Pavlos Aristodemou

Pavlos Aristodemou

Harney Westwood & Riegels

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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

Decrees 19 and 10 from Cyprus

The Republic of Cyprus issued new decrees on 2 August 2013 pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more

8/6/2013 - EU Foreign Bank Accounts Foreign Banks New Regulations

Bank of Cyprus completes recapitalisation and exits resolution

The Ministry of Finance and the Central Bank of Cyprus announced on 30 July 2013 that the Bank of Cyprus (BoC) has been fully recapitalised by the overall conversion of 47,5% of uninsured deposits into shares in the bank,...more

8/2/2013 - Foreign Banks Recapitalization

New decrees from Cyprus

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more

6/27/2013 - Bank Accounts Bank Deposits Banking Crisis Cyprus Bailout EU Exemptions Foreign Currency Withdrawal

Latest updates from Harneys Cyprus

The Republic of Cyprus continues to issue decrees pertaining to the relaxation of restrictive measures....more

6/10/2013 - Bank Accounts Banking Crisis Cyprus Bailout EU Foreign Banks Foreign Currency Withdrawal

Latest Update on Cyprus Decrees - June 2013

The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures....more

6/5/2013 - Bank Accounts Bank Deposits Banking Crisis Cyprus Bailout EU Foreign Banks Foreign Currency Subsidiaries Withdrawal

Cyprus: Latest relaxation of restrictive measures

The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures. Updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Enforcement of...more

5/28/2013 - Bank Deposits Credit Cards Cyprus Bailout Debit Cards Foreign Banks Withdrawal

Derivatives in the context of Cyprus

When Cyprus and the Eurogroup (consisting of finance ministers of the EU member states having the Euro as their currency) decided on the terms of a memorandum of understanding with Troika (consisting of the European...more

5/26/2013 - Cyprus Bailout Derivatives EU Foreign Banks Foreign Investment

Cyprus continues to relax restrictive measures

Restrictive Measures - Transactions: The latest relaxations pertaining to transactions were passed on 17 May 2013 in Decree No 12 under the Enforcement of Restrictive Measures on Transactions in case of Emergency Law...more

5/24/2013 - Cyprus Bailout Foreign Banks

More than 50 parties file recourse proceedings in the Cyprus Supreme Court

As noted in our previous update, several clients have considered legal challenges to the new laws based on the resolution measures agreed by the Eurogroup and the Republic of Cyprus. These resolution measures on Bank of...more

5/22/2013 - Central Bank of Cyprus Cyprus Bailout EU Recourse Proceedings

Cyprus: To Litigate or Not to Litigate?

Harneys’ Cyprus Banking Group is closely monitoring a legal challenge to the bail-out legislation which is currently before the Cyprus courts....more

4/17/2013 - Cyprus Bailout EU Injunctions

Cyprus: The Day After - The sun will still shine bright

Introduction - Cyprus has been in the spotlight recently due to the negotiations with what has become known as the troika (the International Monetary Fund, the European Central Bank and the European Commission)...more

4/10/2013 - Bailout Banking Crisis Business Taxes Capital Gains Dividends Double Taxation EU Troika Withholding Tax

Q&A on Cyprus' new banking laws

28 March 2013 - Below are answers to frequently asked questions about banking in Cyprus in the context of the current banking crisis. Q. Under what circumstances is the Deposit Protection Scheme activated? A....more

3/29/2013 - Banks Central Bank of Cyprus Deposit Protection Scheme

Legal impacts of the Cyprus banking crisis

20 March 2013 - Harneys is closely monitoring the evolving situation in Cyprus. Naturally we have, over the past few days, been assisting those of our clients who have accounts in Cyprus or corporate structures which involve...more

3/21/2013 - Bailout Banking Crisis Debt Restructuring EU

Cyprus: Developments following Eurogroup Meeting

Update - Further to our briefing below kindly note that the draft bill for haircut on deposits was rejected by the House of Representatives. Harneys is monitoring the developments. On 15 March 2013 the representatives...more

3/19/2013 - Bailout EU Stability Levy

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