Author - GCA

Contract’s Specific Performance

If you are the Purchaser or the Seller of real estate in Cyprus, you should know your rights / obligations and be rather diligent as to the transaction you are entering into. The Specific Performance Law (81(I)/2011) safeguards the Purchaser of an immovable property, especially when the actual transfer of the Title Deed in his name...

Quick snapshot of the Capital Gains Tax (“CGT”) in Cyprus

Tax residents and Companies registered in Cyprus are subject to CGT when disposing their immovable property. CGT is calculated as the difference (profit) between the sales proceeds and the initial cost of the property when purchased. Particularly, it is imposed at the rate of 20% on gains arising from the disposal of immovable property or the...

“ERGANI” – Register as an Employer in Cyprus

The amendments to the Social Insurance Law (167/2017) affecting Employers in Cyprus are applicable from the 13th of September, 2021 (the “Effective Date”). You should be aware of the following critical points: 1. From now and onwards, the Application to register as an Employer in Cyprus must be filed at least one (1) day before the commencement...

0% increase in rents until April, 2023

Rental increases are evidently an issue that greatly concern many Landlords and Tenants, who have probably been affected by the pandemic. In light of this, the Council of Ministers, within the framework defined by section 8(4a) of the Rent Control Law of 1983, proceeded to the issuance of a new administrative act under reference number...

Register of Crypto Asset Service Providers in Cyprus

In June, 2021 the Cyprus Securities and Exchange Commission (“Cysec”) issued the Directive for the registration of Crypto Asset Service Providers (“CASPs”) and, for the first time, defined the “crypto - asset” as an asset with a digital value, which is not issued or guaranteed by a Central Bank or a Public Authority. In light of...

Double Tax Treaty between Cyprus – Netherlands

The Republic of Cyprus and the Kingdom of the Netherlands signed their 1st Treaty for the Elimination of Double Taxation with respect to taxes on Income and the Prevention of Tax Evasion and Avoidance in Nicosia. The Treaty shall enable the full relief of withholding taxes on dividend payments to corporate investors, provided they own directly...

Amendment of Law on the Central Body of Equal Distribution of Burdens (141/1989)

Subject: Amendment of Law on the Central Body of Equal Distribution of Burdens (Recommendation, Purposes, Responsibilities and Other Related Issues) (141/1989) (hereinafter referred to as the “Law”). Purpose of the amendment: Reinforcement of the financing activities / resources of the Central Body, which assists the Greek-Cypriot refugees of the Turkish invasion on the island in 1974....

Cyprus and Intellectual Property – an Underrated Partnership

While Cyprus is generally considered to be an attractive proposition for individuals looking to register Intellectual Property (IP), it often gets overlooked for more well-known jurisdictions, such as the likes of the Netherlands and the United Kingdom (UK). There are multiple reasons behind this, with arguably the most significant being the fact that the two...

Floating Charges – What Are They and Why Should You Care?

Floating charges have long been used as a means of securing interest over a number of non-constant assets. These assets are considered to be ‘non-constant’ as they may change with respect to their quantity and/or value. Floating charges are almost exclusively used by Companies, as they allow for the Company to secure a loan without...

Cyprus International Trusts – How Could They Benefit You?

By way of an overview, Cyprus’ International Trusts Law (“The International Trusts Law 1992 [No. 69(I)/1992]”) was introduced as a means of implementing the long established English Trust principles into Cypriot Law. The purpose of this Law was to enable the formation of trust vehicles which can be used to channel foreign investments in or...

Shares vs. Stocks – What is the Difference?

The words shares and stocks are generally used interchangeably in day to day conversation, similarly to how ‘fall’ and ‘autumn’ both denote the season preceding winter. They are both interconnected with one another, sharing numerous similarities, so much so that even the Companies Law of Cyprus (“Cap. 113”) defines a share as being a “share...

GDPR – One Year Later

In today’s day and age, the term “GDPR” might just be one of the most popular terms in everyday use, particularly in many business settings, but not necessarily for positive reasons. The introduction of the “General Data Protection Regulation (GDPR)” by the European Union in April of 2016 made waves across industries all over the...

Re-Domiciliations on the Rise in the BVI

Following the Economic Substance (Companies and Limited Partnerships) Act 2018 (the "Act") coming into force on the 1st of January, 2019 in the British Virgin Islands (BVI), the requirements set out by the European Union Code of Conduct Group have been satisfied. These requirements were introduced by the EU in an attempt to establish a...

Why is the new EU Copyright Directive so Controversial?

In 2016, the European Union (EU) proposed the first draft of what has grown to become a rather controversial Directive. This Directive has come to be known as the “Directive on Copyright in the Digital Single Market” or simply the “EU Copyright Directive”, but will be referred to as the “Directive” for the purposes of...

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