Section 64 of the Companies Law (Cap 113) provides that a Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, reduce its share capital. The reduction of share capital may, in certain circumstances, be used to: (a) return capital to the shareholders that…
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…
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 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…
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…
As of the 01.03.2011 the duration of the validity cheques issued has been reduced from the current 6 months to 3 months as of the date of the issue of the cheque. This decision affects cheques issued as of the 01.03.2011 and applies equally to government issued cheques following the 01.08.2011. The decision was taken…
On the 5th of August 2009 the Council of Ministers approved draft legislation relating to Payment Services. It is expected that the legislation will be passed by the House of Representatives during the forthcoming months. The legislation will be enacted for the purposes of harmonisation of Cyprus law with the provisions of Directive 2007/64/EC of…