The Cyprus Tax Department has released a circular clarifying procedures for the certification of company reorganisation plans, detailing the requirements and deadlines for obtaining tax exemptions under Part VI of the Income Tax Law.

On 21 November 2024, the Cyprus Parliament approved a landmark amendment to the Prevention and Suppression of Money Laundering Activities Law. The legislation introduces a comprehensive framework for the enforcement of penalties related to beneficial ownership compliance, addressing longstanding challenges and providing relief for businesses, especially small and medium-sized enterprises (SMEs).

The institution of arbitration, as an alternative means of dispute resolution, is heading towards substantial reform following a relevant draft bill by the Ministry of Justice and Public Order, with the adaptation of the legislation to the new circumstances and modern requirements of the time being the primary concern.

The accession and successful implementation of the Hague Convention of 2 July 2019 on the Recognition and Enforcement of foreign judgments in civil or commercial matters (the Hague Convention 2019 or the Convention) between the European Union member states (excluding Denmark) and Ukraine on 1 September 2023, signals the commencement of the establishment of a potentially international framework on the cross-border recognition and enforcement of court judgments as other states embark on the same direction.

Following the scrutiny of the whiplash reform report, the Supreme Court has upheld the Court of Appeal’s decision in Hassam & Anor v Rabot & Anor [2023] EWCA Civ 19, providing clarity on the correct approach to assessing damages in mixed injury cases. While this ruling brings certainty to the UK legal landscape, it also highlights the broader issue of how whiplash injuries are treated in other jurisdictions. In Cyprus, for example, a comprehensive framework for addressing whiplash injuries remains absent from the public discussion—despite the need for it. As car insurers continue to benefit from the UK’s whiplash reforms, drivers are still grappling with rising premiums. For further information regarding the whiplash reform report, click here.

In the latest issue of Insider Magazine, our Partner Nicolas Kyriakides outlined the firm's legal services and its strategies for addressing challenges in the insurance sector, focusing on regulatory compliance and opportunities for growth through technology and collaboration.

Harris Kyriakides Commercial team contributes to the Cyprus chapter in the Trade Secrets by Lexology.

Our Partner, Nicolas Kyriakides, recently spoke with Ασφαλιστικό ΝΑΙ magazine, where he shared insightful views on strengthening the insurance industry in Cyprus. He discussed the potential benefits of consolidating insurance companies through mergers, emphasising how this could enhance regulatory supervision and create a more resilient market.

In our Compensations booklet for 2024 you may find a summary of all judgments issued by Cypriot courts in 2023, in which compensations were awarded for damages resulting from any form of accident.

Harris Kyriakides is featured in the latest issue of Insider Magazine, discussing the multifaceted legal aspects of the green transition in Cyprus and the EU, including a wide range of regulations, compliance mechanisms, and incentives.

Our partner, Nicolas Kyriakides, moderated a panel at the NPL Days Hellas conference in Athens on Oct 10th, joined by industry leaders from Veld Capital, AB CarVal, APS Holding, and Intrum. The discussion covered Greece's evolving distressed debt market, including the role of HAPS, RPL portfolio opportunities, and investment dynamics.

The 9th Annual Conference of the Pancyprian Association of Professional Insurance Intermediaries (PSEAD) took place in May at the Strovolos Municipal Theatre, focusing on key European trends affecting the insurance sector.

On the 26^th June 2024 Harris Kyriakides successfully hosted the seminar titled “Latest Developments in Insurance Law”.

During the event, a diverse range of topics were covered, including Civil Procedure Rules and compensation cases, the amount of compensation and new trends, and the statute of limitations for claims in the insurance sector.

A big thank you to everyone who participated.

On 26th June 2024, Harris Kyriakides successfully hosted the seminar titled “Latest Developments in Banking Law.”

Recently London hosted the Cyprus Forum, marking an exciting milestone in its journey towards fostering dialogue and driving impactful change.