Amendments to the Income Tax Law October 2016

On 14 October 2016, the House of Representatives enacted into law amendments to the Income Tax Law (ITL) which were published in the Gazette on 27 October 2016 and provide for the gradual phase out of the current IP regime and the introduction of a new IP regime that is in line with the latest international developments on the taxation of IP income and OECD’s action plan on fighting base erosion and profit shifting (BEPS). The ITL amendments are supported by Regulations which provide detailed guidance in the calculations and application of the new IP regime. […]

Amendments to the Companies law and the Auditors law for the harmonization with Directive 2013/34/EU

On the 23rd September 2016 laws 95(1) of 2016, 96(1) of 2016 and 97(1) of 2016 were published int he official gazette and hence making them part of our national legislation. The three mentioned laws amend the Partnership’s law, the Companies Law and the Auditors Law in Cyprus. These amendments come to harmonize local legislation with Directive[…]

Property Sales Rise in August

Property sales in Cyprus increased by 50 per cent in August compared August last year according to the latest official figures published by the Department of Lands and Surveys. During August a total of 451 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry[…]

Update on the Cyprus Citizenship by Investment Scheme

The Council of Ministers of Cyprus, on the 13th of September, approved a number of changes to the “Cyprus Citizenship by Investment Scheme”. The updated criteria is more favorable to the individuals wishing to obtain the Cyprus passport and receive the benefits of a EU passport.  Individuals must fulfils both the Economic Criteria (Part A)[…]

The Department Of Registrar of Companies Is Undergoing a Phase of Major Developments

On Tuesday 27th September 2016 at the Four Seasons Hotel in Limassol the CIBA members and guests welcomed Spyros Kokkinos, the Registrar of Companies and Official Receiver, to inform them on the  recent and forthcoming developments at the Company Registrar Office and their impact on the international businesses and their professional advisors. During his speech,[…]

Civil Litigation

Our Practice The cases we handle involve: • Contractual claims • Banking (we never undertake the banks side) • Fraud and asset tracing • Building & Construction • Trust disputes • Corporate Disputes • Torts • Accidents • Estates & Administration • Matrimonial and family matters • Medical negligence claims and malpractice • Commercial Disputes[…]

Court of Appeal rejects appeals against the orders to haircut

The Court of Appeal has today reject as inadmissible the appeals against the orders to haircut unsecured depositors in the resulting consolidated banking institutions describing them as falling under private law and not administrative law. Furthermore the such cases do not fall within the jurisdicition of the Court of Appeal acting as a firtst instance court. […]