Asked recently about the rapid growth of high-rise apartments and building ventures in Limassol, the Chief of the Department of Lands & Surveys in Cyprus stressed that the only concern is whether the high demand will create another property bubble as history repeats itself. The Chief also stipulated that...
As per the amendments to the Cyprus VAT Law N.95(I)/2000, authorities in Cyprus now subject the lease or rental of any immovable property to a landlord during the course of their economic activities at the standard 19% VAT rate, unless the building is being used for habitation by the...
In November 2017, the Cyprus House of Representatives passed new legislation amending the Cyprus VAT Law N.95(I)/2000 bringing Cyprus VAT Law in line with the VAT Directive from the European Union. This effectively introduces VAT payable at the standard rate on the following scenarios in Cyprus: The sale of...
The landlord who rents his immovable property to a company runs the risk of non payment of rental amounts owed which typically accumulate until appropriate remedial action is taken to recover its possession. This is a very serious issue in Cyprus and goes beyond the loss of rent due, since...
The liability of a guarantor in a legitimate Cyprus tenancy agreement depends on the contents of the guarantee and the terms of the tenancy agreement. Where the duration of the tenancy is stated and can be renewed for a further period, the guarantee is extended and covers the renewal. Thereafter,...
When dealing with immovable property or land law disputes between co-owners in Cyprus, all named co-owners on the title deeds or contracts have to appear in court as litigants in court as a necessary party for any decisions or resolutions to take place. The existence of common interest does...
For any business savvy investor, buy-to-let properties are no stranger as a secure and relatively stable asset return which can open opportunities for various visa schemes within Europe too; more specifically in Cyprus too in popular localities such as the Famagusta region. The current tourist hotspots are towns of...
In an attempt to bring the current legal system that was introduced in Cyprus 150 years ago up to date with more modern practices, the Cyprus government is looking for new ways to introduce more modern practices and approaches; (much of the legislation in use still refers to her...
The determination of fair rent by the court regarding houses and shops situated in Rent Control areas is regulated by the Cyprus Rent Control Legislation, which provides: “No sudden increase in rent can be imposed upon a statutory tenant unless it is stated in the contract. In the event...
Many people buy a holiday home in Cyprus with a view to living there permanently or semi-permanently when they retire due to the many benefits of the classic, slow-paced Mediterranean lifestyle. Traditionally, Cyprus has been a sought after location for overseas buyers looking for a holiday home or secondary...