On 24 May the Central Bank of Cyprus released its latest statistics on Cyprus-based investment funds, produced on the basis of the revised European System of Accounts 2010, giving information as at 31 March 2018.

The Central Bank of Cyprus has announced that in accordance with the provisions of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2013 it intends to publish on its web site details of administrative fines it imposes on credit, payment and electronic money institutions for failure to comply with the provisions of the Law, any directives issued under it by the CBC, or Regulation 1781/2006 of the European Parliament and the Council.

Konstantinos Michail, Senior Associate at Elias Neocleous & Co LLC, highlights the firm's leading role in supporting investment funds, providing comprehensive legal guidance throughout their lifecycle—from establishment and licensing to compliance, governance, and risk management.

Finally, after 12 years since 2011, the €350 annual levy fee is being abolished on all Cypriot companies. The decision was made on February 21, 2024.

Recent amendments to Cyprus's Transfer and Mortgage of Immovable Property Law have introduced significant changes to the auction procedure for mortgaged properties. These legislative updates extend debtor rights by allowing more time to challenge mortgage debt and establishing mandatory minimum reserve prices for all property auctions. The reforms aim to strengthen protections for debtors facing foreclosure proceedings.

According to the World Economic Outlook of the International Monetary Fund the Cypriot economy will grow by 4.8% in 2021. In 2020 a recession of 5.1% was recorded.

On the 3rd of June 2021, the Tax Department issued an announcement stating that there will be no imposition of administrative fines for the overdue submission of DAC6 information until the 30th of September 2021.

The Minister of Finance, in order to facilitate taxpayers and their tax consultants, has announced that there will be no administrative penalties imposed for the...

On 5 January 2023 the Cyprus Tax department (CTD) issued a circular (1/2023) which terminates the application of "safe harbours" on back-to-back financing transactions with related parties.

Costas Mavrides, Eleni Shiarly, Angelos Exadactylos and Pavlos Mundis, members of our firm's Blockchain and Cryptoassets legal team attended Blockchain Fest 2022 Cyprus

At Elias Neocleous & Co LLC, we realize that, today, the world is witnessing the explosion and development of an unprecedented revolution ...

The Central Bank of Cyprus has issued a clarification on its website regarding Cyprus banks which are categorised as "significant supervised entities" and supervised directly by the European Central Bank....

The countercyclical capital buffer (CCB) was introduced as part of the Basel III regime to help counter pro-cyclicality in the financial system.

The Cyprus Securities and Exchange Commission ("CySEC") has issued a notification to entities it regulates and to participants in the market in general of the consultation process ...

In 2014 the Cyprus Securities and Exchange Commission introduced a risk-based supervision framework for Cyprus Investment Firms, UCITS management companies...

We advised O1 Properties Finance Plc, on Cyprus legal, tax and regulatory matters relating to its USD 350 million debut Eurobond issue, which was successfully concluded in September 2016.

The Cyprus Securities and Exchange Commission has issued a circular, number C248 dated 3 November 2017, to Cyprus Investment Firms it regulates...

The European Banking Authority (EBA) recently published a list of the public guarantee schemes issued in response to the COVID-19 pandemic.

In an era of growing globalisation, regulation remains a pivotal force shaping the strategic priorities of financial services firms.

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