Hi there – how are you?

On Saturday I'm off on holiday for two weeks - yippie! I'm going to my holiday home on the St Lawrence River (Cape Vincent). I'm looking forward to relaxing, boating and having a camp fire every night. There are pros and cons to having a holiday home versus going somewhere different each holiday...but based on my experience, I love to return to my place on the River. It's a home away from home.

As for Cyprus - another home away from home - there's quite a bit going on. Most of us know that Cyprus has some amazing events throughout the year - but isn’t always very good at promoting them!

Did you know for instance that Cyprus is famous for the Aphrodite Festival, which presents an opera annually using the castle at the harbour as its backdrop?  Every year for 3 nights an amazing production takes place. It’s true to say the tickets aren’t cheap, but a fabulous show is guaranteed! Last year it was Madam Butterfly. This year’s presentation is “Lakme” by the National Opera of Sofia. Tickets always sell out fast, so check out the website on www.pafc.com.cy. The Opera is on 4, 5 and 6 September. 

Also, if you are looking for lighter entertainment, there is the Abba Dabba DoTribute Band, Last Night of the Pissouri Proms, Music in the Mountains, Jazz Nights, The Blues Brothers – the list is endless.  Last year I went to a music event in Pissouri - it was magical. If you've never travelled to the village on the hill, it's well work it!

For details of these and other events, go to www.goingoutcyprus.com

On to more serious matters.  The Foreign Office has announced the appointment of John Christopher William Kidd as the new British High Commissioner to Nicosia.  John will replace the very popular Peter Millett, who leaves the position early in 2010. John joined the Foreign Office in 1978, is married and has four children (a good family man!).  He served in Cyprus as a junior diplomat in the 80's and is now serving at NATO.  He is the Secretary General's Special Representative for Headquarters Reform.  Between 2004-2008 he served as Deputy Permanent Representative of the UK delegation to NATO and has also served as Foreign Policy Adviser at the European Commission in the late 1990s. Why is this important for you to know? I'm not sure... perhaps you might want to invite Mr Kidd over when you settle into your new pad in Cyprus?!?

On a more interesting topic (for us girlies) both tourists and residents of Limassol now have a free bus service to "My Mall", Cyprus's biggest and newest shopping centre.  Buses and stops will be easily recognised as they will be decorated with the "My Mall" logo.  Starting from the Le Meridian Hotel in the Amathunda area, "My Mall" shuttle buses will run every 30 minutes from 10.30am until 18.00pm.  There will be 14 stops along the way, serving as many hotels as possible.  "My Mall" is a shopaholics dream ... so make sure you visit! And remember you can ice-skate too on Cyprus's first rink!

For some reason the whole concept of Cyprus and ice skating doesn't gell with me, but next time I'm in the area I will make an effort to put some skates on and have a go!

Please do drop me a line if you have any Cyprus news to share – your input is always welcome. Have a GREAT month and give me a ring if you need anything. Although I'll be out of the office for 2 weeks, Kate and Elaine are around and know just as much about Cyprus as I do! Call on 0207 898 0549.

Kind regards,

Kim Brown
Cyprus Buying Guide
The Overseas Guides Company ltd
0207 898 0549 (call me!)
Kim@CyprusBuyingGuide.com

The Law is always there for title deed victims

Regarding the title deed issue in Cyprus, you hear quite a bit by the various committees and organisations that have been established to 'change the system'. I thought I would share with you something that a lawyer versed in Cypriot law had to say to me as it made quite a bit of sense to me:

“Buyers who are still waiting for the title deeds of their property in Cyprus – and there are many - are right to complain and form committees to exercise pressure upon the developers and the government to find a solution to their problem.

From my own perspective I quite often see and read articles, mostly in English-speaking newspapers and websites, about measures that have been taken by action groups and headlines that these action groups have managed to speak with government officials and obtain statements from them about the new title deed law that will be passed before the end of the year.

As a lawyer and a keen follower of politics and new legislation (and as I was fortunate to be educated in the UK and specialise in European Law) I have to confess that there is normally a very long process to follow before any changes in legislation can take place regarding the way title deeds are issued.  It is also extremely difficult to change laws simply by voicing opposition and concerns. Any changes to the law can only be achieved firstly through the Cyprus courts and then through the European Courts. 

Although the approach of voicing opposition and concern and forming committees to exercise pressure upon the developers and the Government to find solutions to the various problems is helpful, on its own it will not bring any results.  Buyers also need to take the obliged vendor to court and place him under observation to issue the separate title deeds or appoint a suitable person to issue the deeds on their behalf.  They can base their claim on Law 96(I)/97.  This gives the court the authority to issue such an order against the obliged vendor who neglects to take the necessary steps for obtaining the necessary permits and approvals for the issue of the separate title deeds.  This procedure is simple and quick and the outcome will be successful without any real cost to the buyer.
 
Although expatriates living in Cyprus do not have the right to vote, they should remember that Cypriot law is a higher authority than the Government and, with this in mind, they should use their persistence and momentum to obtain court orders against the Developers.

One should also remember that the issue of Title Deeds not only affects expatriates but also Cypriots.  Many Cypriots have managed to find justice, even concerning properties that have been taken over in Northern Cyprus, through the local courts and subsequently the European courts.

In these instances, justice has been served not through negotiations but by the application of the law.  Until such time as the whole issue of Title Deeds is addressed once and for all, people should remember that not only do they have a right to be heard and to demonstrate, but that the application of the law is there to assist them as well.”

If you have any legal issues, we have a few good solictors that have helped many of our readers. Ring 0207 898 0549 and Kate or Elaine can give you the details of who we have on file.

How do currency company differ…

A couple of days ago, I was asked a the following question by someone who is going to buy a property in Cyprus: “How do currency companies differ?” 

He went on to add: “They all seem the same…they seem to offer the same benefits when I speak to them about transferring money abroad.  How do I know which one to choose?”

Actually, the people at Smart Currency Exchange are often asked this…and their reply is that there are enormous differences between Smart Currency Exchange and any other exchange company, differences that could make a world of difference to you.

First, Smart Currency Exchange is the only currency company in the UK that does not pay their traders commission – they get a regular salary.  That fact alone will allow you peace of mind that you’re not in the hands of someone who is trying to make the most money they possibly can out of you.

Second, Smart does not spend thousands of pounds on marketing.  Generally, the word is spread via the Internet and by word of mouth, from one contented client to their friends and relations.  This means that Smart is able to save vast sums on advertising and this is reflected in the exchange rates they are able to pass on to you, the client.
 
Third, Smart is totally dedicated to personal service, a rare thing in this day and age.  I don’t know about you, but if there is one thing that absolutely MADDENS me it is when I phone somewhere – be it my bank, water or currency exchange company – and I spend the next half an hour pressing buttons and listening to ridiculous messages like ‘Your call is important to us’ – quite clearly it isn’t, otherwise they would actually be talking to me!!

When you phone Smart Currency Exchange, you will actually speak to a person that will be dedicated to assisting you - that person will explain the whys and wherefores of transferring currency abroad and all about currency exchange rates.  So please pick up that phone and ask questions – Smart’s currency experts will have heard them all before and will be happy to help you. 

If you would like to contact Smart Currency, please phone 0207 898 0541 or to get a live quote go to:

http://www.smartCurrencyExchange.com/smartsquotation.htm

To read the latest on Sterling and the Euro go to: http://www.CyprusBuyingGuide.com/Currency270809.htm

Smart sometimes feel that they have ‘friends’ rather than clients…and Ken Smith is a case in point.  This is what he had to say:

I would like this opportunity to offer my thanks to Smart Currency Exchange.  I have been dealing with you for some time now, as I am having a property built abroad. I obviously use your services to transfer funds overseas. Your facilities being much quicker, easier and vastly cheaper than using my own bank. In fact I have recommended a couple of friends that have also used Smart Currency Exchange (names available if required), and likewise are extremely pleased with your services.

I have found all the numerous staff that I have personally dealt with to be polite, helpful and full of good advice, a service not very often seen these days but nonetheless extremely welcome. 

I would particularly like to give my thanks to James who I deal with on a regular basis. I have always found him to be particularly friendly and efficient dealing with any issues I have with prompt attention.

Once again thanks to all
Kindest regards

A good investment?

You may be buying property in Cyprus as a second home or for a permanent basis, but regarless as to the reason for purchase, property needs to be a good investment too. I know how easy it is to love Cyprus:The Sunday Times said it was ‘the best place to retire to in the world…’

This month, my co-worker Jana sourced an example development called Wild Rose Residence. At OGC, we don't sell property, but I like to add information on properties avaiable to give you an idea of what's out there and what offers are avaiable. With this development, the package includes:

- 5% cash back over the first year after completion
- Complimentary furniture pack
- Complimentary white goods package

Wild Rose Residence is located in Pyla, Larnaca.

The town of Larnaca itself is booming, with a 33% increase of building permits. It is a historical place with many attractions, high street shops, restaurants, cafes, bars and clubs, a 6 screen cinema, 2 ten pin bowling alleys and several blue flag beaches. English is widely spoken with two English speaking high schools.

Nearby Pyla is a fantastic area to invest in, located in a very convenient spot that allows easy access to the motorway and is less than 30 minutes to most of Cyprus. Pyla is also very close to the new International Airport (due for completion Nov 2009) which will host direct flights all year round from all European countries with airlines such as Easy Jet and Ryanair already in negotiations.

You can chose from 1 to 3 bedroom apartments; things like an extended landscaped garden area, underground and covered parking space for each apartment, sea views, a five star recreation centre with gym.

There are many advantages to this purchase: it offers you an opportunity to buy a lovely property at one of the most prestigious resort developments in Cyprus with the potential for long term capital growth, combined with good rental potential built within the fastest growing area of Cyprus.

If you want to discuss this, or indeed any other property, with me or my colleagues, as always just give me a call on 0207 898 0549 or fill in the short form at:

http://www.CyprusBuyingGuide.com/requirementsform.htm

Non-resident status in the UK

I have read the most complicated article in the Sunday Times regarding non-resident status for those UK citizens who decide to live abroad. It seems to me that that nobody really seems to have a handle on this contentious subject – perhaps not even the tax man!

I am going to try and lay this out as clearly as I can, from what I have gathered…and hope that this helps you.

Right, as you may guess, that the tax man is going to be scrutinising non-resident status very carefully from now on in expectation of a mass exodus by those lucky folk hoping to escape next year’s 50% tax rate.

Once you have been non-resident for 3 years you do not pay UK income tax on overseas income.  And if you are non-resident for more than 5 years you do not pay any capital gains tax (CGT) on your UK or overseas gains.

Previously the ruling was that you were considered a resident if you spent more than 90 days a year in the UK.  In most European countries it is 183 day a year -  and indeed you can spend 183 days in any given year in the UK, but only if it is 90 days per year over 4 years.  In other words, if you spend 183 days in one year, you only have 90 x 4 = 360.  Then less your 183 leaves 177 for the other 3 years.  See what I mean about complicated?

There’s more:  they have now decided that the 90 day a year includes any time spent in transit.  Why? Search me…And how to track this? Anybody’s guess!

Also, continuing connections with the country will now be taken into account too.  Individuals must now prove an intention to leave the country permanently or indefinitely…and this may include such things as terminating membership of clubs, not regularly attending social events such as Ascot (yes, you read that correctly) or not keeping a car in the UK.

Visits to grandchildren etc. will come off your 90 day per year limit.  There are dispensations if someone in your family is terminally ill – you may be able to exceed your average of 90 days over 4 years, but NOT by more than the 183 days at a time without risking your non-resident status.  A trifle harsh I would have thought…

The one thing I was very certain of, having read this article and trying to clarify it, is that it is imperative that you find expert help from the outset in order to make sure that you do not fall foul of the tax man.  I think that you would be well advised to think about all the financial implications well before you leave the UK; perish the thought, but should anything happen to you while living abroad, you do not want your partner or your heirs to be faced with endless financial problems at an already traumatic time.

I have a handfull of contacts that help people with tax and financial issues - if you want their details, give me a ring on 0207 898 0549.

A new Guide to Emigration!

I've createdl new Emigration Guide.  I sent out an email two weeks ago to a select amount of people asking for reviews and I was overwhelmed by the response. It will be going out for sale in October, but I if you'd like to check it out before I officially launch it, the link is below. I'm going to add quite a bit more to it - specific sheets on various countries, stories from readers and hopefully fix some of my grammar/spelling errors!

The guide has over 10 tick lists and masses of information on everything from finance, children, removals, property, things to cancel, documents to sort out and so on.  Even if you have bought a Country Guide this is an absolute must-have and will really ease your burden in the relocation process.

To get a sneak preview of the Guide just go to http://www.EmigrationGuide.com

This Guide will be selling for £12.97 shortly so - if you can - let me know if you feel that it provides value for money. Also, I would really appreciate any feedback you have: any general tips or things that you found to be useful to you as you planned your move would be welcome.

Enjoy!

In touch 24

Many older expats in Cyprus want to remain in their own homes for as long as possible, but want the security of knowing that should a medical emergency arise, back-up is quickly available. 

Moving back to the UK to an expensive care home is frequently not an option – so many elderly people in Cyprus can feel trapped – until recently.

Thanks to a new UK teleservice just launched, they now have peace of mind. It aims to meet a growing need of English-speaking expats resident in Cyprus and operates under the umbrella of the British Care Trust, who provides assistive living services to English speaking people in Europe. The trust is co-operating with Chubb UK to provide an NHS approved telecare system which links the user, via a wrist button, 24 hours a day to a UK call centre.

“Many of today’s vulnerable expats do not have the same choice to return to the UK which was available even two or three years ago” says a spokesperson for the British Care Trust.

The assistance takes the form of a trained operator speaking through a base unit directly into the subscriber’s home – this is accessed by pressing a wrist button. The operator makes any necessary arrangements for assistance once the nature of any incident has been established. If voice contact is not possible as a result of emergency, illness or the subscriber being out of the 150m range, the operator works through a list of pre-filed key holders to get someone to go immediately to the property and ascertain the extent of the emergency.

“In the event that no key holders can be contacted, a chosen ambulance, hospital, doctor or carer will be called to the property,” says the spokesperson.

Recent launch events in Paphos were met with enthusiasm - it’s clearly a service that is needed. What’s more, the same service will soon be available in other countries – watch this space!

If you would like more information, please contact us on 0207 898 0549.

Top Tip: more about Capital Gains Tax

I hope I am not whittering (or should that be ‘witter’ – neither are in the dictionary incidentally!) on too much about this – but then I ask myself – can one have too much information on how to save money…?

It’s about that old bugbear, Capital Gains Tax in the UK.  I did mentioned it a while back, but here is a little more detail.

Evidently, anyone who has sold a property that was not their main home since April 2003 may be able to claim a rebate on Capital Gains Tax (CGT), provided that it has been let out for a period.  That period is clearly defined and you need to check this out carefully.

Any gain made on a second home sale is usually liable for CGT, but rental holiday lets are now subject to both Business Asset Taper relief AND Entrepreneur’s Relief.  It is estimated that this could reduce your CGT to 10 percent: since April 2008 it has been 18 percent and prior to that was as high as 40 percent! 

Frankly, my feelings on this are that it is a job for the experts – a really clued up IFA (Independent Financial Advisor) may well be able to save you quite a bit if money here. If you need any help here please give me a call – 0207 898 0549 – and I can point you in the direction of a really good IFA that has helped a number of our Guide readers. Or you may like to fill in the form at:

http://www.CyprusBuyingGuide.com/requirementsform.htm
and I will call you.