#mpc

NEWS & LEGAL UPDATES

MPC awarded NOMAD status

MARILOU PAVLOU CHRISTODOULIDES LLC has now been approved as a Nominated Advisor (NOMAD) in listing companies in the Emerging Companies Market of Cyprus Stock Exchange. We are proud to announce that we are officially authorised to act and assist as a Nominated Adviser (a “NOMAD”) to companies that wish to be listed and traded in the Emerging Companies Market (the “ECM”) of the Cyprus Stock Exchange (the “CSE”). The ECM benefits from a simplified regulatory regime specifically

Brexit Update: Residence Rights of the UK Nationals

In light of the fast approaching deadline for the legal exit of Britain from the European Union, awe outline below key concerns for expatriates in Cyprus as well as what you can do to prepare for Brexit. Leaving the European Union will affect most UK nationals to varying degrees, but those living in or owning property in Cyprus will have specific concerns about their future. The Ministry of Interior of the Republic of Cyprus has issued a document underlying they ways that t

Revised Definition of “Shell Companies” by Central Bank

On the 2nd of November 2018, the Central Bank of Cyprus (the “CBC”) issued a circular with the purpose of clarifying the definition of “Shell Companies” and how the service providers and banks should classify them. The revised definition aims to offer clarity and certainty as to the legal requirements underpinning the shell companies. As per CBC circular, the term “shell company/entity” refers to a limited liability Company or any other legal entity that: Has no physical pres

THE NEW “CYPRUS INVESTMENT PROGRAMME”

On June 15th, 2018, and based on the decision numbered 81.292 and 84.068 dated 13/09/2016 and 09/01/2018, the following amendments to the scheme have been decided and approved by the Council of Ministers: The program of Cyprus Citizenship by Investment programme will be renamed to “Cyprus Investment Programme”; All applications for the Cyprus Investment Programme should be submitted on behalf of the applicant(s) by natural/legal persons whose name is included in the registry

10 THINGS TO DO NOW TO PREPARE FOR THE GDPR

The General Data Protection Regulation (GDPR) comes into force on 25 May 2018. Below we list some useful facts about its most important terms, how it might affect you and how to start preparing. 1. Analyse what personal data you use Consider what data processing you undertake? Do you rely on data subject consent or can you show that you have a legitimate interest in processing that data? 2. Prepare for data security breaches Put in place clear policies and procedures to enab

European Union Fourth Anti-Money Laundering Directive

The European Union Fourth Anti-Money Laundering Directive (the “New AML Directive”), enacted on 25 June 2016 which was due to be implemented on 26 June 2017, replaces the previous Third Directive. It is yet to be enacted into local legislation yet but when the national law is transposed its effects will be wide reaching. Below we examine the main provisions and its potential effects for certain sectors:- The main provisions of the New AML Directive are the following: Extensio

The “60-day” Rule- A New Concept of Tax Residency in Cyprus

On 14th July 2017 the Cyprus parliament voted for a Cyprus tax law amendment namely the “60 day rule” which will co-exist with the already established “183-day rule”. The “60 day rule” is a further effort of the Cypriot government to attract foreign investment to Cyprus and bolster Cyprus’ reputation as a European financial hub. Under the “183 day rule”, an individual who spends at least 183 days a year in Cyprus is considered a Cyprus tax resident. The “60 day rule” aims to

New trading relationship: Double Tax Treaty between Luxembourg and Cyprus

On the 8th May 2018, the finance ministers of Luxembourg and Cyprus signed the Double Taxation Avoidance Agreement between the two countries. The new Agreement is expected to come into force as from 01/01/2018 with the aim to strengthen and expand the commercial ties between the two Member States. The Agreement echoes all the required international standards as provided by the Base Erosion and Profit Shifting (“BEP”) recommendations in respect of the exchange of information,

Cysec issues guidance to Cyprus Investment Firms when providing information to clients regarding the

In preparation for the entry into force on 3 January 2018 of the European Securities and Markets Authority’s guidelines for the assessment of knowledge and competence, set out in its publication ESMA/2015/1886 dated 17 December 2015, the Cyprus Securities and Exchange Commission (CySEC) has published circular C-181 assisting Cyprus Investment Firm (“CIFs”) to meet their obligation to act in the best interests of their client when providing information n concerning the service

Amendments to Companies Law Cap 113: Article 142

Introduction Law 97(Ι) of 2016, which was published in the official gazette on 23 September 2016, amends the Companies Law Cap 113 in order to comply with the EU Accounting Directive (2013/34/EU) and also results in amendments to the Auditors and Statutory Audits of Annual and Consolidated Accounts Laws of 2009 and 2013 regarding the new management report. One of the most substantial changes is the abolition of the exemption from producing consolidated financial statements th