REAL ESTATE & PROPERTY TRANSACTIONS
The Real Estate market in Cyprus has gone through some challenges over the past few years, however, despite the general financial crisis it has made a significant recovery showing signs of an upward trend. The upward trend has been, to a very large extent, the result of intuitive measures implemented by the Republic of Cyprus to attract foreign and local investment to the Real Estate market.
The incentives introduced have been the reduction of the transfer fees, the reduction of the VAT, the elimination of property tax, Permanent Residence Permits for foreign buyers, as well as the Cyprus Investment Program subject to which under certain criteria investors acquire the Cypriot and EU Citizenship on the strength of their investment.
Together with the financial incentives the Government has allowed for the licensing of large scale Projects, Marinas, Malls, Skyscrappers, and the amendment of the gambling laws to allow for the establishment of the Cyprus casino, all of which have contributed to the increase in demand for Cyprus properties and thus encouraging economic growth.
We have specialized experience in the field of Real Estate and Property transactions after having successfully undertaken over 35 large scale projects, undergone Legal Due Diligence of Assets, Asset Acquisition, Drafting of Security Agreements, Sale/Purchase Agreements, and Construction Agreements.
- Advice on Immigration Law matters related to the Real Estate industry such as:
- Permanent Residence Permits.
- Cyprus Investment Programme.
- Draft and/or Review Property agreements such as Sale/Purchase Agreements, Asset Acquisition Agreements, Lease Agreements, Construction Agreements, Project Finance Agreement, Tenancy Agreements.
- Land Registry Title check for Ownership and Charges or other encumbrances which me impede the transfer of Title.
- Application to the Local Authority for the securing of the necessary for Foreign Buyers.
- Submission of Contracts for Specific Performance Purposes.
- Advice on Trapped Buyers Law.
- Application for Transfer Permit from the relevant local authority when dealing with Non-EU investors.
- Variety of Immigration Services which are related to Property purchases such as Permanent Residency and Naturalization by Investment.
- Debt Collection and Evictions.