News

20 Jan

Posted at 07:00h in News by

A recent decision by the Court of Appeal in Cyprus has reshaped the real estate landscape, particularly for buyers of properties with existing mortgages. The ruling highlights challenges faced by ‘trapped buyers’ and raises questions about the effectiveness of current laws. Background On June 20, the Court...

13 Jan

Posted at 07:00h in News by

Cyprus has introduced a legal ban on cash transactions exceeding €10,000, aligning its framework with EU anti-money laundering (AML) and counter-terrorist financing (CTF) standards. This measure enhances financial transparency and demonstrates Cyprus’ commitment to combating illicit financial activities. Key Details of the Ban Scope: Applies to transactions...

09 Jan

Posted at 07:00h in News by

On 6 December 2024, Cyprus amended its Prevention and Suppression of Money Laundering Activities Law (AML Law), introducing significant changes to the regulation and enforcement of Ultimate Beneficial Ownership (UBO) data. These reforms aim to simplify compliance, reduce administrative burdens, and enhance oversight.Key Changes Adjusted...

19 Mar

Posted at 07:00h in News by

On 21st February 2024, the President of the Republic of Cyprus made a groundbreaking announcement, revealing the Council of Ministers' decision to eliminate the annual levy requirement of EUR 350.00 which previously obligated all companies registered in Cyprus to pay this fee to the Registrar...