COVID-19 and Contractual Obligations Force Majeure & the Doctrine of Frustration in Cyprus Law Introduction The recent outbreak of Covid-19, which the World Health Organisation classified as a pandemic, has brought to the fore significant issues for businesses. The disease has a profound impact on the performance of businesses and their underlying contractual relationships. […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Afxentis Zemenides of Afxentis Zemenides Financial Services Ltd. Afxentis (Endy) has joined IR as our exclusive Business Advisory Services Member in Cyprus. Afxentis Zemenides Financial Services is a finance advisory and investment firm based in Limassol, Cyprus. We represent individuals and […]
Within the framework of the support package introduced by the Government of Cyprus to support companies and businesses affected by the emergency restrictions imposed to prevent the spread of COVID 19 virus, the Department of the Registrar of Companies of Cyprus (the “ has announced the following measures on the 23th of March 2020: The […]
The Cypriot law firm Stelios Americanos & Co LLC organized on 17 February 2020 its first international conference for the year in Tel Aviv in Israel. The conference provided a first-hand opportunity to the participants to explore the current regulatory and tax framework in both Cyprus and Greece as regards business, real estate and tourism. More than […]
Milto Charalambous certified Anti-Money Laundering Specialist Our Assistant Compliance Officer, Milto Charalambous, has successfully completed the CAMS (Anti-Money Laundering Specialist) certificate. She now has the core competencies and essential knowledge in the Anti-Money Laundering field. Milto joined our group in 2019 and she has since been working closely with regulatory compliance and AML law and […]
Cyprus in the last few years is establishing itself as one of the top investment fund centers in Europe. The Fund management industry is fast becoming one of the most promising sectors of Cyprus economy. The volume of funds and assets under management have shown huge increase, as assets under management have more than tripled […]
On 19 December 2019, an amendment to the Cyprus Income Tax Law (‘ITL’) was published in the Official Gazette of the Republic of Cyprus, providing for an increase to the annual limit for certain allowances which are deductible from an individual’s taxable income. The main reason for this amendment is to encourage individuals to contribute […]
Both employer and employee Social Insurance Contributions remain at 8,3%. The rate will increase in 2024 to 8,8% and thereafter will increase by 0,5% every five years, until it reaches 10,3%, as from 1 January 2039. The rate for self-employed persons remains at 15,6%. The rate will increase to 16,6% in 2024 and thereafter will […]
Stelios Americanos & Co LLC advises the €100 million AcQUISITION OF NICOSIA MALL Stelios Americanos & Co LLC advised the Consortium of buyers of the Nicosia Mall in a high profile transaction that closed in December 2019 and it was the most significant acquisition of the year 2019. Stelios Americanos & Co LLC assisted on all […]
According to the European Commission these support schemes for 5 countries enhance the registration of vessels in the EU and at the same time supporting worldwide competitiveness of the field. The Commission adopted five separate decisions, concerning the introduction of a tonnage tax and seafarer scheme in Estonia, the prolongation of a tonnage tax and […]
Infocredit Group and ARQ Group have recently signed a framework agreement with the Cyprus Gaming and Casino Supervision Commission for the provision of due diligence services. In particular, the contract refers to the conduct of enhanced global due diligence on persons or entities applying for a licence with or seeking approval by the Commission; on […]
Protocol to the Cyprus-Ukraine double tax treaty now in force Following the ratification by the Ukrainian parliament on 30 October 2019 of the protocol to the double tax treaty (‘DTT’) between Cyprus and Ukraine – which was initially agreed in 2015 – the said protocol is now in force and will have effect asfrom 01 […]