CYPRUS INVESTMENT PROGRAM

As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus the Council of Ministers, on the 13th of September 2016, revised the "Cyprus Investment Program" and, thus, established the new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Program”. Moreover, the Council of Ministers, as a part of its efforts for the further improvement of the “Cyprus Investment Program” on the 9.1.2018 and 21.5.2018 decided the establishment of...

Continue reading

Coronavirus and its impact on commercial contracts: is it a force majeure event?

With the worldwide spread of coronavirus (covid-19), its declaration by the World Health Organisation as a pandemic and the uncertainty surrounding the current situation, businesses and individuals have been forced to navigate the challenges brought on by the rapid spread of the virus, its impact on their daily lives, freedoms and economic stability, while complying with measures taken by national governments. In the commercial spectrum, we are also seeing an impact on our clients: on the performance of contracts, limited resources, wellbeing of the workforce and cash flow, which may continue to be significant. Companies worldwide, have begun to declare force...

Continue reading

Cyprus Rent Control Act 1983 amendments introducing a “fast track” eviction process for non-paying tenants

1. Introduction The Republic of Cyprus on the 31st of January 2020 has passed a much needed amendment in the Cyprus Rent Control Act 1983 (Amendment 3(1)/2020) providing landlords the necessary tools to recover any unpaid rents but most importantly evict a non-paying tenant using a fast track method. 2. In which cases does the Rent Control Act apply? • Properties located within the “Controlled area” as defined by the act; and • Properties that have been erected on or before the 31st of December 1999; and • Tenants is a statutory tenant as defined by the act, meaning a tenant which at the expiration...

Continue reading

General Data Protection Regulation (“GDPR”)

  What is it?   Since the 25th of May 2018 the General Data Protection Regulation (“GDPR”), governs the processing and transfer of personal data of natural persons. Does it apply to me? It applies to undertakings (including natural and legal entities e.g. companies) which: process personal data as part of the activities of one of their branches established in the European Area  (“EEA”), irrespective of where the processing takes place; or  offer goods/services to, or monitor the behavior of individuals in the EEA despite being outside the EEA (Art. 3 GDPR).   Why is it important?  The burden of proof has shifted from the supervisory authority...

Continue reading