Insights
Insightful Perspectives with Meaningful Impact
Reduction of the cheques validity period duration
Following the decision of the Commission of the Cyprus Clearance Office, from the 1st of March 2011, the duration of the validity period of cheques is reduced from 6 to 3 months since the date - Read More...
Cyprus regulates the legal framework on increase of interest rates and default interest rates
Since 1999, Cyprus completely liberalised any kind of regulation on interest rates. The Liberalisation of the Interest Rate and Related Matters Law No. 160(I) of 1999 had the effect of allowing any banking institution, - Read More...
Current status of temporary capital restrictions in the Cyprus banking system
Cyprus continues to implement a series of temporary capital restrictions measures, with the aim to support the banking sector and safeguard the stability of the Cypriot banking system. The temporary Cyprus restrictive measures were - Read More...
Central Bank of Cyprus publishes Code of Conduct on defaulting loans
Having regard to the financial difficulties faced by Cyprus bank borrowers and the increased number of non performing loans in Cyprus, the Central Bank of Cyprus has published a Code of Conduct for the treatment - Read More...
Ministry of Finance issues roadmap for lifting capital restrictions in Cyprus
The Ministry of Finance in Cyprus has announced a road map for the lifting of restrictions on bank transactions imposed in March 2013. In a statement issued on 18 September 2013, it was announced - Read More...
Update on recapitalisation of Bank of Cyprus
Bank of Cyprus Public Company Ltd (“BoC”) announced that its recapitalisation process through a bail-in of depositors (a deposit-to-equity conversion) has been completed and that as of 30 July 2013 it is no longer - Read More...
Ministry of Finance issues 12th Decree regarding Regulations of Banking Transactions.
Further to the recent decisions contained in the Memorandum of Understanding regarding the Cyprus banking sector, as adopted by the Eurogroup, the Ministry of Finance in Cyprus has put into effect a series of - Read More...
Rapid procedures for Cyprus residence permits to investors
On 23 August 2012, the Cyprus Ministry of Interior has issued a new framework that embraces an accelerated procedure for granting residence permits to applicants investing in Cyprus. The new framework emphasizes the need for - Read More...
Massive Chinese investment in Larnaca
HERMES Airports Ltd, the consortium in charge of operating and managing Larnaca International Airport, and Far Eastern Phoenix, a chinese controlled entity, have signed an agreement providing for a massive investment involving the construction - Read More...
EU proposal for a European Bank Account Preservation Order
The European Commission has recently proposed to introduce an EU-wide freezing order known as a European Account Preservation Order (EAPO) to ease the recovery of cross-border debts for both citizens and businesses. The Regulation would - Read More...
Cyprus’s Parliament passed a bank tax
Cyprus’s parliament on Thursday passed legislation imposing a 0.095 percent tax on deposits of banking institutions, saying part of it would help create a financial stability fund. Lawmakers passed the government bill unanimously. The measure - Read More...
Foreign Investment in Larnaca Free Zone
In an effort to encourage external trade and international commerce through the provision of various incentives such as the abolishment of custom duties and taxes in respect of goods imported into the zones, the Cyprus - Read More...