Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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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.
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Geostrategic and financial interests regarding gas exploration and exploitation
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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.
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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.
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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.
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Amendments announced to Cyprus-Italy agreement on maritime navigation
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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.
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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:
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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.
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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.