New legislation for trapped property buyers

On September 4, 2015, the Transfer and Mortgaging of Real Estate (Amendment) Law, Ν. 139(1)/2015 came into force (the “Law”). The Law is designed to protect those buyers who paid for the property they bought but did not receive a title deed due to the...

Russian De-offshorization Rules and possible actions to be taken

IntroductionThe de-offshorization law came into force on January 01, 2015. What the law says (in summary)1) Disclosure of foreign assets The Law provides for two types of disclosure notices:A) ASSET NOTICE: notification of an interest in any foreign organization if...

Tax confidentiality versus exchange of tax information

IntroductionThe number of exchange of information agreements has increased dramatically in recent years. It is commonly accepted that the need of the governments to have effective tax administrations (i.e., that their taxpayers pay the right amount of tax in their...

Late payments in commercial transactions

The worsening of the economic crisis has determined in many European countries an increase of late payments in commercial transactions. Cyprus makes no exception to this trend. Specific directives have been adopted at European level in order to combat late payments....

Legal Professional Privilege in Cyprus

A taxpayer’s right of privacy and the Legal Professional Privilege (LLP) in Cyprus In Cyprus, according to the Advocates’ Law (Cap. 2) and the Advocates Code of Conduct Regulations of 2002 (the Regulations), the legal professional privilege is recognised as a...