Cyprus Employment Law Update: Employees who fall ill whilst on annual leave must be allowed to take leave at a later date

A recent ruling in the Court of Justice of the European Union (CJEU) has clarified that, irrespective of whether the sickness commenced before or during the period of scheduled annual leave, an employee whose illness coincides with their annual leave is entitled to rearrange their annual leave to a later date. In Asociación Nacional de…

Cyprus Property Law Update: Planning Amnesty

The Ministry of Interior issued the following bulletin regarding the Town Planning Amnesty legislation which came into force on April 8 2011. The legislation aims at  simplifying and modernising the procedures  and legal provisions that eventually lead to the securing of updated title deeds by respective property owners. PLANNING AMNESTY BULLETIN LEGISLATION FOR THE MODERNISATION…

Banking Law Update: Stability fund set up

On the 14th of April 2011, the Cyprus Parliament unanimously passed the Bank Levy Legislation. The law establishes an Independent Financial Stability Fund for financial institutions. Provided that the totalamount of the  levy does not exceed 20% of the total taxable profits of the financial Institution, as these are assessed by the Director of Inland…