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Amendments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, STCW 78
The Cyprus Department of Merchant Shipping has recently issued a notification to all registered owners and operators of ships flying the Cyprus flag and of foreign-flagged ships calling at ports in Cyprus of the latest amendments to the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, STCW 78, as amended, and Part […]
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 […]
Ratification of the Council of Europe Convention on preventing and combating violence against women and domestic violence
Cyprus signed the Council of Europe Convention on preventing and combating violence against women and domestic violence on 16 June 2015. The legislative process of incorporating the convention into domestic law has now been completed with the publication in the official gazette on 28 July 2017 of Law 14(III) of 2017, which ratifies the convention.
Reporting of advance cross border rulings
In order to ensure compliance with Directive (EU) 2015/2376 of 8 December 2015 amending Directive 2011/16 / EU on compulsory automatic exchange of information in the field of taxation and in particular in advance cross border rulings, the Cyprus Tax Department has begun an initiative to gather information regarding cross-border decisions issued, modified or renewed […]
CySEC guidance on interim management and financial reports
The Cyprus Securities and Exchange Commission (CySEC) has issued a circular reminding issuers with securities admitted to trading on a regulated market of the requirements of the Transparency Requirements (Transferable Securities) Negotiation in a Regulated Market) Law of 2007 regarding the content of interim management reports. CySEC’s examination of interim management reports for the first […]
The implementation of MIFID II in Cyprus
On 7 July 2017 Law 87(I)/2017 was published in the Official Gazette of Cyprus, transposing the revised European Union Markets in Financial Instruments Directive (MiFID II) into Cyprus law. The new law, which will apply in Cyprus from 3 January 2018, will introduce significant changes to the Investment Services and Activities and Regulated Markets Law […]
Settlement of tax debts by instalments to begin from 1 August 2017
The Cyprus Tax Department has announced that the Internet portal for applications for settlement of arrears of taxes under the Process of Adjustment of Tax Arrears Law of 2017 will be available from 1 August 2017. Applications for settlement of debts by instalments will be accepted from that date. The Tax Department had previously announced […]