Tax Update

Cyprus Tax Department has announced that, as of June 1st 2018, the following taxes, not bearing interest and charges, can ONLY be paid via JCCsmart (website www.jccsmart.com.cy). JCCsmart is a Cyprus portal used to contact payments to various organizations including the Government. This measure follows the successful implementation of the Pay As You Earn (PAYE) …

Enforcement of a Pledge over the Shares of a Cyprus Company (“Cyprus Pledge”)

A. Pledge A pledge is by definition a possessory security interest and thus involves the delivery of possession, actual or constructive. A security interest is valid and enforceable once it has been attached to the asset and is perfected. A security interest that has been attached and perfected is enforceable as between the pledgor and …

Stamp Duty

1. Scope of the Stamp duty Law. 1.1.Stamp duty is governed by Stamp Duty Law (19/1963) (hereinafter the “Law”). The Law (article 4 (1)) provides that the documents that are specifically named in its first schedule (and only such documents) are subject to stamp duty provided these documents relate to: (i) assets situated within the …

FBME Bank Ltd: Compensation to Depositors, Deadline until 11th April 2018.

The Central Bank of Cyprus has on 9/4/2016, activated the procedure for the payment of compensation amount from the Deposit Guarantee Fund for Banks for deposits held in FBME Bank Ltd – Cyprus branch.

Medical Cannabis Legalisation

THE MAIN PROVISIONS OF THE LEGISLATION WHICH IS UNDER DISCUSSION BEFORE THE HOUSE OF THE REPRESENTATIVES FOR THE LEGALISATION OF THE IMPORTATION AND/OR PRODUCTION AND/OR CULTIVATION OF PHARMACEUTICAL CANNABIS

Cyprus’ strong economic recovery-2018 Outlook

Cyprus’ strong economic recovery will continue in 2018 with the GDP expected to be 3.2% (2017: 3.8%) which is well above the European Union average. Inflation forecast shows an increase in 2018 to 1.2% (2017: 0.7%) well within the healthy limits, with unemployment expected to be near the 10% mark in comparison with 13% of …

Tax Update

Cyprus Tax Authorities announce the 10 year bond yield for Notional Interest Deduction (NID) purposes The Cyprus tax authorities have announced the interest yield of the 10 year government bonds as at 31st December 2017 which increased by 3% grants tax allowance on new capital introduced into the Cyprus company.

Cyprus An Emerging Eu Fund Jurisdiction

Cyprus consistent efforts to modernize its regulatory environment for investment funds, has created a legal framework bearing hallmarks of the regimes in Luxembourg and Ireland, and has strengthened Cyprus’ profile as an emerging European funds and asset management domicile.

Stelios Americanos & Co Llc Advises The €100 Million Restructuring Of The Athienitis Group

Stelios Americanos & Co LLC advised Athienitis Group over €100 million debt restructuring The high profile transaction was one of the most complex restructuring in Cyprus as involved bank debt, bond holders issues and related litigation, financing provided by the Cyta Provident Fund, minority shareholder considerations and the construction and management of the Nicosia Mall …

New Partners

The Law firm of Stelios Americanos & Co LLC, with pleasure announces the appointment as new Partners / Directors: