Abolition of Annual Levy The parliamentary committee of Energy, Trade, Industry and Tourism shall meet on Tuesday the 17th of September 2019 to discuss, among others, the abolition of the Annual Levy of Euro 350 applicable to every Cyprus company registered with the Department of the Registrar of Companies and Official receiver in Cyprus. It appears that the proposed law is supported by: The National People’s Front The Movement for Social Democracy Mr. Koulias…

Before relying on anything in this Blog, please read the disclaimer 50% of all Cypriot business loans are non-performing (delayed greater than 90 days) in accordance with the KPMG report. Cypriot SMEs are severely restricted from receiving bank financing. Perhaps Cypriot SMEs can be prompted to consider alternative financing arrangements (such as corporate bonds ) other than typical banking loans to facilitate their credit needs and expansion programs. Large depositors have been hit with a…

This publication is made subject to the disclaimer The Cyprus Securities and Exchange Commission recently issued Circulars C-337 reminding regulated entities of the existence of the Specially Designated Nationals List (“SDN List“) of the Office of Foreign Assets Control (“OFAC“) issued in accordance with the Countering America’s Adversaries Through Sanctions Act (“CAATSA”) and that obliged entities should routinely screen their customers and their relationships in respects to a possible hit against…

An analysis of prohibited persons list may be found by following in the above publication. This publication aims to provide a high-level translation of the prohibited person list from the Greek to the English language. The Greek original version is available by following this link. Translation of the Prohibited Persons List Assessment of application for the granting of the Cyprus Nationality to none Cypriot in accordance with the Cyprus Investment Programme from high-risk applicants.…

In an attempt to enhance the credibility and reliability of the Cyprus Investment Programme, the Cabinet of Ministers issued a prohibited persons list to which the Cyprus Investment Programme will be restricted. This article analyses the cabinet of ministers decision No. 963 of the 25th of July 2019 issue 4637 (available in the Greek language only) a freeform English translation of the Prohibited Persons List may be found by following this link in this article…

The Council of the European Union on the 27th of June 2019, adopted Council Decision (CFSP) 2019/1108 , extending the Russian sanctions regime until 31 January 2020. The Russian sanctions, are in place since 31 July 2014 and have repeatedly been extended targeting Russia’s economic, energy, security sectors and the area of dual-use goods. https://www.consilium.europa.eu/en/policies/sanctions/ukraine-crisis/ Arms The sanctions restrict the export and import of arms and related materiel to Russia and from Russia as well as…

CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing specifies the requirements for obliged entities (the ‘Directive’). One of those requirements is the language of documents received and used to identify the beneficial owners of the customers. Paragraph 33(3) Language of Documents Paragraph 33 of the Directive was recently amended and, amongst others, provides that documents provided and kept for the prevention and suppression of money laundering must be in Greek…