News

Authorisation of Data Reporting Service Providers in Cyprus

The Cyprus Securities and Exchange Commission has announced the procedure for authorisation of Data Reporting Service Providers (DRSPs) in Cyprus under the Markets in Financial Instruments Directives (2002/92/EC and 2011/61/EU as amended by 2014/65/EU) and the Markets in Financial Instruments Regulations (648/2012 as amended by 600/2014). Under Directive 2014/65/EU, commonly known as MiFID 2, authorization

Cyprus leads European citizenship by investment schemes

In a recent analysis of citizenship by investment schemes carried out by Professional Wealth Management, part of the Financial Times group, Cyprus was assessed to be the leading European country. The study covered twelve countries, five of which are in the Caribbean region, four in Europe, two in the Asia-Pacific region and one in the

Amendment of Law on Treatment of Accused Substance-dependent individuals

The Law for the Treatment of Accused Substance-dependent individuals has been amended with the enactment of Law 102(Ι)/2017. The amending law goes much further than previous legislation in recognising that addicted persons accused of committing offences are also in need of treatment. One of the most notable changes in the amending is the deletion of

Implementation of Regulation (EU) No. 757/2015 on monitoring, reporting and verification of carbon dioxide emissions

The Cyprus Department of Merchant Shipping has issued a circular informing owners, managers and representatives of Cyprus flag ships calling at EU ports and owners, managers and representatives of ships calling at ports in Cyprus, irrespective of flag, of their obligations under Regulation (EU) No. 757/2015 on the monitoring, reporting and verification of carbon dioxide

Changes to the definition of “significant” Cyprus Investment Firms

Certain provisions of the Investment Services and Activities and Regulated Markets Law of 2007 (“the Investment Services Law”) and Directive DI144-2014-14 for the Prudential Supervision of Investment Firms issued by the Cyprus Securities and Exchange Commission (“CySEC”) apply only to Cyprus Investment Firms which are categorized as “significant” on grounds of size, internal organization and

New tax residence provisions for individuals

Law 119(I) of 2017, which amends the provisions of the Income Tax Law regarding residence of individuals, has now been published in the official gazette. Prior to the enactment of the new law, individuals are resident in Cyprus for the purposes of income tax if they are physically present for at least 183 days in

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