Category: Real Estate

“Cyprus: a vehicle for international transactions and investments”


David James, English goalkeeper
Sorry, not quite that David James speaking here...

Conference

“Cyprus: a vehicle for international transactions and investments”

Intercontinental Hotel,  Emilii Platter 49, Warsaw

16 June 2011, 8.00am – 11.00am
(Language:  English)

This event is aimed at introducing Cyprus companies as vehicles for international transactions and investments covering the key requirements applied by the authorities and the banking system in Cyprus and Poland.

The event is addressed to Owners, Chief Executives, Financial Executives and Board Members of companies with international perspectives.

Experienced professionals and speakers of Baker Tilly Poland and Baker Tilly Klitou of Cyprus will be presenting a range of topics, suggesting practical solutions and sharing their experience.  A Q&A session before the close of the event will give participants the opportunity to talk directly with our speakers in order to raise their queries or obtain additional information.

Programme:

8.00 – 8.35 am     –    Business breakfast

8.35 – 8.40 am     –    Welcome address

                                 David James, International Liaison Partner, Baker Tilly Poland

8.40 – 8.55 am     –    “Cyprus transactions: Polish taxation”

                                 Steven Foster, Baker Tilly Poland

8.55 – 9.10 am     –    “Cyprus: an attractive investment and business destination”

Marios Klitou, CEO of Baker Tilly Klitou

9.10 – 9.25 am     –    “IFRS  Regulations in Cyprus”

                                 Christodoulos Loulloupis, Director, Audit Services, Baker Tilly Klitou

9.25 – 9.40 am     –    “Tax in Cyprus and structuring ideas”

                                 Therapon Mafkas, Director, Tax Services, Baker Tilly Klitou

9.40 – 9.55 am     –    “Collective Investment Schemes”

Chris Koutouroushis, General Manager, Bizserve Consultants Ltd

9.55 – 10.10 am   –    Presentation from a Cyprus bank on “International Banking in Cyprus”

10.10 – 10.25 am –    “Polish-Cypriot success stories – Enhancing investment opportunities”

David James, International Liaison Partner, Baker Tilly Poland

10.25 – 10.55 am –    Questions & Answers

11.00 am              –    Close of Conference

In order to obtain your free registration, please contact mjaniga@bakertillypoland.eu  by Wednesday, 8th June 2011. If demand exceeds space available, registration will be first come, first served.

We look forward to seeing you at the Conference!

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Which Set of Laws to Use in Real Estate Transactions?


Skärva - The country estate
Some international real estate, yesterday

This morning on social media I added the following to a discussion on the above question. Some others had given similar answers, but there were other divergent answers.

The most important jurisdiction is where the property in question is physically located. This determines whether the mortgages or charges which the lender will wish to place on the property are properly drawn up and registered.

Let’s imagine a scenario where an inhabitant of country A buys a building in country B and receives a loan to do so from country C. If Country B has law that says a resident of country A needs a permit to buy property from country B, and the person from A has bought without the permit, then in that scenario any rights that the buyer has granted the lender will automatically also not be enfoceable on the property.

Which doesn’t mean that I can’t use Country C law for the loan contract – probably you can, but in a way that also takes account of the risks and vagaries of the law in country B and also maybe even Country A.

For these things you need firms of real estate lawyers and tax accountants that are international. Not just networks, but firms where the people putting the deal together include experts from the different countries involved working in each other’s offices or working together so closely and regularly, that they may as well be in each others’ offices. Good professional international communication is the key to success in these cases, and not every firm seems able to deliver it.

Tax is also a consideration, but most of all you have to make sure that you are compliant with the laws of the place the property is. The worst things that can go wrong will go wrong if that isn’t sorted out first and foremost.

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Something to think about


image

I think I’ll let the map speak for itself. It was the main story in the weekend edition of Rzeczpospolita newspaper.