The rapid growth of the real estate market in Cyprus and the complexity and variety of the related transactions led to the need of replacing the previous legislation regulating the specific performance of immovable property contracts.
The Late Payments in Commercial Transactions Law, Law No. 123(I)/2012 (“The Late Payments Law”) repealed the 2003 law on late payments in commercial transactions and harmonised Cyprus law with European Directive 2011/07/EU (the Directive repealed, with effect from 16 March 2013, an earlier Directive from 2000 (Directive 2000/35/EC) on combating late payment in commercial transactions).
Tracing, Freezing and Discovery orders securing the execution of a foreign judgment in Cyprus.
Obtaining a favourable judgment is unfortunately not the end of the story for litigants as this should, following its issue, be executed and/or enforced, taking also into account the fact that many judgment debtors either fail or simply refuse to pay their respective judgment debt!
Interim injunctions in Cyprus- in simple words an interim injunction is the temporary order given by a court of law which tells someone either to do or not do something until an official decision on the case can be made.
The Board of Directors of a CIF shall consist of at least two executive Directors and two independent non-executive Directors. The majority of the Directors shall be Cyprus residents.
Such applications may be submitted by foreign spouses of Cypriot nationals who have completed 3 years of marriage and harmonious cohabitation with the Cypriot spouse and two years of residence in Cyprus prior to the date of application (for spouses of overseas Cypriots please see below).
An EU Regulation (655/2014)1 which establishes an ex-parte Union procedure enabling a creditor – natural or legal person - to obtain a European Account Preservation Order against a debtor – natural or legal person - (“Preservation Order”) will be implemented in Cyprus on 18.01.2017.
In 2015 the Supreme Court proceeded into a number of amendments regarding the Civil Procedure Rules applying in Cyprus and more specifically regarding Orders 25 and 30.
There are considerable quantities, speculative and confirmed, of gas at East Mediterranean sea especially within the Exclusive Economic Zones (EEZ) of Israel, Egypt and such indicators have also turned the attention to Cyprus’ adjacent EEZ which is only 6km away from the recent biggest discovery of gas in the Mediterranean sea in Egypt’s EEZ, namely Zohr field, but also close to two giant field discoveries in Israel’s EEZ, namely Leviathan and Tamar, intensifying the interest in Cyprus’ EEZ despite the current low prices of oil and gas.
On the death of a shareholder/member of a Cyprus company, various consequences/issues might arise (at times serious and adverse) if the shareholders fail to put some succession plans in place to counter these.
“Brexit refers” to the decision of British people to exit the European Union, which was determined through the UK referendum of the United Kingdom's membership of the European Union, held on June 23, 2016.
The Directive aims to produce a clear uniform EU legal framework for the use of securities and cash as collateral in financial transactions. Financial collateral is the property (i.e. securities) provided by a borrower to a lender to reduce the risk of financial loss to the lender if the borrower fails to meet their financial duties to the lender.
EU citizens do not require a visa to enter Cyprus, but they must carry a valid passport or their national identity card provided there is a photo and the citizenship is declared on the card.
Cyprus is one of the first countries amongst 51 jurisdictions committed to implement the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard by 2017.
According to Contract Law, CAP. 149, a contract of guarantee is a contract to perform the promise, or discharge the liability, of a third person in case of his default.
