Publications

April 2019

Ship arrest in Cyprus

Lawyers in Cyprus, a leading Cyprus portal for Cyprus law and Cyprus lawyers and in-house counsel, recently published an article of our law firm's managing partner Mr. Christos Paraskevas. You may read the full article here. Extracts are reproduced below.
Ship arrest in Cyprus
According to Rule 50 of the Cypriot Admiralty Jurisdiction Order 1893, the Supreme Court in its admiralty jurisdiction has an absolute right for the issue of an order for the arrest of a vessel, in Cyprus.
The Plaintiff desiring [...]

December 2017

Registration of Foreign Court Judgments in Cyprus

Our law firm's managing partner Mr. Christos Paraskevas, has published an article in relation to the Recognition, Registration and Enforcement of Court Judgments issued by foreign courts in Cyprus. The article was puplished to Lawyers in Cyprus, a leading Cyprus portal for Cyprus law. The full article may found here. Extracts are reproduced below.
Recognition, Registration and Enforcement of Court Judgments issued by EU Member States’ Courts
A judgment including a decree, order, decision or writ of execution given in one EU country [...]

Cyprus International Trusts

A comprehensive definition of "trusts" under Cyprus law does not exist. However, the court, through case law, has deemed that a trust arrangement is a structure whereby the holder of a property (the "trustee") has an obligation to manage that property for the benefit of another (the “beneficiary”).
The trust is created by transferring the legal ownership of the trust property from the previous owner (the “settlor”) to the trustee, though the beneficial ownership over that asset belongs to the [...]

Cyprus Company Incorporation

Lawyers in Cyprus, a Cyprus portal for Cyprus lawyers  published an article of our law firm in relation to the Incorporation of a Cyprus Company. You may read the full article here. Extracts are reproduced below.
The incorporation of a Cyprus Company can be effectively utilised by entrepreneurs for International Tax Law Planning purposes and at the same time enjoy the status of being located at a reputable business centre within the European Union.
The low Cyprus tax law regime coupled [...]

Cyprus Tax Residency changes

The Parliament of Cyprus has approved on the 14th of July 2017 a bill which grants tax residence status to persons who have spent at least 60 days in Cyprus per year (effective as from the 1st of January 2017) provided that the following conditions are met:
 
Conditions to be fulfilled
 
The individual
 
(i) Remains in the Republic of Cyprus for at least 60 days during the tax year in question and
(ii) Is not a tax resident in another state and
(iii) Does [...]

February 2017

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, [...]

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 [...]

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 [...]

February 2016

Permanent Residency in Cyprus for non-E.U nationals

Permanent Residency in Cyprus for non-E.U nationals
There has been a recent increase in the interest of third country nationals obtaining immigration permits in the Republic of Cyprus, as Cyprus is a popular and very appealing destination for third country nationals who would like to obtain a Permanent Residency Permit in an EU country.
Non-EU nationals wishing to reside permanently in Cyprus can do so by applying for an Immigration Permit. This Permit is granted for an indefinite duration to non-EU [...]

November 2015

DIVORCE IN CYPRUS

Divorce is one of the most popular areas of Family Law. According to the statistical service’s demographic report 1 in 4 marriages in Cyprus will end in divorce. The only requirement for a divorce to be dealt with by the Cypriot Courts, is for either of the spouses to have lived in the Republic of Cyprus for at least three months, prior of filing the divorce application. Nationality of the spouses is not a relevant factor.
The first matter to [...]

September 2015

Entry into force of the Companies (Amendment) Law of 2015

The Companies (Amendment) (No 4) Law of 2015, Law 89(I) of 2015, took effect on 19 June 2015. It introduces several changes to the Companies Law, the most important of which are as follows:
· a company may be incorporated as a general commercial company with power to carry on any trade or business and to do all such things as are incidental or conducive to this, rather than having a detailed objects clause in its memorandum of association;
· where [...]

June 2015

PERMANENT RESIDENCY IN CYPRUS

Permanent residency on a "normal-track basis" (known as a Regulation 5 (f) application)
The minimum requirements are as follows:
• Minimum annual secured income of approximately EUR 10,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent);
• Applicant does not maintain employment in Cyprus;
• Income is derived from legal sources abroad;
• Income is secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family [...]

Νομική προστασία Δανειοληπτών σε ελβετικά φράγκα

Σε προηγούμενο μας άρθρο είχαμε επισημάνει την απαράδεκτη κατάσταση που έχει δημιουργηθεί εις βάρος μεγάλου αριθμού κύπριων δανειοληπτών που είχαν λάβει δάνεια σε ελβετικό φράγκο και οι οποίοι καλούνται σήμερα να πληρώσουν στις Τράπεζες περί 35%-50% μεγαλύτερο ποσό από αυτό που είχαν πραγματικά δανειστεί.
Η κατάσταση αυτή δημιουργήθηκε λόγω συγκεκριμένων ρητρών που εμπεριέχονται στις εν λόγω δανειακές συμφωνίες, οι οποίες επιτρέπουν στις Τράπεζες να υπολογίζουν το οφειλόμενο ποσό του δανείου βάσει της εκάστοτε συναλλαγματικής ισοτιμίας του ευρώ με το ελβετικό [...]

April 2015

OBTAINING CYPRUS CITIZENSHIP BY INVESTMENT

CYPRUS CITIZENSHIP BY INVESTMENT
The government of Cyprus has now implemented a new immigration initiative aimed at facilitating (non EEA) migrant entrepreneurs and investors who, in return for obtaining Cyprus citizenship, are prepared to invest in Cyprus. The new scheme has been established pursuant to amendments to the Cyprus Civil Registry and Migration Law.
On the basis of subsection (2) of section 11A of the Civil Registry Laws of 2002-2003, a non-Cypriot citizen, who meets one of the following economic criteria [...]

Obtaining Cyprus citizenship by Investment – family members

Legal Framework
The Decision of the Council of Ministers dated 19.3.2014 provides for the grant of the Cypriot citizenship to the spouse as well as to the financially dependent adult children (eighteen years old or above) of the investor. Neither the spouse nor the children are obliged to meet any financial criteria.
The Decision regulates that adult children of an investor are considered as financially dependent, if they are students up to the age of 28 and are attending an institution [...]