On the 16th of October 2014, the European Commission requested that Cyprus, Italy, Lithuania, Poland, Portugal and Slovenia fully implement Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC…
Theodorou Law Firm is a Cyprus firm with experience in the successful resolution of substantial, complex and challenging disputes. In particular, we have experience in recovering, preserving and returning assets to clients’ which have been fraudulently transferred to third parties or funds transferred into third party bank accounts. With the proceeds of fraud being hidden…
Cyprus is one of the fastest growing European investment fund destinations. The major attractions for investors include the island`s established expertise being an international business centre, the competitive costs, a solid network of tax treaties, the strong ties to key markets such as Russia, the CIS, and CEE, it`s close proximity to the Middle East…
On the 25.07.2014 Cyprus and Switzerland signed an avoidance of double taxation agreement and relevant protocol. A Finance Ministry press release said, that the new agreement will contribute to further developing trade and financial relations between the two countries as well as with other countries. The ministry further stated that maintaining, updating and signing new…
The Cyprus Tax Department announced that the immovable property tax for the year 2014 must be paid until the 30th of November of 2014. If the tax is paid fully by the 31.10.2014, then the tax payer will receive a discount of 15% on the tax payable. Conversely, if the immovable property tax is paid…
A new EU Regulation has come into force which establishes a European Account Preservation Order (EAPO) procedure. It is intended to facilitate cross-border debt recovery in civil and commercial matters (Regulation (EU) 655/2014). The main provisions will not however apply until January 2017. Under the new procedure, a creditor will be able to obtain an…
New EU rules making it easier for companies to recover claims across borders have been adopted today by EU Ministers. The new regulation is expected to be be published in the Official Journal (the EU’s Statute book) in June 2014 and will be directly applicable in the Member States (except in the UK and Denmark which have opted…
Following the enactment of the Electronic Money Law of 2012 electronic money services in Cyprus may only be provided by an electronic money institution which has been granted an authorisation by the Central Bank of Cyprus. Despite the provisions of the Electronic Money Law, certain persons may provide electronic money services in Cyprus without obtaining…
The legal doctrine of “Lex rei sitae” provides that the law of the country where immovable property (house or land) is situated governs the transfer of title to property. With regards to immovable property registered in the name of diseased persons, irrespective of the country where the death has occurred, Cyprus law applies to such…
The Cyprus government announced on the 24.02.2014 the signature of a new double taxation agreement with Norway. A statement issued stated that the text agreed between the finance ministries of the two countries would contribute to the further development of trade and economic relations between Cyprus and Norway, as well as other countries. The statement…