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Legal Developments in Cyprus

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Cyprus Insolvency Consultants Law of 2015

    The House of Representatives has passed on the 18 th  of April 2014 the new Insolvency Framework as part of the Country's undertakings towards the international providers of financial  support to Cyprus and as part of the metamorphosis of the Insolvency Regime in Cyprus. The relevant legislation forming the Insolvency Framework came into force on May 7 th , 2015, the day of its publication in the Official Gazette of the Republic of Cyprus [five laws and a set of regulations].     
  • Mediation in Cyprus – A flexible and confidential procedure

    Mediation is a flexible and confidential procedure which helps the parties to find their common ground and work towards resolving their dispute by agreement. As a form of Alternative Dispute Resolution mediation is becoming increasingly popular.
  • The Corporate Governance Review-Cyprus Chapter

    Corporate governance is relevant to both private and public companies. Nevertheless, this chapter will focus on corporate governance rules, applicable to public limited companies listed on the Cyprus Stock Exchange (“CSE”).
  • New General Property Valuations in Cyprus

    The amended Immovable Property (Tenure, Registration and Valuation) Law of 2014 (L.110(I)/2014) puts into effect the new General Valuation of Land at prices as at 1.1.13. The new valuations were conducted in four stages by the department of Land and Surveys based on the natural and legal characteristics of the property in compliance with the provisions of the Memorandum of Understanding and they will replace the Valuations so far as at 1.1.1980.     
  • Obtaining Cyprus Permanent Residency

    The Cyprus government has put in place a number of programmes entitling owners of property in Cyprus who are third country nationals and their families to obtain permanent residence permits on an accelerated basis provided they satisfy certain criteria.
  • New double taxation agreement between Cyprus and Bahrain

    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

    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

    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

    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.
  • Company Formations in Cyprus

    Cyprus has traditionally been a significant destination for the setting up of international business companies (IBCs) (that is to say companies with foreign interests).   Read more...