The extradition process constitutes one of the most complex areas of criminal law, as it requires a constant balance between the state’s international […]
Social media has made it incredibly easy to capture and share moments from everyday life. However, this often includes recording third parties […]
Τα social media έχουν κάνει πολύ εύκολη την καταγραφή και ανάρτηση στιγμών από την καθημερινότητα. Αυτό όμως συχνά περιλαμβάνει και […]
Creditors occupy a central and indispensable role in the liquidation process. Indeed, the very purpose of liquidation is the protection […]
In an increasingly complex international tax and regulatory environment, more and more companies are choosing to transfer their corporate […]
Σε ένα συνεχώς μεταβαλλόμενο διεθνές φορολογικό και κανονιστικό περιβάλλον, όλο και περισσότερες εταιρείες επιλέγουν να μεταφέρουν την εταιρική […]
Immigration Guidance for High-Net-Worth Individuals, Investors, International Families and Family Offices […]
The legal framework governing Associations in the Republic of Cyprus is regulated by the Associations and Foundations and Other Related Matters Law […]
Το νομικό καθεστώς των Σωματείων στην Κυπριακή Δημοκρατία ρυθμίζεται από τον Περί Σωματείων και Ιδρυμάτων και για άλλα συναφή θέματα Νόμο […]
Within the context of corporate liquidation, situations may arise where the management of a company’s assets or business operations […]
Digital advancements over the past decade have fuelled the rise and rapid growth of cryptocurrencies, reshaping the payments industry […]
Cyprus continues to strengthen its position as a strategic business and investment gateway between Europe, the Middle East and Africa, offering a flexible and business-friendly legal […]
Corporate governance is undergoing a quiet but substantive shift across jurisdictions […]
The Cyprus Tax Reform entering into force on 1 January 2026 constitutes the most comprehensive restructuring of the Cyprus tax system in recent decades […]
The leasing of immovable property in the Republic of Cyprus is […]
Η μίσθωση ακίνητης ιδιοκτησίας στην Κυπριακή Δημοκρατία […]
Η κρίση στις Κεντρικές Φυλακές δεν είναι ζήτημα μόνο ανθρωπίνων δικαιωμάτων, αλλά και ζήτημα δημόσιας ασφάλειας […]
Bank Institution filed actions against our client for breach of the terms of loan and current account agreements […]
Bank Institution filed actions against our client for breach of the terms of loan agreements and current account agreements […]
Bank Institution filed actions against our client for breach of the terms of loan agreements […]
The Supreme Court granted a prerogative writ of certiorari, annulling a search warrant issued by a District Court in the context of a criminal […]
Advised the governing body of a private foundation holding multi-million-euro international assets on governance, restructuring, and asset […]
Advised an international fintech and payments group on its application for authorisation as a credit institution […]
Advised on the restructuring of a multinational group through the merger of several Cyprus entities as part of preparations for an […]
A final judgment was delivered in favour of the claimant, whom we represented, in a serious medical negligence case concerning […]
Currently assisting clients with regulatory licensing matters, including Electronic Money Institution (EMI) applications […]
In a decision dated 23 September 2025, the District Court of Nicosia made absolute an interim Mareva injunction previously […]
In a decision dated 22 January 2025, the District Court of Nicosia appointed a Special Manager to act in the liquidation […]
Acted as counsel to a major public company in connection with a corporate reorganisation involving the de-merger […]
Ongoing involvement in the establishment and management of Cyprus entities as part of international group structures […]
In a judgment dated 12 November 2025, the Cyprus Court of Appeal dismissed in full a civil appeal against a summary judgment […]
In a decision dated 16 September 2025, the District Court of Nicosia granted ex parte interim injunctive relief […]
In a recent judgment, the Supreme Court examined a case concerning the imposition and collection of berthing fees by the Cyprus Ports […]
Acted for major shareholders in a leading pharmaceutical manufacturing and distribution joint venture with substantial regional market share and […]
By an order dated 9 August 2024, the Larnaca District Court, in the context of Action No. 451/2024, granted an ex parte application […]
Currently assisting with AML compliance and client onboarding processes, including KYC and enhanced due diligence […]
Acted as Cyprus counsel to a multinational manufacturing and investment group in the court-sanctioned reorganisation of a major […]
The National Betting Authority concluded proceedings initiated under Article 95 of the Betting Law 37(I)/2019 concerning an alleged […]
The Cyprus Securities and Exchange Commission (the “CySEC”) has concluded the administrative proceedings initiated against our […]
Advised an international renewable energy entrepreneur in relation to investments made through Cyprus companies in multi-million-euro […]
In this matter, she advised a corporate group on a complex cross-border withholding tax dispute arising […]
Acted as Cyprus counsel to a global investment group with billion-dollar assets under management in connection with the multi-million […]
Advised a founding shareholder and former CEO of an international records management group with significant multi-jurisdictional […]
Acted as legal counsel to an international investment fund managing tens of millions of euros in committed capital in connection with…
Acted as lead Cyprus counsel in a compulsory liquidation arising from a shareholder deadlock and minority oppression…
Our firm successfully advised the Plaintiff in a complex corporate and property dispute before the District Court of Larnaca…
The Council of Europe has opened, for signature, the Convention for the Protection of the Profession of Lawyer (CETS No. 226), the first binding international treaty…
The Council of the European Union has adopted its 19th package of restrictive measures against the Russian Federation, marking a substantial escalation in the EU’s ongoing sanctions strategy.
Ο πρόσφατος Οδηγός του Συμβουλίου των Δικηγορικών Συλλόγων της Ευρώπης (CCBE) για τη χρήση της παραγωγικής τεχνητής νοημοσύνης (Generative AI – GenAI ή παραγωγική ΤΝ) από δικηγόρους…
Cyprus is rapidly emerging as a leading destination for corporate immigration, offering businesses a strategic gateway into Europe while maintaining a favourable regulatory and tax framework.
We are proud to support the Digital Agenda Cyprus Summit 2025, entitled “Beyond AI”.
We’re proud to announce our support for the “Laou Laou – Car-Free event”, which will take place in Agioi Omologites, Nicosia, on Sunday, 21 September 2025.
We’re delighted to announce our sponsorship of Fengaros Festival 2025, one of Cyprus’ most iconic and forward-thinking music festivals.
Starting a business in Cyprus involves important decisions, and one of the first important decisions you’ll face in Cyprus is whether to set up a company or register a trade name.
We proudly support the Digital Agenda Cyprus Summit 2024 entitled “Digital Democracy: Digitalisation, Innovation & Participation”.
Cyprus Digital Nomad Visa Scheme – An attractive option for remotely workers The Migration Department has officially opened the applications process for residence permits under the Cyprus Digital Nomad Visa scheme. The maximum number of permits that could be granted remains at 500. The purpose of the scheme is to strengthen Cyprus as a center…
LLPO Law Firm is proud to organise a Free Business Networking Event in Cyprus, in collaboration with IFZA (International Free Zone Authority), a leading internationally oriented Free Zone in the UAE, on the 12th of February 2025.
Being at the crossroad of the three continents Europe, Asia and Africa, Cyprus is an EU member state with a stable economy low tax rates…
A non-governmental organisation (NGO) is an entity that operates independently of any government with the primary aim of improving societal conditions.
Cyprus is increasingly positioning itself as a prime destination for high-net-worth individuals due to its attractive tax regime and other factors that support wealth management.
Η δικαστική απόφαση αποτελεί την τελική φάση μιας μακράς και απαιτητικής διαδικασίας, κατά την οποία το Δικαστήριο καλείται να επιλύσει μια νομική διαφορά και να αποδώσει δικαιοσύνη.
A judgment is the final phase of a long and demanding process, in which the Court is called upon to resolve a legal dispute and dispense justice.
Our firm represents a group of 300 high-net-worth investors in 86 separate administrative recourse proceedings before…
This complex derivative action was initiated on behalf of the heirs of a co-founder of a Cyprus-based pharmaceutical company. Upon the…
In an ever-evolving digital age, the eIDAS (electronic Identification Authentication and Trust Services) Regulation provides a framework for secure electronic transactions across the European Union (EU).
Cyprus is a common law jurisdiction, and its legal system is based on the UK one. It is a clear and robust system which leaves no uncertainty as to the ownership status of real estate in Cyprus.
The Cyprus Securities and Exchange Commission (CySEC) has announced on 13 November 2024, that it now accepts applications for a preliminary assessment under the EU’s Markets in Crypto-Assets Regulation (MiCA).
Recently, the Cypriot government announced its initiative towards establishing a Unified Supervisory Authority.
As digital platforms, such as e-commerce sites, social media networks, and digital applications continue to shape commerce, information, and communication in Europe, the need for regulatory clarity and a coordinated approach has become increasingly vital.
Human trafficking is not a modern crime, rather, it is a persistent challenge that continues to affect countless individuals.
We are pleased to sponsor the Cyprus Investment Funds Association Roadshow to Athens, an exclusive event aimed at showcasing the opportunities available for Alternative Investment Funds (AIFs) in Cyprus.
We proudly support the Digital Agenda Cyprus Summit 2024 entitled “Digital Democracy: Digitalisation, Innovation & Participation”.
Cyprus has established itself as a reputable European Union (EU) jurisdiction, making it an attractive location for Electronic Money Institutions (EMIs).
The Artificial Intelligence (AI) Act entered into force on 1 August 2024 and will be broadly applicable after two years, following a phased implementation process.
Ο Περί Εταιρειών (Τροποποιητικός) (Αρ.4) Νόμος 101 (Ι) του 2024 εισήγαγε σημαντικές αλλαγές…
Listing of Green Bonds on the Emerging Companies Market (ECM) of the Cyprus Stock Exchange (CSE) is drawing significant interest from companies and investors alike.
Online Dispute Resolution (ODR) is an effective alternative approach when resolving disputes, offering several benefits over traditional face-to-face dispute resolution practices.
Mergers & Acquisitions in Cyprus: Practical Law Global Guide We are pleased to have contributed to Practical Law Global, the Cyprus part of the Private M&A Global Guide (Private Mergers and Acquisitions in Cyprus: Overview). The guide provides an overview of key legal and deal structuring issues relating to private M&A transactions in Cyprus, including as…
Our firm’s lawyers, Kypros Louca and Vasiliki Chamba served as the main instructors for the highly successful seminar, Professional Liability and Duties of Insolvency Practitioners.
Purchasing property abroad can be an exciting option and Cyprus stands out as a top location, whether you are seeking a new home for relocation, an investment opportunity…
Earnouts, while offering the potential for additional compensation based on future performance, they also introduce a layer of uncertainty and risk for sellers.
In democratic societies, consensus, trust and shared information are foundational.
The Department of Registrar of Companies and Intellectual Property announces that according to the Companies (Amendment) Law of 2024…
In a recent review of financial service providers across Europe, the Financial Services Review has recognised our law firm as one of the top…
Cypriot legislation governs the process to be adhered to in situations where a person passes away without a will and is a resident of Cyprus and when a person dies abroad without a will but at the time of the death, he/she possessed immovable property situated in Cyprus.
As of 2017, an individual is considered a tax resident of Cyprus if they meet either the ‘183-day rule’ or the ’60-day rule’ for the tax year.
Cypriot legislation governs the process to be adhered to in situations where a person passes away without a will and is a resident of Cyprus and when a person dies abroad without a will but at the time of the death, he/she possessed immovable property situated in Cyprus.
In a significant legal advancement, the Cypriot House of Representatives has approved an amendment to the Civil Registry Law, marking a substantial change in the nation’s naturalisation approach.
Το Τμήμα Εφόρου Εταιρειών και Διανοητικής Ιδιοκτησίας (ΤΕΕΔΙ), σε συνέχεια της ανακοίνωσης του ημερομηνίας 8 Φεβρουαρίου 2024, ενημερώνει ότι:
Share capital refers to the funds contributed by shareholders to establish or expand a company.
With a decision dated 21/02/2024, the Council of Ministers abolished the annual company fee of 350 euros as an additional measure to support businesses. This decision will take effect from this year.
Sustainability has gained significant traction across various industries, including finance. With growing concerns about climate crisis and environmental degradation, investors are increasingly seeking opportunities to support companies and funds that align with their values.
Individuals in the corporate world, often find themselves in deadlocks arising from corporate disputes. Therefore, being able to resolve these conflicts in a timely and efficient manner is a priority for maintaining a strong business continuity.
Incorporating a Cyprus company is an easy and relatively swift procedure, but what about the obligations regarding tax and statutory reporting?
A Tradename, also known as a Business name, is the designation under which an individual or company conducts its business activities, distinct from the legal entity’s registered name.
Cyprus emerges as a compelling destination for Saudi investors seeking strategic business opportunities.
Cyprus is an EU member state and a common law jurisdiction with a legal system similar to that of the UK. It is located at the eastern end of Europe linking 3 continents, Europe, Africa and Asia and it has a long and strong reputation as an international business center.
Extension of the deadline for the payment of the Fee of the Cyprus Central Agency for Equal Distribution of Burdens (K.F.I.K.B.) 0.4% due to the transfer of real estate and shares after sale during the period 22/02/2021 until 18/11/2022.
Παράταση προθεσμίας καταβολής του Τέλους Κεντρικού Φορέα Ισότιμης Κατανομής Βαρών (Κ.Φ.Ι.Κ.Β.) 0,4% λόγω μεταβίβασης ακίνητης ιδιοκτησίας και μετοχών κατόπιν πώλησης κατά την περίοδο 22/02/2021 μέχρι 18/11/2022.
The world of cryptocurrency and blockchain technology knows no borders. As crypto markets continue to expand globally, they attract a growing number of businesses offering a wide range of services.
We’re pleased to be one of the authors to the latest edition of “Buying & Selling Real Estate: An International Guide” in ILN’s comparative guide.
Cyprus has been considered as an attractive destination for investors, individuals and families through its competitive transparent legal, financial and regulatory framework as well as the advantageous tax policy combined with the strong banking system and stable economy with high standard of living and an excellent education system.
We’re pleased to be the authors of the Cyprus law chapter in Mondaq’s Comparative Guide on Private Mergers & Acquisitions.
We proudly support the Digital Agenda Cyprus Summit 2023 entitled “Building the Future with Confidence”.
Cyprus is a common law jurisdiction, and its legal system is based on the UK one. It is a clear and robust system which leaves no uncertainty as to the ownership status of real estate in Cyprus.
In the dynamic world of financial markets, the listing and delisting of securities on stock exchanges is a natural part of the evolving landscape.
The adoption of a unified surrender procedure among judicial authorities of European Union (EU) member states, based on the principle of mutual recognition and trust, has accelerated and simplified the extradition process while simultaneously limiting the ability of the executing state’s judicial authority to examine claims of potential violations of the fundamental rights of the requested person. Initially, the Court of Justice of the European Union (CJEU) adhered to a doctrinal approach, emphasising the respect for fundamental rights and freedoms by all EU member states.
Directors are responsible for maintaining the company’s accounting books and records in accordance with applicable accounting standards and laws governing the country where the company is registered.
Οι διευθυντές είναι υπεύθυνοι για την τήρηση των λογιστικών βιβλίων και αρχείων της εταιρείας σύμφωνα με τους ισχύοντες λογιστικούς κανόνες και τους νόμους που διέπουν τη χώρα όπου είναι εγγεγραμμένη η εταιρεία.
The crucial role and functioning of financial institutions in the economic area are unquestionable today. Financial institutions gather capital through deposits, a significant portion of which they then lend to a broad range of borrowers.
Η καίρια θέση και η λειτουργία των χρηματοπιστωτικών ιδρυμάτων στον οικονομικό χώρο είναι αδιαμφισβήτητη σήμερα. Τα χρηματοπιστωτικά ιδρύματα συγκεντρώνουν κεφάλαια μέσω καταθέσεων, μεγάλο μέρος των οποίων δανείζουν στη συνέχεια σε ευρύ φάσμα δανειοληπτών.
In the dynamic corporate world, businesses are constantly exploring strategic options to expand their operations and enhance market competitiveness.
On June 30, 2023, an amendment to the income tax law was published in the Government Gazette, specifically addressing the 50% exemption of employment remuneration under Article 8(23A).
Ο Ευρωπαϊκός Κανονισμός 6/2002 καθιερώθηκε, με σκοπό την ενίσχυση της προστασίας της βιομηχανικής αισθητικής με αποτέλεσμα να προάγει τη συμβολή μεμονωμένων δημιουργών ώστε να καθιερωθεί η υπεροχή της Κοινότητας στον τομέα αυτό, αλλά επίσης έγινε με σκοπό να ενθαρρύνει την καινοτομία και την ανάπτυξη νέων προϊόντων.
Η έκδοση των διαταγμάτων αποκάλυψης τύπου Norwich Pharmacal, εξετάζονται δυνάμει των παραδοσιακών προνοιών του Άρθρου 32 του Περί Δικαστηρίου Νόμου του 1960 (Ν.14/60).
The main protection for a minority shareholder in a company whose rights are being oppressed is provided by the Cypriot Legislation, specifically the Companies Law Cap. 113.
Κύρια προστασία ενός μετόχου μειοψηφίας Εταιρείας, στην οποία καταπιέζονται τα δικαιώματα του, παρέχεται από την ίδια την Κυπριακή Νομοθεσία και ειδικότερα από τον Περί Εταιρειών Νόμο Κεφ.113.
After a prolonged and eventful negotiation process between the European Commission and the Republic of Cyprus, the green light has been given to enforce revised requirements in the VAT law.
On June 13, 2023, European Fund and Asset Management Association (EFAMA) published the 21st edition of the Fact Book.
On 16th December 2022, a new law was published in the Official Gazette of the Republic of Cyprus, introducing significant changes to the country’s labor legislation.
The Corporate Sustainability Reporting Directive (CSRD), effective from January 5, 2023, enhances the rules governing the disclosure of social and environmental information by entities.
Cyprus has recently taken a significant step towards promoting transparency and predictability in the workplace by enacting the Transparent and Predictable Working Conditions Law of 2023 N.25(I)/2023, commonly referred to as the “Law.”
Landlords who fall within the scope of the Tenancy Law of 1983 (23/1983) as amended (hereafter “the Law”) can increase their tenants’ rents by a maximum of 6% after a decade zero increase in rents.
Οι ιδιοκτήτες ακινήτων, που εμπίπτουν στο πεδίο εφαρμογής του Περί Ενοικιοστασίου Νόμου του 1983 (23/1983) ως τροποποιήθηκε (στο εξής ο «Νόμος»), μπορούν να αυξήσουν τα ποσοστά ενοικίων στους ενοικιαστές τους με ανώτατο όριο 6%, μετά από μια δεκαετία μηδενικής αύξησης των ενοικίων.
The EU Council which represents all 27 EU member states, has unanimously approved earlier this month the Markets in Crypto-Assets Regulation (MiCA).
The Ministry of Interior’s proposal to revise the criteria for granting permanent residency under Regulation 6(2) of the Aliens and Immigration Regulation was approved by the Council of Ministers.
Ο χώρος της δικαιοσύνης είναι ένας κοινωνικοηθικός χώρος που είναι πολυδιάστατος και σε μεγάλο βαθμό απρόβλεπτος.
A Trademark is type of Intellectual Property Right that consists of a recognisable symbol, logo, name or design used to distinguish a company’s product or services from those of this competitor.
The crime of Human Trafficking has always been a great obstacle to our society. Despite several efforts to tackle it, this heinous crime continues to exist by violating and exploiting the rights of various individuals from any background.
Litigation funding, is a mechanism by which a third-party provides financial support to a plaintiff or a law firm for a legal dispute in exchange for a portion of the settlement or judgment award.
Cyprus companies are frequently parties to financing transactions either as borrowers or guarantors. For this reason, it is often the case that the shares in the share capital of such Cyprus companies are being placed as security to secure the loan obligations.
In late 2020, the US Securities and Exchange Commission (SEC) charged Ripple, a San Francisco-based company that offers a cross-border payment infrastructure, and two of its executives, with conducting an unregistered securities offering of $1.3bn by selling their cryptocurrency XRP.
On the 25th February 2023 the European Council adopted the 10th package of sanctions against Russia. The package contains new listings plus trade and financial sanctions, including further export bans worth more than €11 billion, depriving the Russian economy of critical tech and industrial goods. It also steps up enforcement and anti-circumvention measures, including a new reporting obligation on Russian Central Bank assets.
The term “reverse merger” refers to a reorganisation whereby a subsidiary company absorbs the assets and liabilities of its parent holding company.
In light of the recent Judgement of the Court of Justice of the European Union (CJEE) in joined cases C-37/20 and C-601/20, of November 22, 2022, access to the Register of Beneficial Owners for the general public was suspended as of the 23rd of November 2022.
Under Cap. 113, the Registrar of Companies may remove from the Register any company which appears not to be doing business and is not operation.
We are often approached by clients who wish to simplify their corporate structures, with the question whether it is best to opt for a merger between their group companies, or the liquidation of companies which no longer they wish to keep alive.
Στο παρόν στάδιο δεν έχει θεσπιστεί κυπριακή νομοθεσία που να επιτρέπει την προώθηση αγωγών αποζημίωσης προς όφελος καταναλωτών στα πλαίσια της νέας οδηγίας (ΕΕ) 2020/1828.
The Parliament has passed a new law levying on a 0.4% tax on all sales of immovable properties. The imposition of this levy is intended to serve humanitarian purposes by supporting Greek -Cypriot refugees.
Entered into force in late 2019, the amended Benchmark Regulation established the EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-associated disclosures for benchmarks.
It is subjective and highly debatable what elements comprise environmental, social or governance factors, yet the investment community has coined the term as they generally acknowledged a broad definition of ESG Investing as non-financial dimensions of a security’s valuation, performance, and risk profile.
A shareholders’ agreement is a private agreement between shareholders which determines the manner in which shareholders exercise their rights with respect to the shares in the company or the rights attached to the shares in the company.
An Electronic Money Institution (EMI) is a market participant licensed by the Central Bank of Cyprus, which has the right to issue electronic money. Electronic money is pre-paid monetary value issued into circulation by an electronic money institution, held on electronic devices, which can be used for payment purposes. An EMI may also perform money…
Cyprus has been considered as an attractive destination for investors, individuals and families through its competitive transparent legal, financial and regulatory framework as well as the advantageous tax policy combined with the strong banking system. The island has received a considerable inflow from Lebanese individuals, companies and families which are seeking to safe destinations outside…
In order for a company to be registered, the name under which it is proposed to be registered must have been previously approved by the Registrar of Companies and Official Receiver (hereinafter the “Registrar”) after submitting a relevant application. According to the Companies Law Cap.113 the proposed name to be approved by the Registrar certain…
The FTX bankruptcy filings caused a chain reaction across regulators and supervisory bodies across the globe, with Cyprus being no exception. On 11/11/2022 the Cyprus Securities and Exchange Commission (CySEC) announced that the license of the Cyprus Investment Firm FTX (EU) Ltd with number 273/15, is suspended in whole, due to suspicions of alleged violations…
Transfer of a property in the name of an “enclaved buyer”. A new deadline is approaching. Did you know that the right of all purchasers who did not lodge and/or submit their sale contract or assignment agreement before the District Land Office lapses on 31.12.2022? The recent legislation is judged to be fair as it…
A. General Introduction Cyprus is a common law jurisdiction, and its legal system is based on the UK one. It is a clear and robust system which leaves no uncertainty as to the ownership status of real estate in Cyprus. The Land Registry Office in Cyprus (with district offices in each of the major towns…
The Legal Framework Insolvency matters in Cyprus are governed by the Bankruptcy Law Cap.5, which deals with the bankruptcy of natural persons, and the Companies Law Cap.113, supplemented by the Companies (Winding Up) Rules and certain provisions of the Bankruptcy Law which regulate the insolvency of legal persons. In 2015 the Cypriot Insolvency Law has…
We proudly support the Digital Agenda Cyprus Summit 2022 entitled “The Crossroads”. The conference will be held in Nicosia, Cyprus at the Municipal Theatre on the 17th of October, where A-class technology speakers and policymakers gather together to discuss about the future of humanity in regional and European perspective. TOP SPEAKERS KEN SEGALL Ad Creative…
Possibility to remove current liquidator and possibility to appoint an additional liquidator in the procedure of creditor’s voluntary liquidation. Based on Section 277 of the Cyprus Companies Law, Cap.113, the creditors and the company at their respective meetings may nominate a person to be liquidator for the purpose of winding up the affairs and distributing…
A company may enter into the procedure of the voluntary liquidation by its creditors when it cannot pay its debts. This procedure’s objectives are the distribution of the insolvent company’s assets between its creditors and the company’s dissolution. The directors of the insolvent company shall prepare a statement of their position on the company’s affairs,…
Procedure of re-domiciliation of a Cyprus Company out of the Republic of Cyprus. Application for re-domiciliation abroad A Cyprus company registered under the provisions of the Companies Law, Cap. 113 may apply to a foreign country to be registered and continue its existence under that legal regime provided that the following has been obtained: (a)…
The conditions and circumstances under which the disclosure of information about the Investors / Unitholders of a Cyprus Alternative Investment Fund (AIF) is obligatory. The Cyprus Security and Exchange Commission (CySEC) is the regulatory authority responsible under the Law for the licensing and supervision of Investment Funds for both Undertakings for Collective Investment in Transferable…
Τι είναι η Πνευματική Ιδιοκτησία Σε αντίθεση με την ιδιοκτησία φυσικών αντικειμένων, όπως για παράδειγμα την ιδιοκτησία αυτοκινήτων, σπιτιών και άλλων αντικειμένων, η πνευματική ιδιοκτησία αναφέρεται στην ιδιοκτησία ενός φυσικού ή νομικού προσώπου επί δημιουργιών του ανθρώπινου μυαλού, όπως για παράδειγμα μία εφεύρεση, σχέδιο, διακριτικό σήμα, καλλιτεχνικά έργα. Τα δικαιώματα πνευματικής ιδιοκτησίας προστατεύονται τόσο από…
Introduction Injunctions may be issued as a final remedy (at the end of a case) or during the claim to retain the status quo until the final judgment is issued (called interim or interlocutory injunctions). According to the case Odysseos Andreas v. A. Pieris Estates Ltd and Another (1982) 1 CLR 557, an injunction has…
Ο περί Σωματείων και Ιδρυμάτων και για Άλλα Συναφή Θέματα Νόμος του 2017 (104(I)/2017) έχει ψηφιστεί για την ρύθμιση, έγκριση και έλεγχο των σωματείων, ιδρυμάτων, ομοσπονδιών τα οποία όπως ρητά αναφέρεται και στον ως άνω αναφερόμενο νόμο και αποτελεί επίσης μία εκ των βασικών προϋποθέσεων για την έγκριση και την σύσταση των Σωματείων, ιδρυμάτων και…
After years of debates, Cyprus initiated the total and comprehensive reform of its Court System in an effort combining shortening the time of litigation (first and second instance) and becoming a competitive if not unique, low-cost, specialised, common-law forum of adjudicating disputes. Recently the government of Cyprus submitted several bills of laws to the House…
Q&A guide to private mergers and acquisitions law in Cyprus The Q&A gives an overview of key issues including corporate entities and acquisition methods, preliminary agreements, main documents, warranties and indemnities, acquisition financing, signing and closing, tax, employees, pensions, competition, and environmental issues. Private Mergers and Acquisitions in Cyprus: Overview Read the complete guide here……
Background The Emerging Companies Market (ECM) is the unregulated market of the Cyprus Stock Exchange (CSE). The ECM’s concept is similar to the Alternative Investments Market (AIM) of the London Stock Exchange (LSE). Companies which are wishing to list their securities such as shares and bonds on the ECM are not required to comply with…
Cyprus Digital Nomad Visa Scheme – An attractive option for remotely workers In the early years of pandemic Covid-19, the term “work remotely” has gain popularity throughout of the world. Work remotely has been extended and prolonged in many businesses with a positive impact on both the employer and employees, whereas in some cases “work…
The Cyprus International Trust (CIT) can be employed in commercial and business transactions but also as a vehicle for charitable and other purposes. Examples of usage include CIT’s being used as vehicles for: The management of funds: Investment Trust Funds, Credit Institutions, Banks etc. may, through the use of a CIT and a Cyprus International…
Owners of successful businesses sometimes like to exaggerate with extravagant lifestyles. Santa Clara mansions, private Hawaii islands, Bugattis and Lamborghinis, private yachts, submarines and jets it is not unusual to see them posted on TikTok. There are however also, down to earth successful founders and company owners, who prefer to maintain a lower profile and…
Cyprus registered companies can employ third country (non-EU) nationals to work and live in Cyprus, under a fast-track scheme, if certain basic requirements are met. The new “Cyprus Foreign Interest Companies” scheme adopted by the Cyprus Government, under which Cypriot registered companies owned by foreign shareholders, may employ in Cyprus third country (non-EU) employees, in…
New market and new reality In front of the heavy bookshelves of the city’s law offices that store hard copies of the All-England Law Reports since 1890 to date, lawyers are talking with young people, clients and experts, about science-fiction computer-geek terms like “blocks” and “distributed” and “permissioned ledgers”, “hashing” and “mining”, “full” and “half…
An authorisation for the operation of an electronic money institution is only granted to a legal person who has been incorporated and has its head office in the Republic of Cyprus. In accordance with the provisions of the Electronic Money Law 2012, which was enacted for the purposes of harmonisation with the act of the…
Cyprus introduced a Yacht Leasing Scheme which, inter alia, has VAT benefits for prospective owners (or new owners) of yachts that wish to use them in European waters. The Cyprus Yacht Leasing Scheme is in many ways similar to arrangements offered by other European countries but is considered one of the most attractive Yacht Leasing…
Completion of Conveyancing Conveyancing is the process which must be followed for transferring an immovable property from the vendor to the buyer. The procedure could be described as complicated as it requires the submission and drafting of relevant documents. Legal representation is required to complete this process. Selection of Property – Reservation – Payment of…
New Amendments to the Provision of Regulation 6(2) of the Alien and Immigration Regulations for the Cyprus Permanent Residency Programme: Cyprus has been considered as an attractive destination for investors, individuals and their families for many reasons, such as: a favourable tax framework with an expanded network of double tax treaties (currently 65); fast access…
Presentation made by Forbes Magazine, Cyprus edition #5 August 2019 Read the full article here: LLPO Law Firm (article in Greek)
Του Χριστόδουλου Λεωνίδου Το άρθρο δημοσιεύτηκε στην εφημερίδα “Η ΚΑΘΗΜΕΡΙΝΗ” στις 29/06/2019 Στο Κυπριακό δικαιικό σύστημα ύψιστης σημασίας είναι η διασφάλιση της διεξαγωγής δίκαιης δίκης. Η επιταγή τόσο του Συντάγματος της Κυπριακής Δημοκρατίας, όσο και του Ευρωπαϊκού Κεκτημένου εκτείνεται όχι μόνο σε ποινικής φύσεως υποθέσεις αλλά και σε υποθέσεις αστικής ή εμπορικής φύσεως. Βασική έκφανση…
Της Νικολέττας Αγρότου Από το 2002, η Ευρωπαϊκή Κοινότητα επιδίωξε να διαφυλάξει τα δικαιώματα των δημιουργών οι οποίοι εμπορεύονται σε έναν τομέα ο οποίος κινείται με γοργούς ρυθμούς Ο Ευρωπαϊκός Κανονισμός 6/2002 καθιερώθηκε, με σκοπό την ενίσχυση της προστασίας της βιομηχανικής αισθητικής, με αποτέλεσμα να προάγει τη συμβολή μεμονωμένων δημιουργών ώστε να καθιερωθεί η υπεροχή…
Του Αγαθοκλή Κορέλλη Το άρθρο δημοσιεύτηκε στην εφημερίδα “Η ΚΑΘΗΜΕΡΙΝΗ” στις 28/05/2019 Ορισμός του φαινομένου κατάχρησης της δικαστικής διαδικασίας σε ποινικές υποθέσεις δεν προκύπτει νομοθετικά ούτε, ως εκ της φύσεώς του, είναι ευχερής η διατύπωση σχετικού κανόνα δικαίου κατά τρόπο γενικό και αφηρημένο, καθότι αφορά σε περιπτωσιολογία μάλλον ανεξάντλητη. Ωστόσο, από την πάγια επί του…
Του Χρίστου Ο. Ιωαννίδη Το άρθρο δημοσιεύτηκε στην εφημερίδα “Η ΚΑΘΗΜΕΡΙΝΗ” στις 21/05/2019 Στα πλαίσια της Κυπριακής Συνταγματικής τάξης όσο και στα πλαίσια του κοινοδικαίου έχει αναγνωριστεί γενικά η υποχρέωση στις ανακριτικές αρχές να διεξάγουν την ανακριτική διαδικασία κατά τρόπο δίκαιο, διαφανή και ορθό, απαλλαγμένο από ενστάσιμα στοιχεία, όπως η προκατάληψη, τα αλλότρια κίνητρα κλπ.…
Professional Management – Transparency & Regulation – Passporting Rights Management of Alternative Investment Funds (AIFS) is defined as comprising at least the core activities of portfolio management and risk management. If permitted by its legal structure, an AIF can be internally managed, which means that the same entity is both the AIF and the AIFM.…
Managing and/or marketing funds across the EU – Options for UK fund managers in view of Brexit Passporting allows UCITS and AIFs, as well as UCITS Managers and AIF Managers registered in Cyprus and licensed by CySEC, to manage and/or market funds across the EU, without having to apply for any additional authorisation. Cyprus may…
Multiple Investment Compartments – Separate investment policies – Segregation of assets and liabilities – High level of flexibility to investors All types of Cyprus Alternative Investment Funds (such as AIFs, AIFLNPs, and RAIFs), can be set-up as umbrella funds under the roof of which multiple investment compartments / sub-funds are created, allowing the management of…
Alternative Investment Funds distinguish between open-ended and closed-ended type of Cyprus AIFs. The AIF Law 2018 distinguishes between open-ended and closed-ended type of Cyprus AIFs. Open-ended type: Unit-holders can redeem or repurchase their units upon request: at any time at regular intervals of less than 1 year, that are defined in the instruments of incorporation…
The conditions and circumstances under which the disclosure of information about the Investors/Unit-holders of a Cyprus Alternative Investment Fund (AIF) is obligatory. The Cyprus Security and Exchange Commission (CySEC) is the regulatory authority responsible under the Law for the licensing and supervision of Investment Funds for both Undertakings for Collective Investment in Transferable Securities (UCITS)…
Flexibility – Transparency – Tax Incentives – Cost Efficient – Regulation A Cyprus Alternative Investment Fund (AIF) is cost-efficient and simple to set-up, manage and operate. It offers a modern regulatory framework that is in line with relevant EU directives and it is supervised by a competent and accessible regulatory authority. Setting up an AIF…
Common Fund – Limited Partnership – Investment Company Cyprus Investment Fund may be established with limited or unlimited duration and can take the following legal structures: (a) investment company in the legal form of a limited liability company with fixed capital (FCIC); (b) investment company in the legal form of a limited liability company with…
One protection does not fit all. Professional, Well – Informed or Retail? Based on the revised Markets in Financial Instruments Directive II and related implementing measures (together “MIFID II”), as incorporated in 144(I)/2007 Law which provides for the Provisions of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related…
The Alternative Investment Funds Law of 2018 provides for three types of investment funds in Cyprus. Alternative Investment Fund (AIF) An AIF is available to an unlimited number of investors, which can be promoted to any investor, encompassing retail investors. AIFs may be established as variable or fixed capital investment companies, common funds and limited…
Registered, Self-Regulated, Fast, Cost-effective. The new Alternative Investment Funds Law 2018 (“AIF Law 2018”), regulating AIFs in Cyprus, has introduced a new category of AIFs, the Registered AIFs (“RAIFs”). This has been a long-awaited development by the Cyprus Fund Industry, which significantly strengthens the country’s efforts of becoming a funds hub. A RAIF will be…
A new flexible regime to rival other onshore or offshore funds jurisdictions Cyprus is now combining its proven tax efficient regime with the required infrastructure for the fund management industry to create a new dynamic and competitive European hub for fund management and administration. With the enactment of the Alternative Investment Funds Law 124(I)/2018 (the…
Contributed by Christos O. Ioannides According to the Cyprus Betting Law 2012 electronic betting services are only to be provided by a person who holds a Class B bookmaker’s licence, issued following the submission of a relevant application to the National Betting Authority (henceforth the ‘Authority’). This licence authorises the provision of the electronic betting…
Contributed by Christos O. Ioannides It should be remembered that when the Cyprus Betting Law of 2012 entered into force the then newly established National Betting Authority (‘Authority’) only examined what were termed Class A licence applications – namely, physical on premises betting services applications. In October 2016 the Authority published the respective regulations for…
LLPO Law Firm is pleased to announce that Mr. Giannakis Lazarou, joined our firm as Head of Taxation and Public Law. Mr. Giannakis Lazarou was born in Nicosia. He obtained a BA (Hons) Degree in Law from North East London University. He is a qualified lawyer and a member of the Cyprus Bar Association. He…
We are pleased to announce to our clients that on 12/3/2018 we processed and filed with the General Court of the European Union the application for damages in relation to the haircut of deposits. The applicants will be notified of any further procedure or steps, through the Association of Depositors (SYKALA).
Το Δικηγορικό Γραφείο LLPO Law Firm – Αγγελίδης, Ιωαννίδης, Λεωνίδου Δ.Ε.Π.Ε., είναι στην ευχάριστη θέση να ανακοινώσει ότι ο εκ των ιδρυτικών συνεταίρων του, κ. Σάββας Αγγελίδης αναλαμβάνει τα καθήκοντα του Υπουργού Άμυνας της Κυπριακής Δημοκρατίας την 1/3/2018. Την διοίκηση του Τμήματος Δικαστηρίου αναλαμβάνει ο εκ των ιδρυτικών συνεταίρων κ. Χρίστος Ιωαννίδης. Καλή επιτυχία στο…
A new type of a registered alternative investment fund will be introduced by CySeC in Cyprus. This new category of “registered” funds will be available for funds marketed to professional or well-informed investors. The main characteristic of registered alternative investment funds is that they will not be directly authorised or directly supervised by CySeC but…
On the 13th of September 2016 the Cyprus Government approved the new regime for granting Cypriot – European citizenship for foreign investors. The new regime is the more competitive Citizenship programme in Europe and it is expected to attract an increase of citizenship applications. The regime provides for the reduction of the required investment to…
Vlaemminck & Partners BV BVBA operating under the brand name of PharumLegal and Angelides, Ioannides Leonidou LLC – LLPO Law Firm, (acting as the legal experts of the KPMG Ltd led advisory team, also including, QLot Consulting AB and J&E Davy Holdings Limited) have been selected by the Ministry of Finance of Cyprus and the…
As regional and domestic markets continue to expand and fuel economic growth, the funds industry of Cyprus is taking a frontline the global investment environment. In particular more and more investors and managers are choosing Cyprus as their preferred jurisdiction for the establishment and administration of their Alternative Investment Funds. The Benefits of an Alternative…
One of LLPO Law Firm’s partners, Mr. Christos Ioannides, will be presenting at Financial Crime & Forensic Investigations Conference at Hilton Park Hotel in Nicosia, on Tuesday 1st December 2015. Christos will be hosting the subject ‘Defence Strategies in Financial Crime Prosecution’. His presentation will be concentrated on the following topics: Adversarial Legal System and…
The investment management sector is developing rapidly on the island as it has become one of the most appealing countries to start up and manage financial services. With the entrance of Cyprus in the EU in 2004, it has opened many business doors as well as the influence of the CIFs which have successfully set…
Nominated Advisor (NOMAD) is a law firm or a financial institution or a Cyprus Investment Firm (CIF) or an audit firm or another legal entity appointed by the Council of the Cyprus Stock Exchange as a Nominated Advisor for the Emerging Companies Market of the Cyprus Stock Exchange which manages and promotes the listing of…
The Alternative Investments Funds Law of 2014 was enacted by the House of Representatives on 10th July 2014 and came into force on 18th July 2014. The new law replaces the International Collective Investment Schemes Law (ICIS) of 1999. Under the applicable Cypriot legislation, namely the AIF Law, the Cyprus Securities and Exchange Commission (“CySEC”)…
Του Μιχάλη Ο. Ιωαννίδη Η κύρια και πιο γνωστή νομική επιχειρηματολογία για την προσβολή δανείων σε Ελβετικό Φράγκο είναι σαφώς αυτή που αναπτύχθηκε στην υπόθεση του Ευρωπαϊκού Δικαστηρίου C-26/13 μεταξύ Árpád Kásler v OTP. Η απόφαση καταπιάνεται κυρίως με το Ευρωπαϊκό Δίκαιο για τις καταναλωτικές συμβάσεις (Οδηγία 93/13/EC) και συγκεκριμένα καθορίζει εν ολίγοις ότι οι…
Του Μιχάλη Ο. Ιωαννίδη Σήμερα το πρωί η Cyprus Mail και το Sigma Live δημοσιοποίησαν μια διαμάχη μεταξύ του Διαχειριστή και της Κεντρικής Τράπεζας η οποία θα μπορούσε να οδηγήσει στην παραίτηση του διαχειριστή της Λαϊκής Τράπεζας. Η διαμάχη αυτή επιβεβαιώθηκε με την ανακοίνωση του διαχειριστή ότι “τα βρήκε” με την Κεντρική Τράπεζα. Το ενδεχόμενο…
Contributed by Maria Angelides Of maximum importance is the recent decision of the Athens Court of First Instance, which clearly follows the trend of other Courts of foreign countries, with similar decisions, on the very important issue of borrowing in Swiss Francs. In the said decision the application of the consumers was accepted, represented by…
H υπ’ αριθμ. 3399/2015 απόφαση ασφαλιστικών μέτρων του Μονομελούς Πρωτοδικείου Αθηνών ανοίγει ένα ακόμη παράθυρο διαφυγής των εγκλωβισμένων δανειοληπτών σε Ελβετικά Φράγκα (CHF) εξαιτίας της διατάραξης της συναλλαγματικής ισοτιμίας μεταξύ Ευρώ και Ελβετικού Φράγκου η οποία δημιούργησε βάρη δυσβάστακτα στον ατυχή δανειολήπτη, που είχε πεισθεί στο παρελθόν από την Τράπεζά του να δανεισθεί (σε) Ελβετικά…
Της Μαρίας Αγγελίδου Μέγιστης σημασίας αποτελεί η πρόσφατη απόφαση του Πρωτοδικείου Αθηνών, η οποία φαίνεται καθαρά να ακολουθεί την τάση άλλων Δικαστηρίων ξένων χωρών, με παρόμοιες αποφάσεις, στο πολύ σημαντικό ζήτημα του δανεισμού σε Ελβετικά Φράγκα. Στην εν λόγω απόφαση γίνεται δεκτή αίτηση καταναλωτών με πληρεξούσιους δικηγόρους, το Δικηγορικό Οίκο LLPO Law Firm και εκδίδεται…
In a recent decision, Athens Court vindicates borrowers in relation to lending in Swiss Francs. The case was raised and was handled by the partner of our office in Greece – Theodoros Makris (LLPO Law Firm – Makris and Ioannides) in cooperation with the Banking Affairs Department of LLPO in Cyprus. The Athens Court of…
Σε πρόσφατη απόφαση του το Πρωτοδικείο Αθηνών δικαιώνει δανειολήπτη σε σχέση με δανεισμό που είχε σε Ελβετικό Φράγκο. Η υπόθεση εγέρθηκε και έτυχε χειρισμού από τον συνέταιρο του γραφείου μας στην Ελλάδα Θεόδωρο Μακρή (LLPO Law Firm – Δ.Ε. Μακρής & Ιωαννίδης) σε συνεργασία του Τμήματος Τραπεζικών Υποθέσεων της LLPO στην Κύπρο. Το Πρωτοδικείο Αθηνών…
The new criteria for granting Cypriot citizenship with the Scheme for Naturalization of Investors in Cyprus by exception to foreigner investors were approved on 19th March 2014 by the Council of Ministers. The major changes are mentioned in criteria 8 where it is noted that the Council of Ministers has the right to decrease the…
In the meeting of Secretaries of the Latvia State, was announced the draft law, prepared by the Ministry of Finance of Republic of Latvia, regarding Convention between Republic of Latvia and Cyprus for avoidance of double taxation and prevention of fiscal evasion in respect to taxes on income. The agreement aims to promote trade, foreign…
Eurozone leaders have finalised a deal for a 10billion bail-out of Cyprus, reaching a deal for the ring-fencing of the banking system to a bail-in estimated around 12billion without affecting insured deposits. The Bail-in Plan Laiki Bank will be split into a “good” bank and a bad bank. Laiki “good” bank together with its insured…
Η παρούσα πρόταση επιδιώκει να επιλύσει το κύριο πρόβλημα το οποίο αντιμετωπίζει σήμερα η Κυπριακή Οικονομία το οποίο είναι η ανακεφαλαιοποίηση των Κυπριακών Τραπεζών οι οποίες αποτελούν συστημικό κίνδυνο, με τρόπο διαχειρίσιμο εν όψη της γνωστής πλέον πρόθεσης του Eurogroup για πιθανό κούρεμα των καταθέσεων. Η παρούσα πρόταση αποτελεί μόνον έσχατη λύση και νοουμένου ότι…
After 10 hrs of negotiations Cyprus has reached a bail-out agreement with European Union and IMF for Euro 10 billion. The agreement is reached on a condition of a one-time bail-in tax on all depositors to be implemented on Tuesday morning after a Monday bank holiday to avoid bank runs. The bail-in tax will be…
Trucks are larger and heavier than other vehicles on the road and given the number of commercial trucks driving especially on the highway over the speed limit, truck accident victims can experience life-threatening injuries or even death. According to the U.S. Department of Transportation Federal Motor Carrier Safety Administration Analysis Division, the number of people…
According to Companies Law (Amendments) (No.3) 2012 and 2013 voted by the Parliament, amendments were enforced in relation to the fixed annual levy of Euro350 for companies. With the amendments the annual levy of Euro350 has been imposed to all Cyprus companies. More specifically, the amendments made are as follows: All Cyprus companies, either dormant…
Finally, the barrier was lifted as the two countries signed an agreement to be ratified for the avoidance of double taxation. Double taxation is perhaps the most vivid example of a barrier in international relations and economic cooperation, arguably, an unfortunate remnant of the past. Cyprus and Spain signed on 14 February 2013 an agreement…
Undertakings for Collective Investment in Transferable Securities (UCITS) are investment funds that have been established and authorised under a harmonised European Union (EU) legal framework under which a UCITS established and authorised in one EU Member State can be sold cross border into other EU Member States without a requirement for an additional authorisation. This…
According to the Ministry of Education and Culture of the Republic of Cyprus, it was and it still is the official governmental policy and aim to establish Cyprus as a regional educational and research centre, which will attract international scholars and students. Higher education in Cyprus consists of public and private institutions of university and…
Following the enactment of the new Betting Law 2012, the newly formed National Betting Agency, approved and published the application forms for a Class A Betting Services License. The forms include the Class A Operator application form, the Class A representative application form and the Class A Authorised Premises application form. It is reminded that…
The International Collective Investment Schemes Law (No. 47(I) of 1999) (“the Law”) came into force in May 1999. The Central Bank of Cyprus (“the Bank”) has been designated under the Law as the competent authority with the responsibility for the recognition, regulation and supervision of ICISs. The Bank is also the supervisory authority for the…
Here, at LLPO Law Firm, we are usually humble! Sometimes we get proud. We get proud when we win a “lost case” or when we help the “underdog corporate” ride a market wave. We also get proud when we nurture an against-the-odds start-up to get to commercialisation. Today we are proud because one of our…
Cyprus property market is picking up with a 67% growth year to year. In accordance to Land Registry statistics the numbers are not really huge but the rates are and it seems that the real estate market is kick starting. The growth rates per district are the following: Nicosia (Capital): 131%; Limassol: 4%; Larnaca: 50%;…
Cyprus has recently enacted a regulation allowing for a permanent residence permit via property investment. The regulation provides for the grant of a Cyprus permanent residence permit if the candidate purchases a privately-owned residence for self-occupancy in Cyprus, with a value of not less than €300.000. Main Conditions The applicant must prove that he has…
This year’s “Doing Business” report, compiled by World Bank, ranks Cyprus in the 36th position out of 185 countries ranked. Cyprus in 2013 report moved up one position as its 2012 ranking was 37. It is noted however that Cyprus ranks better than its main competitors in the world-wide financial business centre arena. Luxemburg is…
When it comes to law and regulation the common belief is that strict regulation (sometimes a full ban) yields better results. Such a popular belief is transposed in many restrictive laws in Cyprus like gaming bans, drugs bans and firearms strict regulation. One of such beliefs which is also relevant to the recent mind-numbing killings…
On 11th of December 2012 the European Parliament approved the EU regulation on Unitary Patent for Europe. The regulation creates a system where the EPO (European Patent Office) will be able to issue one single patent protecting rights in all 25 member states which opted in this system. Italy and Spain opted out of the…
In pursuance to the Cyprus – Troika memorandum of understanding, Cyprus will be obliged to raise the VAT tax rate. Currently the VAT rate in Cyprus is 17% after a recent amendment back in March of 2012. The Cyprus – Troika memorandum provides for a VAT rate of 18% from 1st of January 2013 and…
Since the birth of the Republic of Cyprus in 1960, Cyprus legislation has prohibited the engagement in games of chance or chance and skill for money or monetary return. Since 1960, Cyprus gambling legislation has had 6 amendments, the last taking place in 2006. Despite the provisions of the recently adopted and well publicised Betting…
In pursuance to the Cyprus – Troika memorandum of understanding, Cyprus will be obliged to abolish all exceptions for paying the Annual Levy of Euro 350. In accordance to existing rules and exceptions, the annual levy is only paid by Companies which have real activities and companies with assets in Cyprus. Abolishing the exceptions for…
Following the removal of Cyprus from the Portuguese “black list”, on 19 November 2012 the representatives of Cyprus and Portugal have concluded and signed a Double Tax Treaty. The Portuguese Ministry of Finance has removed Cyprus from the country’s “black list” of jurisdictions which are considered to have privileged tax regimes, based on the Decree…
The European Commission will present today a Communication to the European Council and Parliament titled Action Plan to Strengthen the Fight against Tax Fraud and Tax Evasion. The Communication, sets out the practical steps to be followed the next couple of years by all involved institutions including EU member countries to battle tax evasion. In…
Cyprus and Finland signed an agreement on 15th November 2012 in Nicosia for the avoidance of double taxation, with both sides pointing out its significance for facilitating investments and strengthening bilateral ties. The agreement was signed by Cypriot Minister of Finance Vasos Shiarly and Ambassador of Finland in Nicosia Anu Saarela, at the Ambassador’s residence.…
On 8 November 2012 during an official visit of the President of Ukraine Viktor Yanukovych in Cyprus the two countries signed a new Double Tax Treaty (DTT). The agreement is to replace the 1982 treaty for the avoidance of double taxation as concluded between Cyprus and the USSR. The DTT will come into effect on…
Last week, Cyprus government and Troika agreed in principle on an MOU on Specific Economic Policy Conditionality. The MOU contains several provisions and measures relating to: The Financial and Banking Sector; Fiscal Policy; Fiscal and Structural Measures; Labour Market; Goods and Services Markets; Beside the austerity measures which are costly in terms of growth, at…
LLPO Law Firm, a Cyprus law firm with offices in Nicosia, London, Athens and Bucharest is excited to announce the launch of their new microsite about Cyprus Yacht registration and Customs / VAT Clearance. Cyprus besides maintaining the lowest Company Tax Rates of all EU members, it is also the most attractive destination in the…
Royalties are the payments of license fees by one individual or entity to another for the use of intellectual property (IP). Intellectual property can take several forms as follow: Patents that protect inventions or new processes; Trademarks that relate to the names of products and perhaps also their design and packaging; Copyright, which attaches to…
The Russian government has published an Order in the nation’s Official Gazette to provide for the removal of Cyprus from the nation’s ‘blacklist’ of non-cooperative ‘tax havens’ from January 1, 2013, when a Protocol to the nations’ double tax agreement becomes effective. The ‘blacklist’ was part of an amendment to the Russian tax code which…
As from 2011 all registered Cyprus companies are obliged to pay an annual charge of Euro 350 in order for the companies to be in good standing and to remain in the register of Cyprus companies at the Registrar of Companies. For Cyprus companies which belong to a group of companies the total amount of…
The VAT rate in Cyprus will increase from 15% to 17% effective from the 1st March 2012. Any goods or services falling within the reduced VAT rates of 5%, 8% and 0% will remain unaffected from the increase of the VAT rate. All taxable persons affected by the change of the VAT rate must –…
Cyprus, situated in the eastern Mediterranean, was always part of the tax planning sheets, but after accession of the island to the European Union and the adoption of the Euro, its use became more relevant as an international business centre, rather than a cheap tax shelter. The 45 double tax treaties signed with countries like…
The hydrocarbon exploration and exploitation activities in the Republic of Cyprus are governed by the Hydrocarbon (Prospection, Exploration and Exploitation) Law of 2007 (No.4(I)/2007) and the Hydrocarbon (Prospection, Exploration and Exploitation) Regulations of 2007 and 2009 (No.51/2007 and No.113/2009). The legal framework of this law sets up the rules for the procedure granting authorisation for…
If you have business activities of international scale, and want to find a reputable offshore tax shelter, the Mediterranean basin is the place to look. Cyprus these days poses as one of the most reputable tax efficient jurisdiction, which although onshore EU destination, still offers some very competitive offshore tax advantages. Such advantages made Cyprus…
CYLON’s Quarterly Investment Forum, held in UK, London. We expect to see you all there.!!
About the Process On many levels, buying property in Greece –particularly if you are a foreign national – can be a rather complicated and sometimes confusing process. This is why seeking legal advice beforehand is so important. As a general rule, a foreign national can purchase real estate in most locations in Greece. However, non-EU…
As from 2011 all registered Cyprus companies are obliged to pay an annual charge of Euro 350 in order for the companies to be in good standing and to remain in the register of Cyprus companies at the Registrar of Companies. For Cyprus companies which belong to a group of companies the total amount of…
On 20th of October Cylon’s Quarterly Investment Forum was launched in UK, London. This event was well attended and the registration for the Platinum Club has exceeded our expectations. Platinum Club is a members networking Club and membership is by invitation only. Platinum Club Members will be entitled to receive newsletters of past and forthcoming…
In a long-awaited move, an agreement between United Kingdom and Switzerland was signed on 24th of August 2011. The agreement provides for a 19% to 34% one off deduction of all United Kingdom individual taxpayers. Such deductions will settle past tax liabilities for all accounts that are to remain undeclared. For declared accounts deposits will…
CYLON’s Quarterly Investment Forum, held in UK, London. We expect to see you all there.!!
Multi-disciplinary. Multi-jurisdictional. This is what CYLON is here to fill. The gap in professional service provision today is the limit on jurisdictions or disciplines. Regulatory silos stop us from doing our best for the client. This inefficiency of the professional service provision market is the reason we decided to engage in a much aspiring attempt…
In a recent article of the Economic Times, published on the 19th of April, is reported that the Ministry of Finance is requesting for a renegotiation of the India – Mauritius Double tax treaty. More specifically the article reports that: “The finance ministry has written to MEA for renegotiation of the tax treaty to ensure…
In a recent article published, our tax advisor and auditor Charis Hadjioannou explains how a Greek legal person is exempted from withholding tax on dividends or other payments, towards another legal entity resident in another European Union state (i.e. Cyprus). For review of the full article. Φορολογία μερισμάτων που διανέμουν νομικά πρόσωπα σε εταιρείες άλλου…
Cyprus Banks will now have to pay a levy on all deposits they hold at the end of each financial year. The levy will be calculated on all deposits, other than interbank and deposits from financial institutions. This special bank levy will be at the rate of 0.095%. This measure is projected to raise an…
Today we publicly start a new journey in the world of international business. We concentrate on India. Our extensive experience in the field of International Tax & Structuring and few months of work with our existing India clients convinced us that Cyprus has lot more to offer to India, than its current contribution. The current…
P.C.Splash Water Limited, the well-known importer and distributor of POKKA Coffee, is now on track for stock exchange. The first act of this play will be the Private Offering of 7.000.000 shares of nominal value of Euro 0.25 each in the share capital of the company, offered for the price of Euro 1.20 per share…
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