Amendments to Sale of Property (Specific Performance) Law
Christiana Georgiou
Head Of Legalchristiana@chambers.law
In a noteworthy development impacting immovable property transactions and title deed transfers, recent amendments to the Sale of Property (Specific Performance) Law, enacted as Law N. 132(I)/2023, have officially taken effect as of December 12th, 2023. These changes, stemming from the Recovery and Resilience Plan, underscore...
Imposition and Collection of a 0.4% tax on the sale of immovable Property, in accordance with the Central Body for the Equal Distribution of Burdens Law
Update on imposition and Collection of a 0.4% tax on the sale of immovable Property, in accordance with the Central Body for the Equal Distribution of Burdens Law
Comprehensive guide to Purchase Real Estate Property in Cyprus
Here is a comprehensive guide to help you navigate the process of purchasing real estate property in Cyprus.
New Amendment on Real Estate Agreements
The House of Representatives announced on the 2nd of April a new amendment regarding contracts of sale for real estate. The bill refers to the meaning of practising the profession as defined in the Advocates Law Cap.2. It states that only registered lawyers should draft sale agreements of real estate or other documents relating to property transactions. The suggestion was made by a member of...
Conveyancing in Cyprus
Conveyancing is the act of transferring the legal title of a property from one person to another. The process of conveyancing in Cyprus is rather complex as it involves a series of steps and documents to be submitted. Legal representation is necessary for both sides, the purchaser and the vendor, when carrying out the legal actions, such as checking the title and other matters concerning the...
Cyprus Citizenship by Investment
It has now become quite easy for people from around the world to become Cypriot citizens, by investing in real estate in accordance with the ‘Cyprus Citizenship by Investment Program and obtain Cyprus Citizenship by investment.
Advantages of Cypriot Citizenship
Over the last years, Cyprus has become a popular destination, not only for seasonal holidays but also as a choice of permanent...
CYPRUS: Capital Gains and Immovable Property Taxation
Low taxation and straight forward bureaucratic procedures attract business people and investors from all over the world to invest in the Republic of Cyprus. Cyprus’ low taxation regime facilitates the expansion of business activities in the island.
In the current article, Michael Chambers will present some useful information about capital gains and immovable property taxation schemes in...
Foreign Currency Loans Embed an Exchange Rate Risk: The Case of SWISS FRANC Loans
Loans and mortgages in SWISS FRANC became popular in Cyprus after 2006, the year when the Republic was a candidate country to assess the EURO zone. During this particular period, SWISS FRANC loans were attractive because the cost of borrowing was relatively low. Notably, within the period 2006-2009, thousands of investors took loans in SWISS FRANC. Nevertheless, the sudden appreciation of...
Pledges
What is a Pledge
A pledge is a form of real security giving the creditor (“pledgee”) proprietary rights over named property belonging to the debtor (“pledgor”). The pledgee has the right to retain those proprietary rights over the pledged property until an obligation (for instance payment of a debt) is discharged and the property is then restored back to the pledgor or alternatively, if the...
Compensating for Lost Property in TRNC
The aftermath of the 1974 occupation by Turkey of the northern part of Cyprus and subsequent division of the island is still keenly felt by citizens of both the Republic of Cyprus in the south and the Turkish Republic of Northern Cyprus (TRNC) in the North. Property abandoned on both sides by those fleeing conflict has been the subject of emotional debate and has been a considerable hindrance...