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Obtaining the Cypriot Citizenship by investing- Decision of the Cypriot Council of Ministers dated 13.09.2016

As part of the Cypriot Government’s continuous effort to maintain Cyprus’ reputation as a global financial centre, the Cyprus’ Council of Ministers issued a Decision on 15/04/13 whereby it was resolved that the Cyprus Government may grant the Cypriot Citizenship to foreign business persons and inves…


Re-Domicilation of companies to Cyprus

Cyprus Company Law permits the so called “re-domiciliation” process allowing a company to transfer its “seat” of incorporation into or out of Cyprus (Companies (Amendment) Law of 2006, Law No. 124(I)/2006). Foreign companies that choose to transfer their domicile to Cyprus are able to do so without winding…


Taking of Security over Shares in a Cyprus Limited Liability Company

Introduction The taking of security over shares in a Cyprus limited liability company (the “Company”) is governed by the Cyprus Company Act, Cap 113 (“Cap 113”) and the Cyprus Contract Law, CAP 149. The taking of such security over the shares in a Company (the “Pledged Shares”) is usually in the form of a p…


The liability of the directors and the ultra vires principle under Cyprus Law

General The general principle under Cyprus Law is that any act beyond the company’s legitimate powers (as these are provided in the Memorandum and Articles) is ultra vires and void ab inition. But if a transaction is entered into by a director which is beyond his powers (i.e. ultra vires) but w…


Implementation of the Directive 2007/36/EC

In July this year Cyprus has taken action to implement the Directive 2007/36/EC of the European Parliament by transporting it into the Cyprus Company Law, Cap 113, by virtue of the Amendment Law N.60(I)/2010. The new provisions in the law have introduced new rights for the shareholders of publicly…


Establishment of a branch in Cyprus

A company incorporated outside Cyprus may establish a branch or representative office in Cyprus provided that within one month from the date of such establishment it registers itself as an overseas company with the Cyprus Company Registrar. This does not amount to the creation of a new legal entity…


Cyprus – How can confidentiality on personal data of shareholders be safeguarded?

Under Cyprus Law, every company, limited by shares must have at least one shareholder. Even though the Cyprus legislation does not permit for bearer shares to be issued it is possible to obtain absolute secrecy of the identity of the shareholders though nominee or fiduciary arrangements. In such an…


Corporate Seal

It has been a long established rule that a Cyprus company must have a corporate seal which must be kept at the registered office of the company under the custody of the company secretary as shall be directed by the Board of Directors. Even though there is no specific provision in the Cyprus Company…


Amendments in the Cyprus Company Law - Share Registers

As we have noted in previous Newsletters the Cyprus Company Law, Cap 113, has undergone certain further important changes in July 2009. One of these is the deletion and replacement altogether of sections 114 to 117 which contained anachronistic provisions on the maintenance of corporate share…


Which type of legal entity to choose in Cyprus?

Introduction Over the last years Cyprus has introduced considerably changes in its Company Law (Cap 113) and its relevant regulations rendering the island an attractive jurisdiction for many international businesses to conduct their activities via various types of Cyprus legal entities. At present…