In a time when people increasingly value convenience and the ability to delegate legal responsibilities, the General Power of Attorney (GPA) remains one of the most powerful legal instruments available to individuals. A General Power of Attorney is a very powerful legal document whereby a person gives unlimited powers and authorities to his Agent. These...
WHAT ARE THE INHERITANCE TAX RULES IN CYPRUS? Cyprus is one of the ‘privileged’ countries where inheritance tax is not applicable to Cypriot domiciles since estate duty was abolished in 2001. However if the heirs live abroad they may have to pay in their own country inheritance tax for the property they inherited. This is...
Alecos Orountiotis & Associates Will Get You The Compensation You Deserve The last few years, the percentage of bike users has been increased. Cyclists are classified as vulnerable road users due to a) the limited protection while sharing the road with cars and b) the increased risk of casualties compared to vehicle users. It’s every cyclist’s...
According to the new Law 172(Ι0/2022 all Sellers of properties as of the 18/11/2022 are paying a special tax of 0.04% on the sale price of the property. The tax is imposed on the sale price according to the Sales Agreement. The Seller must pay the said tax at the Tax Department before the transfer...
The last few years many developers for several reasons are unable or neglect or fail to transfer the purchased property into the buyers’ name, even if the buyer has fulfilled his contractual obligations under the sales agreement. According to the Immovable Property (Transfer and Mortgage) Law, No.9/1965, as amended by Law 139(I)/2015 and the Immovable...
When someone passes, his/her relatives must check if there is a will. If they cannot find the will, they can either check at the Wills Registry or ask the testator’s lawyer. Is there a Wills Registry in Cyprus? In Cyprus there is a register of Wills in every County Court, where the original document of...
The Apostille is an official government issued certificate added to documents so they will be accepted by other countries when presented to them. The Apostille certifies the signature of the notary or the signature of the governmental employee who signed on the governmental document (it is not a certification of the content of the document,...
The Sales Agreement Once the terms are agreed, the contract is signed and the rights and obligations of the parties are defined. Besides the Agreement, the Seller must take into consideration the following: Seller’s Responsibilities Seller should make sure that all appliances, furniture and fittings are in good and working order. Seller must confirm that...
It is a fact that a will is one of the most precious documents that anyone might think to prepare and keep in a safe place. Especially if anyone has assets or relatives in Cyprus then a will is something that he/she must seriously consider. Inheritance issues and matters in Cyprus are governed and regulated...
According to the Company Registrar the following requirements should be fulfilled. (a) NAME OF THE COMPANY The client is able to choose the name of his company provided that the preferred name fulfils the following criteria: (1) Should not be similar to any other name of an existing company or other registered trading name (2)...
