Legal Articles

Any business that regularly enters into terms (for example for the sale or purchase of goods) that are often the same or similar can benefit from creating its own standard terms of business. Standard terms are a set of terms that a business can use to govern its relationship with all of its clients. The Benefits of Standard Terms The benefits of having a standard set of terms are: Lower costs...

New limitation provisions came into effect on 1st July 2012. After a succession of laws passed since 1964 to extend the suspension of the Limitation of Actions Law, Cap 15, the new Limitations Law 66 (I) 2012 will bring into effect time limits within which civil claims must be filed. The new law makes the following limitations periods applicable: TYPE OF CIVIL CLAIM TIME LIMIT NOTES...

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,...

Although it is often said that a person may not make a Will in Cyprus, this is in fact a gross oversimplification of the legal provisions regarding inheritance in Cyprus. In fact, some individuals are able to make a Will for their whole estate and others are entitled to make a Will for the, so-called, “disposable portion” of their estate. It is therefore tremendously important to ascertain...

New VAT provisions were brought into effect on 8th June 2012 designed to encourage first time buyers in the Republic of Cyprus. Law N73 (I)/2012 amends the VAT Law by offering first time buyers a reduced rate of VAT. VAT is currently charged on all properties for which the building permission was granted after May 2004. The current full rate of VAT is 17%. The new law introduces a reduced rate...

The law on international trusts in Cyprus has undergone considerable changes this month with the enactment of a new law that amends the International Trusts Law. The amendments have been heralded as positioning Cyprus as the most favorable trust jurisdiction in the European Union and its much-anticipated provisions have been received with considerable praise by investors and professional...

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...

In a challenging financial climate, it has never been more important to comprehend the system of taxation in the jurisdictions in which you operate. One needs to be fully aware of the entire picture concerning applicable fiscal provisions and the advantages that one jurisdiction may present over another in order to make informed and correct choices about various venues for undertaking...

Protection of confidential ideas, processes and creations are an exceptionally important element of most businesses. The law rewards the revelation of certain business ideas into the wider market by allowing the creator a certain degree of exclusivity – for example the protection granted by a patent, or that offered by copyright – however any such protection has limited lifespan and does not...

Copyright is a right granted to the creator of an original work to exclusive use of that work for a period of time limited by law. In Cyprus copyright is governed by the Copyright Section of the Department of the Registrar of Companies and Official Receiver. The governing laws are: N.63/77, N.18(I)/93, N.54(I)/99, N.12 (I)/2001, N.128 (I)/2002, N.128 (i) 2004 and N.123 (I) 2006. Copyright...