Doing Business in Cyprus
Contributed by Tornaritis Law Firm
Cyprus at a glance
Cyprus is the third largest island in the Mediterranean and it is located at the crossroads of Europe, Asia and Africa. Due to its location, Cyprus represents a strategic hub for business activities in the region.
Cyprus enjoys an intense Mediterranean climate with long dry summers starting in mid-May and lasting until mid-October with plentiful sunshine throughout the year. Variations in temperature and rainfall are governed by altitude and, to a lesser extent, distance from the coast.
Legal market overview
Policies implemented by the Cypriot government have stabilised the country’s economy (albeit observers remain highly watchful) and law firms reported renewed activity in areas such as banking and corporate law, generating cautious optimism among legal professionals. Credit remains scarce but there have been an increased number of instructions relating to the restructuring of existing finance facilities, following the enactment of new legislation to comply with international agreements. Cyprus maintains its position as an attractive destination for international tax structures, as a result of its tax incentives and low levels of corporate taxation. Additionally, the discovery of gas deposits offshore offers interesting potential opportunities.
Although family-owned firms still have an important presence in the Cypriot legal market, there is a movement towards change and law firms are now actively attracting legal talent with international academic backgrounds in order to meet expectations of a more demanding and sophisticated globalised market.
Firms in the spotlight
Antoniou McCollum & Co.
Antoniou McCollum & Co. is a top-tier Cyprus law firm specialising in commercial and corporate law. We deliver innovative and pragmatic legal solutions. We forge strong client relationships premised on integrity and the uncompromising drive to deliver the highest quality legal services. We practice law differently; creatively, ambitiously and to the point.
Soteris Pittas & Co LLC
Soteris Pittas & Co LLC is a boutique law firm, in size only, focusing on the areas of law related to business activity and dedicated to providing its clients with outstanding, highly personalised, legal representation. The firm’s lawyers and associates provide comprehensive legal solutions according to clients’ particular business needs, requirements and objectives. The firm is committed to representing its clients at all stages of disputes, including negotiation, mediation, arbitration and litigation, in order to secure just compensation and legal vindication.
A.G Erotocritoi LLC
A.G. Erotocritou LLC is a boutique law firm, offering specialised legal services in both non-contentious, advisory and litigation matters. The firm specialises in commercial/corporate litigation and arbitration, corporate and M&A, banking and finance, shipping and private client sectors and is highly regarded as one of the fastest-growing specialised firms in Cyprus. The firm’s reputation for excellence has secured clients ranging from large banking institutions and international conglomerates to high-net-worth individuals.
The In-House Lawyer
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