Cyprus Property Forum for Buyers, Sellers & Investors

I wonder if anyone would know an answer to this rather confusing scenario: A lawyer has received an invoice which he needed to pay to another company in Cyprus in behalf of his client, but due to the 'haircut' etc, he had to make an application to the Central Bank in March. But now that the Restrictive Measures Decree has changed allowing transfers within Cyprus for the purchase of goods and services up to €300,000, does the original application still have to stay in place for approval? This lawyer is claiming this to be the case, which is why is simply can not pay this now vastly outstanding invoice. Why would this be? It doesn't sound right but I don't know how to find out the truth. Does anyone know? We cannot move into our new villa until this has been paid so we have been staying with friends for 6 months whilst this has been going on!!!

Hi Beaulygirl

I'm not an 'expert' on this subject, but as the the temporary restrictions were relaxed and now allow the transfers within Cyprus for the purchase of goods and services up to €300,000, I don't know why the lawyer is waiting.

But there is a possibility that some of the money was lost in the bailout/bail in. How much are we talking about?

Regards,

Hi Nigel

The amount is to pay for Electricity supply up to our rather remote villa and the invoice is for around €28,000. This lawyer is saying that as the application had already been made to the Central Bank before the restrictions were relaxed, it still has to remain in place and she can not cancel it and just pay the invoice directly. My lawyer is not doing anything to push this payment (which has now been outstanding since January) and I just don't know where to turn! I wish I knew how to get proof that this is all a cover up, so perhaps go to a new lawyer with the evidence, but again, I just don't know what is the truth with the Central Bank and how I move forward......!

Any advice would be greatly appreciated. Best regards, Beaulgirl

Hi Beaulgirl

There is no excuse for not paying the invoice - outstanding since January?!?!

If this money was held in the lawyer's client account when the 'haircut' was imposed, there would have been problems as the client account may have contained hundreds of thousands of Euros - and they authorities needed a breakdown of whose money was whose as clients with over €100,000 would have lost some.

But if the invoice should have been paid in January, there is absolutely no excuse!

You might want to speak with another lawyer - this is ridiculous.

Regards,