Archive for January, 2017

We are proud to announce that Finance Monthly has selected us as the winner of the category Credit Services as Law Firm of the Year for Cyprus

We are proud to announce that Christodoulos G. Vassiliades & Co LLC has been awarded winner of  the category Credit Services as Law Firm of the Year – Cyprus by Finance Monthly Law Magazine.

Finance Monthly connects Law Firms and Legal Professionals from all over the world to celebrate their success. The annual awards honour both firms and individuals for innovation in their specific fields. Finance Monthly’s research process involves months of gaining company feedback and analysing nominations. The final result is a multi-platform awards programme that showcases the winners to an international audience.

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Our firm has a comprehensive range of experience in Credit Services, including Domestic and International transactions.

We advise financial institutions on legal and regulatory matters, on loans and security transactions and on banking transactions. Additionally, we give our legal opinions to commercial lenders, national and international banks and borrowers, including matters regarding a company’s stranding and assistance in refinancing of company debt

2017 is proving to be a successful year for our firm and we are certain we will continue to thrive and grow throughout the coming months.

We pride ourselves in providing excellent services to all of our clients and appreciate when our efforts are recognised.

IMO welcomes entry into force of financial security for seafarers

On the 18th January 2017 the new obligations under the Maritime Labour Convention (MLC 2006), which require shipowners to have compulsory insurance to cover abandonment of seafarers and claims for death or long-term disability of seafarers, were entered into force. The new obligations were welcomed by the IMO Secretary-General Kitack Lim who provided that the 2014 amendments to the MLC will provide a better protection for seafarers and their families and ensure better working conditions. Moreover, these amendments have been pronounced as the fruit of successful collaboration between IMO and International Labour Organization (ILO). Mr Lim also highlighted the importance of seafarers in shipping industry as seafarers make global trade possible and it is vital that we all work together to ensure their rights are protected.

The 2014 amendments to the MLC 2006, which comes under the auspices of the, are based on guidelines which were developed by a joint IMO/ILO working group, which reported to both IMO’s Legal Committee and ILO’s governing bodies.

Accordingly, the 2014 amendments to the MLC 2006 specify that a certificate or other documentary evidence of financial security has to be issued by the financial security provider of the shipowner and the said certificate has to be carried on board the ship.

Requirements for ships and obligations of shipowners in respect of the application of Regulation (EU) No 1257/2013 on ship recycling

A new Circular No. 02/2017 was published by the Department of Merchant Shipping (DMS) on the 17th of January 2017 with regards to the Requirements for ships and obligations of shipowners in respect of the application of Regulation (EU) No 1257/2013 on ship recycling, making reference to the list of the 18 ship recycling facilities,[1] established on 19th December 2016, which are located in EU Member States.

It is noted that Ships destined for recycling, shall as far as practicable have onboard an Inventory of Hazardous Materials (IHM) from the date of publication of the European List (reference: Article 5.2 – 2nd subparagraph). The Inventory of Hazardous Materials shall identify at least the hazardous materials referred to in Annex II of the Regulation and contained in the structure or equipment of the ship, their location and approximate quantities. Moreover, the IHM must be ship specific, developed in accordance with the relevant IMO guidelines MEPC.269 (68) and shall be verified by a Recognized Organization (RO) authorized by the Republic of Cyprus against compliance with the applicable requirements.

Moreover the Best Practice Guidance on the Inventory of Hazardous Materials for practitioners on the field, ship owners and national authorities,[2] was published in November 2016, with regards to preparation of the IHM.

[1] Available at: http://ec.europa.eu/environment/waste/ships/pdf/list_ship_recycling_facilities.pdf

[2] Available at: http://www.emsa.europa.eu/implementationtasks/environment/ship-recycling/items.html?cid=150&id=2874

International Convention for the Control and Management of Ship’s Ballast Water and Sediments 2004

Circular No. 01/2017 was published by the Department of Merchant Shipping (DMS) on the 17th of January 2017 with regards to the International Convention for the Control and Management of Ship’s Ballast Water and Sediments 2004 (the “BWM Convention”). The said Convention will enter into force on 18th January 2017 and therefore all ships under the Cyprus flag to which the Convention applies when calling at ports or terminals of State Parties to the BWM Convention, must comply with the provisions of the BWM Convention and will be required to carry on board a “Class Statement of Compliance” issued by the Recognised Organisation (“RO”) which has issued the class certificate.

After accession of the BWM Convention by the Republic of Cyprus (as the said Convention has not yet been ratified by Cyprus) the Republic shall authorize ROs to perform statutory work on Cyprus flagged ships and any Statement of Compliance will be replaced directly with an “International Ballast Water Management Certificate”, without a survey, and with expiry date no later than the one on the existing Statement of Compliance.

IMO Res.1088 (28) provides that existing ships, constructed before 8 September 2017 will need to comply with either regulation D-1 or D-2. Following their first renewal survey, associated with the International Oil Pollution Prevention Certificate (IOPP) under MARPOL Annex I, ships will have to comply with the ballast water treatment standard D-2. Moreover, each ship shall have on board a Ballast Water record book in accordance with regulation B-2 containing at least the information listed on Appendix II of the Convention.

In addition, ships subject to the Convention, construed on or after 8th September 2017 must comply with the discharge standard specified in Regulation D-2 of the Convention on delivery.

Ballast water management plans will need to be approved by the ROs as compliant with the “Guidelines for Ballast Water Management and Development of Ballast Water Management Plans” (G4), in accordance with the regulation B-1 of the Annex to the Ballast Water Management Convention.

Following the implementation date, ships using a Ballast Water Management System (BWMS) must have a “Type Approval certificate”, in compliance with the IMO 2016 Guidelines For Approval Of Ballast Water Management Systems (G8) as per resolution MEPC.279(70).

Noteworthy is the fact that ships subject to the Convention could be exempted by a Party or Parties when operating in a same risk area and under the conditions described in regulation A-4 of the Convention.

It is noted that where an owner wishes to complete the IOPP renewal survey earlier, then all other statutory renewal surveys must be completed at the same time, including any associated docking survey. Nonetheless, the DMS is willing to accept, on a case by case basis, the earlier completion of the IOPP renewal survey and the de-harmonisation of the aforesaid survey from other surveys, before the 18 January 2018. In such cases, it is strongly recommended that owners / managers reintegrate the IOPP survey into the HSSC system the soonest possible. (The applications for deharmonisation of the IOPP survey should be submitted in writing to the following e-mail address: environment@dms.mcw.gov.cy)

We are proud to announce that International Advisory Experts has selected us as “IP Lawyer of the year for Cyprus 2017”

Christodoulos G. Vassiliades & Co LLC has been awarded the “IP Lawyer of the year for Cyprus 2017” award by International Advisory Experts Awards.

International Advisory Experts is an international association of well-established and experienced legal, financial and consulting firms that are committed to providing clients with professional solutions for their international business requirements.

International Advisory Experts annual awards pay tribute to firms who have been successful over the past 12 months and have received exceptional praise from their peers.

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Our Intellectual Property Department engages in all forms of Intellectual Property- related agreements. We advise on registration, protection, trademarks, copyright and designs. We also handle passing off actions, trademark litigation and arbitration cases. We undertake the preparation, drafting, negotiation and advising on all types of Intellectual Property- related agreements. Our experience in corporate matters allows us to understand the importance of protecting Intellectual Property Rights and effectively protect our clients with their intangible assets.

2017 is proving to be a successful year for our firm and we are certain we will continue to thrive and grow throughout the coming months.

We pride ourselves in providing excellent services to all of our clients and appreciate when our efforts are recognised.

 

 

We are proud to announce that Corporate INTL has selected us as the winner for International Tax Planning Law Firm of the Year in Cyprus 2017

We are proud to announce that Corporate INTL has selected Christodoulos G. Vassiliades & Co LLC as the Editors’ Choice winner of the 2017 Corporate INTL Magazine Global Award the International Tax Planning Law Firm of the Year in Cyprus.

Corporate INTL magazine is read by business leaders, investors and advisers globally it’s a huge accolade for those firms that are awarded as winners in their specific categories. The readership of Corporate INTL magazine is considerable and is distributed to over 70,000 individuals each month, all of which are either investors in business, leaders of companies or advisers for those businesses on a global level.

The awards commemorate those who have been successful over the past 12 months and who have shown excellence not only in expertise but in service. Corporate INTL has undertaken detailed research for the awards via their independent research and editorial teams. The shortlisted parties have been carefully scrutinized. There is focus on service type, service range, business type, geographical location, how the business operates and the expertise each team can offer to companies that either trade or may want to trade in their chosen jurisdiction. The shortlisted firms are then reviewed by an independent awards panel in each country with the eventual winners chosen by that independent panel.

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Our team integrates tax structuring expertise with the highest quality advisory skills to give clients a comprehensive cross-border tax service in the most tax- efficient manner. We have developed extensive expertise in all matters relating to corporate tax, income tax, property tax, trusts and charities, international tax, and are able to address clients’ demands efficiently and effectively.

2017 proves to be an extremely successful year for us and we have shown once again excellence not only in our expertise but in service.

We pride ourselves in providing excellent service to all our clients and are particularly pleased when our efforts are recognised and rewarded.

 

 

Amendment of Article 13 of the Cyprus-Russia Double Tax Treaty

The Government of Cyprus and Russia came to an agreement for postponing the application of the Protocol amending Article 13 of the Double Tax Treaty between Cyprus and Russia for the Avoidance of Double Taxation with respect to taxes on income and on capital.

The Protocol, which was signed on 7th of October 2010, provided for taxation of capital gains upon disposal of shares of companies deriving more than 50% of their value from immovable property, in the country where the immovable property is located.

As per the Ministry’s of Finance announcement a new protocol is to be signed to implement the revised provisions of Article 13 until similar provisions are introduced in other bilateral agreements between Russia and other European countries.

Cyprus and Russia have historically developed strong ties in political, economic, cultural and religious level. Russia is one of the Cyprus’ major economic partners and the abovementioned agreement will strengthen even more their business and economic relations.