Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
“Roam like at home”: abolition of mobile roaming costs across the EU from June 2017
Communicating while travelling will be made easier and cheaper, as the EU extends the four fundamental freedoms set out in the Treaty on the Functioning of the European Union to add the free movement of data as a new freedom in the single market. The abolition of mobile telephone roaming surcharges throughout the EU, which […]
The new Merchant Shipping (Marine Equipment) Law
The Department of Merchant Shipping (DMS) has announced the enactment of the Merchant Shipping (Marine Equipment) Law (Law 23(I)/2017), which transposes the latest EU Marine Equipment Directive into national law. The objective of the new Marine Equipment Directive is to enhance safety at sea and to prevent marine pollution through the uniform application of the […]
CySEC request for regulated entities’ assistance in consultation on payment services
The latest circular from the Cyprus Securities and Exchange Commission to entities that it regulates requests their participation in a public consultation on draft guidelines setting out payment service providers’ obligations regarding detection and prevention of the abuse of funds transfers for terrorist financing and money laundering purposes. The consultation is being undertaken jointly by […]
EXAMINERSHIP: saving viable companies from insolvency?
Until recently insolvent companies registered in Cyprus had only two options: to come to a compromise with their creditors, or to be wound up. Arriving at a compromise depended on retaining the goodwill and cooperation of all the creditors until the process was complete: there was nothing to stop any creditor taking individual enforcement action […]
Citywealth interview with Elias Neocleous
Citywealth, the leading portal for ultra-high net worth clients and their advisers and managers working in the private wealth sector, produces a range of publications, events, training and networking groups which bring together different segments of the market to build business and raise standards in the sector, connecting global private wealth management professionals and private […]
Extension of submission date for employee tax returns
The Cyprus Tax Department has announced an extension of the date for submission of the Employee Income Statement for the tax year 2016. Printed forms must be submitted no later than 2 May 2017 and returns submitted electronically via the “Taxisnet” system must be submitted no later than 30 September 2017. In every case, both […]
Seminar on recovery and restructuring
On 5 April a team from our firm, led by Maria Kyriacou, head of our Nicosia office, presented a seminar for senior personnel of one of the leading local banks on the topic of dealing with problem debt. The presentation covered all the options available to banks, from informal restructuring and performance improvement to formal […]
Elias Neocleous & Co LLC – top-rated across the board by The Legal 500
The latest Legal 500 rankings for Europe, the Middle East & Africa, released on 12 April, recommend Elias Neocleous & Co LLC as a top-tier firm in all nine practice areas covered by the Legal 500’s research, a distinction which no other Cyprus law firm comes close to emulating. Indeed, in two practice areas, banking […]
Entry into force of the double taxation agreement between Cyprus and the States of Jersey
The double taxation agreement between Cyprus and Jersey, which was signed on 11 July 2016, entered into force on 17 February 2017 following completion of all the requisite ratification procedures. It will take effect with regard to taxes withheld at source in respect of amounts paid or credited on or after 1 January 2018 and […]
Final date for submission of VAT returns in paper form
The Cyprus Tax Department has announced that, in view of the planned implementation of submission of VAT returns in solely electronic form from 2 May, and given that 29 and 30 April and 1 May are public holidays, taxpayers wishing to submit VAT returns for the quarter ending 31 March 2017 in paper form must […]
Cyprus: Corporate tax and the new EU Anti-Tax Avoidance Directive
Over the past few years Cyprus has demonstrated its commitment to tackling harmful tax practices and to complying with best practice as laid down by the Organization for Economic Cooperation and Development and other international bodies. Cyprus has already incorporated the anti-avoidance provisions of the new EU Parent Subsidiary Directive into domestic law, giving the […]
Certificates of tax residence for individuals
On 10 March 2017 the Tax Department issued a long-awaited circular on the procedure to be followed by individuals requiring certificates of tax residence in Cyprus. Tax residence certificates may be required for the purposes of claiming exemption or relief from overseas taxes, especially in respect of income from sources outside Cyprus. The tax authorities […]