Insights
Insightful Perspectives with Meaningful Impact
Update on the Cyprus Investment Programme
Recently, the Cyprus Government, as a part of its efforts for the further improvement of the Cyprus Investment Programme, has established the Committee for Supervision and Control as well as the Registry of Service Providers. - Read More...
Military service update for Cypriot citizens by exception of investment
On 23/05/2014, Council of Ministers issued a decision regarding military service for every person who obtained a Cypriot citizenship by exception of investment. The decision states the abovementioned citizens have no obligation to attend - Read More...
Preparation of audited Financial Statements by individuals
According to the Article 30(1) of the assessment and collection of taxes law, every individual with a total Gross Annual Turnover of over Euro 70.000 is required to keep proper books and records and to - Read More...
10th Private Banking & Wealth Management Conference
Our Senior Banking Administrator, Elena Iasonidou, attended the 10th Private Banking & Wealth Management Conference. The Conference brought together all the industry key players – HNWI, private banks, family offices, independent wealth managers and - Read More...
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...
Cyprus resists ratification of ACTA
Cyprus, along with four (4) other EU Member States (Germany, Slovakia, Estonia, and Netherlands), has refused to sign the Anti-Counterfeiting Trade Agreement, known as ACTA. ACTA is a multinational treaty which aims at the establishment - Read More...