In order to facilitate and encourage the restructuring of non-performing loans the Cyprus tax laws were amended to temporarily exempt loan restructurings from tax. The amendments are applicable up to 31.12.2017. The amending legislation was published in the Cyprus Government Gazette on 31.12.2015. The amendments affect the Income Tax Law; the Capital Gains Tax Law;…
In order to provide a simplified legal framework for people who have private and financial interests in at least two countries, both within and outside the European Union, EU Regulation 650/2012 (or “Brussels IV”) was adopted on 4 July 2012 (the “Regulation”). The Regulation entered into force on August 17th, 2015 and is applicable to…
The Wills and Succession Law determine who will inherit a person’s estate when they pass away. Cyprus succession law provides for “forced heirship”. The rules of forced heirship in Cyprus are fairly complex and inheritance depends upon which family members survive the deceased. The significance is that law determines who will inherit a person’s estate…
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…
The Cyprus Tax Department announced that the immovable property tax for the year 2014 must be paid until the 30th of November of 2014. If the tax is paid fully by the 31.10.2014, then the tax payer will receive a discount of 15% on the tax payable. Conversely, if the immovable property tax is paid…
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 legal doctrine of “Lex rei sitae” provides that the law of the country where immovable property (house or land) is situated governs the transfer of title to property. With regards to immovable property registered in the name of diseased persons, irrespective of the country where the death has occurred, Cyprus law applies to such…
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…