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N. Pirilides & Associates LLC

A LEADING LAW FIRM WITH A REPUTATION FOR EXCELLENCE

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BRIEFINGS

Our head of litigation Mr. Kyriakos Karatsis briefs about the newly introduced disclosure mechanisms in Cyprus under the new Civil Procedure Rules. 
The Council of Ministers approved on 30/11/2022 the amendment of the policy for the registration of companies in the Register of Foreign Interest Entities, which is currently being administered through the Business Facilitation Unit (“BFU”).
With a recent judgment given on 22 November 2022 in joined cases C-37/20 and C-601/20, the Court of Justice of the European Union (CJEU), while evaluating articles 7 and 8 of the Charter of Fundamental Rights of the European Union, has ruled that public access to the registers of Beneficial Owners infringes the rights to respect of private life and to the protection of personal data.
New sets of bills concerning the modernisation of the legislative framework governing Cyprus family law will be brought before the House before Christmas. Such bills concern the process of applying for and being granted a divorce, parent-children relations and marriage, as well as the concept of amicable divorce, which is being introduced for the first time in Cyprus.
In October 2022, the Cyprus House of Representatives unanimously passed a new legal initiative soon to be made into law surrounding shipping and the maritime industry in general, known as “Law on the Limited Liability Shipping Company (LLSC) of 2022”. The law aims to create a new type of corporate entity, whose sole objective will focus on the ownership and operation of Cypriot ships.
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.
On 03/03/2022, the Council of Ministers decided to increase the ceiling of residence permits (the number of beneficiaries of the Cyprus Digital Nomad Visa scheme from 100 to 500). 
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.