The European Commission, with a view to further safeguard and protect European citizens’ privacy and personal data in relation to transactions that take place within the European Union (“EU”), has adopted on the 27 April 2016 the General Data Protection Regulation (“GDPR”). The GDPR is expected to take effect from 25 May 2018 and will become directly applicable to all EU Member States, thus replacing the Data Protection Directive of 1995 (Directive 95/46/EC) and becoming binding and directly enforceable in all member states. The purpose of the present publication is to briefly present an overview on the key changes that the new GPRD is about to bring and describe the most significant rights the GDPR provides to EU citizens and the corresponding obligations to organizations which control or process personal data.
Up until recently, in order for a person to qualify as a Cyprus tax resident, he had to spend at least 183 days of the calendar year in Cyprus. This is no longer the case as the parliament passed a bill on the 14th of July, 2017 pursuant to which any person that remains in Cyprus for at least 60 days during the tax year can qualify as a Cyprus tax resident provided that certain conditions and criteria are met.Learn More
It is no understatement that negotiation is a skill and an art form especially for the multi-issue level negotiation required in the context of commercial agreements. Effective negotiation can be the difference between a great deal and very bad one. Below is a handful of negotiation techniques that, when properly applied, can facilitate a better negotiated outcome, both in the context of commercial agreement but also in every day negotiations.Learn More
While starup founders are consumed by passion for their idea and matters of operation they often neglect to adequately manage the affairs between them which inevitably brings them substantial hardship when it really matters. With Cyprus’ new tax incentives to support new and innovative businesses, announcements for “visa starups” and “spinoff universities” and the establishment of startup incubators by respectable organisations in the island, it could be said that Cyprus is making its way into becoming an entrpreneurial startup hub, to benefit local and foreign enterpreuneurs but also to attract venture capital and other investors. It is thus quite relevant to address the topic of the importance of shareholders’ agreements in connection with Cyprus companies under which such startups customarily operate.Learn More
One of the primary concerns of any rental property owner is non-paying or otherwise defaulting tenants. You can have the perfect tenancy agreement with ironclad provisions for protection in case of default but enforcement is a different story. It can take years to enforce, if at all, especially considering lengthy court proceedings and protections afforded by rent control laws in Cyprus, often exploited by defaulting tenants in bad faith. Below are some practical and effective practices for protection:Learn More
Whether you are an entrepreneur with an innovative product or service or a traditional business keeping up with current trends it is no understatement that the website is one of the most vital components of today’s business, perhaps even more that the store or the office. Having the right terms and conditions might not seem as the first priority, but it is an essential element to safeguard your interests, protect yourself from liability and generally set the rules of use, thus indicating your professionalism and credibility. Irrespective of your website’s purpose, whether that be marketing, informational, social networking, subscription based service or an e-store, the following are some essential elements that should be incorporated in the terms & conditions:Learn More
On the 14th of September, the Cabinet approved new criteria for the naturalization by exception programme which grants fast track Cyprus citizenship to individuals investing in Cyprus. The revised criteria, inter alia, now introduce a requirement for an individual investment of €2 million provided that the investor owns a residence of at least € 500.000 and abolish the collective investment of €12 millionLearn More
A Cyprus Alternative Investment Fund (“AIF”), established, regulated and licensed in accordance with the Alternative Investment Funds Law 131(I)/2014, as amended, may well be an ideal structure through which to set up a Cyprus real estate fund whose investment portfolio will be comprised by rental properties and whose units will be offered predominantly to foreign real estate investors.Learn More