CYPRUS-RUSSIA DOUBLE TAX TREATY: AMENDMENT OF ARTICLE 13
The Ministry of Finance of the Republic of Cyprus announced that the state authorities of Cyprus and Russia have agreed to postpone the implementation of the Protocol amending Article 13 of the Double Tax Treaty (DDT) between Cyprus and Russia for the Avoidance of Double Taxation with respect to taxes on income and on capital, signed by the Republic of Cyprus and Russian Federation on the 7th...
DUTIES OF DIRECTORS UNDER CYPRUS COMPANIES LAW
Cyprus Companies Law (Cap. 113) provides that every private company shall have at least one director and every public company shall have at least two directors (s.170). Furthermore, every company must have a secretary and a sole director shall not also be secretary. However, in the case of a single-member private liability company the sole director can also be the company secretary (s.171)....
SWISS FRANC LOANS IN CYPRUS: INTERIM ORDERS BY NICOSIA DISTRICT COURT
Foreign currency loans and mortgages embed a considerable risk due to exchange rate fluctuations which may increase the cost of borrowing. Loans and mortgages in Swiss Francs became popular in Cyprus after 2006 as the cost of borrowing in Swiss Francs was relatively law. Particularly, within the period 2006-2009, thousands of investors and consumers took out loans in Swiss Francs. However,...
PRIVATE COMPANIES AND PERSONAL DATA PROTECTION
Business development is a fundamental component of profit maximisation. Among the primary objectives of business development practices are to find clients, and establish strong relationships with current and potential new clients. Usually, clients and business associates may provide companies with their personal data, such as name, gender, address, email, banking details etc. However, are they...
MARITIME LIENS
Shipping is one of the most important sectors of the Cyprus economy. Furthermore, Cyprus is a significant international shipping hub. Specifically, Cyprus is the third largest maritime fleet in the EU and the tenth largest fleet worldwide.
The ideal geographical location of Cyprus together with the significant tax incentives render the island a market leader in ship management activities. As...
SALE OF IMMOVABLE PROPERTY IN CYPRUS
Land is considered to be one of the most valuable commodities, so its value is steadily increasing. Moreover, land investment is interrelated with high social and economic status, as well as, with financial stability and progress. Inflation, the instability of the monetary systems and restrictive fiscal policies of advanced economies are among the primary consequences of the recent economic...
MOTORCYCLE ACCIDENTS IN CYPRUS: NO WIN NO FEE SERVICE
Riding a motorcycle embraces freedom and a considerable range of risks. For instance, motorcyclists are more likely to die or be seriously injured in a crash than car drivers. According to the Traffic Department of the Cyprus Police, motorcyclists are about 10 times more likely to be seriously injured than car drivers. In many cases, car drivers tend to violate motorcyclists’ rights....
FOOTBALL CONTRACTS IN CYPRUS
Football is one of the most popular sports worldwide. Specifically, football is considered to be the king of sports as it is associated with entertainment and socialising. As a result, football generates huge revenues in advertising and entertainment industries. Since football is among the most important key players in advertising and marketing, the interests of football players and clubs need...
SPORTS LAW IN CYPRUS
The sports industry is becoming more and more commercialised and globalised. As a result, athletes, coaches and other stakeholders engaged in the sports industry are seeking a professional legal guidance in order to safeguard their rights and maximise their profits. Sports law is an emerging area of law that is directly interconnected and overlaps with a variety of legal disciplines, such as...
CROSS-BORDER DIVORCES IN CYPRUS
Increased mobility and international families are two of the primary outcomes of globalisation. That is to say, spouses may come from different countries, they may have relocated abroad and they may have assets in more than one country. As a result, if an international marriage collapses then more than one jurisdiction will have the power to deal with the divorce. Therefore, international...