Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
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...
Biking to a sustainable Limassol?
A two-man team from Elias Neocleous and Co LLC recently completed the “2019 Bicycle Challenge Campaign”. The challenge was part of the co-funded European Programme ‘CIVITAS DESTINATIONS’. The aim of CIVITAS DESTINATIONS is to develop innovative projects in order to implement sustainable mobility...
Costas Stamatiou participates in the Colloquium on Civil Asset Tracing and Recovery organised by the United Nations Commission on International Trade Law (UNCITRAL)
Partner, Costas Stamatiou participated in the UNCITRAL Colloquium on Civil Asset Tracing and Recovery held on the 6th of December 2019 at the Vienna International Centre which hosts the United Nations Office in Vienna. The Colloquium was held immediately after the 56th session of Working Group V of...
Guidelines on risk factors under the Prospectus Regulation
CySEC has issued Circular C.344 (available in English here) addressed to those persons who are responsible for the preparation and issuing of an investment prospectus. Circular C.344 adopts the European Securities and Markets Authority (ESMA) guidelines, on risk factors under the Prospe...
CySEC acts to protect ‘crowdfunding’ investors
Crowdfunding is an alternative method to banking financing through which small and medium enterprises (“SMEs”) can access funding. This can happen mainly through small contributions by many investors. It is a financial relationship consisting of three parties; the business seeking financing by inve...