Monthly Archives - February 2017

February 2017

February 25, 2017
News

Cyprus Investment Firms’ obligations in binary options

Cysec proposed Reforms of Investment firms The Cyprus Securities and Exchange Commission (“CySEC”) has published a consultation paper (CP 2017-01) setting out proposed reforms to the regulatory framework governing the provision of investment services in binary options by Cyprus Investment Firms (“CIFs”). The full text of the consultation paper is available on the CySEC website here . According to CySEC, the proposed reforms aim to enhance the nature, characteristics and trading methodology of binary options offered to retail investors. New proposed standards for...
Read more...
February 8, 2017
Publications

Maintenance of children after divorce

Parents have the obligation to support their child jointly and according to their powers. (article 33 Law No.216/1990). A parent or the Director of the Social Welfare Services may apply to the Court for maintenance, payable to the child (article 36 Law No.216/1990).   According to article 37 of the Law, the amount of maintenance is calculated according to the needs of the child taking into consideration the standard of living before the separation and the income generated by the parents.   Furthermore, maintenance...
Read more...
February 8, 2017
Publications

Parental care and Custody of the children after divorce

Parental Care According to article 5 (1)a of the Relationships between parents and children law 1990 (216/1990), the exercise of the parental care is considered both as duty and as right of the parents who exercise it together.   Parental Care includes the determination of the name, the custody of the person, the administration of property and representation of the child in any matter or legal transaction relating to him/her or his property. (article 5 (1) b law 1990 (216/1990).   (2) Where parental...
Read more...
February 7, 2017
Publications

Divorce in Cyprus (Legal Grounds and Reasons)

Which of the spouses might be held responsible for the divorce According to article 27 of the wedding law No.104(I)/2003, a wedding (either civil or religious) may be dissolved if the applicant can prove before the family court “the existence of an irretrievable breakdown of the marriage for reasons attributed to the applicant or to both of the spouses which makes the continuance of the marital relationship intolerable for the applicant. According to article 27 (2) of Law No.104(I)/2003, a) bigamy, b) adultery, c)...
Read more...
February 7, 2017
News

Cyprus and India sign revised Double Tax Treaty agreement

On 18 November, 2016 Cyprus and India signed a new Treaty for Avoidance of Double Taxation (Treaty), which will replace the existing treaty signed by two countries in June 1994. The treaty was signed by Ravi Bangar, High Commissioner of India to Cyprus, and Harris Georgiades, Minister of Finance, Cyprus. The provisions of new Treaty will enter into force after the completion of necessary internal procedures in both countries for its ratification and is expected to come into effect on April 1,...
Read more...
February 7, 2017
Publications

European Account Preservation Order

On 18 January 2017, EC Regulation No.655/2014 establishing the ‘European Account Preservation Order’ ("EAPO") came into force. The Regulation introduced a new procedure to facilitate cross-border debt recovery in civil and commercial matters by providing common rules in all European Union Member States relating to jurisdiction, issuance and enforcement of EAPO by national courts and authorities, as well as the measures available to debtors following the issuance of such an order. The EAPO procedure allows for a single order to be...
Read more...
February 7, 2017
News

Repayment of overdue taxes in installments

On  27 January 2017, the Cyprus House of Representatives passed legislation affording people the opportunity to repay overdue taxes in monthly instalments. The law concerns debts to: - VAT, - immovable property, - income tax, - temporary defence contribution, - capital gains tax, - inheritance tax, - stamp duty, and - the temporary contribution in the public and private sectors. In particular, overdue taxes under EUR 100,000 can be paid in 54 monthly instalments, whereas those exceeding EUR 100,000 can be paid in 60 monthly instalments. The law also allows the tax commissioner the authority to decide on discounts, interest,...
Read more...