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Editorial

Doing Business in Cyprus

Contributed by C. Samir & Co LLC.

Our remarkable deliverance of unique solutions and projects over the single course of five years positively represents our vision and ambition for future undertakings. Such is equally translated through our diversified clientele covering more than 35 countries and 65 jurisdictions.

We stand as The Law Firm of choice for clients from all over the world. Private individuals and corporations, major banks and other financial institutions, forex companies, multi-million and multi-billion groups of companies, trusts and foundations rely on C. Samir & Co. LLC for tailor-made solutions and advice.

We understand that business in general transcends deals and transactions. Hence we pride ourselves on becoming trusted advisers whilst establishing profound long-term relationships with our clients. Accordingly it is our vision that “We Grow When You Grow”.

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Legal market overview

Cyprus is increasingly seeking to position itself as a portal for cross-border financing and investment, areas which have contributed to an air of cautious optimism after some difficult times. There is increased activity in the banking and corporate sectors, although sources of credit remain scarce. Law firms have reported an upturn in commercial litigation, particularly in the area of shareholder disputes, and there is a proposal to establish a Commercial Court in Cyprus to deal more effectively and quickly with corporate disputes and to stimulate growth of the economy. In addition, Cyprus is an important global shipping centre and its admiralty court remains a major forum for resolving maritime disputes.

Other valuable sources of work for law firms are being generated by the discovery of offshore gas reserves, coupled with continued investment from CIS countries and the Middle East. Some developers are now seeking to shift their focus on larger scale properties with a view to attracting wealthy overseas investors.

The legal market is primarily dominated by family-run legal practices. However, as the demand for specialism increases, some firms have been seeking to hire legal professionals with a strong international academic background. Also, the entry of the big international accountancy practices into the Cypriot legal market continues – KGMC Legal | Hadjianastassiou, Ioannides LLC is now known as Deloitte Legal | Hadjianastassiou, Ioannides LLC.

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Press releases

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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
  • Notional Interest deduction 11/17

    Introduction
  • Cyprus: Changes To The Inheritance Process Under European Succession Regulation 650/2012

    The growing importance of cross border successions within the European Union and the difficulties and complications resulting from the diversity of succession and private international law rules relating to succession, prompted the European Commission to examine the possibility of introducing a Regulation that would facilitate and streamline cross border successions.
  • A fight against corruption by the proposed introduction of Criminal Record Certificates for Companie

    Due to existing problems with regards to companies competing for the undertaking of public projects, on the 28 th  September 2015 the Cabinet decided to give an end to the scandals involving the squander of millions of public money by approving an amendment Bill, which would add to the conditions for public tenders, the requirement of providing a Criminal Record Certificate for legal entities. Until today, this was not required due to gaps and loopholes in the existing Law. Provided this Bill will be passed into Law by its publication at the Official Gazette of Cyprus, companies applying for public tender will be asked to produce a certificate that would show they have a clean criminal record.
  • LIS ALIBI PENDENS UNDER THE COUNCIL REGULATION (EC) NO 44/2001 ON JURISDICTIONAND THE RECOGNITION AN

    Lis Alibi pendens is Latin for "suit pending elsewhere" . Both Articles 27 and 28 of the EU Regulation 44/2001 regulate the existence of lis alibi pendens and related judicial actions. In particular it is a doctrine that regulates the jurisdictional relationship of courts hearing concurrent proceedings involving the same or related causes of action between the same parties pending in the courts of different Member States.
  • The new features under the Recast Regulation 1215/2012

    The significance of the EU Regulation 44/2001 is well known as its rules determine both the jurisdiction of courts in the EU in civil and commercial disputes and the conditions for the recognition and the enforcement of their judgments in other EU member States.
  • ECJ CASE C-28/26 - RECOVERABILITY OF INPUT VAT OF A HOLDING COMPANY

    Case C-28/26 - Examines the right of a holding company to deduct input VAT on services acquired in the interest of its subsidiaries where those services are offered to its subsidiaries with no consideration.
  • European Commission proposes new VAT rules to support e-commerce and online businesses in the EU

    On 1 December 2016, the European Commission has published proposals to improve the Value Added Tax (VAT) environment for e-commerce businesses in the EU. Particularly, the proposed changes, aiming to allow start-ups and SMEs, to buy and sell goods and services more easily online.
  • Unjust Banking Practices in Swiss Franc Loan Agreements

    The Cypriot banking system is currently being confronted with the issue of providing foreign loans and in particular Swiss francs to both locals and foreigners to cover their housing requirements. Of principle concern in Cypriot and European Courts are the banking practices used in attracting clients to these financial institutions. It seems that misinformation through the use of various means of bank notifications and practices point towards the use of the distortion and the concealment of essential information to borrowers. The Cypriot banking system (that is sanctioned by European banking) in the provision of Swiss Francs did not in most cases provide a complete and proper briefing of the risks involved in these types of loan contracts that also incorporated exchange and interest rate fluctuations.
  • CYPRUS

  • CYPRUS: ARBITRATION – ANTI-SUIT INJUNCTION ISSUED BY ARBITRATORS

    The European Court of Justice (‘ECJ’) in the Gazprom Case (2015) held that anti-suit injunctions issued by arbitral tribunals in relation to the pursuit of Court proceedings within the EU, are not incompatible with the Brussels Regulation. The ECJ held that the BrusselsRegulation does not prevent a Court in an EU Member State from recognizing and enforcing an award containing such an anti-suit injunction, either pursuant to national law, or the New York Convention.

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