E & G Economides LLC > Limassol, Cyprus > Firm Profile

E & G Economides LLC
17 GR. XENOPOULOU STREET
PO BOX 58043
3730 LIMASSOL
Cyprus

Email firm Visit website +357 25 866480 357 25 86 64 81

Cyprus > Real estate and construction Tier 2

George Economides heads up the dynamic practice at E & G Economides LLC, which is adept at handling a broad range of residential and commercial real estate transactions. The client base includes local and international developers, as well as HNWIs wishing to purchase property for residency or investment purposes. The group is well versed in assisting with complex real estate acquisitions and disposals, as well as corporate acquisitions and restructurings, which often have international elements. Other key drivers of work include real estate due diligence exercises and landlord and tenant disputes.

Next Generation Partners

George Economides - E & G Economides LLC

Practice head(s):

George Economides

Other key lawyers:

Virginia Adamidou

Testimonials

‘Professionalism, accurate clear advice and hands on behaviour. Ready to listen, analyse and get results out of this. Nice mannered team. Invoicing reasonable.’

‘High professional standards, coming with solutions to tough problems and making those easy to understand and implement. Extremely pleased with them and would not hesitate to refer them to my friends and associates.’

‘George Economides and his team have a wealth of knowledge and are able to navigate complex situations which in turn makes one feel secure and in good hands, and take away the pressure from their clients to make their journey easier.’

‘George Economides is always readily available to service clients and his calmness and pragmatic approach to any situation is second to none.’

‘Virginia Adamidou. Fast reply, always willing to help and very honest.‘

‘George Economides was exemplary in his work coordinating the teams.’

‘The team has a composed and strong structure.’

‘George Economides is an outstanding leader and advocate leading the firm efficiently, offering his clients the value and confidence they require by fulfilling all their needs. ’

Key clients

Healys LLP

D. Zavos Group

Limassol Del Mar

CloudLayer 8 (CL8)

Landscope Developments Ltd

Domaland Properties Limited

Myrtos Xenodoheiakes Epiheiriseis Ltd

Accent Capital

Work highlights

Instructed by ACCENT CAPITAL to prepare a legal opinion concerning the legal status of the property acquired by the client through a Sale Agreement.
Advising LANDSCOPE DEVELOPMENTS LTD on the legal framework pertaining to a new high-rise building.

Cyprus > Intellectual property Tier 3

Xenia Kasapi heads the intellectual property and data protection practice at E & G Economides LLC. The department regularly acts on the registration of trade marks, designs and patents at a local, EU and international level. George Economides is another key contact.

Rising stars

Xenia Kasapi - E & G Economides LLC

Practice head(s):

Xenia Kasapi

Other key lawyers:

George Economides

Testimonials

‘E & G Economides LLC’s intellectual property practice is unmatched in its unique blend of expertise, offering clients a comprehensive understanding of their needs.’

‘Their commitment to client success, led by standout partners and associates, sets them apart from competitors. I’ve truly valued their expertise and unwavering dedication.’

‘This is a small team with immediate response and technical know-how. Xenia Kasapi is very invested in her client’s cases; she is hardworking and a solution finder.’

‘The team is very responsive and always there when you need them. Xenia Kasapi and George Economides were extremely helpful and provided us with targeted advice that helped us understand the process and the advantages of registering a trademark.’

‘Xenia Kasapi impressed us with the broad knowledge she possesses of IP law and the precision of her advice. Xenia managed our case with cost efficiency and dedication.’

‘People are very dedicated to each project. They put as much effort as possible to fully understand the project and advise properly, even if a case is very uncommon.’

‘E & G’s team provides exceptional quality of work. They are reliable, they always deliver everything on time. Contact with them is very professional but on the same time it’s very friendly and not stressful.’

‘Working with Xenia Kasapi is a pure pleasure.’

Key clients

Shine TV Limited

Orbex Limited

Collagen Lift Sa

Cloudlayer8 Limited (Cl8)

Anemi Trustees Limited

Emily Yiolitis LLC

Expertum LTD

Ergosense

P.G Dionysiou Beauty Spa

Alma Advisors Limited

YANDEX LLC

Unisoft Sys Limited

Findersoft Limited

Brandpol Group Limited

G.N. Auto Odyky Express Road Service Limited

Tsakiris Mallas A.E

A.T. Atermona Taxidia Limited

Work highlights

Advised on the protection of the client’s intellectual property rights, including trade mark management and litigation and licensing advice.
Advising a client on trade mark matters, as well as the unlawful sale of counterfeit goods on the internet.
Assisting a client with the acquisition of a trade marks portfolio from another company.

Cyprus > Maritime and admiralty Tier 3

Led by George Economides, the practice at E & G Economides LLC handles a wide range of complex shipping matters. Key pillars of strength for the department include vessel registrations, contractual matters and the registration of shipping companies. Charterparty contracts and agreements for the sale and purchase of ships are also prominent in the group's workload.

Practice head(s):

George Economides

Testimonials

‘Prompt and efficient, with a custom-made approach and solution-oriented attitude.’

‘Real care shown towards the customer.’

‘Good knowledge of business environment.’

‘George Economides and his colleagues are always willing to help find the right solutions for us.’

Key clients

Polsteam Shipping Company Limited

Unity Line Ltd

Totalserve Management Ltd

Nogat Shipping Limited

Cyfadaco Shipmanagement Limited

ERYX Group

Polonia Line Limited

Wolin Line Limited

Scania Line Limited

Gryf Line Limited

Sedina One Ferry Lines Limited

Sedina Two Ferry Lines Limited

Sedina Three Ferry Lines Limited

AP the Ability Group Limited

Work highlights

Advised a client on the application process for registering four Ro-Ro passenger vessels in Cyprus.
Assisted the client with the sale of a pleasure yacht.
Provides ongoing assistance to a maritime stakeholder entity concerning maritime, regulatory and corporate issues.

Cyprus > Tax Tier 3

George Economides heads the practice at E & G Economides LLC, which has an excellent reputation for advising on the tax structuring of international investments and transactions, as well as the tax aspects of cross-border mergers, acquisitions and disposals. The group's workload also includes handling double tax treaties and transfer pricing mandates, and the team continues to assist with tax structuring issues concerning trusts, companies and other vehicles.

Next Generation Partners

George Economides - E & G Economides LLC

Practice head(s):

George Economides

Testimonials

‘George Economides is particularly known for his exceptional client rapport, always putting clients’ interests at the forefront. Also, one of the standout qualities of the team is their exceptional problem-solving skills.’

‘They have a great team for tax.’

‘They have team members with exceptional experience. They know the ins and outs of the fiscal system.’

‘A well organised and highly professional firm, with abundance of expertise and specialisation.’

‘George Economides has a perfect sense of the commercial reality and the challenges of the market the firm is operating in. He always strives to be supportive and attentive to all relevant discussions.’

‘Their approach is client-centric, ensuring personalised and well-crafted legal solutions. The international network of E&G Economides flawlessly manages global issues, making them a top pick for businesses operating across borders.’

‘George Economides’ profound legal insight and conscientious approach consistently simplifies complex issues, providing tailored, innovative solutions with impeccable timing. George’s exceptional ability to clarify intricate legal matters ensures we are always in the loop.’

Key clients

Unisoft Sys Limited

Findersoft Ltd

Qualysoft Holding Limited

Atomex Limited

Alber Blanc Capital Ltd

Expertum Ltd

M&M Ventures (2014) Limited

Intellectokids Ltd

Work highlights

Advising Qualysoft Holding on Cyprus tax issues concerning alternative methods for a company restructuring.
Advising Alber Blanc Capital on Cyprus tax issues arising from a group restructuring.
Advising Atomex Limited on Cyprus tax issues concerning alternative scenarios for restructuring.

Cyprus > Commercial, corporate and M&A Tier 5

Virginia Adamidou heads up the corporate practice at E & G Economides LLC, which counts complex corporate restructurings as a key area of instruction. The team is also strong in handling a broad range of contractual matters, and regularly represents high-net-worth individuals, entrepreneurs, multinational corporations, international law firms, equity funds and shipping institutions in corporate issues. George Economides is a key practitioner to note.

Practice head(s):

Virginia Adamidou

Other key lawyers:

George Economides

Testimonials

‘E&G Economides LLC has a team of professionals with deep knowledge in corporate and M&A. They provide a full range of legal services in these areas.’

‘George Economides is an outstanding lawyer in civil and corporate law in Cyprus.’

‘This practice offers a high level of professionalism with a quick response time. George Economides has provided support and in depth knowledge.’

‘They are highly qualified. Very professional in terms of rendering services and providing principals with substantial data to evaluate the case.’

‘Efficient and responsive team – ready to listen and find solutions.’

Key clients

Venteri Capital Ltd

Szecskay Law Firm

Venedig Ltd

Alma Advisors Ltd

VQ Biotech One Ltd

Aircraft Handling Alliance Ltd

New Garden Pharma

The Ability Group

Polsteam Group

Everlegal

TCI International Inc.

Ianira Enterprises Limited

D. Zavos Group

Cyprus > Dispute resolution Tier 5

Under the leadership of Klearchos Christofi, E & G Economides LLC's team is adept at handling a wide range of contentious civil, commercial and criminal cases. Other key areas of instruction for the group include white-collar fraud matters and corporate restructuring issues. George Economides is a key practitioner in the department.

Practice head(s):

Klearchos Christofi

Other key lawyers:

George Economides

Testimonials

‘An experienced team of lawyers with very high standards. Well informed and hard working. Modern approach to delivering business. Accurate and able to come up with solutions to difficult problems. Reasonable charging rates and getting value for money.’

‘Efficiency of all professional members of the firm.’

‘George Economides and Klearchos Christofi are top lawyers and would not hesitate to recommend them to other professionals or clients. They both have a business acumen and provide well documented advice.’

Key clients

Bank of Cyprus PLC

Totalserve Management Ltd

Placberg Investments Ltd

Vadim Ryckov

Marek Sapolinski

Anemi Trustees Ltd

Hellenic Bank Public Company Limited

Palodia Community Council

Puzzle Entertainment Ltd

RSS Logistics Ltd

Work highlights

Represented the client in the legal procedures for the reimbursement of losses in relation to a complex dispute against a brokerage firm.
Acted as counsel to RSS LOGISTICS LTD in litigation concerning a damages claim for VAT and tax fraud.

The firm: E & G Economides LLC is a full-service, dynamic and proficient law firm based in Limassol, Cyprus.
At the outset, the firm concentrated in providing legal services relating to Corporate, Commercial, Tax and Trust matters to its clients. Fueled by demand and organic growth, the firm evolved and broadened its areas of practice while, at the same time, continuously reinforcing existing ones.

With a team currently comprising over 20 advocates, having major experience in Cyprus and abroad, E & G Economides LLC continues to grow and expand its areas of practice with the support of an active network of global associates having long-standing ties to the corporate and financial communities. Its team of lawyers and legal consultants always strive to exceed all expectations and deliver outstanding client service. The firm invests in its people and welcome diversity and individuality.

The firm maintains a diverse client base and is regularly instructed by high-net-worth individuals, entrepreneurs, multinational corporations, tax firms, as well as global banking and credit institutions at a domestic and international scope.

Its clients’ interests often have a global focus and it is therefore frequently mandated to co-operate with international law firms on multi-jurisdictional projects/cross-border engagements. Such assignments have been pivotal in yielding a globally-minded perspective and have brought the firm in close co-operation with international law firms. E & G Economides LLC is often the firm of choice for a number of law firms and it maintains an active network of global associates.

Department	Name	Email	Telephone
Immigration, Tax, Real Estate, IP, Technology & Digital Commerce	George Economides	george.economides@economideslegal.com	+357 25 866 480
Corporate, M&A transactions, corporate reorganisations	Melina Dionysiou	melina.dionysiou@economideslegal.com	+357 25 866 480
Corporate & Commercial, Banking & Finance, Investment Funds	Virginia Adamou	virginia.adamidou@economideslegal.com	+357 25 866 480
Intellectual Property & Data Protection, Technology & Digital Commerce	Xenia Kasapi	xenia.kasapi@economideslegal.com	+357 25 866 480

Name	Position	Profile
Ms Virginia Adamidou	Partner	View Profile
Ms Yiota Costa	Advocate	View Profile
Ms Melina Dionysiou	Director	View Profile
Mr George Economides	Partner	View Profile
Ms Eleana Economides	Partner	View Profile
Ms Thalia Efthymiou	Advocate	View Profile
Ms Xenia Kasapi	Advocate – Head of Intellectual Property & Data Protection Department	View Profile

Number of lawyers : 20

English
Greek
Russian

Cyprus Bar Association
International Bar Association
AIJA
STEP

E&G Economides LLC, proudly announces a major rebranding.

18th November 2020 E&G Economides LLC, recently announced a major rebranding to support its growth to a leading full service law firm!

When should an interim order be issued, in order to restrain the alienation of immovable property?

14th January 2021

It is only reasonable that any person, physical or legal, who considers on initiating a legal dispute (in order to claim a due debt, compensation or any other remedy to which he claims that he is entitled), to be sceptic and cautious at first. This is mainly because debtors are increasingly engaging in such acts, as alienation. The act of alienating is when debtors alienate any kind of property they have in their name or under their ownership, especially immovable property, in order to avoid possible claims through insolvency and bankruptcy procedures. Such practices jeopardise and sometimes nullify the effectiveness of a Court Order to restore the innocent party.

DAC6 – Mandatory disclosure of reportable cross-border arrangements

13th November 2020

Introduction

On 25 May 2018, the EU Council issued Directive 2018/822/EU, which amends Directive 2011/16/EU on mandatory automatic exchange of information, in relation to reportable cross-border arrangements. Commonly known as DAC6, its purpose is to facilitate the obtaining and the automatic exchange of comprehensive and relevant information between the tax authorities of Member States about potentially aggressive tax arrangements.

Considering that most such arrangements span more than one jurisdiction, the obtaining and automatic exchange of such information should provide the tax authorities of Member States with an early warning system, thus enabling them to promptly react against any harmful tax practices and close potential loopholes.

It should be noted that any reporting under DAC6 does not necessarily imply that the cross-border arrangement in question is not legal or that it equates to aggressive tax planning. The wording of the Directive is so broad and expansive that it also captures transactions that are not necessarily driven by tax planning motives.

All EU Member States are obliged to enact DAC6 into their local legislations. Application of its provisions commences in 1 July 2020, with retrospective effect as from 25 May 2018 (more details below).

Towards this end, the Cyprus Ministry of Finance has prepared and circulated a draft bill, which is aligned with the requirements of DAC6. The draft bill is expected to be enacted into law prior to 1 July 2020, upon which date DAC6 becomes applicable. Subsequent to the enactment of the legislation, it is expected that the Cyprus tax authorities will issue further guidance regarding the application of the Directive in practice.

What is DAC6

In a nutshell, DAC6 requires the mandatory reporting by EU intermediaries of certain cross-border arrangements to the tax authorities of their home Member State, in case where such arrangements meet at least one of the defined hallmarks, and which concern either more than one Member State, or a Member State and a third country. Each of the aforementioned terms in bold fonts is explained in the following sections.

The deadline for filing information on reportable cross-border arrangements is within 30 days beginning on the day that: (a) the arrangement is made available for implementation, or (b) the arrangement is ready for implementation, or (c) the first step in the implementation of the arrangement has been made, whichever occurs first.

Notwithstanding the above, DAC6 has retrospective effect from 25 May 2018. As such, any reportable arrangements of which the first implementation step takes place between 25 May 2018 and 30 June 2020 need to be reported by 31 August 2020.

Reportable cross-border arrangements

A cross-border arrangement is defined as an arrangement (or a series of arrangements) concerning either more than one Member State or a Member State and a third country, where at least one of the following conditions is met:

Not all of the participants in the arrangement are tax resident in the same jurisdiction.
One or more of the participants in the arrangement is simultaneously tax resident in more than one jurisdiction.
One or more of the participants in the arrangement carries on a business in another jurisdiction through a permanent establishment situated in that jurisdiction and the arrangement forms part or the whole of the business of that permanent establishment.
One or more of the participants in the arrangement carries on an activity in another jurisdiction without being resident for tax purposes or creating a permanent establishment situated in that jurisdiction.
Such arrangement has a possible impact on the automatic exchange of information or the identification of beneficial ownership.
If an arrangement is considered to be a cross-border arrangement (i.e. it meets at least one of the above conditions), then it becomes reportable if it further meets at least one of the hallmarks set out in the next section. These hallmarks are essentially characteristics or features of a cross-border arrangement that presents an indication of potential tax avoidance or abuse.

Hallmarks

There are five categories of hallmarks as defined by DAC6, which are set out below in a general outline.

For categories A, B and certain elements of category C, an arrangement will be reportable only if it is also captured by the ‘main benefit test’, i.e. if it can reasonably be expected that the main benefit (or one of the main benefits) to be derived from entering into the arrangement, having regard to all relevant facts and circumstances, is the obtaining of a tax advantage.

NOTE: The Directive applies to all taxes levied by EU Member States (with the exception of VAT, custom duties, excise duties and compulsory social contributions). As such, it is understood that the definition of ‘tax advantage’ implies an EU-nexus, i.e. tax advantage obtained in any EU Member State.

Category A: Generic hallmarks linked to the ‘main benefit test’. Includes arrangements where:

A confidentiality clause exists in respect of how a tax advantage may be secured.

The intermediary is entitled to performance fees, based on whether a tax advantage is actually derived, or based on the amount of tax saved.
The structure/ documentation is largely standardised and the arrangement is available to more than one taxpayer (mass-marketed schemes).

Category B: Specific hallmarks linked to the ‘main benefit test’. Includes certain tax planning features, specifically:

Acquisition of a loss-making company.
Conversion of income into capital, gifts, or other categories of revenue that are either tax exempt or taxed at a lower rate.
Circular transactions resulting in round-tripping of funds, namely through involving interposed entities without other primary commercial function, or transactions that offset or cancel each other or that have similar features.

Category C: Specific hallmarks related to cross-border transactions. Certain of these hallmarks are also subject to the ‘main benefit test’, specifically deductible cross-border payments to associated enterprises subject to zero (or almost zero) tax rate, or subject to a full tax exemption, or benefiting from a preferential tax regime.

The rest of the hallmarks in this category do not require the main benefit test to be fulfilled, and include:

Tax deductible cross-border payments between associated enterprises where the recipient is not tax resident in any tax jurisdiction, or is tax resident in an EU/ OECD blacklisted jurisdiction.
Deductions for depreciation are claimed in more than one jurisdiction.
Double tax relief is claimed in more than one jurisdiction.
Transfer of assets, where there is a material difference in the amount being treated as payable between the involved jurisdictions.

Category D: Specific hallmarks concerning the automatic exchange of information and beneficial ownership. Includes arrangements that may have the effect of undermining the rules (or the absence thereof) on beneficial ownership or the rules on automatic exchange of information.

Category E: Specific hallmarks concerning transfer pricing, including the use of unilateral safe harbour rules, the transfer of hard-to-value intangibles, and arrangements involving cross-border transfer of functions/risks/assets between associated enterprises that result in significant (>50%) profit shifting.

Who needs to report

Under DAC6, the obligation to provide information on reportable cross-border arrangements primarily lies with intermediaries, and in certain circumstances with the taxpayer himself.

Intermediaries are defined as either:

• any persons (physical or legal) that design, market, organise or make available for implementation or manage the implementation of a reportable cross-border arrangement; or

• any persons that provide, directly or by means of other persons, aid, assistance or advice with respect to designing, marketing, organising, making available for implementation or managing the implementation of a reportable cross-border arrangement.

The definition is quite broad and potentially captures professionals such as consultants, accountants, financial advisers, lawyers, banks, trust companies etc, who may not necessarily be providing tax advisory services. As such, DAC6 provides for an ‘ignorance defence’, whereby professionals have the right to provide evidence that they did not know, and could not reasonably be expected to know, that they were involved in a reportable cross-border arrangement, having regard to the relevant facts and circumstances and based on available information and their relevant expertise.

To be considered an intermediary within the context of DAC6, a person needs to meet at least one of the following additional conditions:

• be tax resident in an EU Member State;

• have a permanent establishment in a Member State through which the services with respect to the arrangement are provided;

• be incorporated in, or governed by the laws of, a Member State;

• be registered with a professional association related to legal, taxation or consultancy services in a Member State.

It is further noted that the reporting obligation shifts to the taxpayer himself in cases where the intermediary is non-EU (as per the above conditions), or where no intermediary is involved at all (e.g. an in-house arrangement), or when the taxpayer is notified that an intermediary has the right to a waiver due to legal professional privilege.

What needs to be reported

Once the competent authority of each Member State receives information on reportable cross-border arrangements from intermediaries (or taxpayers), it shall communicate certain information by means of automatic exchange to the competent authorities of all other Member States, within one month from the end of the quarter in which the information was filed. The first exchange will take place by 31 October 2020.

The information to be communicated shall contain the following, as applicable:

• Identification of intermediaries and relevant taxpayers, including their name, date and place of birth (in cases of individuals), tax residence, tax identification number, persons that are associated enterprises to the relevant taxpayer (where appropriate).

• Details of the hallmarks that make the cross-border arrangement reportable.

• Summary of the arrangement, including the name by which it is commonly known (if any), and a description in abstract terms of the relevant business activities or arrangements.

• The date on which the first step for implementation of the arrangement has been or will be made.

• Details of the national provisions (local law) that form the basis of the arrangement.

• The value of the arrangement.

• Identification of the Member State of the relevant taxpayer(s) and any other Member States which are likely to be concerned by the arrangement.

• Identification of any other person in a Member State likely to be affected by the arrangement, indicating to which Member States such person is linked.

The above is intended to provide general guidelines on the subject. It is essential that appropriate professional and legal advice be obtained before proceeding with any actions.

Real estate and construction

Intellectual property

Maritime and admiralty

Commercial, corporate and M&A

Dispute resolution

E & G Economides LLC > Limassol, Cyprus > Firm Profile

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E & G Economides LLC > The Legal 500 Rankings

Cyprus > Real estate and construction Tier 2

Next Generation Partners

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Testimonials

Key clients

Work highlights

Cyprus > Intellectual property Tier 3

Rising stars

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Other key lawyers:

Testimonials

Key clients

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Cyprus > Maritime and admiralty Tier 3

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Testimonials

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Cyprus > Tax Tier 3

Next Generation Partners

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Cyprus > Commercial, corporate and M&A Tier 5

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Cyprus > Dispute resolution Tier 5

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E&G Economides LLC, proudly announces a major rebranding.

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When should an interim order be issued, in order to restrain the alienation of immovable property?

DAC6 – Mandatory disclosure of reportable cross-border arrangements

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