The evidence law refers to the rules and legal principles that define the proof of facts in a legal proceeding. As the available evidence shapes the judge's decision, the evidence law indicates what evidence should or should not be taken into consideration by the Court.
In Cyprus news, the proof of facts in a legal proceeding is regulated by the 'Evidence Law' (Cap. 9). Cyprus evidence law follows the principle of English evidence law that treats together civil and criminal processes. Under Article 3 of Cap.9, the applicable evidence law in Cyprus is the English Law applicable on the 5th of November 1914. Main Categories of Evidence: Oral Evidence consists of the statements and testimonies of witnesses who appear physically before the Court. According to section 2(1) of Cap. 9, 'statement' is defined as 'any production or description or performance of a fact or production or expression of an opinion, which is produced orally or written or otherwise. Moreover, Cap.9 clarifies that a witness can give evidence only of facts of which he/she has personal knowledge or express his/her opinion as an expert. In some cases, the opinion of experts is required for the determination of Court's decision. For example, in the event of injury caused by medical malpractice, the opinion of a doctor becomes necessary. The witnesses should always testify under oath. If a witness commits the offence of perjury, then he/he is liable to imprisonment. Hearsay Evidence is defined as 'a statement which was made by a person other than the one giving evidence in any civil or criminal procedure and which is introduced as evidence in proof of everything mentioned therein.' Particularly, a witness is allowed to provide the Court with evidence, that he/she himself/herself has heard directly or perceived through his/her own senses. For instance, a witness can give evidence that he/she heard the defendant crying while entering the building. However, he/she cannot claim that someone else told him/her so. According to Article 24 of Cap. 9, the Court may, at any stage of the legal proceeding, reject hearsay evidence, if it considers that this impedes the proper administration of justice. Documents include anything in which Cyprus news information of any description is documented. Under Article 34, the content of a statement which is included in a document and it is an admissible evidence, could be proven only by: i. The presentation of the original document or, ii. A copy of the original document provided that there is a sufficient justification for not presenting the original. Present evidence: The litigant bears the legal burden of proof. That is to say, he/she has to present the relevant evidence in the legal proceeding so that to prove and endorse his/her argument. Not providing the Court with the necessary evidence may result to lose the case. The role of the lawyer: A professional lawyer will discuss, in absolute confidence, your case with you, and then he/she will proceed with the collection of evidence so that to achieve the best possible outcome for you effectively and efficiently
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Everybody is after money and foremost of all are the world Governments who are faced with shortfalls in their budgets. Getting more demanding in tax collection and adding new tax requirements is somewhat understandable during times of good economic activity but during the time when there is large unemployment, increasing property and other taxes, reducing social benefits etc it is all the worse. At least as far as Cyprus mail is concerned, what we are now going through is out of our own stupidity which becomes worse due to the confiscation of the deposit with the banks. It is generally accepted that the banking sector is partly to blame for our situation, yet the same sector is after its pound of flesh in a more aggressive way. Of course the banks must get whatever they are due, since if not, they might stand not to survive requiring further "haircut" on depositors. There are ways and ways to go about it and some banks show an understanding trying to help, whereas other financial institutions have not come to understand what is all about. As all these are not enough we study several proposals including that of debts to Government (e.g. property tax) for the debtors to be charged for criminal offence and lead them to prison - It is beyond us how they can suggest such a sort of solution when the people who brought on us the catastrophe are still around and these include our MPs whose with their rejection of Troika first proposal of contribution of around 7% on total deposits lead to the closing of one and the almost catastrophy of the second bank (the haircut in addition).
How can all these happen all at the same time and we detect even a certain competition amongst the "new" Cyprus mail economists who are proposing tougher measures. Certain of these proposals should form part of a Greek tragedy scenario. There was an economist (of a sort) suggesting a brilliant (in his own idea) proposal in order to avoid debt burden refugee property owners not to sell their property to the Turkish Committee in the T. Held areas. His solution is for the Government to come up with €50 mil. p.a. budget to compensate the Turkish held property owners. We promptly closed the TV and went out for a drive. The sort of stupidity is enough and we say this at a time that there is no money around for food and basic needs. We read also that British property owners, if they live abroad (as permanent residents) should pay capital gains tax when their property/house is sold back home. This is a serious situation which will affect British home buyers abroad should the British authority consider their home abroad their main residence. The strange thing here is that for the Cyprus capital gains tax purposes, there is a tax exemption if the owner declares his Cyprus home as being his main residence. So the local (Cypriot) tax authorities interpret even their holiday home as being "their main residence in Cyprus". On the other hand the British authority if they come to know about it, it means that they will tax their British home for the capital gains. Having said that where do the fortunate people who have cash stand? Where does one deposit his savings in cash? Based on the non clear statements by Eurozone that the Cyprus example may be repeated to all European banks, there is an exodus of funds from most of the E.U. countries, whereas we are informed that the "new" investment in Cyprus is to construct through private Cos safe boxes that are now operating - Banks safe boxes are full whereas foreign banks either do not offer interest on deposits and we now hear that some banks offer a "safe keep" fee. All these might at the end help real estate investment (regarding safety of cash) since the ½% interest on bank deposits (abroad) plus the E.U. risk, might divert some interest towards this form of investment. We have reported that Cyprus mail is becoming more of interest by international Investment Funds with experience in such type of real estate situation in distressed economies. Real estate returns on grade A buildings and subject to grade A tenants with long term leases are requiring 6½% p.a. (plus for escalation every 3 years). For locals the return of 6%-7% with sale and lease back possibility is an option but then a more recent Portuguese-U.S. Co is asking for 10%-12% return. Hedge Funds are in the region of 15% p.a. return - These returns are more than double of what we are used to but then with interest charges on delayed payment amount to 13% p.a. and one wonders if the 6%-7% p.a. return is not a "reasonable" one. How the situation will develop is difficult to say since much of it will depend on the economic progress, the retention or not of the local deposits, the collection or not of bad debts and in addition the world economic situation. If one examines the so far booming Turkish economy, the lending interest rates have increased on the average from 7% to 12% over one night which means new opportunities for investment in Turkey by the international funds as well as the competition of the deposit rates (the depreciation of the Turkish lira in addition making real estate even cheaper - including holiday competition). Established in 2002 in Chelsea, London, the British Interior Design Association (BIDA) is a highly recognised association of designer, corporate, affiliate, and student members. Its sole objective is to promote, improve and support the professional role of individuals in the design and decoration industry. Formed through the amalgamation of Interior Decorators & Designers Association (IDDA) and International Interior Design Association (IIDA), the association strives to raise public awareness and understanding of the unique essence of good decorative design in all aspects of daily life this latest news UK.
BIDA holds membership in the International Federation of Interior Architects & Designers (IFI). This association is affiliated with other international design associations and is consulted by well known institutions, government departments, private residences, and media professionals. It also publishes a review magazine on a quarterly basis - this magazine contains all the latest news, updates, activities, products and services. The main objectives of theBritish Interior Design Association are to:
Registration in BIDA is latest news UK are open to all practicing designers, who wish to stay up-to-date with new developments in this area. BIDA members include architects, students, design firm professionals, trade press, publishers, marketing professionals, interior designers, and more. The various levels of designer membership include Members and Fellows and Associate members. The members and fellows are required to have a minimum of 6 years experience in full time employment in this field. Associate members are required to hold a three year degree or one year diploma in interior design and a minimum of one year's full time employment. The British Interior Design Association has more than 130 corporate members, who provide products and services ranging from antiques, beds and bedding products, appliances, blinds and shutters, fabrics and textiles, and lighting products to wall papers and wall coverings The complete list of designers and suppliers can be found on BIDA's official website. The website has a section on careers information, where you can access details on course links, well known course establishments, work experience placements, and recruitment agencies. Details of membership application, subscriptions, and membership fees are also provided. If you know even a little about Cyprus or Greek mythology the chances are you will have heard of the Goddess of love, beauty and sexual rapture Athrodite Cyprus today. Legend tells that she was the result of the castration of the God Uranus which was carried out by his son Cronus (perhaps it was the way those Gods raised their kids) with a sickle. Owch! Anyway Cronus threw the severed genitals into the sea where they foamed up which in turn gave birth to Aphrodite. The word "athros" or sea foam giving rise to the translation Athrodite or deity of foam.
Anyways, Cyprus comes into the picture because Aphrodite was carried by the sea and came ashore on the Island and some legends claim she rode on a giant clam shell. In fact some Greek mythology refer to her as Cytherea or Kypros for this very reason. Zeus (the top God) was worried that the other Gods would fight over Aphrodite's hand in marriage so he took the liberty of marring her of to Hephaestus the smith God. Boy was he knocked out? Scruffy old black smith weds Goddess of love, beauty and sexual rapture! Had his boat come in or what? Hephaestus was over the moon and as a sign of his love for Aphrodite he used all his skills as a smith to fashion her a beautiful bejeweled girdle with fine gold filigree. He even wove magic into the gold filigree which was a big mistake on his part. The problem was that when ever Aphrodite wore the girdle she would become sexually irresistible bearing in mind that she was already the ultimate embodiment of female beauty anyway. Amongst her many lovers (she was a bit of a girl) were Gods but she also took mortal lovers too the most famous being Adonis. Some of her Sons are Eros, Anteros, Hymenaios and Aeneas through her union with her Trojan lover Anchisess. What can I say? It's a typical story of a beautiful woman wreaking havoc amongst the male population, causing wars and several spoilt dinners to boot. Her festival was Aphrodisiac (now you know where that comes from) which was celerbrated in several places in Greece including Athens and Corinth. Her priestesses where not prostitutes but sexual intercourse with them was considered a form of worship to the Goddess herself. There you go then, now you can impress all your friends or even fellow tourist with your factual knowledge of Aphrodite. When you visit Cyprus be sure to take a trip out to her alleged birth place a few kilometers outside of Paphos. The view from the cliffs is indeed spectacular and there is a restaurant bar with a great view point where you can relax with a cool drink. You will see the "rock of Aphrodite" itself just off the coast. The local legend states that if you swim around the rock at midnight during the full moon Aphrodite will make you ten years younger if the exercise doesn't kill you off first that is. Enjoy Cyprus today and don't forget to visit the rock of Aphrodite. For many years, I've been making the mistake of assuming that what I'd been served in Cyprus news is Greek cuisine. It's good food, and some items are similar to the kind of thing you'd find in Greece. But, due to the strong Turkish influence on the island, some dishes are about as Greek as the Sultan of Oman, and might well be familiar to someone from the Middle East, but wouldn't be recognized in Greece. One common item on both menus is souvlakia, which is called 'kebabs' in Cyprus, so that the many British military personnel on the island don't confuse it with a country in Central Europe.
In Greece itself, as much cooking is done in ovens as on a barbecue pit. It wasn't always the case. Within recent memory, ovens in houses were a rarity and people used to make use of communal ovens, the main purpose of which was baking bread, so anything oven-cooked was often a special treat, reserved for high days and holidays. Today, though, oven-cooked pork, chicken, lamb and kid are popular; beef is less frequently seen. And, of course, there's the ubiquitous sea-food. I was once told never order sea-food where you can't see the sea. But, this isn't a problem in most of Greece. Even on the mainland, you're rarely out of sight of it. Another dubious rule is don't eat where they show you pictures of the food. So, what do you do when you see the food ... squid or octopus; I didn't count the legs; deceased cephalopods, anyway ... hanging up drying in the sun outside the restaurant? Incidentally, it should be noted that the Greek word for squid is kalimari. Do not confuse this with kalimera, which is Greek for 'Good Morning!' After all, do you want to be remembered as the person who went around saying 'Squid' to everyone you met? If you're not into sea-food, there's always the Greek dish everyone knows. Moussaka. If you can find any, that is ... all too often, I asked for moussaka to be told it's too early, or it's finished. What was going on? Surely there couldn't be a 'season' for what is, at bottom, a glorified shepherd's pie? I finally found moussaka at a plain, simple and inexpensive family-run taverna. The lady told me I couldn't have any right then, but said a time when I should come back. Mamma's daughter, visiting her family from her home in London, explained. She said that it bears no comparison with a British 'pub grub' moussaka, which is usually cooked in advance, frozen and nuked in the microwave as required. 'But, Mamma bakes fresh moussaka every evening ... enough for eight people. It won't be ready until 9.30 ... and you'd better not be late, or there'll be none left.' Of course, I was back ten minutes before the appointed hour ... and all I can say is it was well worth the wait. And, the ever-present attendant cats waited in vain! And, I discovered another Greek restaurant secret. Don't bother to order dessert; just ask for coffee after your meal, and the chances are they'll bring a sweet little something to go with it. Bekri Meze was another 'discovery'. Pork stewed in olive oil and red wine sounded good, although I had reservations about the feta cheese crumbled into it. I needn't have worried. It was delicious, and I called for more bread, in order to soak up the last succulent drop. It was real bread, too. Another thing I expected to see a lot of was pitta bread, but the first I came across was in the departure lounge of Athens airport, wrapped around a beefburger and some salad and called a 'Greek Mac'. Some cooks say the cheese in a bekri meze can be omitted anyway, just as some say you can add olives while cooking. It would seem that there are as many recipes for bekri meze as there are for Irish Stew ... and there as many different recipes for Irish Stew as there are cooks. On Crete two years later, I was served a bekri meze which was more like a beef stroganoff! I found a recipe in one magazine or Cyprus news which stated that bekri meze consisted of not only pork but also chicken and sausage. No red wine or cheese, though ... a sort of cassoulet without the beans. However, they also gave a recipe for kiourbasi ... which seemed almost identical to the bekri meze I was served at the excellent Neromylos Tavern, on Leros. Unfortunately, that magazine lost points with me because their recipe for Octopus in Wine neglected to mention the prime ingredient. Or, maybe they know that their readers realize what the essential component must be, and don't have to be told 'First, catch your octopus'! Tony Anthony came and spoke to us during Chaplain's Hour at Inverness Prison a few days ago, and there was a most attentive audience of prisoners, staff and Prison Fellowship visitors Cyprus today. Tony Anthony is the author of the book "Taming The Tiger" and it is basically his life story but well written with page turning detail.
At an early age he was taken from England to China where his grandfather trained and taught him Kung Fu. His description of these eight years is graphic and at times ugly. Returning to England after eight years in china, Tony continued training and teaching in the area of Kung Fu becoming World Champion three times. This gave him a degree of confidence. He became self-assured and physically powerful, and certainly was not a man to be tampered with or ignored if he came to you on business. Because of his physical abilities he became a bodyguard for various important people ending up looking after the very rich and those attached to Embassies. Following his involvement in some criminal activity in Cyprus he ended up serving a prison sentence in Nicosia's notorious Central Prison. He had no interest whatsoever in anything Christian or even remotely religious. He thought that all there was was him! With no letters and no visitors at Cyprus today, one day he received a letter from a Christian missionary who had read his awful story in the Press. He agreed to see this man called Michael Wright out of the most unusual reasoning, but after weeks of talking with each other he came to know the reality of the forgiveness and love of God. He speaks of Michael Wright loving him like a father and he began to come to love Michael as one of his sons. Michael had spoken about how in a man's heart there is a hole which only God can fill, and many try to fill it with money, sex, ambition, Tony is not embarrassed or ashamed to speak about tears. Most men cry but not everyone is prepared to admit it. Having been treated like an animal it was now so very different to be treated with respect and love as a human being. On his release he flew to Heathrow where he was met by caring concerned Christians and over the next months various mature disciples of Jesus Christ kept an eye on this young believer. What had happened was real, and yet Tony did not find it all easy in various challenging walks of life. He found work and after a few years was led into what is called Avanti Ministries, which I am sure you know that Avanti is Italian for "go", and Jesus commanded disciples to go into all the world. This is a powerful and worthwhile read, not only giving you the background and story and highly interesting character, but also depicting how hard it can be when someone's life is totally transformed and changed by the living God. Sandy Shaw Sandy Shaw is Pastor of Nairn Christian Fellowship, Chaplain at Inverness Prison, Cyprus today, and serves on The Children's Panel in Scotland, and has travelled extensively over these past years teaching, speaking, in America, Canada, South Africa, Australia, making 12 visits to Israel conducting Tours and Pilgrimages, and most recently in Uganda and Kenya, ministering at Pastors and Leaders Seminars, in the poor areas surrounding Kampala, Nairobi, Mombasa and Kisumu. The property buying process in Cyprus today is clear, simple, straightforward and transparent. This makes it an incredibly attractive choice for foreign nationals looking for the best place to buy a property abroad. What's more, because Cyprus is so keen to attract and retain foreign direct investment, not only is the buying process easy, the ability to get a mortgage is simple and the local regulations governing developers are strict.
Before you buy a home in Cyprus it is important to do your research and due diligence not only on the country and location but also on the developer you are thinking of buying through. Established and reputable developers will have all the appropriate permissions and permits in order to legally build, plus adhere to quality standards such as ISO 9001. When you are researching, familiarise yourself with the build regulations, even down to the type of concrete that is typically used, understand what the minimum build standards are and ensure your developer is meeting and/or exceeding these. Look for historical evidence that your developer is financially secure and has a track record of developments in Cyprus today, you can then view the quality of finish of the properties and check to see if they were completed on time and to the planned specifications. There are two types of title deed to be aware of in Cyprus, freehold and leasehold. The system of leasehold ownership is very uncommon, but where it does exist the buyer will own the right to the real estate for a fixed number of years. Most people prefer and even insist on buying freehold property. You should always check with your estate agent, developer and ultimately your solicitor that your property is freehold. The property buying process in Cyprus works like this: - 1) A buyer identifies a property that they would like to purchase and a price is agreed. A Reservation Deposit Agreement is then signed and a deposit paid. The deposit will vary but will be at least 1% of the purchase price and this money is paid 'subject to contract,' meaning that the deposit is lost if the buyer withdraws from the sale but would be returned if the vendor withdrew or the buyer's solicitor found something wrong when conducting searches. 2) The property is withdrawn from the market for an agreed period that is usually a month whilst the buyer's solicitor conducts all searches to ensure that clean title will be passed to the buyer, that the vendor has the legal right to sell and that there are no debts on the property for example. When all searches have been carried out satisfactorily, the sale proceeds to signing the Contract of Sale. The buyer then has a fixed period in which to make payment to the vendor. 3) Possession of the property comes when the home is passed to the buyer and it is at this stage that utilities are connected and the buyer can officially establish their rights in Cyprus and obtain residence etc. The title deed transfer follows. If the property is a resale then the transfer is usually immediate, if the property is a new build then the process can take a number of years but the home is secured as being owned by the buyer because the purchase contract is signed, stamped and registered with the land registry. Those who require a mortgage to buy a property in Cyprus will be pleased to learn that the commercial banks in Cyprus lend to overseas buyers with a loan to value rate of up to 80%. More good news comes in the form of a double taxation agreement in place between Cyprus and the UK and most other European nations too. This is especially good for pensioners retiring to live in Cyprus from Britain because, according to tax experts Grant Thornton, the first EUR3417 of their pension income is tax exempt and then the rest is only taxed at 5%. Alternatively expat retirees can opt to be taxed under the standard tiered rules, resulting in the first EUR19,500 being untaxed, rising to a rate of 30 per cent on pension income above EUR36,301 and because of the double taxation agreement, no additional tax is required to be paid in the UK. As you can see, not only is buying a property in Cyprus today incredibly straightforward and simple, the most experienced, longest standing and best developers on the island guide and assist their clients through the entire process - whether they are buying a brand new home from the developer or purchasing a resale property. Cyprus Mail is one of the two English-language daily newspapers published in Cyprus. It is the oldest surviving daily newspaper in Cyprus, established in 1945. It claims to take a completely independent political position and has no political affiliations.It is published daily (except Mondays), and most of the local articles are available online on the newspaper's website.
In its early years the Cyprus Mail was the main rival to The Cyprus Times (also known as The Times of Cyprus) another English language newspaper founded in Cyprus during the period of British rule. At that time the Cyprus Mail was widely seen to be to the political right of the more socially liberal Cyprus Times, especially in its tendency to oppose Enosis i.e. union with Greece.[3] With the demise of the Cyprus Mail Times in 1960 the Cyprus Mail remained the only English language newspaper in Cyprus until the establishment of the Cyprus Weekly in 1979. The Cyprus Weekly is the top-selling English-language newspaper in Cyprus, with a circulation exceeding 14,000 copies. It is published every Friday. The Editor in Chief is Lefteris Adilinis. The Managing Editor is Charlie Charalambous while the sports editor is John Leonidou. The photographer is Stefanos Kouratzis. In 2013, The Cyprus Weekly launched a twin newspaper called The Cyprus Daily which was published from Monday and Friday, with the publication day of the weekly edition moved to Saturdays. However publication of the daily edition ceased the same year and the Cyprus Weekly returned to being published on Fridays. When looking at the real estate opportunities that are arising worldwide the intuitive investor is immediately drawn to Cyprus news ad in Properties for Sale. One is immediately drawn to the beauty of this wonderful country and the hospitality and friendliness of its people. While the economic downturn has affected so many small regions negatively, this beautiful area remains a splendid oasis of peace and calm in an otherwise busy area.
When looking at Cyprus properties for sale it is important to look at the countryside. There are no areas in Cyprus that do not offer unique and astounding views and vistas. Many of the homes overlook the sea and the homes are built in traditional methods which allow the sunlight which shines over 300 days a year to play gracefully across the verandas, porticos, and plazas. The material used to build most of the homes is thick and keeps the inside of the homes well insulated. In addition most of the homes have two dining areas, one of which is easily accessible for large dinner parties and guests. The landscape of Cyprus provides an individual with a beautiful mix of mountains, beaches, and winding roads that lead to plateaus overlooking the glorious ocean. The towns are all ancient looking as are most of the homes and cause one to imagine that an ancient Greek has just passed or you are walking in the footsteps of an ancient philosopher who has come to Cyprus for the same reason you came. To lay claim to the beautiful cities and wondrous Cyprus properties for sale. When searching for the perfect Cyprus news for ad properties for sale whether as an investment opportunity or as a residence, it is important that you contact a local real estate agent who will be able to walk you through the entire buying process. Cyprus real estate brokers perform many of the functions that in other countries you would hire a lawyer to do. It is important that you discuss with the broker and the bank what the immediate levies and taxes will be and what the ongoing taxes will be on the property that you select. This is especially important if you have come to look at Cyprus properties for sale with a specific budget in mind and have not made allowances for the extra taxes that are charged in Cyprus. In addition, the fees and commissions for purchasing the home will be more than you may expect so you will want to be sure to find out those amounts before you commit to a purchase. The excellent news for an investor searching for Cyprus properties for sale is that virtually everyone in the country speaks English. Because of the heavy British influence, the banks of Cyprus are run on a system that is very similar and the paperwork is quite similar to that used in other English property transactions. In addition, the people of Cyprus news are, for the most part, English speakers so it will not be necessary for to learn the language before you can start negotiating for the best properties available. This is the time to purchase a property in Cyprus. Because of the global economy, the housing prices of Cyprus have also decreased, although not as much as in other parts of the world, and this is a prime opportunity for an individual to contact their real estate broker and begin to seriously consider Cyprus properties for sale. On the 18th of September, 2014 at Hilton Hotel in Nicosia, a conference was organized by the Cyprus-Russia Business Association, Withers LLP and Chryssafinis & Polyviou LLC entitled "The future of Cyprus for Russian Business". To quote an extract from the recent conference:
Russian Controlled Foreign Companies (CFC) rules and the de-offshorisation strategy that are affecting Cypriot structures -The implications of these rules will be more apparent in the long - term as in the present most Russian companies are still using Cyprus news as their base of operations. I think that statement hits the nail firmly on the head, 'in the PRESENT, most Russian companies are STILL using Cyprus as their base'. It doesn't make any mention of the situation after the CFC rules are implemented.I believe that this year we have already seen a few Russian companies dissolved in Cyprus, however, there still appears to be a 'let's wait and see what happens ' attitude prevailing here in Cyprus, and this can only add to the detrimental impact of the CFC legislation. Unfortunately for Cyprus news, the rest of Europe are not prepared to sit and wait, they are not only offering advice on mitigating the effects of the Russian CFC rules, they are actively promoting it in an attempt to lure business away from Cyprus. It can be looked upon that CFC poses a challenge for Cyprus and a huge opportunity for those countries that have always envied the strength of Russian and Cypriot co-operation. Opportunities really don't come to those who wait, they are seized by those who dare to attack, and we are already under attack! The fact is that CFC will have a big impact if left as a weapon in the hands of our competitors, who are already presenting themselves as the saviours of Russian businessmen, and demonstrating that Cyprus does not appear to have any suitable solution to De-offshorisation! The only written advice I have seen so far in Cyprus is that a Private Listing on the 'Emerging Companies Market' would be an easy route to take to alleviate the potential problems for Russian residents as well as safeguarding business here in Cyprus. However, the ECM is generally seen as a "non-regulated market" as it does not come under the obligations imposed to regulated markets by the Cyprus Securities and Exchange Commission (CySec). This may or may not be why the UK's HMRC say this about the Cyprus ECM: 'The Cyprus Stock Exchange have opened a new market called the Emerging Companies Market. This market will be a Multi-lateral trading facility (MTF) and securities admitted to trading on this market will not meet the HMRC definition of 'listed'. I would assume that if Mr. Putin is looking to collect more tax, then he will follow the British and refuse to accept a listing on the ECM as satisfying the requirements. No matter what is being said by the media and other governments, the banking world outside of Cyprus is not in the healthy position that the rest of Europe would have us believe. Cyprus is ahead of the field in correcting past banking errors and should combine this strength with some practical steps to re-assure the business world that measures are already in place to maintain the security and tax efficiency that Cyprus has always afforded them in the past. There is a fully compliant way of dealing with CFC legislation that is tried and tested throughout Europe and is now available in Cyprus. Private Placement Life insurance has certain advantages over a trust but can be used to add substance to an existing trust if necessary. Some of the more astute Corporate Service providers here in Cyprus news are now taking active steps to at least let their clients know they have a fully compliant solution available to them in Cyprus and that they are ready to take action as soon as it is needed. This not only strengthens their existing client relationships but it also acts as a strong proposition in bringing new business to Cyprus. CFC legislation is a threat to Cyprus and the time to do take some action is now. Please let's not sit back and let the rest of Europe 'support' our businesses here in the same way as it did our banking sector! |