Cyprus has been widely recognised as a growing economy with increasing reputation and attractive legal and financial possibilities. The economy has fully recovered since the 2013 banking crisis and the real estate and construction sector has started to flourish. Leading international corporations and real estate developers invest in landmark developments of luxury apartments, houses, offices, hotels, marinas and other big structures. For many years, Patrikios Pavlou & Associates LLC has been offering advice on matters relating to immovable assets and in terms of sales, acquisitions, financings, disputes and restructurings involving commercial and residential properties. The lawyers of the department are highly educated (mainly from top UK universities), they have been vigorously selected and they are trained to the highest standards for providing top level quality services to clients. The experience of the firm on real estate matters is extensive, with the legal team in the real estate department assisting in:
- The setting up of Cyprus International Trusts
- Sale and purchase agreements
- Lease agreements and property finance matters in relation to commercial real estate
- Agreements for real estate developments
- Applications to relevant authorities for necessary permits in respect of acquisition by non-residents of immovable property in Cyprus
- Drafting wills, obtaining probate, and estate administration planning
- Cyprus Investment Immigration Programme
The department is also supported by the Founder & Senior Consultant, Mr. Patrikios Pavlou, who has considerable and valuable experience in real estate matters as well as wills, trusts and administration of estates.
Sample of Major Cases Handled
- 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.
- Advising a number of high-net-worth individuals from Russia, Asia and other non-EU countries on the purchase of premium commercial and residential properties which qualify for the Cyprus Citizenship by Investment Programme.
- 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.
- 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.
- 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.
- 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.