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In a significant move towards aligning with the demands of the digital age, on the 23rd of October 2023, the European Council adopted a directive on financial services contracts concluded at a distance, marking the conclusive step of the EU decision-making process. This directive simplifies the existing legislation, aiming to enhance consumer protection and establish...
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Το Τμήμα Εφόρου Εταιρειών και Διανοητικής Ιδιοκτησίας (ΤΕΕΔΙ) σε συνέχεια της ανακοίνωσής του με θέμα «Ειδοποίηση για καταχώριση στοιχείων πραγματικών δικαιούχων (ΠΔ) στο Μητρώο Πραγματικών Δικαιούχων (ΜΠΔ) και επιβολή προστίμων» ημερομηνίας 01/09/2023, ενημερώνει την έναρξη της εφαρμογής της τελικής λύσης του ηλεκτρονικού συστήματος του ΜΠΔ από τις 14 Νοεμβρίου 2023. Στον σύνδεσμο https://ubo.meci.gov.cy/ μπορούν να ενωθούν όσοι είναι...
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In the dynamic world of businesses, understanding and adhering to competition law is paramount for sustainable growth and success. When navigating the landscape of competition law, businesses should keep various key considerations in mind. In the European Union, antitrust rules aim to prevent the limitation of competition in the market and the abuse of dominant...
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In a significant move, on August 3rd, 2023, the Council of Ministers at its meeting approved the draft law ‘The Management of Commonhold Buildings and Related Matters Act of 2022’, authorizing the submission of the bill to the House of Representatives for enactment into law. This bill aims to tackle gaps in existing legislation, defining...
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The European Court of Justice released its decision in case C-134/22. The case concerns the extent of the employer’s obligation to inform the appropriate authorities in due course regarding collective redundancies. The court held that this obligation does not act as a safety net for the employees.  The facts of the case concern an employee...
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In an effort to attract new talent in Cyprus and boost the island’s economy, amendments were made to the Income Tax Law and specifically with the addition of new article 8(21A) -passed in in July 2022- and new article 8(23A)- passed in June 2023. Article 8(21) has been replaced by new article 8(21A) which now...
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Effective as of July 1st, 2023, the Cypriot justice system underwent the long-awaited reform. This reform, passed by the House of Representatives in July 2022, resulted in the division of the previously united Supreme Court, consisting of 13 justices, into two courts: a new Supreme Court with 7 justices and a Supreme Constitutional Court with...
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Effective as of the 2nd of May 2023, significant amendments have been implemented to the criteria for granting Permanent Residence under Regulation 6(2) of the Aliens and Immigration Regulations. These amendments were approved by the Council of Ministries based on a proposal by the Ministry of Interior. The purpose of these amendments is to establish...
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The European Union Commission has officially adopted a retail investment strategy that aims to safeguard consumers’ interests. In the heart of the commission’s “2020 Capital Markets Union Action Plan” lies investment growth. The strategy was adopted as a method to achieve this goal.  It is also a plan adopted to boost the EU Capital’s Market...
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The green light was given by the Cypriot Parliament to the new legislation amending the VAT price on the primary residence. The European Commission found that the previous provisions were incompatible with the EU regulation, hence the new amendments are now moving forward. Following the approval by the Commission, Cyprus will be again in compliance...
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