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Facts In Respect Of The Procedure For Granting On Cyprus Citizenship By Exception To Aliens Investors/Entrepreneurs

Cyprus legislation and specifically article 111 of the Civil Registry law 2002 (N. 141(I)/2002 as amended), provides that, ‘’the Minister of Interior has the right to grant a certificate of naturalization, upon application by any alien adult with full capacity, who satisfies the Minister that s/he fulfills the criteria for naturalization according to the third Table of the law. As soon as the person to which the certificate of naturalization is granted, gives an official declaration of faith to the Republic as it is specified in the second Table of the law, s/he becomes a citizen of the Republic due to naturalization, from the date the certificate of naturalization was granted’’.

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Acquisition Of Immovable Property By Aliens (2013)

In Cyprus like most democratic states, the right of ownership in immovable property is constitutionally protected as one of the fundamental human rights. Article 23 safeguards the right of each person to acquire, possess, enjoy or dispose of any movable or immovable property and to demand of others to respect this right. It is not an absolute right and certain restrictions may be imposed on grounds of public safety, health or morality, or for town planning purposes, public utility or the protection of third parties. The Constitution affords protection to the right of ownership to everyone which includes non-Cypriots who have legally acquired property in Cyprus.

 

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Cyprus: International Trusts 2013

The Law does not provide a comprehensive definition of ‘trusts’. Trusts law was largely developed by the courts on a case-by-case basis, and it is through the development of case law which has provided us with a better understanding of what a trust arrangement entails. The basic structure is as follows:

 

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Cyprus: A Guide To Shipping 2013

Cyprus has many advantages to offer as a maritime centre. It has a well established maritime infrastructure and offers substantial tax incentives for the shipping industry. Also, it is a member of the International Maritime Organisation (the “IMO”), the Council of Europe, the Commonwealth and many other international organizations. It is a signatory to many international maritime conventions and has concluded bilateral agreements of co-operation in merchant shipping and double tax treaties with a large number of countries. A significant number of Cyprus vessels are managed by ship management companies operating from fully manned offices on the island.

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