Η Αιτιολογία: Ο Πυρήνας της Δικαστικής Απόφασης
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.
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The Rationale: The Core of the Judgment
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.
Decoding eIDAS
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).
Real Estate in Cyprus
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.
MiCA CASP License in Cyprus – CySEC announces acceptance of applications
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).
The Cypriot government’s initiative to establish a Unified Supervisory Authority must be revisited
Recently, the Cypriot government announced its initiative towards establishing a Unified Supervisory Authority.
The EU Digital Services Act – Overview of Key Obligations
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.
From Fame to Serious Allegations
Human trafficking is not a modern crime, rather, it is a persistent challenge that continues to affect countless individuals.
CIFA Roadshow to Athens
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.
Digital Agenda Cyprus Summit 2024
We proudly support the Digital Agenda Cyprus Summit 2024 entitled “Digital Democracy: Digitalisation, Innovation & Participation”.
Electronic Money Institutions: Licensing & Passporting Rights in Cyprus
Cyprus has established itself as a reputable European Union (EU) jurisdiction, making it an attractive location for Electronic Money Institutions (EMIs).
Exploring the EU AI Act
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
Ο Περί Εταιρειών (Τροποποιητικός) (Αρ.4) Νόμος 101 (Ι) του 2024 εισήγαγε σημαντικές αλλαγές…
Listing of Green Bonds in the Emerging Companies Market (ECM) of the Cyprus Stock Exchange (CSE)
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.
Digital Era: Online Mediation
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
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…
Insolvency Seminar 2024: Professional Liability and Duties of Insolvency Practitioners
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.
Essential Due Diligence Checks for Cyprus Real Estate
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…
Structuring M&A Deals – Protecting the Seller’s Earnout Post-Acquisition
Earnouts, while offering the potential for additional compensation based on future performance, they also introduce a layer of uncertainty and risk for sellers.
Navigating the Threat of AI on International Democracy and Human Rights
In democratic societies, consensus, trust and shared information are foundational.
Annual Report Late Submission: Max Fine €150
The Department of Registrar of Companies and Intellectual Property announces that according to the Companies (Amendment) Law of 2024…
Delivering Financial Licensing Results with Simplicity
In a recent review of financial service providers across Europe, the Financial Services Review has recognised our law firm as one of the top…
Amendment to the Sale of Property (Specific Performance) Law
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.
Cyprus Tax Residency and Non-Dom for Individuals
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.
Navigating the Administration Process: Handling Deceased Person’s Estate in Cyprus
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.
Fast Track Cyprus Citizenship for Highly Skilled Professionals
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.
Ενημέρωση Μητρώου Πραγματικών Δικαιούχων
Το Τμήμα Εφόρου Εταιρειών και Διανοητικής Ιδιοκτησίας (ΤΕΕΔΙ), σε συνέχεια της ανακοίνωσης του ημερομηνίας 8 Φεβρουαρίου 2024, ενημερώνει ότι:
Reduction of Company Share Capital
Share capital refers to the funds contributed by shareholders to establish or expand a company.
Abolition of the Annual Levy for Cyprus Companies
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.
Greenwashing in the Fund Industry
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.
Navigating Corporate Disputes: The Arbitration and Mediation Perspective
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.
Ongoing Obligations of a Cyprus Company
Incorporating a Cyprus company is an easy and relatively swift procedure, but what about the obligations regarding tax and statutory reporting?
Cyprus Trade Names
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.
Why Saudi Investors opt for Cyprus as Their Preferred Destination
Cyprus emerges as a compelling destination for Saudi investors seeking strategic business opportunities.
Establishing a Business Entity in Cyprus
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.
Sale of Immovable Property
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.
Πώληση Ακίνητης Ιδιοκτησίας
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 Impact of MiCA on Cross-Border Operations for Non-EU Crypto Businesses
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.
Buying & Selling Real Estate: An International Guide
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.
Why Investors Choose Cyprus
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.
Private M&A Cyprus Comparative Guide
We’re pleased to be the authors of the Cyprus law chapter in Mondaq’s Comparative Guide on Private Mergers & Acquisitions.
Digital Agenda Cyprus Summit 2023
We proudly support the Digital Agenda Cyprus Summit 2023 entitled “Building the Future with Confidence”.
Real Estate in Cyprus
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.
Delisting of Securities from the Cyprus Stock Exchange
In the dynamic world of financial markets, the listing and delisting of securities on stock exchanges is a natural part of the evolving landscape.
European Arrest Warrant and The Fundamental Rights of The Requested Person
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’ obligation for keeping accounting records and company books
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.
Υποχρέωση Διευθυντών Για Τήρηση Λογιστικών Αρχείων Και Βιβλίων Εταιρείας
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.
Money Laundering and Financial Institutions
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.
Ξέπλυμα παράνομου χρήματος και Χρηματοπιστωτικά ιδρύματα
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.
Understanding Reverse Takeover (RTO) Under Cyprus Law
In the dynamic corporate world, businesses are constantly exploring strategic options to expand their operations and enhance market competitiveness.
Update on the 50% Exemption of Employment Remuneration
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).
Ισχυριζόμενη Παράβαση Μη Καταχωρισμένων Κοινοτικών Σχεδίων (ΕΚ 6/2002)
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.
Αρχές Για Διατάγματα Τύπου Norwich Pharmacal
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).
Protection of Minority Shareholders
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.
Μέτοχοι Μειοψηφίας σε Εταιρεία
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.
LAW 42(I)/2023: Changes to Vat Requirements for New Residences In Cyprus
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.
EFAMA’S 2023 Fact Book Reveals European Fund Industry Trends
On June 13, 2023, European Fund and Asset Management Association (EFAMA) published the 21st edition of the Fact Book.
New Law in Cyprus: Protection of Workers with Paternity and Parental Leave
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.
Evolving Sustainability Regulations. A Key Strategic Priority
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 Implements Transparent and Predictable Working Conditions Law in Alignment with EU Directive
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.”
Rent Increase for Statutory Tenants
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.
Αυξήσεις Ενοικίων Για Θέσμιους Ενοικιαστές
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.
MiCA and the Cyprus Crypto-Assets Legal Framework
The EU Council which represents all 27 EU member states, has unanimously approved earlier this month the Markets in Crypto-Assets Regulation (MiCA).
New Amendments to The Cyprus Permanent Residence Scheme 6(2)
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.
Η Συμβολή της Τεχνητής Νοημοσύνης στην Απονομή Δικαιοσύνης
Ο χώρος της δικαιοσύνης είναι ένας κοινωνικοηθικός χώρος που είναι πολυδιάστατος και σε μεγάλο βαθμό απρόβλεπτος.
Trademark Registration in Cyprus
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.
Human Trafficking and its Unwavering Existence
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 in Cyprus
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.
Why is the Cyprus Share Pledge an Excellent Type of Security?
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.
The Importance of the SEC v Ripple Case
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.
EU agrees 10th package of sanctions against Russia
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.
Can a “Reverse Merger” Be Made Under Cyprus Law?
The term “reverse merger” refers to a reorganisation whereby a subsidiary company absorbs the assets and liabilities of its parent holding company.
Update on Public Access to Ultimate Beneficial Owners (UBOs) Register
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.
Strike Off of a Cyprus Company
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.
Merger or Liquidation? Practical comparison under Cyprus Law
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.
Οι Αντιπροσωπευτικές Αγωγές και η προστασία συλλογικών συμφερόντων των καταναλωτών
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.
Sale of Immovable Property
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.
EU Level Legislation on ESG and Sustainable Financing
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.
What is ESG Investing?
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 Brief Guide to Shareholders’ Agreements
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.
The Advantages of Setting Up an Electronic Money Institution
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…
Why the Lebanese choose Cyprus
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…
Reserving a Company Name in Cyprus
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…
Cyprus and the FTX collapse – Safeguarding of Clients’ Funds
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…
Enclaved Purchasers
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…
Real Estate in Cyprus
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…
Cyprus Insolvency Procedures
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…
Digital Agenda Cyprus Summit 2022
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…
Removal of Liquidator in Creditors’ Voluntary Liquidation
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…
When Creditors’ Voluntary Liquidation is Appropriate
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,…
Re-Domiciliation Out of Cyprus
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)…
Investor’s Disclosure
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…
Πνευματική Ιδιοκτησία
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…
Injunctions (orders) – A Powerful Weapon to Safeguard Your Case
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…
Αθλητικά Σωματεία, ιδρύματα, ομοσπονδίες και εναρμόνιση τους με τους νόμους και κανονισμούς
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…
Judicial Reform – The New Cyprus Court System
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…
Private Mergers and Acquisitions in Cyprus: Overview
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……
The Benefits of the Emerging Companies Market (ECM)
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
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…
Why Use Cyprus International Trusts?
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…
Why is Cyprus a top location for founders to set-up
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…
Headquartering or Setting Up a Base in Cyprus
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…
Smart Contracts and the New Reality
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…
Electronic Money Institutions
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…
Yacht Leasing Scheme in Cyprus
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…
Conveyancing a Property in Cyprus
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 Cyprus Permanent Residency Programme
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
Presentation made by Forbes Magazine, Cyprus edition #5 August 2019 Read the full article here: LLPO Law Firm (article in Greek)
Επίδοση εκτός δικαιοδοσίας ιδιωτικών ποινικών υποθέσεων
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…
Η καταχρηστικη δικαστικη διαδικασια δυναμει του Ευρωπαϊκου Κανονισμου 6/2002
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…
Καταχρηση δικαστικης διαδικασιας σε ποινικες υποθεσεις
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…
Η Ποιοτητα του ανακριτικου εργου και δικαια δικη
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.…
Alternative Investment Funds Management in Cyprus
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.…
European Passport for Funds
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…
Umbrella Alternative Investment Funds
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…
Open-Ended vs Closed-Ended Cyprus Alternative Investment Funds
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…
Alternative Investment Funds – Investor’s Disclosure
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)…
Key Benefits of Cyprus Alternative Funds
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…
Legal Structures of Cyprus Alternative Investment Funds
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…
Investor Classification for European Investment Funds
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 types of Alternative Investment Funds in Cyprus
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…
Cyprus Registered Alternative Investment Fund – RAIF
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…
Cyprus is the new European Investment Funds Domicile
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…
Electronic betting in Cyprus: Applications and licensing
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…
Cyprus’ draft Betting Law of 2017 set for enactment
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…
We welcome Mr. Giannakis Lazarou, ex-commissioner of Cyprus Tax Department, as Head of Taxation and Public Law
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…
Claim for Damages filed with the General Court of the European Union on behalf of 720 Cyprus Depositors
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).
Συγχαρητήρια Σάββα Αγγελίδη – Well done Savvas Angelides
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…
Cyprus to add Registered Funds as a new type of AIF’s
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…
The new regime for granting Cyprus (EU) Passport by Investment
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…
LLPO Law Firm to advise the Government regarding the privatisation of the Cyprus National Lottery
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…
Benefits of the Cyprus Alternative Investment Funds
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…
Financial Crime & Forensic Investigations Conference
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…
Cyprus Investment Firms (CIFs) – Investment Services and Regulated Markets in Cyprus
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…
The role of the NOMAD in the Cyprus Emerging Companies Markets
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…
Cyprus Alternative Investments Funds (AIF)
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”)…
Δάνειο Ξένου Νομίσματος ή Σύνθετο Παράγωγο Χρηματοοικονομικό Μέσο;
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…
Η Παραίτηση του Διαχειριστή και η Κακοποίηση της Λαϊκής Τράπεζας
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…
Analysis of the recent Greek Court decision for foreign currency loans
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…
Απαλλαγή δανειολήπτη σε Ελβετικά Φράγκα από τον συναλλαγματικό κίνδυνο
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…
Ανάλυση της πρόσφατης απόφασης Ελληνικού Δικαστηρίου για δάνεια σε ξένο νόμισμα
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…
Landmark Greek decision for Swiss Franc (CHF)
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…
Απόφαση σταθμός για δανειολήπτες σε Ελβετικό Φράγκο (CHF)
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…
Cyprus (EU) Passport/Nationality
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…
Double Tax Treaty Between Cyprus and Latvia
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…
Cyprus bail-out agreed, bail-in for Bank of Cyprus
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…
Άποψη: Σχέδιο για την Ανακεφαλαιοποίηση του Κυπριακού Τραπεζικού Συστήματος
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…
Cyprus Depositors to Bail out Cyprus: A short term hit for long term benefits
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…
Who holds the Liability in a Truck Accident Lawsuit?
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…
The Annual Company Levy of Euro 350 for Cyprus Companies
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…
Cyprus signed a Double-Tax Treaty with Spain
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…
Cyprus Undertakings for Collective Investments Transferable Securities (UCITS)
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…
Economic Growth and the case of Universities and Colleges in Cyprus
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…
Requirements and Procedure for a Class A Betting Services License
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…
Cyprus International Collective Investment Schemes (ICIS)
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…
Cyprus Innovation: We are proud for Maglid, Liddy and the TEIO SOLO
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 real estate market kickstarting due to the new Permanent Residence Permit regime
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%;…
The new regime for a Cyprus Permanent Residence Permit via property investment
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…
Cyprus is up one rank in World Bank’s “Doing Business” rankings
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…
Dismissing Popular Beliefs: Gun possession and Gun Homicides
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…
The European Unitary Patent and the new Cyprus Royalties Tax
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…
Cyprus – Troika MOU: The new Cyprus VAT rate
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…
Gambling Regulation in Cyprus and the Betting Act 2012
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…
Cyprus – Troika MOU: The Annual Company Levy of Euro 350
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…
Cyprus signs a Double Tax Treaty with Portugal
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…
European Commission Action Plan to combat Tax Evasion
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 signs a Double Tax Treaty with Finland
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.…
Cyprus signs a Double Tax Treaty with Ukraine
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…
Cyprus – Troika MOU, Cyprus Tax and International Investment
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…
Cyprus Yacht Registration Microsite
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…
European Union: Cyprus is Becoming the Jurisdiction of Choice for Intellectual Property Rights
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…
Removal of Cyprus from the Russian “BLACKLIST”
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…
Annual Charge for the year 2012 for Cyprus Companies
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…
Increase of Cyprus VAT as from 1st March 2012
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 Tax and Investment Benefits to battle crisis effects
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 history and framework of Oil and Gas Exploration in Cyprus
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…
Cyprus company formation: The use of the EU business hub as an offshore tax shelter
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: Technology & Innovation
CYLON’s Quarterly Investment Forum, held in UK, London. We expect to see you all there.!!
Purchasing Property in Greece
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…
Annual Charge for Cyprus Companies
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…
CYLON’s Quarterly Investment Forum
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…
UK Agreement with Switzerland: Investors reviewing options
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
CYLON’s Quarterly Investment Forum, held in UK, London. We expect to see you all there.!!
The birth of CYLON International Alliance
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…
India to renegotiate Mauritius Double Tax Treaty
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…
Tax on Dividends of a Greek legal entity to another EU based legal entity
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 Levy to Establish Financial Stability Fund
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…
LLPO Law Firm concentrates on India
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…
LLPO Law Firm assists Splash Water for the Stock Exchange
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…