Special Considerations in International Sales Agreements
International sales contracts constitute a specialist area of law that raise unique considerations when compared with domestic counterparts. Commercial law, responding to the requirements of the international trading community as a whole, has adapted in order to meet the special needs and problems posed by such international contracts. International sales are generally governed by common law,...
Capital Gains Tax in Cyprus
Capital Gains Tax (“CGT”) is a tax imposed on capital gains made by companies and individuals in Cyprus.
Application
It is applied to any gain that is attributable to:
the disposal of immovable property located in the Republic; and
the sale of shares in a company that owns immovable property in the Republic provided that the relevant company is not listed on a recognized stock exchange.
Rate...
Distributorship Agreements
A distributorship agreement is one that is made between the supplier and distributor of goods. The relationship is different in nature to other possible models of supply such as agency or franchise.
KEY CONSIDERATIONS
In deciding whether distributorship is an appropriate form of supply, a business must consider the following characteristics of the distributorship relationship:
LIABILITY
The...
Agents
The term “agent” or “agency” must be used with particular caution in Cyprus as the law attaches a special significance to an agency relationship. In some cases the term “agency” will be used in commerce where in fact, legally speaking, there is no such relationship and similarly, in some cases where common commercial jargon refers to something other than agency, in fact (legally speaking) an...
Key Considerations in Commercial Contracts
Every kind of commercial contract will have its own individually negotiated and agreed terms (for example what is to be supplied; where; how; when; the price for supply; quality etc) all of which may be determined by the parties involved and unique to the particular agreement at hand. However, other terms and considerations will have a more general and universal application and will need to be...
Investment Firms in Cyprus
In the Republic of Cyprus (in accordance with EU law) only certain persons and companies are permitted to undertake investment services and activities (for a full list of such regulated activities please refer to the end of this article) and such entities are tightly regulated in order to ensure high standards and full consumer protection. The Cyprus Securities and Exchange Commission...
The Supremacy of European Union Law over the Constitution of the Republic of Cyprus
Cyprus was a British colony until 1960 and as such the Cyprus legal system was highly influenced by the English legal system and the principles of common law and equity were adopted by the legal system of Cyprus.
The Cypriot Courts apply the following laws:
The Constitution of the Republic
The laws that remained in force under Article 188 of the Constitution
The common law and the...