Lawyers in Cyprus and Cyprus Law Firms in Paralimni Larnaca Limassol Nicosia Paphos and Famagusta

Archive for the ‘Cyprus Lawyers’ Category

Famagusta Property Lawyers – Review – Cyprus oil prices – by Cyprus Lawyers

We are hearing a great deal of complaints on the price of petrol.  Everyone seems to be saying the same thing when we put petrol in out tanks the petrol gage does not seem to move.

Just last year in a 1.4 engine it used to cost €7 to go to Larnaca airport and back now it costs €10, it used to cost less than €15 to go to Nicosia and back now it cost €20.

We have heard some car users saying they are going to take a litre bottle to the petrol stations to see what we are really getting for our money as people can not believe such a steep hike in petrol prices.

The petrol station owners argue that petrol prices go up and down as the oil markets fluctuate. With Cyprus buying there oil from the Middle East prices look set to soar even more due to the civil unrest forcing oil prices to plummet.

Cyprus has been deemed one of the most expensive countries in the EU for petrol and diesel before tax but one of the cheapest after tax?  We have to wonder if this is really true.

Electric bills will also increase by 10% from the beginning of May, as if they are not high enough already!  This is also due to the Middle East and the high cost of oil prices.

It seems whenever bills need footing the first place to look is the public electric bills.  I mean what is an extra 10% on top.  We reiterate salaries are dropping and consumer products are rising.  How are we supposed to live with this?

This is definitely a recipe for disaster.  It is a good thing that everything is done tomorrow in Cyprus!!!

PUBLISHED BY A&G KOUZALI LAW OFFICE

Cyprus Lawyers in Paralimni – Review – Retirement living in Cyprus

The majority of world-wide property markets are still continuing to slump.  Bank interest rates are rising and obtaining a mortgage these days is like being granted a visit to the worlds leading bank volt. Impossible!

Many individuals are sticking to renting which great news for those who have properties to let.  So in a bid to keep the property markets moving developers, especially here in Cyprus are now targeting the sector of potential investors who appear to be one of the only groups living comfortably … the over 65s/retirement sector.

Developers are investing large projects and transferring them into luxury warden controlled retirement come nursing homes.

In Cyprus there are at least 3 big projects alone we can mention offering luxury retirement living.  We have one in Pernera, one in Dherynia and a major project planned in Paphos, with further expansion of the retirement market coming in the near future.

This type of luxury retirement living offers 24 hour nursing care and facilities, doctors on site or on call and at the same time the projects are also being designed to offer luxury living not your ordinary nursing home.

In fact they pose as luxury holiday resorts with the added benefit of nursing facilities if so needed. Therefore you do not feel you are living in nursing home but in a luxury hotel resort.

This is an excellent step towards helping the Cyprus economy and property markets, bringing in over 65s all year round tourism and employment.

We are sure we will be seeing many more luxury retirement/nursing homes open up in the near future and good luck to all those involved in this new concept.  Every positive step helps!

PUBLISHED BY A&G KOUZALI LAW OFFICE – Cypriot Lawyers

Lawyers in Cyprus – Review – Future tax policies.

There are many issues going on in Cyprus and the EU with regards to taxes and country deficits.  While Cyprus and the EU are finding ways to combat negative deficits, no matter which way they turn it is the public who are going to pay.

A new bill which is being addressed as we speak will tax banks on deposits made. The bank profits as it stands are protected, so do you really think the banks are going to foot this tax bill?  No it will be the consumer who foots the bill which will reportedly bring in an extra €50 – €60 million for the government.

Lending is already near impossible and interest rates in Cyprus are one of the highest in the EU.  Taxing the consumer now, which is what this boils down to, would be devastating.  In fact with recent added charges the bank has put into action it does not pay the consumer to use banks anymore.  Many people will find alternative safe places for their cash as the banking system just can not be trusted anymore.

On another issue the European Union are looking at the low corporate tax policy Cyprus offers.  At only 10% Cyprus has one of the lowest taxation policies in the U and this is a life line to Cyprus in attracting new business and investment.  Take this away and what do we have?

We have to have something that little extra to attract overseas investor, we cant offer then low banking interest rates and we definitely cant offer them an efficient title deed policy at least leave us with our valued and much needed 10% taxation policy.

We reiterate while we love our island and are very proud of many aspects and over the moon at the progression of investment development, there are still many issues that are very disappointing and we just hope the public can take the financial pressure that looks to be coming our way?

PUBLISHED BY A&G KOUZALI LAW OFFICE

Cyprus Lawyers – Studies – Buy-to Let Scheme

To combat the economies financial unrest and help give first time buyers a chance to get on the mortgage ladder in Cyprus a new concept has been introduced called ‘Rent to Buy’ scheme.

Currently to be able to buy property in Cyprus you must have 30% deposit plus solicitors fees, it is virtually impossible in these times of unrest to even acquire a small loan without 2 Cypriot guarantees.

The Rent-to-Buy scheme allows buyers to choose a property, put only a 5% deposit down and live in the property!  The buyer can live in the property for 5 years paying rent of which will then be deducted from the original sale price.

There are advantages for the buyer and the seller.  The buyer has 5 years to get the rest of the deposit together and get all their finances in order, while also paying some of the cost off the sale price.  The seller can use the rent money to pay the mortgage and is also exempt from capital gains tax and other expenses.

At the moment this is only available on certain properties making investment limited and maybe not what the buyer really wants but it is an affordable way to get on the property ladder especially for the young and first time buyers.

The recent economic crisis has forced many schemes to come in to action to try and keep the markets moving.  We have seen Fractional Ownership, Self Invested Personal Pensions, Recovery Scheme and now the Rent-to-Buy scheme.

Each concept has had its fair share of criticism but all seem to be keeping the markets moving.  We are yet to see where the Rent-To-Buy scheme will rate along side the rest of the schemes, but we will certainly investigate further and let our readers know our honest thoughts on the matter.

PUBLISHED BY A&G KOUZALI LAW OFFICE

Prepared by N.Pirilides & Associates LLC Cyprus Lawyers - Healthcare for EU citizens permanently residing in Cyprus

Healthcare in Cyprus can be provided, just like in most countries of the world, either privately by paying a private doctor or clinic or publically, by paying governmental medical institutions and doctors.

To obtain healthcare from governmental institutions for free or by paying reduced medical fees, one needs to obtain a specific medical card. To apply for the said medical card, you must either be a Cypriot citizen or an EU citizen who resides permanently in the Republic of Cyprus. According to the relevant law, permanent residency for healthcare purposes, can be obtained via a minimum of a continuous 3-year stay in Cyprus and with an at least 150 days stay within the Republic in each year. In practice, a Registration Certificate (the so called “yellow slip”) accompanied by other relevant documents will suffice and the whole process might thus be approved at a period earlier than the 3 years.

The aforementioned medical card application must be filed in the Citizens Service Centers.

Another important criterion for obtaining the medical card, is that one of the following must be met:

There are two types of medical cards in Cyprus, Card A and Card B:

Medical Card A (pink card – free medical care) is issued to the following persons:

(a)   Persons without dependants whose annual income does not exceed €15,377.41.

(b)   Members of a family whose annual income does not exceed  € 30,754.83 increased by €1,708.60 for each dependant child.

(c)    Members of a family with four or more children.

(d)   Enslaved persons and members of their families.

Medical Card B (blue card – treatment at reduced fees) is issued to the following persons:

(a)   Persons without dependants whose annual income exceeds €15,377.41 but not €20,503.22.

(b)   Members of a family whose annual income exceeds the amount of €30,754.83, but does not exceed the amount of € 37,589.23, increased by € 1,708.60 for each dependant child.

Certainly, in cases of serious or congenital diseases the abovementioned income criteria do not apply and healthcare is provided irrespective to the above.

We provide all relevant legal assistance & consultation. For more information please do not hesitate to contact us!

Prepared by N.Pirilides & Associates LLC Cyprus Lawyers - Healthcare for EU citizens permanently residing in Cyprus – http://www.pirilides.com/