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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Electronic payment of tax liabilities
As part of its modernisation programme the Cyprus Tax Department has encouraged online payment of tax liabilities. Online payment of PAYE deducted from wages and salaries became mandatory from March 2018, and with effect from 1 June 2018 it will no longer be possible to pay several other categories of tax other than by online […]
Cyprus Securities and Exchange Commission announces new quarterly statistical reporting procedures
The Cyprus Securities and Exchange Commission (“CySEC”) has announced new quarterly statistical reporting procedures for entities it regulates. They apply to Cyprus Investment Firms, Alternative Investment Fund Managers, UCITS Management Companies, Self-Managed Alternative Investment Funds, Self-Managed Alternative Investment Funds with Limited Number of Persons and companies whose sole purpose is the management of AIFLNPs. These […]
Elias Neocleous & Co LLC – leading the Legal 500 rankings in Cyprus
We are delighted that the latest Legal 500 rankings for Europe, the Middle East & Africa, released on 12 April, confirm Elias Neocleous & Co LLC as the leading firm in Cyprus, with the highest overall rankings. The Legal 500 rankings are the most authoritative guide to lawyers across the widest range of practice areas. […]
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 December 2017, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. In December 2017, NPFs […]
Certificates of proficiency in training for ships operating in polar waters
The Cyprus Deputy Ministry of Shipping (DMS) has announced that, in accordance with Regulation V/4 of The International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 as amended, with effect from 1 January 2020 masters, chief officers and officers in charge of a navigational watch serving on board Cyprus-flagged vessels operating in […]
Anna Demetriou appointed as a member of the Family Law Committee of the Cyprus Bar Association
The Cyprus Bar Association has established a Family Law Committee to advise on proposed legislation in the area of family law, and to draft proposals in relation to the modernization of family law in Cyprus. Anna Demetriou, who specialises in family law, has been invited to join the committee as an inaugural member We encourage […]
New “federal” EU Tax rules on the table
In 2011, in response to public concerns over large multinational companies exploiting differences in national tax rules, the European Commission published a proposal for a Common Consolidated Corporate Tax Base (CCCTB) to unify tax rules throughout the EU. Individual countries would still be free to set their own tax rates, but anomalies between countries in […]
Central Bank of Cyprus countercyclical capital buffer for the second quarter of 2018
The countercyclical capital buffer (CCB) was introduced as part of the Basel III regime to help counter pro-cyclicality in the financial system. Capital should be accumulated when cyclical systemic risk is judged to be increasing, creating buffers that increase the resilience of the banking sector during periods of stress when losses materialise. This will help […]
New law on data system security
The Security of Networks and Information Systems Law, Number 17(I) of 2018, implements articles 8 and 9 of EU Directive 2016/1148 on measures to achieve a high common level of security of network and information systems throughout the EU. It designates the Commissioner for Electronic Communications and Postal Regulation (Commissioner), appointed under article 5 of […]
The European Securities and Markets Authority’s measures in relation to marketing, distribution or sale of binary options and contracts for difference to retail clients
The Cyprus Securities and Exchange Commission has issued an announcement notifying Cyprus Investment Firms of the European Securities and Markets Authority’s recent decision to prohibit the marketing, distribution or sale of binary options to retail clients and to impose restrictions on the marketing, distribution or sale of contracts for difference to retail clients. These restrictions […]
Adoption of ESMA Guidelines on MiFID II product governance requirements
The Cyprus Securities and Exchange Commission has recently issued an announcement to entities it regulates that it has adopted the ESMA Guidelines on MiFID II product governance requirements, which are intended to promote consistency in the implementation and application of the MiFID II requirements on product governance and strengthen investor protection. Regulated entities are required […]
Contact details for the new Deputy Ministry of Shipping
The Deputy Ministry of Shipping (DMS) has announced that the email addresses of personnel and departments of the DMS have been changed following its conversion from a department of the Ministry of Transport, Communications and Works to a Deputy Ministry. The part of the email address which precedes the @ symbol is the same as […]