Archive for June, 2015

THE CYPRUS INTERNATIONAL TRUST AND THE PANAMANIAN FOUNDATION: EACH AN ADVANTAGEOUS MODEL AND TOGETHER AN UNRIVALLED STRUCTURE

  • Both the Cyprus International Trust as well as the Panamanian Foundation offer flexibility and confidentiality regarding the settlor and founder, respectively as well as the beneficiaries and successors, respectively.
  • Solely and collectively, these two models are widely used by Very High Net Worth Individuals and Ultra High Net Worth Individuals for purposes of their personal wealth management and inheritance planning.
  • Both models when used together achieve the highest level of confidentiality and personal wealth management.
  • A proposal is provided on how these two models may be adopted as well as the practical steps that should be considered when using such structure.

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Members of our Firm have successfully been licensed as Insolvency Practitioners.

The Insolvency Practitioners Law, 64(I) of 2015 was published in the official gazette on 7 May 2015.

Among few other changes one significant amendment relates to the approval/appointment of Insolvency Practitioners.

As per the new legislation one can be appointed as a Liquidator, only if that individual is a certified Insolvency Practitioners. The conditions on becoming a certified Insolvency Practitioner are clearly stated in the Law.

In summary the following requirements have to be met:

  • a university degree or equivalent qualification;
  • at least three years’ experience as a lawyer, chartered accountant, actuary, officer or examiner in the government insolvency service, or equivalent experience in the financial sector;
  • recent practical experience of insolvency work (600 hours or ten cases within the two years preceding the application);
  • success in an examination of professional competence recognised for the purpose of the law;
  •  adequate professional indemnity insurance.

In order to be able to continue with our work and serve our clients in the related field, members of our Firm have now been fully licensed by the Cyprus Bar Association.

For any assistance in this filed of law please contact:

Phivos Zomenis

Christodoulos Clerides

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The Chartering Business in Cyprus

Taxes can be a major burden in the chartering business.

With the introduction of the Tonnage Tax System in 2010, the Cyprus Ship Registry noted an increase of 300% in the number of Chartering companies registered under the Tonnage Tax system in a span of 4 years.
The reasons for such tremendous increase are obvious:

  • Great Financial Incentives: as the Companies are solely taxed on the tonnage of their fleet and not on their profits;
  •  The clarity and simplicity of the law as well as the efficiency of the Department of Merchant Shipping ensure that almost all applications are examined within one month and
    the overall application and examination procedure is very clear without any element of surprise or unpredictability;
  • The system applies to mixed fleet situations (not solely to Cypriot fleet or EU fleet);

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