The Legal 500

Legal Developments in Cyprus

• FINANCIAL LEASING LAW

  The Law regulating Financial Leasing and the activities of Financial Leasing Companies of 2016 (L.72 (I) / 2016) (the “Law”) came into force on April 28 th , 2016.
  - Michael Kyprianou & Co

• Worldwide Freezing and Tracing of Assets through Cyprus Courts

  Cyprus courts have jurisdiction to issue interim orders relating to the worldwide freezing or tracing of assets, whether in the context of main proceedings or in aid of foreign litigation or arbitration proceedings.
  - A.A.Antoniou & Associates LLC

• New insolvency regime

  An overview of the new insolvency regime
  - George Y Yiangou & Co

• Cyprus Partnerships Limited by Shares

  A recent amendment to the Partnerships and Business Names Law, Cap. 116 (the “Law’’), has introduced significant changes to the legal framework on partnerships. The most important amendment is the introduction of a new type of limited partnership, the partnership limited by shares.
  - A.A.Antoniou & Associates LLC

• OBTAINING THE TAX RESIDENCY STATUS IN CYPRUS

  According to the Income Tax Law of 2002 (“the Law”) an individual is resident in Cyprus, if he/she resides therein for a period which in aggregate exceeds 183 days.  Consequently, if an individual is physically present in Cyprus for more than 183 days in a tax year, he/she will be considered tax resident of Cyprus in that tax year.  On the other hand, if an individual is physically present in Cyprus for less than 183 days in a tax year, then he/she will be regarded to be non-tax resident of Cyprus in a tax year.
  - Michael Kyprianou & Co

• How to lodge a claim as a creditor of a Cypriot company in a compulsory liquidation

  Our international commercial litigation team recently acted for a significant number of creditors, involving high profile international commercial and investment banks and finance houses in applications for proofs of debt against a Cypriot Holding company under compulsory liquidation. The Cypriot Holding Company is part of a non EU based group engaged in heavy machinery utilisation and the aggregate amount of debts which were defaulted by the said company (and owed to the creditors represented by our firm) exceed 350 million Euros. The identified creditors were invited to submit their proofs to the liquidator and our team undertook to prepare and verify the details of each claim and to submit those for the purpose of assessment by the liquidator. Based on our recent experience we have drafted this memo which we believe will help identifying the issues relating to proofs of debt.
  - George Y Yiangou & Co

• ICLG:International Arbitration Cyprus 2016

  The only requirement under the main laws applicable to arbitration (see below) is that the arbitration agreement has to be a written agreement to submit present or future disputes to arbitration and, under common law principles, this agreement has to be clear and certain.  Read more...
  - Patrikios Pavlou & Associates LLC

• THE RIGHT OF PREFERENTIAL LIEN ON LOAN AGREEMENTS

  It is commonly accepted that our modern society requires us to possess a relevant knowledge on bank accounts and loan agreements.  However, how feasible is it for an average person to understand the dangers of a ‘simple' loan agreement?  The legal system of a democratic country ensures the equal treatment between parties and provides support where it is essential. Specifically, it is vital to emphasise a hidden term contained within loan agreements by which the banks maintain a very powerful right against innocent debtors. This right is namely preferential lien.
  - Michael Kyprianou & Co

• Internet Hyperlinks and Copyright Holders

  Rapid technological developments and globalisation have brought new challenges and it may be that situations arise which were not previously encountered and/or explored. All the areas of the Law have been affected including - of course - Intellectual Property.
  - Michael Kyprianou & Co

• The Commonwealth – A new pathway?

  Following the unprecedented referendum of the 23 rd of June 2016, in which UK voted to leave EU, and within the newly established environment, all countries will now try to define the way forward as far as the status of their relationship with the UK is concerned. 
  - Michael Kyprianou & Co