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By: A.G. Paphitis & Co LLC

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A.G. Paphitis & Co LLC

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Under the Economic Substance Act (“ESA”), legal entities formed or registered in the BVI are required to have economic substance in the BVI. The ESA also amends the BVI’s Beneficial Ownership Secure Search System Act, 2017 (“BOSS Act”) to add to the existing requirements such that a legal entity and its Registered Agent have obligations in respect of reporting prescribed information in relation to a legal entity’s economic substance. Which entities will be affected? The…
Situated on the crossroads between Europe, Africa and Asia, in the heart of the Mediterranean Sea, Cyprus has been a strategic island for several important sea trade routes. The maritime industry in Cyprus has thrived under an active seafaring tradition, a tax-efficient business environment and several legislations passed by the government since 1960. On May 23, 2019, the Deputy Ministry of Shipping updated its policy regarding the eligibility of ships registered under Cyprus law, via…
Cyprus has passed a new law regarding the registration and regulation of the services of sworn translators, including guidelines for official translations and related certifications. With effect from July 1st, 2019, the Registration and Regulation of Sworn Translator Services Law 45 (I)/2019 (the law) has come into effect, negating the previous system of translation of documents done by the Press and Information Office (PIO), through expert freelance translators under contractual agreements. With the passing of the…
We interviewed one of our own lawyer’s in the Litigation department which specializes in family disputes “what are the most frequently asked questions that people make regarding divorces” and here they are: A spouse who wishes to apply to the Court for the dissolution of a civil marriage can do that without any prior action. On the contrary, in the case of a religious/church marriage a notification must be first sent to the Bishop stating…
Cyprus has been a member of the European Union since 2008 and its strategic location has made it a prominent business hub for organisations around the world. The country is known for its well-educated workforce, good business infrastructure and availability of investment opportunities in sectors such as shipping, energy and real estate. All of this, along with the benefits of a great lifestyle, make the country hugely attractive for high-net-worth individuals and top calibre employees…
Alterations implemented after published in the Official Gazette (legislative package) on 18/12/2018. The Cyprus Registrar of Companies office recently announced some changes regarding the procedures, fees and processes that affect Companies in Cyprus and were implemented in order to make the business environment more competitive. Simplifying Procedures: Eliminating the floating fee (0.6%) on the nominal/authorised capital during the registration of a company, resulting the reduction in the cost of registration of a company. The ultimate…
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We would like to thank Legal500 for their consideration, our clients for choosing and trusting us, and of course, all the excellent Members of the AGP Team We are very proud to have been ranked in all 4 chosen areas of expertise and to have a record 7 recommended lawyers and consultants, in the newly released 2019 edition of Legal 500 EMEA. AGP maintains strong rankings for 7th consecutive year in Legal 500 EMEA as…
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Department of Registrar of Companies and Official Receiver in Cyprus A newer announcement on the issue of Pledges was issued by the Department of Registrar of Companies and Official Receiver in Cyprus. The announcement states as follows: “Further to the announcement dated 08 January 2019 regarding the opinion of the Cyprus Attorney General with respect to Article 90 of the Companies Law Cap. 113 related to the above issue, the Department of Registrar of…
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“You may be able to sue for damages, but this depends on whether there is a cause of action” The below interview of Emily A. Georgiades on Financial Crime was published in Gold Magazine, March 2019 edition.  Dealing with Financial Crime Financial crime is a fast-growing concern nowadays, for both individuals and companies. Financial and investment firms, as well as their directors and officers, may be found liable for a client’s financial loss due to negligence…
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Cyprus is considered as one of the most appealing destinations for investment and living, backed with low corporate and income tax rate. Our Law Firm noticed that during the past few months there is a growing interest by High Net Worth Individuals (HNWIs) from South Africa for the Cyprus Investment Program, a citizenship scheme that grants the Cypriot passport. The benefits of the particular program for Cypriot citizenship scheme are highly regarded by South Africans…