Cyprus Developments on Banking Sector – Overcoming the Difficulties
Cyprus is struggling with the worst crisis in its history since the 1974 invasion by Turkish military forces that divided the country in two. The island’s banking sector, holding assets more than eight times the size of the national economy, has been dangerously impaired by exposure to Greek banks, where individual bondholders underwent a 75% ‘haircut’ during 2012. The European Union and...
Protecting Your Assets Through Trust Formation
High-net-worth individuals with valuable possessions around the globe need effective asset protection tools to manage and safeguard their wealth, as a respond to the differing legislations and tax regulations of the various jurisdictions. A trust is one of the most effective legal tools available for anyone who requires maximum protection of their funds. It is a legal structure that allows...
New Law Enhances Maritime Security for Cyprus Registered Vessels
Cyprus boasts the third biggest maritime fleet in the EU; the tenth biggest fleet in the world. It is a market leader in ship management and as such security and safety of ships is a paramount issue, which has been addressed under the new Protection of Cyprus Ships Against Acts of Piracy and Other Unlawful Acts Law 2012. The law was published in the Official Gazette on 15th June 2012 and marks...
Company Creation
When creating a company in Cyprus promoters will most often be given the choice of creating the company from scratch (tailor made) or buying a company that has already been created and amending it to suit their specific purposes (off the shelf).
A Tailor Made Company
Where the promoter of the company requires the company to be tailored to his specific requirements from the outset, then a...
Dissolving a Marriage in Cyprus
One in five marriages in Cyprus will end in divorce. Family law provisions on the island are complicated by changes in the law made in 2003 which means that different laws will apply to those who were married before 2003 and those who were married after 2003. The newer Marriages Law 2003 will deal with divorces of marriage celebrated after 2003 whereas marriages that took place before 2003 are...
Naming Your New Business
Having decided to create a new business in Cyprus, one of the first considerations a promoter of that business will have will be what to name the new entity. Whilst the moment at which the new company’s name is conceived can be thrilling, the legal requirements behind a name can too often be overlooked. Approval for any company name is required from the Department of Registrar of Companies and...
Pledges
What is a Pledge
A pledge is a form of real security giving the creditor (“pledgee”) proprietary rights over named property belonging to the debtor (“pledgor”). The pledgee has the right to retain those proprietary rights over the pledged property until an obligation (for instance payment of a debt) is discharged and the property is then restored back to the pledgor or alternatively, if the...
Compensating for Lost Property in TRNC
The aftermath of the 1974 occupation by Turkey of the northern part of Cyprus and subsequent division of the island is still keenly felt by citizens of both the Republic of Cyprus in the south and the Turkish Republic of Northern Cyprus (TRNC) in the North. Property abandoned on both sides by those fleeing conflict has been the subject of emotional debate and has been a considerable hindrance...
Standard Terms and Conditions of Business
Any business that regularly enters into terms (for example for the sale or purchase of goods) that are often the same or similar can benefit from creating its own standard terms of business. Standard terms are a set of terms that a business can use to govern its relationship with all of its clients.
The Benefits of Standard Terms
The benefits of having a standard set of terms are:
Lower costs...
New Limitation Provisions Enacted
New limitation provisions came into effect on 1st July 2012. After a succession of laws passed since 1964 to extend the suspension of the Limitation of Actions Law, Cap 15, the new Limitations Law 66 (I) 2012 will bring into effect time limits within which civil claims must be filed.
The new law makes the following limitations periods applicable:
TYPE OF CIVIL CLAIM
TIME LIMIT
NOTES...