The Cypriot chapter of the Society of Trust and Estate Practitioners (STEP) has circulated an announcement informing all it’s members that a law amending the International Trusts Law has been passed by the house of commons.
Posts from the ‘Cyprus Law’ Category
Money laundering, being the conversion of criminal proceeds into assets not being able to be traced back to the underlying laundering offence, is undoubtedly a scourge against the global financial system, sapping the legal order and institutions, corrupting the society and individuals and empowering the organized crime. It is absolutely impossible to estimate how much billions of dollars are laundered all over the world every year despite the unrelenting global efforts, and this fact alone indicates the magnitude of this phenomenon.
Cyprus has come a long way in cleaning up its act and enforce strict Anti-Money Laundering Regulations, enjoying the rewards of having an efficient domestic Financial Intelligence Unit, called “Mokas”. Read more
It has come to my attention that several people , especially owners of small business, are wondering how the new levy will be paid and how the exemptions on the levy apply. In my previous post I have interpreted the law in it’s literal form (see this Wikipedia page) since my last post though guidance has been circulated by the Registrar of Companies and the Cyprus Bar Association as to:
- Which companies should pay the new levy of 350 Euros!
- How is the new levy of 350 Euros paid!
- Further guidance on the exemptions provided by the relevant law! Read more
The Cyprus Parliament or the house of representatives as it officially called has passed a law repealing the Sale of Land (Specific Performance) Law and in its place Law 81(I)/2011, titled … The Sale of Immovables (Specific Performance) Law has been passed.
Chapter 15 of the Laws of Cyprus is the Limitation of Actions Law. The law provides inter allia periods within which a person or persons may seek to enforce their claims.