Brexit and Recognition of Lawyer’s Qualifications As of 1 January 2021, the United Kingdom has lost all its rights and obligations as an EU Member State during the transitional period under the Exit Agreement. It will no longer benefit from unrestricted access to the EU single market and customs union, nor from EU policies and...Read More

Introduction of the Register of Beneficial Owners and Trusts As of the 16 December 2020, Cyprus has initiated the beneficial owners register for Cypriot companies and other legal persons registered in Cyprus. Following that, Cyprus is completely adhering into Directive (EU) 2015/849 law on the prevention of the use of the economic system for the...Read More

Exchange of Information from the Criminal Record between EU countries EU Council Framework 2009/315/JHA of 26 February 2009 regulates the organization and content of the exchange of information from the criminal record between Member States. The Framework Decision comprises the general principles for the operation of the exchange of criminal records between EU countries, together...Read More

Establishment of a Medical Company in Cyprus With a publication in the Official Gazette of the Republic of Cyprus, on 19.07.2013, the Law on Registration of Doctors (Amended) of 2013 (Law 73 (I) / 2013) (hereinafter “the Law”) was issued. The Law provides for the establishment of Medical Companies and establishes the legal framework for...Read More

Personal Data Protection, Commissioner issues a Fine Against Local Bank A complaint was filed with the Office of the Personal Data Protection Commissioner against one of the major Banking Institutions in Cyprus and its associated insurance company, by an individual, who had requested a copy of his insurance policy, but despite the relevant investigation, it...Read More

The Cyprus Republic has issued new guidelines as of 24th September 2020 that the current “allowance” for exceeding the speed-limit within city limits, and more generally in residential areas, is permanently reduced by 10 percent (%). This decision was deemed to be necessary, following the significant amount of fatal and serious road collisions in cities,...Read More

On the 21st September 2020, the Administrative Court of the Republic of Cyprus issued a decision in Case No.334/2017 (OCEAN AQUARIUM LTD -v- THE REPUBLIC OF CYPRUS), annulling the decision of Commissioner of Income Tax to impose Defense Tax Contribution to a Company. Α)The facts of the case are the following: The Commissioner of Income...Read More

With an overwhelming majority of votes, new laws and regulations will be formed, aiming road safety and a decrease in Cyprus’ high number of road deaths and serious injuries. From 1st October 2020, the penalties for violations of the Traffic Code will alter and there will be an increase of incoming fines for speeding, alcohol,...Read More

A common occurrence relating to private limited liability companies in Cyprus and indeed throughout the world, is a disagreement arising between the shareholder(s) of the company and the directors, typically relating to day-to-day management issues in which the Directors normally hold power over. Such disputes can be solved through the provisions of the Cyprus Companies...Read More

Cyprus has always been keen to provide a competitive edge for business activities on a global scale and to this effect, Cyprus has ensured that it can provide an attractive regime to benefit one of the most valuable assets of any business, its Intellectual Property. As such, Cyprus offers a beneficial tax rate and is...Read More