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News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Suspension of the Cyprus Securities and Exchange Commission’s “fast-track” procedure for applications for authorisation of Cyprus Investment Firms
In November 2015 the Cyprus Securities and Exchange Commission (“CySEC”) introduced a “fast-track” procedure to expedite the examination and determination of applications for authorisation of entities it regulates, which involved paying a supplementary fee that would be used to finance overtime payments to employees of CySEC who would examine the applications outside their normal working […]
Elias Neocleous’s presentation at the 2017 Business Direction Cyprus conference
Elias Neocleous was one of the panel of expert speakers invited to address the 2017 Business Direction Cyprus conference, which took place in London on 16 November. The full-day event, organised by Business Direction UK, presented the investment opportunities available in Cyprus, its attractive tax, legal and business environment and its advantages for investors, particularly […]
The 2017 Ukrainian Business Forum
A team from Elias Neocleous & Co LLC attended the 2017 Ukrainian Business Forum, which took place in Kiev, the Ukrainian capital, on 15 November. The forum is a high quality event focused on the Ukrainian market for wealth structuring and corporate professionals, attended by more than 250 delegates from Ukraine and 20 other countries. […]
The 2017 Intertrust Football Business Tournament
A team from Elias Neocleous & Co LLC took part in the 2017 Intertrust Football Business Tournament on November 11, helping to raise more than €3,000 for the Eidiko Paidiko Anarrotirio Lemesou, a special school in Limassol for children with multiple disabilities. In a round-robin event made up of eleven teams from leading financial and […]
CySEC announcement regarding the risks of investing in Initial Coin Offerings
Further to its advice issued in October 2017 regarding investment in virtual currencies and related products the Cyprus Securities and Exchange Commission (“CySEC”) has issued a further announcement drawing attention to statements issued by the European Securities and Markets Authority on 13 November 2017 on the risks of investing in Initial Coin Offerings (“ICOs”), addressed […]
Public consultation on proposed legislation to implement the EU Anti-tax Avoidance Directive
The Cyprus Tax Department has opened a public consultation on proposed legislation to implement EU Directive 2016/1164, the Anti-tax Avoidance Directive, as amended by Directive E2017/952, which extends the rules to hybrid mismatches involving third countries, permanent establishments, hybrid transfers, imported mismatches and dual resident mismatches. The consultation period will last from 14 November to […]
Mondaq award for Contributor Most Read in Cyprus
Mondaq, launched in 1994, is one of the most comprehensive Internet repositories of professionals’ knowledge and expertise. It disseminates legal, regulatory and financial commentary and information supplied directly by hundreds of the world’s leading professional advisors, covering more than 80 countries, and tracks detailed readership of this information through its website and distribution network. At […]
Further harmonisation of EU data protection laws: the proposed new e-Privacy Regulation
The European Union is set to replace Directive 2002/58/EC on Privacy and Electronic Communications, commonly known as the e-Privacy Directive or Cookie Directive, with a new e-Privacy Regulation. The change from a directive to a regulation parallels the shift from the Data Protection Directive to the General Data Protection Regulation. Unlike directives, which require EU […]
Reduction of non-performing loans in the Cyprus banking sector
The latest figures on non-performing loans in the Cyprus banking sector published by the Central Bank of Cyprus show that progress is continuing to be made in reducing non-performing facilities. The latest aggregate figures for the domestic operations of credit institutions operating in Cyprus show total non-performing facilities of €22,362 million at 31 July 2017, […]
Amendment to the VAT Law
The Cyprus parliament has passed an amendment to the VAT law imposing 19 per cent VAT on land transactions for business purposes, bringing it into line with the common EU system of VAT. When Cyprus joined the EU, it was granted a temporary derogation under article 383 of the EU VAT Directive (Council Directive 2006/112/EC […]
Obligations of Cyprus Investment Firms regarding warnings on complex financial instruments marketed to retail investors resident in Spain
The Cyprus Securities and Exchange Commission has issued a circular, number C248 dated 3 November 2017, to Cyprus Investment Firms it regulates, setting out the requirements of the Spanish regulatory authority, the Comisión Nacional del Mercado de Valores, regarding warnings on complex financial instruments marketed to retail investors resident in Spain. They apply to contracts […]
Tonnage tax: countries whose ships are subject to surcharge
In order to promote its objective of improving the quality of Cyprus shipping, the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 imposes a surcharge on the tonnage tax payable regarding qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2) […]