Company Liquidation Company liquidation is a legal procedure triggered when a company faces difficulty repaying its debts. It offers a fresh start to those burdened by financial obligations. Usually, it commences with the debtor submitting a request, although creditors can also instigate it. Throughout this procedure, the debtor’s belongings are evaluated, and certain assets may…
Family Reunification Permit in Cyprus – Family members of third-country national employed in Companies of Foreign Interest Introduction In order to preserve family unity, third-country nationals with residence and employment permits are able to exercise their right to Family Reunification for their family members (spouse and minor children), provided that the relevant conditions of the Aliens and…
The Crypto Travel Rule or Transfer of Funds Regulation (TFR) for Crypto Assets – European Union (EU) Cryptocurrency regulations are on the rise all over the world recently. One of the most significant regulatory initiatives in recent years is the Financial Action Task Force (FATF) Travel Rule, which aims to combat money laundering and terrorist…
Vasiliou & Co LLC attended as sponsor the esteemed Cyprus FinTech Summit on September 1, 2023, hosted at the prestigious Carob Mill in Limassol. This summit, organized by XValley Technologies, brought together a distinguished group of industry-leading fintech innovators at the forefront of the fintech landscape. Distinguished speakers from both Cyprus and abroad have participated…
Table of Contents Introduction Any Purchaser who is a non-EU National and/or a holder of a non-European Passport and/or a non-citizen of the Republic of Cyprus is required to apply for the Acquisition Permit of the Immovable Property, which is subject to the approval of the Council of Ministers. The approval needs to be given…
Introduction Justice in Cyprus is currently in the process of significant transformation through the reform of the Cyprus Civil Procedure Rules. The primary objectives of this reform are to expedite legal proceedings and rectify any shortcomings within the legal framework in Cyprus. To achieve these goals, the new Rules have introduced various mechanisms to enable…
On 13 October 2020, the Executive Committee of the Union of Cyprus Municipalities, decided on adoption of a common policy regarding the imposition of an annual professional license fee to each legal entity that carries on any business, trade, or profession within the vicinity of municipality where the registered office is located. The enforcement of…
Updates regarding MiCA, the Travel Rule and more On 20.04.2023, the EU parliament endorsed the first EU rules to trace crypto-asset transfers, such as bitcoins and electronic money tokens and common rules on supervision and customer protection. In a press lease it was stated that green light to new rules for tracing transfers in the…
Cyprus has been an attractive international financial center since 2004 when it became a member of the EU and subsequently in January 2008 became a core member as soon as it joined the Eurozone. As a member of the EU, Cyprus has aligned its laws with the relevant directives and regulations of the EU regarding…
* UPDATED March 2023 * The Council of Ministers approved on October 15th, 2021, the “Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus” and the implementation of the strategy commenced in January 2022. The new Strategy will include the following: Transformation of the existing Fast Track Business Activation Mechanism…