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.
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.
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.
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.
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.
Following the latest amendment of the Aliens and Immigration Law, Cap. 105, which took place on the 6.12.2019, the requirement for employers to provide a Bank guarantee for the purposes of granting temporary residence and work permit to third country nationals has been abolished.
As advances in law technology revolutionise today’s legal landscape, the role of the legal professional has evolved. The automation of legal processes has prompted lawyers and other legal professionals to become proficient at an ever-increasing collection of word processing, database, presentation, and legal research software.That being said, this article will further explain the concept of technological innovation in relation to smart contracts as well as their underlying technological foundation, future applications and legal implications.
Cyprus Courts have the power to grant an interim injunction in aid of proceedings pending or contemplated in the courts of other member states according to Article 35 of EU Regulation 1215/12 which specifically provides that an “application may be made to the courts of a Member State for such provisional, including protective, measures as may be available under the law of that Member State, even if the courts of another Member State have jurisdiction as to the substance of the matter.”
In all areas of commercial life, fraud might intrude and it is when we lawyers say that we have to deal with a commercial fraud case. Usually such cases are complex and their complexity is heightened because they often involve much more than just a claim based on fraud.
With the increased use of Cyprus companies by foreigners as offshore holding companies in a corporate group structure, one question we are increasingly being asked to advise on is whether it is possible to obtain interim freezing injunctions in aid of foreign court proceedings without first having to instigate substantive proceedings in Cyprus.
PSD2: What is it? Summary:
The Second Payment Services Directive (“PSD2”) is a revised EU Directive on Payment Services that has seen implementation stages. It affects our everyday lives both as consumers and as businesses engaged in payment services, since the PSD2 relates to the legal framework on card-based transactions. Certainly, the PSD2 had caused a lot of discussion and worry at the time, but has already given a lot to the industry and has now much more to offer, changing in a way banking as we know it!
In the wake of the Global Data Protection Regulation (GDPR), the biggest shake-up of data privacy laws in the past decades currently marking over a year from its enforcement on 25.05.2018, we started witnessing how data protection authorities (DPAs) use their entrusted powers of investigation and enforcement for ensuring compliance with the GDPR.
Cyprus, due to its attractive tax regime, coupled with its EU Member status, its implementation of the Markets in Financial Instruments Directive (MiFid I & II), and regulatory regime has proved the perfect jurisdiction for the incorporation and operation of Investment Services Firms (in their majority CFD Forex FX companies). The setting up of a Forex and CFDs company is more complex than the setting up of a usual company as it is then classed as a Cypriot Investment Firm and must comply with the laws regulating such activities as well as the Cyprus Company Law.
The tourism and leisure travel sector is one of the most advanced sectors in Cyprus. Travelers around the world mostly prefer to book their holidays online, a concept which likewise applies when travelling to our island.