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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
ESMA and CySEC announcements re Brexit 31 January 2020
The UK withdrew its membership from the EU (“Brexit”) with effect from 1:00am Cyprus time on 1 February 2020. A transition period is set to apply until 31 December 2020, in accordance with the terms of Withdrawal Agreement which was negotiated between the EU and UK. Both ESMA and CySEC have issued...
CITYWEALTH IFC AWARDS
We are delighted to be recognised in the latest Citywealth IFC Awards 2020 held in London on the 29 January 2020, as runner up in the Law Firm of the Year – Malta & Cyprus . The awards were organised by Citywealth, to recognise the top performers in the private wealth sector, j...
Forging a Green Future – The European “Green Deal Investment Plan” and “Just Transition Mechanism”
On 14 January 2020 the European Commission (the EC) presented its Green Deal Investment Plan (the “Investment Plan”) to the public. The Investment Plan is a key element of the EU Green Deal strategy to deliver a carbon neutral Europe by 2050. Moving to a lower pollution, carbon neutral...
The European Green Deal – a man on the moon moment?
In time, if all goes to plan, 11 December 2019 may come to be regarded as a watershed moment for Europe and perhaps even for the planet. On this date the European Commission (‘the Commission’) presented the ‘European Green Deal’ (‘the Green Deal’) to the world. The Green Deal is effectively a det...
Regulation EU 2019/2089 – Climate related benchmarks, a contribution to a greener future?
Regulation EU 2019/2089 – Climate related benchmarks, a contribution to a greener future? On 9 December 2019, Regulation 2019/2089 (“2019/2089”) of the European Parliament and of the Council of 27 November 2019 was published in the official journal of the European Union. 2019/2089 amends Regulati...
PERSONAL TAX – Allowable deductions for life and private medical insurance premiums, contributions to social insurance, pension and provident funds, and, contributions to GHS.
As per the Tax Department’s announcement on 07 January 2020, according to the amendment law N173(I)/2019 as approved by the Parliament and with effect from 19 December 2019, the combined Personal Tax allowable deductions limit for the above listed payments is increased to 1/5 of the net taxable inc...
Tax incentives for investments in innovative businesses.
On January 8, 2020, within the framework of actions to boost entrepreneurship and innovation, the Council of Ministers approved a bill amending the Income Tax Law. The amendment extends – until June 30, 2021 – the tax incentives given to individuals who invest in innovative businesses. The...
Regulation (EU) 2019/2088 – Disclosure requirements a step towards a sustainable economy.
On 9 December 2019, Regulation 2019/2088 of the European Parliament and of the Council of 27 November 2019, on sustainability-related disclosures in the financial services sector, was published in the official journal of the European Union. Regulation 2019/2088 (2019/2088) provides further evidence...
Record fines imposed following GDPR breaches.
The Office of the Commissioner of Personal Data Protection (the Commissioner), the independent supervisory authority for the protection of the individual, has just announced the largest corporate fines to date following the implementation of the GDPR in Cyprus. The fines relate to three affiliated...
CySEC Circular C.346 – In pursuit of transparency.
CySEC has issued Circular C.346 (available in English here) addressed to Cyprus Investment Firms, UCITS and their Management Companies, Alternative Investment Funds and their Managers, Non-Financial Counterparties and Central securities depositories (‘Regulated Entities’). With this Circular, CySEC...
2020 Looking to the future
Elias Neocleous, Managing Partner of our firm, was one of the leading businessmen recently asked to contribute to the Fileleftheros 2020 special edition. In his New Year message Mr. Neocleous provided an assessment of the current state of the Cyprus economy. Despite current positive growth rates,...
LATEST NEWS IN RELATION TO THE IMPLEMENTATION OF UBOs REGISTER IN CYPRUS
Yiota Georgiou and Ioannis Sidiropoulos, associates of our firm, have published an article in the December/January issue of the STEP magazine discussing the creation of a register of ultimate beneficial owners (UBOs) in Cyprus. The article may be found in the following link. The UBO Register is a s...