Harris Kyriakides LLC

Cyprus is definitely on the map as a prominent forum for the establishment of private investment funds, also known as private International Collective Investment Schemes (private ICIS). An ICIS can also be formed as a public fund, however the purpose of this brief is to provide a general overview of the primary advantages of a private ICIS.

The Cyprus Limited Company is currently one of the most popular and efficient corporate structures for doing business locally and internationally. This is primarily due to the attractive corporate legislation of Cyprus and its significant tax benefits.

The Republic of Cyprus has now introduced amendments to the laws governing mortgage of immovable property, which simplify the process of re-mortgaging and minimising the costs involved in such transactions.

The Republic of Cyprus has now introduced important innovations in the Cyprus Companies Law (Cap. 113), with a view to clarify, modernise and facilitate Cyprus corporate practice. As highlighted in the explanatory note accompanying the adopted legislative bill, the rationale behind the amendments is to enhance business efficiency by saving time, simplifying processes and increasing competitiveness at no additional cost.

Following public consultations and public hearings, Cyprus had undertaken all necessary initiatives in order to complete the liberalization process in the telecommunications sector and the harmonization with the acquis communautaire within the period of 2002 and 2003.

In recent years, there has been an unprecedented expansion in the volume of foreign trade mark applications in Cyprus, revealing the increased importance of the Cyprus market for foreign economies.

One of the major challenges following a road accident is recovering damages for sustained injuries.

The basic prerequisites for the approval of applications by non-EU nationals wishing to undertake a direct investment in Cyprus are highlighted by a recent circular by the Cyprus Central Bank, elaborating on the provisions contained in article 10 of the Capital Movement Law 115(I)2003.

In recent years, Cyprus has become a popular place for the acquisition of holiday houses. This increase in demand is attributed to many factors: Cyprus' inherent beauties and attractive climate, low cost of living, hospitality of local population, low tax jurisdiction. Property booming had a particular effect at seaside locations, such as Ayia Napa, Protaras, Paphos, Limassol and Larnaca.