The Legal 500

Cyprus

Editorial

Legal market overview

Cyprus’ legal industry has been hit hard by the country’s financial meltdown. In March 2013, recently elected president Nicos Anastasiades announced an agreement with the EU over the terms of a €10bn bailout, which forced the closure of the island’s second largest bank, Cyprus Popular Bank (also known as Laiki Bank), and the seizure of savings from depositors to recapitalise Bank of Cyprus (the country’s largest commercial bank). Since the bailout, transactions and projects have drastically reduced and many are currently on hold. Furthermore, overseas clients have lost trust in Cyprus, resulting in a drop in foreign investment.

Despite this, Cyprus remains an attractive jurisdiction for international tax structures and deals, mainly because of its wide network of double taxation treaties and comparatively low corporate tax. In addition, the series of recently introduced incentives and exemptions relating to investment in IP rights continues to bear fruit, and the nascent offshore gas industry has presented opportunities for lawyers.

Andreas Neocleous & Co LLC remains the largest law firm in Cyprus, with strength across the board, and has additional offices in Russia, the Czech Republic, the Ukraine, Belgium and Hungary. In terms of size, it is followed by Chrysses Demetriades & Co Law Office, which also provides the full range of corporate, commercial and litigation services, and is renowned for its shipping expertise.

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Legal Developments in Cyprus

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Interim injunctions in Cyprus for the freezing of assets and disclosure of documents and information

    The availability of interim relief is often crucial in ensuring satisfaction of any final court judgment or arbitral award. An interim injunction can ensure that property is not alienated while a case is still pending. In other cases it can level the playing field if one party (or even non-party) is restricting access to information material to the case. The ability to apply for interim relief is a vital tool for any legal jurisdiction. Cyprus is no exception. Due to its popularity as a centre for company incorporation, its legal system must also cater for the large number of companies registered on the island. Its legal regime on injunctions must be an effective one.
  • Community Trademark Conversion Procedure

    A Community Trademark ( CTM ) is a trademark and/or a trademark application which has been filed via the Office for Harmonization in the Internal Market OHIM in order to be granted protection and have effect in the whole of the European Union.
  • Patients' Rights in Cyprus

    In Cyprus,patients enjoy various rights under the Safeguarding and Protection of Patients' Rights Act of 2004,which is in force since April 2005. This Act establishes the rights of patients regarding health care, as well as the control mechanism for securing these rights.
  • Enforcement of Cyprus Share Pledges

    A security interest over shares in a Cypriot company under Cyprus law is normally established by a share pledge agreement entered into between the registered shareholder of the said shares (the “Pledgor”) and the person in whose favour the security interest is taken (the “Pledgee”). All matters related to Cyprus Share Pledges are regulated by the provisions of the Cyprus Companies Law, Cap. 113, and the Cyprus Contracts Law, Cap. 149.
  • Alternative Investments Funds Law 2014

    Cyprus implemented in its legal system the Alternative Investment Funds Law of 2014 (the “AIF Law”) in July 2014. The AIF Law replaces and repeals the International Collective Investment Schemes Law (the “ICIS Law”), which governed the international investment funds since 1999 in Cyprus.
  • The Civil Legal System in Cyprus: The Amendment of Order 30 of the Civil Procedure Rules and its Imp

    Although not verbatim embodied in the Civil Procedure Rules of Cyprus, the overriding objective of enabling the court to deal with cases justly and at proportionate cost (Civil Procedure Rules of England and Wales, Part 1.1, implementing the Jackson Reforms on 1/4/2013) is a founding doctrine of the civil legal system. The parties in a litigation dispute are required to help the court to further this principle under the guidance of the Civil Procedure Rules, a procedural code towards its advancement.
  • Purchasing Immovable Property in Cyprus

    Cyprus is an  attractive destination for foreign investors, retirees and individuals or families looking for a holiday home or a new working environment. Cyprus' accession to the European Union has made the island an even more attractive candidate for the purchase of immovable property.  ESME PALAS, an advocate of MICHAEL KYPRIANOU & CO. LLC, outlines the two most important legal issues the purchaser needs to be aware of when acquiring immovable property in Cyprus.
  • Purchasing Immovable Property in Cyprus

    Cyprus is an  attractive destination for foreign investors, retirees and individuals or families looking for a holiday home or a new working environment. Cyprus' accession to the European Union has made the island an even more attractive candidate for the purchase of immovable property.  ESME PALAS, an advocate of MICHAEL KYPRIANOU & CO. LLC, outlines the two most important legal issues the purchaser needs to be aware of when acquiring immovable property in Cyprus.
  • Cyprus Shipping and Securitization of Financing

    Shipping finance forms an inevitable part of the Cyprus shipping industry with international as well as local financing institutions playing a key-role in the shipping industry development. Under Cyprus ship financing transactions, financial obligations are usually secured by providing a mortgage on the ship or a pledge on the shares of the ship-owning company. TONIA ANTONIOU, a partner of MICHAEL KYPRIANOU & CO. LLC, examines the procedures that need to be followed.
  • Anti-Money Laundering Update - Cyprus

    First uploaded on the International Bar Association's Anti-Money Laundering website.

Press Releases in Cyprus

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to