NEWS – CHRISTYS & CO LLC

September 10, 2024

New EU Anti-Money Laundering Rules

The European Parliament has adopted a comprehensive package of laws aimed at strengthening the European Union’s toolkit to combat money laundering and terrorist financing. This legislation grants individuals and entities with legitimate interests—such as journalists, media professionals, civil society organizations, competent authorities, and supervisory bodies—access to beneficial ownership information held in national registries interconnected at...

September 5, 2024

Cypriot Citizenship Criteria 2024

In March 2024, the Ministry of Interior announced it is now accepting citizenship applications under newly revised regulations. Along with this announcement, the authorities also issued detailed explanations regarding specific provisions of the amended law and the necessary documents for the application process. The amended legislation introduces two pathways for acquiring Cyprus citizenship based on...

September 5, 2024

Establishing an EMI in Cyprus

An Electronic Money Institution (EMI) license in Cyprus is a form of authorization issued by the Central Bank of Cyprus, permitting companies to issue, store, and manage electronic money (e-money) and provide related payment services. To secure an EMI license, companies must fulfill specific conditions, including adequate capital, a solid business plan, and a competent...

September 5, 2024

CYSEC launched its regulatory Sandbox

The Cyprus Securities and Exchange Commission has issued the CYSEC’s Regulatory Sandbox to secure innovation, user security, and market integrity. As described on CYSEC’s website the Regulatory Sandbox’s aims are to “build a transparent channel of cooperation between entities developing technology-based solutions in the financial services falling within CySEC’s supervisory mandate and CySEC, and to...

September 5, 2024

ELTIF 2.0

The European Long-term Investment fund (ELTIF) was introduced in 2015 as a collective investment framework. The fund aimed to regulate and promote investments in the EU for long-term capital projects. Almost 10 years later the EU considered it necessary to update this framework to satisfy the current market needs which led to the introduction of...

August 20, 2024

Application form for grant of permission

The recent procedural rules of the Supreme Court provide for a change in the application process for a grant of permission. A request for a grant of permission to the Supreme Court is made when a party to a case, after the case has been heard in the First Instance Court and the Court of...

August 20, 2024

New rules for cross-border conversion of Companies

Starting March 15, 2024, new legal provisions apply to the conversion of Cyprus companies to companies in EU Member States, and vice versa. This follows the amendment of the Companies Law (No.3) of 2024 (Law 26(I)/2024), which incorporates Directive (EU) 2019/2121 (the “Mobility Directive”) into domestic law. The directive amends Directive (EU) 2017/1132 concerning cross-border...

August 20, 2024

Cyprus International Trusts Guidance

The 2012 amendments to the International Trusts Law 69(I)/92 have made Cyprus an appealing jurisdiction for setting up International Trusts. A trust is a legal arrangement wherein the settlor, who is the owner of the asset, transfers the title to the asset to another person, the trustee. The trustee is then obliged to manage the...

August 20, 2024

Council Gives Final Approval to Corporate Sustainability Due Diligence Directive

On May 24, 2024, the Council completed the final step in the EU decision-making process, formally adopting the Corporate Sustainability Due Diligence Directive (CSDDD) that was proposed by the European Commission in February 2022. This landmark directive imposes new obligations on large companies, with over 1,000 employees and a net turnover exceeding €450 million, affecting their own...

April 30, 2024

Amendments to the sale of property law

In December 2023, the enactment of Law 132(I)/2023 brought about significant changes in property regulations, aimed at enhancing buyer protection. This legislative amendment reflects a broader trend of ongoing efforts to safeguard consumers and address power imbalances in contractual agreements. Among the notable provisions is a novel procedure endorsed by the Home Office, offering buyers...

April 18, 2024

Fine for overdue HE32 form capped at €150 and guidelines for compliance to the Cyprus Register of Beneficial Owners.

New legal advancements around Cypriot company law are evident in the latest Cypriot Commercial Authorities’ announcements. Specifically, an important development is the fine imposition against Companies that submit their annual report late. Significant is also the release of guidelines for the entries that entities need to make to comply with the Cyprus Register of Beneficial...

March 24, 2024

Co-Ownership of Immovable Property Chapter 224.

The Immovable Property Law Chapter 224 is concerned with tenure matters, disposition, valuation, and registration of immovable property in Cyprus. This law can be a useful guide for solving co-ownership disputes. If a person owns a property or inherits a property that is co-owned with other individuals this may lead to disputes on the usage...