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
  • 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.
  • Corporate Governance - Cyprus Chapter 2014

    Corporate governance concerns all types of companies, both private and public.  However, this chapter will focus on corporate governance rules, applicable to public limited companies listed on the Cyprus Stock Exchange ("CSE").
  • CYPRUS: OWUSU -V- JACKSON AND THE END OF THE DOCTRINE OF FORUM NON CONVENIENS

    Having being a British Colony, Cyprus has adopted the Anglo-Saxon legal system, which is based on the Common Law.     One of the English legal doctrines, adopted by Cypriot Courts, is the doctrine of forum non conveniens, which gives them a discretionary power to stay proceedings, brought before Cyprus Courts, in favour of the courts of another jurisdiction, which they consider the more natural forum, for the trial of the action.   The legal principles regulating the exercise of such discretionary power were set out by Lord Goff in SPILIADA MARITIME CORPORATION -v- CANSULEX (1987) AC 460 at page 476: 
  • Cyprus The european account preservation order regulation

    On the 25 July 2011, the European Commission released the proposed European Account Preservation Order (EAPO) Regulation (" the EAPO Regulation "), which has been submitted for consideration by the European Parliament, and the Council of European Union. 
  • CYPRUS: LIFTING THE CORPORATE VEIL.

    It is a fundamental principle of Cyprus Company Law that a limited liability Company has a legal personality and identity which, is separate from its shareholders, or directors, and that it is a separate legal entity, having separate rights and liabilities.
  • CYPRUS: ENFORCEMENT OF ARBITRATION AWARDS

    In a recent judgment, a Cypriot 1 st  Instance Court, decided in the context of interlocutory proceedings for the issue of interim relief, that arbitration awards, may be enforced in Cyprus, either through the mechanism of the New York Convention, or at Common law by an action based on the arbitral award.
  • CYPRUS: ESTABLISHING JURISDICTION OF CYPRUS COURTS

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