At the initiative of the Cyprus Bar Association, plans are underway to create a Special Arbitration Court dedicated to economic disputes. This initiative aims to significantly enhance both the judicial and economic landscape in Cyprus.
The proposal, which needs approval from the Ministry of Justice, the Council of Ministers, and the House of Representatives, will be officially implemented upon passing these stages. Michalis Vorkas, President of the Cyprus Bar Association, stated that the objective is to establish Cyprus as a regional centre for resolving economic disputes of any scale, without restrictions. This court will cater to foreign nationals with permanent residences in Cyprus or abroad, as well as Cypriots involved in financial disputes.
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Mr. Vorkas emphasized that disputes will be resolved swiftly, conserving valuable court time. The arbitrators, chosen by the Cyprus Bar Association, will be specialized legal professionals from both Cyprus and abroad.
Economically, Cyprus stands to benefit as foreign nationals opting for the Special Arbitration Court will contribute foreign exchange and significant financial inflows.
The final decisions of the Special Arbitration Court will be recorded in the District Courts, thereby gaining full judicial authority.
Functionally, the Arbitration Court will resemble the Court of Arbitration for Sport (CAS) in Lausanne, an international semi-judicial body established to resolve sports-related disputes.
