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....
E-COMMERCE LAW IN CYPRUS
Nowadays, the internet is embedded in almost every aspect of daily and business life. People use Information and Communication Technologies (ICTs) to network, to communicate, to establish business partnerships, to trade, to buy/sell products and services, a.o. Furthermore, the companies use the internet as a medium to advertise their products and services, approach potential new clients and...
CYPRUS CIVIL PROCEDURES RULES: SERVICE OF DOCUMENTS
Natural and legal persons involved in legal proceedings send and receive various judicial and extrajudicial documents. ‘Service of documents’ denotes the delivery of legal documents that notify the recipient of the commencement of litigation proceedings in which he/she is involved. In Cyprus, service of documents is regulated by Civil Procedure Rules.
Civil Procedure Rules determine the method...