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AGP Law Firm has been awarded and ranked at The Lawyers Global as Winner – Band 1 Country Winners Firm 2019. It is a great honour to be recognized in your industry and in the legal profession it is quite the achievement being the Cyprus Law Firm of the year 2019. The Lawyers Global is an exclusive guide for the elite Law firms as well as lawyers. It is an organization that provides its services globally…
We are proud and elated to announce that A.G. Paphitis & Co. has been ranked in Benchmark Litigation Europe, 2020 edition. It is an honour to be featured in such a prestigious legal guide. Benchmark Litigation is the definitive guide to the world’s leading litigation law firms and lawyers. Now in its 12th year of publication, Benchmark exclusively covers the litigation and disputes market in North America, covering the US, Canada, Latin America and, most recently, Europe…
For a long time, binary options trading was a popular financial tool for traders. It is one of the easiest ways for a beginner to start trading. Such options were available in many European countries, and Cyprus was no exception. However, not everything is as simple as it might seem. Since there were some diceiving brokers in Cyprus, it made people wary as to whether brokers based in it are the right choice or not.…
We are proud to have turned our clients’ trouble into a great litigation success against criminal money launderers and to a substantial one-of-a-kind compensation of over €38 million. Our clients, Mayzus Financial Services Ltd (a UK payment institution, trading as ‘MoneyPolo’), OKPAY CY Ltd (a Cyprus electronic money institution), OKPAY Inc (a BVI introducing broker) and Mr Sergey Mayzus, a major investor and shareholder to all aforesaid entities, have been victims of the BTC-E scandal…
There has been much debate regarding the unfair terms in business agreements of natural or legal persons for some time now. Lawmakers in Cyprus have wanted to extend these terms for small businesses as well. A relevant draft law, which assumes that small businesses are unsustainable under certain contractual terms, was supported by most parties and introduced to the House by the Financial Commissioner, Pavlos Ioannou, on June 10, 2019. On Tuesday, June 11, 2019,…
We are honored and delighted for our law firm A G Paphitis & Co. being among Cypriot law firms recommended by IFLR1000 in the latest released edition of 2020 guide. In its 2019/2020 review the International Financial Law Review (IFLR1000 – the guide to the leading financial and corporate law firms), published on 25 September 2019, once again recognises and recommends AGP & Co. as a leading law firm in the field of  Financial &
The recent revocation of Section 42 of the Wills and Succession Law Cap 195 has resulted in major changes to Cyprus’s succession law regime. Cyprus has a complicated system of forced heirship in which a portion of a deceased’s estate must be effectively passed to surviving family members according to a set system of inheritance. Natural children of deceased persons are entitled to an equal share of their parent’s property (along with their parents’ spouses).…
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…