Cyprus is a well-established market for Europeans to visit and to want to go to live. Many thousands of people have bought property in Cyprus over the years and many have moved to Cyprus to retire or start a business. Because of this there has also been many people who have inherited property in Cyprus, been involved in accidents whilst over there or who have needed to recover debts either as a result of business deals or failed property investments
Cyprus was under British rule from 1878 until 1960 when it became independent. As a result of this the English legal system was introduced into Cyprus. Today many of the laws introduced by the British remain although over the years there has been changes. A big difference between the Cypriot legal system and the British system is that Cyprus has a written Constitution which came into existence with independence in 1960.
There is currently a major issue in Cyprus for many people who bought properties there and were persuaded by local Banks to take out Swiss Franc loans
to finance those purchases. Because of the changes in the exchange rate between Sterling, the Cypriot Pound / Euro and Swiss Francs this means that in many cases the owners now owe more in real terms than they paid for the property.
We are one of the leading firms in relation to the issues surrounding Swiss Franc mortgages and are currently assisting hundreds of clients who have taken up their legal rights before the Cyprus Courts.