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Lawyers in Cyprus – Review – Cyprus Tax & Deficit – Completed on 25^th July 2010. – Cyprus Lawyers

As per usual not all is going according to plan within the Cyprus governmental sector.

Proposed plans to tax the wealthy property investors and corporate businesses failed to materialize when a bill put forward to the house of parliament was rejected.  The government planned to gain up to 100 Million Euros from taxing these wealthy individuals and companies to help with the struggling economic state. Thank God! As the UK government is taxing big companies and high profile business people and they have now left the country.  This we have to avoid.

And now to make matters even worse for Cyprus economy, due to the countries high debt the EU has put sanctions of the government to reduce the countries debt by 2012.

Cyprus is not the only country facing sanctions, others were also placed these sanctions. However, now the government must find ways to clear the high deficit, which has arisen from too much expenditure, and it will definitely not come from the wealthy investor or corporate businesses.

If Cyprus fails to reach the required amount of 3% reduction in deficit by the specified time period, any EU funding normally available to our country to help the public state will be denied by the EU, and this can easily run in to the 100s of Millions.  What a hard hitting blow that would be for us!

The government intends to cut many of the countries spending patterns and reduce the high wages of government officials, of which we are sure they will not cut enough to even make a slight dint in the amount required to reach.

It may be a good victory for property investors but somewhere along the line the tax payer will be paying in one way or another, we have no doubt about that. And a good example of this is the EU punishment for Cyprus not having Ecological power (wind, sun etc), and therefore, the electricity board increasing prices to pay the penalty.

We will be keeping a wary eye on this issue and you can rest assured we will keep you well informed, as this could affect all Cyprus citizens.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 25^TH JULY 2010. http://www.lawcyprus.org/

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Property Lawyers in Cyprus – Review – Agia Napa marina progression – Completed on 20^th July 2010. Cyprus Property Lawyers

Marina lifestyle and Marina investment is one of the most popular and lucrative areas in our markets today.

Originally, a marina was nothing but an area of water designated for the maintenance, storage and docking of boats. Basically, the marinas served as a pit stop for boats to refuel and ‘park up’ so to speak.  Marinas were never fancy just necessary for boating vessels.

Through the years the boats have become bigger and more luxurious, and in return making the yachting lifestyle ever more popular.  And not just for the affluent individuals but also for the everyday person who love the sea life and the boating life.

Inevitably, with such progression came the need for more detailed and in-depth changes to the actual marinas.  The yachting individuals wanted to accommodate their luxury yachting lifestyle with more lavish marina surroundings of which has produced revolutionary marina investment.

The impact of this yachting lifestyle we feel is amazing.  The need for marina property investment has evolved at an alarming rate, along with commercial investment to accompany the marinas surroundings, making marinas a very plush and ‘in’ place to be.

The Agia Napa Marina has actually been in the pipeline since 2003, yet was never highly publicized due to the lack of plans finalized of how the marina will be structured and who will govern the project.

Now the House of Parliament has approved the committee consisting of 5 members to overlook and govern the marina, and a range of private investment companies and the Cyprus Chamber of Commerce have come together, and the marina is going full speed ahead.

The Agia Napa Marina situated just past the Macronissos Beach, will not only accommodate up to 600 luxury yachting vessels but also boast commercial and residential investment opportunities. Accompanying this will be luxury amenities, public facilities and administrations.

From luxury yachts to luxury properties, tennis courts, swimming pools and cinema, there is just no end to the details.  We are bursting with excitement as this will change the face of the Famagusta area.

We will endeavour to bring to you continuous and detailed reports on the Agia Napa marina as we are very proud to be apart of this era and want to do all we can to support and promote this wonderful project.

Check out our recent pictures and video taken on 17^th July 2010 of the progression being made and we will bring many more, so definitely keep following us on our Agia Napa journey.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 20^TH JULY 2010. http://www.lawcyprus.org/

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Cyprus Lawyers – Studies – Cyprus Ombudsman – Completed on 26^th July 2010.

The Cyprus government recently approved the newly devised position of Consumer Ombudsman.

Although this is the ‘norm’ in other EU states such as the UK for example, it has not been made available to Cyprus citizens until now.  Cyprus governments have escaped the EU watch on important matters like this.

An ombudsman is a legal governing authority whose job description is to observe and regulate any services or products used or sold to consumers.

Any consumer of any product or service can put forward a complaint to the ombudsman, instead of going to a court of law.  This can include any complaint from your electric bill being too high, your builder didn’t build to your agreed specification, you brought an iron and it broke after a short period of time. You ate in a restaurant and the food was not as advertised or up to standard. You paid for property management and the company did not perform as per agreed contract.

Any services or products that are not up to standard or what you have paid for, whether big or small,  to do with consumer products and services can be taken to the ombudsman.

The ombudsman will mediate and find a reasonable solution that both parties must agree on. Although the ombudsman’s decision in these cases is not legally binding, any cases can still proceed to court if so required.

This concept may be used by many individuals who have brought investment property or resident property and have found the land or development is mortgaged and has loans by the developer for example, by using this service it is a cost efficient way of finding a friendly and suitable solution.

This appears to be a cheap and speedier course of action of solving complaints outside the courts, as only a small fee is payable by the complainant.

This is a new concept and there are sure to be glitches and hiccups along the way. However, in other states the ombudsman has become a mandatory and very important figure within the commercial and consumer sector, so it will be interesting to follow and see how this scheme progresses.

We would like to hear your thoughts on the new Cyprus ombudsman and how you feel this new position will help or not help Cyprus.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 26^TH JULY 2010. http://www.lawcyprus.org/

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As many of you know, CPAG (Cyprus Property Action Group) has been oeprating from Peyia quite some time working on the Title Deed (ref. various articles in Cyprus Mail ). The group was ordered by court to close down its Web site this …

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