть поданы копии меморандума и устава компании.

13. Кроме того, акционеры компании-заявителя и их мужья / жены должны предоставить копии паспортов, и подтверждение в случае наличия недвижимого имущества на Кипре.

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The Cyprus House of Representatives voted in favour of the Bill for the much anticipated reform of the Cyprus International Trusts Law and the amendments were published in the Official Gazette of the 23rd of March 2012.

The Cyprus International Trusts Law remained unaltered since its enforcement back in 1992.  Realising that Trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments.

The amended new Law indeed modernises the legal framework for international trusts and is expected to boost investments in Cyprus.  The new Law has been welcomed by the Cyprus legal and business sector since it is a step forward in rendering Cyprus a more competitive trust jurisdiction and it further upgrades Cyprus as an International Economic Centre.

Major changes to the law

Residency Status of Settlors, Beneficiaries and Trustees

Section 2 of the 1992 Law was amended. The new Law provides that the settlor should not be a Cyprus resident in the year, preceding the year of the establishment of the trust.

Under the old law, it was not clear whether a settlor could reside in Cyprus after forming an International Trust and this uncertainty discouraged the settlors from relocating.  The amendments to Section 2 clarify when a person/s can reside in Cyprus and still be eligible as a settlor under an International Trust. The same applies to beneficiaries; namely the beneficiary should not be a Cyprus resident in the year preceding the year of establishment of the trust. The only exception is that of a charitable trust where the beneficiaries could be Cyprus residents at any given time.

Regarding the trustees, it should be noted that at least one of the trustees should be resident of Cyprus during the whole duration of the Trust.

Validity of International Trust

All matters relating to a Cyprus International Trust shall be determined in accordance with the applicable laws of the Republic of Cyprus.  Anything relating to the validity, interpretation or effect of any trust or transfer shall be governed by the Laws of Cyprus. The same will apply to the fiduciary powers and duties of trustees.

The new Law (Section 3) provides that no International Trust would be considered void or voidable due to the fact that the legal provisions that are in force in any jurisdiction prohibit or do not recognize the substance of the Trust.

The Law clearly states that the inheritance laws of any other country will not be enforced in Cyprus by the Cyprus courts and this provision confirms that the heir-ship provisions in succession laws of foreign countries will not apply to a Cyprus International Trust.

Powers of the Settlor

Section 4A was added to the new Law, extending the powers of the settlor.  Revocation and modification of the terms of the trust by the settlor is now allowed.  Additionally, a settlor may instruct the transfer, distribution, payment or transfer of income or capital from the trust property or the issue of binding instructions and/or directions with regards to the above.  The settlor may also appoint or remove a Trustee, a Beneficiary or a Director of any of the companies that belong to the trust or the settlor can act as a director himself and a settlor may also issue binding instructions to Trustees in relation to the exercise of any power. The most important change however is the fact that the settlor can now choose the applicable law that will govern the Trust and change the governing law or the forum of administration of the Trust.

Duration of Trust

Under the 1992 law, an International Trust could be valid for up to 100 years from the date of its establishment, with the exception of charitable and purpose trusts which were permitted to exist in perpetuity.  The new law abolishes all restrictions on the duration of trusts.

With regards to an International Trust which was established during or after the entry into force of this new Law, it is provided that there is no limit in the period over which a trust may continue to be valid and enforceable.

Notwithstanding anything to the contrary contained in the terms and conditions of the trust, no concession, distribution, payment, holding or disposal of the income or capital of the trust to another trust is invalidated solely on the ground that the other trust continues to be valid and enforceable after the date on which the former trust must come to an end.

Definition of Charitable Institutions

The new Law redefines charitable institutions. According to Section 7, International Trusts are considered as charitable institutions where the trust has as a main objective to achieve one or more of the following purposes:

1. Prevention or alleviation of poverty;
2. Promotion of education;
3. Promotion of religion;
4. Promotion of health or salvation of life;
5. Promotion for the development of citizens and of the community;
6. Promotion of art, culture, heritage or science;
7. Promotion of amateur sports;
8. Promotion of human rights, dispute settlement or reconciliation or the promotion of religious or national harmony or equality and individuality;
9. Promotion of the protection or development of the environment;
10. Relief needs arising from young or advanced age, ill health, disability, economic hardship or other disadvantage;
11. Promotion of the welfare and protection of animals; and
12. For any other reason for the benefit of the general public or which is consistent with paragraphs (a) – (k) above.

Power of Trustee to invest in movable & immovable property

Section 8 of the 1992 Law has been amended.  The Trustee may now hold, maintain or invest in movable property in Cyprus and abroad, including investments in shares in companies registered in Cyprus and in immovable property located in Cyprus or abroad.

The new Law recognises the already existing powers of Trustees; some of the most important powers are:

1. To make capital distribution;
2. To employ;
3. To borrow;
4. To mortgage;
5. To guarantee;
6. To invest/lend money;
7. To make payments for/on behalf of beneficiaries; and
8. To advance money to another trust

Tax Advantages of International Trusts

International Trusts are ideal for asset protection, inheritance and tax planning.  The benefits arising from the use of such trusts distinguish Cyprus as one of the most advantageous trust jurisdictions.

According to Section 12 of the Law, if the beneficiary of such Trust is a resident of Cyprus then the income or profits of such trust which arise in and out of Cyprus will be taxed in Cyprus.

Additionally, in case the beneficiary is not a resident of Cyprus, then the income or profits of such trust that arise within Cyprus are taxed according to the tax laws of Cyprus. In effect any income or profits of such trust that arise outside Cyprus are not taxed in Cyprus.

It should further be noted that the definition of a ‘resident of Cyprus’ has the meaning attributed to the term under the Income Tax Laws.

Confidentiality

Confidentiality and secrecy are still preserved under the new Law and the Trustee, the Protector or any Governmental body is not entitled to disclose information or documents relating to:

a)      The settlor,

b)      The beneficiaries,

c)       The trustees, and

d)      The property of the Trust,

unless the above are ordered by the Courts of Cyprus.

Conclusion

All the above amendments to the International Trust Law of Cyprus will certainly promote Cyprus as one of the most favourable trust jurisdictions and given the island’s beneficial tax regime, the new legislation is expected to be one of the most useful tools in tax planning for foreign investors.

Cyprus Company Formation Multilysis Services Limited

Cyprus Lawyers N. Pirilides & Associates LLC

Cyprus is a reliable European Union and Euro-zone jurisdiction for conducting professional services and offshore activities.

The country maintains an excellent international reputation for conducting business.  With 10% corporate tax, Cyprus is the lowest tax jurisdiction in the European Union that is not offshore and has the lowest non-offshore jurisdiction corporate tax rate in the world.

Cyprus simply offers a host of financial advantages and benefits to companies and individuals. It can do so due to the sustaining a strong and stable economy (in relation to the country’s size) that almost completely focuses on professional services and the financial sector.

Cyprus offers an excellent infrastructure for such activities, such as legal and accounting firms and banking, highly educated, qualified and multilingual workforce, proper government regulations and a general policy of non-intervention in business operations.

Cyprus has excellent geopolitical and trading relationships with key source markets, which together with the ideal geographical location, is a principal choice for investments into many neighbouring markets, including the EU, Russia, CIS, as well as the Middle East and North Africa.

Reforms that positioned Cyprus as the ideal offshore jurisdiction

The offshore regime in Cyprus has changed drastically due to its EU accession, and as a result of agreements with the Organisation for Economic Cooperation and Development (OECD); certainly for the better.

Cyprus has transformed itself from being considered an offshore tax haven with a 4.25% corporate tax rate for grey-area businesses to a unique EU jurisdiction with a standardised tax rate of 10% – still the lowest tax rate in the EU.

Cyprus has successfully reformed all its financial sector legislation in line with international practice and has implemented a simplified, effective and transparent tax system which is fully compliant with the European Union, OECD, Financial Action Task Force (FATF), and Financial Stability Forum (FSF).

Since EU accession, Cyprus has harmonised local regulations to the Acquis Communautaire, allowing the country to further develop as a financial centre. Following these measures, Cyprus was placed on the OECD white list of territories which have substantially implemented the internationally agreed standard in tax transparency.

Other actions taken by Cyprus to boost its global recognition as a credible offshore jurisdiction includes:

• It has made various tax reforms in order to bring its legislation in full conformity both with EU Laws and Directives and with the Organisation for Economic Cooperation and Development’s guidelines.
• Instantly implemented the EU Tax Directive, which includes a Code of Conduct on harmful tax practices and rules to avoid the double taxation of royalty and interest payments.
• Adopted International Financial Reporting Standards.
• Passed Anti Money Laundering legislation (Law 188(I)/2007), Markets in Financial Instruments Directive (MiFiD), and Transparency Law and Anti Money Laundering Law.
• Cyprus has made huge steps in structural reform, modernization, and liberalization of its market-oriented economy, with a view to enhancing international competitiveness.

Cyprus Company Formation Multilysis Services Limited

Cyprus Lawyers N. Pirilides & Associates LLC

15 февраля 2012 Российская Дума ратифицировала протокол поправок к договору

1998 года об избежании двойного налогообложения между Россией и Кипром, подписанного 7 октября 2010 года. Кипр также ратифицировал этот протокол в начале августа 2011 года. В соответствии с условиями соглашения, которые вступят в силу с 1 января 2013 года Кипр будет выведен из, так называемого, “черного списка”, в который был включен с 1 января 2008 года.

CIPA (Кипрское Агентство инвестиционного развития) приветствовало эту позитивную ратификацию Протокола поправок, что подтверждает отличные и прочные политические и экономические отношения между Кипром и Россией, которые продолжают развиваться. Представитель CIPA прокомментировал, что это соглашение пойдет на пользу Кипрской экономике по двум основным причинам: “во-первых в силу новых русских инвестиций, а во-вторых, в силу дальнейшего укрепления безопасности, предоставляемого русским инвесторам”.

Кроме того, он отметил, что в связи с тем, что Россия является ведущей страной инвестирования на Кипре, “данное соглашение будет способствовать модернизации Кипра, как страны с очень хорошей инфраструктурой для установления сотрудничества с международными компаниями”.

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Сотрудники «Multilysis» имели возможность принять участие в Форуме, который состоялся 10Февраля 2012 в Four Seasons Hotel в Лимассоле.

Организаторами конференции успешно выступили Торгово-промышленная палата Кипра, Торгово-промышленная палата России, Деловой совет по сотрудничеству с Кипром и Кипрско-Российская бизнес-ассоциация.

Обращаясь к Российско-Кипрскому деловому и инвестиционному форуму,  в Лимассоле, вчера, посол России заявил, что в последние 20 лет “, общий объем инвестиций между нашими странами достиг ста миллиардов долларов, и это очень внушительная цифра”, добавив, что ” объем торгово-экономического сотрудничества за прошлый год составил около 1,3 миллиарда долларов.

Г-н Шумский сказал, что “в торгово-экономических отношениях, мы достигли докризисного уровня, нам удалось в течение короткого периода времени преодолеть экономические и финансовые трудности, и у нас есть хороший потенциал.

Также выступая на форуме, президент Димитрис Христофиас заявил, что Кипр является «безопасным и надежным партнером» для русских компаний, стремящихся к реализации своих международных стратегических планов “в период политической нестабильности и неопределенности” в регионе.

Он отметил, что прямые иностранные инвестиции на Кипр из России экспоненциально увеличились в последние годы, показывая тем самым, что Кипр является международным деловым центром для русских бизнесменов. Г-н Христофиас подчеркнул, что экономика России традиционно играет значительную роль на острове “, выступая в качестве катализатора роста для экономики Кипра.

Он поблагодарил российского президента Дмитрия Медведева за его личный вклад в создании и поддержании прочных исторических связей, взаимовыгодных политических, экономических и бизнес -отношений между двумя странами.

Г-н Христофиас отметил, что форум дал “прекрасную возможность” укрепить отношения с Россией, конкретно сославшись на потенциальные инвестиции в энергетическом секторе, вытекающие из последнего обнаружения месторождения газа, который находится в исключительно экономической зоне Кипра (ИЭЗ).

“Естественно, мы ожидаем, что русские компании, специализирующиеся в области энергетики, сегодня, будут проявлять интерес к изучению инвестиционных возможностей в этом секторе на Кипре”, сказал г-н Христофиас.

Вице-президент Торгово-промышленной палаты России г-н Георгий Петров сказал, что 2011 год был годом экономического возрождения России, с ростом ВВП на 4,5%, добавив, что 2012 год будет “еще более успешным. Г- н Петров призвал Думу к ратификации протокола, об избежании двойного налогообложения, подписанного между Христофиасом и Дмитрием Медведевым во время визита последнего на Кипр в 2011 году.

На конференции было подчеркнуто, разными выступающими, что одна из главных задач правительства Кипра является сохранение преимуществ и дальнейшего повышения конкурентоспособности экономики. В этой связи предпринимаемые меры включают, среди прочего:

• упрощение нормативно-правовой базы и снижение административного

бремени для бизнеса;

• непрерывной модернизации инфраструктуры в области транспорта,

энергетики и связи;

• содействие научным исследованиям и инновациям, а также

• дальнейшее развитие человеческого капитала.

Кроме того, все выступавшие подчеркнули тот факт, что экономика Кипра доказала свою способность успешно преодолевать трудности и, что Кипр предлагает значительные преимущества для иностранных инвесторов, которые ищут место для ведения бизнеса и, что Кипрско-Российская бизнес-ассоциация может и будет играют жизненно важную роль.

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The following information and/or documents will be required in order for the permit to be issued by the Council of Ministers for the acquisition of immovable property by foreigners:

1. Side Plan
2. Copy of the Title deed and Land Registry Plans accompanying the Title Deed of the property to be acquired.
3. Copy of the building permit for the erection of a house or any other kind of building, or for the permit residential development of the land.  For land that is under division, then such permit should be also filed.
4. A duly stamped copy of the purchase agreement
5. Plan of the house/apartment. In case of a land’s division, a division plan will be required. In case of residential development, a plan will be required, where the exact location of the residence is shown within the whole estate.
6. The total area in sq.m. of the property to be acquired.
7. Evidence of the applicant’s financial status.
8. Copy of the applicant’s passport and the passport of the husband/wife.  All pages showing/verifying stamps of their arrival in Cyprus and departure from Cyprus should be filed.
9. Copy of the certificate of marriage of the applicant or a related certificate by the Embassy of their country of origin (this applies where the surname of the wife is not the same as the husband and/or if the wife has not changed her family’s surname). The marriage certificate must be officially translated into Greek or English.
10.  The applicant must provide copy of the residence or work permit in Cyprus.
11. A duly completed Application Comm 145.
12.  In case the applicant is a company or the applicant is a shareholder of an offshore company, all relevant certificates of the company (shareholders, directors and the registered office of the company) are required to be filed.  Furthermore, copy of the memorandum & articles of association of the company should be filed.

In addition, the shareholders of the applicant company and their husbands/wives must provide their passport copies and they should verify whether they acquire any further immovable property in Cyprus.

• Cypriot Lawyers N. Pirilides & Associates LLC
• Cyprus Company Formation Multilysis Services Limited

Property lawyers in Cyprus– Review – Limassol Marina– Completed on 22^nd February 2012.

Well it is great news for the new Limassol Marina even if it is not for any others inCyprus! TheMarinais ahead of schedule which is a big wow from us and is definitely going to be completed by the promised date in 2013.

The Marina it self will be fully operational by October this year so we will be seeing many super yachts and affluent visitors arriving in Limassol.

The residential units namely the Nereids Residence are near completion with the given date of November this year however, you can now view very chic and luxury apartment now. And we reiterate NOW as these residential units are selling at a speedy rate.

And the commercial side of the marina as in the dining venues and unique boutiques and leisure facilities will be ready for use by April 2013.

Cybarco property developers who are the main shareholders and very much behind the development of the Limassol Marina have pulled out all the stops on this project and it will be pretty hard to beat we have to say when other marinas finally get the go ahead.

The nextMarinato get underway is sure to be Larnaca but Paphos and Agia Napa we are very much in the dark as everyone else is. And this is a very big shame for these areas inCyprus. Such projects should be hurried along in these turbulent times in order to help the economy! So we ask what the delay is.

Congratulations to Limassol residents who will greatly reap the benefits of this development and to Cybarco Property Developers for an amazing job well done. We are very excited for this project to complete this is excellent progression for Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22^ND FEBRUARY 2012. http://www.lawcyprus.org/

Cyprus property lawyers – review – Cyprus Casino- Completed on 22^nd February 2012.

So we have it, Famagusta has at last put in a fight and are applying for a Casino license to construct such a project on the East Coast…Hip hip horay!

It is reported that 4 main municipalities in theFamagustaregion have joined together in a bid to secure the license that will cost in the region of 100 million euros. There is no talk of where the casino will be constructed, only that it will be in a tourist area and the main area we feel that would suit this development would be Agia Napa but who knows?

It is still very early days as legislation is not passed in parliament yet but is good to know that we will be putting in our bid for what we feel we should receive.

Apparently only 5 licenses will be issued and it is only fair that we on the East Coast be a recipient of this. Larnaca and Paphos have already put in their application for a license and we are in the queue and by no means lagging behind.

Proposals have been put forward by the finance minister for the construction of five casinos in tourist’s areas, along with the request for a casino regulation board to make sure the casinos operate by strict obligatory regulations.

The licenses are said to help bring in 5 hundred million euros towards the countries deficit this is quite a hefty sum so maybe legislation will not take so long as we imagine.

We hope to published more news on this subject sooner rather than later!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22^ND FEBRUARY 2012. http://www.lawcyprus.org/

Lawyers in Paralimni – Review – CyprusEnergy Bills – Completed on 15^th February 2012

We really must once again report on the horrifying electric bills that people are receiving through the post recently.

We had a reader who has asked not to be named, contact us to let us know after the high electric bill she received for November and December, she went as far as to turn off all her heaters even in her babies room and proceeded to buy only gas for her mobile gas fire.

The woman has now received her new bill for January and February and it is even higher than the previous one. This woman is in complete shock and very distressed and she cannot understand what has happened. She is a single parent with a very small child and after only just being able to pay her last bill now has to lose even more sleep trying to find money for the new bill.

There is most definitely a problem here that must be addressed immediately. These rates are extortionate and the public are at their wits end on this issue.

We ask the government what exactly is going on. This is not right and not acceptable!

This is just one of many stories now around theCyprusIsland. The public are appearing on the TV to show their bills to the nation. There will be uproar on this issue unless something is done about this immediately.

We are being pushed way too far and we demand to know what we are paying for and how the EAC which is a governmental department are justifying these excessive bills?

We want to hear from all of our readers and the public on this issue.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 15^TH FEBRUARY 2 http://www.lawcyprus.org/

On the 15^th of February 2012, the Russian Duma has ratified the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998, signed on the 7^th of October 2010. Cyprus has also ratified this Protocol earlier in August 2011. The application of this ratifying Protocol on 1^st of January 2013 will finally remove Cyprus from the so called Russian “black list”, in which Cyprus was included since the 1^st of January 2008.

CIPA (Cyprus Investment Promotion Agency) has welcomed this positive ratification of the amending Protocol which confirms the excellent and strong political and economic relationship between Cyprus and Russia which keeps developing. As CIPA’s representative commented, the Cypriot economy will benefit for two main reasons; “firstly from the new Russian investments and secondly by the further strengthening of the security provided to the Russian investors.”

In addition, he noted that due to the fact that Russia is the leading investing country in Cyprus, “this agreement will also contribute to the upgrading of Cyprus as a country with a very good infrastructure for establishing cooperations with international companies.”

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Israeli Prime Minister Benjamin Netanyahu said that important perspectives will occur through the cooperation between Cyprus and Israel in the hydrocarbon sector, during the joint press conference with President of Cyprus, Mr Demetris Christofias.

Mr. Netanyahu emphasized the need of cooperation, stating that this can be very helpful in the future because, as he pointed out, the research and the cooperation on multiple sectors at once is much more useful and efficient than working and investigating one sector at a time. He also pointed out that the outlook of this cooperation can positively affect the welfare of Cyprus and of the wider region as well.

In addition, Mr. Netanyahu noted that despite the fact that the flight from Israel to Cyprus takes only 45 minutes, “it took 63 years for an Israeli Prime talked about the strong bonds and Minister to visit the island.” He also talked about the strong bonds and relationship between the people of the two countries and how this relationship has developed during the last few years. He emphasized the need and importance of continuing and extending this cooperation in other areas as well as the energy sector.

Mr. Netanyahu thanked President Demetris Christofias for the hospitality and he expressed the hope that he will be able to fill in, in the future the gap of the 63 years which took for an Israeli Prime Minister to visit Cyprus.

On the other hand, President Demetris Christofias said that both Cyprus and Israel will work effectively aiming to use the hydrocarbon reserves which have been officially confirmed within the Exclusive Economic Zones of the two countries, aiming at the welfare of both the people of Cyprus and Israel.

The President of Cyprus noted that “contacts are already in progress in order to discuss the perspective plans” which he wished to “lead in the near future to concrete suggestions for promoting the bilateral agreements between the two countries.”

Referring to the first visit of an Israeli Prime Minister in Cyprus, President Christofias said that such a visit confirms the strong and high-level relationship between the two countries.

In relation to the signing of a bilateral agreement regarding the sectors of research and rescue services, President Christofias said that it is a tangible confirmation of the increased level of cooperation and development of this cooperation level with Israel.

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Multilysis’ staff had the chance to attend the Forum which was held on the 10^th of February 2012 at Four Seasons Hotel in Limassol.

The conference was organized successfully by the Cyprus Chamber of Commerce and Industry, the Chamber of Commerce and Industry of the Russian Federation, the Cyprus-Russian Business Association and the Business Council for Cooperation with Cyprus.

Addressing the Russia-Cyprus Business and Investment Forum, in Limassol yesterday, the Russian Ambassador said that in the last 20 years, ‘the gross investment volume between our countries reached one hundred billion dollars and this is a very impressive figure’, adding, ‘Trade and economic volume cooperation for the last year reached about $1.3 billion’.

Mr. Shumskiy said that ‘In trade and economic cooperation, we have reached the pre-crisis level…..We have managed within a short period of time to overcome economic and financial difficulties and we have good potentials’.

Also speaking at the Forum, President Demetris Christofias said that Cyprus was a “safe and reliable partner” for Russian businesses looking to implement their international strategic plans “in a period of political instability and uncertainty” for the region.

He noted that foreign direct investment into Cyprus from Russia has exponentially increased in recent years, showing that Cyprus is an international business hub for Russian business people. Mr. Christofias emphasized how Russia’s economy has traditionally played a significant role on the island, ‘acting as a catalyst of growth for the Cyprus economy’.

He thanked Russian President Dmitry Medvedev for his personal contribution to making the two countries’ sustain the very strong and historical ties, mutually beneficial in political, economic and business relations.

Mr. Christofias highlighted that the Forum provided an “excellent opportunity” to strengthen relations with Russia, making specific reference to potential investment in the energy sector, following from the recent gas finds in Cyprus’ exclusive economic zone (EEZ).

‘Naturally, we are expecting that Russian companies focusing on energy, today, will show interest in examining the investment opportunities now present in this sector in Cyprus,” said Mr. Christofias.

Vice-president of the Russian Chamber of Commerce and Industry, Mr. Georgy Petrov said that 2011 was the year of economic revival for Russia, with GDP growth of 4.5%, adding that 2012 will be ‘even more successful’.  Mr. Petrov called for the ratification, by Duma, of the Double Taxation protocol, signed between Christofias and Medvedev during the latter’s visit to Cyprus in 2011.

At the conference, it was stressed by various speakers that one of the main goals of the Cyprus Government is to maintain its advantages and further improve the competitiveness of the economy. In this respect, the ongoing measures include, among others:

· simplification of the regulatory framework and the reduction of the administrative burden for business;

· continuous upgrading of the infrastructure in transport, energy and communications;

· promotion of research and innovation; and

· the further development of human capital.

Furthermore, all of the speakers highlighted the fact that Cyprus’ economy has proven its capability of successfully confronting challenges and that Cyprus offers considerable comparative advantages to foreign investors who are seeking a place to conduct business and that the Cyprus – Russia Business Association can and will play a vital role.

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Cyprus Company Formation Multilysis Services Limited

Lawyers in Cyprus – review – Internet advertising – Completed on 13^th February 2012.

It is all about social networks, business networking, building web links etc etc. The old paper advertising has long gone and we for one are taking full advantage of these free networks that puts our name out there to the world.

We would like everybody to join on the social and business networks below to take part in our discussions and let us know your thoughts and comments while also advertising your and our business to friends and the world in general.

Everyday we will post our thoughts or maybe an article we have written or have read and feel is important for the public to view.

This is the only way forward in getting our business and profiles out there. You can contact us also on instant chat for any queries you may have which saves on telephone calls and having to wait for email replies.

Feel free to join us on the below networks and also have your business or profile on view to all of our friends

You can find us on the following networks, add us as friends, or just follow our activity.

TWITTER – CyprusLawyer – www.lawfirm@cytanet.com.cy

FACEBOOK – Cyprus Lawyers G Kouzalis

LINKEDIN – GIOVANIS KOUZALIS

MSN – GIOVANNI KOUZALIS – agkouzali@hotmail.com

We also highly recommend and promote video conferencing via OOVOO or SKYPE to save on direct visits to the office and long telephones calls

If you would like further information regarding our social and business networks or video conferencing contact us where a member of staff is always at your service.

Lawyers in Cyprus – review – World Charity – Completed on 5^th February 2012

We in Cyprus are continually complaining about our economy, the lack of jobs, cut in benefits, the cost of living etc etc.  But let us just for a few minutes of our troubled lives take time and think about those that really are a lot less fortunate than us.

Reality is we are having it hard at the moment but that is because we are actually very spoilt. Look around you…there are no homeless people, there are no starving people, crime is still very low. We have the ocean we have the weather and we are surrounded by beauty.

No matter how we are doing it we are surviving and without stealing from our neighbours. So we may not be able to have those luxury nights out we are used to or those new pair of jeans that look so good in the shop window, or our nails repaired and looking good.  But we are eating and we have a roof over our heads and times will get better this is just a rough patch that many are experiencing.

We however, forget that there are many who do not have water, food, clothes and a roof over their heads.  Most of us look outside our window and see a nice communal pool or even the ocean.  There are many that do not even have a window to look out of, there are many that do not have enough clothes to cover their bodies and there are many that have to walk miles to find sanitized water or a bowl of rice.

There are many that live in fear of being raped, assaulted even murdered and many that work 20 hours a day for a bowl of rice and bit of water. There are children from a very young age working as many hours and sometimes dying from exhaustion and lack of nourishment.  There are sick people with no medical care.  There are thousands upon thousands dying every minute of the day.

There are many countries that are experiencing these problems as we speak Africa, Asia there are well over 40 countries that have the above issues … we don’t have any. No matter how much we think we are struggling we are actually not and even if it is only 5 Euro these countries need our help, these children need our help.

Take 5 minutes out let us stop the complaining  and send a prayer thanking God for the luxury life we do have and taking a look at what others do not have! Give a little and you will receive a lot in your heart!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 5^TH FEBRUARY 2012

Immigration lawyers in Cyprus – Review – Work Permits – Completed on 6^th February 2012

We have definitely noticed a rise in queries for residency and work permits in Cyprus.  We have queries on a daily basis from all countries but sadly it is not easy for everybody in these struggling economic times.

Jobs are more likely to be given to locals than they are foreigners especially for unskilled workers and still more likely for skilled workers.

For EU citizens work permits are not needed since Cyprus joined the European Union in 2004. However, you must register with the immigration and obtain your registration certificate known as a yellow slip.  It is still very much advised to first seek employment to avoid disappointment and unnecessary travel.

For Non – EU Citizens it is much more complicated. A work permit must be obtained and will only be granted for a 1 year period.  The work permit will also only be granted if employment has been offered and this must be due to the fact that no local Cypriot citizens or EU citizens are able to do the job.

It is advised to learn the local language to help your application.

We also believe having Russian, German, English, Hebrew and Arabic as an added language would be a great advantage but is not a legal requirement.

It is not just Cyprus that are looking to employ local individuals this is the same practice all over the world at the moment.  Only due to foreign investment and certain tourism markets are other speaking staff required but avoided if possible.

Truth of the matter is unless you have major funds to invest in the country of your choice obtaining residency or work permits is a hard battle all over the world. But this is why we are here to try and help every case individually.

Our immigration department can help in all areas of immigration contact for any queries you have either inside or outside of Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 6^TH FEBRUARY 2012.

East Coast Cypriot lawyers – Review – Cyprus Football – Completed on 6^th February 2012.

Football has been under much scrutiny of late.  There have been investigations in to the fixing of matches and betting shops taking major amounts of bets when there is a ceiling limit.

The fact that clubs continue to bring in foreign players especially from Portugal, Brazil and Africa which deters Cyprus footballers from getting a chance to show their talent, thus, making them look for teams in other countries.

Plus football has also been affected by the financial crisis and many players are not getting paid and their contracts are being terminated.

It is safe to say that Cyprus football is now in a mess!

Recent reports also show which affects us on the East Coast of Cyprus that many of the international teams that come to Agia Napa to train in the winter are now being cancelled and are not coming.

The funding has not been so readily available to accommodate these international teams that come for a period of time to Agia Napa and make use of the excellent facilities we have to offer.

This means that the hotels who are able to stay open all year due to the football teams staying at their hotels will suffer, employment lines will increase, flights will not be in so much demand due to no Agia Napa winter sports and visitors who come for the sports will go to other holiday resorts in other countries for their winter sport treats.

It also could mean that if flights are not so much in demand those who come just to holiday will not have as much access to flights as previous years. Once again it is a roll on affect as is every issue we are dealing with in Cyprus at the moment.  Take away funding for this and it causes major issues all round.

The east Coast seems to suffer the worst when it comes to progression and development and now taking away our winter sports is just another added insult. Give us a break please and throw some incentives our way so we too can help our community survive!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 6^TH FEBRUARY 2012.

Legal Consultants in Cyprus – Review – Why Cyprus and why now!

We want to start 2012 on a positive note so we have comprised a list of why we feel Cyprus is a safe beneficial place to holiday and invest in both property and business. Here we go…

Holidaying in Cyprus

Worldwide accessible flights

Affordable flights

All year round warm climate

Clean and picturesque coastlines

Cultural and modern places of interest for all ages

Vibrant or peaceful day and night life to accommodate for all

Universal languages spoken

Competitive hotel or private accommodation packages

Many existing and future tourist attractions

Property Investment

Low property prices

New government property policies –VAT, Transfer Tax, Title Deed etc

Tightened Legal Protection

High rental return

Safer and securer time than ever to invest

Quality of life for permanent residents

Plus many more advantages

Business Investment

Lowest Taxation policy in Europe 10%

Double Taxation Policies with many countries

No Capital Gains tax

Professional and competitive company formation packages

Strong legal system in place

Plus many more advantages

These are just a few reasons to mention the lists are endless so all we can do is assure you that now is the perfect time to book your holiday, look for your perfect home and start proceedings for your successful business.

Now is the time for Cyprus you can feel excitement and success in the air do not miss out it will be a very big loss if you do not jump at such opportunities today.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Famagusta – Review – Cyprus Rainfall and water issues

Rain rain go away please come back another day…never thought we would be saying that! We wanted and needed major rainfall but a break would be nice some time soon. Smaller dams are overflowing and the main dams are now holding over 50% capacity.

Reports show we have not had this much rainfall in 8 years and the temperatures are also below usual.  In short it is very very wet and very very cold.  Even the UK is not complaining as much as we are right now.

We have had major problems with water shortage on the island and although the rainfall is continuous we still need more to keep the island ticking over comfortably, which means we still cannot take water for granted.

It has been such a long time since we have had so much rainfall and such cold temperatures it is actually hard to cope with.  We cannot get out clothes dry and we are actually using more electric to keep warm and dry. The cost of electric means it is more beneficial to us to have drier warmer weather.

We really should not complain however, we should be rejoicing as we now have water in our dams and 200 years worth of energy we should thank ourselves very lucky.

We do need to reiterate that high usage of water is still forbidden and should be used as a precious commodity.  Precautions should still be in place in conserving water no matter of so much rainfall.

Many scientists still believe that water will be very sparse in time to come and we must keep this in mind.  No one knows what the future holds and as evident as the long period of rainfall is at the moment, the dry hot spells can come just as quick and as long!

Corporate Lawyers in Cyprus – Review – New UAE Tax Treaty – Completed on 7^th February 2012.

Cyprus has now entered and signed a tax treaty with The United Arab Emirates.  This was signed on the 1^st February 2012.

This means that any residents of the countries can operate business and will not be taxed twice by both countries.

This is a very positive step towards the relationship between the UAE and Cyprus and the investment opportunities are limitless.  Without this treaty Cyprus applies a 10% tax policy which although the lowest in the EU now the treaty has been signed this will not be applicable to the UAE.  They can operate any business through Cyprus and only be taxed once in their own country.

The UAE are a group of very affluent countries so for Cyprus this is excellent news.

The Cyprus business centre is a booming trade and many countries opt for Cyprus due to the very low taxation rate and low taxes towards social security for employees.

Another reason companies chose to set up shop here is because English is widely used and the law is also based on the English law.

The advantages for setting up business in Cyprus are never ending and we for one are excited this Double Taxation Treaty is now signed and in force.

Our office is highly renowned for our excellent Company(Corporate) Law Service and excellent Company Formation Package and we are already making adjustments to welcome all UAE individuals.

While we are experiencing the bad times we are also looking forward to good times and Cyprus definitely has many of them to come.

We have a lot to offer the UAE and vice versa this is a good towards positive progression and we look forward to a hardworking, vibrant and harmonious relationship with the UAE.

For all your corporate requirements contact our expert department where we are always at your service.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 7^TH FEBRUARY 2012

Cyprus property lawyers – Review – Turkish Cypriot Property in Republic of Cyprus- Completed on 5^th February 2012.

We have had a major increase in the number of cases for Turkish Cypriots claiming property and land on the Republic of Cyprus.  We see this as a very positive step.  Not only do they trust our office for our services but they are also standing up for their rights.

We have seen a high level of interest and actual increased numbers of cases for the selling of land and property they have in the Republic of Cyprus but also for land and property being transferred to living children and grandchildren.

Many Turkish Cypriots, who moved abroad before the 1974 war, are not aware that selling or transferring your land or property has become a more easy process. It is even easier for the Turkish Cypriots to sell or transfer their land or property if they moved abroad during the 1960s Cyprus independence. This is an issue many are not aware of.

We will require from you a death certificate if necessary and proof of your living abroad, as well as proof of the land or property in question.  If you do not hold in your possession such documents our office can find these out for you.

You can contact our office if you have any issues of this nature of just require further information.  We can search your query should you not have the relevant documents to hand to prove your query that you are entitled to such land or property.

We urge all Turkish Cypriots to come forward and claim what is rightfully yours.

Our office is extremely experienced in this area so please be assured we will do our utmost to achieve the best possible outcome for you and your family.

Contact us today and let us tell you where you stand and let us get the procedure started without delay.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Famagusta legal Consultants – review – Volatile Turkey

The actions of Turkey are having a very adverse effect on the European Union and their bid for accession in to the EU.

Their attitude is that they are too important not to be granted accession and other EU countries are not very impressed with this kind of attitude and they are doing nothing but harming themselves.

It is unsure why they find themselves so important and why they feel they can dictate to others with a higher standing but they continue to do so and they fail to realize that they are not as important as they think they are and should be doing all they can if they really want accession.

Not only have they used hostile threats against Cyprus an EU member state with regards to the drilling and exploration of gas but they continue to dictate to the EU there own rules and regulations…what is Turkey thinking.

It is widely thought that once the gas starts to become evident and is being distributed this is when Turkey will really show their true colours and trouble will start. Cyprus has nowhere near enough defence against Turkey and can only proceed with correct legal and political procedures.

Common sense would tell you to benefit by the gas find and EU accession, let bygones be bygones, remove all Turkish Military from the Cyprus Island, abide by the EU rules like everyone has to and get on with things. Not Turkey!

It is very uncertain if Turkey will be allowed to join the EU or if they will ever let their grip go of Cyprus or even if they will wage war on Cyprus for gas purposes, but they are only showing the world what bullies they are and how greedy they are when all they are doing is hurting themselves.

It is about time Turkey chills out gets off their high horse and makes friends instead of enemies…we can all benefit from being friends!

PUBLISHED BY A&G KOUZALI LAW OFFICE

Property lawyers in Cyprus – Review – Casino in Troodos Mountains

The presidents surprise rebound decision on allowing casinos in the Republic of Cyprus has made many areas around the island jump for joy and apply for casinos in their area.

Troodos Mountains the most culturally preserved area we believe in Cyprus is of no exception!

In 1984 the hotel Berengaria situated in Prodromos closed down putting many people out of work and losing visitors to the area.  The hotel was sold in 2007 and the owner and the community wants to turn it in to a 5* hotel boasting casino and spa. The project will cost approximately twenty millions Euros.

Not only will this boost tourism in major numbers it will also create thousands of jobs and generate a wide range of new business investment in the area.

There is still a lot of criticism over allowing casinos on the Republic of Cyprus believing it will lower the islands quality of living but we have to get with the times. Casinos have been in operation for countless years and if we want to get our island out of economic crisis we have to look at all options and some of those options will not be liked but will certainly help.

The project will be developed with affluent clientele in mind and offer high end luxury facilities and accommodation. The communities around this area believe it is the way to go for bringing the mountains back to life and will bring in visitors both locally and internationally on an all year round basis.

We have to agree this kind of investment is mandatory in this day and age.  We are too behind with many things it is time to step up!  We would like to see this kind of investment on the East Coast also!

Tell us your thoughts on this issue.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Cyprus Property Lawyers – Review – TRNC Property Court Case

The Turkish Republic of Northern Cyprus government was taken to court for their neglect of implementing proper building laws by a lady who has purchased property on the Northern side.

So it appears a development was built without being given official building permission by the government and the purchaser has taken the Turkish Cypriot Government to court over this along with the landowner.

The outcome of the case was ruled in favour of the purchaser which is a first of its kind and both the land owner and the Turkish Cypriot Ministry of Interior were found guilty of allowing building of a project to proceed without proper procedures being put in place.

This is why so many purchasers are in so much trouble right now as the building laws are not being followed and the governments sit back and relax. Well we are pleased for the purchaser who currently resides on the Turkish Republic Northern Cyprus and we are happy of the outcome.

Why should the purchasers always be the one to suffer it is about time this kind of justice was served to those who feel the law is of no consequence to them and that includes government officials and departments also?

Why should those who innocently and in good faith put all their life savings in to such an investment and be left with nothing but headache and continuous nightmares because certain people around the whole of the Cyprus Island think the law does not apply to them.

There will be many more of these cases come forward we are sure of that so for such building that has gone ahead on both sides of the island not just on the Northern side their time in court maybe closer now then they thought possible!

Congratulations to the lady who stood her ground we praise you.

For all those who have similar issues on both sides of the island or for any property issues our expert property law department are waiting for your call.

PUBLISHED BY A&G KOUZALIS LAW OFFICE

Cyprus Property Lawyers – Review – Transfer fees legislation

So it is official the government have approved a temporary measure regarding Cyprus property transfer fees.

For a 6 month period only from the 2^nd December first time buyers only will benefit from this measure in that if they pay VAT they will pay no transfer fees and if they do pay VAT they will only pay 50% transfer fees.

The issue will be addressed at the end of the 6 month period to see if a more permanent measure will be put in place.  This measure will definitely help the Cyprus property market and any new comers to the Cyprus property ladder but still does not help existing property owners.

It is thought that many people will now withdraw current contract deposited at the land registration in order to redeposit them to take advantage of this measure however, certain prodedures have been put in place so this is not possible!

The new legislation as we said will only apply to first time buyers and only for properties brought within the 6 month period.

We do applaud the efforts the government are making to help the Cyprus property market start moving once again and we hope these efforts are rewarded and new investors will come and take advantage of this.

It is not a measure that will solve existing issues that many property owners have but it will show good faith on the governments part for new investors and show we are trying our very best to fix the Cyprus legal system with regards to property.

For any property or title deed queries or assistance contact us directly where an expert mebre of staff is always at your service.  We would also like to hear our readers opinions on this issue.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Legal Consultants in Cyprus – review – Cyprus Government New IT System

New technology costing in the region of twelve million Euros is being implemented in governmental offices across Cyprus to speed up public procedures.

The new technology which will be implemented in land Registration Offices and Town and planning offices across the nation will speed up procedures for applications such as planning permits and help provide the public with property information.

It will take a period of 3 years to introduce and fully operate all programmes throughout the island but is thought the end result will give speedier and more efficient results to the departments and the public.

The public will be able to visit an on line site providing them with relevant property information and the ability to make certain applications on line.

Efficiency, paperwork and communication have always been a problem within and between the departments and this new system is here to replace such problems.

So many years late and at a cost of twelve million this new system will cut down costs, increase production and offer top level organization…better late than never is all we can say! There will now be no excuse for lost paperwork or waiting on other departments for such information or procedures.

This is part of the efforts from the government to help investor’s confidence be regained towards the Cyprus property market.  And we do applaud such efforts by Minister Sylikiotis.  The Interior Ministers really has pulled out all the stops with regards to the property issues in Cyprus and we do hope all his efforts will be rewarded and will bring back the investors to Cyprus.

For all your property issues and queries contact our highly established property law department where an expert member of staff is at your service.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Paralimni Property Lawyers – Review – Poll Results

Top of the props world investment destination poll has once again come around and it is drastic news for Cyprus.

Not so long ago we were joint 8^th place with Turkey now we have dropped several places to number 14 and Turkey has risen 1 place to number 7.

Spain has beaten them all and claimed first place with Portugal running second.  Morocco has risen many places with sudden interest climbing a whooping 9 places coming in at number 10 and the UAE not far behind also climbing a whooping 8 places at number 12.

Well what can we say Cyprus is no longer a favourite and Morocco and the UAE are gaining investors interest at a very fast pace.

There are many factors that Cyprus must address to once again bring the investors back to the island.  Property procedures and laws being a main factor as it is quite apparent this is an area we just haven’t got right.

Business investment and tourism are thriving with little but some room for improvement however, the property industry is in dire need of a revamp and after so much bad publicity Cyprus has received it will take major reform, education and organised implementation to bring them back.

Spain received as much bad publicity as Cyprus if not more but yet they have managed to climb to first place for investor’s interest and if Spain can do it we too can do the same.

Tell us your thoughts on how you feel we can greatly improve the property industry.

For all your property issues and queiries contact out specialized property law department where an expert member of staff is ready to take your call.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Cyprus – Review – Title deed Reform

It’s the thought that counts so they say and when Mr Sylikotis introduced the new Cyprus title deed reform he thought it would work but apparently implementation of his efforts have not worked so far.

Reports show that title deed applications are at an all time high and transfers are not being dealt with as we were promised they would be.

It started out before the title issue was addressed that there were thirty thousand applications outstanding. Then outrage took over and the government were forced to address the issue and immediately bring in new procedures.

However, now reports show there are over forty thousand title deed applications pending…this was not the plan at all.

Not only was the reform rushed through to help combat media and public outbursts but also to help the struggling economy and neither of them has been resolved but worsened unfortunately.

We do not believe this is down to lack of effort but maybe due to lack of organization relating to education, implementation and governmental departments.

To make matters worse many of these title applications are to international buyers, which only feeds fuel to the fire where the media is concerned. It has been reported that over fifty thousand properties have been sold to international buyers yet only 20% of these applications have been processed.  These are not good figures to present to the media in trying to restore investor’s confidence.

We thought the property market would improve but it has not helped in the slightest as potential buyers now want properties with title deeds.  So for those forty thousand wanting to resell they may have a good while to wait unless the government get their house in order quick time.

If you need assistance with your title deed contact our title deed department who deal solely with title deed applications and any title deed issues you may have.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers inCyprus- Review -CyprusProperty Market and Title Deed Issue

The Cyprus Property News a leadingCyprusproperty magazine recently under took a survey to its readers asking their opinion on what they believe would help revive the Cyprus islands property market.

The magazine reported 1042 people completed the survey and 52% believed that instant title deeds would greatly improve the market and we have to agree with them.  We would not be in the mess we are in if this issue had been dealt with many years before and the fact that some people have waited a couple of decades to get their deeds is just beyond comprehension!

Also mentioned in the Cyprus Property News article is the fact that some countries grant instant Title Deeds on delivery of the property so this is a possibility and one thatCyprusshould definitely consider.

The Title deed issue was most definitely the starting factor in the countries declining property market slump obviously along with the world’s financial recession. So in affect the Title Deed issue must be the main playing factor in bringing the market back…it is common sense!

Only 4% voted for decreased bank interest rates and only 14% voted for economic recovery so these figures say it all.  Fix the title deed issue and we are half way there.

The reform has helped as such but it was not organized and publicised effectively and even now procedures are being added on a temporary basis it is not good enough.

The international public especially need to feel safe and secure and quite frankly it has been a shambles up until now, not that the government haven’t tried to do their best but we feel under public scrutinisation and media pressure the implementation of the reform was not adequate. The legal documents may be in place but the practicalities are not!

Lets hope the government can get it right soon…

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Cyprus – Review – Investor Protection

We are the first to say Cyprus has had many problems with regards to the property market and owners property issues. And this has been a wakeup call to every individual within the property industry from the estate agent, the developer, the banks and the lawyers and not forgetting the government.

However, it has also put all of the above in their place and for anyone to take a step out of place now would be suicide for them personally.

Lawyers now have a bigger part to play we strongly believe in the property industry than ever before.  We are the key to making sure nothing can go wrong with any future property sales.  And we therefore must strategically plan and make changes to further protect the buyer.  Lawyers must look back and learn and always be one step ahead of all involved in a property sale.

It is not good enough to make sure the signing of a contract is in order, or after signing runs as should it is before any agreements are made that make all the difference.

The lawyers have an obligation not just to make sure the sale runs smoothly but to make sure before you buy, the investment is secure and free from any unforeseeable financial issues that we have recently encountered and reported in the newspapers.

The lawyer must thoroughly research the developers’ circumstances and the potential investment and if your lawyer is not doing this for you then you have chosen the wrong lawyer.

We at A&G Kouzali are one step ahead and we will not wait for anyone to take a step out of place we will not give them the chance in the first place.

Contact our specialized property law department today with any query you may have.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Famagusta – review – Smoking deterrents

Governments are trying to find ways to stop people from smoking.  This we find very hypocritical when they should not have been allowed in the first place and the government use tobacco to make a lot of money in taxes which is why they have not been banned from the shops as yet.

Tobacco is very addictive and this is a known fact for many years yet the tobacco has been on continuous sale and now that millions of people are addicted to smoking they want to find ways of eventually banning smoking this is suicide.

In the UK new laws are being brought in to the effect that cigarettes must not be on show for sale yet kept under the counters out of sight. And in some European countries they are trying to stop the packaging of cigarettes being so attractive and are discussing having all cigarettes being packaged in the same way.

This of course has not gone down too well with the different tobacco companies who have copyrights and laws protecting their products so there will be a big legal fight before this ever happens we are very sure of that.

Keeping cigarettes under the table and changing packaging is not going to help combat no smoking it is too late for that tobacco companies and the governments have seen to this.

At the same time alcohol is just as dangerous so why is this not being taken off the shelves and packaged all the same?  Maybe having free and more accessibility to products that help you stop smoking would be a more beneficial.

Tell us your thoughts on the smoking issue and what you think would help the masses quit.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Property lawyers in Cyprus – review – USA Major Investor

We have an angel in our mist so it appears as reports are that the Cyprus president has met with a big investor of USA nationality who wants to investment major funds into our island.

The details are being kept very hush hush until the investor himself is ready to reveal his identity and details of exactly what kind of investment he is planning to create.

The meeting took place on the 28^th December 2011 with the President, the investor and the Finance Minister so it looks like this could be a very big deal for us!

There are reports of hotels and casinos being built but we will have to wait and see like everyone else. There are also reports that other wealthy international investors are looking to invest in our island which is very good news and very much welcomed.

As long as we preserve the important parts of the Cyprus heritage and culture there is no reason why we ca not make our island the new Dubai.  As sad as it is not everyone wants a cultural holiday they want new and they want modern and they want chic at affordable prices and we have the means and the interest from investors to offer that if the government allow this!

Many people have given up on the Cyprus Island which we feel is a very grave mistake. We have said and we stand by our words that 2012-2013 are going to be the years that the world will see Cyprus come back to life with full force and those who invest now we strongly believe will reap all the rewards.

We are very excited to hear hear more on this secret investor and what is in store for the island of Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Paralimni – Review – Russian Flights to Cyprus

In a bid to further increase visitors from Russia efforts are underway to boost further arrivals from Russia. This includes the main airlines introducing new flights from other Russian cities other than the existing routes already in operation.

Aeroflot which is Russia’s main state owned carrier currently flies from Moscow to Larnaca and Transaero privately owned carrier currently flies from St. Petersburg to Paphos.  The outcome wanted from current discussions is to expand both carriers operations to fly from other Russian cities to both Cyprus airports in order to enhance further arrivals to Cyprus.

This would help both Russia and Cyprus with regards to holiday and tourism revenue.  The Russian market has hugely boosted Cyprus tourism, property and business revenue and any efforts to further increase this can only be seen as a positive step.

Both Cyprus airports operated by Hermes Airports in cooperation with the government are increasing incentives to bring in more airlines to Cyprus and their efforts appear to be paying off with many airlines showing such interest in flying here.

The airports are a first step in boosting tourism.  If flights are too expensive we will not get the airlines or the passengers thus, the rest is self explanatory.  This is a good step taken by Hermes Airports and the government which should now be followed by the rest of the tourism industry in enticing further tourism.  Regulating everyday products in tourist areas is just one example.

Any decisions are yet to be announced but we do believe summer 2012 will be an even better season for Cyprus and we will most certainly see more arrivals from countries such as Russia, Germany and the UK we feel.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Property Lawyers in Cyprus – Review – Rise In Property Claims

The recent decision by the European Court of Human Rights to grant millions in damages from the Turkish government to 13 applicants claiming rights to their property in the Turkish Republic Northern Cyprus has shocked many, and also made many think twice about what they are doing to claim their rights to their property.

But, it is not just the Greek Cypriots wanting to claim their rights, Turkish Cypriots are also standing up and seeking their rights to property on the Republic of Cyprus. Specializing in such cases we have noticed the rise in queries regarding both properties on the Turkish Republic Northern Cyprus and on the Republic of Cyprus.

The ECHR will no longer hear cases for claims to property on the Turkish Republic Northern Cyprus. The ECHR will only hear cases when all other options are exhausted.  All applications must be made to the Immovable Property Commission which is now legally recognized by the ECHR to legally and fairly deal with any property issues.  And of course the courts in the Republic of Cyprus hear the cases for claims to property in the Republic of Cyprus.

Our specialized members of staff are now dealing with many new applications in both courts from both Greek and Turkish Cypriots. Individuals are not happy to sit it out and wait for the peace talks to end. Both communities want what they feel is legally theirs and they want it now.  And rightly so!

Once you have provided us with the relevant information and required documents we will immediately go ahead and put your case forward.  If you do not have the relevant documents we can help you to obtain these.

No matter where your property/land is situated or if you are Greek or Turkish Cypriot or even if you are resident or no longer resident in Cyprus, we strongly believe in one community and fairness for all …we are here to assist the people of all of Cyprus.

Contact our office today for full details of how we can help you.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Immigration Lawyers in Cyprus – review – Cyprus Residency Laws – Completed 5^th February 2012.

Residency in Cyprus is becoming a very much talked about subject in Cyprus for the simple fact that there are many very affluent individuals who would like to reside in Cyprus but are a little off the mark when it comes to the strict criteria for residency.

The government has pledged to speed up the process for those who pass the criteria and we reiterate this should have been the case all along.  Prolonging such applications prevents investment revenue and potential business revenue.

Why should such an affluent individual be kept waiting when they have the money to invest in any country of their choosing they actually do not need us we need them.

The issue now is the criteria this is where we need the government to really sit down and take a good look before we truly miss the boat to the rich and wealthy. The age for example should not be an issue if a person is sitting on hundreds of thousands of pounds!

With the growing ties between countries such as Israel and the Middle East we have to adjust to accommodate such affluent nations.

Permanent residence is vastly more complicated for Non – EU citizens in that the individual or family must invest funds into Cyprus.  Through buying property and opening a company and depositing a certain amount of funds in the company this will help the application. It must be deemed that a person can support themselves and their family without having to use any state money.

And for those who can quire easily do this or maybe a little off the mark should be given complete priority in helping the Cyprus Economy.

If you would like further detailed information on Residency in Cyprus contact us directly where our specialized members of staff are at your service.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Company Registration Lawyers in Cyprus – Review – setting up a Company in Cyprus – Completed on 5^th February 2012.

The business sector in Cyprus along with tourism is probably the only two sectors that are holding up well in these struggling economics times. We have devised a very lucrative company registration package that helps new businesses in this crisis financial climate.

And with the government tightening down on tax evasion and trying to recuperate as much money as possible to curb the countries deficit now is as good a time as any to register your company.

Not only have we seen a rise in company registration from international companies we have also seen a rise is interest from Turkish Cypriots from Northern Cyprus which is a really positive sign.

Whether you are local or international you must make sure you are fully aware of the Cyprus company law and the procedure for setting up a company as there are certain legal obligations that must be fulfilled.

Please keep in mind your lawyer is your fist point of call when setting up a business. There are also different types of companies you can set up depending what benefits you the most and this is a subject your lawyer will help advise you on.

Cyprus enjoys a 10% taxation policy which is one of the lowest taxation policies in Europe, hence why so many international companies look to Cyprus for business opportunities, along with double taxation treaties with many different countries, Cyprus is truly a vibrant business centre and getting bigger everyday.

Our company law department have received a very high inflow of new comers setting up new businesses all over the island.  We do all the work for you leaving you to concentrate on other important aspects of your new company.

Contact our highly renowned company law department today and make sure your company starts the right way.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Property Lawyers in Cyprus – Review – Qatar/Cyprus Nicosia Project

The Nicosia – Qatar deal has been very much talked about in the public media as to whether it is to go ahead or not go ahead.

First there were problems with financial issues and the price of the land and the amount that Qatar were prepared to match with the Cyprus governments’ valuation.  Then we heard rumours that Qatar was not happy with the slow pace that Cyprus works at. Then there were issues of the army camp being situated on the land where construction is due to begin.

There have been many issues, rumours and stories published but it appears that the deal for the luxury new development is definitely under way.  The army camp that was said to have delayed construction has now ceased to operate and the go ahead for it to be demolished has been given.

So construction should very well start soon enough putting paid to all rumours’ and stories and showing the public the deal is cemented and 100% going ahead.

This deal was so important to Cyprus and for it not to go ahead would have been very damaging in relation to other rich countries investing in our island.  If the Qatar deal fell through this would give other countries room for doubt when looking at countries to invest and also Qatar are looking to invest in other projects in Cyprus which could not afford to be jeopardised.

Not only this, the new project is hoping to bring millions in revenue which would definitely make a difference to the Cyprus economy.  So there is a lot riding on this deal and we are very happy to welcome the new development and Qatar as an investment partner.

Tell us your thoughts on this issue we would like to hear from you.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Property Lawyers inCyprus- Review -CyprusProperty Market – Completed on 10th December 2011.

We wanted to bring nothing but good news for the festive month of December but it is not possible regarding theCyprusproperty markets as they are looking gloomier than ever.

Sales figures show that November has seen the biggest drop in a continuous property market slump which has been declining now for well over a year and to make matters even worseNicosiawho has really stayed a running favourite along with Limassol has seen the biggest drop of all. That for starters is not good news.

2 years ago the market collapsed and the recent figures are lower than this particular period so we can safely say we are in trouble!

The bad publicityCyprushas received was the first bomb to hit the ship and the fact that it is virtually impossible to get a mortgage here now is another blow to the already sinking ship.  The government have no choice but to implement further procedures in favour of the investor before we completely go under and time is of the essence.

The government and the banks must act quickly in order to salvage the property market and property prices will still have to be reduced even further to allow investors to buy. Despite this, the cost of living on the island now and the lack of employment and threat of taxation to businesses is another turn off to investors.

It is ok offering loans and reduced house prices but if people can not afford to live here what is the point in buying here?

PUBLISHED BY A&G KOUZALI LAW OFFICE

Paralimni Property Lawyers – Review – Cyprus Property Market – Completed 2^nd January 2011.

Official figures for 2011 property sales are absolutely abysmal we must sadly report. In fact abysmal is quite an understatement as we have not seen such low figures since the year 2000 before the boom

Many factors have led to this and we must now find ways to move forward and recuperate our property market.  We have managed to get the tourism market back on track and the business sector is very much in demand so now we must put all our efforts into the property industry, which is obviously an area the government are just not getting right.

In the final month of 2011 Famagusta was hit the worst with figures falling by three quarters compared to the same time last year followed by Paphos, Limassol, Nicosia and Larnaca beating them all so to speak with sales down a third on last year.

Not very good news for us on the East Coast with only 8 properties sold for the whole month of December…this issue we must now pull together and seriously address.

While figures were looking brighter earlier in the year on a whole for 2011comapred to 2010 contracts deposited at the land registry office were down by little under 20% …wow!

That is it folks that was 2011 for the Cyprus property market. We do hope with the new policies the government are bringing in for the reduction of VAT and transfer fees will help and we hope they have lots more up their sleeve to pull us through this crisis.

We feel all officials working within the property industry must put their brains together and come up with ideas and you the public must also put your ideas forward on how you think the property market could be helped. The government actually do need our help with this area that is for sure.

For all your property queries, issues or problems contact our expert property department today we look forward to hearing from you.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Legal Consultants in Cyprus – Review – Cyprus airways at paphos airport

Unfortunate news for Paphos with Cyprus Airways pulling out of the airport altogether no flights incoming or outgoing!  They will still operate at Larnaca airport as normal but Paphos is off the books.

Also with no Ryanair deal in place as yet this is really not a good time for Paphos tourism. Any Ryanair deals are not off the table as yet there is still hope and it would be very beneficial to entice this carrier to operate at airport as this will bring in high tourist numbers on a major scale.

Of course new flight carriers will be sought and the tables will open to hear any potentials deals from airlines but as it stands the shock of Cyprus Airways pulling out is still being felt.

Ways of enticing more flights with existing carriers will be address along with ways of upgrading and developing tourist’s attractions for the existing tourists markets that visit the area.

Paphos has had a very bad time lately and deserves some good luck we feel.  The property market has greatly suffered, the tourist market has decreased and many businesses have packed up and left.  Yet Paphos is such a beautiful area of Cyprus and has so much to offer.

Paphos is still very much in the race for Culture Capital 2012 and has a very good chance of winning it is no consolation short term but big things may be happening for Paphos in the long term we have strong beliefs on this.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Cyprus – Review – Karayiannas V O’Dwyer case – Completed on 27^th December 2011

The O’Dwyer V Karayiannas Developers case continues with Mr O’Dwyer now being granted legal aid to continue his fight against the Cyprus developers.  This is a first for Cyprus to be granted legal aid in a civil case.

O’Dwyers case has been ongoing for many years and has also been made a very public affair with O’Dwyer setting up a website, appearing on TV, staging protests in the UK and also here in Cyprus.

The case started with Mr O’Dwyer claiming he had brought a house from the developers and the house was then sold again to somebody else.  Issues then escalated and Mr O’Dwyer claimed to have been attacked outside the said property which is situated in Freneros of which the developer was again taken to court and charged with assault.

After all the court cases and legal fees Mr O’Dwyer has no savings left and applied for and was granted legal aid by the Famagusta court to carry on civil proceedings.

Legal aid is usually granted in criminal cases and human rights cases not in such civil cases so this is definitely new to the Cyprus legal system which could lead to many more homeowners in Cyprus claiming for legal aid against property developers.

The legal aid will not only pay for lawyers and court fees but will also pay for accommodation and travelling costs from the UK.  If the legal aid had not been granted all these years of fighting his case could have amounted to nothing.

So the case continues and the outcome patiently awaited.

Tell us your thoughts on this issue we welcome your opinion.

For any property issues in Cyprus contact us directly where our expert members of staff are always at your service.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 27^TH DECEMBER 2011.

Paralimni Property Lawyers – Review – Cyprus Capital Development – Completed on 5^th February 2012.

Cyprus will soon be the lucky recipient of a magnificent Cultural and Arts centre. We are currently the only country in the EU not to have one.  However, tenders are now open for this huge project to be constructed in the centre of Nicosia.

The construction of the centre will cost little under one hundred million Euros and is hoped will influence many visitors to the island along with strengthen ties between the Middle Eastern countries.

The centre itself will consist of numerous performance halls and a main theatre seating approximately fourteen hundred people.  There will be a smaller music hall for entertainment and rehearsals seating approximately four hundred people along with other types of classes and a library and a dining venue and shops.

Construction is expected to start in the third quarter of 2012 and it is hoped the project will be finalized within 3 years.

This is another great development for Nicosia who will also benefit from another major development funded by the Cyprus and Qatar government offering a vast conference centre and leisure facilities along with residential and commercial investment.

It is good to see such development going ahead and being processed at a speedy pace this is exactly what we need on our island.

The Cultural and Arts centre will bring worldwide entertainment, music and dance to the centre of Cyprus and many worldwide and ethnic visitors to Cyprus.

Congratulations let’s hope we have much more such developments to come!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 5^TH FEBRUARY 2012

Legal Firm in Cyprus – Review – Cyprus marinas – Completed on 23^rd December 2011

The Limassol Marina is in front of schedule and will be operational by the fall of 2012 being able to accommodate boating vessels and fully completed in 2014. Work started in 2010 and the progress made is exceptional.

The Marina has been devised to birth 650 boating vessels from small vessels to super yachts. There will be 274 residential properties of which 188 will be luxury apartments and penthouses the other 86 will be luxury villas.

The marina will also comprise Cypriot tavern’s along with other international dining venues and bars. There will also be boutiques and designer shops and state of the art leisure facilities. The marina will offer 24 hour security, wireless internet, fresh water and a boating repair service.

While Limassol is bathing in such positive and progressive news other coastal towns expecting new marinas are not so lucky. The Paphos marina project is still in tender stages with companies battling it out. The Agia Napa marina is very quiet at the moment yet construction did start on this project but is now on hold. And the Larnaca marina is reportedly still going ahead as planned.

It is very important these marinas get going and completed to bring in the clientele that marina life attract.  Marinas are all year round attractions and our island must have these developments available.

It has been reported that due to the countries declining deficit many planned projects will not go ahead for the time being  this is discouraging news and we do hope our islands luck turns around in 2012 we still have faith and believe we will pull through with flying colours.

Tell us your thoughts on the Cyprus island marina issues.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Lawyers in Cyprus – Review – Le Meridien Limassol Cyprus – Completed 5^th January 2012

Le Meridien Luxury 5*hotel & Spa situated in Limassol Cyprus is a favourite place of ours at A&G Kouzali Law Office. The hotel has now been operating for over 30 years and is one of the most renowned Hotel & Spa Resorts in Europe.

The whole resort boasts quality, chicness and tranquillity and of course the hotel has transformed over the decades but we have to say they have come to a point where perfection has prevailed.

This is not just a place to go holiday this is a place where you can relax enjoy the beautiful surroundings and know you are going to be pampered and very well taken care of.  It is a place where you feel like royalty and you are not just a passing guest you matter and this is very important.

The hotel caters for all luxury pleasure, business and leisurely needs. The accommodation we have no need to tell you is of top quality. The Spa is worlds away and you will definitely feel you are in paradise. The health club is state of the art. And dining at Le Meridien is a truly fine experience. The hotel also caters for professional and large conferences and is used by renowned worldwide corporate services.

It is very common to also see famous guests from around the world strolling around Le Meridian Hotel and indulging themselves in fine eating and relaxing in pure class.

Congratulations to Le meridian who have conquered total excellence in hotel & spa living every detail has been carefully considered and taken care of well done.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Cyprus Property lawyers – Review – Cyprus development – Completed on 3^rd January 2012

What do we need to get this island back on top form?  What do we need to once again have this island thriving with different nationalities from world-wide countries?

We need investment, we need new attractions and we need to come out of the dark ages and into the future.

This island is so slow on governmental procedures nothing ever gets done and new development sits for month’s even years waiting to be addressed.  The government have to change their stance on this.

For all development plans put forward to the government they must be rushed through procedures and development must take its course as quickly as possible.

We need the casinos, we need the gold courses, we need the marinas, we need the luxury hotels and spa resorts, and we need the theme parks.  Any large investment has to be given high priority and dealt with as a matter of urgency.

Bureaucracy must be put aside and development must prevail for our island to progress.  Of course we do not want any harm to investors or any more nightmare incidents such as the title deed issue but we have learnt our lesson we know where we went wrong and now there is a lot that could be done to speed up such applications for the construction of large developments.

How can our island move forward and our economy progress when development is on hold due to formalities that really could be resolved and not sat on some government officials desk!

If the government don’t have the money at least allow the private sector to contribute in the recovery of our economy.

The same goes for the visa and residency issues, relax the visa and residency on certain situations and let the finances roll in from the rich and wealthy.  Why not let the rich into our country… just because a person is not old enough seems rather minor when they have so much money they could invest! Such issues really need to be addressed.

We must follow the money and accept change or stay in the dark ages and let the rest of the world progress.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Law firms in Paralimni – Review – gas exploration and link to Israel – Completed on 4^th February 2012

The new gas find off the shores of Cyprus has opened up a whole new world to other European and non-European countries.

In a visit to Israel discussions were under way to produce a cable that connects Cyprus, Greece and Israel to the new gas resources.  To have such a relationship with Israel which is a very affluent country is a historical occasion.

Israel and Cyprus has had quite a harmonious relationship through the years, the cultures are very much the same and the country is only 250 miles apart. With Israel having high levels of experience with gas exploration and keeping in mind Cyprus buys most of its oil from Israel, Israel can play a big part in advising Cyprus how to manage and optimize such a challenging project.

Such a link between countries will benefit both economies and strengthen ties to a maximum in all areas of tourism, business and investment.

Trade between Cyprus and Israel for the previous 2 years already stands at around half a Billion this figure is limitless should relations between the two countries strengthen.  This link will be a historical occasion marking the relationship between the two countries should the cable go ahead.

We as a community must now do all we can to welcome such relations and make the Israelis feel at home as we have the Russians, The British and the Germans. Making such efforts will greatly help our economy.

And with Turkey on our back with regards to the gas find such an ally can only strengthen our standing on this issue.

Tell us your thoughts on this subject we would like to hear from our readers and members of the public.

PUBLISHED BY A&G KOUZALI LAW OFFICE