Articles

Property Transfer Fees & Stamp Duties, in Cyprus

Transfer of the ownership right from the developer to the buyer is accompanied by property registration tax paid by the buyer to the state, a so-called Transfer Fee. Transfer Fee is calculated based on the contract value of the real estate using the following scheme: Transfer Fee calculation: Real Estate Price Commission Fee Under EUR 85.430 3% From EUR 85.431 to EUR 170.860 5% Over EUR 170.861 8% Transfer fee is calculated in in the same way as in transactions on the secondary property market, i. READ MORE

Ship Registration

All matters relating to the registration of ships and the related transactions in the Register of Cyprus Ships or in the Special Book of Parallel Registration are governed by the Merchant Shipping (Registration of Ships, Sales and Mortgages) Law of 1963, as amended. In addition, in connection with the registration of ships, the provisions of the Government Policy on the Registration of Ships under the Cyprus flag, which is established pursuant to the provisions of the aforesaid laws, also apply. READ MORE

Tips for Avoiding Summer Accidents

Many summer motor vehicle crashes are avoidable if drivers observe safe driving practices. If you plan to go on a road trip this summer, follow these tips to decrease your likelihood of getting into a crash: Plan your route carefully – Unfamiliarity with local roads and traffic conditions can increase the likelihood that you make a mistake that results in a crash. Modern technology can give you detailed information about your road trip, including directions about turns, exit ramps, toll booths, and speed zones. READ MORE

COMPANIES OF FOREIGN INTERESTS AND THE RELEVANT REGULATORY FRAMEWORK

A Cyprus corporation should give priority in employment recruitment to Cypriots and EU nationals before resorting to employ a Third Country National (TCN). However, Cyprus has provided an exception in the law for companies of foreign interests, to employ TCN subject to certain requirements. This form is especially useful for a TCN who may incorporate his own company, or in conjunction with others with a minimum investment of EUR 171.000 and be employed by this company in accordance with the employee classifications mentioned below. READ MORE

The FINANCIAL OMBUDSMAN of the Republic of Cyprus and complaints against financial businesses

Any individual can submit a complaint to the Financial Ombudsman against financial businesses, regarding a protest or objection or dispute of value up to the amount of one hundred and seventy thousand euro (€ 170.000), provided that the conditions are cumulatively met, under provision of articles 9 and 10 of the Law 84(Ι)/2010, as amended or replaced. These conditions are as follows: (a) The complaint is submitted by a consumer. READ MORE

Acquisition of immovable properties, in the occupied part of the Republic of Cyprus: Risks and possible Criminal Offenses

The Government of the Republic of Cyprus is the only recognized Government on the island – a member of the EU since 1.5.2004, as well as member of the UN and other International organizations. As a result of the Turkish military presence and occupation, the Government of the Republic of Cyprus is not in a position to exercise effective control over the occupied areas of the Republic. The so-called “TRNC” has been condemned and declared as both illegal and invalid by the whole of the International Community through Security Council Resolutions 541/83 and 550/84. READ MORE

Applying for a marketing authorization of Pharmaceutical products, within the Republic of Cyprus

The Evaluation of Pharmaceutical Products Section is staffed with trained Pharmacists who assess applications for marketing authorizations for medicinal products for human use before as well as after their circulation to the Cyprus market. The control of medicinal products for human use that are imported or manufactured in Cyprus performed according to national law, Medicines for Human Use (Control of Quality, Supply and Prices) law No. 70(Ι), 2001 as amended and other regulations enacted on the basis on the national law. READ MORE

Environmental matters and the relevant regulatory framework, within the Republic of Cyprus

Principally, most environmental matters are subject to the procedure for administrative recourses. Nevertheless, some environmental issues are decided under criminal or civil jurisdiction, e.g. the Law for Crimes against the environment Number 22(I)/2012 and Law on Environmental Liability, Number 189(1)/2007. In criminal procedures, everyone is entitled to report criminal acts (e.g. misuse of power by certain authorities) to the prosecutor. They can participate and bear witness at the proceedings. Remedies against court decisions are restricted to the prosecutor and the accused. READ MORE

Documents’ Authentication in Cyprus

Notary services for the purpose of authenticating documents and affirmation of certain legal deeds are not provided in Cyprus. In Cyprus instead, we are able to arrange for the following: (a) The certification of signature/s through a certifying officer, who certifies that the person named on the document, has signed in his presence. Certifying officers in Cyprus are appointed and regulated by the Ministry of Interior and if a document is required to be legalized by apostille as well, then his signature should be beforehand certified by the District officer as well and READ MORE

CYPRUS INVESTMENT PROGRAM on the basis of subsection

CYPRUS INVESTMENT PROGRAM on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019 One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage foreign direct investment and to attract high net worth individuals to settle and conduct their business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country. READ MORE