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Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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The Department of Merchant Shipping has issued two new notifications under the Tonnage Tax Law (44(I)/2010).
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The island now has the most modern
and favourable trust regime in Europe
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After years of falling behind, Cyprus has recently updated its law
on international trusts to reflect changes in global investment
practice. The following article examines the revisions involved
from a tax perspective.
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In March 2012 the Cyprus VAT Authority launched a special scheme making Cyprus as one of the most attractive EU jurisdictions for yacht registration.
This new favorable VAT scheme requires a Cyprus company to enter into a lease agreement of a yacht with a third party, paying VAT only on a predetermined percentage of the time that the yacht is deemed to sail within EU waters, hence reducing the effective VAT rate down to only 4,42% when taking into account as well the required profit condition.
- Kinanis LLC
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In March 2012, the Parliament of Cyprus enacted the long awaited International Trust (Amending) law of 2012 effecting various structural changes to the International Trust law of 1992.
The amendments were necessary to adapt the Cyprus law on International Trusts, to the current needs of international investors and at the same time strengthening the role of Cyprus as a trust jurisdiction.
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In Ngassam v Republic of Cyprus via the General Director of the Ministry of Interior and
the Attorney General of the Republic the Supreme Court recently ruled on the right of an
HIV-positive illegal immigrant to remain in Cyprus.(1)
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Property amnesty laws amended
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Introduction 7-8
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In November 2011 the Cyprus Parliament enacted a law allowing for a partial write-off of interest and penalties on overdue tax liabilities of companies and individuals in respect of tax years up to and including 2008.
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The protocol amending the double taxation agreement between Cyprus and Poland has recently been signed on behalf of both
countries. When ratified, the protocol will make a number of changes to the existing agreement, which dates back to 1992.
The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
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Our Client MM Makronissos Marina has successfully completed the execution of the BOT contract with the Government concerning the construction and operation of a Marina and a Real Estate development in Ayia Napa.
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Harneys has strengthened its position in Cyprus and is now among the top 4 law firms in the country, according to the latest edition of Chambers Europe, published last week.
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The Legal 500, the international lawyers' directory, has recommended Pamboridis LLC as the Cyprus top experts in Banking and Finance as well as Corporate and M&A practice areas.
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The Sale of Immovable Property (Specific Performance) Law allows purchasers who deposit a stamped agreement for the sale and purchase of immovable property in Cyprus with the relevant District Land Registry within specified time limits to obtain specific performance of the contract if the seller subsequently fails to cooperate.
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International Tax Review, a leading journal for tax specialists around the world, recently surveyed its readers, who include senior tax executives in international companies and practitioners in private practice, in order to identify the leading tax firms in the eyes of users of their services.
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Last Sunday morning our company participated in the PWC 5km corporate race, an integral part of the Limassol Marathon annual event, with a team of nine runners. Another colleague took part in the 10 km race.
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The Management and the Staff of Andreas Neocleous & Co LLC willing to contribute to the mission of the Social Grocery of the Municipality of Limassol which provides assistance to poor families, unemployed, retired people, people with serious health problems, has contributed a significant number of products and clothing necessities.
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Andreas Neocleous & Co LLC Carnival Party
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Gold magazine interview with Elias Neocleous
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The recent decision of the Council of Ministers to approve the issue of a provisional operating licence and the registration of the University of Central Lancashire, Cyprus ("UCLAN Cyprus") in the Registry of Private Universities, opens the way for the direct delivery of undergraduate and postgraduate courses by a British university in Cyprus.