Commercial and maritime court in Cyprus
The House Justice Committee has begun discussions on the creation of a commercial and maritime court to speed up litigation and enhance the prospects for Cyprus as an attractive investment destination.
Justice Minister Stefi Draku said the bill provides for the creation of two main branches. The commercial will handle financial disputes worth over two million. The Maritime Court will consider all cases that concern it and are currently in the jurisdiction of other courts.
“If investors do not know that there is a judicial specialization, that their disputes will be resolved quickly, if they do not know what they can expect when considering cases, they will not choose Cyprus as a financial center,” Draku said.
She also said that her ministry is positive about the introduction of court procedures in English, which is the desire of many, as it is important for international parties to understand the process. Draku said that if this language change is agreed, changes should be made to the Constitution, which currently stipulates that the two official languages of the courts are Greek and Turkish.
“The adoption of the bills will help speed up the consideration of cases, since there is a serious delay in matters of civil jurisdiction,” Draku said.
This will also contribute to the achievement of the purpose of the specialization, as it will deal with extremely important commercial disputes, as well as all matters and matters relating to the court of maritime disputes.
“And, of course, this will contribute to the efforts to attract new investment, which is what the economic operators aspire to when choosing Cyprus as a financial center with a high level of service,” she added.
She also stated that all stakeholders such as the Supreme Court, the Bar Association, the financial world and employers’ associations support the bills, and her ministry is open to proposals.
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