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Legal
Establishment of a Medical Company in Cyprus
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...
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Road Speed Limit police “allowance” amended
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,...
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Administrative Court Decision annulling Tax Commissioner’s decision.
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...
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Amendments to Penalties for Road Traffic Violations
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,...
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Cyprus Companies Law
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...
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IP Box Regime Revisited
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...
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Cyprus Parliament
We would like to update you that the Cyprus Parliament, in response to the ongoing emergency relating to the COVID-19 Virus, has passed the following laws and/or amendments to existing laws, in an effort to provide fiscal assistance to citizens and businesses. The decisions were passed on Friday 27/03/2020 and shall take effect upon publication...
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Additional Emergency Measures
We would like to update you that the inter-ministerial Committee which met ton the 23/03/2020 under the President, decided to authorize the Minister of Health to publish a Decree with the following measures: Ban on unnecessary movement from 06.00 PM of March 24, 2020 until April 13, 2020, except: Transfer to and from the workplace....
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It has been months since the first discussions started in the Cypriot Parliament surrounding expedited eviction and now, it has officially become part of the Rent Control Act 23/1983 as of the 31st of January 2020. What was already part of the Law: The Law provides that any tenant who delays to pay their rent...
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British Virgin Islands – Release of the Final Economic Substance Regulations
The British Virgin Islands’ International Tax Authority (ITA) has issued the final Rules on Economic Substance in British Virgin Islands (BVI) setting out the implementation of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “Economic Substance Act”). The Rules were released on 9th October 2019. The new legislation is a direct response to the...
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