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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Andreas Neocleous & Co LLC

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New double taxation agreement between Cyprus and Bahrain

May 2015 - Tax & Private Client. Legal Developments by Andreas Neocleous & Co LLC.

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On 9 March 2015 Cyprus and Bahrain signed a new double taxation agreement. Like all of Cyprus’s recent DTAs it closely follows the 2010 OECD Model Tax Convention. Its main provisions are summarised below.

Increased ongoing training requirements under the Manila amendments to STCW78

May 2015 - Transport. Legal Developments by Andreas Neocleous & Co LLC.

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The Cyprus Department of Merchant Shipping (“DMS”) has issued a circular to all owners, operators and masters of Cyprus-flagged ships reminding of the increased levels of training that are required for the issue of certificates of competency under the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers of 1978 (“STCW 78”) with effect from 1 January 2017 as a consequence of the Manila Amendments to the Convention.

Cyprus's Economic Citizenship Programme

May 2015 - Tax & Private Client. Legal Developments by Andreas Neocleous & Co LLC.

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The Civil Registry Law, 141(I) of 2002 provides for non-Cypriots of full age and capacity to acquire citizenship by naturalisation. Applicants are generally required to have lived in Cyprus for seven years prior to submitting an application. However, in 2013 the Cyprus government introduced a fast-track procedure which allows qualifying persons to obtain Cypriot citizenship by naturalisation on an accelerated basis. Applicants must own a permanent residence in Cyprus with a value of €500,000 or more excluding VAT and have no criminal record and no asset freezing orders outstanding against them. Further details are as follows:

New Cyprus insolvency laws

May 2015 - Corporate & Commercial. Legal Developments by Andreas Neocleous & Co LLC.

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On 18 April the Cyprus parliament approved a new package of insolvency laws, aimed at streamlining and modernising the existing system and promoting a rescue culture. The new insolvency framework forms part of the economic adjustment programme agreed between the Cyprus government and international providers of financial support at the time of the 2013 banking crisis.

The new insolvency laws, which were extensively amended by the parliament in the course of its debate, have not been promulgated, and have not been published in final form. As a result there is considerable uncertainty concerning the detail. We set out below our understanding of the principal changes, but this should not be regarded as definitive.

Reduction of Cyprus Stamp Duty

February 2008 - Real estate/property. Legal Developments by Andreas Neocleous & Co LLC.

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The Cyprus government has passed new legislation capping the amount of stamp duty payable. This will result in a significant reduction in the amount of stamp duty payable on large transactions.