Insights
Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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GDPR & Data Protection
Judgment in Case C-362/14 Maximillian Schrems v Data Protection Commissioner Luxembourg, 6 October 2015 The Court of Justice declares that the Commission’s US Safe Harbour Decision is invalid Whilst the Court of Justice alone has jurisdiction to declare an EU act invalid, where a claim is lodged with the national supervisory authorities they may, even… Read More
Banking & Finance
On the 14th of April 2014 I wrote an article about loans in foreign currency and the rights of borrowers. The link to that article is here. The article dealt with the Opinion delivered by Advocate General Wahl, in Case C-26/13, Árpád Kásler and Hajnalka Káslerné Rábai v OTP Jelzálogbank Zrt, before the Court of… Read More
The question often arises: How can a Cypriot citizen enforce rights stemming from European Union law in Cyprus? There are a number of ways that EU law can be invoked in the national legal system. One answer to the above question is the application for a preliminary ruling before the Court of Justice of the… Read More
Banking & Finance
In an interview to journalist Christodoulos Christodoulou (CYBC 2, Biz-Εμείς, 09/05/2014), Christophoros Christophi explains the rights of consumers that made loans from commercial banks in view of the haircut and the economic crisis and the inability of thousands of borrowers to repay their loans. Specifically he makes reference to the rights of borrowers to ask restructuring… Read More
Tax Law
Following the ratification of the new treaty by the Government of Cyprus on the 22nd of March 2013, the Ukrainian parliament has proceeded with the ratification the new double tax treaty between Cyprus and Ukraine on the 4th of July 2013. The new treaty was put into effect as from the 19th of August 2013…. Read More
Tax Law
With effect from 1 January 2013 the corporate tax rate has been increased from 10% to 12,5%. Transfer and carry forward of tax losses by credit institutions With effect from 25 March 2013, in the event of a transfer of operations, assets, rights or obligations from one credit institution to another under the Credit Institutions Resolution Law, any… Read More
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