Tax in Cyprus

Chrysostomides Advocates & Legal Consultants

The tax practice at Chrysostomides Advocates & Legal Consultants is thriving with the continued addition of some new leading international corporate clients. Under the leadership of George Ioannou , the group is able to assist clients with the structuring and implementation of corporate and personal wealth structures that are built around the Cyprus tax regime. Its varied workload includes advising on transfer pricing, property and personal tax, as well as employment taxes and a myriad of other taxes spanning VAT, customs duties and withholding taxes in cross-border transactions. Additionally, the group provides tax advice to financial institutions in their capacities as trustees, executors, custodians and investment managers. The practice has a long-standing referral arrangement for tax matters with several major international law firms.

Practice head(s):

George Ioannou


Other key lawyers:

Konstantinos Taramountas


Testimonials

‘We have worked with Chrysostomides Advocates & Legal Consultants on many projects for clients operating in different business industries. Their tax team is very responsive, ready to take the most complex challenges and dig into specifics of clients’ business in order to provide extra value’.

‘Mr. George Ioannou has unparalleled knowledge of the local market, tax specifics as well as trends of international taxation. He is one of those tax lawyers who can simultaneously see the big picture and remain highly attentive to the smallest details of projects’.

‘Konstantinos Taramountas and George Ioannou. Clear responses, concise and useful’.

Key clients

Wolt


Tencent


Convexity


Murex


Veeva Systems


Marsh & McLennan Companies


FedEx Corporation


Microsoft Corporation


Moody’s Corporation


Citrix Systems, Inc


BRP Tax


Gibson Europe


Work highlights


  • Provided corporate tax advice to Chinese multinational technology and entertainment conglomerate Tencent on its acquisition of a 100% share capital in FM Games Holding Limited through Miniclip, which manages a growing portfolio of games across all major mobile platforms.
  • Advised Fedex on various tax issues in Cyprus, including domestic tax reporting and compliance obligations under income tax and social insurance contributions arising from the client’s Stock Incentive Plan.
  • Advising Microsoft Corporation on Cyprus tax matters in relation to tax updates to its employee stock purchase plan.

Clerides, Anastassiou, Neophytou LLC

Stavros Clerides heads the ‘professional and capable’ team at Clerides, Anastassiou, Neophytou LLC which has substantial experience in cross-border and local transactional work covering local taxation and international taxation law and treaties. The team’s ‘availability and resourcefulness in finding solutions to issues that may arise in any transaction’ is commended by clients; its lawyers excel in diverse transaction types, from acquisitions and mergers, through to assisting in IPOs and complex financial arrangements. The group has developed niche expertise in private equity and venture capital deals, start-ups and angel financing. Andri Stylianou  likewise plays a pivotal role in the department.

Practice head(s):

Stavros Clerides


Other key lawyers:

Andri Stylianou


Testimonials

‘The firm has a team of lawyers who are highly professional and not only meets but very often exceeds our expectations. They have a sound understanding of business matters and the practicalities involved and thus are able to assist us in navigating through various issues in an efficient way’.

‘Also, their response times are impressive. Their fees are competitive and they are always flexible to accommodate budgets. One of their strengths is that their corporate team is assisted by an excellent tax team and this way it has value added approach. This combination provides us with complete solutions for all legal needs of our clients’.

Stavros Clerides has an exceptional grasp of tax and legal matters together and is of great assistance when we require innovative cross-border structuring work and tax planning. He is a brilliant lawyer with a deep understanding of corporate finance and business matters which inspire complete confidence as to the complex structures he suggests’.

‘We also work with Andri Stylianou who has wide experience in structuring and negotiating complicated cross-border transactions and is also very efficient‘.

‘The firm and specifically Stavros have a very profound understanding of the business world. In addition, they are experienced and diverse and are very adequate in providing services to multinational corporate clients’.

‘Stavros is a leading cooperate and tax lawyer and has an excellent business approach and knows how to make things happen. He provides an excellent service’.

‘Stavros Clerides and Andri Stylianou are highly educated individuals with wide expertise in Cyprus and European Laws. They are always available during and after the office hours via emails or through their personal phone numbers. Their legal advice has always been very helpful and received promptly at very professional manner’.

‘The lawyers of Clerides always act with professionalism, skill and competence in every aspect of the cases they have been instructed for. Our main point of contact at the firm has always been Stavros Clerides in tax law issues and Andri Stylianou  – both are good professionals and experienced’.

Key clients

Mobileye BV Group


DLA Piper


Tiger Global


Phanos N. Epiphaniou Plc


Sakyrco Properties Ltd


Yandex


Pereneli Limited


Global University Systems B.V.


Work highlights


  • Advised Mobileye BV group with regards to automotive mobile systems and a subsidiary of Intel of US, of the tax implication of the contemplated liquidation of subsidiary of their Cyprus entity.
  • Advised a significant number of clients with regards to their obligations with regards the implementation of the EU Council Directive 2011/16 in relation to cross-border tax arrangements (known as DAC6), as amended.

Elias Neocleous & Co LLC

Elias Neocleous and Kyriacos Xenophontos co-head the department at Elias Neocleous & Co LLC which receives plaudits for providing ‘practical implementable opinions and guidance’. It fields a large and specialist tax planning team which provides standalone advice to clients, as well as supporting the firm on various matters by devising and implementing tax-efficient structures for international transactions. It also has particular strength in tax litigation and is particularly recommended for its work on cross-border investments. Other areas of expertise include advising on the tax aspects of employment matters, such as incentive and pension schemes. Additionally, it carries out a substantial amount of work for very wealthy individuals, as well as providing support on compliance matters. At associate level, Elena Christodoulou and Kyriaki Stinga play a central role in the department.

Practice head(s):

Elias Neocleous; Kyriacos Xenophontos


Other key lawyers:

Elena Christodoulou; Fabian Cabeza; Kyriaki Stinga; Alexis Christodoulou


Testimonials

‘Our main point of contact is Elias Neocleous. He is very responsive and knowledgeable’.

‘The team handles complex tax issues for individuals and companies in a highly efficient manner and is able to provide clear advice that is easy to understand, where also non-tax issues are taken into account in the advice. My experience is that the team members work seamlessly together as a true team’.

‘I would in particular highlight the team´s excellent knowledge with respect to handling all relevant tax and non-tax issues for persons that want to move their tax residency to Cyprus. Based on my experience from working with lawyers in multiple jurisdictions for more than 15 years, I am confident that Elias Neocleous team is number 1 in Cyprus within that area. They have truly been excellent in all respects’.

‘The individuals I have worked with are highly skilled within their respective areas, and generally offer a very high service level with a pleasant personal touch’.

‘Lead partner Elias Neocleous is exceptional in this respect and my number 1 legal advisor in Cyprus when it comes to complex cross border tax issues concerning Cyprus. I wish there were more lead partners like him!’

‘I also want to highlight team members Fabian Cabeza and Elena Christodoulou. They have impressed me with their proactive approach and consistently high quality deliveries, and always propose a clear practical solution, despite tight deadlines. They stand out in an international context’.

‘We have certainly always received excellent support from the Managing Partner, Elias Neocleous and senior associates Elena Christodoulou and Kyriaki Stinga. The more junior staff we have dealt with including Fabian Cabeza and Alexis Christodoulou appear to replicate this approach.’

‘Responsive, clear, concise, client oriented and approachable. Kyriaki Stinga: very responsive, clear in explanation, can break a complex issue down to its essentials and very appreciated by clients’.

Key clients

Made.com


eToro


Mintra Holding AS (Norway)


Greenmont AIFLNP


Invel Real Estate Partners


Airbnb


Booking.com


H&M


Limassol Marina


Bloomberg


Avanti Communication Group Plc


City Capital Group


Prodea Investments


Actavis


ABB


Harvard Management Company


Huawei Technologies


Eurobank


Oriflame Cosmetics


CPI Property Group


Work highlights


  • Advised Devco Group of companies and its beneficial owners, including one Cyprus tax resident and five South African tax residents, on all real estate tax, company structuring, corporate and personal tax issues to include cross-border taxation and international tax principles.
  • Advised Made.com Group PLC under Cyprus law in relation to a proposal to grant share awards to employees based in Cyprus under the company’s share option plan and to provide legal advice in relation to any applicable securities and tax laws.
  • Advised eToro regarding employee incentive arrangements for employees based in Cyprus and in particular on the potential tax implications for a proposed IPO.

Patrikios Legal

Under the joint direction of Stavros Pavlou and Stella Strati , the experienced team at Patrikios Legal is skilled at handling a broad range of tax disputes and at advising on setting up efficient tax planning structures. It has been busy advising on various cross-border transactions and is recommended for its work with international entities, large groups of companies and wealthy individuals on a broad range of issues. The group is adept at advising on the restructuring of shareholding structures and the execution of multi-million-pound financing transactions in complicated loan restructurings. Pavlou is also sought after for his work with entrepreneurs on tax planning matters and on the implementation of succession planning issues for their businesses and private estates, which often span multiple jurisdictions. Strati is particularly highly-regarded for her tax advice on M&A, corporate restructurings and reorganisations.

Practice head(s):

Stavros Pavlou; Stella Strati


Other key lawyers:

Angelos Onisiforou


Testimonials

‘Its specialisation and its respective success in achieving results, is the reason they are unique.’

‘The MD, Stavros Pavlou, has an incredible mind. His way of thinking and making connections contributes to the firm’s success’.

‘We have also worked closely with Angelos Onisiforou (Senior Associate) whom we have found to be an exceptionally hardworking individual, and who will work all hours of the day and night to review common law, legislation and bring this output to the team to decide on strategy. Angelos is a key addition to any team’.

‘Excellent knowledge of Cyprus and international tax matters. Stavros Pavlou’.

‘The thing that makes their team different from the others is their dedication to specific tasks and their motivation to do well on delivering the jobs. However, what makes them unique, is the years of experience in this field of work’.

‘What it makes them to be different from their competitors is their transparency in billing (Partners vs Associates) and their billing agreed with them complies the industries’ standards. The team dealing with are very professional and diversified to answer and satisfy different sectors responding back on agreed timeframes’.

Key clients

Alpha Bank Cyprus Ltd


Iason Skouzos & Partners


Yiallourides & Partners


Chelco VAT Ltd


Work highlights


  • Implementing a scheme of arrangement for the local merger of two Cypriot companies in order to optimise the structure of the group and advising on various matters relating thereto including tax implications.
  • Advising the Cyprus holding company of an investment management firm based in London, on a number of tax law matters.
  • Advised a leading Cyprus company that operates in the online gaming industry in relation to the VAT treatment of penalty and early termination clauses.

AGPLAW | A.G. Paphitis & Co. LLC

 The excellent team at AGPLAW | A.G. Paphitis & Co. LLC enjoys a strong reputation for its work in a number of key areas. Its work is spread across commercial tax advice, corporate tax, transfer pricing, IP Tax Box and tax litigation. The group is also frequently engaged by local and foreign companies to provide tax opinions in connection with the Russian CFC rules and the ‘de-offshorisation’ regime in Russia. The department has been busy providing intellectual property tax planning opinions for major companies. Angelos PaphitisMichael Alexandrou and Nicolas Patsalis lead the practice.

Practice head(s):

Angelos G Paphitis; Michael Alexandrou; Nicolas Patsalis


Testimonials

‘The practice consists of highly qualified team of lawyers, consultants as well as chartered accountants, all specialising on different areas of tax and it is evident that in the past few years they have invested deeply on expanding their tax practice. AGP lawyers have an exceptional way of handling tax projects and it’s a pleasure for us to work with such a team’.

‘They have gained a strong reputation in tax in Cyprus and I believe there is no other law firm in Cyprus with a truly dedicated tax practice as AGP has. The differentiative factor from competitors in Cyprus is that AGP consists of a true tax team, specialists on tax and focusing on expanding this practice further’.

‘We work with the entire tax team on nearly a daily basis. They all work as a team and bring admirable results. Angelos Paphitis is an excellent specialist, Michael Alexandrou, a very experienced and highly skilled tax advisor, Nicolas Patsalis, very attentive and professional’.

Key clients

SHARP CONSUMER ELECTRONICS EUROPE LTD


BW Stratosfera Limited


Innotick Software Limited


Pasaka Commercial Limited


Metaquotes Software limited


Kinzey Limited


SE Power Group Limited


M.R. City Panorama Limited


Fidentia Trust / O2 Consulting


FINERY MARKETS LTD


LFA TRADING LTD


S.KT A. DISTRIBUTIONS LTD


Menkin Holding Limited


DS Express INC


Instant Trading EU Ltd


Bloomberg INC


Musecy SM ltd


Forbes & Manhattan


VS Energy International


Wage Global Ltd and Wage Capital Ltd


Work highlights


  • Advised on personal tax income for over 30 employees of the company Musecy SM ltd.
  • Engaged through annual retainer by Instant Trading EU Ltd to provide ongoing tax advisory services for their local and international operations, including tax reporting requirements to the Tax Authorities but also to CySEC.
  • Retained by its client, which is a law firm in Russia, to provide their clients on an ongoing basis for tax advisory for the benefit of their clients during several international business transactions.

Antis Triantafyllides & Sons LLC

The dynamic team at Antis Triantafyllides & Sons LLC has highly experienced tax practitioners who are integrated into the firm’s transactional teams. The practice frequently advises corporations and individuals on a wide range of local tax issues pertaining to domestic and international deals and is co-led by Stelios Triantafyllides and George Triantafyllides. The practice also represents financial institutions and excels on high-profile contentious matters.

Practice head(s):

Stelios Triantafyllides; George Triantafyllides


Other key lawyers:

Olga Adamidou; Riana Pasiourtidi


Testimonials

‘The firm’s Tax team excels in providing tailored service to its clients, the main characteristics of which consist of promptness and efficiency. The firm prides itself in tackling complex tax-related legal situations head on, with the most practical and client-friendly solution’.

‘An advantage of the firm is that both its Litigation department and its corporate/banking department have vast experience in tax issues’.

‘The firm’s managing partners, Stelios Triantafyllides and George Triantafyllides, always put their clients’ needs first and have a strong track record in delivering high-quality legal advice, in a timely fashion’.

‘They are very knowledgeable when it comes to tax law and always provide complete and precise analyses of all issues relating to a particular issue’.

Other members of the team that deserve praise are Olga Adamidou and Riana Pasiourtidi, both of whom are extremely responsive and knowledgeable in this area of law’.

Key clients

Builder’s Provident Fund


Work highlights


  • Currently handling four court appeal cases filed against the Republic of Cyprus in the Supreme Court of Cyprus, on behalf of the Builder’s Provident in Cyprus, in connection with the tax imposed on hundreds of property transactions carried out between 1991 and 2007 involving the Builder’s Provident Fund.

Harneys

The tax practice at Harneys is co-led by Pavlos Aristodemou and London-based Aki Corsoni-Husain who both cater to an impressive client base of start-ups, major financial institutions, trust companies, audit firms as well as substantial funds. The group covers a wide variety of tax matters, including compliance and regulatory mandates, and has niche expertise in various international tax exchange matters relevant to the automatic exchange of information regimes. Marisa Efstathiou Petevi is also recommended.

Practice head(s):

Aki Corsoni-Husain; Pavlos Aristodemou


Other key lawyers:

Marisa Efstathiou Petevi


KINANIS LLC

Headed by Charalambos Meivatzis, accountant Marios Palesis and Demetra Constantinou, the ‘greatly responsive and very professional’ team at KINANIS LLC advises on a host of complex tax matters. Its mandates stem from major companies, leading international law firms and the Big 4 accounting firms, as well as other consulting firms. Core areas of focus include advising on full transfer pricing arrangements and on the IP Box regime, in addition to international tax planning, VAT advice and personal taxation services.

Practice head(s):

Charalambos Meivatzis; Marios Palesis; Demetra Constantinou


Other key lawyers:

Yiota Michael; Stelios Lympouras


Testimonials

‘The Kinanis LLC Tax team is very professional in advising in many areas such as international (cross border) transactions. The team-leader, Tax Partner Marios Palesis of Kinanis LLC is very professional and unique in responsiveness. Stelios Lympouras and Yiota Michael are very supportive and value-adding consultants’.

‘We are very pleased to have our clients’ tax & legal affairs closely followed by Kinanis team on a pro-active basis. Kinanis is always on top of all legal & tax developments and informs us about them in a timely manner’.

‘The Kinanis LLC Tax department consists of outstanding professional. Their knowledge is impeccable and they have never failed to provide us with high quality advice even on the most complicated issues. They have always outdone themselves and provided more care and support for our business than we were expecting’.

‘Mr Marios Palesis – even after becoming a Partner at Kinanis LLC he closely monitors each case that is being handled by his colleagues, and steps in when necessary. His knowledge in the field and amount of care for his clients is outstanding’.

‘Mrs. Demetra Constantinou is an expert in her field of VAT and always willing to help out and provide tailored solutions to the situation at hand’.

‘The team possess high expertise and knowledge in areas we have collaborated so far or sought their advice, which makes you trust and rely on them. We have established a long-term relationship exactly due to the trust we have built. Team of Kinanis is unique in the market of Cyprus and abroad’.

‘Demetra Constantinou and Marios Palesis are outstanding tax and vat partners with a deep knowledge of these areas in an international context. Furthermore we can say all team of Kinanis is extremely reactive and responsive’.

‘It is a real pleasure to work with Mr. Charalambos Meivatzis, partner and head of Kinanis LLC tax team. It is very important for our business as we are involved with complex transactions, that our tax advisor combines knowledge in legal, accounting and tax as we are certain that we receive a correct and more spherical advice. Mr. Meivatzis is always keen to assist us’.

Key clients

Xomonel Enterprises Ltd


Farsonex Investments Ltd


Megatren Investments Ltd


Halman Consultants (Overseas Ltd)


Audax Consultants


Chenor AG


Viplay Limited


Torwell Holdings Ltd


Finance PM


Trixton Technologies


Lenhill Partners Ltd


Oberbeton Holdings Ltd


Elsavco Audit Tax Ltd


Istos Global Ltd


Securinvest Ltd


Oskalia Holding Ltd


Ecomz Ltd


VATastic AG


Rubylight Ltd


Twiti Investments Ltd


KEPT


STR Power – Group of companies


Odyssey Capital


SOLICIA ENTERPRISES LIMITED


N. Voskarides Audit Limited


Crudeoil & Derivatives Trading SA


AMG Mylonas & Associates, LLC

Andreas Mylonas heads the practice at AMG Mylonas & Associates, LLC which advises on all aspects of corporate and business taxation. It advises local and international clients on diverse issues such as the use of double tax treaties in international tax planning, restructuring advice, the implementation of tax efficient structures and transfer pricing, among other issues.

Practice head(s):

Andreas Mylonas


Testimonials

‘Andreas Mylonas ability to critically think about tax law and the ability to interconnect it in international cross border is amazing. In addition, Andreas deep interest in Tax Tech is a strong element for the future of tax advisory firms and high added value for clients’.

‘Andreas Mylonas is a stand-out partner in the firm. His availability and creativity are exceptional’.

‘Flexible, if does not know the answer, knows where and how to find it’.

‘Andreas Mylonas is responsive and effective. Delivers’.

Work highlights


  • Advised its client on a 10MW investment for more than 10m investment in Renewable Energy PV Parks in Cyprus.

Andreas Coucounis & Co LLC

Dimitria Coucouni heads the tax department at Andreas Coucounis & Co LLC which advises on issues such as tax residency, tax management and VAT issues; it is also skilled at handling tax litigation and works closely with its corporate department on a wide variety of tax matters.

Practice head(s):

Dimitria Coucouni


Key clients

Gartner Inc


H&R Block Inc


Reverso SAS


Avalara Inc


Heidrick & Struggles


Prime Commercial Properties Management Ltd


Work highlights


  • Advised Gartner Inc on the sale of IP assets to the value of $0.5bn.
  • Advised Reverso SAS on Cypriot tax and corporate matters involving a potential M&A buy out to the value of €32m.
  • Advised H&R Block Inc on aspects of their worldwide group restructuring.

E & G Economides LLC

George Economides heads an agile team at E & G Economides LLC which advises on a myriad of complex tax matters from tax structuring that involve trusts, companies and other vehicles to advising on transfer pricing and double tax treaties. Other core areas of expertise include advising on the tax aspects of cross-border mergers, acquisitions and disposals.

Practice head(s):

George Economides


Testimonials

‘By far the most professional and knowledgeable law firm I’ve ever worked with. Excellent service always from the whole team, especially George Economides. Highly recommended’.

‘Response time. Professionalism. Knowledge and care. Diversified, harmonious team members, capable of covering complex matters and rendering comprehensive legal/tax advice’.

‘Excellent team members, dynamic, skilled, listen attentively before rendering prompt, accurate advice’.

‘Experienced team and very responsive. Team is very client focused and client experience and satisfaction is a top priority’.

‘George Economides is a very diverse individual with a breadth of knowledge and expertise. George is very much involved with his engagements to ensure quality delivery in a timely manner and client satisfaction. Finally, George is very good public speaker and has excellent networking skills’.

‘The team provides versatile solutions and consists of professionals ranging from different backgrounds and expertise. They cooperate to provide pragmatic and practical solutions to clients and associates’.

‘George Economides is a professional with sound understanding in European and international developments and appreciates how the solutions the practice offers can be impacted. George understands that an agile delivery model is required and he makes every effort to offer it’.

‘George Economides – the great Cypriot lawyer! He is always available, always supportive, always finds a solution!’.

Key clients

Calaciaco Holdings Limited


Ultimate Sports Nutrition Ltd (USN)


Cloudlayer8 Limited (CL8)


EyesMatch Ltd


W.G.Webgames Limited


Intellectokids Ltd


S. Horowitz & Co


Work highlights


  • Provided extensive advice to the client in the form of an official tax report regarding the Cyprus tax issues potentially arising, as a result of the each of the contemplated options.
  • Provided advice to the client regarding various Cypriot tax-related matters potentially resulting from the setup of a Cypriot holding company, with the underlying foreign subsidiaries (in Portugal and in the UAE) carrying out real-estate activities.
  • Drafted a tax analysis as regards to all potential taxes incurred by the operations of the Cyprus company being the owner of the building and any potential taxes incurred by the sale of shares.

Michael Kyprianou & Co. LLC

Under the joint leadership of Lambros Soteriou and Tonia Antoniou, the multidisciplinary team at Michael Kyprianou & Co. LLC focuses on the tax-related aspects of restructuring and reorganisation matters. In addition, it receives a regular flow of instructions to represent clients in contentious court proceedings and advises high-net-worth individuals investing into Cyprus on their tax planning and trust arrangements.

Practice head(s):

Lambros Soteriou; Tonia Antoniou


Other key lawyers:

Ioanna Solomou


Testimonials

‘Team consists of young, talented and highly motivated individuals. Every specific need is attended by a dedicated staff which entertains a high level of collaboration with other departments’.

‘Implementation process is rapid, efficient and in full line with the agreed strategy. Tonia Antoniou’.

‘Knowledge and ability to give appropriate advice within a short period compared to other firms we worked with’.

Ioanna Solomou really stands out. Within our organisation she will be thought of and we immediately refer to her when quick and precise answers are required‘.

Work highlights


  • Regularly instructed and requested to advise on the formation, corporate management and governance of companies.
  • Clients consist of high-net-worth individuals and ultra-high net worth individuals along with medium and large local and international organisations and financial institutions.

STELIOS AMERICANOS & CO LLC

STELIOS AMERICANOS & CO LLC has a busy practice that provides corporate tax advice to all types of entities, including limited liability companies, foundations and investment funds, as well as advising on a myriad of other issues such as double tax treaties and withholding tax issues. Under the joint leadership of Stelios Americanos and Andreas Michaelides , other areas of focus include advising on personal income tax and VAT in Cyprus.

Practice head(s):

Stelios Americanos; Andreas Michaelides


Key clients

Corporate Deals Ltd


Cliff Legal Services


Work highlights


  • Advised the client on a number of questions regarding DAC 6 risks (EU Directive of Administrative Cooperation) as well as possible Income Tax (IT) risks under Cyprus law for a deal of RUB21m.
  • Advised the client and various Israel clients regarding property ownership taxation.
  • Advised Corporate Deals Ltd regarding International tax planning for investors for the acquisition of property in Greece with a Cyprus holding structure.