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Editorial

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.

Climate

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.

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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

A. A. Antoniou & Associates LLC
www.antoniou.com.cy

A. A. Antoniou & Associates LLC is a leading Cyprus law firm that is part of EY’s global law network, spanning 71 jurisdictions and consisting of 1,700 lawyers. Consistently ranked by The Legal 500 as a top-tier Cyprus law firm and acclaimed by IFLR1000, Who’s Who Legal, ILO and Best Lawyers, the firm has established itself as a primary choice of multinational corporations, governments and small to medium enterprises requiring legal advice and support on Cyprus and EU law matters. The firm’s lawyers possess extensive expertise in their practice areas of specialisation. They are particularly versed over the increasingly complex legal issues, regulatory frameworks and challenges affecting particular industry sectors. The strategic alliance with EY enables the firm to offer comprehensive legal services that are based on a profound understanding of our clients’ markets, business and commercial goals.

Soteris Pittas & Co LLC
www.pittaslegal.com

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.

A.G Erotocritoi LLC
www.erotocritou.com

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.

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Press releases

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

Legal Developments in Cyprus

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • FINANCIAL LEASING LAW

    The Law regulating Financial Leasing and the activities of Financial Leasing Companies of 2016 (L.72 (I) / 2016) (the “Law”) came into force on April 28 th , 2016.
  • Worldwide Freezing and Tracing of Assets through Cyprus Courts

    Cyprus courts have jurisdiction to issue interim orders relating to the worldwide freezing or tracing of assets, whether in the context of main proceedings or in aid of foreign litigation or arbitration proceedings.
  • New insolvency regime

    An overview of the new insolvency regime
  • Cyprus Partnerships Limited by Shares

    A recent amendment to the Partnerships and Business Names Law, Cap. 116 (the “Law’’), has introduced significant changes to the legal framework on partnerships. The most important amendment is the introduction of a new type of limited partnership, the partnership limited by shares.
  • OBTAINING THE TAX RESIDENCY STATUS IN CYPRUS

    According to the Income Tax Law of 2002 (“the Law”) an individual is resident in Cyprus, if he/she resides therein for a period which in aggregate exceeds 183 days.  Consequently, if an individual is physically present in Cyprus for more than 183 days in a tax year, he/she will be considered tax resident of Cyprus in that tax year.  On the other hand, if an individual is physically present in Cyprus for less than 183 days in a tax year, then he/she will be regarded to be non-tax resident of Cyprus in a tax year.
  • How to lodge a claim as a creditor of a Cypriot company in a compulsory liquidation

    Our international commercial litigation team recently acted for a significant number of creditors, involving high profile international commercial and investment banks and finance houses in applications for proofs of debt against a Cypriot Holding company under compulsory liquidation. The Cypriot Holding Company is part of a non EU based group engaged in heavy machinery utilisation and the aggregate amount of debts which were defaulted by the said company (and owed to the creditors represented by our firm) exceed 350 million Euros. The identified creditors were invited to submit their proofs to the liquidator and our team undertook to prepare and verify the details of each claim and to submit those for the purpose of assessment by the liquidator. Based on our recent experience we have drafted this memo which we believe will help identifying the issues relating to proofs of debt.
  • ICLG:International Arbitration Cyprus 2016

    The only requirement under the main laws applicable to arbitration (see below) is that the arbitration agreement has to be a written agreement to submit present or future disputes to arbitration and, under common law principles, this agreement has to be clear and certain.  Read more...
  • THE RIGHT OF PREFERENTIAL LIEN ON LOAN AGREEMENTS

    It is commonly accepted that our modern society requires us to possess a relevant knowledge on bank accounts and loan agreements.  However, how feasible is it for an average person to understand the dangers of a ‘simple' loan agreement?  The legal system of a democratic country ensures the equal treatment between parties and provides support where it is essential. Specifically, it is vital to emphasise a hidden term contained within loan agreements by which the banks maintain a very powerful right against innocent debtors. This right is namely preferential lien.
  • Internet Hyperlinks and Copyright Holders

    Rapid technological developments and globalisation have brought new challenges and it may be that situations arise which were not previously encountered and/or explored. All the areas of the Law have been affected including - of course - Intellectual Property.
  • The Commonwealth – A new pathway?

    Following the unprecedented referendum of the 23 rd of June 2016, in which UK voted to leave EU, and within the newly established environment, all countries will now try to define the way forward as far as the status of their relationship with the UK is concerned. 

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