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.”
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.
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.
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.
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 revised Cyprus Investment Programme (CIP) is put into effect from the date of its publication in the Government Gazette (that is the 26th of February 2019) and it relates to all CIP applications submitted after the 15th of May 2019.
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.
The Department of Labour examines applications from employers for the employment of foreigners, for the satisfaction of pressing, short term needs in the labour market, in certain economic fields and occupations according to the Ministerial Council’s decision No. 33.210 dated 15/3/1990.
The general principles of the law of agency are included in sections 142-198 of Contract Law Cap.149 (the “Law)”. An agency contract describes the agreement by which the first party (the Principal) appoints another party (the Agent) to act on behalf of or to represent him in transactions with third parties.