Category Archives: Information

Zoeline consultants merges with CHM legal consultants.

Dear Friends!

The companies Zoeline Consultants and CHM Lawyers-Legal Consultants have combined their efforts in the field of investment and legal consulting. The planned merger was completed in the end of April 2017.

The main goal of the unification is to strengthen its position in the professional market through mutual enrichment with accumulated experience.

Our clients will be able to evaluate an expanded set of services and solutions in the field of investment and banking consulting, legal services and services for obtaining Cypriot citizenship.

About Zoeline Consultants

Zoeline Group of companies has been engaged in international professional activity in the field of business consulting and investments, for corporate and private clients, for more than 14 years.

The company was established in 2003 for the purpose of servicing a number of trusted clients, specializing mainly in the administration of corporate structures, financial consulting and investment consulting in the US stock markets.

Since 2012, the search for fixed-income investments in the real sector has become one of the key activities of the company.

Today, we offer our clients unique knowledge and experience in the field of investment, asset management, support of mergers and acquisitions, as well as a wide range of investment products and services at the level of international standards.

About CHM Lawyers-Legal Consultants

CHM deals with questions related to citizenship, property rights in Cyprus, including cadastral procedures, property valuation, and all inheritance issues.

CHM render services in property acquisition, legal support of transactions, licensing, and also guarantee that all the documentation for real estate transactions is provided correctly and is confirmed by the authorities.

The company has successful experience in supporting the procedure for obtaining citizenship for investors in Cyprus. It also deals with matters related to naturalization and Permanent Residence in Cyprus.

 

Shipments – a promising sector

The increase in shipments of Cypriot companies by two percentage points over the next three years is an achievable goal, as suggested by the American billionaire Wilbur Ross.
Cyprus need to increase the share of the world fleet from 4% to 4.8% in order to increase the contribution of shipments in gross domestic product by about 9% from 7%. It is quite feasible for Cyprus, said the vice-chairman of the Bank of Cyprus Wilbur Ross, who pertains to business of shipping. Cyprus has structural and geographical advantages, “you just need to work more on promotion,” says Ross.

Revenue from ship management in the first half of 2015 rose to 464 million euros (421 million euros in the second half of 2014), equivalent to 5.4% of GDP, according to the Central Bank of Cyprus. Among companies managing ships on the island, such as Bernhard Schulte Shipmanagement Cyprus Ltd., Columbia Shipmanagement Ltd. and Interorient Navigation Co Ltd. Minister of Transport, Communications and Works of Cyprus Marios Demetriades said that the government plans to more actively develop the shipping business, in particular by strengthening the regional offices of shipping centers such as New York, Rotterdam and Piraeus, he said, as reported www.sigmalive.com

ship

UPDATE 2-Cyprus to lift all capital controls on Monday – President Anastasiades

  • • Cyprus to scrap capital controls on Monday
  • • Island sees minimal risk from Greek crisis
  • • Confidence restored in bank system-president (Releads, updates)

By Michele Kambas

NICOSIA, April 3 (Reuters) – Cyprus will lift all capital controls on Monday and President Nicos Anastasiades voiced confidence that its banking system, forced into a chaotic bailout in 2013, is now immune to the crisis in neighbouring Greece.

The Mediterranean island nation became the first and, to date, the only euro zone country to impose capital controls, when its banking system imploded in 2013 and depositors pulled out their funds.

Cyprus was forced to shut one bank and seize deposits in another to recapitalise a system badly exposed to Greece’s debt crisis.

Asked whether Friday’s announcement on ending the controls was a Cypriot ‘vote of confidence’ in Athens’ current bailout talks with Brussels, Anastasiades answered: “It is a form of a vote of confidence because we want to believe further crisis will be averted.”

He added: “It is a vote of confidence in our banking system, which, now fully independent of Greek banking institutions, can move forward.”

Cypriot banks chalked up about 4.5 billion euros, or 25 percent of the island’s gross domestic product, in losses from their holdings of Greek sovereign bonds written down in late 2011.

A condition for lenders agreeing to give Cyprus 10 billion euros in aid in 2013 was that the banks sell off their branches in Greece — then billed as an attempt to ‘ring fence’ the Greekeconomy from the Cypriot crisis.

Asked if authorities had assessed the possibility of Greece leaving the euro zone, even by default, and its impact, Anastasiades reiterated that he did not want to contemplate the possibility.

“But because we have a Cypriot saying that ‘wise kids cook before they are hungry’ … I want to assure you that all exercises on paper have been done, for any eventuality.

“Firstly there is no large risk any more to the Cypriot economy. Measures are planned so that whatever minimal (risk) remaining is mitigated even further,” he said, without elaborating.

The last remaining capital control, included in a finance ministry decree last month, required authorities’ approval for businesses sending large remittances overseas, and individual travellers moving more than 10,000 euros ($11,000) out of the country. ($1 = 0.9185 euros) (Reporting by Michele Kambas; Editing by Ruth Pitchford)

The situation in the property development sector has been stabilized.

As the President of the Cyprus Land and Building Developers Association Pantelis Leptos said on February 6, the property development sector continued contributing almost 20% to total GDP despite the financial crisis.

Speaking at the Annual General Meeting of the Association, the President expressed his belief that the contribution of the sector to the growth of the country has been very significant.

Despite the economic uncertainty of the past two years, during this period, the property sector has managed to attract more than €1 billion of foreign capital in the island`s economy.

Leptos reminded that in 2014, the number of properties sold across Cyprus increased by 20% compared to the previous year. In his opinion, this improvement has clearly demonstrated that the land development sector is back on track.

Cyprus property sales in 2013/2014-Comparison

Sales to overseas buyers Total sales
2013 1,017 3,767
2014 1,193 4,527

As Leptos pointed out, the Cyprus government had taken special measures in order to help attract foreign capital. According to the new immigration law, certain property buyers can be granted Cypriot citizenship or permanent residency in Cyprus in exchange for investments in the island`s economy. The new immigration schemes, which had been introduced by the cabinet in May 2013, have already proved to be very effective in attracting significant overseas investment.

Considering this new Immigration law to be one of the Cyprus property sector`s strongest cards and believing that the scheme should not only be continued but also expanded, Leptos has recently given a number of recommendations concerning the improvement of the law to the Interior Minister of the Republic of Cyprus.

The local property market also shows some signs of recovery, said Mr. Leptos, who has been a president of the Association since June 2012.

Source: “Cyprus Mail”

Weaker euro has boosted real estate sales

It is worth reminding that over a considerable period of time, sales of immovable property have been on the rise. This year, they rose by 10% during the first month and by 5% during the second one compared to the numbers sold in January and February last year.

This uphill trend in property sales can be partially explained by the fact that immovable property for sale in Cyprus has become more affordable for Britons due to the current strength of the pound against the euro.

Over the past six months, the British market has started moving again. Houses and apartments for sale in the Paphos region (mainly in coastal areas) proved especially attractive to home buyers from the UK.

The current uphill trend in real estate sales in Cyprus can also be attributed to a high level of overseas demand which had been boosted by the implementation of the new government`s immigration schemes. Along with other Third Country Nationals, Russian and Chinese property buyers are tempted by the possibility of obtaining permanent residency in Cyprus or Cypriot citizenship in exchange for investment in the island`s economy.

The majority of local real estate experts expect that property sales will continue their upward rise into the foreseeable future.

February property sales-2015/2014 Comparison

Nicosia Famagusta Larnaca Limassol Paphos The number of sales
Feb 2014        69        18        50       95       79    311
Feb 2015        45        27        71       97       85    325

As the table above shows, almost all districts performed well in February. Only in Nicosia, the number of property transactions fell. It dropped by 35% compared to February 2014. The good news is, that with a very substantial increase in property sales in Larnaca and Famagusta (by 42% and by 50%), the drop in sales in Nicosia was more than offset. Although an increase in sales in Limassol and Paphos (by 2% and 8%) was not nearly as significant as it was in Larnaca and Famagusta. Nevertheless, the number of property transactions rose in these districts too.

The number of properties that changed hands during the two first months of this year was more than that during respective period of 2014 by 7 per cent.

Property sales in the January to February period-2015/2014 Comparison

Jan-Feb of Nicosia Famagusta Larnaca Limassol Paphos The  number of sales
2014 119 36 102 175 172 604
2015 91 43 161 192 159 646

In the January to February period of 2015, Larnaca performed best with an increase of 58 per cent compared to the same period a year ago. This result clearly indicates that houses and apartments for sale in Larnaca have been in considerably high demand this year. In Famagusta and Limassol, the number of properties sold during this period rose by 19% and 10% respectively. However, the number of property transactions fell by 24% in Nicosia and by 8% in Paphos. Local real estate experts think that in all likelihood, property prices will start recovering very soon. One of them is Charalambos Petrides, who is a chairman of the Cyprus Land Development Corporation. He believes that the recovering of real estate prices in Cyprus will begin in the second half of this year.

Source: Cyprus Mail

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Citizenship planning

After Cyprus has entered into EU in 2004, it became a country with a good investment climate. At the moment Cyprus has an open market economy which mainly specializes in the sphere of agriculture, tourism and services.

In the modern world Cyprus has also been recognized as a center of business and ship management in the Eastern Mediterranean, it also has a developed infrastructure, an ability to offer possibilities and opportunities for establishment of international companies, as well as implementation of ambitious projects and investment decisions.

The main advantages of Cyprus are: efficient corporate legislation based on the British model, minimum formalities during registration of the company, protection of private property, modern taxation that motivates development of entrepreneurship and activity of international investors, availability of qualified professionals, beneficial geographic location, safety and a very good climate.

Cyprus has one of the lowest tax rates on company’s profit and appropriate system of tax administration. Income such as dividends, capital gain, income from securities operations, are completely exempt from taxation. All of this in combination with a wide web of intergovernmental agreements of double tax avoidance attracts foreign investors.

Cyprus program for acquisition of citizenship through investment is the most attractive one for those who have the resources.  Its main advantages are the right for free movement and employment in EU countries.

Additional advantages include: guaranteed stability of the legal system, social security and an ability to enter in more than 150 countries with no visa required.

Our company works with carefully chosen projects which enable a highly effective investment.

You can find detailed information on investment projects in Cyprus and on Cypriot citizenship acquisition procedure when you contact our company.

We will be glad to cooperate and we are ready to answer all your questions!