Publications

European Account Preservation Order

Christos Paraskevas2019-04-29T23:05:25+01:00On 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...

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 nationals...

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 be...

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 security...

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 are...

OBTAINING CYPRUS CITIZENSHIP BY INVESTMENT

Christos Paraskevas2019-04-29T23:17:49+01:00CYPRUS 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 (A),...