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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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ΤΟ ΔΙΚΑΙΩΜΑ ΤΟΥ ΕΓΓΥΗΤΗ ΝΑ ΕΙΣΠΡΑΞΕΙ ΑΠΟ ΤΟΝ ΠΡΩΤΟΦΕΙΛΕΤΗ ΚΑΙ ΤΟΥΣ ΣΥΝΕΓΓΥΗΤΕΣ ΤΟΥ ΤΟ ΠΟΣΟ ΠΟΥ ΕΧΕΙ ΠΛΗΡΩΣΕΙ ΔΥΝΑΜΕΙ ΤΗΣ ΕΓΓΥΗΣΗΣ ΤΟΥ

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ΕΝΑΝΤΙ ΤΟΥ ΠΡΩΤΟΦΕΙΛΕΤΗ Τα δικαιώματα του εγγυητή εναντίον του πιστωτή πηγάζουν από τη σχέση που δημιουργείται από τη σύμβαση της εγγύησης και προκύπτουν κατά το χρόνο που καθίσταται εγγυητής. Ένα από τα δικαιώματα αυτά μεταξύ άλλων και σύμφωνα με την νομοθεσία και την νομολογία, είναι το δικαίωμα του εγγυητή όπως εισπράξει από τον πρωτοφειλέτη το ποσό που έχει πληρώσει έναντι της εγγύησης του. Σχετικά είναι τα Άρθρα 98 και 103 του περί Συμβάσεων Νόμου Κεφ. 149 που προνοούν μεταξύ άλλων ότι: Aν το χρέος, για το οποίο δόθηκε η εγγύηση, καταστεί απαιτητό ή ο πρωτοφειλέτης παραλείψει να εκπληρώσει υποχρέωση που καλύπτεται από την...

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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....

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Our Partner, Giorgos Avraamides participated as a speaker in the Great Britain – Cyprus Business Association’s International Business Conference in association with Spector Constant & Williams.

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Our Partner, Giorgos Avraamides participated as a speaker in the Great Britain – Cyprus Business Association’s International Business Conference titled “Cyprus - An Attractive Investment Hub 2022 & London – A Global Financial & Investment Centre” which took place in London on 10th May 2022. His presentation focused on Cyprus as a destination for headquarter establishment and relocation based on the Government’s action plan for 2022. The International Business Conference also covered topics in relation to the Fund Industry in Cyprus, Real Estate, Renewable Energy, Metaverse, Crypto tokenization, Education as well as the Medical sector. If you are interested to watch the full conference,...

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Our Senior Lawyer and Team Leader of the Legal & Financial Services Department, Panayiotis A. Koussis participated as a speaker in the Great Britain – Cyprus Business Association’s International Business Conference.

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Our Senior Lawyer and Team Leader of the Legal & Financial Services Department, Panayiotis A. Koussis participated as a speaker in the Great Britain – Cyprus Business Association’s International Business Conference titled “Cyprus - An Attractive Investment Hub 2022 & London – A Global Financial & Investment Centre” which took place in London on 10th May 2022. His panel focused on Crypto, tokenisation & the potential for business. The International Business Conference also covered topics in relation to the Fund Industry in Cyprus, Real Estate, Renewable Energy, Metaverse, Crypto tokenization, Education as well as the Medical sector. If you are interested to watch...

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Decentralized Finance (DeFi): The European Regulatory Perspective

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Introduction Decentralized finance is challenging the centralized traditional financial system by disempowering intermediaries and facilitate peer-to-peer transactions where the users are able to retain control over their money. Where there is a lack of regulation at the time of writing this article, DeFi promises a dynamic, disintermediating revolution in finance, steadily taking over the traditional financial world. In this article I will discuss some of the most important implications of DeFi for existing financial regulations, as well as the challenges regulators are confronted with focusing especially on EU’s approach. What is DeFi? Decentralized Finance refers to platforms that allow users to perform different...

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Cyprus ratifies Double Tax Treaty with Jordan

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On 31 December 2021 Cyprus ratified the first ever concluded Double Tax Treaty with the Hashemite Kingdom of Jordan (the “Treaty”). The Treaty was signed on 17 December 2021 where it is based on both the OECD Model Tax Convention on Income and on Capital and the United Nations Model Double Taxation Convention. The Treaty incorporates the Base Erosion and Profit Shifting (“BEPS”) minimum standards. The Treaty will be in effect in the year following the year in which the ratification process in the Hashemite Kingdom of Jordan is completed. Assuming the ratification process is completed during the current year, the Treaty...