27 April

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Obtain a Forex licence in Cyprus

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Obtain a Forex license in Cyprus- Cysec The Law 144(I)/2007, provides the provision of Investment Services, the exercise of Investment activities, the operation of regulated Markets and other related Markets. “Investment Firm” or "IF" means a person that operates under an authorization granted by the Cysec, (the authority) and provides one or more investment services to third parties or/and performs one or more investment activities on a professional basis, and includes a CIF. Conditions for granting a CIF Authorization Prior authorization by the Cysec The Commission shall not grant a CIF authorization if it is not fully satisfied that the company that...

25 April

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Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec

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Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec Foreign exchange fraudis any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Frauds might includechurningof customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits,false advertising etc. CY SEC The Cyprus Securities and Exchange Commission (CySEC) provides public access to information regarding the process for how to obtain a CIF authorization as well as listed the current and past CySEC authorized companies. List of current 'Cyprus Investment Firms' (CIFs) List...

24 April

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Termination of a Contract

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Termination of a Contract Following are some cases where a contract can be terminated: 1.A contract becomes terminated through performance where both parties have fully performed their contractual obligations. If one party does not fully perform the contract this will amount to a breach of contract and the other party may have a claim for damages unless the contract has been frustrated. If the non-performance amounts to a repudiatory breach (breach of condition) the other party will be released from their obligations. Where a contract is one where the price is payable on completion, then completion is generally required in order to terminate the contract. This is often expressed...

23 April

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When a Landlord can recover possession on a leased property in Cyprus according to the Rent Control Act 23/1983

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When a Landlord can recover possession on a leased property in Cyprus Rent Control Act 23/1983 In Cyprus a tenant is well protected by the Rent Control Act and is very difficult to be evicted from the leased property except in cases provided by the Rent Control Act L23/1983. According to the Local Plans in the major cities there are areas that fall within this act and are called ‘Rent Control Act areas’. If a property does not fall within these areas then if a rent dispute arises it will be appointed to a Municipal Court and not in the Rental Control...

22 April

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Additional requirements for Cyprus Investment Firms by Cysec

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Additional requirements for Cyprus Investment Firms by Cysec According to Cysec instructions published on the 2nd of September 2015, CIFs must notify all the addresses of their websites, through which they provide investment services, to CySEC. According to the Investment Services and Activities and Regulated Markets Law of 2007, CIF is required to state on its documents/ publications/ announcements the following: The number of its authorization, and the fact that it is supervised by the Cysec. A CIF has to have a website, the address of which it shall notify to the Commission, and where the number and content of its authorization...

21 April

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Adoption under Cypriot Law

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Adoption under Cypriot Law: The governing authority on matters of adoption in Cyprus is the Cypriot Adoption Authority found under the umbrella o the Social Welfare Services of the Ministry of Labor and Social Insurance. According to legislation, the Social Welfare Services aim to safeguard the best interests and rights of children, before and after the adoption takes place. The Social Welfare Services΄ main responsibilities during the adoption process are: To investigate whether an individual or a family are eligible to become adoptive parents. To safeguard the best interests of children as soon as the application for adoption is submitted to the...

20 April

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Cypriot Family Law – Divorce

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Cypriot Family Law – Divorce The Cypriot family law finds its roots in the Greek family law system. Cypriot family, have over the years created their own jurisprudence and one can say that Cyprus now has an autonomous system of Cypriot family law. The appropriate court for disputes governed over the family law jurisdiction such as divorce, separation from bed and board, the cohabitation of spouses, issues relating to the children or matrimonial relations, is the family court. It is also important to note that there is in existence a family division of the Cypriot Supreme Court. However, Family Courts are not...

19 April

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Communication Rights (visitation – child custody) in Cyprus Family Law

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Communication Rights (visitation – child custody) in Cyprus Family Law: Cypriot family law recognises that it's for the best interests of a child to keep in touch with both parents. The court may assign parental custody to one parent or to both if they agree as to the place of residence of the child. Furthermore, the Court may allocate parental custody between the parents or may assign it to a guardian. In cases where custody is allocated to only one parent, the parent with whom the child doesn't live has the right to personal communication with the child. The exercise of...

18 April

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Requirements for a casino license in Malta

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Requirements for a casino license in Malta Malta became a member state of the European Union on May 1, 2004 and it is the first country in the European union which has a legislation and regulations concerning on remote gaming. The Malta Gaming Authority (MGA) is responsible for the governance of gaming in Malta and has developed policies for their remote gambling operations.Licensed by the legislative body (Malta Gaming Authority) may include reduced rates of income tax on personal income. According to the Gaming Act (Chapter 400), PART IV, the Requirements for Casino license in Malta are: A person (or a company registered in...

17 April

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License and Taxation Fees of the Remote Gaming in Malta

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License and Taxation Fees of the Remote Gaming in Malta The Malta Gaming Authority (MGA) is responsible for the governance of gaming in Malta and has developed policies for their remote gambling operations.Licensed by the legislative body (Malta Gaming Authority) may include reduced rates of income tax on personal income. According to the Lotteries and Other Games Act (chapter 438) Part VI – a Grant of National Lottery License from the Authority include the follow: Application Fee for New License €2,330 Paid upon application for a remote gaming Licence System Audit €1,770 Fee paid in advance for the execution of the audit by the Authority’s approved third party...

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