The Digital Operational Resilience Act is a landmark regulation that entered into force on the 16th of January 2023 and became applicable on the 17th of January 2025. Designed to enhance the digital security and resilience of the financial sector, DORA applies to a wide range of financial entities, including banks, insurance companies, and investment...Read More
In an effort to enhance transparency and ensure compliance with legislative provisions, two significant changes have recently come into effect in Cyprus. On December 20th, 2024, The Transparent and Predictable Terms of Employment (Essential Terms of Employment for Registration in an Electronic System) Decree of 2024 was published, under the Transparent and Predictable Working Conditions...Read More
In July 2024, the European Securities and Markets Authority (ESMA) released a consultation paper detailing proposed Regulatory Technical Standards (RTS) on Liquidity Management Tools (LMTs) under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. This initiative aims to enhance the resilience of investment funds during...Read More
In June 2024, the Cyprus Court of Appeal issued a pivotal ruling that has profound implications for ‘trapped buyers’—individuals who, despite fulfilling their contractual obligations, have been unable to obtain title deeds for properties due to developers’ outstanding mortgages. This decision scrutinizes the constitutionality of the 2015 “Trapped Buyers Law,” which was enacted to address...Read More
In July 2024, the European Securities and Markets Authority (ESMA) released a consultation paper detailing proposed Regulatory Technical Standards (RTS) on Liquidity Management Tools (LMTs) under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. This initiative aims to enhance the resilience of investment funds during...Read More
In 2024, Cyprus embarked on an ambitious journey to reform its tax system with a focus on environmental sustainability. The initiative, often referred to as the green tax reform, seeks to address critical environmental challenges, align with global standards, and foster a culture of sustainability throughout the nation. Core Elements of the Reform The reform...Read More
1. Introduction Although Cyprus provides for taxation in several different circumstances, the taxation system in Cyprus can be divided into three notable categories: personal income tax, corporation tax and VAT. All individuals who are tax residents of Cyprus are subject to taxation on their total taxable income, including specific employment benefits, earned from both Cypriot...Read More
1.Market Overview 1a. Cyprus Real Estate Market Introduction Cyprus’ economy has shown resilience against external shocks, such as geopolitical tensions and climate change with expected GDP growth of 2.2% for 2023. The country’s small size and global outlook provide it with the agility to adapt and thrive. The Cyprus real estate market is being shaped...Read More
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...Read More
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...Read More
