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Register of Beneficial Owners

Changes to the UBO Registry Filings

The Cyprus Parliament has passed the new amendment to the Law for the Prevention and Combating of Legalization of Income from Illegal Activities (amendment Law N.141(I)/2024), which introduces the following main amendments to...
Amnesty Plan for Unauthorized Constructions in Immovable Property

Amnesty Plan for Unauthorized Constructions in Immovable Property

The new Urban Amnesty Plan was approved by the Council of Ministers and it came into effect immediately for a period of only six months. Applications are officially accepted from 23/09/2024 until 23/3/2025....

Changes to Immovable Property Reduced VAT Rate of 5%

Changes on the applicable VAT rate relating to primary residence in Cyprus were introduced in June 2023 with Law 42(I)/2023 and in April 2024 with Law 55(I)/2024. Specifically, Law 42(I)/2023 amends the conditions...
Cyprus Securities and Stock Exchange Commission

Cyprus Securities and Stock Exchange Commission

The Cyprus Securities and Exchange Commission (CySEC) introduced a Policy Statement CP-02-2020 which is a transformative regulatory framework aimed at modernizing customer onboarding in the financial services factor. It addresses the growing need...
Cyprus Amendments to the Companies Law

Cyprus Amendments to the Companies Law

Introduction of New Provisions for Registers On the 26th of July 2024, the Official Gazette of the Republic of Cyprus published the new Companies (Amendment) (No.4) Law 101(I) of 2024. This law introduces...
EU - Introduction to the new Artificial Intelligence Regulation

EU – Introduction to the new Artificial Intelligence Regulation

As of the 12th July 2024, the European Union’s Artificial Intelligence Act, Regulation (EU) 2024/1689 (“EU AI Regulation“) was published in the EU Official Journal, and is modifies or amends a number of existing...
Complaints on Abusive Clauses to Consumer Protection Service

Complaints on Abusive Clauses to Consumer Protection Service

The Consumer Protection Service has recently issued a statement addressing complaints regarding abusive clauses in financial contracts, which follows the initiation of an infringement procedure (INFR(2024)0018) against Cyprus by the European Commission. The...
Legal Update for Criminal Code, Cap. 154

Legal Update for Criminal Code, Cap. 154

Cyprus Parliament has proceeded with an amendment to the Criminal Code, Cap. 154 on the 31/05/2024, effectively expanding the criminal offence of “Public Mischief” and updating the applicable monetary penalty under this. As...
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