Real Estate and Property in Cyprus - Andreas Neocleous & Co

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Real Estate and Property in Cyprus Double taxation treaties Cyprus has concluded double taxation agreements covering the following countries, certain provisions of which affect directly or indirectly the ownership and disposition of immovable property. Armenia Denmark Kuwait Qatar South Africa Austria Egypt Kyrgyzstan Romania Sweden Azerbaijan France Lebanon Russian Federation Syria Belarus Germany Malta San Marino Tajikistan Belgium Greece Mauritius Serbia Thailand Bulgaria Hungary Moldova Seychelles Ukraine Canada India Montenegro Singapore UK China Ireland Norway Slovakia USA Czech Republic Italy Poland Slovenia Uzbekistan Treaties are under negotiation, or awaiting ratification, with many other countries. The position is constantly changing and up-to-date information should be sought before entering into any transaction. 14
Real Estate and Property in Cyprus Summary of main legislative provisions The following is a brief analysis of the key features of Cyprus legislation directed at the protection of ownership of, and the rights pertaining to, immovable property, and the regulation of associated transactions, particularly where overseas investors are concerned. The Constitution of Cyprus The Constitution of Cyprus establishes the equality of all persons irrespective of their nationality and includes provisions for the protection of human rights of all persons without discrimination. Any violation by an administrative authority of a person’s fundamental rights entitles that person to request the authority in question to remedy the situation. The authority has a period of 30 days during which it must give a prompt answer to the request. Furthermore, such a person has free access to any competent court in Cyprus, as well as to the European Court of Human Rights. The right of ownership of immovable property is considered as one of the fundamental human rights under the Constitution of Cyprus and as such it is well protected under article 23 of the Constitution. Further protection is given by the Compulsory Acquisition of Property Law No. 15/1962, outlined later in this brochure. Non-Cypriots who own property in Cyprus enjoy all the property rights which are available to the citizens of Cyprus and can be assured that their property is absolutely protected. The Contract Law and the Civil Procedure Law These laws regulate transactions of all kinds, including those relating to immovable property, and set out the procedures followed by the courts for resolving disputes. They originate in the time when Cyprus was a British colony and are to a large extent modelled on their English counterparts. Although they have been subject to amendment in recent years, they are still similar to the English model. The Contract Law provides that contracts in respect of immovable property should be made in writing, duly stamped and properly signed and witnessed. All disputes arising from transactions concerning immovable property are governed by the laws of Cyprus and are subject to the jurisdiction of the courts of Cyprus. The parties, however, may in some circumstances agree to the concurrent jurisdiction of other courts or refer any dispute to arbitration before resorting to court proceedings. The Stamp Law The Stamp Law provides for stamp duty on contracts on the basis of the consideration at the following rates: No stamp duty is payable on transactions with a consideration of €5,000 or less; 15
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Real Estate and Property in Cyprus - Andreas Neocleous & Co

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