Cyprus - Enforcement of Money Judgments

In general, the prevailing attitude of the Government of Cyprus and its courts towards enforcement of foreign money judgments is positive. On February 1, 1971, Cyprus signed the Hague Convention of Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters and by law 11 of 1976 (March 12, 1976) ratified the Convention. However, the Convention has no practical effect since no enabling bilateral treaties have been signed with the two other signatory States, Portugal and The Netherlands. Cyprus has also entered into ten bilateral conventions and 5 multilateral treaties.

In the absence of a treaty, the provisions of the Foreign Judgments (Reciprocal enforcement) Law of 1935 are expressly applicable to judgments from United Kingdom courts and may also be applicable to decision from other States.

For the simplification of procedures for enforcement and execution of foreign judgments in Cyprus, Law No. 121(1)/2000 was passed for the Recognition, Enforcement and Execution of Foreign Judgments. The Minister of Justice and Public Order has been assigned as the competent authority, and covers any decision of a foreign Court that is a Court decision or arbitral body or body of another state that the Republic is connected with an Agreement for the subject of mutual recognition and enforcement of court and arbitral decisions, concerning cases in which the said decision is enforced in the state in which was published. Since becoming a member of the European Union on the 1st of May, 2004, Cyprus is bound by the provisions of EC Regulation 44/2001 on Jurisdiction and the Enforcement of Judgments of Civil and Commercial Matters.

The new EU Regulation 1215/2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (recast) applies to judgments issued on or after 10 January 2015. According to Article 36 of the Regulation, a judgment given in a Member State shall be recognized in the other Member State without any special procedure being required.