Laws introduced pursuant to the MOU agreed between Troika and the Cyprus government for strengthening the public finances.
Towards the end of the year, the Cyprus parliament voted a number of legislative actions introducing new and amending existing laws in order to strengthen public finances and reduce administrative burden. The laws while forming the basis for more stability in the financial sector retain the full benefits that Cyprus offers as an international business center. We present and analyze below some of the most relevant amendments made:
The Cyprus International Trusts Law of 1992 (the “Law”) has finally been amended by the Cyprus International Trusts (Amending) Law of 2012 (hereinafter the “Amended Law”). The recent amendments to the Law aim to strengthen the position of Cyprus as one of the most attractive trust jurisdictions by providing a flexible, secure and modern legal and taxation framework.
We are pleased to present below an overview of amendments made in 2011 to the Cyprus Companies’ Act (“the Law”) by the House of Representatives. The amendments made aimed at, among others, simplifying and modernizing certain formal procedures, reducing administrative burdens on companies, providing more flexibility in certain areas and increasing the revenues of the Cyprus government.
The Legal and Regulatory Framework
The oil and gas developments in Cyprus' offshore fields have given rise to significant interest in the Cyprus energy sector.