The Legal 500

Legal Developments in Cyprus

• Supporting local and international charitable organizations

  As one of the leading law firms in Cyprus, we are active promoters and supporters of local economic growth by sponsoring local events, applying environmental-friendly practices, minimizing our ecological impact, and most importantly, by raising money for local charities and non-profit organizations.
  - Patrikios Pavlou & Associates LLC

• Stricter supervision in relation to the Scheme for Naturalisation of Investors in Cyprus by Exceptio

  Recently there were a lot of publications within the European Union expressing concerns about the allegedly very high number of Cypriot passports being given to foreign investors the last few years. The Council of Ministers has decided on 9th January 2018 with the decision with number 84.069, to impose a stricter supervision of all the parties involved in the Scheme for the naturalisation of non-Cypriot investors in Cyprus by exception.
  - Michael Kyprianou & Co

• 19% VAT on Plots

  In order to harmonize the  Acquis Communautaire on the Taxation of untapped and undeveloped plots of land, the Cyprus Government enacted, on 03/11/2017, relevant legislation for the imposition of 19% Value Added Tax (VAT) on these properties, with a date of enforcement being 02/01/2018. The relevant legislation refers to plots/pieces of land offered and/or provided for construction for economic purposes.
  - Michael Kyprianou & Co

• Unfair contract terms

  The Unfair Contract Terms Law 93(1)/1996 (the “Law”) as amended, implements the EU Directive  93/13/EEC  of 5 April 1993 regime into national law. The objective of the aforementioned legislation is the protection of consumers in the European Union from unfair terms and conditions which might be included in a standard contract for goods and services they purchase. It introduces the notion of ‘good faith’ to avoid any significant imbalance in mutual rights and obligations.
  - Michael Kyprianou & Co

• Beneficial Ownership Concept - The approach of the Russian Federal Tax Service

  The beneficial ownership of the income concept (“the Concept”) is nowadays a material aspect affecting the eligibility of the taxpayers to claim treaty benefits.
  - Kinanis LLC

• MALTA - ICOs - THE NEW LEGISLATION (Updated 4th edition)

  Initial Coin Offering, known as “ICO”, is a relatively new phenomenon that has quickly become the main player in the Financial Services and Crowdfunding industries, as well as being the key subject of discussion in the Blockchain communities. In essence, it is one of the most advanced methods of raising finance from the public and is becoming increasingly popular to fundraise start-ups.
  - Kinanis LLC

• BVI'S NEW ECONOMIC SUBSTANCE LEGISLATION

  The British Virgin Islands are rushing to pass by the end of December the new economic substance legislation to avoid the EU’s blacklist of tax haven jurisdictions.
  - Stelios Americanos & Co

• Security Token Offerings (STOs): The Future of Coin Offerings

  The term ICO has been at the epicentre of discussions in the FinTech industry, being the main method of fundraising used by startup companies to develop innovative ideas on the Blockchain technology or other applications using Distributed Ledger Technology (“DLT”).
  - Kinanis LLC

• The 'dark' side of the data room: disclosure dangers in M&A and finance transactions

  Given the corporate environment's ever-changing nature and business needs and the importance of data protection at the EU level, the topic of due diligence in M&A and financial transactions warrants examination. The disclosure, transfer and processing of data raises concerns at several stages of the due diligence process during a transaction and undoubtedly makes things more complicated.
  - Patrikios Pavlou & Associates LLC

• Registered alternative investment funds – an overview

  Cyprus is fast becoming an international fund hub and a well-respected player in both the European and international fund industries.
  - Patrikios Pavlou & Associates LLC