N. Pirilides & Associates LLC


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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.
In the Republic of Cyprus, a foreigner can easily proceed with the acquisition of immovable property. There are three stages which have to be followed in order for such acquisition to be effected.
The major differences between a public and a private company are provided in the Companies' Law. 
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. 
On 11 September 2014 the Cypriot Tax Department issued Circular 188 notifying taxpayers of a particular change concerning the Cypriot pleasure boat regime (PBR).
The Parliament of Cyprus is seeking to enforce legislative measures regarding both the parental child abductions and the illegal restraints of children in countries other than Cyprus. 
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. 
The shareholders of a company, prior to incorporation of the company, may enter into an agreement between themselves relating to the participation in the management of the business, sharing profits and the arrangements for buying each other out.  Alternatively, the company may by contract confer rights on individual shareholders on matters such as the composition of the board, the payment of dividends etc. 
Modern economic societies involve transactions and financing by corporations and consequently, securities are often required by the creditors for such transactions. One form of a security is a pledge over shares in a company, which by its nature is a possessory security interest and thus involves the delivery of possession, actual or constructive. In simple words, a pledge is a method of security in order to assure the repayment of a debt or the performance of an act under a contract.
In Cyprus, protection is afforded against unfair dismissal to all employees, under the Termination of Employment Law 24/67 as amended. The legislation covers all employees, whether in private sector or public sector, including apprentices.
A Company Limited by Guarantee is ‘a company having the liability of its members limited by the memorandum to such amount as the members agree may respectively thereby undertake to contribute to the assets of the company in the event of it being wound up.’ Therefore, the members of the company do not have to pay anything unless the company is wound up and the amount is limited to the amount agreed on the memorandum. 
The information provided relates as a basic guideline for British passport holders only.  Non-British passport holders or clients with documentation issued outside of the United Kingdom should contact their own consulate or embassy.
Cyprus and Norway have recently (24.02.2014) entered into a double taxation agreement.
There are two types of tenancy in Cyprus. The “contractual” and the “statutory” tenancy. It is essential to identify the type of the tenancy which exists in a given case in order to ascertain which Court has jurisdiction to decide on the matter.
A public company may be converted to a private company at any given time of its life time.
When property is acquired in Cyprus, the purchaser is liable to pay transfer fees, when the property is registered in his/her name at the Lands Registry Office.
Insolvency procedures are governed by the Cypriot Companies Law Act, Cap 113.