A Will in Cyprus
A Will is a written legal document, in which a person communicates their wishes concerning the distribution of their assets and when drafted in accordance to the rules, it takes effect immediately after the testator’s death. Although it is not mandatory to create a will in Cyprus, it is nevertheless recommended in order to avoid any misunderstandings and complications, especially in regard to...
IP Box or Intellectual Property Box Regime
Cyprus has always been an attractive location for business activities. Intellectual Property can be one of the most valuable assets of an organization and it is a significant strategic business decision to select the appropriate location for the establishment and management of IP holding companies. The country offers a beneficial tax rate and is also legally supported by the EU Member States...
Shipping companies in Cyprus
Cyprus has always been targeted by many nations for its beneficial geographical position and, amongst other elements, its attractive shipping operations. Ever since 1963, when the government first offered incentives encouraging ship ownership and registration, Cyprus has become a thriving international business and shipping centre for shipping companies. Throughout the years, Cyprus has been...
Why Register a Ship in Cyprus
Cyprus has always been targeted by many nations for its beneficial geographical position and, amongst other elements, its attractive shipping operations. The country is one of the top five ship management centres worldwide, having around 60 ship management companies in operation while employing almost 40,000 seafarers. This accounts for the one-fifth of the world’s third-party ship management...
Mareva Injunction – Freezing orders
The Mareva injunction, otherwise known as the freezing order or freezing orders, the Mareva order or the Mareva regime, is an interlocutory relief granted by the courts in order to freeze the assets of a defendant during a civil proceeding. The primary function of the injunction is to maintain the integrity of the court process by preventing the defendant from dissipating assets and becoming...
Cyprus Company Formation
The Republic of Cyprus is a paradise for entrepreneurs, business owners and corporate activities, who need to do a company formation mainly because of its vibrant interrelation worldwide trade and the beneficial tax rates it offers. The main legislative body governing the rules and policies of corporations in Cyprus is the Companies Law, Cap.113, which adopted almost identical provisions with...
Probate Rules in Cyprus
What is Probate and what are the probate rules in Cyprus? Thinking about death can be an unpleasant topic for most people, but it is undeniably a part of life, and the sooner you face the fact and prepare your inheritance the better it would be for those you leave behind. If you own any immovable property in the Republic of Cyprus, irrespective of your nationality or permanent residence, it...
EXTRADITION PROCEDURES IN CYPRUS
Extradition procedures in Cyprus are regulated by the Extradition of Fugitive Offenders Law (No. 97/1970) which was amended after Cyprus became part of the European Convention on Extradition.
AN OVERVIEW OF CYPRUS INTERNATIONAL TRUSTS
A trust enables individuals to control the distribution of their property during their lifetime or after their death. The trusts legal framework in Cyprus is based on English Law, i.e. the Principles of Equity and Statute Law, and it is one of the most attractive legal frameworks worldwide.
Wills and Succession Regulations for Non-Cypriot citizens having assets in Cyprus
An individual residing in Cyprus can distribute his/her assets by drafting a Will according to the regulations of Cyprus Wills and Succession Law (Cap. 195). Until 2015, article 42 of Cap. 195 gave the right to British and Commonwealth citizens, as well as to other expatriates, to dispose of their movable and immovable property as they wished.
Article 42 has been removed from Cap. 195,...