Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Recent announcements from the Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission has issued a circular to entities it supervises drawing their attention to article 5A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, which makes it a criminal offence for sellers of high-value goods such as jewellery, motor vehicles or works of art to […]
Use of electronic certificates
The Deputy Ministry of Shipping has recently issued a circular informing Recognized Organizations and Recognized Security Organizations, and registered owners, bareboat charterers, managers and representatives of ships flying the Cyprus flag that it now accepts statutory certificates issued to Cyprus-flagged vessels by Recognised Organizations in electronic form, provided that they satisfies the requirements of the […]
Important tax deadlines on 31 July 2018
The Cyprus Tax Department has issued a reminder to taxpayers that employers’ income statements for the tax year 2017 must be submitted by 31 July 2018. In addition, 31 July is the deadline by which companies and self-employed and other individuals whose income is not taxed under the PAYE system must pay the first instalment […]
Amendments to facilitate reduction of non-performing loans
On 8 July the Cyprus parliament approved a package of legislative measures aimed at creating market security, stability and growth, and strengthening the legal framework to deal with non-performing loans. The principal changes are as follows: · The Transfer and Mortgage Law of 1965 has been amended to make it possible, in the case of […]
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 March 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. During the month of […]
Why complying with the GDPR is of vital importance for every organization
The EU General Data Protection Regulation has now been in effect for more than a month, and the changes it introduced have already been noticed by most businesses and the people whose data they use. Complying with the GDPR is of paramount importance as regards the protection of the right to privacy and of the […]
Amendment of the Immovable Property (Tenure, Registration and Valuation) Law
The Immovable Property (Tenure, Registration and Valuation) Law, Cap. 224, has been amended to require government departments and courts to notify owners of property about decisions that may affect their property. Law 71 of 2018 inserts a new section 75A into the law providing that any decision, notification or disclosure of any authority under the […]
Cyprus Securities and Exchange Commission risk-based reporting for investment fund managers
The Cyprus Securities and Exchange Commission (“CySEC”) has announced the detailed arrangements for regulated Cyprus investment fund managers and self-managed investment funds to submit information regarding the year 2017 for the purposes of risk-based supervision. They apply to Alternative Investment Fund Managers, UCITS Management Companies, Self-Managed UCITS, Self-Managed Alternative Investment Funds, Self-Managed Alternative Investment Funds […]
Extension of temporary licences issued under the Law on Broadcasting Organisations
Law 64(I) of 2018, which took effect on 29 June 2018, amends the Law on Broadcasting Organisations of 1998 to 2017 to extend the validity of temporary licences issued under article 56 of the law by a further year. Temporary licences, which were due to expire on 30 June 2018, will now expire on 30 […]
Further extension of the period allowed for submitting applications to settle tax arrears by instalments
The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes, including income tax, value added tax, special defence contribution tax, capital gains tax, stamp duty and special […]
Consultation on proposed CySEC guidance under the Alternative Investment Funds Law
In preparation for the implementation of amendments to the Alternative Investment Funds Law, the Cyprus Securities and Exchange Commission has opened the consultation process on the text of directives it proposes to issue under the amended law. Twelve draft directives have been published, dealing with: the conditions and procedure for the distribution of units […]
Payment of tax liabilities
One of the Cyprus Tax Department’s main current priorities is to streamline and modernise its processes and make it more convenient for taxpayers to deal with the department by facilitating electronic submission of tax returns and payments, so removing the need to visit a tax office. Electronic submission of income tax and VAT returns is […]