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
A. A. Antoniou & Associates LLC
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.
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.