The Legal 500

Legal Developments in Cyprus

• Ratification of the Framework Agreement between Cyprus and Egypt

  The House of Representatives has ratified on January 27 of 2012 the Framework Agreement between the Republic of Cyprus and the Arab Republic of Egypt relating to the development of cross-median line hydrocarbon resources signed in 2006.
  - Michael Kyprianou & Co

• Exploitation of hydrocarbon resources in Cyprus

  Geostrategic and financial interests regarding gas exploration and exploitation
  - Andreas Neocleous & Co

• New Tax Measures voted in December 2011 by the House of Representatives of Cyprus

  In December 2011 the Parliament of Cyprus voted on certain amendments to various Tax Laws aimed at increasing the revenues of the government as well as reducing government expenditure. Most of the amendments affect residents of Cyprus and were designed in such a way so not to affect Cyprus’ position as an international business center.
  - Kinanis LLC

• EU labor law in offshore gas-drilling operations

  EU labor law in offshore gas-drilling operations has been recently challenged in the case of Salemink v. Raad van bestuur van het Uitvoeringsinstituut werknemersverzekeringen, in the judgment of the Court’s Grand Chamber in January, 17, 2012.
  - Andreas Neocleous & Co

• Cyprus offshore oil and gas: further announcements on the second licensing round

  The Cyprus government has announced that the relevant documentation is being prepared for the second licensing round for the remaining blocks of Cyprus’s Exclusive Economic Zone (EEZ) and that expressions of interest will be invited shortly. The exploration area within Cyprus’s EEZ covers approximately 51,000 square kilometres and is divided into 13 blocks. An exploration licence for one block (Block 12) was awarded to Noble Energy International Limited in 2008 and initial results of test drilling are expected before the end of 2011.
  - Andreas Neocleous & Co

• Shipping & Transport - Cyprus 2012

  Amendments announced to Cyprus-Italy agreement on maritime navigation
  - Andreas Neocleous & Co

• "Norwich Pharmacal type disclosure orders: a threat to nominees and principals?"

  Norwich Pharmacal orders may be sought in the Cyprus courts by an injured party in order to obtain an order for the discovery and disclosure of information as to the identity of a wrongdoer. It has proven an extremely useful tool for deconstructing the corporate nominee structure.
  - Pamboridis LLC

• Council of Europe report on Cyprus's anti-money laundering regime

  The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism has published its latest report on measures to combat money laundering and terrorist financing in Cyprus. The main conclusions of the report are as follows:
  - Andreas Neocleous & Co

• Further suspension of limitation periods

  Limitation periods in Cyprus are set out in the Limitation of Actions Law, Cap 15 ("Limitations Law"), which dates back to the time when Cyprus was a British colony. The principal time limits range from two to 15 years, depending on the nature of the claim. In relation to causes of action not expressly provided for by the Limitations Law or not expressly exempted, the limitation period is six years from the date when the cause of action accrued.
  - Andreas Neocleous & Co

• Cyprus maintains its business transparency rating

  Since 1995 Transparency International has published an annual Corruption Perception Index, assessing and comparing the perceived level of corruption in the public sector. The 2011 index ranks countries on a scale from 10 (very clean) to 0 (highly corrupt). Cyprus succeeded in maintaining its position as one of the countries least plagued by corruption, achieving thirtieth place out of 183 countries worldwide.
  - Andreas Neocleous & Co