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.
Firms in the spotlight
Anastasios Antoniou LLC
Anastasios Antoniou LLC, ranked as a top-tier Cyprus law firm by The Legal 500, is a boutique practice specialising in merger control and competition law, intellectual property, EU law, maritime law and dispute resolution. The firm has established itself for its commitment to legal clarity and is a Cyprus law firm of choice in its practice areas of expertise. In alignment with the constantly changing and increasingly competitive global environment, the firm has developed a focus towards the energy, aviation, pharmaceuticals, shipping, maritime security and telecommunications sectors...