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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
The Tax Department of the Republic of Cyprus issued a circular in relation to companies that are dormant or for which communication has been lost (the “Circular”).
The Circular is in response to an issue that has arisen between the Tax Department and the Registrar of Companies and Official Receiver (the “Registrar”) in relation to the Registrar’s obligation to strike off dormant companies or companies for which the appointed local service providers have lost communication. The Registrar, in accordance with the relevant […]
Transparency requirements of EU securitisation regulation to be incorporated into the Eurosystem Collateral Framework
The European Central Bank (ECB) has decided that the loan-level data reporting requirements of the Eurosystem collateral framework are to align with the disclosure requirements and registration process for securitization repositories specified in the Securitisation Regulation (Regulation (EU) No 2017/2402). The ECB decision is aimed at the promotion of efficiency and standardization in the securitization […]
GeSY / G.H.S. contributions for employers and employees
Commencing from 1 March 2019 all employers’ and employees’ in Cyprus will be required to make contributions to the General Healthcare System (G.H.S.), as follows: Period: Employer Contribution: Employee Contribution: 01/03/2019 – 28/02/2020 1,85% 1,70% From 01/03/2020 2,90% 2,65% Employers’ contributions and employees’ deductions are calculated on the gross salary (up to €180,000) and will be […]
Common Law Day conference
The potential impact of Brexit on international commercial litigation and UK law firms, as well as the doctrine of necessity, innovation hubs, and the tax implications of Brexit, were amongst the most important topics discussed during this year’s Common Law Day conference, at Hilton Park in Nicosia. Many thanks to the British High Commission and […]
Respected Cyprus business magazine Gold, dedicated its February 2019 Issue to examining Workplace Design and its effects on an employee’s ability to focus on work.
Elias Neocleous & Co LLC was proud to be prominently featured in the magazine’s cover story and recognised as having one of the most outstanding buildings and offices/workplaces in Cyprus. The firm invests heavily in its staff and recognises the importance of the physical environment as a determining factor in both the employees ability to be […]
Elias Neocleous & Co LLC advised the Zarenkov family on the Cyprus law matters in their disposal of a 25% stake in Etalon Group Plc.
In February 2019, our Financial Services team assisted the Zarenkov family on Cyprus corporate and financial services law matters in their disposal of a 25% shareholding interest in Etalon Group Plc to Sistema PJFC, a publicly-traded diversified holding company. Etalon Group Plc, one of Russia’s largest and longest established development and construction companies, is a Cyprus public company having […]
Reform on the EU legal framework on Copyright: prioritising the rights of creators and limiting the power of internet giants
The EU Parliament and Council are in the process of reforming the rules on copyright however, as yet there has been no formal adoption of the proposed Directive of the European Parliament and of the Council putting in place agreements reached between EU negotiators on updating digital copyright rules in the Single Market. Empowering new […]
A Cypriot NPL issue: At what price should secured assets be sold by creditors?
As the economy of Cyprus recovers from the problems of the past, NPLs are a factor negatively affecting the financial prospects of the country. Among the relevant issues arising is the extent to which the creditors are obliged to pursue the best price in the process of selling the pledged assets. Dimitris Roti and Ioannis […]
ESMA updates its Interactive Single Rulebook
On 14 March 2019, the European Securities and Markets Authority (ESMA) updated the ESMA Interactive Single Rulebook related to the provisions of the Market in Financial Instruments Directive (MIFID II) and Regulation (MiFIR). The Interactive Single Rulebook is an online tool of ESMA. It aims to facilitate the consistent application of the EU single rulebook in the […]
Seminar on Human Rights organised by the Larnaca and Famagusta Bar Associations
Nicolas Tsardellis, partner and head of our Nicosia litigation department was one of the speakers at a recent seminar on Human Rights organised by the Larnaca and Famagusta Bar Associations. Nicolas, a certified tutor of the Human Rights Education for Legal Professionals (HELP) of the Council of Europe, presented to the participants the methodology and […]
Patient Safety Conference 2019
In late January 2019, Elias Neocleous & Co LLC Lawyers, Mrs. Maria Hadjisavva and Mr. Theofanis Michailidis participated in the two-day Patient Safety Conference 2019 held in Nicosia and organized by the International Units of Continuing Nursing and Midwifery Education, with the support of the Pancyprian Medical Association and other professional medical organisations. The objective […]
Risks rising in corporate debt market
OECD has released its Corporate Bond Markets in a Time of Unconventional Monetary Policy study, indicating the trends of corporate bond issuance by non-financial companies and making some comparisons to the pre-crisis situation. According to the study, global outstanding debt in the form of corporate bonds issued by non-financial companies almost reached USD 13 trillion […]