In July 2017 the Cyprus parliament voted for a Cyprus tax law amendment adding the “60 day rule” test for the purpose of determining whether an individual is a Cyprus tax resident or not. This law amendment is effective as from 1 January 2017.
This permit is the perfect solution for persons who wish to prolong their stay in Cyprus for more than 3 months (90 days). This type of permit is valid for 1 year and can be renewed on an annual basis. Under this permit, a person is allowed to live in Cyprus on a temporary basis and also bring his close family members to live with him.
What is the liability of shareholders of a Cyprus limited company?
A company limited by shares has separate legal personality from that of its shareholders. The liability of a shareholder for the company's liabilities is commonly limited to the amount, if any, that remains unpaid on that shareholder's shares.
In an effort to combat money laundering and the financing of terrorists’ activities and to increase transparency, the European Commission issued the 4th AML Directive in May 2015 and repealed the previous one.
A Long-Term Residence Permit is granted to individuals who have resided legally and continuously within the controlled areas of the Republic for 5 years prior to the submission of the relevant application and posses valid residence permits.
A Cypriot citizen has the right to submit an application with the competent authorities in Cyprus (the District Administration Offices) to change his/her name and/or surname, correct errors or make additions.
The Cyprus Companies Law recognizes three formal procedures for companies in financial difficulties:
A reorganization plan of the company and/or a settlement between the company and its creditors may be effected following the approval of the court;
The rapid growth of the real estate market in Cyprus and the complexity and variety of the related transactions led to the need of replacing the previous legislation regulating the specific performance of immovable property contracts.
The Late Payments in Commercial Transactions Law, Law No. 123(I)/2012 (“The Late Payments Law”) repealed the 2003 law on late payments in commercial transactions and harmonised Cyprus law with European Directive 2011/07/EU (the Directive repealed, with effect from 16 March 2013, an earlier Directive from 2000 (Directive 2000/35/EC) on combating late payment in commercial transactions).
Registration of EU citizens in Cyprus
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.
Tracing, Freezing and Discovery orders securing the execution of a foreign judgment in Cyprus.
Obtaining a favourable judgment is unfortunately not the end of the story for litigants as this should, following its issue, be executed and/or enforced, taking also into account the fact that many judgment debtors either fail or simply refuse to pay their respective judgment debt!