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GDPR vs AML – When the Titans Clash The key and most far reaching changes in recent years has undoubtedly been the introduction of the General Data Protection Regulation (GDPR), as well as the introduction, strengthening and expansion of rules and regulations relating to the prevention and suppression of money laundering and terrorist financing –...
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Update on Ban on Travel Relating to the Paphos and Limassol Districts for COVID Measures
Update on Ban on Travel Relating to the Paphos and Limassol Districts for COVID Measure In the follow up to the emergency measures announced yesterday for controlling the coronavirus pandemic and in respect with the Districts of Lemesos and Pafos, it is specifically clarified that the movement of persons to and from the two Districts...
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Cyprus – Update on COVID-19 Restriction Measures
Update on COVID-19 Restriction Measures In light of the worsening COVID-19 spread in the community, the Ministry of Health has announced that the following restriction measures as be enforced as of 20:00 on the 12th November 2020 and remain in force until the 30th November 2020: CATEGORY A MEASURES – Pancyprian Application Gatherings of persons...
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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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Cyprus – Update on COVID-19 Restriction Measures
Cyprus – Update on COVID-19 Restriction Measures The spread in the community was assessed and taken into account, as well as the risk of specific activities, where there is an increased risk of high spread of the virus. Specifically and analytically, the measures are categorized into three groups as follows: Category A. Medium-term measures in...
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Personal Data Protection – Commissioner issues a Fine Against Local Bank
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...
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Cyprus - VAT Payment in Installments without Penalty Imposition
Cyprus – VAT Payment in Installments without Penalty Imposition As of the 2nd November 2020, the pertinent Cyprus VAT Law has been amended to provide for an allowance the VAT- Registered persons to settle the VAT that is due on 10th November 2020 in six (6) equal monthly instalments, without the imposition of additional tax,...
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Termination of the Cyprus Citizenship Scheme
On the 13th October 2020 the Council of Ministers has decided to proceed with the Termination of the Cyprus Citizenship Scheme, citing reasons of weakness into the review and due diligence system and various loopholes which potential investors took advantage of. The above decision shall come into force as of the 1st November 2020. Any...
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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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