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October 2010 saw the ratification of a new double taxation agreement with Russia – effectively removing Cyprus from Russian tax blacklists – but 2011 was punctuated by a slowdown in M&A and investment, the break-up of Cyprus’ coalition government, and the Cypriot banking sector’s exposure to Greece’s public debt crisis. Despite the bleak news, firms remain optimistic that Cyprus’ energy sector may see some growth following the discovery of gas reserves off the coast.
Domestic firms are largely dependent on connections with international firms, which will engage local counsel on cross-border finance and investment. A number of firms also have offices outside the jurisdiction, including Michael Kyprianou & Co. LLC, Pamboridis LLC and A.G. Paphitis & Co. LLC Law Office, all of which have offices in Greece, while Pamboridis LLC and Antonis Paschalides & Co have offices in London. Andreas Neocleous & Co LLC has a presence in Russia, Ukraine, the Czech Republic and Belgium.
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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
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Notifications under the Tonnage Tax Law
The Department of Merchant Shipping has issued two new notifications under the Tonnage Tax Law (44(I)/2010). -
Cyprus Returns to the ‘Premier League’ of Trust Jurisdictions
The island now has the most modern and favourable trust regime in Europe -
Taxation aspects of the reform of the Cyprus International Trusts Law of 1992
After years of falling behind, Cyprus has recently updated its law on international trusts to reflect changes in global investment practice. The following article examines the revisions involved from a tax perspective. -
Cyprus yacht registration- New Preferable VAT Treatment
In March 2012 the Cyprus VAT Authority launched a special scheme making Cyprus as one of the most attractive EU jurisdictions for yacht registration. This new favorable VAT scheme requires a Cyprus company to enter into a lease agreement of a yacht with a third party, paying VAT only on a predetermined percentage of the time that the yacht is deemed to sail within EU waters, hence reducing the effective VAT rate down to only 4,42% when taking into account as well the required profit condition. - Kinanis LLC -
Cyprus International Trusts Reborn
In March 2012, the Parliament of Cyprus enacted the long awaited International Trust (Amending) law of 2012 effecting various structural changes to the International Trust law of 1992. The amendments were necessary to adapt the Cyprus law on International Trusts, to the current needs of international investors and at the same time strengthening the role of Cyprus as a trust jurisdiction. -
Court rules on illegal immigrant's right to remain
In Ngassam v Republic of Cyprus via the General Director of the Ministry of Interior and the Attorney General of the Republic the Supreme Court recently ruled on the right of an HIV-positive illegal immigrant to remain in Cyprus.(1) -
Amnesty Laws amended
Property amnesty laws amended -
REAL ESTATE AND PROPERTY IN CYPRUS April 2012
Introduction 7-8 -
Extension of amnesty for late payment of tax liabilities
In November 2011 the Cyprus Parliament enacted a law allowing for a partial write-off of interest and penalties on overdue tax liabilities of companies and individuals in respect of tax years up to and including 2008. -
Amendment to the Cyprus-Poland double taxation agreement
The protocol amending the double taxation agreement between Cyprus and Poland has recently been signed on behalf of both countries. When ratified, the protocol will make a number of changes to the existing agreement, which dates back to 1992.
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
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Ayia Napa marina contract
Our Client MM Makronissos Marina has successfully completed the execution of the BOT contract with the Government concerning the construction and operation of a Marina and a Real Estate development in Ayia Napa. -
Chambers: Harneys strengthens position in Cyprus
Harneys has strengthened its position in Cyprus and is now among the top 4 law firms in the country, according to the latest edition of Chambers Europe, published last week. -
The Legal 500, the international lawyers' directory, has recommended Pamboridis LLC
The Legal 500, the international lawyers' directory, has recommended Pamboridis LLC as the Cyprus top experts in Banking and Finance as well as Corporate and M&A practice areas. -
Sale of Immovable Property (Specific Performance) Law amended
The Sale of Immovable Property (Specific Performance) Law allows purchasers who deposit a stamped agreement for the sale and purchase of immovable property in Cyprus with the relevant District Land Registry within specified time limits to obtain specific performance of the contract if the seller subsequently fails to cooperate. -
More ratings success for Andreas Neocleous & Co LLC
International Tax Review, a leading journal for tax specialists around the world, recently surveyed its readers, who include senior tax executives in international companies and practitioners in private practice, in order to identify the leading tax firms in the eyes of users of their services. -
Limassol Marathon
Last Sunday morning our company participated in the PWC 5km corporate race, an integral part of the Limassol Marathon annual event, with a team of nine runners. Another colleague took part in the 10 km race. -
Social Grocery of the Municipality of Limassol
The Management and the Staff of Andreas Neocleous & Co LLC willing to contribute to the mission of the Social Grocery of the Municipality of Limassol which provides assistance to poor families, unemployed, retired people, people with serious health problems, has contributed a significant number of products and clothing necessities. -
Andreas Neocleous & Co LLC Carnival Party
Andreas Neocleous & Co LLC Carnival Party -
Gold magazine interview with Elias Neocleous - What next for the Cyprus taxation system?
Gold magazine interview with Elias Neocleous -
Andreas Neocleous & Co LLC helps bring first Cyprus-UK university campus to the island
The recent decision of the Council of Ministers to approve the issue of a provisional operating licence and the registration of the University of Central Lancashire, Cyprus ("UCLAN Cyprus") in the Registry of Private Universities, opens the way for the direct delivery of undergraduate and postgraduate courses by a British university in Cyprus.