Practice Areas
Real Estate, Trusts & Asset Protection
Real Estate, Trusts & Asset Protection
Providing pragmatic and commercially-minded legal and advice in real estate matters and transactions, both in Cyprus and internationally is one of our key practices. We have assisted numerous individual clients and institutional investors in some of the largest projects in Cyprus. Cyprus has established itself as one of the premier real estate investment destinations in the Mediterranean and the EU due to its multiple business and lifestyle advantages. Real estate transactions have been consistently rising for the past years as a result of considerable economic growth, new government incentives and increased activity in tourism, trade and manufacturing.
Headquartered in Limassol, the real estate hub of Cyprus, Patrikios Legal is well-positioned to advise its clients. We have extensive and in-depth knowledge in advising and assisting both individual and corporate clients in real estate transactions, whether for investment purposes, relocation to Cyprus, commercial activities, establishing a corporate base, or a new home. Our real estate clients range from real estate funds to overseas investors across all sectors including commercial property, residential, hotels, retail and industrial. Building on our strong litigation experience, we also advise on disputes and litigation in relation to residential and commercial properties.
Our real estate advisory services include:
We provide legal advice and general assistance for any kind of real estate transactions, including acquisitions, swaps and leases of immovable property. We assist with all land registry and local authority procedures, as well as local tax clearance procedures concerning properties situated in Cyprus. We prepare the necessary agreements and documentation and offer advice on direct and indirect acquisitions, disposal of assets, all types of leases and rental agreements involving both residential and commercial properties.
We assist in the implementation of property holding structures and offer advice on corporate restructurings, re-organisations involving major real estate assets, international real estate holdings by Cyprus or other international entities, as well as asset protection through the establishment of trusts.
We provide legal advice and assistance to landmark construction and development companies operating in the real estate field in Cyprus. We prepare and review all major real estate contracts including consultancy, sale, tenancy, service and management agreements.
We advise on tax implications arising from real estate transactions and holding of real estate in Cyprus, as well as matters relating to the capital gains tax and VAT (Value Added Tax) on property both under acquisition and under lease.
We advise entities and individuals purporting to invest in real estate and immovable property situated in Cyprus on all tax implications, required documentation, benefits and all legal matters.
Through our network of associates, we provide a holistic one-stop shop for international corporations and entities wishing to relocate or establish a reliable business base in Cyprus. This includes offering advice on initial real estate acquisitions or leases as well as general advice on workspace matters both private and shared flexible workspaces, advice on employment law, as well as advice tax matters for the establishment of real and fully-fledged offices Cyprus and creation of substance.
We offer general advice and assistance on debt-to-asset restructuring and other debt to asset swap arising from financing restructurings from major banking institutions and other organisations.
We offer legal advice on major financing transactions that require provision of security on Cyprus real estate, legal protection of Cyprus real estate assets, general legal advice on mortgages and all aspects of real estate security in Cyprus as well as legal assistance with formalities and perfection requirements.
As one of the leading litigation law firms in Cyprus, our team provides practical, commercially minded advice on all types of property litigation and real estate disputes. We advise on the best forum to resolve the dispute quickly and proportionally whether through litigation, arbitration or alternative dispute resolution.
Sample of Major Cases Handled
Advising Cyprus Bank on Tax-Exempt Loan Restructurings Worth €9M
Advising one of the major banking institutions in Cyprus in relation to all loan restructurings performed by them pursuant to an amendment of the Cyprus tax legislation, effective as from 31 December 2015, according to which certain loan restructurings are temporarily exempt from tax, where such restructurings include the transfer of immovable property to the creditor/financial institution in exchange for the repayment of debt. We acted as the legal advisor to the bank to a debt of more than EUR 9 million.
Legal Guidance for Non-EU HNWIs on Cyprus Citizenship via Property Investment
Advising a number of high-net-worth individuals from Asia and other non-EU countries on the purchase of premium commercial and residential properties which qualify for the Cyprus Citizenship by Investment Programme.
Consulting on Development of Eastern Mediterranean's Tallest Buildings
We are currently advising one of the leading property developers in the Eastern Mediterranean on the development, planning and licencing stage on their latest two landmark projects, which will include two of the tallest buildings in the Mediterranean region; these are considered to be among the largest private real estate investments.
Legal Support for Reconditioning Heritage Buildings in Limassol
Advising certain private individuals from Australia on the complete procedure regarding the reconditioning of listed buildings in the Limassol old town to turn them into a niche residential development. This is an important project as it deals with listed properties that are bound by specific legislation for their heritage protection and require expert legal advice in order to maximise investment opportunities.
Advising European Investment Bank on $35M Financing for Forex Broker
Extensively advised a major European investment bank on securing their rights on certain immovable assets, which were mortgaged to the bank as part of a USD 35 million financing to a leading international online forex broker based in Cyprus. An important project due to the cross-border complexity of securing certain properties situated in Cyprus and the technical difficulties in obtaining licencing from the Cyprus Land Registry to be a mortgagee.
Comprehensive Real Estate Advice for Local and International Investments in Cyprus
We regularly advise on all property-related matters, both local and international individuals and corporate clients seeking to invest in commercial, residential and/or plots of land throughout Cyprus. Our firm has practical hands-on expertise in handling real estate transactions and land registry formalities and procedures. Our clients range from those requiring simple conveyancing to complex financing deals that will involve at least one local or international financial institution.
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