The Legal 500

Legal Developments in Cyprus

• Exploitation of hydrocarbon resources in Cyprus

  Geostrategic and financial interests regarding gas exploration and exploitation
  - Andreas Neocleous & Co

• Offshore Cyprus Hydrocarbons Exploration-Notice for Second Licensing Round

  The Republic of Cyprus issued an invitation to all interested persons to apply for hydrocarbon exploration licenses and subsequent hydrocarbon exploitation licenses in respect of certain acreage in the Exclusive Economic Zone of Cyprus.
  - Stelios Americanos & Co

• Invitation for expression of interest in Cyprus Oil & Gas Exploration Rights

  On Saturday, February 11th 2012, the Official Gazette of the European Community published Notice 2012/C 38/10 of the Republic of Cyprus, regarding the conditions for the granting and the use of Licenses for the prospection, exploration and production of hydrocarbons.
  - C.D. Messios LLC

• Commencement of Cyprus second hydrocarbons licensing round

  The second licensing round for offshore exploration of hydrocarbons in Cyprus's exclusive economic zone has now officially begun. The invitation to apply for licences was published in the Official Journal of the European Union on 11 February and has subsequently been published on the website of the Ministry of Commerce, Industry and Tourism of the Republic of Cyprus.
  - Andreas Neocleous & Co

• COUNTRY REPORT: CYPRUS

  By Elias Neocleous
  - Andreas Neocleous & Co

• Recent amendments announced to income tax, SDC tax and VAT laws

  In December 2011 a number of amendments were made to the laws regarding income tax, special defence contribution (SDC) tax and value added tax (VAT) in order to reduce the government deficit. The main changes are as follows.
  - Andreas Neocleous & Co

• New EU Stability Mechanism Treaty on strengthening fiscal discipline and convergence

  by Christos Floridis
  - Andreas Neocleous & Co

• European Commission imposes simplified rules on mergers and divisions in six Member States among...

  which Cyprus
  - Andreas Neocleous & Co

• Ratification of the Framework Agreement between Cyprus and Egypt

  The House of Representatives has ratified on January 27 of 2012 the Framework Agreement between the Republic of Cyprus and the Arab Republic of Egypt relating to the development of cross-median line hydrocarbon resources signed in 2006.
  - Michael Kyprianou & Co

• New Tax Measures voted in December 2011 by the House of Representatives of Cyprus

  In December 2011 the Parliament of Cyprus voted on certain amendments to various Tax Laws aimed at increasing the revenues of the government as well as reducing government expenditure. Most of the amendments affect residents of Cyprus and were designed in such a way so not to affect Cyprus’ position as an international business center.
  - Kinanis LLC