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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 Drakopoulos Law Firm

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A practical guide to re-domiciliation: Relocating from Greece to Cyprus

July 2014 - Corporate & Commercial. Legal Developments by Drakopoulos Law Firm.

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In the wake of the fallout from the global financial crisis and subsequent recession, businesses start reassessing their corporate affairs and company re-domiciliation comes as a trend amid escalating corporate tax rates and sweeping regulatory changes. Opting for its re-domiciliation, a company may shift its domicile from one jurisdiction to another by changing the country under whose laws it is registered, without losing its corporate identity.

 

 

Lessee vs Lessor: New leasing regulations shift the balance of power

July 2014 - Real Estate & Property. Legal Developments by Drakopoulos Law Firm.

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Over the last six years, Greece has been under an austerity restructuring and adjustment programme, receiving extended support from European financial institutions and international creditors, in an attempt to tackle its structural weaknesses, overly high deficits and incessant market stagnation.

Throughout the current financial turmoil, the Greek real estate market has experienced significant contraction and remains subdued, whereas commercial leases, as leases in general, have recorded a large decline in demand, inevitably resulting in excess supply, downward pricing trends and fall in transactions.  Given the slowing economy and tighter credit standards, commercial real estate activity has curtailed, as a result of business financial distress and investment reluctance, creating higher vacancy rates.

Changes in real estate prices and constant demand for downward adjustments of rent have intensified pressure to redefine market values, renegotiate rents and review leasing terms and conditions under a rebased legislative framework, in line with current occupational market needs and developments.

M&As in Greece: Stellar opportunities for profits of emerging markets in the most mature market in..

July 2014 - Corporate & Commercial. Legal Developments by Drakopoulos Law Firm.

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Lately, domestic and international financial and corporate players are looking closely on the Athens Exchange seeking for safe yet high return investment opportunities in Greece and the wider South East Europe through takeover bids on securities of companies established in Greece and listed on the local exchange with significant presence in the wider region. It is common knowledge that M&As consist the most transparent and efficient way to gain control of the desired "target" company, following a public offer on all or a part of the target's capital. However, this does not seem to be their unique advantage in Greek legal order. The speed of their conclusion, with an average duration of two months, allows the investor to begin with his businesses without considerable waste of time and resources. As of this, he is in position to choose a board of his own preference almost the very following day of the expiry of the public offer's time and to focus on what he primarily intended and is good at - making business.

 

The impact of the new Criminal and Criminal Procedure Codes on corporate activity in Romania

July 2014 - Corporate & Commercial. Legal Developments by Drakopoulos Law Firm.

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As of 1st  February 2014, both Criminal and Criminal Procedure Codes were implemented, replacing regulations that have been in force since 1968, drafted at a time when the political status quo in Romania not only discouraged but even forbade private initiative.

Although the previous codes have been subject to several adjustments and substantial case law may have cleared several grey areas, in order to adjust to the realities of modern economy (eg properly defining energy theft, telecommunication resources or internet access, data and the like), the need for new explicit regulation superseded the conservative approach. Despite the fact that the new provisions were initially announced as imposing milder sanctions, it appears that whereas in specific cases some sanctions have decreased, any multiple offence is now sanctioned in a more drastic manner and in some cases sanctions have even increased (for example in competition law crimes).

 

Impact of the new VAT draft law on foreign investments in Albania

July 2014 - Tax & Private Client. Legal Developments by Drakopoulos Law Firm.

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The Government of Albania has issued the final version of the draft law on Value Added Tax. According to the Minister of Finance, once approved by the Parliament, the new VAT law is expected to enter into force on January 1, 2015 and replace the current law on VAT, as well as all respective regulations. The draft law has been prepared with the support of the European Union, setting as its principal aim to harmonize legislation on VAT with the acquis communautaire, in compliance with the Stabilisation and Association Agreement.

For sale: Romania - "Europe's granary"

February 2014 - Real Estate & Property. Legal Developments by Drakopoulos Law Firm.

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Initiated late November 2013 and adopted by the Romanian Parliament on 17.12.2013 (to be published upon the President's confirmation), the law regarding purchase of agricultural lands by non Romanian EU Citizens is setting the ground rules expected for the past 7 years, since Romania's accession to EU.

Although the purchase of land by non Romanians is not completely liberalized, the proceedings put in place are clear, swift and friendly for investors.