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.
In general, a floating charge is a type of a security which “floats” all over the assets of the borrower-company, until an event of default occurs or until the company goes into insolvent liquidation, at which time the floating charge crystallises and attaches to all the then existing assets. Until such an event takes place, the company may carry on its business in the ordinary course and subject to the terms of the debenture may sell, mortgage or otherwise deal with its assets and pay dividends out of profits as though the floating charge had not been created.
Injunctions in Cyprus
As in plentiful developed places of the world, so in Cyprus, the need of issuing various types of court injunctions as a form of protective measures has been long introduced and broadly used. Over the last decade however, 21st century’s transactions and the rapid development in the way people do business as well as the increased number of Cyprus holding companies in multinational complex company structures, mainly due to reasons of taxation, has led to an increase in the granting of injunctions by the Courts of Cyprus, in situations whereby (i) either the Respondents, against whom the injunction is addressed, are subject to the in personam jurisdiction of the Cyprus Courts or (ii) the assets of the Respondents requested to be frozen, are in Cyprus, hence within the jurisdiction of the Cyprus Courts.
This article examines whether a document and/or contract drafted for a transaction to be carried out is dutiable or not, based on the law of the Republic of Cyprus. The general rule will be explained which is subject to exceptions and can be interpreted differently depending on the facts of each case and the terms of each document and/or contract.
Our firm in collaboration with K.J Conroy & Co solicitors a Birmingham – based law firm and other law firms based in Cyprus is acting on behalf of former EOKA veterans in a claim against the British Government for human rights abuses suffered during the 1955-1959 struggle against colonial rule.
Cyprus trust law is essentially based on the English system. Trusts are mainly regulated by the Trustee Law, Chapter 193, enacted in 1955 and based on the English 1925 Trustees Act. This is supplemented by the English doctrine of equity and English case law prior to 1960.
In 1992, Cyprus enacted the International Trusts Law. This was done to update and modernise the law and establish Cyprus as an offshore and financial centre and a serious trusts jurisdiction.
The Alternative Investment Funds Law of 2014 (the “AIF Law”) was enacted by the Cyprus House of Representatives on 10/07/2014 and was published in the Official Gazette of the Republic of Cyprus (on 25/07/2014). The AIF Law repeals the International Collective Investment Schemes Law 47(I) 1999 (the “ICIS Law”) the former legislative framework for investment funds, which has been in place since 1999.
Nowadays ‘global citizenship’ is a growth market with large numbers of businessmen interested to acquire residence permits/passports in various countries around the world for different reasons i.e. tax issues, safety, insurance, career opportunities, better climate etc.
These people are looking amongst others for political stability, economic strength, availability of professional services, security, clear and transparent criteria for acquiring residence and citizenship, modern environments, quality of education.
A trade mark is one of the most valuable assets of a business since it is the way that customers identify and distinguish a product/service and that is why it is important to register such trademarks. A trade mark may be registered nationally but also in Europe and/or internationally.
The enforcement of a foreign judgment is the recognition and enforcement in one jurisdiction of a judgment issued in another jurisdiction. A judgment given by one country’s court has no force by itself in another country.
Since Cyprus’ accession to the EU, VAT is charged on all new property provided the initial application for a building permit was made after the 1/05/2004. All buildings that received the building permit prior to this date will have no VAT charge. Also all second-hand property including houses, apartments etc, have no VAT charge. Building plots/land are also exempt from VAT.