Cyprus – Commercial Court to be set up and operational from 2018

Mr. Ionas Nicolaou, Minister of Justice and Members of Supreme Court had decided to set up a Commercial Court from the beginning of 2018.

The Commercial Court shall have jurisdiction over matters arising from contracts or disputes between companies, the purchase or sale of goods, the exploitation of oil or gas, the purchase or exchange of shares, intellectual property and insurance affairs. It shall apply to cases the scale exceeds EURO 5,000.000. The seat of the Court shall be in Limassol and Nicosia. The Procedure shall be fast track and to be completed up until 18 months at first instance. The existence of the Commercial Court shall attract new investment and companies.