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15.09.2016

Revised criteria for obtaining the Cypriot citizenship by investment

Corporate and Commercial Law, Employment and Immigration Law

The Cyprus Government, through the Ministry of Interior, has approved revised criteria for granting the Cypriot citizenship by investment, in an effort to further promote foreign direct investments in Cyprus. The Cyprus citizenship program, by way of investment, is now easier to achieve, as the required investment has been reduced from EUR 5 million if applied individually (or EUR 2.5 million if going through a collective investment scheme), down to EUR 2 million for all applicants. read more

14.04.2016

New Insurance Law transposes Solvency II Directive

Corporate and Commercial Law

The Cyprus Parliament has approved a new law and regulations on Insurance Services (“The Insurance and Reinsurance Services and Other Related Issues Law of 2016” and “The Insurance and Reinsurance Services and Other Related Issues Regulations of 2016”). The new legislation repeals and replaces the existing legislation of 2002, in line with the EU Directive 2009/138 (“Solvency II” Directive) as amended by Directive 2014/51/EU (“Omnibus II”) on the taking-up and pursuit of the business of insurance and reinsurance.
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08.04.2016

The Open – Ended Type Collective Investment Undertakings (Amendment) Law of 2016

Corporate and Commercial Law

An amendment of the Open – Ended Type Collective Investment Undertakings Law, 78(I)/2012, (UCITS Law) was approved by the Parliament, in line with the provisions of the EU Directive 2014/91 (“UCITS V Directive”). read more

04.03.2016

Amendments to the Law on the Prevention and Suppression of Money Laundering

Banking and Secured Financing, Corporate and Commercial Law, European Union Law

The Law on the Prevention and Suppression of Money Laundering, 188 of 2007, was amended for the purpose of harmonisation with “EU Directive 2014/42, on the freezing and confiscation of instrumentalities and proceeds of crime”. The amendment is also in line with the obligations deriving from the Financial Action Task Force recommendations, as well as the recommendations of the “Egmont Group” international organisation related to the competences of the Unit for Combating Money Laundering (MOKAS).

15.10.2015

Amendment to the Partnership and Business Names Law and Regulations

Corporate and Commercial Law

An approved amendment to the Partnership and Business Names Law (Cap 116) as well as the relevant Regulations now also allows limited partnership by shares, in an effort to attract private capital and further encourage partnerships’ business activities. read more

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