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Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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”).
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.
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.
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.
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.
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:
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.
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...
Cyprus became an independent and sovereign republic on 16 August 1960. Before that it was a British colony and many features of the British have remained embedded in the judicial system and in other facets of the function of the Cyprus State.
Interim injunctions in Cyprus for the freezing of assets and disclosure of documents and informationThe availability of interim relief is often crucial in ensuring satisfaction of any final court judgment or arbitral award. An interim injunction can ensure that property is not alienated while a case is still pending. In other cases it can level the playing field if one party (or even non-party) is restricting access to information material to the case. The ability to apply for interim relief is a vital tool for any legal jurisdiction. Cyprus is no exception. Due to its popularity as a centre for company incorporation, its legal system must also cater for the large number of companies registered on the island. Its legal regime on injunctions must be an effective one.