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Doing Business in Cyprus
Contributed by C. Samir & Co LLC.
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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.
Firms in the spotlight
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.
AG Erotocritou 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.
P. N. Kourtellos & Associates LLC
P. N. Kourtellos & Associates LLC is an independent and dynamic law firm, one of the new generations of Cyprus law firms which are breaking ground and rethinking the practice and substance of law. Founded by Dr Pavlos Neofytou Kourtellos and Ioanna Demetriou in 2011, primarily as a multi-service commercial law firm based in Limassol, the firm has rapidly grown in size, encompassing associates in various business areas and expanding its practice to all business and commercial areas of law.
Tornaritis Law Firm
From its founding in 1924 to its present-day status as a leading law firm, Tornaritis Law Firm has demonstrated a sustained commitment to excellence in the practice of law, public service and a civil society. The firm’s practice and character is deeply rooted in its history, as exemplified in the history of its lawyers and services.
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