Cyprus and United Kingdom: The promising Lands? – Services and Opportunities
On 20 April 2021, partner Andrea Kallis participated in the above seminar which was hosted by the Great Britain and Cyprus Business Association. The seminar addressed the issue of the ongoing relationship between the two countries now that the Brexit transition period has expired. The keynote speaker was Natasa Pilides, Minister of Energy, Commerce and Industry […]
Landlords and Tenants be Aware of Recent Case Law
IN THE recent case of Fysentzides vs K & C Snooker & Pool Entertainment, Civil appeal no.30/2019, dated 1/6/2020, the Supreme Court of Cyprus has decided on a legal point related to the jurisdiction of the Rental Control Court Law of 1983 (L. 23/1983). The facts of the case were as follows. The Plaintiff had […]
Tax Department guidance on transfers of ownership rights to immovable property
Law 39(I) of 2018 amended the VAT Law to make VAT chargeable on the transfer of the effective right to dispose of real estate or immovable property as owner. With effect from 1 January 2019 a long-term assignment of the right of ownership of immovable property (long-term lease), or the transfer of such a right […]
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 […]
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 […]
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 […]
Tax Department guidance on the 60-day tax residence provisions for individuals
The Cyprus Tax Department has issued a circular setting out guidance on the new tax residence provisions for individuals introduced by Law No.119(I)/2017. With effect from 1 January 2017 individuals who meet all the following conditions in respect of a given tax year will be deemed to be tax-resident in Cyprus: They are physically present […]
Right of judgment creditor to enforce memorandum of judgment against higher value immovable property
[gdlr_row] [gdlr_column size=”1/4″] [/gdlr_column] [gdlr_column size=”3/4″] Apr. 11, 2017 Author: CHRISTIA MIDDLETON Law Firm: Elias Neocleous & Co LLC Publisher: International Law Office Practice area: LITIGATION, DISPUTE RESOLUTION AND ARBITRATION [/gdlr_column] [/gdlr_row]
