Cyprus Property Legal Law

By Author: Ajayyadav
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law, gives her considered opinion on the outcome of the recent high court case between the Orams and Meletios Apostolides the Greek Cypriot owner of the land that they built their villa on in Cyprus.
Property law in the United Kingdom is divided into three regions - Scotland, England & Wales, and Ireland. The property laws of Scotland are quite different from that of England and Wales. However the property laws of Ireland and England are fairly similar. Scottish property law had originated and was derived from the Scottish feudal law system. However it has undergone extensive adaptations and changes under the modern statute. English and Welsh property law originated and were derived from the English common law and English traditions. Many people are under the false notion that the property laws of England were derived from Roman law.

A landmark decision of the Court of Appeal in Britain has confirmed the risks of buying property in the North. The decision in the so-called Orams Case made last month has confirmed that a Nicosia court decision of 2004 does have effect in Cyprus and the Orams, a British couple ...
... who built a villa on property originally owned by Greek Cypriot Meletios Apostolides, have been ordered by the British Court of Appeal to demolish the villa, return the land and to pay Mr Apostolides back rent for their period of occupation. They are also ordered to pay Mr Apostolides legal costs .

Cypriot law differs with UK and other European laws when it comes to dealing with a persons Will. The fact is that if you die without a Will your estate passes automatically to your children - not your spouse. Also, it could be expensive because of unavoidable taxes and fees.
The very wealthy are able to make trusts and foundations to hold overseas assets and control ownerships when people die, these same rules are available to everyone and using them can avoid expensive and lengthy probate costs.
There are clear obstacles to buying property in Cyprus. For a start, virtually no countries recognise it as a legally valid state. Thus, for example, the whole of Cyprus is technically part of the European Union but complicated arrangements mean that only the people who live in the South of the island under the effective control of the Government of Cyprus can benefit from membership.

TRUST
One can also look at a Trust which is in effect a living Will where you give your personal assets to a new legal entity called a Trust. Subject to tax rules you can continue to have an element of direct and control these assets and have a Trust Will to provide for the distribution of assets on death.

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cyprus property lawyer