We are delighted to announce that Pyrgou Vakis LLC has ranked for fourth consecutive year as a top tier firm in the Legal 500, one of the most reputable legal directories in the world. The firm has received several practice rankings and its partners and lawyers received excellent feedback as evidenced by the dithyrambic testimonials of our happy clients.

Η Υπηρεσία Προστασίας Καταναλωτή, αφού εξέτασε τη νομιμότητα διαφημίσεων που χρησιμοποιήθηκαν από συγκεκριμένο χρηματοπιστωτικό ίδρυμα, για σκοπούς προώθησης των πιστώσεων που παρείχε στους καταναλωτές, κατέληξε ότι υπήρξε παράβαση της σχετικής νομοθεσίας από το πιστωτικό ίδρυμα και προχώρησε στην έκδοση της πρώτης διοικητικής απόφασης επιβάλλοντας διοικητικό πρόστιμο ύψους €20.000.

The Cyprus government in an attempt to attract further foreign investment to the island,announced revised investment criteria for Non-EU nationals wishing to acquire permanent residency in Cyprus. To this respect, the third revision of the rules under which investors may obtain permanent residency in Cyprus came into effect on 24 March 2021. New investment options are now available granting applicants the flexibility in selecting the appropriate investment opportunity that matches their immigration purposes.

On 18 of February 2021, the Republic of Cyprus implemented the 5th AML Directive into national law (the “New Law”), a much-anticipated amendment to the Prevention and Suppression of Money Laundering and Terrorist Financing Law (the “AML Law”) and the aim of the New Law is to make the necessary adaptations to ensure the adequate implementation of the 5th AML Directive and that Cyprus is in compliance with FATF standards.

With the FastTrack Business Activation Mechanism ( a mechanism aiming to provide fast and efficient services to foreign businesses wishing to establish presence in Cyprus) in force since 3rd day of September 2020 the Council of Ministers with its decision on 7th day of October 2020 has set new criteria in relation to the employment of third country nationals by foreign interest companies.

The Cyprus Securities and Exchange Commission (“ CySec”) has developed a Temporary Permissions Regime ( “ TPR”) which does not require physical presence in Cyprus for UK firms when providing investment services.

The Institute of Certified Public Accountants of Cyprus has sent a proposal to all competent (public and private) bodies for the introduction of a new assurance process for small companies (alternative audit assurance process), based on the International Standard on Review Engagements (ISRE-2400).

On the 16th of December 2020, in accordance with the provisions of the 4th Anti-Money Laundering Directive, the Council of Ministers decided to:

Πέραν των πρόσφατων τριών Οδηγιών της Κεντρικής Τράπεζας αναφορικά με τις εταιρείες εξαγοράς πιστώσεων, υπάρχουν εξελίξεις και νομολογιακά αναφορικά με την Μεταβίβαση και Αγοραπωλησία Τραπεζικών Εργασιών.