Probate Rules in Cyprus
What is Probate and what are the probate rules in Cyprus? Thinking about death can be an unpleasant topic for most people, but it is undeniably a part of life, and the sooner you face the fact and prepare your inheritance the better it would be for those you leave behind. If you own any immovable property in the Republic of Cyprus, irrespective of your nationality or permanent residence, it...
Wills and Succession Regulations for Non-Cypriot citizens having assets in Cyprus
An individual residing in Cyprus can distribute his/her assets by drafting a Will according to the regulations of Cyprus Wills and Succession Law (Cap. 195). Until 2015, article 42 of Cap. 195 gave the right to British and Commonwealth citizens, as well as to other expatriates, to dispose of their movable and immovable property as they wished.
Article 42 has been removed from Cap. 195,...
Cross-border divorces and division of assets
International families constitute a significant outcome of increased mobility and globalisation. Spouses may come from different countries or in some cases they may have more than one citizenship. In addition to this, the couple may have relocated to another country and have assets in more than one country. As a consequence, when the couple wishes to divorce they may choose the country where...
BINARY OPTIONS REGULATION IN CYPRUS AND VANUATU
Binary Options trading is a straightforward way to trade price fluctuations in multiple underlying financial assets. The underlying asset can be a currency pair (i.e. EUR/USD, GBP/USD, etc.), commodities (i.e. gold, oil, etc.), equity indices (i.e. Dow Jones Industrial Index), stocks, a.o.
The binary options trading industry is quite attractive to traders since the trades are fast and...
CYPRUS STARTUP VISA FOR NON-EU CITIZENS
The Council of Ministers of the Republic of Cyprus approved the Cyprus Start Visa for non-EU citizens aiming at promoting investments in Cyprus in the fields of innovation and, research and development (R&D). Mr Constantinos Petrides, Undersecretary to the President, underlined that this scheme concerns individual investors and groups of investors who will be in a position to establish a...
CYPRUS DOG LAW
Animal welfare denotes the well-being of animals, a vital component for the preservation of the ecosystem. The Cyprus legislation for the protection and safeguarding the health and welfare of animals (46(I)/1994) provides a clear distinction between domestic and wild animals. According to the aforementioned legislation, ‘wild animal’ is the animal which by its nature is predestined to live...
CYPRUS ENACTS COUNTRY BY COUNTRY REPORTING
Cyprus signed the Organization of Economic Cooperation and Development (OECD) Multilateral Competent Authority Agreement (MCAA) on Country-by-Country (CbC) Reporting on 1st November 2016. Following this, the Cyprus Ministry of Finance issued a Decree pursuant to Article 6(16) of the Assessment and Collection of Taxes Law on Country-by-Country Reporting. This Decree is in accordance with the EU...
CYPRUS LEASING LAW
The Leasing Law (72(I)/2016) entered into force on 28 April 2016. The purpose of this Law is to regulate and supervise the provision of financial leasing services to the public, in order to provide consumers and enterprises with alternative ways of financing.
Financial leasing is an alternative to traditional credit financing through which medium to long-term financing can be granted, thus...
INTERIM ORDERS AND INJUNCTIONS IN CYPRUS
Interim orders or injunctions are temporary court orders which oblige someone to act or not to act in a specific way. One of the primary reasons that Courts grant interim orders is to protect the interests of the parties involved in litigation or arbitration proceedings. Furthermore, a breach of an injunction constitutes a contempt of Court which is punishable by either penalty or imprisonment...
CySEC’s NEW RULES FOR SALES AND MARKETING PRACTICES
The mission of CySEC is to ensure investors’ protection and the healthy development of the securities market. Furthermore, the vision of CySEC is to establish the Cyprus securities market as one of the safest, most reliable and attractive jurisdictions for investment. Recently, CySEC set standards and guidelines to assist the Cyprus Investment Firms (CIFs) in meeting their obligations....