Insights
Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Tax Law
On Friday 14/09/2018 Standard & Poor’s Global Ratings raised its long- and short-term foreign and local currency sovereign credit ratings on Cyprus to ‘BBB-/A-3’ from ‘BB+/B’ with a stable outlook. This is certainly an important development and a vote of confidence to the Cyprus economy. S&P explained in an announcement the rationale behind its decision:… Read More
Banking & Finance
The Central of Cyprus (CBC) informed last week the commercial banks of the island that it will amend the Anti Money Laundering Directive to include a new definition of shell companies. The aim of the CBC is “force” commercial banks to cease any business relationship with companies coming from zero tax jurisdictions like Seychelles, Belize and the BVI and introduce… Read More
Banking & Finance
The School of Law of UClan Cyprus organised a very interesting AML Seminar last Saturday 19/05/2018. The seminar entitled “How to Structure an Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual” was presented by the experts in the field Mr. George Chr. Pelaghias (lawyer and certified anti-money laundering specialist, founding member of ACAMS and member of its board of directors an
Company & Corporate Law
It is a general principle of company law that an individual shareholder cannot sue for wrongs done to a company or complain of any internal irregularities. This principle is widely known as the rule in Foss v Harbottle. The rule in Foss v Harbottle In Foss v Harbottle (1842), two shareholders commenced legal action against the… Read More
Company & Corporate Law
According to EU Regulation no. 600/2014, banking and financial institutions must present to their supervising authorities reports containing complete and accurate details of executed transactions. This starts from the 3rd of January 2018. In order to achieve this reporting, the identification of the legal entities (companies) involved in the transactions is done through the Legal Entity Identifier
Tax Law
VAT introduced on the supply of building land and business. On 3 November 2017, the Cyprus Parliament voted the amendments in the Cyprus VAT legislation fulfilling its obligation to the EU to subject the supply of building land to VAT. Cyprus had received a derogation (Article 383 of the VAT Directive) to continue exempting building… Read More
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