Следующая информация и / или документы будут необходимы для получения разрешения Советом Министров на приобретение недвижимости иностранцами:

1. План местности

2. Копия документа, устанавливающего правовой титул на землю  и  Земельного кадастра, сопровождающего правовой титул собственности, которая будет приобретена.

3. Копия разрешения на строительство для возведения дома или любого другого здания, или разрешение жилищного строительства на земле. За землю, которая находится под разделением такое разрешение должно быть также подано.

4. Копия договора купли-продажи, заверенная печатью.

5. План дома / квартиры. В случае разделения земли, план не требуется. В случае жилищного строительства,  будет необходим план, в котором будет показано точное       местоположение застройки на территории всего земельного участка.

6. Общая площадь в кв.м. приобретаемого имущества.

7. Документы, свидетельствующие о финансовом статусе заявителя.

8. Копия паспорта заявителя и паспорта мужа / жены, включая все страницы, показывающие штампы их прибытия на Кипр и выезда из Кипра должна быть поданы.

9. Копия свидетельства о браке заявителя или соответствующее свидетельство из посольства своей страны  (это относится к случаям, где фамилия жены и мужа различны или если    жена не меняла девичью фамилию ).Свидетельство о браке должно быть официально переведено на греческий или английский языки.

10. Копия разрешения на жительство или разрешения на работу на Кипре.

11 Надлежащим образом заполненное и подписанное заявление Comm 145.

12. В случае, если заявителем является компания или заявитель является акционером оффшорной компании, все соответствующие сертификаты компании (акционеров, директоров и зарегистрированный офис компании) обязательны для предоставления. Кроме того, должны быть поданы копии меморандума и устава компании.

13. Кроме того, акционеры компании-заявителя и их мужья / жены должны предоставить копии паспортов, и подтверждение в случае наличия недвижимого имущества на Кипре.

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The Cyprus House of Representatives voted in favour of the Bill for the much anticipated reform of the Cyprus International Trusts Law and the amendments were published in the Official Gazette of the 23rd of March 2012.

The Cyprus International Trusts Law remained unaltered since its enforcement back in 1992.  Realising that Trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments.

The amended new Law indeed modernises the legal framework for international trusts and is expected to boost investments in Cyprus.  The new Law has been welcomed by the Cyprus legal and business sector since it is a step forward in rendering Cyprus a more competitive trust jurisdiction and it further upgrades Cyprus as an International Economic Centre.

Major changes to the law

Residency Status of Settlors, Beneficiaries and Trustees

Section 2 of the 1992 Law was amended. The new Law provides that the settlor should not be a Cyprus resident in the year, preceding the year of the establishment of the trust.

Under the old law, it was not clear whether a settlor could reside in Cyprus after forming an International Trust and this uncertainty discouraged the settlors from relocating.  The amendments to Section 2 clarify when a person/s can reside in Cyprus and still be eligible as a settlor under an International Trust. The same applies to beneficiaries; namely the beneficiary should not be a Cyprus resident in the year preceding the year of establishment of the trust. The only exception is that of a charitable trust where the beneficiaries could be Cyprus residents at any given time.

Regarding the trustees, it should be noted that at least one of the trustees should be resident of Cyprus during the whole duration of the Trust.

Validity of International Trust

All matters relating to a Cyprus International Trust shall be determined in accordance with the applicable laws of the Republic of Cyprus.  Anything relating to the validity, interpretation or effect of any trust or transfer shall be governed by the Laws of Cyprus. The same will apply to the fiduciary powers and duties of trustees.

The new Law (Section 3) provides that no International Trust would be considered void or voidable due to the fact that the legal provisions that are in force in any jurisdiction prohibit or do not recognize the substance of the Trust.

The Law clearly states that the inheritance laws of any other country will not be enforced in Cyprus by the Cyprus courts and this provision confirms that the heir-ship provisions in succession laws of foreign countries will not apply to a Cyprus International Trust.

Powers of the Settlor

Section 4A was added to the new Law, extending the powers of the settlor.  Revocation and modification of the terms of the trust by the settlor is now allowed.  Additionally, a settlor may instruct the transfer, distribution, payment or transfer of income or capital from the trust property or the issue of binding instructions and/or directions with regards to the above.  The settlor may also appoint or remove a Trustee, a Beneficiary or a Director of any of the companies that belong to the trust or the settlor can act as a director himself and a settlor may also issue binding instructions to Trustees in relation to the exercise of any power. The most important change however is the fact that the settlor can now choose the applicable law that will govern the Trust and change the governing law or the forum of administration of the Trust.

Duration of Trust

Under the 1992 law, an International Trust could be valid for up to 100 years from the date of its establishment, with the exception of charitable and purpose trusts which were permitted to exist in perpetuity.  The new law abolishes all restrictions on the duration of trusts.

With regards to an International Trust which was established during or after the entry into force of this new Law, it is provided that there is no limit in the period over which a trust may continue to be valid and enforceable.

Notwithstanding anything to the contrary contained in the terms and conditions of the trust, no concession, distribution, payment, holding or disposal of the income or capital of the trust to another trust is invalidated solely on the ground that the other trust continues to be valid and enforceable after the date on which the former trust must come to an end.

Definition of Charitable Institutions

The new Law redefines charitable institutions. According to Section 7, International Trusts are considered as charitable institutions where the trust has as a main objective to achieve one or more of the following purposes:

1. Prevention or alleviation of poverty;
2. Promotion of education;
3. Promotion of religion;
4. Promotion of health or salvation of life;
5. Promotion for the development of citizens and of the community;
6. Promotion of art, culture, heritage or science;
7. Promotion of amateur sports;
8. Promotion of human rights, dispute settlement or reconciliation or the promotion of religious or national harmony or equality and individuality;
9. Promotion of the protection or development of the environment;
10. Relief needs arising from young or advanced age, ill health, disability, economic hardship or other disadvantage;
11. Promotion of the welfare and protection of animals; and
12. For any other reason for the benefit of the general public or which is consistent with paragraphs (a) – (k) above.

Power of Trustee to invest in movable & immovable property

Section 8 of the 1992 Law has been amended.  The Trustee may now hold, maintain or invest in movable property in Cyprus and abroad, including investments in shares in companies registered in Cyprus and in immovable property located in Cyprus or abroad.

The new Law recognises the already existing powers of Trustees; some of the most important powers are:

1. To make capital distribution;
2. To employ;
3. To borrow;
4. To mortgage;
5. To guarantee;
6. To invest/lend money;
7. To make payments for/on behalf of beneficiaries; and
8. To advance money to another trust

Tax Advantages of International Trusts

International Trusts are ideal for asset protection, inheritance and tax planning.  The benefits arising from the use of such trusts distinguish Cyprus as one of the most advantageous trust jurisdictions.

According to Section 12 of the Law, if the beneficiary of such Trust is a resident of Cyprus then the income or profits of such trust which arise in and out of Cyprus will be taxed in Cyprus.

Additionally, in case the beneficiary is not a resident of Cyprus, then the income or profits of such trust that arise within Cyprus are taxed according to the tax laws of Cyprus. In effect any income or profits of such trust that arise outside Cyprus are not taxed in Cyprus.

It should further be noted that the definition of a ‘resident of Cyprus’ has the meaning attributed to the term under the Income Tax Laws.

Confidentiality

Confidentiality and secrecy are still preserved under the new Law and the Trustee, the Protector or any Governmental body is not entitled to disclose information or documents relating to:

a)      The settlor,

b)      The beneficiaries,

c)       The trustees, and

d)      The property of the Trust,

unless the above are ordered by the Courts of Cyprus.

Conclusion

All the above amendments to the International Trust Law of Cyprus will certainly promote Cyprus as one of the most favourable trust jurisdictions and given the island’s beneficial tax regime, the new legislation is expected to be one of the most useful tools in tax planning for foreign investors.

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Cyprus is a reliable European Union and Euro-zone jurisdiction for conducting professional services and offshore activities.

The country maintains an excellent international reputation for conducting business.  With 10% corporate tax, Cyprus is the lowest tax jurisdiction in the European Union that is not offshore and has the lowest non-offshore jurisdiction corporate tax rate in the world.

Cyprus simply offers a host of financial advantages and benefits to companies and individuals. It can do so due to the sustaining a strong and stable economy (in relation to the country’s size) that almost completely focuses on professional services and the financial sector.

Cyprus offers an excellent infrastructure for such activities, such as legal and accounting firms and banking, highly educated, qualified and multilingual workforce, proper government regulations and a general policy of non-intervention in business operations.

Cyprus has excellent geopolitical and trading relationships with key source markets, which together with the ideal geographical location, is a principal choice for investments into many neighbouring markets, including the EU, Russia, CIS, as well as the Middle East and North Africa.

Reforms that positioned Cyprus as the ideal offshore jurisdiction

The offshore regime in Cyprus has changed drastically due to its EU accession, and as a result of agreements with the Organisation for Economic Cooperation and Development (OECD); certainly for the better.

Cyprus has transformed itself from being considered an offshore tax haven with a 4.25% corporate tax rate for grey-area businesses to a unique EU jurisdiction with a standardised tax rate of 10% – still the lowest tax rate in the EU.

Cyprus has successfully reformed all its financial sector legislation in line with international practice and has implemented a simplified, effective and transparent tax system which is fully compliant with the European Union, OECD, Financial Action Task Force (FATF), and Financial Stability Forum (FSF).

Since EU accession, Cyprus has harmonised local regulations to the Acquis Communautaire, allowing the country to further develop as a financial centre. Following these measures, Cyprus was placed on the OECD white list of territories which have substantially implemented the internationally agreed standard in tax transparency.

Other actions taken by Cyprus to boost its global recognition as a credible offshore jurisdiction includes:

• It has made various tax reforms in order to bring its legislation in full conformity both with EU Laws and Directives and with the Organisation for Economic Cooperation and Development’s guidelines.
• Instantly implemented the EU Tax Directive, which includes a Code of Conduct on harmful tax practices and rules to avoid the double taxation of royalty and interest payments.
• Adopted International Financial Reporting Standards.
• Passed Anti Money Laundering legislation (Law 188(I)/2007), Markets in Financial Instruments Directive (MiFiD), and Transparency Law and Anti Money Laundering Law.
• Cyprus has made huge steps in structural reform, modernization, and liberalization of its market-oriented economy, with a view to enhancing international competitiveness.

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15 февраля 2012 Российская Дума ратифицировала протокол поправок к договору

1998 года об избежании двойного налогообложения между Россией и Кипром, подписанного 7 октября 2010 года. Кипр также ратифицировал этот протокол в начале августа 2011 года. В соответствии с условиями соглашения, которые вступят в силу с 1 января 2013 года Кипр будет выведен из, так называемого, “черного списка”, в который был включен с 1 января 2008 года.

CIPA (Кипрское Агентство инвестиционного развития) приветствовало эту позитивную ратификацию Протокола поправок, что подтверждает отличные и прочные политические и экономические отношения между Кипром и Россией, которые продолжают развиваться. Представитель CIPA прокомментировал, что это соглашение пойдет на пользу Кипрской экономике по двум основным причинам: “во-первых в силу новых русских инвестиций, а во-вторых, в силу дальнейшего укрепления безопасности, предоставляемого русским инвесторам”.

Кроме того, он отметил, что в связи с тем, что Россия является ведущей страной инвестирования на Кипре, “данное соглашение будет способствовать модернизации Кипра, как страны с очень хорошей инфраструктурой для установления сотрудничества с международными компаниями”.

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Сотрудники «Multilysis» имели возможность принять участие в Форуме, который состоялся 10Февраля 2012 в Four Seasons Hotel в Лимассоле.

Организаторами конференции успешно выступили Торгово-промышленная палата Кипра, Торгово-промышленная палата России, Деловой совет по сотрудничеству с Кипром и Кипрско-Российская бизнес-ассоциация.

Обращаясь к Российско-Кипрскому деловому и инвестиционному форуму,  в Лимассоле, вчера, посол России заявил, что в последние 20 лет “, общий объем инвестиций между нашими странами достиг ста миллиардов долларов, и это очень внушительная цифра”, добавив, что ” объем торгово-экономического сотрудничества за прошлый год составил около 1,3 миллиарда долларов.

Г-н Шумский сказал, что “в торгово-экономических отношениях, мы достигли докризисного уровня, нам удалось в течение короткого периода времени преодолеть экономические и финансовые трудности, и у нас есть хороший потенциал.

Также выступая на форуме, президент Димитрис Христофиас заявил, что Кипр является «безопасным и надежным партнером» для русских компаний, стремящихся к реализации своих международных стратегических планов “в период политической нестабильности и неопределенности” в регионе.

Он отметил, что прямые иностранные инвестиции на Кипр из России экспоненциально увеличились в последние годы, показывая тем самым, что Кипр является международным деловым центром для русских бизнесменов. Г-н Христофиас подчеркнул, что экономика России традиционно играет значительную роль на острове “, выступая в качестве катализатора роста для экономики Кипра.

Он поблагодарил российского президента Дмитрия Медведева за его личный вклад в создании и поддержании прочных исторических связей, взаимовыгодных политических, экономических и бизнес -отношений между двумя странами.

Г-н Христофиас отметил, что форум дал “прекрасную возможность” укрепить отношения с Россией, конкретно сославшись на потенциальные инвестиции в энергетическом секторе, вытекающие из последнего обнаружения месторождения газа, который находится в исключительно экономической зоне Кипра (ИЭЗ).

“Естественно, мы ожидаем, что русские компании, специализирующиеся в области энергетики, сегодня, будут проявлять интерес к изучению инвестиционных возможностей в этом секторе на Кипре”, сказал г-н Христофиас.

Вице-президент Торгово-промышленной палаты России г-н Георгий Петров сказал, что 2011 год был годом экономического возрождения России, с ростом ВВП на 4,5%, добавив, что 2012 год будет “еще более успешным. Г- н Петров призвал Думу к ратификации протокола, об избежании двойного налогообложения, подписанного между Христофиасом и Дмитрием Медведевым во время визита последнего на Кипр в 2011 году.

На конференции было подчеркнуто, разными выступающими, что одна из главных задач правительства Кипра является сохранение преимуществ и дальнейшего повышения конкурентоспособности экономики. В этой связи предпринимаемые меры включают, среди прочего:

• упрощение нормативно-правовой базы и снижение административного

бремени для бизнеса;

• непрерывной модернизации инфраструктуры в области транспорта,

энергетики и связи;

• содействие научным исследованиям и инновациям, а также

• дальнейшее развитие человеческого капитала.

Кроме того, все выступавшие подчеркнули тот факт, что экономика Кипра доказала свою способность успешно преодолевать трудности и, что Кипр предлагает значительные преимущества для иностранных инвесторов, которые ищут место для ведения бизнеса и, что Кипрско-Российская бизнес-ассоциация может и будет играют жизненно важную роль.

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The following information and/or documents will be required in order for the permit to be issued by the Council of Ministers for the acquisition of immovable property by foreigners:

1. Side Plan
2. Copy of the Title deed and Land Registry Plans accompanying the Title Deed of the property to be acquired.
3. Copy of the building permit for the erection of a house or any other kind of building, or for the permit residential development of the land.  For land that is under division, then such permit should be also filed.
4. A duly stamped copy of the purchase agreement
5. Plan of the house/apartment. In case of a land’s division, a division plan will be required. In case of residential development, a plan will be required, where the exact location of the residence is shown within the whole estate.
6. The total area in sq.m. of the property to be acquired.
7. Evidence of the applicant’s financial status.
8. Copy of the applicant’s passport and the passport of the husband/wife.  All pages showing/verifying stamps of their arrival in Cyprus and departure from Cyprus should be filed.
9. Copy of the certificate of marriage of the applicant or a related certificate by the Embassy of their country of origin (this applies where the surname of the wife is not the same as the husband and/or if the wife has not changed her family’s surname). The marriage certificate must be officially translated into Greek or English.
10.  The applicant must provide copy of the residence or work permit in Cyprus.
11. A duly completed Application Comm 145.
12.  In case the applicant is a company or the applicant is a shareholder of an offshore company, all relevant certificates of the company (shareholders, directors and the registered office of the company) are required to be filed.  Furthermore, copy of the memorandum & articles of association of the company should be filed.

In addition, the shareholders of the applicant company and their husbands/wives must provide their passport copies and they should verify whether they acquire any further immovable property in Cyprus.

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Property lawyers in Cyprus– Review – Limassol Marina– Completed on 22^nd February 2012.

Well it is great news for the new Limassol Marina even if it is not for any others inCyprus! TheMarinais ahead of schedule which is a big wow from us and is definitely going to be completed by the promised date in 2013.

The Marina it self will be fully operational by October this year so we will be seeing many super yachts and affluent visitors arriving in Limassol.

The residential units namely the Nereids Residence are near completion with the given date of November this year however, you can now view very chic and luxury apartment now. And we reiterate NOW as these residential units are selling at a speedy rate.

And the commercial side of the marina as in the dining venues and unique boutiques and leisure facilities will be ready for use by April 2013.

Cybarco property developers who are the main shareholders and very much behind the development of the Limassol Marina have pulled out all the stops on this project and it will be pretty hard to beat we have to say when other marinas finally get the go ahead.

The nextMarinato get underway is sure to be Larnaca but Paphos and Agia Napa we are very much in the dark as everyone else is. And this is a very big shame for these areas inCyprus. Such projects should be hurried along in these turbulent times in order to help the economy! So we ask what the delay is.

Congratulations to Limassol residents who will greatly reap the benefits of this development and to Cybarco Property Developers for an amazing job well done. We are very excited for this project to complete this is excellent progression for Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22^ND FEBRUARY 2012. http://www.lawcyprus.org/

Cyprus property lawyers – review – Cyprus Casino- Completed on 22^nd February 2012.

So we have it, Famagusta has at last put in a fight and are applying for a Casino license to construct such a project on the East Coast…Hip hip horay!

It is reported that 4 main municipalities in theFamagustaregion have joined together in a bid to secure the license that will cost in the region of 100 million euros. There is no talk of where the casino will be constructed, only that it will be in a tourist area and the main area we feel that would suit this development would be Agia Napa but who knows?

It is still very early days as legislation is not passed in parliament yet but is good to know that we will be putting in our bid for what we feel we should receive.

Apparently only 5 licenses will be issued and it is only fair that we on the East Coast be a recipient of this. Larnaca and Paphos have already put in their application for a license and we are in the queue and by no means lagging behind.

Proposals have been put forward by the finance minister for the construction of five casinos in tourist’s areas, along with the request for a casino regulation board to make sure the casinos operate by strict obligatory regulations.

The licenses are said to help bring in 5 hundred million euros towards the countries deficit this is quite a hefty sum so maybe legislation will not take so long as we imagine.

We hope to published more news on this subject sooner rather than later!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22^ND FEBRUARY 2012. http://www.lawcyprus.org/

Lawyers in Paralimni – Review – CyprusEnergy Bills – Completed on 15^th February 2012

We really must once again report on the horrifying electric bills that people are receiving through the post recently.

We had a reader who has asked not to be named, contact us to let us know after the high electric bill she received for November and December, she went as far as to turn off all her heaters even in her babies room and proceeded to buy only gas for her mobile gas fire.

The woman has now received her new bill for January and February and it is even higher than the previous one. This woman is in complete shock and very distressed and she cannot understand what has happened. She is a single parent with a very small child and after only just being able to pay her last bill now has to lose even more sleep trying to find money for the new bill.

There is most definitely a problem here that must be addressed immediately. These rates are extortionate and the public are at their wits end on this issue.

We ask the government what exactly is going on. This is not right and not acceptable!

This is just one of many stories now around theCyprusIsland. The public are appearing on the TV to show their bills to the nation. There will be uproar on this issue unless something is done about this immediately.

We are being pushed way too far and we demand to know what we are paying for and how the EAC which is a governmental department are justifying these excessive bills?

We want to hear from all of our readers and the public on this issue.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 15^TH FEBRUARY 2 http://www.lawcyprus.org/

On the 15^th of February 2012, the Russian Duma has ratified the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998, signed on the 7^th of October 2010. Cyprus has also ratified this Protocol earlier in August 2011. The application of this ratifying Protocol on 1^st of January 2013 will finally remove Cyprus from the so called Russian “black list”, in which Cyprus was included since the 1^st of January 2008.

CIPA (Cyprus Investment Promotion Agency) has welcomed this positive ratification of the amending Protocol which confirms the excellent and strong political and economic relationship between Cyprus and Russia which keeps developing. As CIPA’s representative commented, the Cypriot economy will benefit for two main reasons; “firstly from the new Russian investments and secondly by the further strengthening of the security provided to the Russian investors.”

In addition, he noted that due to the fact that Russia is the leading investing country in Cyprus, “this agreement will also contribute to the upgrading of Cyprus as a country with a very good infrastructure for establishing cooperations with international companies.”

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