FAQ

Companies

Company registration procedure

The registration procedure is quick and simple.

In order to register a company the client will have to provide to our law firm the following information:

A)Company name

B)The company’s purpose

C)The company’s capital

D)The company’s shareholders, the total number of shares and their nominal value

E)The company’s directors and secretary

F)The intended address of the company’s registered office

Must the Registered Office be in Cyprus?

Yes the registered office must be located in Cyprus. Our law firm provides its premises to be used as the registered office of companies.

Company registration costs

The costs of registration depend mainly on the relevant company’s capital.

Corporate tax regime

The corporate tax regime in Cyprus is 12.5%

Taxation of foreign pensions

A foreign pension (a pension distributed from abroad for a job that was exercised abroad) is taxed in Cyprus at a the flat rate of 5%. Irrespectively of the amount of the pension, the first €3.420 are tax free.

Naturalization of foreign investors

Our law firm submits applications for the Naturalization of foreign investors in Cyprus by exception if the client satisfies the following criteria:

  1. Clean Criminal Record
  2. Residence in Cyprus, the purchase of which must be at least €500.000, plus V.A.T.
  3. Investment of at least €2,0 million:
    A) In real estate, land and development and infrastructure projects, or
    B) Purchase or creation or participation in Cypriot businesses or companies, or
    C) In investment firms registered in Cyprus and authorized by the Cyprus Securities and Exchange Commission (CySec), or
    D) Combination of the above criteria and the has the option o invest in government bonds up to €500.000
  4. The investor’s parents can obtain a Cypriot passport with the purchase of another residence of at least €500.000

Immigration Permit to applicants who are third country nationals and invest in Cyprus

Our law firm submits applications for the issue of an Immigration Permit to applicants from third country if they satisfy the following criteria:

  1. Deposits in Cypriot banks of at least €30.000, which will pledged for a period of at least three years
  2. The applicant, together with his spouse, should prove that they have at their disposal a secure annual income of at least 30.000, which should increase by €5.000 for every dependent person
  3. Title deeds or a contract of sale of a dwelling or other building of a total market value of at least €300.000

Accidents

I had a road traffic accident, do I have a case?

In regards to a road traffic accident where the driver and the passengers of the car had injuries the calculation of compensation depends on the seriousness of the relevant injuries and the breach of duty of care from the driver that caused the accident.

I was a passenger in a car and I had road traffic accident where my driver was responsible for it, do I have a case?

The passenger and/or passengers of a car can be covered by the insurance company even if their driver was responsible for the accident.

To who do I raise the claim when I have a road traffic accident?

The driver and the passengers of the car can raise legal actions for compensation against the insurance company of the other driver’s car who caused the accident.

If I had an accident where the other car was not insured, how can my claim be covered?

In such situation your claim will be covered from the MIF (Μοtor Insurers’ Fund) according to the responsibility of the engaged drivers.

When is the latest date that I can raise a claim if I had a road traffic accident?

The claim must be raised within three years from the date that the accident occurred.

Personal Cases

Can a case be settled without a court decision (out of court settlement)?

In road traffic accident cases and in other situations an out of court settlement is possible but only if it is in the best interests of the client. In addition, an out of court settlement is quicker than court proceedings.

How long does it take for a case to end through court proceedings?

Cases that go through court proceedings and until trial for the final decision take a lot of time. However, it is possible for a claim that is allocated for court proceedings to be settled in another stage of the proceedings and before trial, and so the client will have a quicker settlement of his case.

If I receive an indictment for a criminal case (e.g. driving intoxicated etc) and I do not appear at court the date that I have to, what are the consequences?

Indictments for traffic illegalities come with the note of number 9 and 10.

Indictments with number 9 set your appearance at court mandatory. If you do not appear at court then an arrest order will be issued against you.

In regards to indictments with number 10 your appearance at court is not mandatory.

Divorce Procedure

In order to begin the issue of a divorce our client must submit to our law firm his marriage certificate.

After that a notification letter will be send to the bishop and three months after the notification a divorce application will be submitted.

If the husband or wife does not raise an objection to the divorce application the divorce will then be issued within one month.

In regards to a civil marriage, a notification letter to the bishop is not necessary and so the divorce can be issued within one month.

If the police uses more power than necessary against me, where can I make my complain?

If you have a complain against the police’s behavior or use of unnecessary power you can submit your complain at the Independent Authority for the Investigation of Allegations and Complaints Against the Police which will investigate the matter.

You can submit your complain through the following website:

http://www.iaiacap.gov.cy/iaiacap/iaiacap.nsf/DMLcomplainform_gr?OpenForm

 

Mr. Evagoras Anastasiou has been a member of this Authority since 2008.