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Property Transfer Fees & Stamp Duties, in Cyprus

Transfer of the ownership right from the developer to the buyer is accompanied by property registration tax paid by the buyer to the state, a so-called Transfer Fee. Transfer Fee is calculated based on the contract value of the real estate using the following scheme: Transfer Fee calculation: Real Estate PriceCommission Feeunder EUR 85.4303%from EUR 85.431 to EUR 170.8605%over EUR 170.8618% Transfer fee is calculated in in the same way as in transactions on the secondary property market, i. READ MORE

Renewable Energy Sources, within the Republic of Cyprus

The European Union (EU) has already tuned its energy policy into achieving maximum carbon dioxide (CO2) emissions reduction from power generation plants. In this context, it has already set out a strategic objective of achieving at least a 20% reduction of greenhouse gases by 2020 compared to 1990 levels. This strategic objective represents the core of the new European energy policy. Recognizing the positive effects of renewable energy sources (RES) technologies towards achieving this goal, the EU has taken a range of specific actions in the direction of enhancing the integration of RES in the existing European power generation system as a major step towards the reduction of global warming and climate change phenomena. READ MORE

CYPRUS TOP OF EU STATES IN CITIZENSHIP BY INVESTMENT SURVEY

Cyprus ranked seventh, among 12 countries all over the world, included in a survey of citizenship by investment programmes carried out by Professional Wealth Management, and reached the highest score for ‘freedom of movement’. Cyprus has the highest raking among the four EU member states included in the Citizenship by Investment Index (CBI) complied by professional Wealth Management, which is published by the Financial Times and specializes in analyses of private banks, wealth managers and regional financial centres. READ MORE

The Corporate Governance in Cyprus: An Overview

t is generally accepted that one of the main causes of the banking crisis in Cyprus was failed corporate governance and risk management strategies. The financial crisis has highlighted the significance of following corporate governance rules and the use of such rules as preventative measures and tools for creating a risk-efficient economic environment. It has been recognized that, in a bid to attract investors following the crisis, companies must actively promote transparency, risk management and corporate governance. READ MORE

Brexit & Cyprus: A Passport of Opportunities

EU Member – OECD Recognized – Multilingual – € Currency – Fiscal Advantages Cyprus – a Viable Option Brexit – Britain’s momentous decision to leave the European Union has put into question what rights will British nationals and companies located in Britain have in relation to the European market? In particular, there is doubt whether the passporting rights pursuant to European directives will continue to apply. Following Brexit, Cyprus offers a number of advantages to individuals and companies looking for a secure and stable entry point into the European market. READ MORE

Cyprus Corporate Relocation Services

Our Cyprus Corporate Relocation Services are dedicated to providing personalized relocation assistance and support to individuals, families and corporate employees. Our exclusive services will help ease your transition before, during and after you move to the Republic of Cyprus. Cyprus Corporate Relocation: Immigration Our Cyprus Immigration Law Practice is able to assist with the processing of National visas, Schengen visas, work permits applications if necessary, permanent residence applications as well applications under social security and tax according to law, and opening a personal bank account in Cyprus. READ MORE

Provisions of Public Beach Facilities (Boats and other types of Water Sports)

General provisions In order to place on the beach and rent, exploit, boats and other types of water sports items and equipment in the Republic of Cyprus, one needs to obtain a license for the provision of public beach facilities (boats and other types of water sports exploitation on the beach) by the Municipal or Community Council, within the boundaries of which the beach is located. According to The Foreshore Protection Law (Cap 59), the term “provision of public beach facilities” refers to the placement on the beach of boats and other water sports items and equipments, for rental or other form of exploitation, including the usage or placement in the sea vessels, or may other items or facilities in order to conduct any type of water sports or entertainment. READ MORE

Sustainability & Green consciousness at THEOCHARIDOU & ASSOCIATES LLC

As one of the country’s leading environmental law firms, it is inevitable that Theocharidou & Associates Llc would take a leadership role in the field of sustainability, for law office management. In our offices, located in Nicosia and Paphos, Theocharidou & Associates Llc is interpreting its values into action, improving the Firm’s sustainability and reducing its environmental impacts. Below are some of the steps taken to date by Theocharidou & Associates Llc to improve the Firm’s environmental sustainability, and the results we have achieved: READ MORE

Amendments to VAT Law

According to the Value Added Tax Laws of 2000-2015 buyers of residential property could obtain a reduction to VAT and pay a reduced rate of 5%. This was subject to certain conditions and only applied for the first 200 sqm covered area when the total covered area was not more than 275 sqm. The Value Added Tax (Amendment) Law of 2016 took effect on the 18th of November 2016 and amended the Value Added Tax Laws of 2000-2015. READ MORE