Cyprus has been a member of the European Union since 2004 and adopted the euro in 2008. The country is known for its well-educated workforce, good business infrastructure and availability of investment opportunities in sectors such as shipping, energy and real estate. All of this, along with the benefits of a great lifestyle, make the country hugely attractive for high-net-worth individuals and top calibre employees to work and settle with their families. Cyprus also offers a number of tax incentives to high-net-worth individuals who want to relocate there.
Read full articleIn the leading Appellate case, Attorney General of The Republic of Kenya -v- Bank Fur Arbeit & Wirtschaft AG (1999), the Supreme Court of Cyprus held inter alia, that Cypriot Courts do have inherent jurisdiction to stay or suspend the enforcement proceedings of an arbitral award, provided that there are strong grounds for granting such stay, in order to prevent injustice.
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