Publications

International Cyprus Trusts – Formation and Advantages

Christos Paraskevas2019-07-07T14:21:49+01:00A Cyprus International Trust can be defined as a settlement whereby the settlor transfers the property to the trustee in accordance with the trust instrument or the trust settlement. Even though the trustee has legal ownership of the trust property, it does not belong to him. Beneficial ownership of it belongs to the beneficiaries.The Cyprus International Trust Law has undergone major reform and in the 23rd of March 2013 the long awaited reform of the Cyprus International Trusts (Amending) [...]

Ship arrest in Cyprus

Christos Paraskevas2019-04-29T22:48:09+01:00Lawyers 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 [...]

Registration of Foreign Court Judgments in Cyprus

Christos Paraskevas2019-04-29T22:51:08+01:00Our 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 Company Incorporation

Christos Paraskevas2019-04-29T22:56:48+01:00Lawyers 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 [...]

Maintenance of children after divorce

Christos Paraskevas2019-04-29T23:01:33+01:00Parents 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, [...]

Divorce in Cyprus (Legal Grounds and Reasons)

Christos Paraskevas2019-04-29T23:03:13+01:00Which 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, [...]

Permanent Residency in Cyprus for non-E.U nationals

Christos Paraskevas2019-04-29T23:11:57+01:00Permanent 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 [...]

DIVORCE IN CYPRUS

Christos Paraskevas2019-04-29T23:07:17+01:00Divorce 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 [...]

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

Christos Paraskevas2019-04-29T23:14:32+01:00The 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 [...]

PERMANENT RESIDENCY IN CYPRUS

Christos Paraskevas2019-04-29T23:15:18+01:00Permanent 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 [...]

OBTAINING CYPRUS CITIZENSHIP BY INVESTMENT

Christos Paraskevas2019-04-29T23:17:49+01:00CYPRUS CITIZENSHIP BY INVESTMENTThe 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 [...]