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By: A.G. Paphitis & Co LLC

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A.G. Paphitis & Co LLC

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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…
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Cyprus has no inheritance, estate or gift tax. When property interests are given away during life or at death, taxes are imposed on their transfer, as per Cyprus’s tax law. Such taxes are known as estate and gift taxes. Gift tax in Cyprus Gift tax is a transfer tax applied to an individual who gives anything of value to another person. For something to be considered a gift, the transfer must be gratuitous (without compensation)…
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The request for access to her medical file was not satisfied by the hospital. A financial penalty of €5,000 was imposed recently by the Office of the Commissioner for Personal Data Protection at a State Hospital under the new General Regulation 2016/679 and the Protection of Individuals regarding the Processing of Personal Data and the Free Movement of Data. In particular, a patient complained to the Commissioner that the request for access to her medical…
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Penalties are imposed both for failure to provide required information and for operating a legal entity in breach of the economic substance requirements. BVI passed the Economic Substance Act, due to the lack of tax transparency in the territory, in order to avoid BVI to be included in the EU list of the non-cooperative jurisdictions for tax purposes. Similar legislation were passed in various jurisdictions which are listed as tax heaven jurisdictions. Since 1st of…
There are instances in which victims of financial crimes may not even be aware that they are victims. Up until the last decade or so, the financial industry has been more or less self-regulated. This lack of transparency led to a global wave of financial crimes – often leaving behind a trail of victims in its wake. Financial crimes come in many different forms and include classic pump-and-dump schemes, market manipulations and fraudulent practices or…
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CySEC advised, that they are in the process of drafting a law, which would regulate specifically virtual currencies and blockchain technologies. On 23rd January the Association of Cyprus International Investment Firms (ACIIF) convened its Annual General Meeting (AGM). The keynote speakers were Mr. Andreas Charalambous on behalf of Mr. Harris Georgiades – Minister of Finance, and Mrs. Demetra Kalogerou – the Chairwoman of CySEC. Below are the main and most essential points, which were mentioned…