It should also be noted however that any term of the Shareholders Agreement which contravenes any statutory provision of the Law ( Cyprus companies Law cap.113 ) is considered invalid under Cyprus Law.In addition to this point a shareholders’ agreement and the articles of association of a company should be consistent with one another. The drafting of a shareholders agreement should be carried out by an experienced lawyer who are able to provide proper advice and assistance tailor made to the specific facts of each case. This is what we endeavour to provide at Vasiliou Law.
The law governing the acquisition of immovable property in Cyprus by foreigners is the Cypriot Acquisition of Immovable Property (Foreigners) Law, Cap. 109 of the Laws of Cyprus (hereinafter referred to as “the Law”), as amended from time to time. With regards to the sale and purchase of land and premises, before an signing an SPA we recommend, requesting a structural survey, if there is enough time to obtain one. We also recommend Certificates of title for any such assets to be obtained and reviewed by us. As a result of the investigation, we will then draft an SPA including a warranty by the seller that it (or the target company) has good title and the property is free from encumbrances. It is also advisable to check whether all relevant planning legislation has been complied with, especially if the buyer intends to make alterations or improvements to any buildings, or is planning to effect any new construction. More details on real estate law and property acquisitions and procedures can be found in our Property law sections.
Our aim at Vasiliou Law is to make sure our clients acquire what they have been told they are paying for.