Citizenrelocations

GENERAL COUNSEL

INTELLECTUAL PROPERTY / ROYALTIES

We advise on patent and copyright matters, including the structuring of patent portfolio, trade mark protection, design registration as well as licensing of technology and royalties.

We work closely with our clients to secure appropriate national and international IP protection and to defend it where necessary. Our services include:

  •  advice and assistance in acquisition, registration and protection of all types of intellectual property in the territory of Cyprus, European Union and worldwide
  •  patent, trademark, copyright proceedings
  •  franchising and licensing
  •  competition and agency law
  •  advice on all related tax aspects.

 

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LITIGATION, ARBITRATION, GENERAL PRACTICE

Our collaborate firm has a wide litigation practice, covering all areas of general and commercial law. They have been involved in all types of disputes, including national and international arbitration, commercial, intellectual property, banking and finance, tax issues, bankruptcy, insurance, shipping, real estate, securities, family, successions and controversies raised during the enforcement of civil and commercial judgments procedures including foreign judgments and arbitration awards and pursing interim pre-emptive remedies.

The name is well known in the following areas:

  •  Banking and Commercial litigation
  •  Contractual disputes
  •  Bankruptcy and insolvency
  •  Enforcement of foreign judgments and arbitral awards
  •  International arbitration
  •  Mediation.
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INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES

Our firm can help in the creation of an international collective investment scheme by assisting with:

  • the constitutional documentation and the offering memorandum of the scheme
  • the application of the scheme for recognition by the Central Bank of Cyprus
  • the offering of administrative services to the scheme

Legal Frame

The International Collective Investment Schemes Law, 1999 has provided the required legal framework for the registration, regulation of operations and supervision of CISs

An ICIS can take the following legal forms :

  • International fixed capital company
  • International variable capital company
  • International unit trust scheme, and
  • International investment limited partnership

The sole object of an ICIS is the collective investment of funds of the unit holders.

Private International Collective Investment Scheme

The Private ICIS has to satisfy the following requirements:

  • take the form of International public variable capital company
  • The maximum number of participants in the share capital is 100, and it will be included in the company’s articles and memorandum.
  • The Private ICIS will be able to invest in any securities at any stock exchange in the world.
  • An initial application can be filed with the Central Bank of Cyprus to register the Private ICIS along with the questioners for the directors and shareholders of the ICIS. If these are accepted then we will proceed to register the ICIS

If a company is formed to administer the ICIS then it must accompany the above questions and application

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FORMATION AND USE OF TRUST

Our firm holds extensive expertise on the creation of a wide spectrum of trust structures from very simple bare trusts to more complicated discretionary trusts or “shareholding trusts”

International Trust

The main Trust law of Cyprus enacted In 1955 is based on the English Trustee Act 1925 and on the doctrines of equity and case law of England. In order to strengthen the infrastructure of Cyprus as a truly international financial centre, the Cyprus Authorities have introduced through new legislation – Law 69(1) I 1992 – the concept of the Cyprus International Trust

The creation of a trust can:

  • mitigate tax liabilities, or help in the avoidance of tax;
  • preserve confidentiality;
  • allow a family to retain ownership of property;
  • permit the control and enjoyment of assets to be maintained, despite giving or selling the assets to others;
  • benefit certain groups of people, for example, the mentally disabled, while control of the property is withheld from them;
  • act as a management vehicle. Investment Trust Funds, banks, etc. manage funds for their clients through a structure of a trust and an offshore company that acts as a trustee;

For a trust to qualify as an international trust, the following requirements must be fulfilled:

  1. the settlor must not be a permanent resident of Cyprus;
  2. no beneficiary, other than charitable institution, can be a permanent resident of   Cyprus;
  3. the trust property cannot include any immovable property in Cyprus;
  4. at least one trustee must be a permanent resident in Cyprus.

Cyprus International Companies do qualify as residents of Cyprus for the purpose of the Law.

Types Of Trusts

Trusts are divided in the following main categories:

  • Private Trusts
  • Express Private Trust
  • Resulting Trust
  • Constructive Trust
  • Implied Trust
  • Charitable Trust
  • Fixed Trust
  • Discretionary trust
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