Dear All,

We at Fitzgerald’s believe that some matters are best dealt with by the experts in the field. Here are just three excellent lawyers who you can contact for conveyancing and our chartered accountants who can help with all aspects of your finances including acting as an administrator of your estate for probate.

Lawyer & Legal Consultant Contact details:

Tel: +357 26819 121, 26821036 Mob: 357 99632560 Fax: +357 26821037 web site: www.kourideslawoffice.com email: kourides@logos.cy.net

Barrister-at-law Contact details:

Tel: +357 26818587 Mob: +357 99105460 Fax: +357 26818588 email: harisruth@cytanet.com.cy

Lawyer & Legal Consultant Contact details:

Tel: +357 26932097 Mob: +357 99632423 Fax: +357 26954401 email: korakide@logos.cy.net

Lawyer & Legal Consultant Contact Details:

Tel: +357 26936943 Fax: +357 26938953 email: Ioli@cytanet.com.cy

Lawyer & Legal Consultant Contact details:

Tel: +357 26220808 Fax: +35726220545 email: info@kalogiroulaw.com

Educated in England with 10 years experience before settling back in Cyprus in 1994, Mr Lazarou speaks perfect English and Greek and is experienced in all sectors of accounting including the administration of wills at very reasonable low fees.

Contact Details:

Yiannakis Lazarou BA (Hons) MBA DipM ACIM ACA

Tel: 26931000 (offices) Fax: 26811117

e-mail: yplaza@cytanet.com.cy

Please note: This information is for guidance only and is not meant to substitute the legal advice.

Property prices in Southern Cyprus have risen significantly over the last few years. Many long-term house owners may then have been considering cashing in and re-investing.

If you sell a residential property in Cyprus for the first time, you will have to pay Cyprus Capital Gains Tax, which is currently 20%. You can offset this CGT liability as a result of inflation and the deduction of the cost of capital improvements paid.

Another tax benefit is that you are entitled to a ‘once in a lifetime non-transferable allowance’ of €17,000. If 2 people own the property then the allowance is doubled and 3 people it is tripled. If you’ve owned your house for at least five years, have lived in it, and can prove it, the allowance rises to €85,000 total.

There’s a double-tax treaty with the UK so that any tax you pay in Cyprus can be offset against any UK tax liabilities, so that you don’t pay tax twice.

All the above information is subject to change and whilst we try and keep the details up-to date, it’s always best to seek professional advice before making any decisions.