Cyprus: Real Estate And Property In Cyprus

Introduction

The world's population is growing rapidly and so is the demand for land. Land is a finite resource and therefore its value worldwide is constantly increasing.

In recent years the increase has been rapid, fed by inflation and the instability of the monetary systems and fiscal policies of advanced economies, making investment in immovable property extremely attractive. The great technological advances in communication, transportation and international trade have made investment in this field easier and more accessible than in the past. Even if there is a moderation in property values in the short term, prices have historically shown steady growth in the longer term.

Man's affinity with the land stems from time immemorial and it is easy to understand why land has always been considered as one of the most precious commodities, closely connected with social and economic stability and progress, and why legal systems throughout history have sought to put in place robust means to regulate the rights of occupation and ownership of immovable property.

Cyprus

Cyprus is no exception to the global picture. The economic and social evolution that has taken place in recent years, combined with industrialisation, the development of sophisticated methods of cultivation and the absence (at least until recent years) of alternative forms of investment, have diverted capital from both home and abroad to land ownership. This trend became even more pronounced after Cyprus became a full member of the European Union in 2004. Since Cyprus adopted the euro as its currency in 2008, property is easier to buy and sell than ever, and demand has continued to increase.

This trend has necessitated the establishment of a suitable legal framework which, while allowing the involvement of Cyprus in the international land market, protects the social, economic, agricultural and industrial interests of the island and its people.

Cyprus has generally succeeded in achieving a reasonable balance between these sometimes conflicting objectives. Despite its troubled history, it has managed to develop a robust legal system for immovable property which is as efficient as similar systems in other advanced countries. It is operated through a series of laws which are regularly amended to meet everyday demands and balance competing interests in this vital sector of the economy.

Foreign investment in immovable property

Cyprus's strategic location in the eastern Mediterranean at the crossroads of Europe, Asia, the Middle East and Africa, its reliable and transparent legal system, combined with its membership of the EU, its excellent infrastructure coupled with reliable communication with all parts of the world, its relatively low cost of living, excellent climate and the friendliness and hospitality of its people, are just some of the factors that make the island attractive to foreign investors. Non-Cypriots investing in immovable property in Cyprus may generally be classified in the following four main categories:

  • Retired residents. Attractive incentives are available to retired people, including very low taxation of pension income received from abroad, with the first €3,420 per year being tax-free and the remainder subject to tax at only 5%. Retirees may also enjoy the benefits of any double taxation treaty between their country of origin and Cyprus. Double tax treaties are in place covering more than 40 countries, and many others are under negotiation. Last, but not least, there are no succession taxes.
  • Economically active residents. This growing category includes non-Cypriots who live indefinitely or for a fixed period in Cyprus as employees, either of their own international business company or of a local or international firm, and who choose to buy their own home in Cyprus rather than live in rented property. It also includes international business companies purchasing houses for their directors.
  • Holiday makers and speculators. Many people purchase properties as holiday homes, often with a view to permanent residence in Cyprus once they retire, or to sell at a profit at a later stage. Profits from the sale of immovable property may be repatriated, subject to capital gains tax.
  • Business investors. Many foreign individuals and companies acquire property in Cyprus for tourism, business premises or industrial purposes, making use of the location and climate of Cyprus, its excellent infrastructure and the various incentives offered for these purposes, especially in the area of taxation. To this end, the Free Trade Zone structure offers attractive incentives, including reduced taxes.

Permanent residence and economic citizenship schemes

The government has put in place a number of programmes entitling owners of property in Cyprus and their families to obtain permanent residence permits or Cyprus citizenship on an accelerated basis provided they are of good character and satisfy the relevant criteria. We should be delighted to advise on the details of these programmes.

Price of land

The relatively small area of Cyprus and high demand for immovable property have brought about an increase in the cost of real estate in recent years but nevertheless both property prices and the general cost of living are still lower than in most European countries.

Legal assistance

Most property developers in Cyprus are long-established and reliable, and Cyprus has a transparent and well-regulated legal system, with world-class professional and financial services available in the major cities. Nevertheless, as in every country, the complexity of the legislation on immovable property and the formalities which need to be considered make it imperative to obtain reliable and efficient legal advice from the outset in order to avoid unforeseen pitfalls and undesirable consequences in the future. This should always include a comprehensive search at the Land Registry to make sure that the property is free from any encumbrances, charges or burdens, and enquiries with other relevant government bodies.

Cutting corners by neglecting to take independent, reliable legal advice is a false economy which may lead to serious difficulties.

Finally, it should be noted that this brochure refers only to real estate in the area controlled by the legitimate government of the Republic of Cyprus. The so-called Turkish Republic of North Cyprus is recognized only by Turkey, and the ownership of many properties in the north of Cyprus is disputed, with many thousands of claims to ownership from people displaced during the events of 1974. The European Court of Human Rights has ruled in a number of cases that owners of property in northern Cyprus before 1974 continue to be regarded as the legal owners of that property. Purchase of such properties could have serious adverse financial and legal consequences.

Legislation related to immovable property Myriad laws in Cyprus regulate matters affecting immovable property and related transactions, either directly or indirectly. Such legislation may be divided into two categories, namely general legislation and specific legislation.

General legislation

This comprises those laws which, although not regulating matters of immovable property directly, contain provisions applicable to rights in immovable property. The main laws in this category include:

  • The Constitution of Cyprus;
  • The Contract Law, Cap. 149;
  • The Civil Procedure Law, Cap. 6, and Rules;
  • The Stamp Law, No. 19/1963;
  • The Wills and Succession Law, Cap. 195;
  • The Administration of Estates Law, Cap. 189;
  • The Probates (Re-Sealing) Law, Cap. 192;
  • The Trustee Law, Cap. 193;
  • The International Trusts Law, No. 69/1992;
  • The Central Bank of Cyprus Law, No. 138(I)/2002; and
  • The Movement of Capital Law, No. 115(I)/2003.

Specific legislation

This includes all the laws and regulations referring particularly to immovable property, including:

  • The Immovable Property (Tenure, Registration & Valuation) Law, Cap. 224;
  • The Sale of Immovable Property (Specific Performance) Law, No. 81(I)/2011;
  • The Compulsory Acquisition of Property Law, No. 15/1962;
  • The Acquisition of Immovable Property (Aliens) Law, Cap. 109;
  • The Immovable Property (Transfer and Mortgage) Law, No. 9/1965;
  • The Immovable Property Tax Law, Cap. 322;
  • The Immovable Property (Towns) Tax Law, No. 89/1962;
  • The Capital Gains Tax Law, No. 52/1980; and
  • The Rent Control Law, No. 23/1983.

Double taxation treaties

Cyprus has concluded double taxation agreements covering the following countries, certain provisions of which affect directly or indirectly the ownership and disposition of immovable property.

Armenia Denmark Kuwait Qatar South Africa
Austria Egypt Kyrgyzstan Romania Sweden
Azerbaijan France Lebanon Russian Federation Syria
Belarus Germany Malta San Marino Tajikistan
Belgium Greece Mauritius Serbia Thailand
Bulgaria Hungary Moldova Seychelles Ukraine
Canada India Montenegro Singapore UK
China Ireland Norway Slovakia USA
Czech Republic Italy Poland Slovenia Uzbekistan

Treaties are under negotiation, or awaiting ratification, with many other countries. The position is constantly changing and up-to-date information should be sought before entering into any transaction.

Summary of main legislative provisions

The following is a brief analysis of the key features of Cyprus legislation directed at the protection of ownership of, and the rights pertaining to, immovable property, and the regulation of associated transactions, particularly where overseas investors are concerned.

The Constitution of Cyprus

The Constitution of Cyprus establishes the equality of all persons irrespective of their nationality and includes provisions for the protection of human rights of all persons without discrimination. Any violation by an administrative authority of a person's fundamental rights entitles that person to request the authority in question to remedy the situation. The authority has a period of 30 days during which it must give a prompt answer to the request.

Furthermore, such a person has free access to any competent court in Cyprus, as well as to the European Court of Human Rights.

The right of ownership of immovable property is considered as one of the fundamental human rights under the Constitution of Cyprus and as such it is well protected under article 23 of the Constitution. Further protection is given by the Compulsory Acquisition of Property Law No. 15/1962, outlined later in this brochure.

Non-Cypriots who own property in Cyprus enjoy all the property rights which are available to the citizens of Cyprus and can be assured that their property is absolutely protected.

The Contract Law and the Civil Procedure Law

These laws regulate transactions of all kinds, including those relating to immovable property, and set out the procedures followed by the courts for resolving disputes. They originate in the time when Cyprus was a British colony and are to a large extent modelled on their English counterparts. Although they have been subject to amendment in recent years, they are still similar to the English model.

The Contract Law provides that contracts in respect of immovable property should be made in writing, duly stamped and properly signed and witnessed.

All disputes arising from transactions concerning immovable property are governed by the laws of Cyprus and are subject to the jurisdiction of the courts of Cyprus. The parties, however, may in some circumstances agree to the concurrent jurisdiction of other courts or refer any dispute to arbitration before resorting to court proceedings.

The Stamp Law

The Stamp Law provides for stamp duty on contracts on the basis of the consideration at the following rates:

  • No stamp duty is payable on transactions with a consideration of €5,000 or less;
  • For transactions with a consideration in excess of €5,000 but not exceeding €170,000, stamp duty of €1.50 for every €1,000 or part thereof is payable;
  • For transactions with a consideration in excess of €170,000 stamp duty of €2.00 for every €1,000 or part thereof is payable.

Stamp duty must be paid within 30 days from the date of execution of the relevant documents or, if they are executed abroad, within 30 days after they are received in Cyprus. The absence of the revenue stamp does not render a contract void but an unstamped contract cannot be used in court proceedings or for the transfer of ownership of property in the Land Registry. An unstamped contract may be used in proceedings or to transfer ownership provided it is properly stamped at the time of such use. In this event a surcharge of approximately 10 percent of the unpaid amount is imposed if payment is made within six months after the due date; otherwise the surcharge is twice the unpaid amount.

The Wills and Succession Law, the Administration of Estates Law and the Probates (Re-Sealing) Law

These laws are also modelled on their English counterparts and they deal with the rights of persons as regards the disposition of their properties after death and the relevant procedures.

Persons domiciled in Cyprus may not dispose by will of the whole of their estate if they have a surviving spouse, children or both. The undisposable (statutory) portion is one half of the estate if the deceased leaves a spouse or parent but no children and three quarters of the estate if the deceased leaves children. This restriction on testamentary freedom does not apply to citizens of the United Kingdom or of most other Commonwealth countries apart from Cyprus. In practice, the restriction can be easily overcome by proper forward planning.

With regard to the substance and legal effect of wills the applicable law is, for provisions referring to immovable property, the law of the country or countries where such immovable property is situated (lex rei sitae) and for provisions referring to movable property, the country where the deceased was domiciled at the time of death (lex domicilii) which may not necessarily be the country of residence. The Wills and Succession Law, which applies to the devolution of all immovable property in Cyprus, requires that wills should be in writing and attested by two competent witnesses, and they should reflect clearly the free and true wishes of a sane and competent testator.

Wills may be deposited with the Probate Registrar of the District Court who will issue a receipt to this effect, or may be entrusted for safe keeping with lawyers.

It is advisable that an executor or executors be appointed in the will to carry out the wishes of the testator.

It should be noted that upon the subsequent marriage or divorce of the testator the will should be reviewed and re-executed, in order to avoid any risk of automatic revocation. Testators should also seek legal advice if the executor or any beneficiary changes his name, dies or becomes incompetent to act, or if any property in the estate is subsequently sold or changes its nature, as otherwise the wishes of the testator may not take effect.

Non-Cypriots may set up a trust by will and bequeath the whole of their estate to appointed trustees to hold it in trust for the benefit of beneficiaries and to manage and dispose of it in accordance with the instructions of the testator.

If a person dies intestate or does not appoint an executor in the will, the court will appoint an administrator. If there are heirs under disability the court will appoint at least two administrators.

The administrator administers the estate according to the law, paying the debts of the deceased, collecting and distributing the assets amongst the heirs and accounts to the court. The surviving spouse and any children inherit in equal shares.

The Probates (Re-Sealing) Law makes special provision for persons who die in the United Kingdom or in any British Dominion or Commonwealth country and who, at the time of death, also had property in Cyprus. According to this law, the Grant of Probate or Letters of Administration issued by a competent court of such country may be re-sealed in Cyprus and an administrator may be appointed by the court to administer their estate in Cyprus. The intended administrator should accompany his application to the court with copies of the Grant of Probate and will, or the Grant of Letters of Administration, certified as true copies by the issuing court, and a power of attorney of the executor/s or administrator/s appointed by the court. Upon completion of the administration he should file with the court final accounts of his administration, with a declaration by the foreign executor/s or administrator/s that the administration in Cyprus was carried out to their satisfaction.

There are no succession taxes such as inheritance tax in Cyprus.

The Trustee Law and the International Trusts Law

This law is based upon its English counterpart and the English principles of equity, which also form part of the Cyprus legal system.

There are three forms of trust which can be set up in Cyprus:

  • Local Trust. The settlor, the trustees and the beneficiaries are Cyprus residents and the trust property may include immovable property in Cyprus.
  • Offshore Trust. The settlor and the beneficiaries may not be resident in Cyprus. The majority of the trustees, whether individuals or trust companies (including offshore Cyprus trust companies) must be Cyprus residents. The trust must be located in Cyprus so that Cyprus law applies and the Cyprus courts have at least concurrent jurisdiction. The trust income must be generated from sources outside Cyprus, but the trustees may hold immovable property in Cyprus if they obtain the required permit from the Council of Ministers. The trust deed must be executed in Cyprus.
  • International Trust. International trusts are regulated by the International Trusts Law, No. 69/1992, which was substantially amended and modernised in 2012, giving Cyprus one of the most modern and beneficial trust regimes in the world. The Cyprus International Trust provides settlors with formidable asset protection features and significant succession and tax mitigation benefits. Flexibility, control, confidentiality and perpetuity are added benefits of Cyprus International Trusts.

The Central Bank of Cyprus Law and the Movement of Capital Law

In accordance with its policy of harmonisation with the acquis communautaire of the European Union and in order to encourage foreign investment, Cyprus liberalised its rules in relation to investment by non-residents in Cyprus at the time it joined the EU. The Movement of Capital Law provides that all movement of capital and payments between residents of Cyprus and residents of EU member states or third countries may be carried out without restrictions. However, the Movement of Capital Law does not override the restrictions on direct investment, particularly in immovable property, imposed by other legislation such as the Acquisition of Immovable Property (Aliens) Law which is described below and differentiates between citizens and companies of EU member states on the one hand and third country nationals on the other.

The Immovable Property (Tenure, Registration and Valuation) Law

This law was enacted in 1946, replacing the Ottoman Land Law which had prevailed until then. It is considered to be the A to Z of immovable property in Cyprus, dealing with all matters concerning the tenure, registration, disposition and valuation of immovable property within the framework of the Cyprus land registration system, in which immovable property is defined, drawn, recognised, and valued.

The Land Registry is unique, in that by its function the history of each piece of land is traced back to the date of the General Survey. Rights in land are defined and secured and all transactions relating to immovable property are protected.

Cyprus is one of only a few countries in the world to maintain such an accurate and effective registration system. Moreover, with the completion of computerisation, it is expected that all the Land Registry services will be upgraded and accelerated.

Under the Immovable Property Law "immovable property" means:

  • Land;
  • Buildings and other erections, structures or fixtures affixed to any land or to any building or other erection or structure;
  • Trees, vines and any other thing whatsoever planted or growing upon any land and any produce thereof;
  • Springs, wells, water and water rights whether held with, or independently of, any land;
  • Privileges, liberties, easements and any other rights and advantages whatsoever relating or reputed to relate to any land or to any building or other erection or structure; or
  • An undivided share in any of the above.

"Movable property" is anything not constituting immovable property.

Section 40 of the Immovable Property Law provides that ownership of immovable property or rights in immovable property can only be acquired by registration at the Land Registry, through the procedure described in the law and that such registration may only be effected by the registered owner of the property. The certificates of registration (title deeds) issued by the Land Registry define the property, secure its ownership and facilitate transactions related to the property.

The Sale of Immovable Property (Specific Performance) Law No. 81(I)/2011

Under this law a purchaser of immovable property may secure the remedy of specific performance by depositing a duly stamped copy of the contract at the Land Registry within six months from the date of its execution, thus preventing the vendor from transferring the property elsewhere or charging it for as long as the contract is valid and legally effective. If the vendor subsequently refuses to transfer the property the purchaser may apply to the court for an order to transfer the property into his name.

The Compulsory Acquisition of Property Law No. 15/1962

Compulsory acquisition or imposition of restrictions on immovable property is regulated by the Compulsory Acquisition Law, No. 15/62, under which national or local government bodies may acquire property, in the public interest and by showing just cause, but only on payment of immediate compensation to the owner at the current market value. This law also provides that properties so acquired should be returned to their owners if the purpose for which they were acquired is not realised within three years of the date of acquisition. This law protects both Cypriot and non-Cypriot property owners.

The Acquisition of Immovable Property (Aliens) Law

This law, which imposed restrictions on the acquisition of immovable property in Cyprus by non-Cypriots, dates back to the time when Cyprus was a British colony. Since Cyprus joined the EU in 2004 the restrictions on EU citizens have been relaxed and EU citizens and companies incorporated in other EU member states are free to acquire property on the same terms as Cyprus citizens. Only third-country nationals and Cyprus companies controlled by them are subject to any restriction under the law, which in any event is generally a formality.

The term "acquisition of immovable property" includes the purchase of freehold property, the grant or purchase of a lease of property for a period exceeding 33 years and the acquisition of shares in Cyprus companies which own immovable property on the island.

The law requires third-country nationals wishing to acquire immovable property to obtain the permission of the Council of Ministers. Normally permission is routinely granted to bona fide foreigners to acquire a flat or a house or a piece of land not exceeding three donums (about 4,000 m2) for the erection of only one house for use as a residence only by the purchaser and his family. Although it may take up to 12 months for the Council of Ministers' permit to be obtained, purchasers are entitled to occupy the property in the meantime.

Members of the family of an original purchaser may also acquire their own property, provided that they are completely independent of the purchaser, both financially and residentially, such as married children having their own family and business. Permission is granted for personal use, and not for letting or commercial use. This rule is relaxed for international companies which are permitted to acquire business premises, as well as houses or flats as residences for their members or directors.

After the permit has been granted and the property has been registered in the purchaser's name there is no further restriction and the property may be sold or disposed of by will or other instrument. Moreover, the legal heir is not required to obtain a permit in order to have the property registered in his name.

The Immovable Property (Transfer and Mortgage) Law, No. 9/1965

This law regulates mortgages of immovable property and sales of mortgaged property. It requires mortgages to be registered at the Land Registry.

Transfer fees are payable by the purchaser on the purchase price or, under certain circumstances, on the current market value. The first €85,000 is charged at 3%; the next €85,000 is charged at 5% and any excess above €170,000 is charged at 8%.

Thus the transfer fee on a property priced at €250,000 will be €13,200 (85,000@ 3% plus 85,000 @ 5% plus 80,000 @ 8%).

The Immovable Property Tax Law and the Immovable Property (Towns) Tax Law

Immovable property tax is payable by 30 September each year on the market value as at 1 January 1980 of all immovable property registered in the name of the taxpayer at the start of the year. The rates applied to each successive tranche of the 1980 value are as follows.

Band Rate
First €40,000 0.6% (minimum charge €75)
Next €80,000 0.8%
Next €50,000 0.9%
Next €130,000 1.1%
Next €200,000 1.3%
Next €300,000 1.5%
Next €2,200,000 1.7%
Above €3,000,000 1.9%

Most private residential properties are likely to fall within the first band, or the first and second bands. A penalty of 10% of the tax due will be imposed in the event of late payment and a discount of 10% will be allowed if the tax is paid 30 days or more before the due date.

A number of developers in Cyprus have been accused of routinely overcharging purchasers of property in respect of immovable property tax, which they collect from purchasers and pay over to the authorities until individual title deeds have been issued, and good legal advice in this area will pay for itself many times over.

Owners of immovable property are also subject to minor charges under other laws, such as municipal or village rates, sewerage fees and refuse collection charges. Costs are generally much lower than in the rest of Europe.

The Capital Gains Tax Law

Capital Gains Tax is levied at the rate of 20% on gains realised from the disposal of immovable property in Cyprus, including gains from the disposal of shares in private companies which own such property.

The following categories of disposals are exempt from Capital Gains Tax:

  • Transfers by reason of death;
  • Gifts between relatives up to the third degree of kindred;
  • Gifts to family companies (limited companies whose only shareholders at the time of the gift and for the entire period of five years thereafter are members of the family of the donor);
  • Gifts by family companies to their shareholders, but only in cases where the property given was originally acquired by the company as a gift;
  • Gifts to charitable institutions or to the Republic of Cyprus;
  • Exchanges of immovable properties; and
  • Compulsory acquisitions.

In assessing the gain the following will be deducted from the price received:

  • The market value of the property at 1 January 1980, or, if it was acquired after that date, the price paid or the consideration given for the acquisition of the property;
  • The cost of any major improvements;
  • The subsequent increase in the value of the property due to inflation, calculated by reference to the Retail Price Index issued every month by the Department of Statistics;
  • Expenses related to the acquisition and disposal of the property such as transfer fees and legal costs.

Individuals may deduct from the resultant gain the following lifetime exemptions:

  • In the case of sales of agricultural land by farmers, the first €25,629 of the sale price, provided that the farmer was residing in the same area at the time of the sale;
  • In the case of sales of property used as a residence by the vendor, the first €85,430 of the sale price, provided that the property has been used as the vendor's residence for at least 5 years prior to the sale; and
  • In the case of any other disposal, the first €17,086 of the sale price.

These deductions are granted once only, unless they have not been exhausted by the first sale, in which case any balance is carried forward. An individual claiming a combination of exemptions is allowed only a maximum exemption of €85.430.

The Rent Control Law

Property leases in Cyprus are governed by the provisions of the Contract Law, subject to the restrictions introduced by the Rent Control Law to protect tenants against eviction under certain circumstances.

The Rent Control Law does not apply to non-Cypriots renting properties in Cyprus.

Leases exceeding 15 years may be registered with the Land Registry and registration should be effected within three months of the signing of the lease. Registered leases afford the lessee certain advantages, including the right to trade the lease.

As noted earlier, non-EU citizens may not take a lease of immovable property for a period exceeding 33 years without the prior permission of the Council of Ministers, and they are not allowed to let their premises to tenants.

Conclusion

This booklet is intended to give a general description of the key features of Cyprus law as it relates to real estate and property at the time of writing (April 2012). Our aim has been to give a general picture of the legal framework within which Cyprus has developed and exercises its policy on matters of immovable property, particularly where foreign investors are concerned, and the incentives and protection offered to this end.

A publication of this nature cannot be an exhaustive guide, and this booklet is not to be relied on as a substitute for proper professional advice and guidance, especially as the relevant laws are constantly being amended.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

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