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Are Smart Contracts Legally Binding Instruments?

Smart contracts are the tech topic du jour, having the ability to disrupt the practice of traditional contracting. Szabo envisioned smart contracts to “combine protocols with user interfaces to formalize and secure relationships over computer networks. Objectives and principles for the design of these systems are derived from legal principles, economic theory, and theories of reliable and secure protocols.”[1] More than twenty years later, Szabo’s vision remains the starting point in an array of literature struggling to agree on a coherent and consistent meaning to smart contracts which accurately reflects their current and potential functionality. This is mainly due to the...

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New payment methods and Anti – Money Laundering Measures

New payment methods (NPMs) such as  prepaid cards, Internet-Based Payment Services and mobile payment systems, have made financial transactions faster and simpler (Ana L. Pereira and Ana Maria H. de Alba, “Understanding the new payment methods, their risks, and opportunities”,Assessed 24/1/2020). However their introduction and widespread use has also resulted in a range of problems, foremost among which is the ease of money laundering. Direct and indirect anonymity, the fact that these products have made it easier to exchange financial instruments for money, and the spread of ATMs, which facilitate cash withdrawals across the globe, have made NPMs attractive and useful...

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CYPRUS TAX RESIDENCY FOR COMPANIES

A company which is a tax resident of the Republic is taxed on income arising from sources both within and outside of the Republic. For the above purposes a company is a tax resident of the republic if the control and the management of that company are exercised in the Republic. Corporate income tax rate The corporate income tax rate for all companies is 12,5%. Why Cyprus? Cyprus is a member of the European Union and operates under a secure legal framework safeguarding the interests of its citizens and companies whilst promoting business growth. Cyprus’ strategic location established the island as a business hub for corporations around the world. Along with the...

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CYPRUS TAX RESIDENCY FOR INDIVIDUALS

Individuals who are Cyprus tax residents they are taxed in Cyprus on their worldwide income subject to certain exceptions. Who can be a tax resident in Cyprus? ‘183 day’ rule With reference to the Income Tax Law of 2002 (118(I)/2002), an individual who stays more than 183 days in the Republic within a tax year (1 January to 31 December) is a tax resident of the Republic. ‘60 day’ rule Alternatively, an individual can be a tax resident of the Republic even though he spends less than or equal to 183 days in the Republic if he/she satisfies the following conditions: does not spend more than 183 any other country;is not a tax resident...

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GENERAL DATA PROTECTION REGULATION (GDPR)

Personal Data misuse and breaches in recent times have affected millions of Individuals and organisations. If an organization is found to have breached either, deliberately negligently or by an innocent mistake the personal data of a data subject then that organization could face with significant injury to its reputation and can affect its business. On the other way around, fundamental detriment can be suffered by the individual that her/ his personal details are being unlawfully exposed as well, and its constitutional right of privacy might be undermined. According to the GDPR “General Data Protection Regulation”, all organisations handling any personal data must comply with the GDPR regulation, otherwise...

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CYPRUS SHIPPING

CONDITIONS OF OWNERSHIP UNDER THE CYPRIOT LAW The history of the Sea and Shipping in Cyprus traces back hundreds of years. Its geographical position at the crossroads of Europe, Asia and Africa as well as its proximity to the Suez canal has historically favored merchant shipping as an important industry for the Aphrodite’s island. Admiralty and Shipping law PAPANTONIOU & PAPANTONIOU L.L.C. is a leading Cypriot law firm in the field of Admiralty and shipping law.  The firm offers a range of services to ship-owners, freight forwarders, insurers, charterers and has experience on resolving legal disputes that arise in the field.  As a member...

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REDOMICILIATION

Redomiciliation refers to the transfer of the registered office of a company namely the company’s “seat of incorporation” in another jurisdiction provided that the law in both countries allow it. Foreign companies that want to take advantage of the Cyprus tax regime, may choose to transfer their domicile to Cyprus by avoiding to wind-up the company and  to incorporate a new legal entity, simply by following the procedure of redomiciliation. Consequently, the company will continue to exist under a new jurisdiction and will be deleted from the Registry of its original country of incorporation. Why redomicile your foreign company to...

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PATENTS

According the Cypriot law that concerns the grant of a patent (16(I)/1998) any individual or organisation may apply to the Department of Registrar of Companies and Official Reciever in Cyprus, for inventions and patents which after matching certain criteria they may be established as National Patents. Moreover, the Department registers and protects the patents that are granted by the European Patent Office (EPO). In addition, the Department of Registrar of Companies in Cyprus acts as a reciever office of European (EPO) and International (PCT) applications for patents....

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ΠΝΕΥΜΑΤΙΚΑ ΔΙΚΑΙΩΜΑΤΑ

Πνευματική ιδιοκτησία ή πνευματικά δικαιώματα ονομάζονται τα αποκλειστικά δικαιώματα των πνευματικών δημιουργών στο έργο τους. Παραχωρούνται από τον νόμο για ορισμένο χρόνο για να απαγορεύσουν σε τρίτους τη χρήση των έργων χωρίς την άδεια του δημιουργού. Ο περί Πνευματικής Ιδιοκτησίας Νόμος 59/76 της Κυπριακής Δημοκρατίας, προστατεύει τους Κυπρίους πολίτες για τα έργα τους που δημοσιεύονται οπουδήποτε και τους πολίτες ξένων χωρών για τα έργα τους που δημοσιεύονται στην Κύπρο. Μόνο οι ιδιοκτήτες του Δικαιώματος Πνευματικής Ιδιοκτησίας έχουν το αποκλειστικό δικαίωμα να επαναπαράξουν, μεταφράσουν και προσφέρουν τα έργα τους προς το κοινό. Οποιοσδήποτε παραβιάσει τα δικαιώματά τους υπόκειται σε καταβολή αποζημιώσεων καθώς και σε άλλες ποινές βάσει του Νόμου. Σύμφωνα...

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