Cyprus > Legal market overview
- Legal market overview
- Banking and finance
- Corporate and M&A
- Dispute resolution
- EU and competition
- Intellectual property
- Maritime and admiralty
- Real estate
- British Virgin Islands
- Burkina Faso
- Cape Verde
- Cayman Islands
- Costa Rica
- Czech Republic
- CÃ´te d'Ivoire
- Dominican Republic
- El Salvador
- Faroe Islands
- Hong Kong
- Isle of Man
- Latin America: International firms
- Netherlands Antilles
- New Zealand
- Papua New Guinea
- Saint Martin
- Saudi Arabia
- South Africa
- South Korea
- Sri Lanka
- St Barts
- St Vincent
- SÃ£o TomÃ© E PrÃncipe
- United Kingdom
- United Arab Emirates
- United States
Cyprus was engulfed in financial woe in 2012, having previously been viewed as something of a safe harbour against the global economic crisis. In June, the country sought financial aid and support, and entered negotiations with the IMF, the European Commission and the European Central Bank. However, Cyprus remains attractive as an international business hub, due to both its strategic location and tax incentives. The country recently introduced another new tax incentive relating to IP rights.
Many existing corporate, M&A and finance instructions pertain to international investments via Cyprus, using the jurisdiction as a base from which to invest in other markets. The country has many links to Russia and former Soviet Union countries, and increasingly has clients from the US and Hong Kong.
A significant, positive development came in the form of the recent discovery of gas deposits offshore. All exploration activity remains at an early stage, but this evidently presents an opportunity and will increase interest in the jurisdiction.
The legal market remains dominated by family-owned legal practices with teams providing comprehensive general commercial and investment advice. Specialisation within practices remains the exception rather than the norm, but international lawyers are ‘impressed with the level of expertise on this small island’.
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Cyprus Shipping Industry : Business as usual. Why despite recent events Cyprus remains an internatioCyprus is the third most populated island in the Mediterranean Sea. It is strategically located at the crossroads of Europe, Africa and the Middle East. Traditionally Cyprus has always been at the heart of the seafaring trade and therefore always functioned as an important centre for trade and commerce. Today as a member of the European Union it remains an optimal business base. It is one of the most attractive locations for foreign investments worldwide. Foreign companies have been given the opportunity to invest and establish business in Cyprus on equal terms with local investors as no distinction is made between foreign and Cypriot companies.
The excellent support system in combination with the ideal jurisdiction provided in Cyprus set the country in the list of the most desirable countries through which you can offer foreign exchange operations. In addition, the accession of Cyprus within the European Union and, most importantly, the extremely beneficial economic advantages available due to the low costs and the outstanding taxation, create a covetable environment for foreign investors.
Reminding our clients, associates and friends of the favourable investment and tax environment of Cyprus
South Africa has excellent and long standing bilateral relations with Cyprus . These strong ties are further cemented with the help of the large and influential Cypriot (and Greek) community in South Africa , numbering about 60,000. The Cypriot Community also serves as a link between the two countries, both politically and economically.
Money laundering is an international problem and requires the active assistance of a number of professionals and institutions to address it and suppress it.
Cyprus approved licenses for exploratory drilling to exploit offshore oil and gas deposits in four blocks off its shore. Drilling permits were approved for blocks 2,3,9 and 11. Those interested in searching for hydrocarbons within Cyprus’ exclusive economic zone are Russia, France, Italy and South Korea.
On the 8th of November 2012, the representatives of Cyprus and Ukraine signed the Double Tax Treaty in order to replace the existing one which dates back to the 1982 and was concluded with the USSR.
As from the 1st of January 2013, Cyprus will no longer be in the Russian Black list. This will have an immediate positive impact on both countries investment's.
On the 8 th of November 2012, the governments of the Republic of Cyprus and the Ukrainian People's Republic concluded a new double tax treaty replacing the 30 year old USSR - Cyprus treaty. The new treaty aims to put an end to the long standing uncertainty that existed in the future investment relationship between the two countries and to create a new framework that will ensure that a stable tax environment will exist in the years to come.
Patrikios Pavlou & Associate LLC organised an exciting event for the Firm's lawyers
We are proud to announce that we have been selected as the winner of the prestigious International Law Office Client Choice Award for Cyprus for 2013.
The M&A International Awards is the most prestigious and complete professional awards programs, in which legal experts and practitioners in 163 countries cast their vote in favour of their preferred choice. The Awards are generally considered as the sole recognition dedicated to professional excellence on a truly global basis.
The Law firm of Stelios Americanos & Co LLC is very pleased to announce its expansion with the opening of a branch office in Athens, Greece.
We are pleased to announce that on 31 December 2012 C.D. Messios has, on behalf of an exclusive Binary Trading company, Ouroboros Derivatives Trading Limited, secured one of the first Cyprus Investment Firm ("CIF") licenses to be issued by the Cyprus Securities & Exchange Commission ("Cysec") to this effect.
A successful conference was organized in Cyprus by LexisNexis Russia and Patrikios Pavlou & Associates LLC to a group of Russian in-house corporate lawyers.
Important Judgment of the High Court dated 26/11/2012 which directly affects all lawyers' limited companies
Our International Corporate and Tax Planning department is now offering worldwide company formation, management and administration services. Clients will now be able to have a ‘one-stop-shop’ for all their corporate structure needs without the necessity to coordinate or liaise with different professionals.
Our firm can provide assistance to clients in setting up their own office in Cyprus whether Real or Virtual.
Ms Georgia Mattheou - Georgia studied law (LLB) at the Derby University, UK.