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LEGAL UPDATES
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30.12.2016
Postponement of the provisions of the Protocol amending Article 13 “Capital Gains” of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation
Taxation Law
On 29 December 2016, the Cypriot Ministry of Finance issued a press release announcing that an agreement has been reached between the Russian and Cypriot Tax Authorities for postponing the application of the Protocol that amends Article 13 of the Agreement between the Government of the Republic of Cyprus and the Government of the Russian Federation for the Avoidance of Double Taxation, with respect to taxes on income and on capital, which was signed on 7 October 2010. read more
21.11.2016
Cyprus and India sign revised Double Tax Treaty agreement
Taxation Law
On 18 November, 2016 Cyprus and India signed a new Treaty for Avoidance of Double Taxation (Treaty), which will replace the existing treaty signed by two countries in June 1994. The treaty was signed by Ravi Bangar, High Commissioner of India to Cyprus, and Harris Georgiades, Minister of Finance, Cyprus.
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15.11.2016
Protected Designation of Origin, Protected Geographical Indication, Traditional Specialities Guaranteed
Intellectual Property Law
Since 1992 the European Union has taken major steps in promoting and protecting the names of quality agricultural products and foodstuffs. It has launched two programmes in order to aid those objectives.  These are the Protected Designation of Origin (PDO) products, which requires that the product has qualities or characteristics which are determined by the region of production as well as the mode of production, processing and preparation exclusively in the specific region, and the Protected Geographical Indication (PGI), which covers agricultural products and foodstuffs closely linked to a specific geographical area, in which again the product can be produced, processed or prepared. read more
15.09.2016
Revised criteria for obtaining the Cypriot citizenship by investment
Corporate and Commercial Law, Employment and Immigration Law
The Cyprus Government, through the Ministry of Interior, has approved revised criteria for granting the Cypriot citizenship by investment, in an effort to further promote foreign direct investments in Cyprus. The Cyprus citizenship program, by way of investment, is now easier to achieve, as the required investment has been reduced from EUR 5 million if applied individually (or  EUR 2.5 million if going through a collective investment scheme), down to  EUR 2 million for all applicants. read more
14.04.2016
New Insurance Law transposes Solvency II Directive
Corporate and Commercial Law
The Cyprus Parliament has approved a new law and regulations on Insurance Services (“The Insurance and Reinsurance Services and Other Related Issues Law of 2016” and “The Insurance and Reinsurance Services and Other Related Issues Regulations of 2016”). The new legislation repeals and replaces the existing legislation of 2002, in line with the EU Directive 2009/138 (“Solvency II” Directive) as amended by Directive 2014/51/EU (“Omnibus II”) on the taking-up and pursuit of the business of insurance and reinsurance.
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