New Leasing Law

The Leasing Law, law 72(I) of 2016, entered into force on April 28 2016. The purpose of this new legislation is to regulate the provision of financial leasing services to the public and ensure the regulation of financial leasing services providers' activities. The aim of the law is to provide consumers and businesses with alternative ways of financing. It is hoped that this will contribute to the growth of the leasing services sector and, in turn, the financial sector and the economy as a whole.

The new law states that the following may provide financial leasing services to the public:

• authorised credit institutions in Cyprus or other member states of the European Economic Area (EEA) that are licensed to provide financial leasing services, and that provide these services through a branch or on a cross-border basis;