06 March

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Forex Cyprus

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The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of volume of trading, it is by far the largest market in the world. The main participants in this market are the larger international banks. Financial centres around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies. The...

05 March

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The Person who Takes in Good Faith Should Get a Good Title – Nemo Dat Quod Non Habet Rule

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The Person who Takes in Good Faith Should Get a Good Title The Operation of the Nemo Dat Quod Non Habet Rule - The preservation of property rights According to the Oxford Dictionary, “nemo dat” is the basic principle that the person who does not own property, especially a thief, cannot confer it on another except with the true owner’s authority or consensus. The sale of goods usually takes place between the buyer and the owner of the goods or by his authority. There are some circumstances in which a seller purpose to sell goods which he does not have any right to sell....

04 March

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Establishment of a Company Branch in the Republic of Cyprus What rights have the Investment Firms of member states and third countries according to the law?

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An Investment Firm may provide an investment or other services through the establishment of a Branch in Cyprus. These services and/or activities are covered by the authorization granted to the CIF. Additionally, an Investment Firm wishing to establish a branch in Cyprus notifies in writing its intention the Cysec Commission, as well as the following information with regards to the branch: The address The persons responsible for its management and the organizational structure The programme of operations setting out (the investment and the ancillary services) that it intends to provide investment activities Cysec, within three months from receiving the abovementioned information shall...

03 March

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The Prevention of Money Laundering Activities

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According to the Oxford Dictionary, Money Laundering means “the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses”. Law of the Prevention of Money Laundering describes that every person who knows or ought to have known that any kind of property constitutes proceeds from the commission of a predicate offence carries out the following activities: Converts/transfers/removes such property for the purpose of concealing or disguising its illicit origin or of assisting in any way any person who is involved in the commission of the predicate offence to carry out any of the...

02 March

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Steps for the Establishment an Operation of Payment Services in the Republic of Cyprus

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Payment services provides a common legislative framework across Europe which is directs to a higher level of consumer protection. The provision of payment services in the Republic of Cyprus is regulated by Payment Services Directive of 2009. In accordance to the aforementioned Directive, Central Bank of Cyprus, is the main and responsible authority for granting an authorization for the operation of payment services in the internal market in the Republic of Cyprus. These services shall be provided only by a payment institution which has been granted an authorization by the Central Bank of Cyprus. The Directive introduces a new licensing regime...

01 March

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Compensation according to Article 67 of The Town Planning Law in Cyprus L90/1972 Category: Town Planning-Building Problems and Solutions in Cyprus

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Compensation according to Article 67 of The Town Planning Law in Cyprus L90/1972 Category: Town Planning-Building Problems and Solutions in Cyprus The Town Planning Department in Cyprus according to the article 67 of the Town Planning Law L90/1972 can proceed in an expropriation for various purposes such as widening of roads, erection of buildings etc. The question is how the owner of the affected land can object in this notification for expropriation and what deadlines exist in this procedure according to article 67 of the L/90/1972? After the Town Planning Decision is notified to the owner of the affected property then within six...

15 February

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Forex characteristics and Cysec

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Forex characteristics and Cysec The foreign exchange market is a global decentralized market for the trading of currencies. This includes all aspects, of buying, selling and exchanging currencies at current or determined prices. The main participants in this market are the larger international banks. Financial centres around the world function as anchors of trading between a wide range of multitude types of buyers and sellers around the clock. The foreign exchange market does not determine the relative values of different currencies, but sets the current market price of the value of one currency as demanded against another. In a typical foreign exchange...

14 February

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Advantages of Cyprus Holding Company

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Tax Advantages Cyprus holding companies are a popular tool for international tax planning and optimization. The process of creating and setting up a holding a company is simple and is a type of company that allows nominee shareholders. In only few days the company can be registered with tax authorities in order to get TIC and VAT registration numbers. License to operate is only required if the activity that is going to carry out is included in the list of activities required by law such us an investment company, banking etc. Cyprus holding companies have 0% tax on dividends paid for...

13 February

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Cysec Models For Forex

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1. Dealing Desk Forex broker / Authorized Market Maker The CIF offers to their real customers quotes through their online platform. Client orders are routed through the Dealing Desk and spreads are usually fixed. In this model the CIF makes many by either trading against its clients or via spreads. 2. Non-Dealing-Desk or ‘Straight through processing’Model (STP) The non Dealing Desk broker is connected to banks in inter bank market and the banks forward their offers to the broker. Then the best buy and sell prices are offered to the customer through the platform and then the customer will decide if he wants...

12 February

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Binary Options – Cysec

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A financial instrument that investors can trade is binary option which does not require an additional license in order to be traded. Cysec has included trading of binary options in the scope of Investment Services and Related Activities Law There are five models that can be used in order for businesses to offer Binary options. The Market Maker model, Broker to the Market Maker that can hold client’s funds, Broker to the Market Maker that cannot hold clients funds. The three mentioned model are considered as Cyprus Investment Firms. The other two models are Tied Agent to Market Maker Model and...

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