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The Late Payments in Commercial Transactions Law, Law No. 123(I)/2012 (“The Late Payments Law”) repealed the 2003 law on late payments in commercial transactions and harmonised Cyprus law with European Directive 2011/07/EU (the Directive repealed, with effect from 16 March 2013, an earlier Directive from 2000 (Directive 2000/35/EC) on combating late payment in commercial transactions).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!
Interim injunctions in Cyprus- in simple words an interim injunction is the temporary order given by a court of law which tells someone either to do or not do something until an official decision on the case can be made.
Such applications may be submitted by foreign spouses of Cypriot nationals who have completed 3 years of marriage and harmonious cohabitation with the Cypriot spouse and two years of residence in Cyprus prior to the date of application (for spouses of overseas Cypriots please see below).
An EU Regulation (655/2014)1 which establishes an ex-parte Union procedure enabling a creditor – natural or legal person - to obtain a European Account Preservation Order against a debtor – natural or legal person - (“Preservation Order”) will be implemented in Cyprus on 18.01.2017.
The Cypriot Cabinet has approved on 13.09.16 the revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs/investors, aiming once again at providing incentives and attracting foreign investors in Cyprus.
There are considerable quantities, speculative and confirmed, of gas at East Mediterranean sea especially within the Exclusive Economic Zones (EEZ) of Israel, Egypt and such indicators have also turned the attention to Cyprus’ adjacent EEZ which is only 6km away from the recent biggest discovery of gas in the Mediterranean sea in Egypt’s EEZ, namely Zohr field, but also close to two giant field discoveries in Israel’s EEZ, namely Leviathan and Tamar, intensifying the interest in Cyprus’ EEZ despite the current low prices of oil and gas.
On the death of a shareholder/member of a Cyprus company, various consequences/issues might arise (at times serious and adverse) if the shareholders fail to put some succession plans in place to counter these.