CySEC, with the aim to combat money laundering activities and terrorist financing, according to the Prevention and Combating of Money Laundering Activities Law of 2007 announced the launch and operation of the on-line platform of the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR).
On 12.05.2022 the Bill establishing the Commercial and Admiralty Courts was enacted by Parliament. The two Courts are set to deal with and try complex and high profile cases, in order to lift the burden away from the busy district courts. The creation of these two specialized Courts aims to adjudicating disputes expediently and effectively, making Cyprus an international dispute resolution centre and more attractive to foreign business people.
The Bill of the Purchase and Sale of Credit Facilities and Related Matters (Amending) Law of 2021 was adopted by Cyprus Parliament on 14.04.2022. The amended Law established a framework for licensing and supervision of credit facility management companies.
A new tax incentive scheme which aims to attract foreign companies and high-skilled employees to Cyprus has been approved by Ministers on 10.05.2022. The scheme further seeks to repatriate Cypriot professionals who are currently living and working abroad by offering them the same benefits as their foreign counterparts.
Claim for damages after judicial annulment of an administrative act, is in fact possible, provided that the conditions imposed by the relevant law and case law do apply. Particularly, if the aggrieved party can show that they suffered damages caused from an administrative decision, which was later on proved to be invalid and annulled by the administrative court, the aggrieved party can proceed with a lawsuit for damages.
This Briefing shall provide an overview of the EU legal obligations on entities to report and disclose information on issues, which relate to both the society and the environment with the added colour of ESG and how these have been applied in the Cypriot law and in the practices of Cypriot corporate culture.
Vaccines have played a vital role in progressing medical treatment throughout history. However, no medical intervention is risk free, and vaccines are certainly no exception to that rule. Every administration of a vaccine will carry the risk of an adverse event following it, which is not inevitably instigated by the vaccine itself: post hoc is not propter hoc.
The "Cyprus Digital Nomad Visa" Scheme allows nationals from non-EU and non-EEA countries, who can perform their work location-independently using telecommunications technology, to reside temporarily in Cyprus and work for an employer registered abroad or perform work through telecommunications technology for companies or clients located abroad.
N. Pirilides & Associates LLC has vast experience acting in HNW divorces in Cyprus, especially in relation to disputes over the division of matrimonial property which admittedly are the most complicated and contested part of the divorce process; such disputes are rarely straightforward as they often involve consideration of property held by companies in Cyprus or abroad, international trusts, preliminary disputes over the jurisdiction of the Cyprus Courts and other complex issues. Our Firm often represents clients seeking to protect their assets and equally those fighting for their fair share in the marital wealth.
Globally there is the shift to remote working. Due to this trend, the digital nomad visa has been introduced in Cyprus in order to attract people from third countries who will live in Cyprus but still work in companies operating abroad.
On Friday 15/10/2021, the Cyprus Ministry of Finance announced an action plan for attracting foreign investment and enhancing business activity in Cyprus through the transformation of the existing Fast Track Business Activation Mechanism (FTBA) into a Business Facilitation Unit.
Cyprus is an attractive solution for foreign companies and due to its competitive advantages always provides fruitful grounds for attracting companies and investments. It is an international business centre and an ideal point of entry to the EU with a strategic location.
A company who has re-domiciled in Cyprus is subject to all statutory obligations and able to exercise all powers of a company incorporated in Cyprus. Consequently, a company who has re-domiciled in Cyprus will have the obligation to submit its beneficial ownership details to the Register.
In an attempt to strengthen and harmonize the framework with regards to the prevention and suppression of money laundering, the Register of UBOs in Cyprus has been created beginning of 2021. The deadline date for submission has been revised to be the latest on 12/03/2022.
On 15/09/2021 the Supreme Court issued a court regulation, the so-called e-Justice Procedural Regulation, which regulates the handling of cases through electronic communication with the Court, allowing judges to handle cases without any physical presence. The e-Justice platform aims to bring together litigants, advocates, law firms, court staff and clerks, judges, the police and relevant governmental authorities so that justice is administered in an effective and practical digital environment.
On 19.07.2013, in the Official Gazette of the Republic of Cyprus, the Amending Law on Registration of Doctors of 2013 (Law 73(I)/2013) (the “Amending Law”) was issued, allowing doctors to provide medical services through the establishment and operation of limited liability companies.
In an effort to further criminalise the act of money laundering, the European Commission issued the 6th AML Directive 2018/1673, however it has not yet been transposed into national law. The 6th AML Directive aims to empower financial institutions and authorities to become more proactive in the fight against money laundering and terrorism financing. This will be done by expanding and clarifying existing legislation on the certain regulations that are at play.