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

Lawyers in Cyprus – Review – Cyprus Tax & Deficit – Completed on 25^th July 2010. – Cyprus Lawyers

As per usual not all is going according to plan within the Cyprus governmental sector.

Proposed plans to tax the wealthy property investors and corporate businesses failed to materialize when a bill put forward to the house of parliament was rejected.  The government planned to gain up to 100 Million Euros from taxing these wealthy individuals and companies to help with the struggling economic state. Thank God! As the UK government is taxing big companies and high profile business people and they have now left the country.  This we have to avoid.

And now to make matters even worse for Cyprus economy, due to the countries high debt the EU has put sanctions of the government to reduce the countries debt by 2012.

Cyprus is not the only country facing sanctions, others were also placed these sanctions. However, now the government must find ways to clear the high deficit, which has arisen from too much expenditure, and it will definitely not come from the wealthy investor or corporate businesses.

If Cyprus fails to reach the required amount of 3% reduction in deficit by the specified time period, any EU funding normally available to our country to help the public state will be denied by the EU, and this can easily run in to the 100s of Millions.  What a hard hitting blow that would be for us!

The government intends to cut many of the countries spending patterns and reduce the high wages of government officials, of which we are sure they will not cut enough to even make a slight dint in the amount required to reach.

It may be a good victory for property investors but somewhere along the line the tax payer will be paying in one way or another, we have no doubt about that. And a good example of this is the EU punishment for Cyprus not having Ecological power (wind, sun etc), and therefore, the electricity board increasing prices to pay the penalty.

We will be keeping a wary eye on this issue and you can rest assured we will keep you well informed, as this could affect all Cyprus citizens.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 25^TH JULY 2010. http://www.lawcyprus.org/

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Property Lawyers in Cyprus – Review – Agia Napa marina progression – Completed on 20^th July 2010. Cyprus Property Lawyers

Marina lifestyle and Marina investment is one of the most popular and lucrative areas in our markets today.

Originally, a marina was nothing but an area of water designated for the maintenance, storage and docking of boats. Basically, the marinas served as a pit stop for boats to refuel and ‘park up’ so to speak.  Marinas were never fancy just necessary for boating vessels.

Through the years the boats have become bigger and more luxurious, and in return making the yachting lifestyle ever more popular.  And not just for the affluent individuals but also for the everyday person who love the sea life and the boating life.

Inevitably, with such progression came the need for more detailed and in-depth changes to the actual marinas.  The yachting individuals wanted to accommodate their luxury yachting lifestyle with more lavish marina surroundings of which has produced revolutionary marina investment.

The impact of this yachting lifestyle we feel is amazing.  The need for marina property investment has evolved at an alarming rate, along with commercial investment to accompany the marinas surroundings, making marinas a very plush and ‘in’ place to be.

The Agia Napa Marina has actually been in the pipeline since 2003, yet was never highly publicized due to the lack of plans finalized of how the marina will be structured and who will govern the project.

Now the House of Parliament has approved the committee consisting of 5 members to overlook and govern the marina, and a range of private investment companies and the Cyprus Chamber of Commerce have come together, and the marina is going full speed ahead.

The Agia Napa Marina situated just past the Macronissos Beach, will not only accommodate up to 600 luxury yachting vessels but also boast commercial and residential investment opportunities. Accompanying this will be luxury amenities, public facilities and administrations.

From luxury yachts to luxury properties, tennis courts, swimming pools and cinema, there is just no end to the details.  We are bursting with excitement as this will change the face of the Famagusta area.

We will endeavour to bring to you continuous and detailed reports on the Agia Napa marina as we are very proud to be apart of this era and want to do all we can to support and promote this wonderful project.

Check out our recent pictures and video taken on 17^th July 2010 of the progression being made and we will bring many more, so definitely keep following us on our Agia Napa journey.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 20^TH JULY 2010. http://www.lawcyprus.org/

Cyprus Lawyers – Studies – Cyprus Ombudsman – Completed on 26^th July 2010.

The Cyprus government recently approved the newly devised position of Consumer Ombudsman.

Although this is the ‘norm’ in other EU states such as the UK for example, it has not been made available to Cyprus citizens until now.  Cyprus governments have escaped the EU watch on important matters like this.

An ombudsman is a legal governing authority whose job description is to observe and regulate any services or products used or sold to consumers.

Any consumer of any product or service can put forward a complaint to the ombudsman, instead of going to a court of law.  This can include any complaint from your electric bill being too high, your builder didn’t build to your agreed specification, you brought an iron and it broke after a short period of time. You ate in a restaurant and the food was not as advertised or up to standard. You paid for property management and the company did not perform as per agreed contract.

Any services or products that are not up to standard or what you have paid for, whether big or small,  to do with consumer products and services can be taken to the ombudsman.

The ombudsman will mediate and find a reasonable solution that both parties must agree on. Although the ombudsman’s decision in these cases is not legally binding, any cases can still proceed to court if so required.

This concept may be used by many individuals who have brought investment property or resident property and have found the land or development is mortgaged and has loans by the developer for example, by using this service it is a cost efficient way of finding a friendly and suitable solution.

This appears to be a cheap and speedier course of action of solving complaints outside the courts, as only a small fee is payable by the complainant.

This is a new concept and there are sure to be glitches and hiccups along the way. However, in other states the ombudsman has become a mandatory and very important figure within the commercial and consumer sector, so it will be interesting to follow and see how this scheme progresses.

We would like to hear your thoughts on the new Cyprus ombudsman and how you feel this new position will help or not help Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 26^TH JULY 2010. http://www.lawcyprus.org/

Cyprus Property Lawyers – Review – Larnaca Marina – Completed on 26^th July 2010.

Larnaca Marina is reportedly one of the biggest developments on the Cyprus Island taking place today.

Agia Napa. Paphos and Limassol Marinas are very close behind, but with a whooping one billion Euros being put into the Larnaca Marina by private investors, this development is set to be the king of all developments.

What is very interesting is that for many years it was very clear that the existing marina was in desperate need for improvement, but nobody was actually interested in taking on the project.  However, with such growth and high demand for marina lifestyle in Cyprus and property, the private financial sector has definitely seen the potential in this kind of development.

The new Marina will consist of up to a thousand births for boating vessels and surrounding areas will entail luxury new hotels and villas.

The old Larnaca port will be upgraded and then expanded to make the marina one of the largest on the island.  In return, allowing large cruise ships to dock at the Marina which has not been possible until now.

The new Marina will enable Larnaca not only a buzzing and thriving yachting destination and tourist centre but also an international commerce centre offering the maximum potential for major shipping trade.

Each Marina in each coastal town is going to help our economy in so many different ways, such as the property markets, employment and business revival.

This month we are covering a lot on the up and coming new Marinas. This new trend has taken the island by storm and we are ecstatic to be apart of this.

As established International Property Lawyers we are here to help with all property and yachting law requirements and we will definitely be on top of all progression being made on each marina and inform our readers in the first instance.

PUBLISHED BY A&G KOUZALI ON 26^TH JULY 2010. http://www.lawcyprus.org/

Cyprus property Lawyers – review – Paphos Marina – Completed on 28^th July 2010.

Paphos has had a rickety time through the recent recession with property sales down and emigrants leaving to go back to their own countries. And what a shame that is, as those individuals will now miss out on the biggest development in Paphos, alongside the new airport, with a new 1000 berth Marina will to be built.

The size of the Marina will be approximately the same size as the new Marinas being built in Larnaca and Limassol.

It has been reported that Leptos Estate will head the group of private companies investing in the Marina and at 70 Million Euros will be injected into the project.

Conditions for the tender being awarded to Leptos Estates, was that the Marina had to be built within a 3 year period. So it really looks like all the Marinas Island wide will be completed around the same time frame.

Paphos is a beautiful area of Cyprus and the new Marina will compliment this side of the island even further, and news of all the Marinas has actually already favoured property prices in surrounding areas.  Businesses are also staring to look up and see some hope.

While plans for the new Paphos Marina are not so defined as yet, news reports show there will be leisure facilities, bars and restaurants and the scope for residential property.

This is great news for Paphos and all Paphos residents who will definitely reap the rewards.  However, once again there has been news reports that delays are ahead of us and this is an issue the Cyprus Government should avoid.

The whole marina development in Cyprus is set to change the face of our island and make Cyprus one of the busiest and most thriving sailing and yachting country in the EU.

We cannot wait for our coastal towns to be buzzing with the yachting fanatics and business booming once again.

Well done Paphos!

For all your Yachting and Marina Property needs visit us at www.lawcyprus.org

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28^TH JULY 2010.

Legal Consultants in Cyprus – Studies- Tax Evasion- Completed on 24^th July 2010.  Cyprus Legal Consultants

Tax evasion is the new topic under scrutiny at the moment, as the state of Cyprus is losing millions each year due to various tax evasion antics.

New ways to enforce and combat this problem are under discussion by the government and the Cyprus Inland Revenue and other relevant parties, but seems to be lacking any enthusiasm.  And although there are regulations already in place, enforcement is obviously not a priority.

Approximately 50 Million Euros is owed by businesses that have gone in to liquidation and many businesses do not even register with relevant authorities finding it quite easy to avoid the tax man.

There are also a lot of employers who are quite willing to take on employees and not pay their tax, even though this is against the law. The innocent employees who are not aware of this will not only miss out on any state benefits but can also be penalized by the Cyprus Judicial Courts and made to pay any money owed or fines incurred.

Measures may entail the access to a company or individuals bank account.  The Inland Revenue want more power giving them the authorization to look at a persons bank account transactions and comparing this with there income or social security.

It is very unfair that the majority of hard working people pay their taxes while others pocket them and still use public services.  And like the Title Deed issue this matter has also been neglected over a number of years and is now coming to a head and needs desperate measures.

What we are asking is, even though this matter is under discussion will action ever be taken? And while development is progressing in Cyprus, which the majority of it seems to be coming from the public sector, many issues are still way behind.  Which makes us ask the question, what are the government officials getting paid such a high wage for? Maybe that also should come under scrutiny?

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 24^TH JULY 2010. http://www.lawcyprus.org/

Property Lawyers in Paralimni – Cypriot Wills – Review – Probate Laws – Completed on 22^nd July 2010. Paralimni Property Lawyers

We as practicing Property Lawyers based in Paralimni Cyprus, always stress how important it is to make sure you have made your ‘Cyprus Will’, so that your assets are inherited by your loved ones, how you decide and not how the state decides.

The issue now appears to be that those wishing to leave instructions for their funeral arrangements are actually wasting their time and wishes are not being heard.   After a person passes away the family maybe not be aware that there is a ‘Will’ and go ahead with funeral arrangements anyway.

The wishes for the division or beneficiaries of immovable assets in Cyprus are legal binding, however, the wishes for funeral arrangements are not, for exactly the reason stated above.

It is vital to inform your family and friends that your ‘Cyprus Will’ has been deposited at the address of your chosen Cyprus Lawyers, who dealt with the ‘Will’.  Also leave a copy of your ‘Cyprus Will’ in a place where you feel your family will find it on your passing so that.

It was reported that disputes have arisen in a court of law where there executors and family have fought for the division of the deceased ashes. This, we feel is sacrilegious and we strongly suggest you speak with your family and clearly state in your ‘Cyprus Will’ that you wish your ashes to remain together so that you may rest in peace.

It is really important to have your ‘Cyprus Will’ prepared and executed by a responsible person who you feel will act completely responsible and will do you justice as well as your family.

It is equally important if you feel strongly about your funeral arrangements, to speak to your family and friends about this. Maybe take your funeral into your own hands and prepare the arrangements yourself which is very common these days as not do you get your wishes it saves your family all the heartache.

There has also been a change in law to the perpetuity period that a beneficiary can claim income from a property tied up in trust. If you feel this effects you, then talk to our specialized probate lawyers today.  Our expert lawyers will tell you all you need to know about Cyprus Probate Law and Trusts and Cyprus Wills.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22^ND JULY 2010. http://www.lawcyprus.org/

Property Lawyers in Paralimni – Review – Limassol Marina – Completed on 27^th July 2010.

The Limassol Marina, one out of four new Marinas being developed in Cyprus, will be completed by 2012 with works already underway.

At this stage, the Marina will house up to 1000 boating vessels and consist of up to 300 new luxury residential properties with the availability to have a yacht parked at the end of the garden.  How extravagant is that?

Initially, included in the Marina surroundings will be shops, bars, restaurants, traditional Cyprus taverns, swimming pool, gym and spa with further features such as a cultural and conferencing centre and a green park will compliment this development .

As in all the new Marinas being developed on our magical island, the amenities will be top notch and facilities will be available for all yachting needs.

Billions of Euros are being put into these Marinas and property prices in the surrounding areas have already been reported to have tripled.

Limassol is renowned for its cultural in keeping, along with its many off shore companies and shipping trade, offering easy access to other Middle Eastern and EU states.  The new Marina will enhance this.  It is reported that out of all the Marinas this is set to be the most impressive with many features being added.

The current Limassol port is already the largest on the island and with the newly devised expansion of the old and the new marina and accommodating features, it appears Limassol residents are in for a spectacular treat.

What a time for Cyprus.  In all of the Cyprus history there has never been so much development and progression all at one time, new airports, new golf courses and amazingly new marinas and all while keeping in with natural heritage and culture.

Well done Cyprus we are so proud.

If you would like to discuss any of our articles on the Marinas or Yachting lifestyle we would love to hear from you.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 27^TH JULY 2010. http://www.lawcyprus.org/

Property Lawyers in Famagusta – Review – AIPP Changes – Completed on 28^th July 2010. – Famagusta Property Lawyers

The AIPP (Association of International Property Professionals) are having a complete turn around in how they conduct their business.

The AIPP are a self governing membership, established to help regulate disputes arising within the Property Industry.  Members of the AIPP consist of, agents, developers, lawyers, any individual or company related to the property profession.

Once an individual or company becomes a member there are strict guidelines to follow. If an investor sees that a property professional belongs to the AIPP membership they are more inclined to use their services, as they are aware should a problem arise they can complain to the AIPP.

Previously, all complaints were dealt within the AIPP Company.  However, the AIPP will now call upon the Chartered Institute of Arbitrators to deal with all the complaints.  The Institute of Arbitrators are a professional legal body whose decisions are fair and credible.

The reason for this is that the Arbitrator Institute will have a more balanced and detached view on the situation.  Plus it allows the AIPP to concentrate on other areas.

The AIPP are also changing their code of conduct and this should include the expulsion or ban of all agents selling or promoting property in the Northern Turkish Occupied area of Cyprus. Other changes to the code of conduct we are waiting to hear.

This appears to be a good move using independent Arbitrators who have no involvement with the members of the AIPP and will leave plenty of time for the AIPP to concentrate on other avenues.

Good luck to the AIPP we fully support any decisions being a fully pledged member ourselves.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28^TH JULY 2010. http://www.lawcyprus.org/