Michael Kyprianou & Co. LLC

Menelaos Kyprianou, partner, discusses a recent judgment issued by the Supreme Court of Cyprus in the context of a certiorari (prerogative order) application, in which he was involved, where the Supreme Court of Cyprus examines the following issues:  How service of court documents relating to a pending Cyprus case can be effected on a person residing in Russia on the basis of the European Convention on Mutual Assistance on Criminal Matters (‘the Convention’). The way in which international conventions should be interpreted. 

Τhe tragic situation of the country's public hospitals is often witnessed by the citizens of Cyprus. In relation to other European Union States, Cyprus has the lowest position on public health spending money. As a result, public hospitals suffer from staff shortages and a lack of adequate equipment and medicines. The level of patient care is significantly degraded and inadequate, while many patients wait for months on waiting lists until they are provided with the necessary treatment. Another major issue is the fact that Cyprus does not have an emergency unit dedicated to children.

Today, a ‘No Deal Brexit on 31 January 2020 remains a real possibility. Put simply, a ‘No Deal Brexit’ means that the UK leaves the EU without having reached an agreement on the terms of its departure and the future relationship. This article looks at the effect of No Deal Brexit on the enforcement of UK judgments in the EU and vice versa.

The Cyprus Investment Program had come under attack in recent weeks, after it was reported that persons with close links to their home country’s authoritarian regime had been granted Cypriot citizenship. Over the weekend it was further revealed that a businessman wanted by the authorities of his home country and elsewhere, had been granted Cypriot citizenship in 2015.

The well-known policy of selling Swiss Franc-linked loans in the past decade, and in particular during the period 2006 - 2009, has lead bank borrowers, into a deeply troubled situation. The negative impact of their exposure to mortgages denominated on foreign currencies, and in particular the Swiss Franc, has created for the European state institutions and governments some major concerns as to how they could deal with strong consumer reactions throughout the European continent.

Technological disruption to the legal profession profoundly reforms the manner in which law firms operate in the legal industry. Client expectations are on the rise and lawyers must stay up to date with the latest technological developments if they want to survive in the competitive legal industry. The application of technological innovation, such as Artificial Intelligence (AI) and blockchain, in the legal profession promises to allow law firms to handle high volumes of administrative tasks, such as document reviewing more efficiently and deliver faster services to clients.

Under the Maltese Civil Code, damages may be awarded for either tortious liability or contractual liability. In respect to the former, an action for damages will aim to place the individual in the same position before the damage occurred, and in respect to the latter, the action may be brought to either enforce the contract, or to liquidate damages for failure to perform such contract.

In the event of a no deal Brexit, UK passport holders will lose their right of free movement within the EU. All valid UK passports will still be useable for international travel to and from the EU after Brexit, even though precise details are yet to be finalised (including on the terms of any travel visa that might be required).

As has been previously noted in the “Trade in Counterfeit and Pirated Goods: Mapping the Economic Impact” report of the Organisation for Economic Co-operation and Development & European Union Intellectual Property Office, counterfeiting hits almost ½ trillion euros a year. This can be traced from fashion and medicine to the fruits market and entails damage to the business reputation, lost sales and litigation costs among others.

Our firm is proud to announce its contribution to 2019 Multilaw Litigation Practice Group’s guide on enforcement of foreign judgments and arbitral awards.

We are proud to announce that our firm’s Banking & Finance and Corporate/M&A practices have been highly ranked, for the second year in a row, by IFLR1000.

Gina Panayiotou, Global Head of Shipping & Energy at Michael Kyprianou & Co LLC, discusses “NEW HORIZONS IN SHIPPING: MASTERING CHANGE” in the September 2019 issue of Gold magazine. The issue features a focus on the upcoming Maritime Cyprus conference, to be held during the 6th-8th of October in Limassol. Maritime Cyprus, a bi-annual event, is the largest international maritime event that takes place in Cyprus, attracting over 1500 delegates from around the globe.

We are proud to announce that Michael Kyprianou & Co LLC has been shortlisted as the Law Firm of the Year – Malta and Cyprus in the IFC Awards 2020.

Gina Panayiotou, Global Head of Shipping & Energy at our firm, having great expertise in shipping legal strategy, will be a speaker at Global Liner Conference Asia, to be held in the context of Shipping Transformation Asia, in Singapore on the 17th – 19th of September, 2019.

Gina Panayiotou, Global Head of Shipping & Energy at our firm, being a Board Member of WISTA Cyprus and an active supporter of female and youth empowerment, will be a speaker at the inaugural “Women in Shipping Summit” to be held in the context of London International Shipping Week, on the 10th & 11th of September, 2019.

It gives us great pride, that MICHAEL KYPRIANOU & CO. LLC, has once again been ranked among the top 5 law firms in Cyprus, according to GOLD’s leading law firms list. GOLD magazine compiled its first listing of the island’s leading law firms in 2011, titled at the time ‘Top 50’ presenting the firms in alphabetical order and, since then, it has regularly been updated and expanded. In fact, the latest list published on Sunday, 18th August 2019, features more than 80 law firms, ranked according to the number of lawyers employed.

No matter how successful a business or individual may be, it goes without saying that away from its own assemblage of talent and expertise, there will always be a network of trusted lawyers and consultants behind the scenes helping to inform, guide and shape the way in which it operates.

A recent landmark decision by the First Hall of the Civil Court has confirmed for the first time that in order for a precautionary warrant to remain in force, it must be preceded or followed (within 20 days), by a court case filed in Malta or in the European Economic Area (EEA).

Protection of financial market investors and prevention of unlawful disclosure of inside information and financial market manipulation is provided and guaranteed by the EU Market Abuse Regulation (Regulation 596/2014) (MAR) and the Directive on criminal sanctions for insider dealing and market manipulation (Directive 2014/57/EU) (CSMAD), which collectively replace the previous Market Abuse Directive (MAD) and together is known as MAD II.

The UK government intends to introduce a new register of People with Significant Control over Overseas Companies, “the PSCOC Register”, in order to improve transparency of beneficial ownership for foreign entities which own UK properties. The Bill will be introduced to Parliament in 2019 and is intended to become operational by 2021.

Recently, the Maltese courts may have possibly brought about the beginning of the end of a legal and social question concerning landowners who were, and still are, subjected to pre-1995 rent laws. The judgement given in Anthony Debono et v. Avukat Generali et., may prove to be a milestone in Maltese rent laws.

In the words of WARREN BUFFET: “IT TAKES 20 YEARS TO BUILD A REPUTATION AND FIVE MINUTES TO RUIN IT.  IF YOU THINK ABOUT THAT, YOU’LL DO THINGS DIFFERENTLY.”

Since April 2019, the new rules regarding capital gains tax have been implemented in UK. The intention of the implementation of new rules is to remove the advantage of non- UK residents who did not pay tax over the gains from the disposal of all their property in UK.

Recognizing the political, economic and social importance of shipping, as from 1963, Cyprus managed to develop the country into a fully-fledged shipping centre combining both a sovereign flag and a resident shipping industry, which is renowned for its high-quality services and standards of safety.

It has been many times that my clients have expressed the question as to when and how the rental amounts increase.  This question is voiced by both Landlords and Tenants of real estate.

Is terrorism the new norm for shipping? THE STORY On the 13/06/2019, two oil tankers were victim to what has been described as “sabotage” attacks in the Gulf of Oman, leaving one ablaze and both adrift. Following, a similar incident involving four tankers, which took place one month ago, on the 12th of May, 2019.

In a judgment of the General Court of the European Union of the 19th June 2019, Adidas saw their hopes of extending their three stripes trademark dashed, as the court ruled that there was no distinctiveness in the three stripes trademark. Furthermore, the court held that the Adidas had failed to prove that the mark had acquired distinctive character through use throughout the member states of the EU.

Working in the crypto and DLT space is like being on an emotional rollercoaster with feelings which range from curiosity, excitement, euphoria, revelation, shock, disappointment, hope, wonder and determination – did I miss any?

The Information Commissioner’s Office (‘ICO’) which is the UK’s data protection supervisory authority, recently issued a fine of £100,000 to EE Limited, a telecoms company operating in the UK. The fine was issued in response to EE Limited having sent two and a half million unsolicited direct marketing messages to its customers, back in early 2018. The direct marketing messages were sent without EE Limited having first obtained the required consent to send them to its clients.

British Airways (‘BA’) may be hit with what will be the highest-ever penalty which the Information Commissioner’s Office (‘ICO’), the UK’s data protection supervisory authority, has handed out.

Issued by the Ministry of Finance in the United Arab Emirates (‘UAE’), the Tax Domicile Certificate (also referred to as the Tax Residency Certificate) enables eligible government entities, companies and individuals to take advantage of double taxation avoidance agreements on income signed by the UAE.

Over the past twenty odd years, Malta has become an international hub for foreign direct investment (FDI). A solid services sector combined with seasoned professionals across a multitude of industries have helped the FDI business model flourish, placing Malta on the map within the European Single Market as a business base of choice for many.

The proposed UK-EU agreement has been rejected for a third time by the Members of Parliament in UK. Consequently, uncertainty persists due to no deal and therefore the following concerns arise: whether a deal will happen at all, what the terms of that deal might be and whether there will be a second referendum.

Translations are frequently required for various documentations for official use before public authorities, institutions and courts internally or abroad. It is a matter of public law of each country to determine when an “official” translation is required and what comprises the elements of such translations in order to be regarded as legally valid and accepted documents.

This article will address the unfortunate position whereby a significant portion of citizens of the Republic of Cyprus have signed supplementary guarantee agreements, being in most cases relatives, friends, colleagues and/or in other relationships with the borrower, and have been called on to guarantee the repayment of and compliance with the loan agreement terms of the principal debtor party, as a means of securing the loan amount and avoiding the freezing of the borrower’s assets.

Introduction Bankruptcy: New Regulation means new opportunities!

MICHAEL KYPRIANOU & CO. LLC has been selected as an exclusive contributor to the Legal 500: Construction 2nd edition Country Comparative Guide, dated May 2019, a privilege reserved for legal firms which have been ranked in The Legal500.

What is the ePrivacy Regulation? The ePrivacy Regulation[1] (‘ePR’) is an unfinished EU law first published in January 2017 that is meant to become an extension of the European Union’s General Data Protection Regulation (‘GDPR’).[2]

The Unfair Contract Terms Law 93(1)/1996 (the “Law”) as amended, implements the EU Directive 93/13/EEC of 5 April 1993 regime into national law. The objective of the aforementioned legislation is the protection of consumers in the European Union from unfair terms and conditions which might be included in a standard contract for goods and services they purchase. It introduces the notion of ‘good faith’ to avoid any significant imbalance in mutual rights and obligations.

Recently there were a lot of publications within the European Union expressing concerns about the allegedly very high number of Cypriot passports being given to foreign investors the last few years. The Council of Ministers has decided on 9th January 2018 with the decision with number 84.069, to impose a stricter supervision of all the parties involved in the Scheme for the naturalisation of non-Cypriot investors in Cyprus by exception.

In order to harmonize the Acquis Communautaire on the Taxation of untapped and undeveloped plots of land, the Cyprus Government enacted, on 03/11/2017, relevant legislation for the imposition of 19% Value Added Tax (VAT) on these properties, with a date of enforcement being 02/01/2018. The relevant legislation refers to plots/pieces of land offered and/or provided for construction for economic purposes.

The Cypriot banking system is currently being confronted with the issue of providing foreign loans and in particular Swiss francs to both locals and foreigners to cover their housing requirements. Of principle concern in Cypriot and European Courts are the banking practices used in attracting clients to these financial institutions. It seems that misinformation through the use of various means of bank notifications and practices point towards the use of the distortion and the concealment of essential information to borrowers. The Cypriot banking system (that is sanctioned by European banking) in the provision of Swiss Francs did not in most cases provide a complete and proper briefing of the risks involved in these types of loan contracts that also incorporated exchange and interest rate fluctuations.

On 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. The said scheme is based on subsection (2) of section 111A of the Civil Registry Laws of 2002-2015.