Demetris Nicolaou

Demetris Nicolaou

Harney Westwood & Riegels

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New Cyprus decrees further relax banking restrictions

The Republic of Cyprus issued new decrees on 8 December 2014. The new decrees provide further relaxation to banking restrictions, notably: Payments and/or transfers of funds abroad up to €2.000.000 (previously...more

12/15/2014 - Banking Sector Banks Cyprus Foreign Bank Accounts Foreign Currency

A Guide to the Cyprus Holding Company Regime

Why set up a holding company? In essence, holding companies are set up as an effective means of consolidating ownership of operating subsidiaries. Deciding where to set up a holding company is not always a tax driven...more

7/16/2014 - IRC Offshore Companies Subsidiaries

Bank of Cyprus issues two milestone decisions

On January 30 2014 the board of directors of the Bank of Cyprus Public Company Ltd approved two important decisions, thereby meeting the expectations of its depositors and the general public in Cyprus for enhancing liquidity...more

2/24/2014 - Foreign Banks

Banking secrecy in Cyprus: When can account information be divulged?

Banking secrecy has been under scrutiny during the past few years, with Swiss and Luxembourg banks under pressure to relax banking secrecy rules. In Cyprus, the Banking Law (66(I)/97, as amended) contains several provisions...more

3/19/2013 - Banking Secrecy Data Protection EU

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