Lawyers, Just Different
Being located at the heart of the Mediterranean Sea, blessed with unparalleled natural beauty and endless sunshine throughout the year, Cyprus has been renowned as an ideal location for building not only a holiday residence but a home for your family as well.
Almost three years have past since the General Data Protection Regulation (EU) 2016/679 (the “GDPR”) has entered into force. The GDPR is a European Union law that was implemented in May 2018, replacing the 1995 Data Protection Directive. It is essentially the bedrock of data protection and personal privacy rights and its main goal is the facilitation of a standardized legal framework that regulates and harmonizes the way personal data is safeguarded and upheld by organizations across the European Union (the “EU”).
On the 30th of December 2020, the United Kingdom (“UK”) and the European Union (“EU”) entered into the highly anticipated Trade and Cooperation Agreement, thus, bringing an end to a lengthy period of negotiation which was initiated back in March 2020. As of January 1st, 2021, the UK has lost the privileges it enjoyed as an EU Member State and its rights and obligations are now governed by the provisions of the Trade and Cooperation Agreement (the “Agreement”).
With 582 votes in favour, the Members of the European Parliament have approved and adopted the rules governing Europe’s renowned Recovery and Resilience Facility (the “RRF”). The RRF forms part of the €750 billion Next Generation EU recovery plan and has been dubbed as a key tool in curbing the pandemic’s devastating consequences.
As part in a chain of reforms proposed by the European Commission, in 2015 the European Union (the “EU”) adopted a modernised regulatory framework encompassing the Fourth Anti-Money Laundering Directive 2015/849 (the “AMLD IV”). The AMLD IV is a milestone in the Commission’s Action Plan to remedy the undoubtable shortcomings of Europe’s anti-money laundering framework evident by several money laundering cases and terrorist attacks.
In an effort to improve the competitiveness of Cyprus’s tax regime and attract foreign capital, in 2015 the Cypriot Government introduced the concept of “Non-Domiciled”. The concept was proposed through the amendment of the Special Contribution for the Defence of the Republic of Cyprus Law N.117(I) of 2002, as amended from time to time (the “SDC Law”).
The purpose of this memo is to set out the legal requirements for and the benefits to be obtained from, registering a private aircraft in Cyprus...