Travel to Cyprus

Archive for December, 2011

Property Lawyers inCyprus- Review -London’s Festive Season

Well the UK may be experiencing a very difficult recession but they are not letting go of the Christmas spirit this year.  London actually looks brighter than ever infact all we can say is WOW it looks truly amazing…New York Christmas in London!

And with flights from as little as 45.00 Euro return from Cyprus it is very tempting not to take a visit this year. We inCyprusare so scared to put up our lights due to the high electric costs there’s just no comparison.

First of all you can visit the Hyde Park winter wonderland which homes spectacular ice skating rinks, unique and exquisite market stalls, bars. Cafes, restaurants, fair rides and not forgetting Father Christmas winter wonder land is expected to be bigger and better than previous years.

You can take a ride on the London eye and gain full view of the bright lights of London and also visit Trafalgar Square for the gigantic Christmas tree. Don’t forget to visit convent garden for those reindeers and choirs and not forgetting all that shopping and eating out in so many different places we just can not begin to list them all.

It’s a magical time in London and greatly deserved after such a bad year.  It’s great to see even after all said and done the Christmas spirit is staying and nothing is stopping it.  A quick trip to London may very well be in order for 2011-2012.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 29TH NOVEMBER 2011

Cyprus Property Lawyers – Review – Offshore Assets

For those UK nationals who invested in property abroad thinking their assets were safe from the tax man….Think again! The tax man is out to get you!

Her majesties Revenue & Customs has set up a new investigative team to concentrate solely on finding individuals with assets abroad in order to collect any tax payable by them.

This is because of the EU laws that allow the tax man to collect any unpaid tax from other countries, they can even go in to your bank account and take out your money or seize your assets and your permission is not at all required.

The co-ordination between different countries and land registry offices means that all information is readily available and it may not be a speedy process but they will get to you eventually.  In order to avoid heavy penalties it is advised to declare your property abroad before they find out this way they may just close the case without penalties.

This is only one sector by the HMRC they also have a specialist team working on individuals who keep income and assets offshore in order to avoid the tax man.  It is just no longer possible to hide such finances due to data now being available to them.

There’s no where to hide and with the economic crisis as it is of course all will be done to crackdown on such activity it is undeclared income and tax that will help towards the government debt.

So the warning is get your house in order now as to not look like a tax cheat or face the consequences!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 30TH NOVEMBER 2011.

Lawyers inCyprus- Review -CyprusDeficit – Completed on 21st November 2012

It is thought very unlikely thatCypruswill reach the EU directive on the country’s deficit in the given timeframe.  This means further sanctions and more pressure on the public to cover the sanctions we are sure about that!

The targeted percentage to reach by 2012 is below 3% however thoughts are we will be lucky to see below 5% which could means instant fines toCyprus.

Austerity measures proposed have been repeatedly discussed and rejected and the government have yet to agree on such austerity measures that will help the deficit.  Very little has been done to cut expenditure especially when it comes to the state payroll its self.  And who will this fall on the public!

The government are now on a tightrope to secure tough austerity measures to make sure the deadline and targeted percentage are met.

Its is all fine and dandy the EU forcing states to make sure this happens but by enforcing more sanctions as we have said before only bears more pressure on us the tax payer.  Can the EU not add a clause with the sanction that the public must not pay for the governments mistakes and the government must carry the burden alone…yes this is a dream of course!

It is thought that 2013 will be the year to see positive growth whereas 2012 will remain stagnant and the key to keeping 2012 turn into a negative year will be the hope of another good year for tourism.  The rise in VAT to 17% if passed is expected to see the country’s deficit drop 1% which is a big figure so doubt this will be rejected.

Well all we can say is 2012 will be a hard year for the Cyprus public if such harsh austerity measures are needed to avoid an EU bailout but will it be such a hard year for government staff members lets wait and see?

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21ST NOVEMBER 2011.

Cyprus property lawyers – Studies – New temporary Town & Planning amnesty amendment

In a bid to helpCyprusproperty investors even further the government are hoping to pass temporary policies making theCyprusproperty purchase more beneficial.

Originally reports showed that VAT would be reduced to 5%. Now we hear if a property investor pays VAT on their property then there will be no transfer tax applicable.  For those who do not pay VAT then only 50% of transfer tax will be applicable.

We are ourselves are waiting to hear personally from officials stating the actual facts on this.  The new policies will apparently be in affect for a six month period until a full legislation has been approved by the government.

We have no doubt either way the government are doing what they can to revive themselves and the property markets and help the investor.

The title deed reform although does help the investor did not go according to plan or should we say did not come across clear enough for the investors to fully appreciate how the reform relates to them.

Of course there will be possible clauses/criteria involved and we hope to have the full facts as soon as possible.

We are very happy however, that the government are taking even further steps to help the markets and bring back foreign investment to the island.  TheCyprusmarkets have come to a stand still and a push is definitely in order to get them moving again.

We do hope that the new temporary policies will be made thouroughly clear to the public in order to avoid any more confusion.

We will report further on this subject as soon as the true facts are released to our office.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 17TH NOVEMBER 2011.

Legal Consultants inCyprus- Review – TRNC quality service

The Turkish Republic Northern Cyprus are going all out to promote this side of theCyprusIslandto theUKtourism market and promoting the TRNC on the famousLondonred buses and black cabs.

Flights will also be made more accessible.  Due to the TRNC being an unrecognised state, flights from theUKmust first fly in toTurkeyfor a changeover to then fly them to the TRNC. The changeover time period is now being cut to approximately 30 minutes.

The TRNC andUKare really pushing out the boat to get theUKholiday makers to holiday on the Northern side.

After speaking with many visitors to the Northern side we asked them the difference in holiday quality between the TRNC and theRepublicofCyprusand they believe prices are a lot cheaper and service is of a much higher standard.  They also stated that beaches and public places are of a cleaner standard.

Opinions show especially when dining out and clubbing venues and hotel resorts 5* actually means 5*.  For example members of staff are always at hand before you can blink an eyelid.  They do everything for you from opening your napkin to lighting your cigarette.  This is service.

The TRNC are building many 5* resorts and they have the added bonus of high end casinos which is a very high money maker and tourist attraction.

Of the TRNC holiday makers we asked they believe the service on theRepublicofCyprusis very poor compared to the TRNC and they even noticed how friendly the staff was which they didn’t find the case on the Republic of Cyprus.

So is the TRNC the new place to be its sounds like this may quickly becoming the case! We should maybe have a look for ourselves…Stay tuned!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21ST NOVEMBER 2011.

Paralimni Property Lawyers – Review – Foreign Banks in Cyprus

The government are having no joy putting together a very much needed strict austerity package in order to save Cyprus from financial collapse.  The government are very much to blame for this state of affairs and their high luxury living and benefits and incapability of handling state finances, has now crept up on them and got them in a total mess.  At the same time they are about to earn their high wage in trying to save the country and do not envy them their jobs at this moment in time.

All foreign banks in Cyprus are in joint agreement that should they be included in any more forced taxes they will pack their cases and leave for more beneficial countries. The foreign banks have reportedly paid over three hundred million in taxes and brought in over one billion in foreign investment.

It would be a huge blow to the island if these banks were to walk this is definitely not the way to go.

The government feel due to the issues Cyprus has faced with Greece there must be a bank support fund in place if needed and both local and foreign banks should all be treated the same.

No matter which way the government turn to bring in cash they are faced with the cold shoulder.  Such as the proposal to tax private companies which we have previously reported on it is just not a fair way to go. And there will be a lot of defiance if the government keep looking to such sectors to pay their debt.

Huge mistakes have been made for many years here on the island and now it is all coming on top the government have no where to turn and which ever way they do turn it will hurt the island drastically.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 27^TH NOVEMBER 2011.

Cyprus legal consultants – Review – Euro Crisis

Its Christmas time mistletoe and wine … maybe forget the wine this year the mistletoe you can find for free! That’s the feeling this Christmas in the whole of Europe.

With rising consumer prices and decreasing salaries and the threat of countries going bankrupt and the exploding European crisis Christmas is looking very bleak this year.

In one sense it is not a bad  thing as Christmas over the years has become so commercialized and people are succumbing to the influence of having the very best,  so to go back to the basics and the real meaning of Christmas really would be an interesting experience?

However, that’s not reality anymore. Business, revenue and economy are our reality!

Christmas business usually brings in a spark in revenue but 2011 Christmas period looks set to be the same as any other spending period throughout the year.

Everybody is keeping their money in their pockets and even cutting down on Christmas lights due to the cost of increasing energy tariffs.  Many are not arranging expensive nights out over the Christmas period so many dining and event venues may also feel the pinch. Many are only buying presents for their children and not surrounding families therefore retailers may also feel the Christmas downturn.

A common observation is that there is also very little advertising this year for Christmas and marketing budgets are not seen as an investment anymore.  Gone are the days when huge marketing spends created a magical sense of security and Christmas time has now reverted back to the Christmases’ of the last historical recession.

Santa will be making very quick visits around Europe this year!  Even Lapland is feeling the current crisis!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 27^TH NOVEMBER 2011

Law firm on the East Coast Cyprus – Review – UK Financial Crisis

If we think we have it bad inCyprusmaybe we should take a trip to theUKand see how bad they have things at the moment.

When the government inCyprustalks about new austerity measures they have maybe a 2-3 year plan in mind.  But theUKis talking about a 10 year plan. We always think the grass is greener but is it really?

The UK nationals already give 50% of their salaries to the government, They pay poll tax, they pay tax on the weight of their rubbish the dustbin men take away, they pay TV licence fees, infact as soon as you buy a new TV in the UK your name and address must given to register the new TV with the licensing office.

Banks are pretty much in the same boat asCyprus,Britainused to offer high loan to value mortgages those days are very much a thing of the past and mortgages are very hard to come by. Therefore getting on the property ladder unless you are a cash buyer is virtually impossible.  The only reprieve the housing market has is the given tax advantages of renting out theUKproperty

The list goes on and on.  Employment is strife in theUK, many are homeless and even though they have stricter laws, drugs, guns and gangs are the norm. So once again we reiterate is the grass really greener on the other side?

It is thought that a 10 year austerity plan will benefit Britain a lot more than a short sharp austerity plan so UK nationals I don’t know what the government can actually now tax you on as it seems they get the majority of your cash already but it seems you have a long 10 years a head of you!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28TH NOVEMBER 2011.

Lawyers inFamagusta- Review – 20/20 Youth Federation

Efforts for reunification of the Cyprus Island are taking place throughout the younger generations in a bid that they will actually influence their elders and the politicians.

This is a great idea…Where better to start! The younger generation are the future and they are the ones we must educate from early to stop those taking already very set views from the older generation.

Feelings inCyprusare very mixed. The older generation of Cypriots that lived through the Turkish invasion find it very hard to naturally digress.  Their experiences of themselves and their parents through this time are concrete in their memories but the younger generations have fresher memories and only hear second hand so there is more of chance that feelings on the situation can be overcome!

An event recently took place from young individuals from both sides of theIslandnamely the 20/20 youth conference. The event gives all the youngsters the opportunity to work peacefully together and put forward their ideas for a harmonious reunification.  There were 3 different workshops which allowed them to create posters and videos and declarations which can be used to promote the islands reunification.

The project is organized by both Greek and Turkish Cypriot volunteers of which will be a continuous project and we hope it will bring many more of the younger Greek and Turkish Cypriot generation together and further the relationship island wide between the two sides.

As we have said before it is in the peoples hands more so than the politicians.  The politicians deal with the formalities the people deal with the realities!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28TH NOVEMBER 2011.

Paralimni Property lawyers – Review – Taxes

In a bid to help the Cyprus overcome the expanding deficit the government are looking at ways to bring in extra cash and this could mean a rise in tax for private business owners on all profit.  Of course companies are not impressed by the least and neither is the Chamber of Commerce nor the Employees and Industrialist federation.

It would be a huge mistake for this to go ahead as we have reported previously.  Cyprus is becoming a well established and thriving business centre throughout Europe.  We have the lowest tax rate in the EU which is why so many international countries look to Cyprus for business opportunities.  To jeopardise this now would be a total disaster.

VAT is also being address in order to make a rise from 15% to 17% and companies are also being asked to pay a temporary levy annually until the crisis is over.  The government also wants to introduce new tax rates for private employees earning over 2,500 Euros.

The government has no money and why because the government have spent it on lets be real… luxuries. We hear so much about how to bring in cash from the public and private sector but what are the government really doing to bring in cash from their own house? Why don’t they drop all the luxury benefits these members have like over the top security, over the top salaries, over the top pensions plus many other benefits that all add up?

The tourist and business sector should not be altered as they are the sectors keeping the island a float if anything, ways to decrease tourist and business expenditure should be introduced to these sectors to our island.

Speculate to accumulate! Leave the public and the private companies alone and look closer to home!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 26^TH NOVEMBER 2011