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English Articles

Michalaki, Pitsillidou Law Firm > English Articles (Page 16)

The Ultra Vires Doctrine – Cyprus

The Ultra Vires Doctrine - Cyprus Meaning of Ultra Vires According to the Oxford Dictionary, ultra vires means “Beyond one’s legal power or authority”. In other words, if an act requires legal authority and it is done with such authority, it is characterized in law as intra vires ("within the powers"). If it is done without such authority, it is ultra vires. Acts that are intra vires may equivalently be termed "valid" and those that are ultra vires "invalid". Every association/company, has a memorandum which between other articles, contained the duties and the responsibilities of it directors. Why is the ultra vires important? The...

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Trespass – Law of Torts Cyprus

Definition “In the law of tort, property law, and criminal law a trespasser is a person who commits the act of trespassing on a property, that is, without the permission of the owner. Being present on land as a trespasser thereto creates liability in the trespasser, so long as the trespass is intentional. At the same time, the status of a visitor as a trespasser (as opposed to an invitee or a licensee) defines the legal rights of the visitor if they are injured due to the negligence of the property owner.”. Trespassing as a tort In the Law of torts trespass to land requires an intentional physical invasion of the plaintiff’s real property by the defendant or...

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Forex Cyprus

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...

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

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....

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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?

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...

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The Prevention of Money Laundering Activities

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...

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

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...

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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

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...

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Forex characteristics and Cysec

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...

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Advantages of Cyprus Holding Company

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...

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