Risks associated with investing in properties in the occupied part of Cyprus

The so called “Turkish Republic of Northern Cyprus” ( the “TRNC”) is a self-declared state that comprises the north-eastern portion of the island of Cyprus, following the military invasion of Turkey in 1974. The TRNC has been condemned and declared illegal and invalid by the International Community through United Nations Security Council Resolutions 541/83 and 550/84. The TRNC is internationally recognized only by Turkey.

This memo is rendered on the basis of Cyprus law as currently in force and applicable and we have made no investigation of the laws or regulations of any country or jurisdiction other than those of Cyprus and we do not express or imply any opinion thereon.

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