CYPRUS Trends and Developments Contributed by: Ioannis Economou, Eleftherios Economou, Michalis Zivanaris and Elli Economou, Economou & Co LLC
legislation, allows for the enforcement of judgments from the UK and its dominions. Additionally, in the absence of a bilateral treaty, Cyprus courts apply common law principles as stipulated by Section 29 (1)(c) of the Courts of Justice Law (14/60). The numerous bilateral agreements Cyprus has with non-EU states, such as Syria, Russia, Egypt, China, Libya, Ukraine, and Qatar, demonstrate a strong com - mitment to international co-operation in legal matters. These treaties ensure that judgments can be recog - nised and enforced across borders, providing a reli - able legal environment for international parties. For EU member states, Regulation (EU) No 1215/2012 has streamlined the process, enabling the almost automatic recognition and enforcement of judgments. This regulation eliminates the need for additional dec - larations of enforceability, making cross-border legal proceedings more efficient. Similarly, the European Payment Order (EPO) established by EU Regulation 1896/2006, facilitates the collection of uncontested claims within the EU.
In the realm of arbitration, Cyprus adheres to the principles of the New York Convention, as reflected in its domestic legislation. The International Commer - cial Arbitration Law of 1987 (Law 101/1987) ensures that international arbitral awards are recognised and enforced, provided they meet specific legal criteria. The recent implementation of the Hague Convention on the Recognition and Enforcement of Foreign Judg - ments in Civil or Commercial Matters further strength - ens Cyprus’s position in the international legal arena. This convention, effective from September 2023, is expected to enhance legal predictability and reduce litigation costs, promoting smoother international transactions. In conclusion, the enforcement of foreign judgments and arbitral awards in Cyprus is underpinned by a robust legal framework that integrates national laws, bilateral treaties, and EU regulations.
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