An institution which is entitled under the laws of another country to carry on business which substantially corresponds to banking business, may establish a Representative Office in the Republic, only with the prior approval of the Central Bank of Cyprus.
Our Litigation & Dispute Resolution team has dedicated expertise in fraud litigation in Cyprus and has the crucial experience of obtaining freezing injunctive relief and other pre-emptive remedies before assets are dissipated further.
The Law provides that the license in question is granted, inter alia, to residents natural or legal persons or citizens of another member state provided that they meet the requirements prescribed under the Law and the Regulations and upon payment of the prescribed fee and may include such terms which in the opinion of the Deputy Ministry of Tourism are deemed necessary.
The applicable merger control rules in Cyprus are set out in the Control of Concentrations between Undertakings Law No. 83 (I) of 2014 (the “Law”), whilst the enforcement of the said law is entrusted to the Commission of the Protection of Competition (“CPC”), which is vested with wide powers to coordinate and effect the smooth regulation of mergers and acquisitions in Cyprus.
A recent ruling of a Paris Court ordering an insurance company, AXA SA, to pay a restaurant owner two months' worth of coronavirus-related revenue losses will undoubtedly open the floodgates of insurance litigation, at a global level.
Our Firm has recently been successful in applying for the removal of an arbitrator who was appointed by the Applicants in the context of pending arbitration proceedings regarding a large infrastructure project.
The video conferencing industry has gained during the Covid-19 outbreak, with many companies as well as government organisations considering video conferencing an ultimate solution to connect with remote workers/clients/employees, preventing direct contact with people whilst effectively maintaining human contact and networking.
Insurance companies must create their own GDPR implementation process, which allows them to protect their customers' personal data as much as possible and process it in accordance with the guidelines of the regulation. However, GDPR at insurance companies often requires even more decisive steps to be taken.
N. Pirilides & Associates LLC has contributed to the Litigation & Dispute Resolution 2020 Chapter for International Comparative Legal Guide (ICLG) available at https://iclg.com/practice-areas/litigation-and-dispute-resolution-laws-and-regulations/cyprus .
After many years of uncertainty, the UK officially left the EU on 31st January 2020. The UK immediately entered into a transition period which is scheduled to last until the end of the year in order to provide time for a new relationship between the UK and the EU to be agreed. During the transition it may seem as if nothing has changed. The UK will remain in the EU Customs Union and Single Market and will continue to apply and be bound by all EU laws. This will include EU laws on free movement of goods, services and capital, competition laws, worker's rights, etc.
Cyprus is in the process of initially issuing 3 (three) licenses, via its Ministry of Health, to successful applicants under a framework legalizing and regulating medical cannabis imports, exports, cultivation, production, sale, supply, possession and use (strictly for medical and medicinal purposes), as well as relevant research and development activities. It is believed that this is a starting point for potentially more licenses to follow these initial ones.
In order for a dispute to come under the arbitration agreement it must constitute a dispute that can be referred to arbitration, meaning a claim that “can be reasonably inferred” and “which is not admitted”. We note that even where the claim is admitted but a party seeks to defer the time for payment this will constitute a dispute if the revised payment terms are not accepted.
Our experienced Litigation & Dispute Resolution team has been regularly called upon by fraud victims, whose assets have ended up in Cyprus, to provide legal assistance. We are able to draw on an array of tools available in Cyprus to trace information of the whereabouts of misappropriated assets and secure them for recovery.
Globalisation of trade and creation of complex corporate structures has created high concerns regarding the efficiency of interim freezing injunction orders, essentially purported to ensure the execution of a final judgment against a wrongdoer/defendant, since the assets belonging to a wrongdoer are nowadays rarely held by the wrongdoer himself in his own name.
In the last few years, the sector has seen a further boost reaching new levels in terms of its register’s tonnage capacity, in the number of companies basing operations on the island and in the number of people employed by the industry. Cyprus is also signatory to numerous international maritime conventions and has bilateral cooperation agreements with 25 countries, amongst them leading suppliers of labour. Hence, the tax incentives combined with the economic and other advantages, have further attracted a considerable number of shipping companies to be registered in Cyprus.
The beneficial corporate tax rate coupled with other favourable tax provisions have long established Cyprus as one of the most attractive holding company jurisdictions and a sought-after location for the worldwide business community. Given the aforesaid attractive features of Cyprus and the business traffic created as a result, the existence of disputes with an international element was inevitable.
