Argyrides Law

SELLING AND BUYING IMMOVABLE PROPERTY IN CYPRUS

Immovable property acquisition in Cyprus has been on the rise, and it continues to grow since it is a profitable investment for non-Cypriot residents. The government’s Golden Viza initiative, which allows purchasers to obtain permanent residency in Cyprus, has significantly contributed to the building and selling of immovable property.

A. Various Types of Conveyancing Transactions

It is necessary to differentiate between the various types of properties, as each one has important elements which need to be considered before finalising the transaction. Broadly speaking these are:

1.    Purchase of plot(s) of land.

2.    Purchase of off plan properties being constructed by the vendor.

3.    Purchase of already constructed are ready to move in properties.

B. General Observations

Prior to engaging and finalising a transaction with any vendor, the following matters need to be taken into consideration:

–        The financial standing and viability of the Vendors (especially when buying off plan properties), and the risks arising from the possibility of their financial insolvency.

–        If the Vendor is or was under liquidation / bankruptcy or if any liquidation / bankruptcy notices or proceedings have been filed against such Vendor.

–        The Vendor’s prior conduct. Have any Court proceedings been instigated against them, and what were those cases about?

–        The Vendor’s general reputation in its field.

C. Issues to Consider Prior to Concluding a Transaction

In our practice we have completed throughout the years numerous property transactions. The following is a list of matters which need to be investigated prior to concluding a conveyancing transaction, especially if purchasing off-plan. The list is not meant to be exhaustive and is merely an indication of some of the vital issues:

·     Title deeds – every property bought has to be specifically described on the title deed, and its surface area to be clearly indicated. This signifies that the property has been erected legally and according to the issued permits and licenses. We advise against purchasing properties for which no separate title deeds have been issued, unless a certificate of final approval exists or the competent authorities confirm in writing that there are no obstacles to the issuing of the title deeds. Many times, we come across properties which have been erected illegally and/or without obtaining any licenses prior to commencing construction. It is not farfetched to say that in many instances properties have been illegally erected over beach protection zones or they extend into neighbouring plots. With title deeds such dangers simply do not exist. Always ask to receive a newly issued copy of the title deed since older versions of it may not contain all up-to-date information, such as notices and prohibitions, which might have been recently added to it.

·      Off-Plan Properties – one needs to consider whether the vendor has obtained a Planning Permit and a Building License. Along with these documents, the potential purchaser should ask to receive the specific terms attached to these permits and licenses, as well as the authorized architectural plans. Once the property is constructed, the purchaser must require from the developer to provide a signed declaration by the overseeing architect / civil engineer that the property has been completed according to the terms of the permits and licenses, and as per the approved plans.

·     Quality of Structure – consideration has to be given to the quality of the property and to the existence of any latent defects or damages. For this reason it is recommended (and your lawyer should advice you as such) to retain the services of an architect and/or civil engineer who will carry out the necessary surveys so as to evaluate and establish the safety, soundness and quality of the structure.

·      Unauthorised Additions orAlterations – it has to be established that the property and its layout corresponds to its description on the title deed and the plans. Otherwise, it could mean that unauthorised work has been carried out on the property. Therefore, it is always important to establish whether any additions or alterations had been licensed by the competent authorities. These unauthorised additions or alterations may be noted on the title deed and as such prohibit the sale of the property.

·      Third Country Nationals – any person not being a Cypriot or EU citizen has apply in order to obtain permission from the Council of Ministers prior to registering immovable property in their name. If no separate title deeds have been issued, it is essential to include in the application the building license and approved architects’ plans. Hence the importance of establishing at the outset that the necessary permits and licenses have been obtained prior to commencing construction. Also note, that third country nationals may not register in their names shares over land but only the whole of the ownership.

·      Land Charges – it is extremely important to investigate whether there are any mortgages, memos or other encumbrances registered over the property to be bought. The encumbrance created by the filing of the contract of sale follows the order of priority it receives by filing it. Therefore, if other charges pre-exist of the filing of the sales agreement, it will not be possible to transfer ownership to the purchaser unless all other previous charges are eliminated. Also, enquiries need to be made as to whether the property is affected by any development plans (e.g. new roads) or any compulsory acquisition.

·      Communal Management Fees – the vendor should produce a declaration, issued by the management committee of a jointly owned building, evidencing the settlement of communal fees owed to date. Otherwise, the new owner is as much as liable for owed communal fees as the previous owner.

·      Plots of Land – the potential purchaser needs to establish if there is legal access to the property or if it is enclosed, and if there is water and electricity supply to it, and if it is a plot of land or merely a parcel which will need to be converted into a plot.

·      VAT – enquiries need to be made as to whether VAT will have to be paid. For the sale of plots of land there might or might not be a need to pay VAT, depending on who the vendor is, but on the sale of off-plan or already constructed properties from development companies it is almost always necessary to pay VAT. The current percentage for acquisition of immovable property is 19%, however it may be discounted to 5% if the property is to be the main residence of the purchasers. The discounted 5% will apply to the first 130 m2 provided that the total buildable residential area does not exceed 190 m2 and the total value of the transaction does not exceed €475,000.

·      Transfer Fees – upon transfer and registration of the property in the name of the purchaser(s), transfer fees will need to be paid at the land registry based on the value that the land registry gives to the property on the day of the transfer. The fees are calculated as follows: Up to € 85,000 – 1.5%, € 85,001 – € 170,000 – 2.5% and over € 170,001 – 4%. There is total exemption from the payment of transfer fees, if the transfer relates to a transaction that is subject to VAT

D. Terms of the Sales Agreement

Another important aspect of the conveyancing transaction is the sales agreement. When negotiating the terms, all possible scenarios have to be taken into consideration. From experience, we are of the opinion that the below elements are of utmost importance and should be carefully addressed in a sales agreement:

·      Deposit –deposits paid under agreements are refundable in case of termination, unless damages can be proved. The intention of the parties as to the handling of the deposit in case of breach or rescission by a party has to be clearly stated in the agreement. Also, provision could be made that the legal fees, estate agents’ fees and moving out costs will be covered by the deposit in case that the purchaser is responsible for breach of the agreement.

·      Time – time for performance has to be agreed upon. It should be clearly stated as to when the vendor is obliged to give possession and to transfer ownership of the property, until when the vendor is under an obligation to issue separate title deeds, or more importantly until when the vendor is expected to complete the property. Otherwise, and if time is not stated and made of the essence, no specific performance may be ordered by the Court and/or the innocent party may not be able to terminate the agreement.

·      Technical Terms – when the property is bought off plan, it is vital to agree on all the technical terms of the construction as well as the basic cost for every material used or fixture installed. This will ultimately be of use if during the construction process the purchaser wishes to substitute such materials. By agreeing to basic costs, it will thereby be easier to ascertain the difference of costs for extra work performed or different materials used.

·      Third Country Nationals – provisions should be made as to what will happen in the event where a third country national is not granted permission by the Council of Ministers to purchase the property. It could be stipulated that the purchaser may be able to assign his/her rights over the property to another party provided the full purchase price is paid. Otherwise, the agreement will be frustrated and any money paid to date should be refunded to the purchaser, unless the vendor may prove that damages have been sustained.

·      Payment Plan – they payment installments should be related to the construction stages. For each construction stage completed, the developer should provide to the purchaser a certificate issued by the overseeing architect confirming the event. A small portion of the purchase price (usually 2%-5%) should be settled only upon the issuing of a separate title deed for the property.

·      Guarantees – Development companies always advertise under the general brand name, but when it comes to selling, most of the times the project is in the name of a newly registered limited liability company. These companies, usually own no other assets other than the plot that the building is being erected on. As such, the purchaser should demand for the mother company to sign a guarantee agreement so that should there be a breach of contract, both the selling company and the mother company as guarantor will be jointly and separately liable for the payment of damages to the purchaser.

·      Penalties – Provision should be made in the sales agreement that in case of delays in delivering the property, the developer will be liable for the payment of penalties which usually amount to the rental value of the property.

E. Independent Legal Advice

Conveyancing encompasses many elements which if not taken seriously into consideration at the initial stages of the negotiation, can and will have serious financial consequences to the innocent party. It is for this reason that when dealing with any such transaction it is vital to obtain independent legal advice for safeguarding you from any pitfalls which may jeopardise your investment.

Without hesitation, our advice is to retain the services of a law firm when considering to sell or more importantly buy immovable property in Cyprus. At the end of the day the cost incurred is disproportionately smaller to the benefits obtained and to the money potentially saved.

In many instances development companies suggest that legal representation in conveyancing cases is not necessary. There are also some estate agents who unfortunately undertake to prepare the sales agreement themselves(!) Notwithstanding that this is illegal, it is obvious that the estate agent who has a vested interest in completing the transaction will not be equipped to make provisions which will afford you any protection in case of breach by the vendor.

Lawyers in Cyprus owe a duty of care to their clients, the level of which should be that of a ‘usual, diligent and competent professional’^[1]. Being under this duty, your lawyer will be obliged to perform all necessary due diligence procedures in order to identify inherent dangers and bring them to your attention. Failure to do so could lead to a negligence claim by which ultimately you may be compensated for the damages you have sustained from such behaviour.

Our expertise

Y. Argyrides & Associates LLC can offer you comprehensive services comprising legal and administrative assistance in activities related to immovable property. The aim is to assist our clients to have a clear view of the land registry system and the Law in Cyprus. The professional qualifications and expertise of our can assist you with the various stages of the procedure.

For requesting assistance and support please feel free to contact us at: info@argyrideslaw.com

YIANNIS ARGYRIDES │ Managing Partner

Email: yiannis@argyrideslaw.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Any interested party should seek professional advice from their legal experts.

^[1] Beaumont Muriel and other ν. NK (2010) 1 CLR. 525

Y. ARGYRIDES & ASSOCIATES LLC FEATURED IN A PLACE IN THE SUN WEBSITE

We are excited to announce the listing of Y. Argyrides & Associates LLC on A Place in the Sun website, which we hope will be more than just a window to our law firm.

Y. Argyrides & Associates LLC has assisted thousands of clients throughout the years, especially UK nationals, who wished to establish themselves in Cyprus.

Our mission is to provide in-depth, high-quality, affordable legal advice and representation, efficiently and promptly whilst being accessible and approachable to clients.

You can find us on the website of A Place in the Sun by clicking here.

Please get in touch with us and see how we can assist you in safeguarding your legal interests when purchasing your dream home in Cyprus.

Y. Argyrides & Associates LLC – Law Firm

Y. Argyrides & Associates LLC is excited to announce the release of our corporate video which showcases our firm, the services and our people.

We hope that you like it as much as we do. Furthermore, we would like to express our thanks and appreciation to everyone involved with the production of this video.

We would love to hear your feedback, so please do watch and get in contact with us.

We are honored to have been featured by Forbes Magazine (Cyprus) in their October 2020 issue as a leading Law Firm.

The publication features an interview by our firm’s Managing Partner Mr. Yiannis Argyrides. Mr. Argyrides commented on the latest developments regarding the cancellation of the Cyprus Investment Program, the challenges that the legal profession is currently facing, and he also outlined our mission and vision for the near future.

We would like to thank Forbes Magazine for giving us the opportunity to present our Firm.

The full article can be read here.

Cyprus strikes a deal on Double Tax Treaty with Russian Government

The Republic of Cyprus and Russia had entered into a Double Tax Treaty (DTT) in 1998 in a joint effort to avoid the double taxing of income and capital generated in Cyprus. This was an effort to promote the economic cooperation between the two countries. Since its introduction, the DTT has been the catalyst for Russian investment in Cyprus, being an attractive jurisdiction with regards to its tax benefits.

On the 25^th of March 2020, President Putin had introduced numerous measures in an attempt to tackle the fiscal challenges which were brought about by the coronavirus pandemic. Among the measures, he had announced the Russian Federation’s intentions to amend the Double Tax Treaties that are in place with various countries. Cyprus was the first country to receive an official notification on the 1^st of April, 2020.

Russia’s intentions

In his address, the Russian President instructed the government to initiate negotiations with foreign jurisdictions to amend Russia’s current DTTs and set the minimum withholding tax rate on dividends and interest payed from Russia at 15%. According to the Russian embassy in Nicosia, Cyprus had been selected as the first country for objective reasons, since 34% of the cumulative direct foreign investment in the Russian economy comes from Cyprus.

The proposed amendment to the DTT was the increase of withholding tax rates on dividend and interest payments from the current rates of 5% or 10%, to 15% capital of the Russian Company.

A new deal between Cyprus and Russia

Cyprus through its Finance Minister Mr. Constantinos Petrides has managed to secure the continuation of the DTT by signing on 10^th of August 2020 an amendment to the Cyprus-Russia double-tax treaty.

The Cypriot side ensured, the exemption from a 15 per cent withholding tax on dividends for regulated entities, such as pension funds and insurance companies, as well as listed companies. In addition, interest payments from corporate and government bonds as well as Eurobonds are excluded from the 15 per cent withholding tax in the new Cyprus Russia Double Tax Treaty. Any other type of Cyprus-based entities will still be able to avoid double taxation, but at a higher rate of 15 per cent.

In advance, the Russian side had assured the withdrawal of the termination procedures of the Convention. Furthermore, it assured that the same regulations will apply to other countries that maintain similar agreements from the same date that will apply to Cyprus, since it is a single fiscal policy. The signing will probably coincide with the arrival on the island of Foreign Minister Sergey Lavrov in September or October 2020.

The Government of the Republic of Cyprus has announced its decision to speed up the processing of ongoing applications for the Cyprus Investment Program. This adjustment will reduce the processing time significantly in an aim to boost the Cypriot economy in the wake of the ongoing coronavirus pandemic. 

Further proposals and suggestions which will increase the efficiency of the program:

1) Increased Credibility

Several ideas have been submitted to the Cypriot President to further improve the credibility of the program. One main idea put forward is for developers to work alongside legal firms so as to have regulated lawyers involved in the process. This would ensure the smooth and swift processing of legal documentation while giving the applicant peace of mind that a highly creditable source is handling the application alongside the developer. 

2) Further Proposed Updates to the Cyprus Investment Program

The Cyprus Government is now considering removing the cap on applications. As it stands the program only allows 700 naturalisations a year, however, this may soon change. 

Another development is the adaptation of the program due to the pandemic. The Cyprus Government is now considering a procedure for remote applications to be submitted for the program. This will allow investors who are unable to leave their country of residence due to any restrictions, to still be able to apply to the program. 

3) Potential extension of the UK leaving the EU

The speeding up of applications, the ability to apply remotely and the possible extension of the UK leaving the EU, presents a timely opportunity to high net worth individuals to participate in the Cyprus Investment Program. 

A Unique Opportunity

For those interested in this unique opportunity but are possibly facing reservations regarding investments and construction of property in Cyprus, it is noteworthy to keep in mind the following: 

The island of Cyprus continues to successfully manage the coronavirus pandemic so as to limit the effects on all main sectors of its economy, including the Real Estate and Development sectors. Due to the quick and decisive measures taken by the Government, Cyprus is now enjoying the benefits of businesses reopening and developments beginning to take shape once more. 

The successful actions and sacrifices of the Cypriot people have not gone unnoticed, as Cyprus now ranks within the top 40 safest countries in the world and as the 14th safest country in Europe regarding the pandemic. The high standard of health and safety on the island is allowing Cyprus to prepare for the summer season that in turn will strengthen its economy. By efficiently handling the pandemic, Cyprus is now able to kick-start its economy ensuring a safe haven for people, businesses, investments and developments. 

Trust the Experts: Why Y. Argyrides & Associates LLC should be your choice when it comes to acquiring Cypriot Citizenship

Y. Argyrides & Associates LLC features an established track of record in offering focused and comprehensive legal solutions to discerning high net worth individuals from across the world. 

The firm boasts a deep and long-standing involvement in Cyprus’ Investment Program both in terms of the actual establishment and operation of the program on the island, as well as regrading assisting individuals to benefit from it. 

The firm’s team is very experienced in handling applications for the Cyprus Investment Program. They go beyond the standard protocols, offering individually tailored and personalised service for each unique client, ensuring a smooth process of obtaining a Cyprus passport. 

With a wide portfolio featuring a variety of different investment opportunities on the island and a comprehensive experience surrounding the application process for the acquisition of either citizenship or permanent residency permit on the island, Y. Argyrides & Associates LLC is the go-to firm for total peace of mind. 

Contact Us

Our experienced team is eager to provide you with proven, trouble-free Investment & Citizenship services for you and your loved ones. We would be glad to disclose more information as well as offer our assistance. Feel free to get in touch with us by sending us an email at info@argyrideslaw.com. 

Y. Argyrides & Associates LLC has had the pleasure of collaborating through the years with Ukrainian professionals and successfully representing Ukrainian organisations and individuals. 

It is only natural for the firm to be delighted that it is now in the position to announce that it has made it into the Ukrainian Embassy’s (Cyprus) list of acknowledged legal firms for Ukrainian organisations and individuals seeking legal representation in the Republic of Cyprus. 

The list currently includes only 7 select legal firms island wide, with Y. Argyrides & Associates LLC being the only firm located in Larnaca. 

A testament to the quality of our services, as well as the international appeal of our firm, Y. Argyrides & Associates LLC continues to establish itself as the go to place for legal representation at a global level. 

Cyprus International Trusts

Boasting an already attractive package as an international business and financial hub due to its unique location, modern infrastructure, accessibility, stability and great relationship with virtually all countries in the world, Cyprus has further advanced its unique position by fundamentally reforming its relevant trusts legislation over the years. 

An increasing number of professionals chose Cyprus to set up their International Trusts due to the unique environment offered by Cyprus Law, which is based on the popular English law and principles to begin with. Nowhere else in the world can one find so many advantages concentrated in a single trust jurisdiction. The fact that Cyprus is a member of the European Union only adds to the already comprehensive package. 

Some of the advantages of setting up trusts in Cyprus include:

• The establishment and administration of trusts is very attractively priced
• A unique blend of tax exemptions and double tax treaties
• Registration requirements are minimal
• High confidentiality / anonymity
• A comprehensive legal or otherwise infrastructure
• The flexibility and adaptability of the Cyprus International Trusts law
• The level of protection and flexibility provided to trust structures
• Possibility for a trust to be redomiciled to another jurisdiction

Now let’s look into the Cyprus International Trusts Law in detail: 

The Cyprus International Trusts Law

The law governing Cyprus International Trusts (the “CIT”) is the International Trusts Law of 1992, as has been amended from time to time (the “Law”). The Law aims to attract non-Cypriot Tax Residents for establishing a hereditary vehicle in the Republic of Cyprus in order to protect their properties/private assets located anywhere in the world including property situated in Cyprus, and simultaneously benefit by Cyprus tax regimes. 

Who are the main participants of a CIT?

• The Settlor is the person who creates the CIT and is the owner of the initial property placed under the CIT. He must not be a Cyprus tax resident the year before the establishment of the trust. Also, the Settlor must be of full age (18) and of sound mind in accordance with the law of the country which he is resident;
• The Trustee is the person (individual or company) who agrees to hold the trust property in his/its name for the benefit of the Beneficiary under the terms of the trust deed. The Trustee must be a Cyprus Tax Resident (or at least one of the trustees must be a Cyprus Tax Resident). The Trustee has the legal title to the trust assets;
• The Beneficiary (individual or company) who is entitled to a right or interest in property which is subject to the trust. The Beneficiary must not be a Cyprus tax resident the year before the establishment of the CIT. The term includes persons that were not yet born at the time of the creation of the Trust, and also persons who are part of a class of people;
• The Protector (not compulsory) is the person other than the Trustee to whom powers of any nature are conferred by the trust instrument, including the power to advise a Trustee as to the exercise of the trustee’s powers, the rights of the Trustee in respect of a consent or veto, and includes the right to appoint or remove a Trustee.
• The Enforcer means a person or persons whose duty is to enforce an international trust, with the exception of trusts for charitable purposes in accordance with the Law.

Can a CIT be irrevocable?

According to the Law, a CIT is irrevocable unless a specific power of revocation is clearly stated by the Settlor. 

What is the applicable law and the respective court jurisdiction?

Pursuant to the provisions of the Law, the Settlor may choose the law which will govern the CIT. In cases where no applicable law has been chosen, then the CIT will be governed by the law which is more closely related to the CIT (the Law provides relevant guidelines in this respect). 

Based on the provisions of the Law, the Cyprus Courts, if one of the following circumstances apply, shall have exclusive jurisdiction on a CIT: 

• (a) where the applicable law of the Trust is the law of the Republic; or
• (b) where the Trustee is a resident of the Republic; or
• (c) where the company acting as a Trustee has been incorporated in Cyprus; or
• (d) where any asset of the Trust is situated in Cyprus; or
• (e) where the administration of the Trust is performed in Cyprus; or
• (f) where the parties to the Trust accept the jurisdiction of the Cyprus courts; or
• (g) where the Trust refers any dispute to the Courts of the Republic.

What are the advantages of a Cyprus International Trust? 

I. Settlor may reserve powers 

According to the Law, the Settlor may reserve for himself certain powers/rights either in his capacity as Settlor, or as Protector or as Enforcer of the Trust, such as:

• i. To revoke, vary or amend the terms of the Trust;
• ii. To grant, distribute, pay or dispose in any form of either income or capital of the Trust, or give instructions with respect to these;
• iii. The right to appoint or remove any Trustee, Enforcer, Protector, Beneficiary, Investment management or investment consultant;
• iv. To alter the applicable law of the Trust or the forum of the administration of the Trust;
• v. The ability to confine the exercise of the powers or the discretion of the Trustee by imposing a stipulation that these will be exercisable only with the consent of the Settlor or by any other person so specified in the terms of the Trust;
• vi. To give binding instructions to the Trustee in connection with the Trust property; and
• vii. The ability to act as director or officer or give binding directions with regards to the appointment or removal of any director or officer of any cooperation which is wholly or partially owned by the trust.

II. The CIT might be amended from time to time 

The Law permits an alteration to the terms of the CIT if it is permitted by the CIT itself or after being approved by the Court. 

III. The duration of the CIT 

Provided that it is not otherwise indicated in the CIT, there shall be no limit on the period for which the trust is valid and enforceable. 

IV. Confidentiality of CIT 

First of all and most importantly, trust registers maintained by the competent authorities are not publicly available. 

Furthermore, the Law prohibits the disclosure of any information or documents regarding the CIT by any person (including the Trustee). Only the court may allow such disclosure of information/documents, to the extent that such disclosure is important to the result of a particular civil or criminal proceeding. 

V. Taxation 

Income or profits which are acquired or deemed to be derived from outside Cyprus are not taxable in Cyprus if the beneficiary is not a Cyprus tax resident. Income and profits sourced from Cyprus are taxable in Cyprus, irrespectively if the beneficiary is a Cyprus tax resident or not. Nevertheless, all income and profits of a CIT which are acquired or deemed to be derived from sources inside or outside Cyprus are taxable in Cyprus provided that the Beneficiary is a Cyprus tax resident. 

Passive income (dividends/passive interest) received by a CIT from a Cyprus company are not subject to tax nor subject to withholding tax. 

VI. Asset Protection 

The Law provides that notwithstanding the provisions of any bankruptcy or liquidation laws in the Republic or in any other country, unless it is proven to the court that the CIT was established with intent to defraud the creditors of the Settlor, the CIT shall not be void or voidable. 

Why Y. Argyrides & Associates LLC is the go to place to establish a Cyprus International Trust

Y. Argyrides & Associates LLC feature an established track of record in offering comprehensive business & legal solutions to international and local businesses here in Cyprus. 

With decades’ worth of experience and the establishment of countless trusts for its clients, the firm is in the unique position to advice multinational clients as to the creation of trusts as well as to the choice of the best possible structure. 

Furthermore, the firm may draft the trust instrument and any other legal document required under the Law. 

Y. Argyrides & Associates LLC supports and assists clients in terms of provision of trustee, administration and management services for the CIT. 

Lastly, the firm advises clients regarding any issue related to trusts under the Law, trustee powers, beneficiary rights, interpretation of trust deeds and other trust related documentation and represents them in court. 

Contact Us

Looking forward to establishing an International Trust in the Republic of Cyprus?

Our experienced team is here to provide you with comprehensive services in all aspects of your business including setting up international trusts. We would be glad to disclose more information as well as offer our assistance. Feel free to get in touch with us by sending us an email at info@argyrideslaw.com. 

Y. Argyrides & Associates LLC and Perfect Circle Trust LTD meet the High Commissioner of India to the Republic of Cyprus

Seeking to strengthen and solidify Cyprus’ unique position as an attractive global business hub as well as to increase awareness and establish connections with leading world-renowned businesses, the partners of Y. Argyrides & Associates LLC and Perfect Circle Trust LTD, Yiannis Argyrides and Kyriaki Gerolemou have recently met with the High Commissioner of India to the Republic of Cyprus. 

Mr. Argyrides and Mrs. Gerolemou were delighted to have personally met with Her Excellency, Ms. Madhumita Hazarika Bhagat at the High Commission of India in Cyprus, and are grateful for the productive conversation. 

The meeting’s main focus was India’s relationship with Cyprus including opportunities in establishing a solid foundation for a long and fruitful cooperation. The benefits and need for professionals such as lawyers and accountants in making bilateral ties a success were also on the agenda. 

Y. Argyrides & Associates LLC and Perfect Circle Trust LTD wish to thank HE Ms. Madhumita Hazarika Bhagat for her hospitality and time, and are looking forward to a long lasting collaboration both with the High Commission as well as with business professionals in India. 

CYPRUS-INDIA: Unique opportunities for Business and Investments

Cyprus and India have traditionally enjoyed excellent political and economic relations, based on a deep friendship, mutual respect and close cooperation with these relations only strengthening over time. 

Influenced by the mutual support and the similarities in culture and traditions of the two countries, Cypriot and Indian entrepreneurs are seeking opportunities to build good, strong and lasting business relationships. 

Why Indian entrepreneurs consider Cyprus as the best place to relocate or establish their businesses

SIMILARITIES IN THE LEGAL SYSTEMS

The Indian and Cyprus legal system administers the common law system. They have in fact, inherited the legacy of the legal system established by the colonial powers. Α bright example is that, the Cyprus Contract Law Cap 149 is very similar and to some extent identical to Indian Contract Law. As a result, there are many examples in Cyprus case law where the interpretation of Cyprus Contract Law Cap 149 is based on Indian sources. 

BILATERAL INSTITUTIONAL ARRANGEMENTS

At this age and time, India and Cyprus are keen on promoting and upgrading their bilateral relations, increasingly focusing on economic, scientific, technical and tourist cooperation. 

Main bilateral institutional arrangements signed between the two countries: 

• i. In March 2001, the two countries signed a protocol institutionalizing Foreign Office consultations (FOC) on an annual basis. 
• ii. India and Cyprus signed an Agreement on Economic, Trade, Scientific and Industrial Co-operation in April 1989, following which the Joint Economic Committee (JEC) was established. 
• iii. In order to facilitate cooperation in Science & Technology, with the possibility of commercial application in this field, a MoU providing for joint research and development projects and joint ventures in S&T was signed in October 2002. 
• iv. The MoU on IT and Services was signed in October 2002. The Cypriot side has a common JWG to implement the MoU on S&T and the MoU on IT. 
• v. In September 2005, Cyprus-India Business Association (CIBA), was established under the auspices of the Cyprus Chamber of Commerce. Y. Argyrides & Associates LLC is a member of CIBA and soon to be a Board Member. 

ECONOMIC RELATIONS BETWEEN THE TWO COUNTRIES

Since the 1960s, the importance of economic development and economic relations between the two countries, has drawn much attention worldwide. 

Cyprus and India have achieved many economic developments. As per the DIPP figures, Cyprus is the 8th top investor in India.