Elias Neocleous & Co LLC

Ukraine EU Law and International Law Firm

Elias Neocleous & Co LLC

24/7 Institutska Street
Office 12

Kiev 01025

Phone+380 (44) 253-4495
Fax +380 (44) 253-4495

Website www.neo.law
Contact Elias Neocleous & Co LLC  Contact the Law Firm

Other Offices: Brussels  Limassol  Nicosia  Paphos  Prague  Budapest  

Law Firm Overview

We are the largest law firm in Cyprus by a considerable margin and are generally recognised as the leading law firm in the South-East Mediterranean region. We have more than 140 fee-earners operating out of three offices in Cyprus and an international network of offices in the main destinations for investment via Cyprus.

Our legacy firm pioneered the development of business links with Russia and Eastern Europe two decades ago and our staff have unmatched experience of assisting clients in cross-border investment projects both there and in other jurisdictions in Europe, Asia, Africa and the Americas.

Our attention to client service is what sets us apart. For us the client comes first: we take pride in our responsiveness and in meeting deadlines and commitments.

Our people are the key to our success. We recruit the best people and provide them with challenging, interesting work and the best training. Our staff share our commitment to client service and continuous improvement.

Uniquely among law firms in Cyprus we have followed a strategy of specialisation, which enables our people to keep at the forefront of developments in their respective fields and to develop the depth of expertise required in today’s complex business environment. An essential feature of our approach is assembling multi-disciplinary teams of specialists in different fields in order to ensure that all aspects are covered in depth.

We have also invested in leading-edge knowledge management and IT infrastructure to support our fee-earning staff and improve our interface with clients.

Client service is central to everything we do. Our clients are market-leading businesses and organisations and they expect their advisers to match their own high standards. We are committed to continuously improving our client service to match the demands of today’s business environment.

Areas of Law

Additional Areas of Law: Matrimonial Law; Debt Collection; Permanent Residence Permits; Aircraft Registration and Finance; Company Law; Asset Finance; Legal Due Diligence; Shareholder Agreements; E-Business; Consumer Protection; Unfair Trade Practices; Confidentiality and Non-Compete Obligations; Public Procurement; European Union; Employment Permits; Immigration Permits; Employers’ Liability; International Tax Planning.

Areas of Law Description

Elias Neocleous & Co LLC provides legal representation and services in the following areas of law:

- Admiralty and Shipping Law

Our firm is one of the best known firms in the field of admiralty and shipping law. We advise owners, managers, charterers, freight forwarders and their respective insurers and help to resolve commercial and legal problems in Cyprus and abroad. Our overseas offices, as well as a network of contacts with leading maritime lawyers in a number of countries, enable the firm to act as coordinator in concurrent litigation in different jurisdictions. We are recommended by a number of independent rating organizations, including Legal 500 and Chambers Global guide, in this area.

Our advice and assistance is sought on all types of maritime matters, including:

• claims for loss or damage to cargo
• freight and off-hire disputes
• general average
• collisions
• salvage claims
• pollution
• transshipment and towage agreements
• disputes under shipbuilding and repairing contracts
• financing, security and the enforcement of mortgages
• problems relating to the employment of officers and crew
• personal injury claims
• advice in respect of H&M and P&I policies and claims
• advising on the acquisition of new tonnage
• choice of flag and registration
• aviation matters including aircraft registration and finance
• all related company law and tax matters

- Banking and Finance

Elias Neocleous & Co LLC represents lenders, arrangers and facility agents (on single-lender and syndicated, secured and unsecured loans) as well as borrowers, guarantors and security providers. All clients of Elias Neocleous & Co LLC benefit from our world-class resources, the unrivalled breadth of expertise and experience of our lawyers and the international reputation of our firm.

Our banking and finance team has unrivalled experience in helping clients to navigate the Cyprus legal system across the whole spectrum of banking and finance transactions including:

• domestic and cross-border loan and security transactions;
• loan documentation for single-lender and syndicated loans;
• security documentation including charges over assets and undertakings of companies, debentures, pledges of share certificates, security assignments of rights etc.;
• restructuring of existing loans and collateral;
• refinancing of existing debts;
• project finance and asset finance;
• financing of international trade, including letters of credit, negotiable instruments and related matters;
• construction and project financing; finance leasing;
• indemnities and guarantees;
• aviation finance and aviation leasing;
• securities law compliance;
• compliance with perfection requirements and registrations of charges;
• legal opinions and legal due diligence exercises.

- Corporate and Commercial

Our firm offers extensive international corporate and commercial experience. The favorable Cypriot tax régime and the extensive network of double-taxation treaties have created an ideal base for non-European Union companies seeking to exploit the EU market, as well as for EU companies seeking to expand their global horizons especially with regard to the CIS. Our own offices in Moscow, Budapest and Kiev play a key role in this respect. We are recommended by a number of rating organizations, including Legal 500, Chambers Global guide and IFLR as a leading firm in this area.

The work undertaken by this department includes:

• formation and acquisition of companies in Cyprus and abroad
• corporate reorganization and reconstruction
• shareholder agreements and corporate governance issues
• capital-raising transactions
• venture-capital financing
• public and private offerings of securities and securities law compliance
• mergers and acquisitions
• management buy-outs and earn-outs
• corporate management and domiciliation services

• cross-border transactions and joint ventures
• partnership formation and dissolution
• insolvency and restructures
• agency and distributorship agreements
• information technology
• technology transfers and intellectual property rights
• formation and use of trusts
• international tax planning

- E-Business

The lawyers in our e-business law team specialize in all areas of Cyprus law which are relevant to e-business such as IT aspects of all practice areas, cryptography, electronic signatures, regulation of electronic payments, data protection and security, direct marketing and intellectual property as well as consumer protection issues including the sale of goods, unfair contract terms in consumer contracts, unfair trade practices, product safety and liability, consumer warranties, long distance contracts, and rights and obligations under electronic contracts.

We also take pride in having contributed to the development of the current legislative framework for e‑commerce in Cyprus, having acted as Cyprus legal consultants in the project for the formulation of a national strategy and legal framework for an electronic commerce study for the Cyprus government Planning Bureau. In this project we advised on all legal matters relevant to e‑commerce and consumer protection under Cyprus law for the purposes of harmonization with EU law and implementation of an appropriate legal framework for e‑commerce.

- Energy

Our firm has more than 20 years' experience in advising potential investors in a wide range of energy projects ranging from onshore and offshore oil and gas exploration operations to renewable energy projects. We have up-to-date knowledge and experience of the relevant national, EU and international legal and regulatory environment applying to all types of energy projects. Our specialists in public procurement have extensive experience in assisting clients in preparing and submitting tenders to the relevant government authorities and in subsequent negotiations and finalization of contracts.

Our legal advice and assistance to individuals, businesses and state authorities cover all aspects of energy operations and activities including:

• Oil and gas law
• National and EU energy law
• Public procurement procedures
• Negotiation with state authorities, operating agreements and resolution of disputes
• EU funding opportunities
• Taxation
• Securities law
• Creation of corporate structures
• Regulation of business transactions

- European Union Law

Our legal advice and assistance cover all aspects of European law including:

• competition law, trade and regulatory law and legal aspects of the internal market
• European business grant schemes
• European Territorial Cooperation Programmes
• Coordination, design and analysis of the development strategy for the establishment of national programming documents of the EU
• Training and networking through workshops and seminars
• Implementation of the institutional framework of the EU into national law
• Negotiation with EU institutions for the enlargement of the national institutional framework and the assimilation of Cyprus with the other outermost regions of the EU
• Strategy and actions concerning the Cyprus EU Presidency for 2012.

- Intellectual Property

Our firm deals with all aspects of patent and trade mark protection, design registration, copyright and the licensing of technology. Our close association with lawyers and trade mark agents in all major industrial countries enables us to meet our clients' worldwide requirements. Our partner Maria Kyriacou served for 12 years as Registrar of Patents and Trade Marks and is a pioneer in the protection of intellectual property rights in Cyprus. We are recommended by a number of independent rating organizations, including Legal 500, as a leading firm in this area.

Our expertise covers the following areas:

• advice on the acquisition, registration and protection of all intellectual property
• franchising and licensing
• restrictive trade practices
• competition and agency law
• patent, trademark, copyright proceedings and passing-off actions
• advice on all related tax aspects

- Litigation and Arbitration

Our law firm has a large dispute resolution practice, covering all areas of general and commercial law. Our litigation department works with clients to resolve disputes in a timely and effective manner through prompt assistance and sound legal advice. We have the resources to handle complex and urgent issues and we have experience in a wide variety of claims and disputes. When appropriate, we will seek to avoid lengthy court actions through constructive negotiation in the first instance, or by pursuing swift and economic alternatives to full-scale litigation such as summary trials, interim remedies, mediation and other forms of dispute resolution. The firm conducts both domestic and international arbitration under internationally recognized arbitration bodies.

- Real Estate

Our law firm's property department deals with all matters relating to freehold and leasehold property, including transactions and disputes involving commercial and residential property. The department advises both individual and corporate clients.

Areas of work include:

• sale agreements
• acquisition of property by foreigners
• property management for non-residents
• estate planning and administration
• wills, probate and re-sealings and estate administration

- Tax Law and International Tax Planning

Our firm has an excellent reputation for high quality, sound tax advice and innovative tax planning, as well as extensive experience in negotiating and handling tax disputes. Our clients are involved in a wide range of business interests including the property, shipping, industrial and trading sectors. We assist them with all aspects of cross-border development, from establishing their initial foreign representative office to joint venture agreements and full-scale mergers and acquisitions. Our tax specialists have extensive experience covering activities from the US to the Far East, with a growing emphasis on expansion into Central and Eastern Europe, China and India. Through close co-operation with International Fiscal Services (IFS), specialists in international fiscal law, we are able to assist our clients in structuring their international cross-border activities in the most tax-efficient manner.


  • Cyprus Bar Association
  • International Bar Association
  • International Academy of Tax Advisors
  • Mediterranean Maritime Arbitration Association

More Information on Elias Neocleous & Co LLC

European Union and Competition Law
Intellectual Property
Real Estate
Admiralty and Shipping
Corporate and Commercial Law
Tax Law and International Tax Planning
Elias Neocleous & Co LLC News and Publications

Articles Published by Elias Neocleous & Co LLC

 Andreas Neocleous & Co LLC – Again Alone at the Head of the IFLR Ratings for Cyprus

For a fourth successive year the 2017 IFLR 1000 ratings, which were released on 14 October, place Andreas Neocleous & Co LLC in a league of our own, as the only law firm in Cyprus achieving IFLR’s prestigious Tier 1 rating. Six firms were ranked in the second tier, a further four in the third tier and five in the fourth tier.

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 Cyprus Professionals: Managing the Critical Turns Ahead

As previously announced, Andreas Neocleous & Co LLC and Academy & Finance, the leading Swiss producer of conferences and seminars in the field of finance, are again joining forces to organise a two-day conference on the challenges and opportunities for Cyprus professionals in the current turbulent economic and political environment.

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 Final Programme for the 2016 Best Legal Annual Conference for Legal Practitioners Now Confirmed

The 2016 BEST LEGAL conference will take place at the Four Seasons Hotel in Limassol from 25 to 27 September. Now in its third year, the event, which is organized by the Cyprus business magazine SUCCESSFUL BUSINESS

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 Andreas Neocleous & Co LLC included in Europe’s 100 top firms

Legal Business is the market-leading glossy monthly magazine for the UK and global legal market. Published ten times a year, the magazine reaches thousands of senior lawyers at major commercial firms across the UK and key financial centres of Europe,

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 Andreas Neocleous & Co LLC Achieves Top Ranking for Services for High Net Worth Individuals

Chambers & Partners has 25 years' experience in researching the market for legal services. It provides in-depth analysis of the legal market, identifying the leading lawyers and law firms through interviews with thousands of lawyers and their clients.

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 Cyprus – India Double Taxation Agreement “Concluded in Principle”

According to reports in the Indian media, the Cyprus foreign ministry has confirmed that the Cyprus authorities have informed their Indian counterparts that they are ready to finalise the new double taxation agreement between the two countries, having accepted in principle the Indian government’s proposed changes regarding the taxation of capital gains.

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 Amendments to the Cyprus Tax Laws to Promote Restructuring

ln December 2015 the Cyprus tax laws were amended to temporarily exempt loan restructurings from tax in order to facilitate and encourage the restructuring of non-performing loans. The amendments affect the lncome Тах Law, the Capital Gains Тах Law, the Special Defence Contribution Law, the Stamp Duty Law, the VAT Law, the Collection of Taxes Law and the Department of Lands and Surveys (Fees and Charges) Law.

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 Identification of Systemically Important Institutions among Cyprus Investment Firms

Directive 2013/36/EU on the prudential supervision of credit institutions and investment firms requires what the directive defines as “systemically important institutions”, that is, institutions of such significance that their failure or malfunction could lead to systemic risk, to maintain appropriate contingency buffers of common equity tier one capital, over and above the levels required for other, non-systemically important, institutions.

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 December 2015 Amendments to Cyprus Tax Laws

In July 2015 the Cyprus government submitted a number of draft laws to parliament to implement the new provisions of the EU Parent-Subsidiary Directive, to simplify the tax regime and make it more attractive, fair, and effective, with the aim of stimulating economic activity and attracting inward direct investment.

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 Simplification of Cross Border Payments in the Eurozone

Overview of SEPA - The Single Euro Payments Area (SEPA) is an initiative of the European banking industry to simplify all electronic payments across the euro area by credit card, debit card, bank transfer or direct debit and to make them as easy as domestic payments within one country are now.

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 New EU Stability Mechanism Treaty on Strengthening Fiscal Discipline and Convergence

EU leader Member States agreed on a new Treaty on Stability, Coordination and Convergence in the Economic and Monetary Union. The European Stability Mechanism (ESM) Treaty was signed by euro area Member States on 2 February 2012 and ratification is pending by the 17 euro area Member States. The target date of its operation is July 2012, a year earlier than expected.

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 European Commission Imposes Simplified Rules on Mergers and Divisions in Six Member States among Which Cyprus

Directive 2009/109/EC of the European Parliament and of the Council of 16 September 2009, regarding the simplification of the rules on merger and divisions, has not been yet implemented in some Member States of the EU. Cyprus is one of those Member States which failed to fulfill their obligations and commitments under the relevant Directive.

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 Exploitation of Hydrocarbon Resources in Cyprus

Geostrategic and financial interests regarding gas exploration and exploitation

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 EU Labor Law in Offshore Gas Drilling Operations

EU labor law in offshore gas-drilling operations has been recently challenged in the case of Salemink v. Raad van bestuur van het Uitvoeringsinstituut werknemersverzekeringen, in the judgment of the Court’s Grand Chamber in January, 17, 2012.

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 Regulation Proposal Regarding the Promotion of Activities for the Protection of EU Financial Interests

The protection of EU’s financial interests reflect s the basic targets and objectives of the European Union to suppress the illegal traffic of products as well as counterfeiting activities within EU Member States. Hercule I and II, as well as Pericles constitute the means and the tools with the aid of which, relevant European and national authorities will be empowered to take all the measures needed and execute the harmonized strategy of the Union.

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 New Package of Measures for EU Economic and Financial Strategy

The new package of measures adopted by the European Commission regarding the action to be followed for growth governance and stability contains four elements: the 2012 Annual Growth Survey consists of priorities for the coming year, a Green Paper on the feasibility of introducing Stability Bonds and two new Regulations to further strengthen budgetary surveillance in the Euro area. By adopting this package, the European Union focuses on the strengthening of the Eurozone governance.

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 A New Profitable EU Immigration Policy

Given the new globalization effects in modern societies and the consequences of the financial crisis, EU adopted a new approach towards immigration policy. This European policy intends to establish bilateral and multilateral agreements with EU neighbors and other countries presenting immigration flows towards the EU, in order to benefit the human capital from the countries concerned.

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 Offshore Oil Drilling, Gas Exploration and Production on Activities in the EU

Introduction - Environmentally sustainable management at an international level requires reliable information on the natural environment, as well as sharing of knowledge on the social, economic, legal and political systems. Environmental impacts of human activities on the deep sea floor are of increasing international concern.

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 The Connecting Europe Facility Regulation

The Connecting Europe Facility (CEF) Regulation and its impact on Cyprus Republic. The European Commission adopted on October 2011, a plan with a huge budgetary importance of around 50 billion euro aiming at improving EU’s transport, energy and networks.

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Finance ministers and Central Bank governors of European Union Member States debated during the last informal Economic and Financial ECOFIN Council of September 17, the current condition of the economy and the situation in sovereign bond markets. The debate on the European Union’s financial stability was also attended by representatives of European financial oversight authorities.

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 Energy Market: New Legislation on Wholesale Traders in the EU

New legislation to present abuses to the disclosure of deals. New rules were adopted September 14, 2011 by the European Parliament to prevent abuses in wholesale energy trading for the final protection of consumers. According to the legislation, wholesale trading will be monitored independently across the EU, in order to enable Member States to prevent and punish anti-competitive behaviors.

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 Public Finances and Budgetary Developments in the EU and in Cyprus

All European Union countries have been affected between 2008 and 2010 by the economic and financial crisis and after a contraction in 2009 in every EU country, except Poland, growth returned in 2010 in all but five peripheral countries. While in 2010 several countries continued to support their economies through discretionary measures, other countries had less room for maneuvers given their underlying public finance situation trying to consolidate them.

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 EU Environment Policy: Results and Next Steps

Following the implementation of the 6th Environment Action Program (EAP), which was adopted on 22 July 2002 and provided the framework of EU’S Environment legislation and extended the Natura 2000 network, the European Commission adopted on 31 August 2011 the final assessment of the 6th EAP (2002-2012).

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 Energy Development Perspectives for the Republic of Cyprus

Based on Eurostat’s researches, the Republic of Cyprus disposes a very promising feedback from the energy saving and the renewable energy schemes, as more and more people apply for the available funding.

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 Exchange of Tax Information between the Czech Republic and Bermuda

The Czech Republic has concluded another agreement on exchange of information on tax matters (TIEA). Following the signing of similar agreements with the British Virgin Islands on 13 June 2011 and the Isle of Man on 18 July 2011, the Czech Republic concluded and signed a TIEA with Bermuda on 15 August 2011.

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 EU Energy Policy and Targets - Energy Efficiency Plan

In March 2011, the European Commission adopted a plan for saving more energy through concrete measures. Energy efficiency is a key tool to strengthen Europe’s competitiveness and reduce energy dependence, as well as the level of emissions. The measures proposed aim at creating substantial benefits for businesses and public authorities.

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 EU Immigration Policy

The package of measures proposed by the European Commission aiming towards better regulated immigration flows from the southern Mediterranean region as well as the proposal to amend EU Regulation on visas consists of the new incentives of EU bodies for a fair, credible and effective EU immigration policy.

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 Exchange of Tax Information between the Czech Republic and the Isle of Man

The Isle of Man and the Czech Republic signed a Tax Information Exchange Agreement (TIEA) on 18 July to regulate and facilitate the exchange of tax information between them. The TIEA will enter into force after both parties have completed all required ratification procedures and exchanged corresponding notifications. Most of its provisions will then take effect immediately, with the remainder taking effect on the following 1 January.

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 First Approved EU Sustainability Schemes for Biofuels

On 19 July 2011, the European Commission issued a list of the first sustainable voluntary schemes for biofuels recognized directly in the 27 EU Member States. According to the Energy Commissioner, Günther Oettinger, the EU has to secure the entire biofuels production and supply with the highest sustainability standards in the world under a transparent and reliable system.

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 European Stability Mechanism (ESM)

On 17 December 2010 the European Council agreed on the need for a Eurozone area and on the establishment of a permanent stability mechanism which will intervene by providing financial assistance to the Eurozone Member States after June 2013.

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 Council’s Recommendation on National Reform Program 2011 and Stability Program 2011-2014 for Cyprus

The Council concluded on 12 July 2011 the first European Semester which has been implemented this year, for the first time, as part of a broader reform of the EU’s economic governance. Based on the European Council’s decision a recommendation has been adopted on the implementation of the Eurozone Member States’ economic policies as well as a recommendation on its National Reform Program 2011 and the Stability Program 2011-2014 for each Member State.

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 EU Budgetary Perspectives 2014-2020

The European Commission has faced the challenge of being able to fund a number of policy areas where the EU could be more effective, by acting at EU level, in preparing its proposals for the future budget of the European Union. In its proposal, based on the Europe 2020 Growth Strategy, a new funding potential can be seen attempting to ease the direct impact of the national budgets with the creation of a new Multiannual Financial Framework (MFF).

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 EU’s Smart Specialization Strategies Platform - Smart Growth in Europe 2020

In the European Commission’s Communication regarding the contribution of the regional policy in the area of smart growth in the Europe 2020 strategy, the central role of European regions in this process is primarily recognized.

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 Main results of Justice and Home Affairs Council meeting of 9 and 10 June 2011

Following the Justice and Home Affairs Council meeting of 9 and 10 June 2011, the Council discussed the political guidelines for the future work of the following issues:

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 Amendment of the Migration Policy and Visa Regulation - Cyprus

The lists of third countries whose nationals should be in possession of a visa when crossing the external borders and those whose nationals are exempt from that requirement have been amended on several occasions. When introducing or lifting a visa obligation for a third country the current procedure can take several years. It has become clear that further technical modifications to the main text of the Regulation (EC) No. 539/2001 are needed.

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 Can the Right of Free Movement Be Invoked by EU Citizens to Regularise the Residence of Their Non-EU Spouse?

Under EU law, when a national of a Member State resides legally in another Member State, his or her spouse is allowed to remain with him or her even when the spouse is not a national of an EU Member State.

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 Late Payments in Commercial Transactions - EU

During the ongoing crisis, the private and public sectors are under attack, often unable to react to the destructive power of evolution. Trade transactions are hit by uncertainty due to the ongoing liquidity constraints.

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 EU Offers Financial Support to the Russian Enterprise Sector

The Russian Federation is one of the most important partners for the European Union. A key priority for the EU is to build a strong strategic partnership with Russia based on a solid foundation of mutual respect. Moreover, Russia is the largest neighbor of the EU with a dynamic market for EU goods and services and the EU’s market, on the other hand, is by far the most important destination for Russian exports.

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 The End of Cross-border Tax Obstacles for EU Citizens?

The European Commission, in its Communication published 20 December, aims to make Member States tax systems more compatible in order to facilitate cross-border activities between citizens from neighboring States. Eventually new measures could make it easier for individuals living, working or moving abroad to confront double taxation, tax refunds reclaim, cross-border income, inheritance taxes, dividend taxes, car registration taxes and E-Commerce.

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 Euro-Mediterranean Convention on Preferential Rules of Origin

The Hungarian Presidency adopted the decision authorizing the signature for the convention on behalf of the EU on 14 April 2011 without any discussion at a meeting on the Agriculture and Fisheries Council.

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 EU Asks Cyprus Via Reasoned Opinion to Lift Restrictions on Property Purchases by EU Citizens

The European Commission called Cyprus to comply with EU rules which grant to nationals from the European Union as well as from Iceland, Norway and Liechtenstein, the right to purchase property in the Republic of Cyprus. Cyprus is still maintaining its restrictive measures and as a result EU and EEA nationals cannot exercise their right.

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 Administrative Cooperation in the Field of Taxation (Council Directive 2011/16/EU of 15 February 2011) - Cyprus

In April 2009, the European Commission issued a Communication on “Good Governance in Tax Matters” with the intention to launch a debate about concrete actions that could be taken to better promote the principles of good governance in the tax area (transparency, exchange of information and fair tax competition). The aim of the Commission to improve synergies between tax and development policies becomes concrete with the Council Directive 2011/16/EU of 15 February 2011.

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 EU Quality Policy Regarding Geographical Indications and Traditional Specialities

Since 1992, the European Union has operated three programs of product designations in order to promote and protect the names of quality agricultural products and foodstuffs. They fall into two categories: those linked to a territory and those relating to a particular production method.

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 Perspectives of the Eurozone’s Future

The presentation of a “Pact of Competitiveness” at the EU summit on 4 February by Germany and France was the plan for the Eurozone Member States to agree on a closer economic convergence in order to restore competitiveness to the euro area.

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 Cyprus - Non-registration of Registrable Charges

As a general rule, a charge created by a Cyprus company conferring security on the company’s property or undertaking constitutes a charge registrable under Section 90 of the Companies Law CAP 113.

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 Recent Developments in Russian Clearing and Netting Legislation

Federal law 7-FZ “On clearing and clearing activity” dated 7 February 2011 and Federal law 8-FZ “On implementation of amendments to certain Russian laws in compliance with the Federal law “On clearing and clearing activity” dated 7 February 2011 (“the new clearing legislation”) have been adopted by the State Duma, approved by the Federal Council, signed by the President and officially published. They will enter into force on 1 January 2012.

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 Further Suspension of Limitation Periods

Limitation periods in Cyprus are set out in the Limitation of Actions Law (Cap 15), which dates back to the time when Cyprus was a British colony. The Limitations Law was suspended in 1964 following intercommunal disturbances and it has effectively remained suspended ever since.

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 Notifications under the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 Cyprus

The Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (the Tonnage Tax Law) left certain issues of detail to be determined by the Cyprus Department of Merchant Shipping ("DMS"). The DMS has now issued Notifications setting out requirements for qualifying ship managers and prescribing the arrangements for calculation and payment of tax by owners and charterers of foreign ships and ship managers. A summary of their main provisions is given below.

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 The New Double Tax Agreement between Cyprus and Russia Moves Closer to Ratification

Following the visit of Russian President Medvedev to Cyprus and the signing of the Protocol to the double taxation agreement on behalf of the governments of both countries, it was expected that the amended treaty would be ratified by the Parliaments of the two countries before the end of 2010 and would become effective from 1 January 2011. This timetable was not realised and, assuming the amended treaty is ratified during 2011, it will take effect on 1 January 2012.

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 Revision of the Czech Republic Civil Code

In the Czech Republic, work is nearing completion on the revision of one of the most fundamental laws, namely the Civil Code.

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 The Cyprus-Russia Double Taxation Agreement

Circulars issued by the Russian tax authorities in 2010 clarify their interpretation of certain aspects of the existing Cyprus-Russia double taxation agreement, specifically the presence required to give rise to a permanent establishment, the deeming of excessive interest as dividends and the treatment of the proceeds of liquidation of a Cyprus company in the hands of Russian taxpayers.

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 The Law Applicable to Contractual Obligations (Rome I Regulation) Concluded by Cyprus Companies

A summary and practical guidance on its impact on contractual obligations concluded by Cyprus companies.

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 European Private Company or Societas Privata Europaea - Cyprus

Thoughts on the question whether the born-to-be European private company could potentially compete with a private limited liability company under Cyprus law.

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E-justice, the use of Internet technology in handling various administrative procedures before, during and after the administration of justice, provides a host of possibilities throughout the legal process, from lobbying through to the provision of remote authoritative legal information and certificates. It is seen by many as the key to streamlining and expediting justice.

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 Implementation of the European Semester

After the publication of the Annual Growth Survey (AGS) by the European Commission, the Hungarian Presidency undertook to implement the first ever "European Semester" a six-month period of each year in which member states' budgetary and structural policies are reviewed to identify any inconsistencies and emerging imbalances, so as to facilitate coordination before major budgetary decisions are finalized.

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 European Public E-Procurement

On 18 October 2010 the European Commission launched a consultation on electronic procurement in the public sector. In the now standard form of the Green Paper, consultation will seek to gather the views of stakeholders on how the EU can help Member States to accelerate and facilitate the procedures for issuing public tenders.

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 EU Launches Financial Supervisory Bodies

Following the approval by the European Parliament of a reforms package on European financial supervision, the Council has adopted the legal texts establishing the European Systemic Risk Board and three new supervisory authorities, aimed at eliminating deficiencies in the banking sector, the stock markets and the insurance market.

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 Cyprus Competition Commission Rejects Complaint against Exxon Mobil Cyprus Limited and Lukoil Cyprus Limited

The Cyprus Competition Commission has issued its decision 4/2010 in the complaint of I &A Mylonas Limited, a petrol station operator, against Exxon Mobil Cyprus Limited and Lukoil Cyprus Limited concerning their refusal to supply petroleum products in alleged contravention of 6(2) of the Competition Law.

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 Cyprus- Kuwait Double Taxation Agreement

Details of the new double tax treaty between Cyprus and Kuwait have now been made public. The new treaty, signed on 5 October 2010, will take effect when it has been ratified by both countries. Until then the existing treaty, which dates back to 1984, will continue in effect.

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 Cyprus-Denmark Double Taxation Agreement

Details of the new double tax treaty between Cyprus and Denmark have now been released. The new treaty, signed on 11 October 2010, will take effect when it has been ratified by both countries. Until then the existing treaty, which dates back to 1981, will continue in effect.

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 Cyprus-Slovenia Double Taxation Agreement

Following its emergence as an independent state, Slovenia adopted the double taxation agreement dated 29 June 1985 between the former Yugoslavia and Cyprus. A new double taxation agreement has now been agreed between Cyprus and Slovenia. It was signed on 12 October 2010 and will take effect when it has been formally ratified by both countries. Until then the existing 1985 treaty will continue in effect.

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 Shipping - Updated List of Countries Whose Certificates of Competency Are Recognized by Cyprus

The Cyprus Department of Merchant Shipping has published an updated list of countries whose certificates of seamen’s competency are recognized by Cyprus.

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 First Notifications under the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 - Cyprus

The Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (the Tonnage Tax Law) left certain issues of detail to be determined by the Cyprus Department of Merchant Shipping. The Department has now issued Notifications setting out the arrangements for payment of tonnage tax by owners of ships on the Cyprus Register, the definition of Community ship for the purposes of the Tonnage Tax Law and the towage and dredging activities which qualify for taxation under the tonnage tax regime.

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 Recent EU Legislation Regarding Undertakings for Collective Investments in Transferable Securities

The European Commission has recently published a number of new Regulations and Directives regarding UCITS.

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 Credit Rating Agencies - Implementation of Regulation (EC) No 1060/2009 - Cyprus

The Cyprus Securities and Exchange Commission (“CYSEC”) has recently issued a circular drawing the attention of persons operating credit rating agencies (“CRAs”) in Cyprus to Regulation (EC) No 1060/2009 of the European Parliament and of the Council, which puts in place a common regulatory regime for the publication of credit ratings.

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 Cyprus Removed from All Italian Tax ‘Blacklists’

The additional protocol to the Cyprus – Italy agreement on the avoidance of double taxation, which was signed on 28 May 2009, has now been ratified by both countries and has come into effect. The additional protocol provides for the exchange of bank and other information based on the OECD Model Tax Convention.

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 Amendment of the Assessment and Collection of Taxes Law in Cyprus

This article reports on the amendment of the Assessment and Collection of Taxes Law to incorporate the exchange of information provisions of Article 26 of the OECD Model Tax Convention of 2005 in double taxation agreements which have been concluded between Cyprus and other jurisdictions.

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Videos Provided by Elias Neocleous & Co LLC

The Cyprus International Trust

In this video, Philippos Aristotelous, a Partner in our firm’s corporate department who deals extensively with trusts and private wealth planning, shares a few thoughts and insights on some of the important features and characteristics of the modern Cyprus international trust.

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