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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Extension of limitation on enforcement of financial guarantees
A series of laws enacted in 2015 introduced limitations on creditors’ ability to enforce guarantees in prescribed circumstances, particularly as regards individuals with assets below a specified threshold. The Insolvency of Natural Persons (Personal Repayment Plans and Debt Exemption Decree) Law (No. 65(I)/2015) prohibits credit institutions from instituting proceedings to enforce guarantees against natural persons […]
Electronic submission of 2017 income tax returns
In April 2018 the Cyprus Tax Department announced that income tax returns for 2017 must be submitted online via its TAXISnet portal, and that paper returns will not be accepted. Disquiet has been expressed by some taxpayers that the returns for 2017 are not yet available, causing them concern that they will not have sufficient […]
Alignment of domestic law with EU Directive 2016/881 of 25 May 2016 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation
Law 33(I) of 2018 amends the Law Regarding Administrative Cooperation in the Field of Taxation of 2012 to 2017 to bring it into line with the latest EU directive on mandatory automatic exchange of information in the field of taxation . The amendments to the law include a new definition of “automatic exchange” identical to […]
Publication of the latest Central Bank of Cyprus ship management survey
Cyprus is one of the world’s most important locations for ship management, with around 60 ship management companies operating in its territory, several of which rank among the largest of their kind in the world. Cyprus-based ship management companies employ almost 40,000 seafarers including 5,000 EU nationals, and the total fleet managed from Cyprus is […]
Electronic payment of tax liabilities
As part of its modernisation programme the Cyprus Tax Department has encouraged online payment of tax liabilities. Online payment of PAYE deducted from wages and salaries became mandatory from March 2018, and with effect from 1 June 2018 it will no longer be possible to pay several other categories of tax other than by online […]
Cyprus Securities and Exchange Commission announces new quarterly statistical reporting procedures
The Cyprus Securities and Exchange Commission (“CySEC”) has announced new quarterly statistical reporting procedures for entities it regulates. They apply to Cyprus Investment Firms, Alternative Investment Fund Managers, UCITS Management Companies, Self-Managed Alternative Investment Funds, Self-Managed Alternative Investment Funds with Limited Number of Persons and companies whose sole purpose is the management of AIFLNPs. These […]
Elias Neocleous & Co LLC – leading the Legal 500 rankings in Cyprus
We are delighted that the latest Legal 500 rankings for Europe, the Middle East & Africa, released on 12 April, confirm Elias Neocleous & Co LLC as the leading firm in Cyprus, with the highest overall rankings. The Legal 500 rankings are the most authoritative guide to lawyers across the widest range of practice areas. […]
Reduction of non-performing loans in the Cyprus banking sector
The Central Bank of Cyprus (CBC) has recently published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 31 December 2017, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. In December 2017, NPFs […]
Certificates of proficiency in training for ships operating in polar waters
The Cyprus Deputy Ministry of Shipping (DMS) has announced that, in accordance with Regulation V/4 of The International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 as amended, with effect from 1 January 2020 masters, chief officers and officers in charge of a navigational watch serving on board Cyprus-flagged vessels operating in […]
Anna Demetriou appointed as a member of the Family Law Committee of the Cyprus Bar Association
The Cyprus Bar Association has established a Family Law Committee to advise on proposed legislation in the area of family law, and to draft proposals in relation to the modernization of family law in Cyprus. Anna Demetriou, who specialises in family law, has been invited to join the committee as an inaugural member We encourage […]
New “federal” EU Tax rules on the table
In 2011, in response to public concerns over large multinational companies exploiting differences in national tax rules, the European Commission published a proposal for a Common Consolidated Corporate Tax Base (CCCTB) to unify tax rules throughout the EU. Individual countries would still be free to set their own tax rates, but anomalies between countries in […]
Central Bank of Cyprus countercyclical capital buffer for the second quarter of 2018
The countercyclical capital buffer (CCB) was introduced as part of the Basel III regime to help counter pro-cyclicality in the financial system. Capital should be accumulated when cyclical systemic risk is judged to be increasing, creating buffers that increase the resilience of the banking sector during periods of stress when losses materialise. This will help […]