Author Archives: Panayiotis Z. Toulouras LLC

Lebanese people choosing Cyprus to help ease their transactional issues!

The recent introduction of capital controls at Lebanese banks imposed by the Lebanese Bankers’ Union, has resulted in hundreds of Lebanese citizens proceeding to open bank accounts in Cyprus to help accommodate their transactional needs, with our team here to assist every step of the way.

Limits of $1,000 and more that were imposed, with the objective of preventing withdrawals of funds and restrictions on remittances, have led Lebanese people to hop over the Med Sea to Cyprus in order to deposit their savings in cash/open bank accounts, register companies, purchase property or land and also to seek Permanent Residency on the island.

The close proximity and the great political co-operation of the two countries mean Cyprus has often been seen as the unofficial second home for the Lebanese people and has been so for many years now. With Lebanon experiencing over a month of its biggest mobilization of the last 20 years against government policies, Cyprus will increasingly become an attractive sanctuary to help ease the burden of the capital controls imposed and to allow the Lebanese people to continue business as usual.

Panayiotis Z. Toulouras LLC provides assistance concerning all matters related:

  • Opening, administrating and monitoring all bank accounts
  • Negotiation and drafting of contracts
  • Sales and Purchase of property
  • Long term and short-term leases
  • Property management for non-residents.
  • Property due diligence reports
  • Real estate transaction and tax issues
  • Formation and Registration of companies in Cyprus and abroad
  • Formation and use of trusts
  • Nominee Services
  • Corporate management and domiciliation services
  • Corporate advisory and structuring
  • Cross border transactions

Cyprus International Trust Purposes – #1 Asset Protection

The Cyprus International Trust (CIT) secures that no claim can be brought in respect of assets transferred to an International Trust. CIT protects your assets in the event of settlor’s bankruptcy/liquidation or creditor proceedings against the settlor. For the CIT to be set aside it must be proven that the Trust was made by the settlor with an intention to defraud the creditors.

The beneficiaries are the beneficial owners of equitable interests in the trust assets, however, they do not hold legal title to the assets. Asset protection type of trust can fulfill the goal of adequate asset protection planning, by insulating assets from claims by creditors without concealment or tax evasion. The common goal of asset protection trusts is to limit the interests of beneficiaries in such a way so as to preclude creditors from collecting against trust assets.

Panayiotis Z. Toulouras LLC provides assistance concerning the formation and administration of Cyprus International Trusts.

Our areas of work include, among others:

    • Trustee Services
    • Advising on family asset protection and inheritance issues
    • Creation of tailor-made wealth management structures to safeguard your assets
    • Opening, administrating and monitoring all bank accounts
    • Making distributions to the beneficiaries

Cyprus International Trust Purposes – #3 Preservation of Family Assets

The preservation of family wealth and passing it through the generations can be very complex, Cyprus International Trusts are able to provide assurance that your assets will be protected, used in the way its desired and kept in the family.

A trust structure allows wealth to be kept secure and to provide much-needed protection from any unforeseen circumstances affecting the beneficiaries e.g. such as divorce, death, etc

Trust also allows for conflicts between family members to be avoided when the settlor has passed away but also to ensure that beneficiaries cannot access the money until they are of a sufficiently mature age.

Lastly, a lot of clients use trusts to hold assets for children, to ensure they cannot access the money until they are of a sufficiently mature age. Funds gifted to children which are held in a discretionary trust can reassure the beneficiaries and settlors that it will be used appropriately:

E.g.

  1. Buying Assets; The settlor of a trust can state all the circumstances where the trust money can be released in situations like buying a car where the settlor can even specify even the type of car that can be bought.
  2. Funding school fees: Where the older generation may wish to help a future grand-child financially.

Panayiotis Z. Toulouras LLC provides assistance concerning the formation and administration of Cyprus International Trusts.

Our areas of work include, among others:

    • Trustee Services
    • Advising on family asset protection and inheritance issues
    • Creation of tailor-made wealth management structures to safeguard your assets
    • Opening, administrating and monitoring all bank accounts
    • Making distributions to the beneficiaries

Acquisition of Cyprus Citizenship due to Cypriot Origin – Contact Us

Acquisition of Cyprus Citizenship due to Cypriot Origin.

We are able to guide and assist you with all the steps needed to submit your application along with the relevant required documents and liaise with local authorities to acquire your Cypriot citizenship.

Acquiring the Cyprus citizenship will allow all British people of Cypriot origin to continue enjoying the freedom of movement within the EU after Brexit and for future business dealings in Cyprus e.g. Opening a local bank account, settling an estate etc.

1. Various scenarios we can assist in acquiring your Cypriot citizenship:

a. Adults or Minors, born in the U.K. after the 16th of August 1960 and whose father at the time of birth was a Cypriot citizen, and by individuals born after the 11th of June 1999, whose mother was a Cypriot citizen at the time of their birth.

b. Minors born prior to the 11th of June 1999 in Cyprus or the U.K. and whose mother is a Cypriot citizen and father is foreign or for minors whose father acquired the Cypriot citizenship after their birth.

c. Persons born prior to the 16th of August 1960, citizens of the United Kingdom who originate from Cyprus from the father’s side and reside permanently abroad.

d. Adults born on the 16th of August 1960 or after and none of their parents at the date of their birth managed to get the Cypriot citizenship.

e. Adults of Cypriot origin, who were born before the 16th of August 1960 and are British citizens or citizens of any State of the Commonwealth and have completed one year of legal residence in the Republic.

2. Documents needed for Application:

  • Your birth certificate *
  • Marriage certificate of the applicant’s parents *
  • Photocopy of the applicant’s and the applicant’s parents’ passports
  • Certificate of registration of the Cypriot parent (where applicable) – E.g. Copy of any document of parent documenting Cyprus nationality (e.g. Cyprus Id, Cyprus Passport, Cyprus Birth Certificate)

*PLEASE NOTE that if documents have been issued from U.K. government it must be certified with APOSTILLE, this legalises the document by asking the UK government to confirm that a UK public official’s signature, seal or stamp on the document is genuine by the legalisation office. You can do this directly through the Legalisation Office through post:

3. Application Procedure: 

Step 1:

a) Signature in application form can either be certified by the  Embassy or Consulate of Cyprus in the U.K. Embassy/Consulate proceeds to sending application to Cyprus authorities, OR

b) Application form can be certified at any District Court in Cyprus with your presence and our guidance.

Step 2:

If application approved, a second application is needed to request an I.D. or Passport. (This will require you presence to provide your bio-metric data)

4. What we handle:

  • Fill in all required forms for you.
  • Confirm Documentation required is accurate.
  • Liaising and direct contact with all local authorities evaluating your application from start to finish.
  • Assist in your application form being certified by any District Court in Cyprus by accompanying you. (Step 1)
  • Assist in the second application form needed to apply for a Cyprus I.D. or Passport by accompanying you. (Step 2)

Contact us today to start your application

Address: Griva Digeni 13, Megaro Stavrakis, Office 501, 6030, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com

€14,000 fine handed out to local Doctor for GDPR breach

€14,000 fine handed out to local Doctor for GDPR breach

The complainant complained that the Doctor had disclosed her personal data on Instagram without her prior consent. After investigating the complaint, it was found that her disclosure did not comply with the purpose of the prior consent which was given by the Complainant for marketing purposes, as her identity had been fully disclosed publicly.

The Commissioner issued a judgment and fined the Doctor € 14,000 on the 6th of September 2019.

Panayiotis Z. Toulouras LLC provides counsel to clients on all the data protection matters and laws in place with the newly established GDPR. For any enquiries or assistance, feel free to contact us at [email protected] or call us directly at +357 24 623 800. For more information visit www.toulouraslaw.com.

Read more about the Commissioner’s judgment here 

 

Digital Upgrading Funding scheme announced by Ministry of Energy, Commerce & Industry.

What’s happening?

The Ministry of Energy, Commerce & Industry continues to strengthen its digital strategy with Cyprus based SMEs with the introduction of the new government funding scheme to support the ‘Digital Upgrading’ of businesses and cover costs where needed e.g. application process.

The project aims to enhance the degree of integration of digital technology in businesses e.g. CRM software, E-Commerce shops, brand new websites. The scheme objectives are:

  • The enhancement of the digital identity of businesses,
  • The increase of number of small and medium-sized enterprises using I.T. & Communication software, including businesses from the e-commerce sector,
  • The promotion of digital entrepreneurship.

What funding can businesses receive as support?

Companies are able to receive up to 50% of funding for their approved projects.

It is good to note that the:

  • Minimum project value is: €5,000
  • Maximum funds able to be given: €50,000

Why you need us?

a) Guide on Digital Plan:

We work with affiliate digital partners that can assist in the digital planning and upgrading needed to upgrade your business and comply with government grant scheme.

 b) Application Process:

Most importantly, the application costs are covered by the scheme so our specialized team can assist you from start to finish with the application process and documentation needed to benefit from the project and to avoid all the back and forth that may arise from applying.

Panayiotis Z. Toulouras LLC offers expert legal advice for companies involved in the technology industry. Our services cover the entire spectrum of technology law and practice.

Email: [email protected]

Website: www.toulouraslaw.com 

 

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