News
On 4 July 2013, the Ukrainian parliament ratified the new Double Taxation Treaty between the Ukrainian and Cyprus government. The ratified treaty aims at further strengthening the business relations between Cyprus and Ukraine and will replace the old bilateral agreement dating from 1982. The new treaty is based on the general principles of the Organisation…
The Republic of Cyprus has started negotiations with three energy companies to develop a liquefied natural gas (LNG) terminal at an estimated initial cost of $6 billion. Cyprus today signed a Memorandum of Understanding (MoU) with US-based Noble Energy and Israel’s Delek and Avner to negotiate the construction of an LNG terminal in Vassilikos Cyprus,…
The Central Bank of Cyprus announced on the 12.06.2013 that, following the decision by the Cyprus Clearing House for cheques, the duration of the validity of cheques issued with a date following the 31.03.2013 has increased from the current 3 month period to 6 months as of the date of issue. Additionally, the duration of…
Cyprus has concluded numerous Double Tax Agreements whilst certain other agreements are pending enforcement. The main purpose of these treaties is the avoidance of double taxation on income earned in any of these countries. Under these agreements, a credit is usually allowed against the tax levied by the country in which the taxpayer resides for…
On 8.11.2012 the Government of Ukraine and the Government of the Republic of Cyprus signed a new convention for the avoidance of double taxation (the “Convention”). The draft of the Convention was approved by the Cabinet of Ministers of Ukraine in November 2012 and on 16.05.2013 a draft law was submitted for ratification by the…
On the 23.04.2013 the Supreme Court of Cyprus began reviewing the first administrative recourses filed against the decree issued on the 29.03.2013. The decree implemented the Eurogroup’s decision to wind down Laiki Bank and impose massive losses (“haircuts”) on all deposits in excess of €100.000 at both Laiki and the Bank of Cyprus. The recourses…
As part of the agreement concluded with the European Stability Mechanism and the International Monetary Fund for financial assistance, the Cypriot House of Representatives approved a number of tax law amendments on the 18th of April 2013. The numerous advantages which Cyprus holding have over competing jurisdictions, such as the tax free flow of dividends…
The following unprecedented decision was taken by Eurogroup in dealing with the recapitalisation of the two largest banks in Cyprus: 1. For Bank of Cyprus, all credit balances greater than the guaranteed threshold of €100.000, will be converted into shares to the extent required for the bank to reach a Tier 1 capital of 9%.…
Following the Cyprus government announcement of 25 March 2013 that Laiki Bank (Cyprus Popular Bank) and Bank of Cyprus Plc will be restructured, Theodorou Law is currently advising a number of high net individuals and companies, both local and international, on their potential rights to seek legal redress for the negative financial impact caused to…
Theodorou Law Firm is a Cyprus firm with experience in the successful resolution of complex and challenging disputes. We have experience and have gained a reputation in particular for recovering assets and preserving assets in cases of allegations of fraud. Over the last few months we have sought and obtained numerous freezing and disclosure orders…