... individual benefit (personal usufruct) is a right to hold and use something provided by the owner of an immovable thing for payment. A pecuniary benefit may also be created by a rent agreement or permanent maintenance agreement with a dependent. New Form of Mortgage The new Civil Code introduces the non-accessory, transferable form of mortgage used in Europe, providing a creditor a much stronger legal position concerning obligations secured by mortgage. In general the amendments relating to real estate...

... therefore does not require state registration.   The preferential acquisition of immovable property right guarantees the holder the exclusive right to acquire the title to a property. The preferential acquisition rules also allow the acquisition of mortgage and development rights.   New encumbrances over real estate. Among the newly proposed encumbrances are personal usufruct (individual benefit) and pecuniary benefit (similar to rent). The right of individual benefit (personal usufruct) —...

... looks set to continue, although global developments and local bureaucratic issues could create problems. Late in 2007, many investors in Russia believed that the country was immune to what was considered "an American problem" with subprime mortgages. The breadth and depth of the global financial crisis that followed led people to become wiser, or at least more sensitive, to uncertainty elsewhere in the international community and its global effects. Europe's sovereign debt crisis and high...

... We're not yet at the level of consumption that there used to be in Soviet times, but it's difficult to compare, because Soviet construction was consuming a lot of construction materials. Another element, which is very visible, is the big growth in mortgages we saw at the end of last year, and this is also a big driver kicking in. It's significant for our customers, who see that programs can easily find their customers. Would you say that mortgages are becoming more affordable in Russia? AV: The...

... draft Civil Code (the "Draft Civil Code"). These restrictions include a right of permanent possession of land (Chapter 20); a right to develop land (Chapter 201); servitudes (Chapter 202); a right of personal use and enjoyment (Chapter 203); mortgage (Chapter 204); a right to acquire another person's immovable property (Chapter 205); a right to transfer property (Chapter 206); a right of operational management (Chapter 207); and a right of restricted possession of a land plot (Article 2971)...

... tax rate. In addition, depository receipts on shares are also designated as a dividend taxed at the same rate. As far as interest income is concerned, it is worth noting that it includes income from debt claims of any kind, whether it is secured by a mortgage or not. Another key aspect indicating the importance of Cyprus as a preferred holding jurisdiction for Russian interests is the capital-gains tax imposed on the sale of shares in companies where the value of the real estate component in Russia...

... and the business world is recognizably international. Provided you can get to your meetings more or less on time, the rest is more than manageable. Vitaly Mozharowski, Partner, Goltsblat BLP Real Estate “Common” real estate work: leases, mortgages, sales and acquisitions, construction contracts; large infrastructure projects; FDI (foreign direct investments) and industrial projects: strategic advice, selection of region or municipality, dealing with authorities, sites acquisition, design...