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English Articles

Michalaki Pitsillidou Rozen Law Firm > English Articles (Page 17)

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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Cysec Models For Forex

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...

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Binary Options – Cysec

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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Temporary Residence Permits for Third Country Nationals

Issuance of residence permits of Employees at international companies 1. POLICY IN CYPRUS All companies of foreign interests, including international companies (ex-IBCs), in order to be eligible to employ third country nationals in Cyprus, should fulfill the following: (a) The majority of the company´s shareholders should be foreign shareholders and in the case of shareholders whose ultimate owners are foreign companies, they should be declared in order to be approved by the Civil Registry and Migration Department (CRMD). Exceptions: (a) Public companies registered in any recognized Stock Exchange, International companies that were operating before the change of regime and for which the Central Bank of Cyprus possesses...

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Seychelles Forex and Brokerage Offshore License

The Seychelles Securities Act 2007 provide the legal framework of how to deal with Securities servers and how your company can be licensed to trade in securities either as a principal ora as an agent. The regulatory authority of Seychelles is the Financial Services Authority of Seychelles - FSA.   The license will provide worldwide companies who trade in securities an important tool to attract more clients. In most cases the license will be granted in a period of 3 months and thus will provide an appropriate time frame for the company to prepare the grounds for its customers to switch into...

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How to obtain Seychelles Securities Dealer License

Non bank financial services in Seychelles are regulated by the Seychelles Financial Services Authority which was established under the Financial Services Authority Act, 2013 and is responsible for licensing and supervising securities dealers. Also under the Securities Act, 2007 is responsible for the registrations of Foundations, International Trusts, International Business Companies and Limited Partnerships. Corporate information   The company that will obtain the Dealer License must be incorporated in Seychelles Nature of business of the company must be specified clearly under the Memorandum of Company The company needs to offices or premises in Seychelles to keep company records. 2 experienced individuals regarding...

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New proposed rules published by CySEC governing the use of Liquidity Providers and Market Makers by regulated brokers in Cyprus

CySEC has issued a consultation paper regarding new proposed rules governing the use of Liquidity Providers and Market Makers by regulated brokers in Cyprus. The new rules as published by CySEC would still allow Retail Forex brokers in Cyprus to have liquidity and market making relationships with entities outside Cyprus and outside the European Union (of which Cyprus is a member). Foreign LPs or market makers used, must be ones properly licensed and regulated in their home countries. The new rules will also require brokers to be transparent about their trade flow. It should be clear to clients what the broker’s hedging arrangements are,...

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