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.
“Brexit refers” to the decision of British people to exit the European Union, which was determined through the UK referendum of the United Kingdom's membership of the European Union, held on June 23, 2016.
The Directive aims to produce a clear uniform EU legal framework for the use of securities and cash as collateral in financial transactions. Financial collateral is the property (i.e. securities) provided by a borrower to a lender to reduce the risk of financial loss to the lender if the borrower fails to meet their financial duties to the lender.
Introduction of a card and procedural amendments
The changes and procedural amendments affect ONLY those who have applied for residence or an immigration permit and their application is still pending examination as at 08.02.2016.
The Cyprus Securities and Exchange Commission have recently introduced a new “fast track” examination scheme to speed up the examination of the applications before the Commission and to comfort the relevant entities’ eagerness to get their authorization. Who can participate?
Flight delays, flight cancellations and denial of boarding are matters which undeniably haunt the minds and lives of many people in the 21st century. Hence, the European Union considered it, and rightly so, a matter necessary for providing a legal basis for, which can act as a ground of safety and a shield of protection for the millions of air passengers crossing European grounds daily.
A prerequisite for the implementation of the provisions of the Transfer and Mortgage of Properties (Amendment) (No. 10) Law of 2015 which was published on the 04.09.2015, is the deposit of the sale agreement to the competent Land Registry by the 31.12.2014 or the deposit of the said sale agreement by virtue of a Court order in accordance with the provisions of the Sale of Real Estate (Specific Performance) Law. The transfer of the property is carried out either ex officio by the Head Officer of the Land Registry or after the submission of an application to the latter either by the buyer or by the seller or by the mortgagor.
A branch or a representative office of an overseas company may be registered in Cyprus under Section 347 of the Companies Law, Cap. 113 (the “Law”) provided that within one (1) month of the establishment of the place of business, it registers itself as an overseas company with the Registrar of Companies in Cyprus. Overseas companies may establish a branch in Cyprus by filing with the Registrar of Companies in Cyprus the following documentation:
An employer intending to terminate the employment of an employee, who has completed at least 26 weeks of continuous employment with that employer, is obliged to give the employee a minimum period of written notice.
By a decision of the House of Parliament, the transfer fees have been reduced to 1/2. A transfer subject to VAT will be exempt from the above transfer fees. For all other properties transferred by the end of 2016, the fees charged by the Department of Land and Surveys to the acquirer will be 50% less than existing charges.