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Covid-19 Updates: Legislation Changes and Support Measures


Here you can find the latest news related to legislation changes and updates, including special support schemes and measures. Select the respective link to find out more.

Search for debtors' assets and their confiscation by court order


Search for debtors' assets and their confiscation by court order. Cyprus justice: how to persuade a debtor in Cyprus to settle his debt? In case it is still necessary to apply to the court, it is necessary to have information about all the assets of the debtor, explicit and hidden. Having received this information, it is necessary to have the ability to quickly use it - that is, to obtain the necessary restrictive measures before the initiation of litigation in order to prevent an unscrupulous defendant from hiding his assets.

On the 1st day of October, 2019 section 16 of the Economic Substance Act, 2018 (“ESA”) came into force.


Under ESA, legal entities registered in the BVI and carrying on any relevant activities are required to satisfy economic substance requirements in the BVI as follows

Why move your business to UAE - advantages of Ras Al Khaimah companies


In December 2018, the British Virgin Island government passed the Economic Substance Act, 2018 which came into force on the 1st of January 2019. The new legislation imposes increased substance requirements for certain BVI legal entities, such as having adequate number of qualified employees in BVI, expenditure incurred in BVI, physical offices and premises on the territory of BVI, etc. Should the company fail to meet the legislative requirements for substance, penalties as high as USD 400,000 may arise.



As we informed you in our July newsletter, following the new regulations issued by Central Bank in connection to the so called “shell companies”, the business world is undergoing a series of changes over the course of the last decade, and as it was predicted by experts, more and more jurisdictions are changing their legislation to meet the requirements imposed by the Council of the European Union.

Business in the light of recent developments – Central Bank regulations on shell companies


Subsequent to the developments in the world in the recent years, and especially in Cyprus and Latvia, all the banks in the said countries will refuse cooperation with offshore companies or companies, which do not have physical presence in the country of registration – the so called “shell” companies.