Legal Articles GR

Cyprus boasts the third biggest maritime fleet in the EU; the tenth biggest fleet in the world. It is a market leader in ship management and as such security and safety of ships is a paramount issue, which has been addressed under the new Protection of Cyprus Ships Against Acts of Piracy and Other Unlawful Acts Law 2012. The law was published in the Official Gazette on 15th June 2012 and marks...

High-net-worth individuals with valuable possessions around the globe need effective asset protection tools to manage and safeguard their wealth, as a respond to the differing legislations and tax regulations of the various jurisdictions. A trust is one of the most effective legal tools available for anyone who requires maximum protection of their funds. It is a legal structure that allows...

Cyprus is struggling with the worst crisis in its history since the 1974 invasion by Turkish military forces that divided the country in two. The island’s banking sector, holding assets more than eight times the size of the national economy, has been dangerously impaired by exposure to Greek banks, where individual bondholders underwent a 75% ‘haircut’ during 2012. The European Union and...

With the global economic turmoil having a huge effect on the worldwide shipping industry, the visionary policies of Cyprus are demonstrating high levels of commitment towards ensuring the growth and wellbeing of Cyprus shipping companies. The country’s simplified registration procedures, favorable taxation regime, well-developed infrastructure and advanced safety policies have established the...

The main condition for Cyprus to get the €10 billion loan package, as agreed between the government and the Eurogroup, is the restructuring of the country’s two leading banking institutions, through the resolution of Laiki Bank and the recapitalisation of Bank of Cyprus (BoC). The plan provides for transferring Laiki’s deposits under €100,000, its loans and its €9 billion liabilities from the...

Supreme Court of Cyprus – Update on legal actions against Bank of Cyprus & Laiki Bank,“haircut” The Cyprus’ Supreme Court on April 23, 2013 began reviewing appeals filed against the March 29, 2013 Eurogroup’s decision to wind down Laiki bank and impose massive losses on all deposits in excess of €100.000 at both Laiki and the BoC (Bank of Cyprus). The appeals were submitted by local and...

The judicial proceedings against the haircut on Laiki and Bank of Cyprus’ depositors are ongoing. The objective of the applications filed for judicial review is to annul the governmental decrees by which deposits in excess of €100.000 in Laiki and BoC were subjected to massive reductions. There have been six consecutive sittings at the Supreme Court. The hearings for the preliminary objections...

The Supreme Court on Friday, 7 of March, delivered its long-awaited decision with regard to the appeals lodged by Laiki’s and BoC’s depositors who lost part of their money in the €10 billion bail-in plan for Cyprus. More than 3.000 appeals of uninsured depositors were filed before the Supreme Court requesting the decision to be revoked. The applicants appealed the decree R.A.D. 104/2013...

The turbulent banking crisis in the Republic of Cyprus triggered disputes among the EU with regard to whether depositors should be protected from bail-ins or whether only deposit holders with accounts exceeding €100,000 should be subjected to losses through such resolution. Bail-in relates to a situation where the creditors of an institution facing bankruptcy are forced to bear some of the...

The Council of Ministers updated the conditions for naturalisation of investors in Cyprus by exception, on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2013. According to the verdict laid out on May 24, 2013, a non-Cypriot citizen may apply for the attainment of Cypriot citizenship, if he or she has made mixed investments and a donation to a state fund, has...