Cyprus Leasing Law
This law (adopted in spring 2016) was developed to perform one task – to provide control and exercise regulatory functions related to the provision of services of the same name to citizens. Due to this, individuals and entrepreneurs get new opportunities for financing.
What exactly governs this law?
This regulation was developed to regulate and define the following procedures:
- Acquisition of assets by installments.
- Rental of property by several individuals or legal entities jointly.
- Reverse lease of property.
- Simple financial leasing.
Important! The law on leasing does not include the control of financial operations for the rental or purchase of water transport (ships, boats and other types of transport), since this category of property is regulated by the law on commercial shipping.
Leasing is a very profitable alternative to lending. What are its features?
- The leasing company acquires the necessary property (thereby acting as the lessor).
- After acquiring assets, the company transfers them to the client for a predetermined period, during which the client undertakes to make payments at specified intervals.
- The firm and the client enter into a written contract only.
- As long as the contract remains in force, the buyer can operate the property with a further profit from the operation of the asset.
- The contractual client is responsible for covering the costs of maintaining the property and for various risks that may arise during the operation of the asset.
Legal support – the key to simplified purchase or lease of property
The Cyprus Leasing Law is aimed at ensuring that citizens of this country have the opportunity to buy or rent the necessary property under a transparent scheme and on favorable terms for the client. But, despite the full transparency of the procedure, to citizens who do not have the necessary legal training in this area, to quickly undergo this procedure and the absence of possible negative consequences in the form of overpayments, etc. requires qualified assistance of experienced lawyers.
Our company provides clients with the services of professional lawyers and experts in the field of financial legislation. With our help, you will not only be able to protect yourself from various negative situations, but also go through the entire procedure of buying or renting a property on lease with minimal time.
For more advice, contact us at the contacts listed on the site.