Why?

Because for investors, additional citizenships are considered to be valuable assets for them and their families due to the fact that citizenships offer them the opportunity of enhancing their quality of life and gain them access to additional jurisdictions without getting a visa.

However, time is of great importance, since particular citizenship schemes may not be continued forever and therefore, investors wishing to obtain additional citizenships should move forward with their CBI program selection without any delays.

Ultra – High – net worth (UHNW) and High-net-worth (HNW) individuals consider dual Citizenship an excellent investment opportunity because of the scheme’s benefits for them, their families and businesses.

• Firstly, their overall quality of life will be enhanced as dual citizenship represents a lifetime asset and has an immediate impact on their life.
• Secondly, the mobility offered by the additional citizenship is an important advantage for investors as they will instantly acquire a visa free regime for a number of countries.
• Thirdly, the owners of the additional citizenship have the opportunity to live, work or make business in the second country because they instantly gain the same rights as a local individual. For example, access to educational system, business operation, holding of bank accounts, property ownership, medical system and a lot more.
• Fourthly, through the visa free regime, dual citizenship owners can travel between countries, without having to acquire a long-stay visa or asked about the purpose of their travel (subject conditions).

One jurisdiction that is considered to be heaven on earth is Cyprus. The geographical position, business and professional infrastructure, the sunny weather and awarded, renowned beaches make it a popular business and vacation destination in the Mediterranean. The island country operates in an open and market driven economy, where foreign investors are allowed to own property and establish business entities under favorable conditions that are regulated by the Republic of Cyprus.

Known as a center for foreign investments, offshore businesses and activities, Cyprus is a tax heaven jurisdiction, since it offers one of the lowest corporate taxes in Europe, 12.5%.  Additionally, Cyprus has one of the lowest crime rates in the world.

The local economy has a diversified power through drawing resources from various activities.  A high percentage of Cyprus GDP results from tourist services, financial services and the shipping industry.  The Republic of Cyprus is concentrating on developing all these sectors by promoting a low tax scheme regime, among others.

The key factors that make Cyprus an attractive destination for investment are the highly specialized human capital, reliable legislative and regulatory framework, straight forward tax system, safe and stable conditions prevailing in the country.

Along with Cyprus, Caribbean Islands are also beneficial jurisdictions when it comes to additional citizenships through investment.  Antiqua and Barbuda, St. Kitts & Nevis, Grenada and Dominica are some of the Caribbean Islands offering dual citizenships with many advantages for the Ultra – High – net worth (UHNW) and High-net-worth (HNW) individuals, who want to invest in order to get the additional citizenships.

Investors will highly benefit from the Citizenship by Investment schemes for many reasons such as:

1. Dual citizenship privilege
2. No physical residence requirements before or after citizenship (subject to conditions)
3. Estimated time 2 – 6 months
4. Visa–free regime to more than 110 countries including EU, Schengen Zone, Japan, Singapore etc (subject to conditions of each jurisdiction)
5. Inclusion of dependent children or grandparents (subject to conditions of each jurisdiction)
6. No interview requirement
7. No foreign income, inheritance tax, gift or capital gains tax (subject to conditions)
8. Transferable to the next generation (subject to conditions)
9. Full Residence status

Cyprus and Caribbean Islands Investment programs are an alternative way of investing in something which, besides the financial benefits, can open the door to an entirely new world of opportunities, both business and personal.

Our internationally awarded law firm, Chambersfield Economides Kranos has a great expertise in proposing Government approved Citizenship by Investment schemes to Ultra – High – net worth (UHNW) and High-net-worth (HNW) individuals, as well as business investors, around the globe.

The firm’s legal team is constantly updated to the latest modifications and changes in regards to the citizenship by investment programs. It will be your trusted partner through the whole process and documentation while you start dreaming a brighter future, for you and your family.

The post CBI | An investment scheme worth looking into! appeared first on Chambersfield Economides Kranos.

Ακολουθεί Ελληνική Μετάφραση

Tenancy of Real Estate | Rights and Liabilities

The rights and obligations of property Landlord and Tenants, as they arise from the national existing and applicable laws, justifies that the current legislation needs immediate reorganization and restructuring.

The existing legislation, as far as it concern the property landlords, contains a series of processes and steps that need to be followed in order for the landlord to reach an eviction of a tenant who violates his/her responsibilities and to recover possible outstanding due rents.

On the other hand for the Tenants the current legislation provides several safety and security safeguards, provided that they comply with their obligations mentioned in their contract.

In this article Mr Michalis Economides centres his attention to the necessity of having a well structured lease agreement that will indicate clearly the rights and obligations of both parties by taking into consideration all the conceivable possible future scenarios.

Furthermore, Mr Economides strongly recommends some key points, in connection to which, the legislation authorities must take an immediate action through amendments in the current legislation and procedures that will enable both entities to solve their disputes in a shorter time.

Below you can read the whole article published at capital.com.cy.  In order to translate it please select the preferable language on the top right of the page.

Ενοικιάσεις: Ιδιοκτήτες και Ενοικιαστές – Δικαιώματα και Υποχρεώσεις

Άρθρο κ. Μιχάλη Οικονομίδη, CEO της Διεθνούς Δικηγορικής Εταιρίας Chambersfield  Economides Kranos στο Capital.com.cy

Τα δικαιώματα και οι υποχρεώσεις των Ιδιοκτητών ακινήτων και Ενοικιαστών όπως αυτά πηγάζουν μέσα από την υφιστάμενη και ισχύουσα νομοθεσία, μαρτυρούν ότι η εν λόγω νομοθεσία χρίζει άμεσης αναδιοργάνωσης και αναδιαμόρφωσης.

Αυτό που καλούμαστε να αντιμετωπίσουμε είναι από τη μια πλευρά τους Ιδιοκτήτες ακινήτων και από την άλλη πλευρά τους Ενοικιαστές – οι δύο όψεις του ιδίου νομίσματος. Ο νόμος οφείλει να προστατεύει ακόμα και τον πιο αδύναμο καθώς επίσης και να παρέχει δίκαιη προστασία και στα δύο μέρη.

Η υφιστάμενη νομοθεσία, όσον αφορά τους Ιδιοκτήτες ακινήτων, εμπεριέχει σωρεία διαδικασιών και σταδίων στα οποία είναι αναγκασμένος και υποχρεωμένος να καταφύγει ένας ιδιοκτήτης εως ότου φτάσει στην έξωση και στην ανάκτηση των οφειλόμενων ποσών των ενοικίων.

Υποθέσεις τέτοιας φύσεως, μπορεί να διαρκέσουν από τρεις μήνες μέχρι και τέσσερα χρόνια, επιφέροντας σε αρκετές περιπτώσεις καταστροφικές συνέπειες προς τους Ιδιοκτήτες. Η μη καταβολή των μηνιαίων ενοικίων από τους Ενοικιαστές , προς τους Ιδιοκτήτες, επιφέρει αλυσιδωτά προβλήματα και στην οικονομία. Ουκ ω λίγες φορές , οι ίδιοι οι Ιδιοκτήτες ακινήτων έρχονται αντιμέτωποι με τις τράπεζες στις οποίες τα εν λόγω ακίνητα είναι υποθηκευμένα και όπου τα μηνιαία ενοίκια καταβάλλονται έναντι των δανείων τους.

Οι Ιδιοκτήτες έχουν επίσης υποχρεώσεις προς τους Ενοικιαστές. Θα πρέπει να τονιστεί ότι ο κάθε ιδιοκτήτης ξεχωριστά είναι υπόχρεος να σέβεται τους Ενοικιαστές του. Συνεπάγεται δε, ότι οι Ιδιοκτήτες δεν έχουν κανένα δικαίωμα να εισέρχονται στα ακίνητα χωρίς την γραπτή άδεια ή συγκατάθεση των Ενοικιαστών ή χωρίς την εξασφάλιση άδειας από το Δικαστήριο. Ο κάθε ενοικιαστής έχει το δικαίωμα στην ελεύθερη και αποκλειστική χρήση του ενοικιαζόμενου ακινήτου. Όσον αφορά τους Ενοικιαστές και τα δικαιώματα τους, η υφιστάμενη  νομοθεσία, παρέχει αρκετές δικλίδες ασφαλείας και προστασίας προς τους Ενοικιαστές , νοουμένου ότι τηρούν τις υποχρεώσεις τους όπως αυτές εμπίπτουν μέσα από τα ενοικιαστήρια έγγραφα.

Δεδομένου του προαναφερθέντος, μπορούν να απολαμβάνουν ελεύθερα την κατοχή και χρήση του ενοικιαζόμενου υποστατικού. Έχοντας ως γνώμονα τη σωρεία προβλημάτων τα οποία προκύπτουν και αφορούν τις ενοικιάσεις και τα οποία καλούμαστε να χειριστούμε καθημερινά, είναι αποδεκτό ότι η σωστή πρακτική η οποία θα πρέπει να ακολουθείται, απαιτεί την ορθή ετοιμασία ενός καλά δομημένου ενοικιαστηρίου εγγράφου.

Ένα καλά δομημένο ενοικιαστήριο έγγραφο, θα πρέπει να είναι συνταγμένο με τέτοιο τρόπο ο οποίος θα καλύπτει όλα τα πιθανά σενάρια τα οποία ίσως προκύψουν μελλοντικά και για τους Ιδιοκτήτες αλλά και για τους Ενοικιαστές και θα πρέπει επίσης να καλύπτει υποχρεώσεις και δικαιώματα και των δύο μερών.

Είναι ορθό και πρέπον τα ενοικιαστήρια έγγραφα πάντοτε να είναι αυστηρά σε σημείο που θα παρέχονται τέτοιες εξασφαλίσεις μέσω εγγυήσεων ή άλλων προνοιών, ούτως ώστε να επιτυγχάνεται η σωστή τήρηση των όρων του ενοικιαστηρίου εγγράφου, για την αποφυγή μη είσπραξης ή καθυστέρησης είσπραξης των ενοικίων.

Προσοχή επίσης χρειάζεται στην σύναψη ενοικιαστηρίου εγγράφου με νομικές οντότητες (εταιρείες), όπου αρκετές φορές οι Ιδιοκτήτες, μένουν εκτεθειμένοι λόγω υπογραφής ενοικιαστηρίων εγγράφων, χωρίς τις απαραίτητες προσωπικές εγγυήσεις φυσικών προσώπων.

Αυτό το σενάριο, σε μια πιθανή δικαστική διαμάχη, αφήνει εκτεθειμένους τους Ιδιοκτήτες λόγω του ότι η νομική οντότητα μπορεί πλέον να μην υφίσταται ή να μην έχει τις απαραίτητες οικονομικές εξασφαλίσεις ή περιουσιακά στοιχεία προς κάλυψη του οφειλόμενου ποσού των ενοικίων στους Ιδιοκτήτες.

Προσωπική μου εισήγηση, είναι ότι η υφιστάμενη και ισχύουσα Νομοθεσία και οι Κανονισμοί της Κυπριακής Δημοκρατίας, οι οποίοι αφορούν τις ενοικιάσεις, θα πρέπει να τροποποιηθούν υιοθετώντας μεταξύ άλλων τα πιο κάτω σημεία:

α) Θα πρέπει να υπάρχει μια κοινή νομοθεσία και διαδικασία για όλα τα ακίνητα, για όλων των ειδών ενοικιάσεις, για όλες τις περιοχές της Κυπριακής Δημοκρατίας. Δηλαδή όλες οι υποθέσεις θα πρέπει να εκδικάζονται από τα Επαρχιακά Δικαστήρια και να μην υπάρχει διαχωρισμός μεταξύ Δικαστηρίων και Νομοθεσιών. Σήμερα η διαδικασία η οποία θα πρέπει να ακολουθηθεί στο Δικαστήριο καθορίζεται από τη περιοχή ή από την ημερομηνία ανέγερσης του υποστατικού. Τα εν λόγω στοιχεία αποτελούν τις προϋποθέσεις για το αν η υπόθεση θα προχωρήσει στο Πολιτικό Δικαστήριο ή στο Δικαστήριο Ελέγχου Ενοικιάσεως. Η διαδικασία μπορεί να αλλάξει και να απλοποιηθεί εφαρμόζοντας νέες νομοθεσίες και κανονισμούς ώστε να μπορούν να εφαρμόζονται πιο εύκολα και να είναι πιο ξεκάθαρη, αποδοτική και σύντομη η εκδίκαση των υποθέσεων. Όλες οι υποθέσεις θα πρέπει να εκδικάζονται στα Επαρχιακά Δικαστήρια αφού υπάρχει μεγαλύτερος αριθμός διορισμένων δικαστών από ότι στα Δικαστήρια Ελέγχου Ενοικιάσεως, κάτι το οποίο θα βοηθήσει στην πιο γρήγορη και αποτελεσματική εκδίκαση των υποθέσεων. Προσωπικά θεωρώ ότι ο διαχωρισμός ακινήτων με βάση τη χρονολογία ανέγερσης και τοποθεσία ώστε να εμπίπτει υπό διαφορετικές νομοθεσίες και/ή κανονισμούς, είναι πεπαλαιωμένο σύστημα το οποίο χρίζει εκσυγχρονισμού και απλοποίησης.

β) Να παύσει να ισχύει ο όρος “θέσμιος” ενοικιαστής. “Θέσμιος” Ενοικιαστής, ονομάζεται ο Ενοικιαστής ο οποίος μετά τη λήξη και/ή τερματισμό του ενοικιαστηρίου εγγράφου παραμένει στο υποστατικό με τα ίδια δικαιώματα και υποχρεώσεις όπως απορρέουν από το ενοικιαστήριο έγγραφο. Εισηγούμαι όπως μετά τη λήξη και/ή τερματισμό του ενοικιαστηρίου εγγράφου τα ακίνητα τα οποία, με την  παρούσα Νομοθεσία, εμπίπτουν σε περιοχές οι οποίες ελέγχονται από τον Περί Ενοικιοστασίου νόμο να μην μπορούν να θεωρούνται ότι ακόμη έχουν δικαίωμα ενοικίασης επί του εν λόγω υποστατικού και να υπογράφεται εκ νέου ανανέωση των ενοικιαστήριων εγγράφων.

γ) Συντόμευση και απλοποίηση των δικαστικών διαδικασιών εφαρμόζοντας μόνο μια κοινή διαδικασία στο Δικαστήριο, όπου το τελεσίδικο αποτέλεσμα της και η έκδοση μιας απόφασης, θα επιφέρει την άμεση έξωση του Ενοικιαστή σε περίπτωση παραβίασης των όρων του  ενοικιαστηρίου εγγράφου. Σήμερα, με τις υφιστάμενες διαδικασίες ακόμη και να εκδοθεί απόφαση του Δικαστηρίου, ο ιδιοκτήτης πρέπει να προχωρήσει σε επιπρόσθετες αιτήσεις και διαδικασίες για να ανακτήσει την κατοχή του υποστατικού του και να εισπράξει τα οφειλόμενα ενοίκια. Η όλη δικαστική διαδικασία πρέπει να γίνει πιο σύντομη και πιο απλή όπου με την απόδειξη του οφειλόμενου ποσού και/ή άλλων παραβάσεων της συμφωνίας, να υπάρχει άμεση εκδίκαση της υπόθεσης που δε θα υπερβαίνει τους 6 μήνες.

Θα πρέπει να γίνει μια σωστή αναδιοργάνωση των Νόμων και Κανονισμών που αφορούν τις ενοικιάσεις για την προστασία των συμπολιτών μας οι οποίοι συναλλάσσονται με τέτοιου είδους δραστηριότητες.

Ο νόμος οφείλει να προστατεύσει ακόμα και τον πιο αδύναμο και οφείλουμε να το χειριστούμε εμπράκτως.

*Ο Μιχάλης Οικονομίδης είναι Δικηγόρος & Νομικός Σύμβουλος, CEO της Δικηγορικής Εταιρείας CHAMBERSFIELD ECONOMIDES KRANOS και της διεθνούς εταιρείας εταιρικών υπηρεσιών GFA Trust

The post Tenancy of Real Estate | Rights and Liabilities appeared first on Chambersfield Economides Kranos.

on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015

The Council of Ministers of the Republic of Cyprus, on the 13th of September 2016 has issued an amended Regulation in relation to the Scheme for Naturalisation (Citizenship) of Investors in Cyprus by Exception.

One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus.

Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.

Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised a “Scheme for Naturalization of non-Cypriot investors by exception” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse.

The changes are considered to be more attractive to investors that wish to obtain an EU/Cyprus citizenship.

The threshold of investment has been reduced to €2 million all together (if the investor has invested in housing properties and the value of at least one of them is at least €500.000. If the main investment is not in housing properties then the investment is €2m plus a residential unit of €500.000).

Another important positive change is that the parents of the main applicant are also eligible to apply and obtain the Cyprus/EU citizenship provided that they purchase a housing property of at least €500.000 (therefore they will not need to proceed with any main additional investment).

The “collective” scheme has been abolished by the new Regulation.

On the basis of the Scheme, a non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – in proportion to his holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/ companies that meets one of the economic criteria (A), may apply for the acquisition of the Cypriot citizenship through naturalization by exception.

Α. CRITERIA

Α.1 Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

Α.2 Purchase or Establishment or Participation in Cypriot Companies or Businesses:

The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.

The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.

Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec :

The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.

In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment.

The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion.

It is noted that the purchase by an AIF of units of other AIFs is not considered eligible.

Α.4 Combination of the aforementioned investments:

The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.

Within this criterion (combination of investments) the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.

B. TERMS AND CONDITIONS

1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.

2. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

3. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.

If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated in both Part A and Part B of this Scheme.

It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.

In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.

C. SUBMISSION OF DOCUMENTS

For the evaluation of the applications the form (M127) as well as the following documents must be submitted:

1. Clean Criminal Record:

Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).

2. Residence in the Republic of Cyprus:

(a) Contract of Sale.

(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.

(c) Proof of payment of the agreed purchase price.

(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.

(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

3. Criteria regarding the investment (when applicable):

(a) Certificate of Registration of the company/ companies by the Registrar of Companies.

(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.

(c) Audited accounts of the company (or companies) for the last three years preceding the year of the application.

(d) If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.

(e) If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required.

Furthermore, depending on the case, the following are required:

1. Investment in real estate, land development and infrastructure projects

(a) Contract of sale.

(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department. (c) Proofs of payment of the agreed purchase price.

(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.

(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

(f) Investment Plan for the development of the purchased land, if the investment involves the purchase of land under development

2. Purchase or Establishment or Participation in Cypriot Companies or Businesses

(a) Contract of sale.

(b) Proof of payment of the agreed purchase price.

(c) Certificate of shareholders by the Registrar of Companies.

(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.

(e) Specific investment plan.

(f) Copies of the employment contracts of the Cypriot or European Union citizens employed by the company in which the applicant has invested.

(g) Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or European Union citizens employed in the company.

(h) Copy of the Social Insurance Contributions for every Cypriot or European Union citizen employee.

(i) Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.

3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec:

(a) Title/Titles and other relevant documents of the financial assets / units purchased.

(b) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.

(c) Specific investment plan.

(d) Confirmation by the CySec.

4. Investment in government bonds:

(a) Proof from the Public Debt Management Office for the purchase of special government bonds.

(b) Copy of the wire transfer into a bank account of the Treasury of the Republic of Cyprus.

Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.

None of the above affects the absolute discretion of the Cabinet of Ministers on taking a decision.

The post Scheme of Investors Naturalisation appeared first on Chambersfield Economides Kranos.

An Article by Mr Michalis Economides, CEO and Founder of Chambersfield Economides Kranos, Advocates & Legal Consultants

Article Publication: GOLD Magazine June 2017.

The purchase of a property is generally considered to be a long-term investment so individuals and corporate buyers alike should take proper action before, during and at the closing of a deal, in order to safeguard their interests.

On the other side of the arrangement, sellers also need to preserve their rights, in order to avoid any possible negative consequences that may occur during the closing of the deal, such as cancellation, financing problems or other tax and legal implications.

When deciding to acquire a property, the best investment that any individual or corporation can make is in the appointment of a professional law firm with experience in the real estate market. This is of the utmost importance, in order to ensure that the correct and complete due diligence procedures will be carried out.

Furthermore, the appointment of a professional law firm reduces risks and the time spent with the authorities, while safeguarding the buyer’s rights by ensuring that all the required procedures are correctly followed at the land registry and any relevant financial institutions.

Due diligence includes an official land registry search for all possible mortgages, charges or other encumbrances. Further procedures entail a review of the issued permits, title deeds, zoning regulations and other important legal aspects, in order to ensure that the purchaser is safeguarded at every stage of the process. Law firms are needed during these types of transaction (acquisition and transfer of real estate) in order to ascertain that both the purchaser and the seller are equally protected.

Our experience in numerous and daily real estate transactions has taught us that not all cases are simple and straightforward. For example, a property acquisition might involve an assignment of rights or the purchase could be via a contract with pending title deeds and other parameters and conditions governing the sale and transfer of the property. Consequently, the contract of sale should always be drafted by a professional law firm.

As an international law firm regularly dealing with multiple and complicated real estate transactions, we have – unfortunately and on many occasions –come across cases where the importance of correct due diligence procedures and the execution of a correct and clear agreement, so as to cover all possible eventualities before, during and after the transfer of the immovable property, were ignored. This has led to major and unpleasant consequences that could only be resolved by the court. After the signing of the sales contract, another equally important stage is the the execution of the purchase and transfer at the Land Registry. Naturally, all the necessary tax certificates and other documentation must be properly prepared, checked and verified in order to avoid complications at the time of the transfer execution.

It is worth noting that the land registry procedures can be very lengthy and involve significant paperwork. However, an experienced team of lawyers can perform the procedures via power of attorney, thus making the client’s life easier and saving time. In most cases, this procedure means that the purchaser does not even need to attend the land registry.

In summary, by appointing an experienced law firm, individuals and corporations can avoid any unpleasant circumstances that may arise before, during and after the transaction. The law firm will safeguard the investment by carrying out the correct due diligence procedures, preventing any vague and unclear terms from being included in the contract, assisting the financing process through consultation, negotiating the terms of sale on the behalf of the parties, as well as by providing advice with regard to property taxes an any other applicable taxes.

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