The procedure of the Debt for Asset Swap (DFAS) is a recent mechanism introduced to the banking industry which aims to reduce the portfolio of the non-performing debts. The sale and purchase of immovable properties that falls under the umbrella of restructuring, is exempted from the liability of paying Property Transfer Fees and Capital Gain tax.
Our law firm was first to support the exception of the DFAS method from the payment of Capital Gain tax, and after the implementation of the relevant Law, the DFAS was transformed into an even greater tool for credit institutions.
The Cypriot economy was benefited, as the DFAS procedure revived the investment activity in Cyprus.
Our dedicated team, was the first to implement the DFAS procedure for one of the major banking institutions of Cyprus and our team is experienced in handling all stages of the DFAS procedure.
Our highly experienced advisory consultants are capable of handling and delivering complicated and high-profile cases related to the DFAS procedures. Also, our firm’s team provides legal advice and continuous support to all aspects of this newly introduced mechanism, including drafting of sale purchase agreements and any other related documents and/or agreements.
Our services include:
Drafting of Sale and Purchase agreements
Drafting of settlement agreements
Drafting of demarcation agreements
Drafting of lease agreements
Assisting and advising regarding to the procedures at the competent land registries