Following Brexit, it is no longer possible to use Regulation (EU) No 1215/2012 on the Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters (recast) to recognise and regsiter UK judgment in Cyprus. Currently, those wishing to obtain recognisiton and enforcement of a UK judgment in Cyprus must revert to the previous legal regime, which has become relevant again.
A Cyprus company which has been struck off from the companies register, due to non-compliance with the Companies Law, can be restored and considered to have continued in existence as if its name had not been struck off, following either an application directly to the Registrar of Companies or by an application to the District Court.
The Cyprus Digital Nomad Visa Scheme allows non-EU nationals and who either work for an employer registered abroad, outside of the Republic of Cyprus or are self-employed and can use digital technology to provide services for companies or clients located abroad, to reside temporarily in Cyprus.
The legislation and procedure relating to winding up of legal entities is set out in the Companies Law, Cap.113 (the “Law”). Under section 203 of the Law the two main types of winding up procedure are voluntary liquidation and liquidation by the court. A. Voluntary Liquidation A Cyprus company may enter into a members’ or…
The main provisions of EU Regulation 655/2014 (the “Regulation”) will come into force on the 18.01.2017. The Regulation was adopted on the 27.06.2014 in order to facilitate cross-border debt recovery in civil and commercial disputes. The Regulation established the European Account Preservation Order (“EAPO”). When adopted the Regulation will create a standalone mechanism allowing creditors…
The Ministry of Finance announced the permanent reduction of transfer fees. The reduction was implemented by the enactment of the Land and Surveys Department (Fees and Rights) (Amendment) (No 2) Law of the 14.07.2016. Consequently the temporary arrangement which provided a reduction of 50 per cent of transfer fees until 31.12.2016 is now made permanent. According to…
The provisions of the Termination of Employment Law (Law N.24/1967) were amended on the 25.07.2016. The amendment relates to the notice given by employers to terminate the employment of workers absent due to incapacity. Following the amendment to the law, if an employee is absent from work for a period of up to 12 months due…
The House of Representatives passed legislation regulating the provision of leasing services. The legislation has affect as of the 28.04.2016. The new legislation provides that, with limited exceptions, businesses providing leasing services must be authorised to provide such services. Businesses which: (a) do not deal with the public; or (b) whose principal business activity is…
Advance tax rulings can be valuable to taxpayers since they provide comfort on how the tax framework applies to a particular transaction. In October 2015 the Tax Department issued a circular setting out a new procedure for obtaining advance tax rulings. Following this, on the 26.04.2016, the Tax Department announced that administrative fees will now…
If you have obtained a judgment or court order, you will want to enforce it in a jurisdiction where the judgment debtor has assets or is located in order to receive whatever the court has granted. EC Regulation No. 805/2004 which introduced the European Enforcement Order (“EEO”) provides a means to enforce foreign judgments within the European…