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EU making property purchase safer

ESTABLISHED by the European Land Registry Association and funded by the European Union, the Cross Border Electronic Conveyancing (CROBECO) scheme allows for the procedure for buying property to be settled in the purchaser’s home country and protected by the laws of that country.
 
CROBECO, which is currently being piloted in Holland & Spain, means that a Dutch buyer of Spanish Property can apply Dutch law to the contract and ask a Dutch Court for compensation from the vendor if they later find there are unknown public limitations, such as retrospective planning laws, affecting the property.
 
Further pilots are expected to take place in other countries later this year.
 
In a statement to the Daily Telegraph Liberal Democrat MEP Diana Wallace, a keen supporter of the development and expansion of the scheme, said: “The EU has a role to play in helping to facilitate property deals across borders and at the very least provide a framework of legal certainty.
“In practice, this means we must ensure that there is full access to information on the state of a property, the conditions attached to it and any other legal obligations or obstacles.
“This must go hand in hand with a transparent administration of the property deal and a quick and clear judicial process in case something goes wrong.”
 
It will take a long time and a lot of legal framework building to reach this point; but the fact that a pilot scheme exists, has EU backing and funding and appears to work means that buying property in Europe could become safer and more transparent sooner rather than later.
 
Details of the CROBECO project were unveiled on June 14 at the EU parliament at a seminar hosted by Diana Wallis in a bid to find a way forward in overcoming legal uncertainties when buying property abroad.
 
A spokesman for  European Land Registry Association said: “The fact that the deed is processed in the buyer’s own language by a conveyancer from their own country, [means] they get the feeling that they are better legally protected and will be less reluctant to buy real estate in foreign countries where the real estate market has collapsed.”
The scheme is likely to be welcomed by countries such as Cyprus and Spain that have thousands of unsold holiday homes littering their landscapes, faltering economies, and tarnished reputations – and who are desperate to attract overseas buyers back to their property market.
 
Courtesy Cyprus Property news

 

 

 

A new life in the Cypriot sunshine photo

 

Seven reasons to invest in Cyprus property and real estate

1, The Sunshine virtually every day:

With less than 20 days of predicted rainy weather, Cyprus is a far cry from England’s much cooler climate and something many British people find very attractive.

2, Property is up to 30% lower than in 2008

Now is the time for cash rich investors or people who did not over spend prior to 2008 to capitalise on the marked reduction in cost of property on Cyprus; Bargains are to be had on the Island and this has seen Britons thinking even more seriously about that move to Cyprus.

3, Cyprus economy less affected than much of Europe

Cyprus’s economy has seen a hit in tourism levels and its construction sector, which is to be expected, but as in recent news, Cyprus has been shrewd thinking about the future by starting to diversity its economy into exports, offshore oil and other sectors such as finance. Coupled with its inherently safe banking practices that minimises its banking sectors exposure to bad debt, Cyprus remains a strong economy and most would agree by and large well under control.

4, Excellent schools

Cyprus offers a wealth of good schools with state funded institutions providing good levels of education and also a growing number of private schools of an international flavour allowing for private education to world class standards for any British raising a family in Cyprus there educational options are fantastic for children.

5, Low Taxation

On a personal and business level Cyprus offers an exceptionally low level of taxation with corporation tax for business at 10% and personal tax at the same level but not kicking in until you have actually earned €19500 above €19500 tax starts to be paid at a pretty average 20% and raises in increments to a maximum tax threshold of 30%.

6,  Paphos marina development will be a jewel in the crown for the Eastern Mediterranean

Although things are somewhat in the air regarding this exciting development, when the dust settles and the building starts the end result will be one of the most impressive marina developments in Europe rivalling that of Monaco with space for 1000 yachts. This will leave the area around Peyia & Paphos & areas towards Coral Bay as serious real estate investment opportunities.

7, Excellent healthcare

As a European Union member Cyprus offers on par health services as the rest of the developed world with the Cypriot government giving top priority to its continued improvement, with an ageing population the Cypriot government has started to offer incentives to companies in order to bring in more advanced treatments and technology to maintain its record as providing a good quality health care for all.

If you want a better environment with year round sunshine and an escape from all the taxes and big brother attitudes of British governments, now is the time to start looking for those bargain buys with Cyprus Property for sale being a good investment. It is such a good place to invest and potentially relocate to from a broken Britain.

 

 

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