The New Law On Leasing Activities

The Leasing Law, Law 72(I) of 2016, was published in the official gazette and entered into force on 28 April 2016. 

The purpose of the Leasing Law is to regulate the provision of financial leasing services to the public and ensure the regulation and supervision of financial leasing services providers' activities, with the objective of providing consumers and businesses with alternative ways of financing, thus contributing to the growth of the leasing services sector and generally the financial sector and the economy as a whole. 

The new law provides that financial leasing services may be provided to the public by authorized credit institutions in Cyprus or other member states of the European Economic Area which are licensed to provide financial leasing services, and which provide such services through a branch or on a cross-border basis, by financial leasing companies which are subsidiaries of credit institutions established in EEA member states, and which