According to the Minister of Justice of the Republic of Cyprus, Ionas Nicolaou, the bill aimed at creating a commercial court was approved by the Cabinet of Ministers on October 9th, 2018.
Mr. Nicolaou also noted that the court will consider commercial cases with claims ranging from €2 million. However, the representatives of some business circles spoke against this arguing that in order to bring more cases under the jurisdiction of this court the upper limit should be reduced, therefore easing the burden of the overloaded district courts.
The low pace of Cypriot courts is one of the reasons why investors are wary of cooperating with Cyprus. In this regard, ‘the court will also contribute to the expansion and increase of the competitiveness of our country, mainly in relation to the provision of services as well as attract foreign investment thereby increasing the long-term economic growth of the country.” added Mr. Nicolau.