Tax in Cyprus
Chrysostomides Advocates & Legal Consultants has a wealth of experience in advising on a broad range of issues from corporate and property tax matters to personal and employment tax as well as VAT and customs duties. It frequently assists on major cross-border deals and works closely too with its dispute resolution practice. Dr Kypros Chrysostomides is at the helm. Another focus of the practice is advising financial institutions in their capacity as trustees, executors, custodians and investment managers. The department is also adept at advising private investors, HNWIs and clients from emerging markets, plus working with other law firms outside Cyprus. George Ioannou is well-regarded.
Dr Kypros Chrysostomides
Other key lawyers:
‘Very professional, very good at the tactical and strategic level, swift response to the client always goes the extra mile in order to complete projects efficiently. George Ioannou has all the qualities described above also ’.
‘One of the most prominent Cypriot law firms, with expertise in tax and corporate law, M&A. A trustworthy team, knowledgeable about European tax and international tax. Very quick and to the point in its responses.’
‘I have mainly worked with George Ioannou, who is very skilled in corporate tax. George is reliable, to the point, always on time. George quickly captures the nature and depth of the issue to be reviewed , enabling him to provide practical and timely advice’.
Marsh & McLennan Companies, Inc.
Thermo Fisher Scientific, Inc
Astrobank Public Company Limited
BRP Tax SA
- Advised on Cyprus legal and tax matters regarding the restructuring of the Milkiland N.V. group of companies, which included the transfer of the corporate seat of the top holding company.
- Advised Thermo Fisher Scientific on its stock option plan for its Cyprus-based employees.
Clerides, Anastassiou, Neophytou LLC has a thriving practice with substantial experience in sophisticated cross-border and local transactional tax matters covering advice on both national and international tax law. It has particular strength in advising on M&A deals and more complex financial arrangements, and it has developed niche expertise in PE and venture capital deals as well as start-ups and angel financing. Head of department is the 'outstanding' Stavros Clerides who receives a lot of plaudits. Andri Stylianou is another key member of the team who also garners praise for her work on a variety of complicated transactions. Clients include international businesses, notable international law firms and high-net-worth individuals.
Other key lawyers:
‘The firm has a team of lawyers who are highly professional and not only meets but very often exceeds our expectations. The lawyers 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 its strengths is that its corporate team is assisted by an excellent tax team and this way it has a value added approach. This combination provides us with complete solutions for all the legal needs of our clients. Stavros Clerides has an exceptional grasp of tax and legal matters and is of great assistance when we require innovative cross-border structuring work and tax planning‘.
‘Stavros is a brilliant lawyer with a deep understanding of corporate finance and business matters which inspires complete confidence about 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. ’
‘Clerides Anastassiou Neophytou LLC has been and remains our first point of contact in respect of business and tax law matters when Cyprus is involved. Our collaboration counts many years and regards mainly tax law issues for private clients and cross-border corporate, capital and financing deals for banks and large corporates. The firm works deeply in each case and provides clear and timely advice, taking into account the nature of the issue and the requirements of each particular client while trying to achieve the best solution’.
‘The lawyers at Clerides always act with professionalism, skill and competence in every aspect of the cases they have been instructed on. Our main point of contact at the firm has always been Stavros Clerides in tax law issues. Stavros has a great and deep knowledge in all fields of taxation and we would recommend him as one of the kind. Stavros is a real expert. ’
‘The firm offers specialist knowledge, a high level of quality and prompt responses. It has an extremely efficient team of lawyers with in-depth knowledge of corporate and tax law and high levels of professionalism and a solution-orientated attitude. It is among the very best in Cyprus, having the ability and willingness to put extra resources behind a matter, if required.’
‘Our group of companies is mostly served by Stavros Clerides. Stavros is highly creative and skilled and has huge experience in the arrangement of complex structures. He has in-depth legal knowledge of specialised legal issues, common sense and provides valuable business-orientated advice. We also have contact with Andri Stylianou. She is very responsive and dedicated and combines legal and industry knowledge’.
Phanos N. Epiphaniou PLC
Global University Systems B.V.
KM Real Estate Investments Fund Ltd
Bluehouse Investment Advisors Limited
- Advised Montagu, a private equity group, on the refinancing and restructuring of its assets and the acquisition of a major education group having operations in Europe.
- Advised a group trading in energy/petroleum products on the restructuring of its group and the change of its capital structure.
- Advised a major pharmaceutical group on the admission of a strategic investor and the reorganisation of its share capital structure.
Elias Neocleous & Co LLC has a large and experienced specialist tax team under the direction of Elias Neocleous and Kyriacos Xenophontos. The first-rate practice also supports the firm on various matters such as devising tax efficient structures for international transactions as well as advising on a significant number of tax issues that arise in employment law such as on employee share schemes and pension schemes. The department is probably best known for its skill in complicated cross-border work but it also handles the full range of domestic tax issues as well as tax litigation. In addition it has a strong relationship with some major international law firms. Its client portfolio also consists of large international corporations, private clients and government organisations. Associate Elena Christodoulou is another key member of the team.
Elias Neocleous; Kyriacos Xenophontos
Other key lawyers:
City Capital Group
Invel Real Estate Partners (Greece)
Airbnb NCPI Property Group
Avanti Communications Group plc
Harvard Management Company Inc
Invel Real Estate Fund
NBG Pangea Limited
- Advising a multinational property development group on the Cyprus tax implications of a multinational corporate, tax and finance restructuring of the group.
- Advising a UHNWI client on the Cyprus tax implications of the importation and registration of a new superyacht into Cyprus and the tax treatment under provisions of the Cyprus leasing scheme for yachts.
- Advising a multinational software development company on the tax treatment of different restructuring options for the client due to concerns stemming from new changes in international tax laws including changes to the Ukrainian CFC rules and various applicable double tax treaty implications.
Patrikios Pavlou & Associates LLC has ‘very extensive experience in all aspects of business and tax laws’. It is well-equipped to deal with a broad range of tax disputes as well as having considerable prowess in advising on cross-border transactions and agreements. The group is renowned for its strength in advising on the establishment of efficient tax planning structures and is a known name for its specialist tax advice on M&As, corporate restructurings and re-organisations. Senior and managing partner Stavros Pavlou along with Stella Strati jointly head the team.
Stavros Pavlou; Stella Strati
‘It has proved that it has proper experience and knowledge to deliver tax advice in complex cross border projects. Stella Strati is a good listener and focuses on providing precise legal advice tailored to individual circumstances’.
‘Stavros Pavlou – I would consult Stavros on any legal issue worldwide. One of the most bright lawyers I have the honour to know’.
‘Stella Strati is extremely helpful and responsive on trust and private client matters in general. Stella is helpful and easy to deal with’.
‘Stella Strati is a hardworking younger partner who has made a name for herself for her diligence and responsiveness as well as her practical and precise tax advice’.
‘Strong work ethic culture stems from the founder of the company and I believe the clients are impressed with the informed and detailed solutions provided to them by the firm’.
‘Stavros Pavlou is following in the footsteps of his father and he is the heart and soul of the company. He is a dynamic character who is respected by his colleagues but also by clients and associates. The partners who surround him have different qualities and areas of expertise which makes for a great team’.
‘As tax advisors ourselves we can vouch for the fact that Patrikios Pavlou & Associates LLC is one of the very few law firms in Cyprus that has a clear understanding of tax law and can provide legal support on any complex tax questions including cross-border matters. The lawyers are particularly notable for their expertise on the workings of the complex network of the Double Tax Treaties of the Cyprus Republic with various countries and can provide practical and valuable advice on questions of ‘substance’.
‘Stavros Pavlou has justifiably established himself as a very experienced international tax advisor at the forefront of the practice. I know that he regularly advises international clients regarding their legitimate tax structures. The fact that he is also an expert trust practitioner often providing lectures and seminars on the use of the Cyprus International Trust allows him to have a rounded view of all aspects of efficient tax structuring across multiple jurisdictions’.
Alpha Bank Cyprus Ltd
White & Case
- Provided specialised tax advice in relation to the tax treatment of the conversion of a loan into equity and the possible tax implications involved especially in light of the applicable CFC rules in Russia.
- Advising on the substance requirements existing under the Cyprus tax laws for a legal entity, the general taxation of the income of corporate entities, tax residency matters, transfer pricing, the taxation of intra-group transactions and the transfer of employees in Cyprus.
- Advising on the possible tax characterisation of the loan notes as hybrid instruments and the potential tax implications such characterisation would have.
The tax practitioners at Antis Triantafyllides & Sons LLC are integrated into the firm’s transactional teams and advise corporations and individuals on a wide range of local tax issues as they arise during large scale international and local deals. Stelios Triantafyllides and George Triantafyllides co-head the tax practice, which advises local and international groups of companies as well as financial and other local and foreign international institutions. The firm’s litigation department is also regularly involved in various high-profile tax disputes.
Stelios Triantafyllides; George Triantafyllides
Builder’s Provident Fund
- Currently handling four court appeal cases filed against the government 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 has strength in contentious and non-contentious tax matters, and has developed particular expertise in advising on issues such as the Automatic Exchange of Information and the EU’s Directive on Cross Border Tax Arrangements in addition to mandatory tax reporting. Other strengths include advising on bilateral tax investigations under double tax treaties as well as the US FATCA and the Common Reporting Standard. Under the leadership of Pavlos Aristodemou and Aki Corsoni-Husain, it continues to enjoy a steady stream of instructions from key international law firms and multinational corporations to advise on local tax law issues relating to international structuring work.
Pavlos Aristodemou; Aki Corsoni-Husain
Other key lawyers:
Marisa Efstathiou Petevi
‘Unparalleled deep knowledge and deep understanding of each case.’
‘Aki Corsoni Husain develops a clear line of thought in problem solving, making it a unique experience when dealing with complex issues. Able to put complex thoughts into simple words ’.
‘The individual concerned stuck at the task, we could not have got this done without Aki Corsoni-Husain’s full understanding’.
Clifford Chance LLP
Allen & Overy LLP
Melco Resorts and Entertainment Group
Debevoise & Plimpton LLP
Delancey Real Estate Asset Management Limited
- Provided FATCA/CRS advice and related tax assistance to Turquoise Variable Capital Investment Fund PLC on the operation of a significant and prominent frontier collective investment scheme based in Cyprus.
- Worked with Fladgate in relation to the defence of fishing expeditions between various Asian onshore and offshore jurisdictions under the auspices of tax information exchange arrangements.
- Working with Clifford Chance in London and Moscow in relation to the tax structuring of a securitisation SPV in Cyprus for exposure to Russian structured products by a prominent private Russian bank.
Managing partner Angelos Paphitis along with Michael Alexandrou and Nicolas Patsalis lead a versatile team at AGP Law Firm | A.G. Paphitis & Co. LLC, which advises on a wide range of issues such as corporate tax, tax structuring , cross-border financing and tax litigation. The team has been engaged on multiple occasions by numerous local and international companies to provide tax opinions on the Russian CFC rules and on the ‘deoffshorization’ regime in Russia. In addition, it is regularly engaged to provide intellectual property tax planning opinions for major companies.
Angelos G. Paphitis; Michael Alexandrou; Nicolas Patsalis
‘It has a diverse team with a focus on various areas of commercial law. The lawyers are very flexible and accessible almost round the clock. Their advice is wise, effective and in line with the laws’.
‘Very friendly, accessible and flexible. Very professional’.
Cliff Legal Services
Instant Trading EU Ltd
DS Express INC
Metaquotes Software Corp
BW Stratosfera Limited
S.E. Power Group Limited
M.R. City Panorama Limited
- Advised on on intra-group financing and notional interest deduction in relation to how this will be applied and how the client’s company could benefit from this, also involving issues of arm’s-length transactions.
- Advised an international investment firm regulated by the Cyprus Securities and Exchange Commission on its its local and international operations, involving in-depth tax advisory and capital adequacy reporting as part of its strict obligations towards CySEC.
- Advised on the new IP Box Regime in Cyprus including advice on the inclusion of Notional Interest Deduction, including issues of if the company’s intangible assets could be considered as a ‘Qualifying Asset’.
Under the guidance of Andreas Mylonas, the team at AMG Mylonas & Associates, LLC advises local and international clients on all aspects of corporate and business taxation. It regularly advises on issues as diverse as tax audits, the interaction of tax treaties with local laws as well as the creation and implementation of tax efficient structures. Other strengths include advising on the use of Cypriot tax resident companies in international tax planning.
Kea Capital Ltd
Intership Navigation Ltd
M.X. Greenenergy Ltd
- Advised M.X. Green Energy on all aspects (legal, tax planning and advisory) relating to the acquisition of a Cyprus subsidiary company which owns photovoltaic parks.
- Provided Intership Navigation, a ship management company, with international tax planning advice.
- Advised Nostira on various tax planning matters.
Andreas Coucounis & Co LLC advises on various matters such as tax residence issues, tax management and VAT matters as well as tax litigation. Dimitria Coucouni-Andreou heads the group, which also works closely with its corporate department.
H&R Block Inc
- Advised Gartner Inc on issues pertaining to the establishment and maintenance of a Cyprus tax resident subsidiary company owning and exploiting IP assets.
- Advised a US listed company on the tax aspects of an intragroup financing arrangement having a Cypriot subsidiary company acting as the group’s financier.
- Provided the Cyprus commentary inputs on the implementation of ATAD for an EU wide survey conducted by Baker McKenzie.
KINANIS LLC provides an ‘excellent service’ under the leadership of Charalambos Meivatzis, Marios Palesis and Demetra Constantinou. It has a dedicated department that deals exclusively with tax related matters with particular expertise in direct and indirect taxation issues. The department has also been busy advising on the tax effects of blockchain related activities and its VAT practice garners a lot of praise. Other strengths include advising on transfer pricing issues and providing tax advice on corporate structures.
Charalambos Meivatzis; Marios Palesis; Demetra Constantinou
‘We can say that Kinanis LLC is a very qualified and professionally skilled company. Uniqueness lies in its customer focus, it satisfied all our company’s needs and provided competent service . Especially many thanks to Demetra Constantinou who led our project. ’
‘The team has been providing tax advice to our group of companies for many years covering the full range of tax services. We appreciate the professionalism and patience with which each of our matters is handled. All requests are processed promptly and e-mails are responded to almost immediately. Unlike our experience with larger tax providers, in Kinanis LLC we receive more personalised approach and attention. We feel that we are in good hands.’
‘It is a real pleasure to work with the professionals like Charalambos Meivatzis and Marios Palesis. They are exceptional in their services and technical advice. It is important for an advisor in the field of taxation to be knowledgeable, thorough and meticulous. We found these qualities in our tax advisors and are grateful that they are always very responsive to our concerns and take time to explain complex issues ’.
‘Kinanis has a multidisciplinary and innovative team, always focused on providing increased value to clients. The team is composed of top legal and tax professionals, providing creative strategic advice, and it has the ability and knowledge to address very complex international tax projects’.
‘In the tax sector I mainly worked with Charalambos Meivatzis, Tax Partner at Kinanis LLC. I highly recommend him as an excellent tax advisor, a valued business partner who is a forward thinker and trusted advisor. He uses various resources to establish a well documented opinion that will sustain an unchallenged approach’.
‘Kinanis Law is very well organised with professional people at the right spots to provide you with accurate information and thoughtful advice. Marios Palesis (Partner) – excellent performance, fast delivery of solutions.’
‘Kinanis LLC Tax team comprises two teams of qualified professionals with extensive experience, one team in direct taxation and the other in indirect taxation. The tax professionals at Kinanis LLC are really knowledgeable, easily approachable and friendly professionals, always willing and ready to help’.
‘Demetra Constantinou is a distinguished expert on VAT Law. She has already rendered several speeches on the Cyprus and EU VAT Law. Despite her busy schedule, she is always there for any VAT queries we have, alerting us on any VAT implications in advance by analysing what needs to be done in simple understandable terms‘.
Twiti Investments Ltd
Xomonel Enterprises Ltd
IFLL Invicta Finance
Megatren Investments Ltd
Farsonex Investments Ltd
KGG Consulting and Advisory SRL
Michael Kyprianou & Co. LLC concentrates primarily on the tax aspects of major restructurings and reorganisations. With Lambros Soteriou and Tonia Antoniou at the helm, it also advises on transfer pricing and other matters such as re-domiciliation, mergers and liquidations. In addition the team represents clients in court proceedings over disputed taxes. It regularly advises high-net-worth individuals on their tax planning and trust arrangements as part of their investments in Cyprus.
Lambros Soteriou; Tonia Antoniou
‘Creative and flexible legal team’.
‘Lambros Soteriou is well-connected and eager to please the client’.
‘Very good team – it achieves the best possible result’.
‘Lambros Soteriou – outstanding’.