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The Transparency in Public Decision-Making Processes and Related Matters Law of 2022

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The Transparency in Public Decision-Making Processes and Related Matters Law of 2022 (Law 20(I)/2022) (the "Law"), designates the Independent Authority Against Corruption (referred to as the "Authority") as the entity responsible for the effective implementation of its provisions. The primary objective of this legal framework is to establish a comprehensive structure aimed at promoting and solidifying transparency within public decision-making processes. This, in turn, serves to proactively prevent the creation of circumstances that could potentially foster or facilitate corrupt practices. As of 1st of March 2024, all provisions of the Law came into force, leading to the simultaneous application of...

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AML | EU Council and Parliament reached a provisional agreement with stricter rules

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The Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU's financial system against money laundering and terrorist financing. With the new package, all rules applying to the private sector will be transferred to a new regulation, while the directive will deal with the organisation of institutional AML/CFT systems at national level in the member states. The agreement on the directive will improve the organisation of national anti-money laundering systems. Obliged Entities The provisional agreement expands the list of obliged entities to new bodies. The new rules will cover most of...

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AMENDMENTS TO THE SPECIAL DEFENCE CONTRIBUTION LAW WITH THE RATE REDUCTION OF SPECIAL DEFENCE CONTRIBUTION FROM 30% to 17%

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On the 6th of December 2023, the Cyprus Parliament approved an amendment to the Special Defence Contribution (‘SDC’) Law, through which the SDC rate on passive interest income earned by Cyprus tax residents, both individuals and companies, is reduced from 30% to 17%. The amendment was published in the official Cyprus Gazette on 20 December 2023 and comes into force on 1 January 2024. It is being reminded that the SDC rate was increased from 15% to 30% during the year 2013, as part of several temporary economic measures at the time. The purpose of this amendment is to address the inconsistency in...

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NEW CRITERIA FOR NATURALISATION OF FOREIGN NATIONALS

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On the 19th of December 2023, the approved amendments of the Civil Registry Law were published in the Official Gazette of the Republic of Cyprus aiming to modernise and improve the existing legal framework in relation to the criteria for the naturalization of foreign nationals. The main provisions include the following: Applications can be submitted by persons that have completed at least 7years of physical stay within a period of 10 years plus a 12-month period of legal and continuous physical stay in Cyprus. Periods of absence of up to 90 days per year are not deducted from the total period...

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Alexandra Pelaghias-Christodoulou admitted as a Full Member of STEP, the global professional association for Trust and Estate Practitioners

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We are proud to announce that our CEO and Managing Partner, Alexandra Pelaghias-Christodoulou has become a Full Member of the Society of Trust and Estate Practitioners (STEP) and has earned the prestigious Trust and Estates Practitioner (TEP) designation. What is STEP? STEP is a respected global organisation of professionals including lawyers, accountants, financial advisors, and other practitioners who help families to manage their assets and plan for their futures. Members of STEP are recognised experts in the field of Wills, Trusts, Probates and Powers of Attorney with proven qualifications and experience. STEP is the top professional qualification for Wills, Trusts, and Probate Solicitors. What...

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REGISTRATION OF ULTIMATE BENEFICIAL OWNERS FOR THE AVOIDANCE OF FINES

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The Department of the Registrar of Companies and Intellectual Property, following its announcement on the Functioning of the Register of Beneficial Owners in the interim solution, and in view of the imminent implementation of the final solution of the electronic system of the Register of Beneficial Owners, which is expected around the end of October 2023, invites all companies incorporated or registered under the Companies Law, Chapter 113, the European public limited liability companies (SE) and Cooperatives as well as their officers/partners, if they have not already done so, to register the details of their beneficial owners in the Register...

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Employment Law: Cyprus transposed into National Law the EU Directive 2019/1152 on Transparent and Predictable Working Conditions

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Cyprus transposed into national law the EU Directive 2019/1152 on transparent and predictable working conditions (“EU Directive”). The EU Directive’s aim is to improve and enforce more transparent and predictable employment conditions that will increase flexibility in the labour market. The national legislation that transposes the EU Directive, is called the Transparent and Predictable Working Conditions Law of 2023 N.25(I)/2023 (the “Working Conditions Law”), which is enforceable as from 13 April 2023. The Working Conditions Law introduces new rights for employees and amend specific employers' obligations. Below we will outline the key provisions under this transposition. For more info click here....

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Amendments to the British Virgin Islands (BVI) Business Companies Act

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The BVI Business Companies (Amendment) Act 2022 (“BCA Amendment Act”) and the associated BVI Business Companies (Amendment) Regulations, 2022 (“BCA Regulations Amendment”) have been introduced on January 1st, 2023. Under the BCA Amendment Act and the BCA Regulations Amendment, the BVI Business Companies Act was amended, with the sole purpose to meet international standards on transparency and enhancing its reputation by combatting financial crimes. For more info click here ...

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Amendments to the Cyprus Permanent Residence Scheme according to Regulation 6(2) of the Aliens and Immigration Regulations (Permanent Residence Permit – Fast Track)

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The Council of Ministers approved a proposal by the Ministry of Interior to revise the criteria for granting Permanent residency under the provisions of Regulation 6(2) of the Aliens and Immigration Regulation (Permanent Residence Permit - Fast Track). As per the Minister of Interior, Mr. Constantinos Ioannou, the Ministry of Interior is aware of the risks involved in the implementation of these Schemes and the main aim of these amendments is to establish more solid and stricter criteria to grant the Permanent residency, to improve any distortions and to establish a mechanism which will monitor that the applicant will be in...

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Cyprus Shipping Limited Liability Company

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Cyprus Shipping Limited Liability Company The Shipping Limited Liability Company Law of 2022 (SLLC Law) was introduced in Cyprus in October 2022. Under the SLLC law a new ship-owning legal entity, the Shipping Limited Liability Company (SLLC) has been established, with sole business purpose the ownership and operation in relation to vessels under Cyprus Flag. The new SLLC Law creates a single framework specialised for Ship-owning companies with vessels under Cyprus flag and includes more simplified and straight - forward procedures in the day-to-day operations of the company. Main Provisions of the SLLC Law Shipping Limited Liability Companies Law (161(1)/2022) Companies Law (Cap....