Articles

The Cyprus Exclusive Economic Zone and Continental Shelf

The Republic of Cyprus established an exclusive economic zone (EEZ), with the enactment of the Exclusive Economic Zone and Continental Shelf Law (Law No. 64(Ι)/2004), which was submitted to the Secretary General of the United Nations, as the depository of the 1982 United Nations Convention on the Law of the Sea. According to the Exclusive Economic Zone and Continental Shelf Law (which was amended in 2014 (Ν.97(Ι)/2014)), the outer limit of the EEZ of the Republic of Cyprus is defined to a distance of 200 nautical miles from the baselines from which the breadth of the territorial sea is measured. READ MORE

Property Transfer Fees & Stamp Duties, in Cyprus

in Latest News

June 5, 2018

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 PriceCommission Feeunder EUR 85.4303%from EUR 85.431 to EUR 170.8605%over EUR 170.8618% Transfer fee is calculated in in the same way as in transactions on the secondary property market, i. READ MORE

Contracting a Civil Marriage, in the Republic of Cyprus

in Civil Law

May 23, 2018

Weddings in Cyprus: What types of weddings are possible? The legal definition of a marriage can be complicated to a foreigner. While Cyprus doesn’t legally recognize gay marriage, same sex civil unions and registered partnerships are legally recognized. Civil ceremonies are common. They must take place in a town hall or other authorized venue. A venue may become authorized by paying a fee and obtaining a license. In fact, couples of mixed religions often choose to marry in Cyprus if they cannot marry at home. READ MORE

Renewable Energy Sources, within the Republic of Cyprus

in Environmental Law

May 10, 2018

The European Union (EU) has already tuned its energy policy into achieving maximum carbon dioxide (CO2) emissions reduction from power generation plants. In this context, it has already set out a strategic objective of achieving at least a 20% reduction of greenhouse gases by 2020 compared to 1990 levels. This strategic objective represents the core of the new European energy policy. Recognizing the positive effects of renewable energy sources (RES) technologies towards achieving this goal, the EU has taken a range of specific actions in the direction of enhancing the integration of RES in the existing European power generation system as a major step towards the reduction of global warming and climate change phenomena. READ MORE

Enforcement of foreign judgments in Cyprus

in International Law

April 17, 2018

The domestic legislation on the recognition and enforcement of foreign judgments are: the Foreign Courts Judgments (Recognition, Registration and Enforcement) Law (121(I)/2000), which enables judgment creditors to pursue recognition and enforcement of foreign judgments governed by any of the bilateral or multilateral treaties and conventions between Cyprus and third (non-EU) countries; and the Certain Judgments of Courts of Commonwealth Countries (Reciprocal Enforcement) Law, which is based on the English Foreign Judgments (Reciprocal Enforcement) Act 1933 and may be used by judgment creditors having obtained judgments by the superior courts of the United Kingdom. READ MORE

Cyprus (current) Tax System in place and the tax incentives which arise from that

in Tax Law

March 13, 2018

Cyprus is a full EU member and has a strategic location as it is situated around three continents. The country has a well-educated work force and a very competitive corporation tax rate which is fixed at 12.5%, one of the lowest in the European Union. A company is deemed to be resident in the Republic when management and control is exercised in the Republic. In other words, for a company to be deemed as a Cyprus Tax Resident the following 3 criterion must coexist: READ MORE

Swiss Franc Loans and the Importance of the European’s Court of Justice Ruling.

in Case Law

October 12, 2017

The recent decision of the European Court of Justice, in respect of the case C-26/13, Árpád Kásler and Hajnalka Káslerné Rábai v OTP Jelzálogbank Zrt combined with the empowerment and almost equation of the exchange rate of Swiss Franc and Euro, has spurred the issue of the conclusion of loans in Swiss Francs in a crucial issue for many creditors – not only in Cyprus. In this respect, the conclusion of loans in Swiss Francs has already received a huge social and political dimension. READ MORE

The right to petition and the relevant EU – legal framework

in European Law

September 28, 2017

The right to petition and the relevant EU – legal framewrok A recent visit of the European Parliament’s Committee on Petitions (PETI) took place, so as to review a number of petitions submitted by Larnaca citizens, in relation to environmental and health concerns, arising from the creation of an industrial port in Larnaca and the potential consequences of such an operation to the broader area. The latter has raised up a high interest, since local authorities may be found liable when they do not act and/or do not show the appropriate interest, with regard to environmental matters. READ MORE

Environmental Policy and its Enforcement in Cyprus

in Environmental Law

September 21, 2017

Fundamental environmental policy in Cyprus and the agencies/bodies accountable for the administration and enforcement of environmental law: In 2004, following the EU accession of Cyprus, the environmental policy has been subjected to a fundamental review, in order to brought into line with over 300 legislative instruments (Regulations and Directives) and other action programmes which from part of the manifold, a complicated and detailed environmental chapter of the acquis communaitare. Although the new legislative framework is systematically comprehensive and clear in interpretation without leaving room for relaxations or illegalities, its implementation has not reached maximum levels of efficiency and progress is yet to be made for visible enhancement in the environment and quality of life. READ MORE

CYPRUS TOP OF EU STATES IN CITIZENSHIP BY INVESTMENT SURVEY

in Immigration Law

September 6, 2017

Cyprus ranked seventh, among 12 countries all over the world, included in a survey of citizenship by investment programmes carried out by Professional Wealth Management, and reached the highest score for ‘freedom of movement’. Cyprus has the highest raking among the four EU member states included in the Citizenship by Investment Index (CBI) complied by professional Wealth Management, which is published by the Financial Times and specializes in analyses of private banks, wealth managers and regional financial centres. READ MORE

No Stone Should Be Left Unturned.

The Cyprus Exclusive Economic Zone and Continental Shelf