At the initiative of the Cyprus Bar Association, Cyprus is moving forward with the creation of a Special Arbitration Court for economic disputes. Once implemented, this court is expected to benefit both justice and the economy significantly.

The proposal, which requires approval from the Ministry of Justice, the Council of Ministers, and the House of Representatives, will be officially implemented once it passes these stages. The president of the Cyprus Bar Association, Michalis Vorkas, told Offsite News that the goal is to transform Cyprus into a regional arbitration center for resolving economic disputes of any scale without restrictions. This initiative aims to attract foreign nationals with permanent residences in Cyprus or abroad, as well as Cypriots with financial disputes involving other individuals.

Mr. Vorkas noted that the resolution of disputes will be swift, saving valuable court time. Arbitrators will be specialized legal professionals, both Cypriot and foreign, selected by the Cyprus Bar Association.

According to Mr. Vorkas, Cyprus will also benefit economically, as foreigners who choose the Special Arbitration Court for Economic Disputes will bring in foreign exchange and significant financial contributions.

It is important to note that the final decision will be registered in the records of the District Courts, thus acquiring full judicial character.

Essentially, the Arbitration Court will function similarly to the Court of Arbitration for Sport (CAS) in Lausanne, which is an international semi-judicial body established to resolve sports-related disputes.

According to reliable sources, the Ministry of Justice, in collaboration with the Cyprus Bar Association, is preparing to establish modern legislation in the field of arbitration for economic disputes.