NEWS

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

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More