Legal Market Overview
Cyprus is seeking to position itself as an international financial centre. It is establishing a business-friendly tax regime through a system of double taxation agreements. The legal market has for some time been moving away from traditional family-run legal firms. There continues to be a demand for increased specialism and firms are keen to attract talented professionals with international qualifications and experience. The banking sector in Cyprus is diverse with a range of domestic and international banks. Some law firms have noticed an upsurge in work on non-performing loans. The tourism industry is booming. This has led to more construction work locally and an increased cash flow for some contractors. As a result of this there has also been more transactional work. Firms have also reported an increase in shareholders disputes and in cross-border litigation. To deal with this upsurge in claims a Commercial Court will be established in the next year. Its remit will be to deal with high-value claims. Cyprus remains one of the world’s preeminent shipping centres and its admiralty court is a key forum for resolving maritime disputes. There is an air of cautious optimism in Cyprus for the year ahead.