BANK SECRECY IN CYPRUS
Banking is one of the most important sectors of the economy since it influences investment and consumption. Confidentiality is a cornerstone element of an effective and efficient bank system. In Cyprus, bank secrecy is regulated by section 29 (1) of the Banking Law (66 (I)/97).
According to the provisions of section 29(1), it is prohibited for any member of the administrative and management...
PERSONAL DATA PROTECTION IN CYPRUS
Personal data defines any information relating to a natural living person. Some illuminating examples are the number of our identity card, passport, date of birth, mailing address, email, etc. In many cases, individuals need to provide their personal data to third parties for many reasons, such as to order a product online, to request a service, to answer a survey, to open a bank account, to...
ALTERNATIVE INVESTMENT FUNDS MANAGERS’: GENERAL REQUIREMENTS
The Alternative Investment Funds Managers’ (AIFMs) Law, 56(I)/ 2013, aligns the Cyprus regulatory framework with various EU regulations on Alternative Investment Managers (AIMs).
Specifically, the Law identifies the following two Alternative Investment Funds Manager:
The AIFMs that internally manage AIFs.
The AIFMs that are appointed as external managers of AIFs.
AIFMs need to be licensed by...
CYPRUS INVESTMENT FIRMS: FOREX
Foreign exchange trading (FOREX) is an innovative type of business that brings together buyers and sellers from all over the world regardless of time and place. In other words, sellers and buyers conduct foreign exchange transactions immediately. Cyprus is considered to be an attractive location for the FOREX market. The attractive regulatory and taxation schemes together with the low...
DOMAIN NAMES REGULATIONS
A domain name is an identification string defined by the rules and procedures of the Domain Name System (DNS). It should be pointed out that a domain name is assigned for exclusive use in one legal or natural person. Specifically, a domain name represents an Internet Protocol resource, such as a website. Domain name can be described as a location where specific information and activities can...
ADMINISTRATION OF ESTATES IN CYPRUS
Estate denotes the movable and immovable property someone processes during his/her lifetime. As a result, estate administration is strongly related to all the procedures of gathering and distributing assets and debts of the decesead to his/her beneficiaries. In Cyprus, all matters related to administration of estates are regulated by the Administration of Estates Law (Cap. 189) and the...
Offshore Banking
Banking is one of the most important sectors of the world economy as it influences investment, consumption and other business activities. Furthermore, banking has a substantial impact on the circulation of money and thus influences economic growth. Offshore banking provides a unique opportunity to individuals, business people and companies to access the international market and implement their...
REGISTRATIONS OF CHARGES IN CYPRUS
Charges and mortgages are two instruments that ensure creditors’ protection. Precisely, all creditors need to ensure that they will receive payment for their services or that their loan will be repaid. Charges give the right to creditors to resort to identified property, immovable property or personal property, in order to satisfy the debt or other liability in the case it has not been paid....
BASIC REQUIREMENTS TO SET UP A CYPRUS INVESTMENT FIRM
Cypriot investment firms (CIFs) provide investment services on a professional basis inside or outside Cyprus. A CIF cannot offer professional investment services without being licenced by Cyprus Securities and Exchange Commission (CySEC). Generally, CySEC authorises and supervises investment firms and activities in Cyprus based on the provisions of Law 144 (I)/2007. In order to obtain...
Child Abduction Regulations in Cyprus
Parental care is the right and duty given to both parents, to take important decisions concerning the life of their children. In Cyprus, parental care is regulated by Law 216/1990. Based on the provisions of this Law, both parents have the right to have a contact with their children. Additionally, the Law 216/1990 regulates issues related to parental care and divorce, i.e. contact between...