Publications

Cyprus- Dispute Resolution – Commercial Court

Minister of Justice, Mr. Ionas Nicolaou and Members of Supreme Court had decided for the Commercial Court to be set up and become operational from the beginning of 2018.

Jurisdictional matters

It shall have jurisdiction over matters including claims arising from contracts or disputes between companies, the purchase or sale of goods, the exploitation of oil or gas, the purchase or exchange of shares, intellectual property and insurance affairs.

It shall apply to cases the scale of which shall exceed EURO 5,000.000.

Seat
Seat shall be in Limassol and Nicosia with consultations with Supreme Court. Commercial Court will have separate structure and will operate outside District Court.

Procedure

It shall be fast track procedure to be completed up until 18 months at first instance.

Purpose

Speed and efficiency.

Attract additional investment, companies etc.

 

For further information on this topic please contact

Mrs. Liza Bokova (lbokova@pittaslegal.com) at SOTERIS PITTAS & CO LLC,

by telephone (+357 25 028460) or by fax (+357 25 028461)

 

 

The content of this article is intended to provide a general guide to the subject matter. Specialist advise should be sought about your specific circumstances.

Tuesday, 15 September 2020 12:38

  CYPRUS: BILATERAL AGREEMENT BETWEEN CYPRUS AND THE UNITED STATES   The Cyprus Tax Department announced that the bilateral Competent Authority Arrangement (CAA) for the exchange of...

Tuesday, 23 June 2020 15:03

  Cyprus: Corporate Measures undertaken by the government in response to COVID-19   As part of the measures taken by the Cypriot government to support companies/businesses affected by the...

Wednesday, 17 June 2020 12:18

  Cyprus -Russia. Cyprus Double Tax Treaty   What will happen to Cyprus Russia Double Tax Treaty?   A rather unexpected announcement by the Russian President, on 25 March 2020 made in an effort...

Wednesday, 05 February 2020 13:06

  Security for the Loan. Fixed and Floating Charges under Cyprus Law.   Charges under Cyprus law, can be of a fixed and floating nature, (i.e fixed and floating charges). Fixed and floating...

Friday, 24 January 2020 11:55

  Double Tax Treaty between Cyprus and Republic of Kazakhstan   On May 30th, 2018, the successful final round of negotiation within the conclusion of the negotiation of the Convention for the...

Tuesday, 19 November 2019 09:49

  Cyprus: New Double Tax Treaty between Cyprus and Egypt   On the 8th of October 2019, Cyprus and the Arab Republic of Egypt have signed a new Double Tax Treaty between them, which will update...

Friday, 15 November 2019 10:24

  Cyprus: Duties and Liabilities of ‘’Nominee Directors’’   The Law Commission in its Consultation Paper on Directors’ Duties 1998 (CP 153), explained the term ‘’nominee director’’ as referring...

Tuesday, 08 October 2019 14:48

  The 5th EU Anti-Money laundering Directive   Money laundering, terrorism financing and organized crime consist significant problems, addressed at Union Level, as money launderers usually take...

Friday, 29 March 2019 10:31

  Cyprus Tax Authorities introduce guidance for taxation of Intra-Group Financing Transactions.   In Cyprus Transfer Pricing rules are regulated by the circular issued on 30 June 2017 by the...

Wednesday, 13 March 2019 16:23

  Amendments to the Cyprus Investment Scheme   Certain significant amendments have been made to the Cyprus Investment Scheme whereby the Government has taken a step to limit the program, even...

Thursday, 13 December 2018 11:12

  Cyprus Investment Program -Focus Investor’s Family Members-update May 2018   Per Council of Minister’s decisions dated, 13 September 2016, 9 January 2018 and 21 May 2018 the position as to the...

Monday, 10 December 2018 16:46

  CYPRUS: Redomiciliation of Cyprus Companies to Other Countries   A Cyprus company, upon obtaining the consent of the Registrar of Cyprus Companies, can apply to a foreign country to continue...

Thursday, 27 September 2018 10:14

  Cyprus - UK- Double Taxation Convention- Update of the Treaty of 1974   The Cyprus UK Double Taxation Convention has bene signed in Nicosia on March 22, 2018.   The New Treaty is pending...

Thursday, 06 September 2018 10:22

  From Cypriot Citizenship by Investment Programme to Cypriot Investment Scheme   The system that has been introduced in 2013 remains in full force and our previous note in this respect applies...

Wednesday, 27 December 2017 11:05

  THE EU LIST of non-cooperative tax jurisdictions   During their meeting in Brussels on the 5th December 2017, the Finance Ministers of EU Member States agreed the first ever EU list of...

Wednesday, 13 December 2017 11:17

  CYPRUS: VAT LAW AMENDMENT   On the 3rd of November 2017 the Cypriot Parliament amended the VAT Law which relates to the building land taxation in order for same to comply with the provisions of...

Thursday, 23 November 2017 13:07

  Cyprus: Tax residency amendment   The Parliament of Cyprus has approved on the 14th of July 2017 a bill which grants tax residence status to persons who have spent at least 60 days in Cyprus...

Wednesday, 11 October 2017 11:13

  CYPRUS: Personal criminal liability when issuing a cheque on behalf of the company   A bouncing cheque (see Art. 305A Criminal Code - Chapter 154) is an offence of strict liability for its...

Tuesday, 26 September 2017 10:19

  Cyprus: The Amendments to the Companies Law Cap 113   The House of Representatives has approved the amendment to the Companies Law Cap 113 by passing the Law 51(Ι) of 2017, which transposes the...

Wednesday, 19 July 2017 11:33

CYPRUS - TAX UPDATE – TAX RESIDENCY RULES TO BE AMENDED   On 14th July 2017, the Parliament of Cyprus unanimously approved the bill that gives the right to an individual to be considered as tax...

Wednesday, 07 June 2017 09:22

The amended law on Specific Performance relating to Property Sales   Recently, the law of Specific Performance relating to Property Sales of 2017 has entered into force and has amended article 12...

Monday, 15 May 2017 15:06

Cyprus- Dispute Resolution – Commercial Court Minister of Justice, Mr. Ionas Nicolaou and Members of Supreme Court had decided for the Commercial Court to be set up and become operational from the...

Tuesday, 25 April 2017 10:43

Cyprus – Tax –Notional Interest Deduction (the “NID”) and Circular 2016/10   The NID rules have been introduced into our legal system in 2015 and provided that the corporate entities, including...

Thursday, 09 February 2017 08:41

Cyprus – Tax-Immovable Property Tax Law   On 14 July 2016, the House of Representatives approved changes to the Immovable Property Tax Law (the “Law”). The amendments, which were published in the...

Tuesday, 24 January 2017 16:28

Cyprus – Commercial Law - Promissory Notes   A promissory note is an unconditional promise made in writing by one person to another signed by the maker, engaging to pay on demand or at a fixed or...

Wednesday, 07 December 2016 13:30

Cyprus: The new EU Electronic Signature Regulation 910/2014/EU   The EU has adopted a new Regulation which establishes a new, comprehensive, legal framework for e-signatures, as well as...

Thursday, 03 November 2016 10:10

Convention between the Republic of Cyprus and Latvia   A Convention, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, has been concluded...

Friday, 14 October 2016 11:16

Cyprus: European Court of Justice importance in ruling on the Cyprus haircut case   Several citizens of the Republic of Cyprus and one company which is based in Cyprus had claimed before the...

Monday, 10 October 2016 10:48

Cyprus- Health-NHS System   The Cabinet approved on Friday (7.10.2016) a draft bill, concerning the establishment of the National Health System, as well as a second draft bill that provides for...

Tuesday, 04 October 2016 11:23

CYPRUS PRIVATISATION OF THE CSE   The Cyprus Privatisation Unit has announced a tender for the appointment of a reputable independent advisor to prepare a strategic plan for the privatisation of...

Wednesday, 28 September 2016 10:38

Cyprus: Implementation of the EU Regulation No. 655/2014   The EU Regulation No. 655/2014 establishes a European Account Preservation procedure to facilitate cross-border debt recovery in civil...

Tuesday, 20 September 2016 10:03

No interest to buy loans from BoC - CySec   The head of Cyprus’s Securities and Exchange Commission (CySEC) Demetra Kalogerou stated on 19 September 2016 that there has been no investor interest...

Thursday, 15 September 2016 13:24

The Cabinet has approved on Tuesday (13.0916) the revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs/investors.   In statements to the press on Wednesday, 13th September...

Wednesday, 14 September 2016 12:26

CYPRUS: ARBITRATION – ANTI-SUIT INJUNCTION ISSUED BY ARBITRATORS     The European Court of Justice (‘ECJ’) in  the Gazprom Case (2015) held that anti-suit injunctions issued by arbitral...

Monday, 29 August 2016 13:17

Cyprus:Announcement by the Department of Registrar of Companies and Official Receiver in relation to the Annual Company Fee   On the 16th of August 2016, the Department of Registrar of Companies...

Thursday, 28 July 2016 12:43

Cyprus: Clarification on Cross border Insolvency which may be applied by the Cypriot Courts  On the 24rth of October 2012 the Supreme Court of the United Kingdom handed a decision on the...

Monday, 04 July 2016 11:38

Cyprus – Tax- Announcement of the Ministry of Finance of the Republic of Cyprus Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income...

Wednesday, 29 June 2016 09:02

CYPRUS: The Grand Chamber of the European Court of Justice to decide on the haircut of Cyprus In due course a number of appeals will be heard before the Grand Chamber of the European Court of...

Tuesday, 14 June 2016 08:59

Enforcement of Judgments under the New Recast Regulation 1215/2012 and the issuance of protective measures    In accordance with the New Recast Regulation 1215/2012, any judgment obtained in one...

Tuesday, 07 June 2016 11:32

CIRCULAR OF THE UNIT FOR COMBATING MONEY LAUNDERING PURSUANT TO THE ARTICLE 55(1)(D) OF THE PREVENTION AND SUPPRESSION OF MONEY LAUNDERING ACTIVITIES LAWS 2007-2016   To: Supervisory...

Thursday, 14 April 2016 09:04

CYPRUS: JURISDICTION OF CYPRUS COURTS TO RECOGNISE AND ENFORCE FOREIGN JUDGMENTS AND FOREIGN ARBITRAL AWARDS IN CYPRUS   In a recent decision of the District Court of Nicosia, it has been held...

Thursday, 07 April 2016 13:11

AGREEMENT BETWEEN THE REPUBLIC OF CYPRUS AND THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA –on  THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON...

Thursday, 31 March 2016 09:25

CYPRUS : English Court Guidance on Anti- suit Injunctions _____________________________________________________     In a recent decision of the English Commercial Court in ESSAR SHIPPING LTD –v-...

Thursday, 24 March 2016 08:59

Cyprus: Implementation of the Common Reporting Standard by the Republic of Cyprus   The Organisation for Economic Co-operation and Development proposed a Common Reporting Standard (CRS) for the...

Thursday, 17 March 2016 13:17

CYPRUS: English Court guidance on the wording of a Freezing Order   Recently the Supreme Court of the United Kingdom in the case of JSC BTA Bank v Ablyazov [2015] UKSC 64made a landmark decision...

Wednesday, 09 March 2016 16:36

CYPRUS : English Court Guidance on the liability of an agent – towards his principal for benefits and assets acquired during agency   In a recent decision of the English Supreme Court inFHR...

Wednesday, 02 March 2016 10:18

CYPRUS: LEGAL PROFESSIONAL PRIVILEGE   In a recent case, the Supreme Court of Cyprus (single Judge), in certiorari proceedings, decided to cancel a warrant issued against a Cyprus law firm for the...

Monday, 22 February 2016 09:49

Cyprus: The strict approach of the provisions laid under the New York Convention on the enforcement of foreign arbitral awards In the recent case of Ukrainian Vodka Company Ltd v Nemiroff...

Thursday, 18 February 2016 10:57

CYPRUS: LAW APPLICABLE TO CONTRACTUAL OBLIGATIONS – ROME I REGULATION Since 17 December 2009, the EU Regulation (EC) No 893/2009 on the Law Applicable to Contractual Obligations (“Rome I...

Thursday, 11 February 2016 13:32

CYPRUS: An update of the European Criminal Records Information System An efficient exchange of information on criminal convictions referred to as the European Criminal Records Information System...

Thursday, 04 February 2016 08:59

CYPRUS: Enforcement of Foreign Arbitral awards under New York Convention ________________________________________________________________________  In a recent decision of a Cypriot 1st Instant...

Friday, 29 January 2016 09:21

CYPRUS : WARRANT OF SEARCH ISSUED AGAINST A LAWYER CANCELLED DUE TO VIOLATION OF LEGAL PROFESSIONAL PRIVILEGE In the recent case RE: ANTONAKIS ANDREOU & CO LLC, a Supreme Court Judge, in...

Friday, 15 January 2016 08:45

CYPRUS: English guidance on the principle of legal advice privilege A recent judgment handed by the High Court of the United Kingdom, provides useful guidance on the extent of legal advice...

Thursday, 07 January 2016 13:16

Cyprus:  Guidance of Cyprus Courts on issue of appointment of Lawyers by the Directors of a Company   Recently, the District Court of Paphos granted a decision in relation to the appointment of a...

Monday, 28 December 2015 10:25

Cyprus: Guidance for Cyprus Courts on the duties owned by directors of a company to the shareholders In a recent decision by the High Court of the United Kingdom, the court clarified the...

Tuesday, 22 December 2015 17:36

Cyprus: Taxation – Amendments on the Double Tax Treaty between the Republic of Cyprus and Ukraine   Representatives of the Cyprus and the Ukrainian governments have signed, in Kiev, on Friday, 11...

Monday, 14 December 2015 14:57

CYPRUS: Guidance by the Supreme Court of Cyprus on “mens rea” for bounced cheques   In October 2015 the Supreme Court made a remarking judgment which overturned the decision of the First-instance...

Wednesday, 09 December 2015 10:02

CYPRUS: Double Tax Treaty between Cyprus and Swiss Confederation On 15th October 2015, the Double Tax Treaty between the Republic of Cyprus and Swiss Confederation had entered into force (the...

Monday, 07 December 2015 17:13

Cyprus: New Procedure for Issuing a Tax Residency Certificates   Tax Department, has recently issued a circular in relation to the applications for the issuance of tax residency certificates. For...

Friday, 27 November 2015 10:32

CYPRUS: NO CAPITAL GAINS TAX FOR IMMOVABLE PROPERTIES PURCHASED UNTIL THE END OF THE YEAR 2016   By a recent amendment of the Capital Gains Tax Law, Cyprus has abolished the payment of any Capital...

Monday, 23 November 2015 10:55

Tied Agents   A tied agent means a person established in a Member State, who, acting under the full and unconditional responsibility of only one Investment Firm of a Member State and, on whose...

Friday, 20 November 2015 10:14

Cyprus: Possible guidance from the English Courts on the Interpretation of jurisdiction clauses as “exclusive”   During the past years English courts have been willing to interpret clauses as...

Wednesday, 18 November 2015 13:18

CYPRUS: WINDING OF COMPANIES – WINDING UP BY THE COURT (COMPULSORY WINDING UP)-INABILITY OF THE COMPANY TO PAY ITS DEBTS Winding up is the process by which the company’s assets are realized, the...

Friday, 30 October 2015 12:57

Cyprus: A possible amendment in the Law of Social Insurance Debtors In Cyprus over the last years around 300 people received an imprisonment sentence for debts in relation to social insurance...

Thursday, 29 October 2015 10:32

Cyprus: Will the proposed amendment in relation to the reduction of Judges in Family Courts solve the real issues that affect the quick adjudication of Family cases? Due to the increased amount of...

Friday, 23 October 2015 12:27

CYPRUS: SERVICE OF COURT DOCUMENTS UNDER REGULATION (EC) 1393/2007     In a case involving service of court documents in a Member State pursuant to Regulation (EC) 1393/2007, the Supreme Court of...

Wednesday, 21 October 2015 17:08

CYPRUS: APPOINTMENT OF RECEIVER IN AID OF EQUITABLE EXECUTION OF CYPRUS JUDGMENT   In a recent case handled by our firm, we succeeded acting on behalf of a Claimant to obtain a judgment against a...

Tuesday, 20 October 2015 13:25

Cyprus : Supreme Court has ruled in favour of Speed and Efficacy in the spirit of judicial cooperation In the case of Alpha Bank Cyprus Ltd v. Andrew Timothy Popple in March 2015 the Supreme Court...

Monday, 19 October 2015 16:53

CYPRUS: Strengthening protection on money laundering by the Introduction of the Fourth Anti- Money Laundering Directive    Flows of illegal money can damage the integrity and stability of the...

Tuesday, 13 October 2015 08:57

The International Court of Arbitration of the International Chamber of Commerce to communicate reasons for its decisions   The ICC Court is a leading centre for resolution services and decides...

Monday, 05 October 2015 09:15

A fight against corruption by the proposed introduction of Criminal Record Certificates for Companies Due to existing problems with regards to companies competing for the undertaking of public...

Wednesday, 30 September 2015 10:44

THE EXAMINERSHIP - Amendments to the Cyprus Legislation The Companies Law, Cap.113 as amended by the 89(I)/2015, 63(I)/2015 and 62(I) 2015introducedthe examinership procedure, a process attempting...

Wednesday, 23 September 2015 09:25

CYPRUS TAX. AMENDMENTS EXPECTED TO ARRIVE IN AUTUMN 2015.   A. Income Tax Treatment of Forex It is proposed that as of 1st January 2015, exchange differences, whether losses or gains, which do...

Thursday, 10 September 2015 13:32

 Changes to the Inheritance process under European Succession Regulation 650/2012    The growing importance of cross border successions within the European Union and the difficulties and...

Wednesday, 09 September 2015 15:40

Renewal and Amendment of the Double Taxation Treaty between Cyprus and Ukraine   ___________________________________________________________________________               It has been officially...

Tuesday, 01 September 2015 12:52

ACTIVATION OF A CIF AUTHORISATION   According to Cyprus Securities and Exchange Commission’s (“CySEC”) announcement dated 9th of July 2015, the process starting from the date of granting the...

Tuesday, 01 September 2015 12:51

RECENT DEVELOPMENTS IN CYPRUS DTT NETWORK   Cyprus- Bahrain (DTT signed in March 2015)   In pursuit of strengthening the ties with all Gulf countries, on 9 March, 2015 Cyprus and Bahrain signed...

Tuesday, 01 September 2015 12:49

CYPRUS INVESTMENT FIRMS (CIFs)   The Cyprus Investment Firms Law 144(I)/2007 provides the legal framework for the provision of investment and ancillary services as well as specific provisions...

Wednesday, 19 August 2015 09:15

The establishment of a New Administrative Court in Nicosia, Cyprus               The legislative body of the Republic of Cyprus introduced the Law 131 (I)/2015 referred to as the Law on the...

Thursday, 06 August 2015 09:47

The Approval of a Bill relating to the Sale of Loans   A bill under the name “Lawregulating the activities of portfolio investor companies of 2015”, has been drafted by the Central Bank of Cyprus...

Thursday, 23 July 2015 10:27

Recent Amendments to Cyprus Tax Regime   On the 9th July 2015, Cyprus Parliament passed number of new laws, which purport to make Cyprus a more attractive investment destination. The Laws are...

Monday, 20 July 2015 12:31

Cyprus –Immovable Property     ‘Parliament to submit law addressing the issue of Title Deeds and Hidden Mortgages’   One of the major problems that Cyprus faces throughout the years is the...

Thursday, 16 July 2015 09:33

The Law amending the Companies Law CAP 113 N.4 [89(I) /2015] and collectively (the ‘Law’) came into force on 19 June 2015 and brought with it several changes to the current legal...

Thursday, 22 January 2015 10:08

  Deoffshorization Law in Russia and possible solutions for the CFCs in Cyprus   The Federal Law No 376-FZ dated 24 November 2014 “Concerning the Introduction of Amendments to Parts One and Two of...

Thursday, 23 October 2014 17:27

NOTE ON SHORT/LONG RESIDENCY AND NATURALISATION OF INVERSTORS             I.                    TEMPORARY RESIDENCE PERMIT- Uniform Biometric Card On 29 September 2014 the Law has been amended...

Thursday, 23 October 2014 17:24

WHERE DOES MANAGMENT AND CONROL LIE?               This short note is dedicated to the test of residency in Cyprus for the purposes of taxation. It should be kept in mind that the test of...

Friday, 25 July 2014 13:04

 ASSET PROTECTION & CYPRUS INTERNATIONAL TRUSTS       A.      WHAT DOES ASSET PROTECTION MEAN?Asset protection is the adoption of advance planning strategies which place, in a legal and...

Wednesday, 21 November 2012 18:55

Cyprus and Ukraine sign a new bilateral tax agreement for the avoidance of double taxation and the prevention of fiscal evasion that when in force will replace the existing Tax Bilateral tax...

Monday, 09 July 2012 19:57

Cyprus has for the past years successfully attracted foreign investment by tax effective holding company regime. With the introduction of a single European passport for securities, investors can...

Wednesday, 20 July 2011 03:25

Cyprus Companies are in wide use as major vehicles in international tax structuring mainly due to the broad range of legal and tax related benefits they can offer because of the flexible tax system...

Thursday, 02 June 2011 20:04

Directors exercise extensive powers in the management of their companies, influencing their company’s conduct, by virtue of their involvement in the decision making process. Under Cyprus law, the...

Thursday, 02 June 2011 20:02

What is a Shareholder’s Agreement?   A Shareholder’s Agreement is distinct from the company’s constitution. Without a Shareholder’s Agreement, the Company would be controlled solely and exclusively...

Tuesday, 22 February 2011 19:12

OPEN-ENDED UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (“UCITS”) 1.1 UCITS The UCITS law 200(1)/2004 (“the Law”) which implements the EU directives provides the legal...

Tuesday, 22 February 2011 19:11

The OPEN-ENDED FUNDS or OPEN-ENDED UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITY (“UCITS”), are regulated by the Law 200(1)/2004.The Closed-Ended Funds or International Collective...

Tuesday, 22 February 2011 19:10

I. INTRODUCTION The use of a large number of Cypriot Companies as vehicles for carrying out joint ventures, led JV Partners to enter into Shareholders Agreements or JV Agreements, sometimes,...

Tuesday, 22 February 2011 19:09

I. INTRODUCTION Cyprus is an ideal place for direct investments, because of inter alia, its strategic position, its excellent infrastructure, its favourable tax regime, its well trained labour, as...

Tuesday, 22 February 2011 19:07

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Tuesday, 22 February 2011 19:05

PREFACE This brief guide has been prepared to provide a general background to the legal framework regulating the incorporation, administration and tax liabilities of the Cyprus holding company.As...

Wednesday, 13 October 2010 20:13

A new Double Taxation Agreement has been added to the wide network of double taxation treaties which Cyprus has with a large number of countries.On the 12th October 2010, the Republic of Cyprus...

Tuesday, 12 October 2010 20:14

A new Double Taxation Agreement has been added to the wide network of double taxation treaties which Cyprus has with a large number of countries.On the 5th October 2010, the Republic of Cyprus...

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