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Category: Banking Law

Shell companies and the 60 days tax residency scheme.

Nov 16, 2018
The Minister of Finance has stated recently that the model where Cyprus encouraged the opening of bank accounts of companies, that had just deposits at the banks, with no physical...

What are shell companies?

Nov 12, 2018
The Central Bank of Cyprus issued on 02/11/2018 a Circular to the commercial banks of Cyprus defining the term “shell company”. This Circular comes following an earlier Circular dated 14/06/2018...

Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual seminar by UCLan.

Jun 1, 2018
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...

Bank charges and commissions charged by Cypriot banks.

Jun 13, 2017
Many international clients feel a disappointment when, after opening a bank account with a Cypriot bank, discover that bank charges and commissions are too expensive for their budget. Consequently, we...

No violation of the right to property. Decision by the Court of Justice on Cyprus haircut case.

Sep 21, 2016
The Court of Justice delivered on the 20th of September 2016 its judgment in the case filed by a number of Cypriot depositors who sufferred a haircut in March 2013...

FBME Cyprus. How to “unlock” your money at the FBME.

Apr 16, 2016
The Central Bank of Cyprus has on the 9th of April 2016 activated the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme (DGS) in the case of the...

Loans in foreign currency and borrower’s rights, Part 2

May 27, 2014
On the 14th of April 2014 I wrote an article about loans in foreign currency and the rights of borrowers. The link to that article is here. The article dealt...