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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Consultation on proposed new prudential framework for investment firms
The Cyprus Securities and Exchange Commission (“CySEC”) has issued a notification to entities it regulates and to participants in the market in general of the consultation process regarding a proposed amendment of the EU prudential rules for investment firms. Under a proposal adopted by the European Commission in December 2017 for a regulation and a […]
Extension of time for submission of VAT returns and remittances
The Cyprus Tax Department has announced that the deadline for submission of VAT returns and remittances for the three months ended 31 December 2017 and INTRASTAT statements for January 2018 has been extended to Monday 12 February 2018, since the original due date of 10 February is not a working day. Any statements or remittances […]
Electronic submission of 2017 tax returns by individuals
Under the Cyprus self-assessment system employed persons must submit their annual tax return no later than seven months after the end of the income tax year, self-employed persons whose income for the year is less than €70,000 must submit their return no later than nine months after the end of the income tax year, and […]
Annual meeting of the World Economic Forum
The latest annual meeting of the World Economic Forum took place in January in Davos, bringing together some 2,500 business and political leaders, economists and journalists. Nicholas Tsardellis and Marina Georgiou of our firm’s Nicosia office attended the event to meet clients of our firm and to promote the benefits of Cyprus as an international […]
Mediation in Cyprus
Although approximately 90% of the actions filed in the Cyprus courts are resolved without a trial, there are still long delays in hearing cases. Mediation aims to reduce the the time taken to resolve disputes and the costs of access to justice. The process was introduced into the Cyprus legal system with national legislation enacted […]
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 […]
Central Bank of Cyprus clarification regarding “significant supervised entities”
The Central Bank of Cyprus has issued a clarification on its website regarding Cyprus banks which are categorised as “significant supervised entities” and supervised directly by the European Central Bank under the Single Supervisory Mechanism established by Regulation (EU) 1024/2013. These are Bank of Cyprus, the Cyprus Co-operative Bank, Hellenic Bank and RCB.
Renewal of Civil Liability Certificates
The Department of Merchant Shipping has issued a reminder to registered owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag regarding renewal of civil liability certificates under the CLC Convention, Bunkers Convention, Wreck Removal Convention and the Athens Convention and EU Passenger Liability Regulation. The expiry date for most of the current […]
Revision of the EU list of non-cooperative tax jurisdictions
Eight of the countries included on the European Union list of non-cooperative jurisdictions published in December 2017 have now been removed, less than two months after the list was set up. The countries removed from the list are Barbados, Grenada, the Republic of Korea, Macao, Mongolia, Panama, Tunisia and the United Arab Emirates. According to […]
Designation of Central Bank of Cyprus as national information authority
Law 169(I) of 2017 and Law 170 (1) of 2017, which took effect on 1 December 2017, amend the Business of Credit Institutions Laws of 1997 to 2017 and the Central Bank of Cyprus Law of 2002 to 2016 respectively to designate the Central Bank of Cyprus as the national information authority for the purposes […]
Cyprus Securities and Exchange Commission moves to electronic communications
The Cyprus Securities and Exchange Commission (‘CySEC’) has expanded the functionality of its web portal to enable Alternative Investment Fund Managers and UCITS Management Companies to submit digitally signed letters and documents to CySEC. According to CySEC this will have a double benefit of reducing costs and improving security. The portal does not replace the […]
Entry into force of amendments to the lnternational Convention on Standards of Training, Certification and Watchkeeping for Seafarers
The Department of Merchant Shipping (DMS) has issued a notification to owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag, and to foreign-flagged vessels visiting ports in Cyprus, regarding the latest amendments to the lnternational Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW) of 1978, as amended, and the […]