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English Articles

Michalaki, Pitsillidou Law Firm > English Articles (Page 9)

Domestic Violence

The general definition of ‘domestic violence’ or ‘family violence’ is the emotional, physical, psychological or sexual abuse perpetrated against a person. It can be committed by a family member or intimate partner and it could be described as a broader term, which often consists of child abuse, elder abuse, and other violent acts between family members. The particular case study concentrates on the main area of concern which is the domestic abuse. It is a severe violent crime including irruptive behavior from one person often injuring another. Physical harm to various degrees, is the final result of these crimes, and the offender may...

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The procedure of transferring a Cyprus Property to the Land Registry Office

Property law is the area of law that governs the various forms of ownership and tenancy in real property and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations. The Legal System in Cyprus according with the conveyance procedure of property, is normally based on UK legislation, but in the discipline of immovable property the Cyprus legislation and its legal system is different than the one implemented in the UK. The provisions of the Constitution of Cyprus protect the safety...

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Tax implications for individual and corporate investors in Cyprus

The term individual investor refers to individuals who buy and sell securities for their personal account, and not for another company or organization. In contrasts, corporate investor refers to companies that invest in other companies.   Cyprus tax resident but not domiciled individual investors: First, for tax on disposal, they are exempted from income tax, but for real estate Fund, 20% capital gains tax is applied in the case the Fund owns in Cyprus immovable property. They are benefited regarding tax on distribution of profits as they are exempted from income tax and SDC tax. Moreover, based on corporate income tax, they are...

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Franchise in Cyprus

When it comes to a ‘Franchise Agreement’ with a franchisor, it should be decided what form the agreement will take. For instance, being an agreement for a limited company, a partnership or a sole trader.   General or Limited partnerships: First, the companies are regulated to a significant extent by the Cyprus Companies Law, Cap 113 and the Partnerships and Business Names Law Cap 116, of the Laws of Cyprus. Also, the companies have obligations under European Laws, which will take precedent in case there is a clash between the national law and the European Law. In addition, there is a body of the...

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Compensation available by the Investor Compensation Fund in Cyprus

Compensation available by the Investor Compensation Fund in Cyprus The Investor Compensation Fund(ICF) was established under Law 144(I)/2007) is part of the Investor Compensation Fund (ICF) for the Clients of Cyprus Investment Firms (CIFs). The ICF's aim is to protect the claims of the covered clients against those Cyprus Investment Firms that are part of the ICF. This is made by giving compensation to clients if the CIF is unable to do so, because of financial circumstances that are not likely to have a better financial performance in the near future.   Role of the ICF: First, the ICF is likely to give...

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The procedure of transferring a Cyprus Property to the Land Registry Office

Property law is the area of law that governs the various forms of ownership and tenancy in real property and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations. The Legal System in Cyprus according with the conveyance procedure of property, is normally based on UK legislation, but in the discipline of immovable property the Cyprus legislation and its legal system is different than the one implemented in the UK. The provisions of the Constitution of Cyprus protect the safety...

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Financial Instruments Fund

Financial Instruments Funds are monetary contracts between parties. Financial instruments are assets that can be traded. They can also be seen as packages of capital that may be traded. Most types of financial instruments provide an efficient flow and transfer of capital all throughout the world's investors. These assets can be cash, a contractual right to deliver or receive cash or another type of financial instrument, or evidence of one's ownership of an entity. Initially, considering the profits arising from the trading in financial instruments, there is an exemption from the tax on the profits that arising from trading in qualifying...

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Top 5 Forex Trading Strategies

Successful Forex traders stand out from others by the portfolio of Forex trading strategies they use in different situations. Seasoned traders know that a single system is not enough to produce the right number of successful trades every time. Therefore, knowing how to apply and adapt a trading strategy in accordance with all the market conditions is a key factor in becoming a profitable trader, as is an understanding of the fundamentals of economics. There are many Forex trading strategies in existence which differ in levels of complexity. Some of these rely on the use of technical charts while others rely...

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European Union Rule on Government payments Implications for Oil & Gas Industry

European Union Rule on Government payments Implications for Oil & Gas Industry According to an estimation, about 3.5 billion people live in countries that endowed with oil, gas and mineral reserves. Despite the fact that the citizens of these countries are the legal owners of the natural resources, in many cases, governments have hindered the effective exploitation of such resources resulting in an unequal wealth distribution, poverty and lack of sustainable economic development. Evidence indicates that this happens mostly in under-developed countries, with high level of corruption and lack of transparency considered among the responsible key factors. In particular, there are several examples...

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Tax Implications Regarding ‘Real Estate Fund’ in Cyprus

Tax Implications Regarding 'Real Estate Fund' in Cyprus Real Estate Fund is a type of mutual fund that emphasizes on investing in securities, offered by public real estate companies. Most of the real estate funds are invested in commercial and corporate properties, although they may also have investments in raw land, apartments complexes and agricultural space. Indeed, there are specific tax implications that apply for real estate funds. Initially, the rental income minus tax deductible expenses, is charged with 12.5% corporation tax. Additionally, by deducting 25% from the rental income, there is 3% SDC tax applied in the remaining income. In certain cases, though, double...

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