The International Commercial Arbitration Law (L.101/1987) in Cyprus just got a major upgrade, adopting the latest UNCITRAL Model Law amendments. In sum, the changes bring increased powers for arbitral tribunals to efficiently deal with complex disputes. The standout change? Arbitral tribunals can now issue interim measures to safeguard the applicant’s interests during disputes. This modernization makes Cyprus a top contender for international arbitration, offering faster and more effective resolutions.
In an era where digital transactions are increasingly becoming the norm, the European economy stands at the forefront of this digital transformation. With a decline in cash usage and a rapid shift towards online shopping and digital payments, ensuring the security and future-proofing of European money and payment systems is of paramount importance. The European Central Bank and the European Commission have embarked on the development and issuance of the Digital Euro currency, with the aim of finalising any decisions by 2025!
Following the recent growth over the last years on Artificial Intelligence (AI) systems, we now have multiple accessible AI platforms that provide users with the opportunity to use them on a daily basis from the comfort of their home or any public place. However, such rapid growth and technological advancements come with certain risks, raising global concerns. Such concerns led the passing of the EU AI Act, a legislative framework regarding the control and oversight of AI platforms.
Our Head of Dispute Resolution Department Kyriakos Karatsis, our Partner Antonia Argyrou and our Senior Associate Savvas Theofanous have contributed to the Arbitration 2024 for Lexology Panoramic.
EU Citizens are free to enter, leave, travel and live in Cyprus and may also engage in any economic activity, either as paid employees or self-employed persons, service providers or engage in any educational opportunity in Cyprus, under the same conditions as Cypriot citizens.
The recent Court of Appeal judgment in Humphrey v Bennett [2023] EWCA Civ 1433 marks a significant shift in the interpretation of directors' fiduciary duties under the Companies Act 2006 of England and Wales, and more particularly the disclosure duties of directors when concerning small, informally-run companies. Given that these principles are applicable in Cyprus through common law, the above case has the potential to recast the state of director duties in the island, in addition to its more immediate impacts in England and Wales.
Our Head of Litigation Department Kyriakos Karatsis, our Partner Antonia Argyrou and our Senior Associate Savvas Theofanous have contributed to the Complex Commercial Litigation Chapter for Lexology.
Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. In business, artificial intelligence has a wide range of uses. Nowadays laws that have long protected people and their intellectual property are proving inadequate when AI is involved. The impact on ownership and copyright in AI-generated content is a topic of debate and legal challenges because of the uncertainties around human involvement and training data.
Our Head of Litigation Department Kyriakos Karatsis, our Partner Antonia Argyrou and our Senior Associate Savvas Theofanous have contributed to the Arbitration 2023 Chapter for Lexology Getting The Deal Through.
The following information will be required by the District office of each District in order for a permit to be issued for the acquisition of immovable property in Cyprus by aliens. In Cyprus, a foreigner can easily proceed with the acquisition of immovable property as long as the relevant permit is acquired.
EU citizens are entitled to acquire immovable property in Cyprus without any restrictions. Non-EU citizens can purchase immovable property, nevertheless, permission from the Council of Ministers is required and there are some restrictions.
This article discusses the importance of dispute resolution clauses in commercial agreements and considers litigation and arbitration as the ‘most common’ dispute resolution forums, by comparing them and summarising the pros and cons for each.
Our Head of Litigation Department Kyriakos Karatsis and our Partner Antonia Argyrou have contributed to the Enforcement of Foreign Judgments Chapter for Lexology Getting the Deal Through.
The Cyprus International Trusts Law of 1992 (Law No. 69(I)/1992) remained basically unaltered since its enforcement back in 1992. Realising that trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments.
The Head of our Litigation Department, Mr. Kyriakos Karatsis, discusses the ancillary ‘free-standing’ assistance of fraud victims in asset recovery through Cyprus courts.
