ARTICLE
18 September 2024

Impairment Of Funds During The Events Of 2013: Re-Opening Of The Electronic Service For The Participation In The Replenishment Plan Of The National Solidarity Fund For Submission Of Electronic Applications

MK
Michael Kyprianou Law Firm

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The firm, based in Cyprus, has an international presence. Its services include Dispute Resolution, Property, Shipping, Immigration, Commercial and Corporate Law. It is highly ranked by leading legal directories, including Legal500 and Chambers and regularly receives accolades from the Cyprus Government and international bodies, in recognition of its excellent service and commitment to the values of integrity, efficiency and professionalism.
The Ministry of Finance has extended the submission deadline for the Cyprus National Solidarity Fund Replenishment Scheme (the ‘Scheme'). The new deadline for electronic applications is 25 May 2024.
Cyprus Finance and Banking

The Ministry of Finance has extended the submission deadline for the Cyprus National Solidarity Fund Replenishment Scheme (the 'Scheme'). The new deadline for electronic applications is 25 May 2024.

The Scheme, established under the Law on the Establishment of a National Solidarity Fund (Law 11(I)/2013), aims to partially replenish losses incurred by natural and legal persons designated as "retail clients" due to the resolution measures of 2013 affecting the two systemic Banks of Cyprus (Bank of Cyprus and Popular Bank). Natural persons eligible for an application are individuals aged 18 and above, as well as representatives of deceased persons. Additionally, legal persons such as Companies, Associations, Foundations, Religious Institutions, and Partnerships are eligible for participating in the Scheme.

It is imperative for an affected foreign individual to diligently submit a comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) document, highlighting and substantiating income sources and impaired deposits/securities preceding the events of 2013. Seeking assistance from a qualified professional is strongly recommended to ensure precise adherence to the application criteria.

The deadline extension presents an opportunity for affected individuals and entities to participate in the Scheme, ensuring their financial interests are safeguarded.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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