commercial
Disputes in Cyprus are mainly resolved in litigation proceedings by the courts. Provided all statutory and case law requirements are met, Cyprus courts have jurisdiction to grant interim orders and injunctions, with international effect. In particular they have jurisdiction to issue interim orders in support or in aid of: Judicial proceedings pending before Cyprus Courts;…
On the 16th of October 2014, the European Commission requested that Cyprus and Luxembourg fully implement Directive 2011/77/EU of the European Parliament and of the Council of 27 September 2011 amending Directive 2006/116/EC on the term of protection of copyright and certain related rights. The Directive extends the term of protection for performers and sound…
On the 16th of October 2014, the European Commission requested that Cyprus, Italy, Lithuania, Poland, Portugal and Slovenia fully implement Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC…
Theodorou Law Firm is a Cyprus firm with experience in the successful resolution of substantial, complex and challenging disputes. In particular, we have experience in recovering, preserving and returning assets to clients’ which have been fraudulently transferred to third parties or funds transferred into third party bank accounts. With the proceeds of fraud being hidden…
Cyprus is one of the fastest growing European investment fund destinations. The major attractions for investors include the island`s established expertise being an international business centre, the competitive costs, a solid network of tax treaties, the strong ties to key markets such as Russia, the CIS, and CEE, it`s close proximity to the Middle East…
On the 25.07.2014 Cyprus and Switzerland signed an avoidance of double taxation agreement and relevant protocol. A Finance Ministry press release said, that the new agreement will contribute to further developing trade and financial relations between the two countries as well as with other countries. The ministry further stated that maintaining, updating and signing new…
Following the enactment of the Electronic Money Law of 2012 electronic money services in Cyprus may only be provided by an electronic money institution which has been granted an authorisation by the Central Bank of Cyprus. Despite the provisions of the Electronic Money Law, certain persons may provide electronic money services in Cyprus without obtaining…
The Cyprus government announced on the 24.02.2014 the signature of a new double taxation agreement with Norway. A statement issued stated that the text agreed between the finance ministries of the two countries would contribute to the further development of trade and economic relations between Cyprus and Norway, as well as other countries. The statement…
The provision of payment services in the Republic of Cyprus is regulated by legislation and Directives issued by the Central Bank of Cyprus. The legislation designated the Central Bank of Cyprus as the competent authority responsible for: (a) granting of authorisation to provide payment services to companies which are registered and have their…
Following the enactment of Law 167(I)/2012 by the Cyprus House of Parliament, as from the 13.01.2014, the standard rate of VAT has increased from 18% to 19%. With regards to reduced rate VAT, this has increased,as from 01.01.2014, from the current rate of 8% to 9%. The reduced rates of 5% and 0% VAT have…