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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
January 2019 – Annual inflation data
On 22 February, Eurostat, published figures on the inflation of the countries of the European Union. The annual inflation rate in the Euro area was 1.4% in January 2019, marking a slight decrease compared to 1,5% of December, while, a year earlier, the relevant number was 1.3%. The annual inflation observed in the EU was 1.5% in January 2019, slightly lower than […]
EBA publishes Handbook on valuation for purposes of resolution
On 22 February, the European Banking Authority (EBA) published a Handbook on valuation for purposes of resolution, addressed to the national and EU resolution authorities. The basis for this initiative is Article 29(2) of Regulation (EU) No 1093/2010 establishing the EBA. Even though it is not binding for the resolution authorities, this Handbook is an instrument to promote convergence […]
CySEC proposes bringing Crypto Asset Activities under the ambit of the AML Law
On 19 February 2019, the Cyprus Securities and Exchange Commission (“CySEC”), issued a consultation paper, for interested market participants to express their views on proposed amendments to the Cyprus AML Law (L. 188(I)/2007 as in force). The proposed amendments extend the scope of Cyprus AML Law in line with the provisions of the EU Fifth […]
Standing out in the legal arena
The article below taken from the ‘Gold News’ magazine is featuring Cyprus’ top workplaces/environments in its February issue. Without a doubt, it’s a great pleasure for our leading firm, to be selected among numerous competitive companies as one of the highest-ranking workplaces in Cyprus. The state of the art building, the excellent working […]
New EU rules on promoting the free movement of citizens by simplifying the requirements for presenting certain public documents in the European Union
Under the Regulation adopted in 2016, new EU rules to cut red tape for citizens moving to or living in another EU country start to apply as at of 16th of February 2019 across the EU. Stamp and bureaucratic procedures are no longer required when presenting certain public documents issued in one EU country to […]
Issuance of tax residence certificates based on the 60-day residence rule – holding a position in a Cyprus tax-resident company
The Cyprus Tax Department has issued a circular (EE 33 dated 29 January 2019) giving guidance on the tax residence provisions for individuals introduced by Law No.119(I)/2017. With effect from the beginning of 2017, individuals who are physically present in Cyprus for one or more periods amounting to at least 60 days during a tax […]
Reduction of statutory interest rate on judicial awards
By an order of the Minister of Finance issued on 21 December 2018 the statutory rate of interest on judgments pursuant to Article 33 of the Courts of Justice Law has been reduced to 2 percent per annum with effect from 1 January 2019. This rate will apply for the whole of 2019. For further […]
Clarification of reporting obligations of Alternative Investment Funds
The Cyprus Securities and Exchange Commission has issued a circular (C295 dated 30 January 2019) to managers of Alternative Investment Funds (AIFs) it authorises and to Registered Alternative Investment Fund Managers clarifying their reporting obligations under articles 4(3)(d) and 31 of the AIFM Law, particularly as regards to the inception date of the fund, which […]
Reference rates for notional interest deduction for 2019
Article 9(B) of the Income Tax Law 2002 (as amended) provides for a notional interest deduction for tax purposes on new equity capital (paid-up share capital and share premium) injected into companies and permanent establishments of foreign companies on or after 1 January 1 2015 to finance business assets, calculated by applying a reference rate […]
VAT on transfer of right to dispose of immovable property
The Cyprus Tax Department has issued a circular (EE 229 dated 27 December 2018) explaining the application of Law 39(1) of 2018, which amended the VAT Law of 2000 to 2018 to bring the transfer of the effective right to dispose of immovable property as owner within the scope of VAT with effect from 1 […]
Revision of the maximum permissible interest rate under article 314A of the Criminal Code
In 2011 the Criminal Code was amended by the addition of a new article 314A, which makes it a criminal offence, punishable by up to 5 years’imprisonment, a fine of up to EUR30,000 or both, for lenders to charge interest at excessive rates. The maximum permissible rate of interest, known as the reference rate, is […]
National Risk Assessment of Money Laundering and Terrorist Financing Risks
The Ministry of Finance has announced the outcome of the first National Risk Assessment of Money Laundering and Terrorist Financing Risks (NRA), which was undertaken by the Cyprus authorities to identify, assess and understand the country’s money laundering and terrorist financing threats and vulnerabilities, in compliance with the recommendations of the Financial Action Task Force […]