Elias Neocleous’s interview with China Business Law Journal
Elias Neocleous, managing partner of our firm, was one of a select panel of international legal experts interviewed by China Business Law Journal for its recent feature on the role of offshore jurisdictions in the development of disruptive technologies. China Business Law Journal is published by Vantage Asia Publishing Limited, an independent publisher based in […]
Mandatory online payment of taxes
The Cyprus Tax Department has issued a further reminder to taxpayers that most direct taxes may now only be paid online via the website JCCsmart.com. The taxes concerned are income tax withheld from earnings under PAYE, reduction of wages in the wider public sector, interim and final income tax of natural or legal persons, and […]
Recent announcements from the Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission has issued a circular to entities it supervises drawing their attention to article 5A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, which makes it a criminal offence for sellers of high-value goods such as jewellery, motor vehicles or works of art to […]
Use of electronic certificates
The Deputy Ministry of Shipping has recently issued a circular informing Recognized Organizations and Recognized Security Organizations, and registered owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag that it now accepts statutory certificates issued to Cyprus-flagged vessels by Recognised Organizations in electronic form, provided that they satisfies the requirements of the […]
Important tax deadlines on 31 July 2018
The Cyprus Tax Department has issued a reminder to taxpayers that employers’ income statements for the tax year 2017 must be submitted by 31 July 2018. In addition, 31 July is the deadline by which companies and self-employed and other individuals whose income is not taxed under the PAYE system must pay the first instalment […]
Amendments to facilitate reduction of non-performing loans
On 8 July the Cyprus parliament approved a package of legislative measures aimed at creating market security, stability and growth, and strengthening the legal framework to deal with non-performing loans. The principal changes are as follows: · The Transfer and Mortgage Law of 1965 has been amended to make it possible, in the case of […]
Reduction of non-performing loans in the Cyprus banking sector
The Central Bank of Cyprus (CBC) has recently published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 March 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. During the month of […]
Why complying with the GDPR is of vital importance for every organization
The EU General Data Protection Regulation has now been in effect for more than a month, and the changes it introduced have already been noticed by most businesses and the people whose data they use. Complying with the GDPR is of paramount importance as regards the protection of the right to privacy and of the […]
Amendment of the Immovable Property (Tenure, Registration and Valuation) Law
The Immovable Property (Tenure, Registration and Valuation) Law, Cap. 224, has been amended to require government departments and courts to notify owners of property about decisions that may affect their property. Law 71 of 2018 inserts a new section 75A into the law providing that any decision, notification or disclosure of any authority under the […]
Cyprus Securities and Exchange Commission risk-based reporting for investment fund managers
The Cyprus Securities and Exchange Commission (“CySEC”) has announced the detailed arrangements for regulated Cyprus investment fund managers and self-managed investment funds to submit information regarding the year 2017 for the purposes of risk-based supervision. They apply to Alternative Investment Fund Managers, UCITS Management Companies, Self-Managed UCITS, Self-Managed Alternative Investment Funds, Self-Managed Alternative Investment Funds […]
