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Drafted by the Department of Lands and Surveys and the Commissioner for Legislation the draft bill for the management of jointly owned buildings aims in solving management, maintenance, and operation issues of communal buildings. The first important change is the expansion of the bill’s application. The draft bill aims to expand the general scope of...
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Cyprus Asset Management Company Ltd (KEDIPES) is delivering a last-resort solution to defaulted borrowers in an effort to rescue thousands of borrowers in distress. KEDIPES has estimated that this plan will benefit borrowers of 800 residences. The plan will be managed by a subsidiary company established by KEPIDES. With this scheme, the government aims to...
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In force since January 5th, 2023, is the long-awaited Corporate Sustainability Reporting Directive (‘CSRD’). The CSRD aims to enhance the regulations initially established by the Non-Financial Reporting Directive (‘NFRD’), which remains in force until the CSRD starts to be applied. For this improvement to be achieved, a uniform framework for reporting sustainability information is introduced,...
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Article 157 of the Treaty on the Functioning of the European Union contains the principle of equal pay. EU efforts to abide by this principle have resulted in the recent adoption of the Pay Transparency Directive. It was adopted by the EU parliament on the 30th of March 2023 and introduces several changes. A problem...
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The development of the entrepreneurial ecosystem of Cyprus has been a priority of the National Policy Statement. As a means to encourage investment, the Income Tax Law was amended to include tax relief provisions for natural persons who invest in innovative investments. The scheme is enjoyed by natural persons who are independent investors either directly,...
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Directive 2019/2121- the Mobility Directive- came into force on 1 January 2020 and draws together provisions from previous directives to codify and clarify the law. Along with other provisions the directive amends provisions of Directive (EU) 2017/1132 of 14 June 2017 regarding cross-border conversions, mergers, and demerges. Member States must comply with the directive by...
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In recent years Cyprus has evolved into a business hub, mostly because of foreign investments that aid the Country’s growth and call for the operation of different businesses to manage them. Although a small country, Cyprus appears to be a preferable option for investors. The island provides  good reasons for investment to both companies and...
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Αγαπητοί συνεργάτες, Λόγω των συνθηκών εκτάκτου ανάγκης που έχουν δημιουργηθεί από την πανδημία του κορωνοϊού (COVID-19) είναι δεδομένος ο επηρεασμός εκτέλεσης συμβατικών υποχρεώσεων στις δημόσιες συμβάσεις. Συνεπεία αυτού εκδόθηκε κοινή ανακοίνωση του Γενικού Λογιστηρίου και του Υπουργείου Οικονομικών βάσει της οποίας: Η υφιστάμενη κατάσταση, την οποία έχει προκαλέσει η εξάπλωση του κορωνοϊού COVID-19, θεωρείται λόγος...
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Dear associates, As a consequence of the spread of the novel coronavirus (COVID-19) which has been held to constitute a pandemic, the performance of contractual obligations may become materially impossible or onerous for one or more of the parties. Although the common law doctrine of frustration is relevant to the current pandemic, in Cyprus the...
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