Tax in Cyprus
The ‘passionate’ team at Elias Neocleous & Co LLC regularly creates tax-effective structures for major cross-border transactions and investments, including tax restructurings and preparations for IPOs. The group also provides advice and ‘tailored solutions’ to clients on aspects of Cyprus tax law including VAT and stamp duty issues. Kyriacos Xenophontos leads the firm’s trusts practice, which provides wealth management services to high-net-worth individuals. Other tax clients span international law firms, large multinational corporations and government organisations. Managing partner Elias Neocleous and associate Elena Christodoulou are key names to note.
‘The team is very well positioned in Cyprus and well aware of all the trends in the environment where changes are happening very fast. It also has deep knowledge combined with an ability to produce tailored solutions, which is key to its success.’
‘The partners that we work with are all very passionate in what they do and are really striving to help their customers in any way possible.’
Avanti Communications Group plc
BW Shipping (formerly Bergesen Worldwide)
Deutsche Investitions- und Entwicklungsgesellschaft mbH
European Bank for Reconstruction and Development
Harvard Management Company Inc
International Finance Corporation
Invel Real Estate Fund
Lloyds of London
NBG Pangea Limited
- Advised EPOQ Partners, a private investment advisory firm, on moving its corporate structure to Cyprus, and handled the tax planning elements of its expansion in Cyprus and other jurisdictions.
- Advising Booking.com on the tax implications and treatment applicable to employee entitlements in Cyprus.
- Advised Animosity Enterprises Limited on the structuring and tax implications of a cross-border merger of the client with a sister Czech company.
Dr K Chrysostomides & Co LLC’s team demonstrates its ‘wealth of knowledge in a variety of engagements, from simple drafting of agreements to complex cross-border transactions’ involving tax considerations. As well as advising private clients on wealth and personal tax matters, the group is also active in acting for high-profile clients in an array of sectors on the tax elements of mergers and acquisitions, reorganisations, joint ventures, commercial projects and due diligence matters. Kypros Chrysostomides heads up the practice, which includes highly regarded associate Andreas Charalambides and tax specialist George Ioannou, who is 'very knowledgeable in tax and corporate law and has always been very responsive, providing concrete, concise, up-to-date and precise advice’.
‘The team is very professional, timely and effective.’
‘George Ioannou is very knowledgeable in tax and corporate law and has always been very responsive, providing concrete, concise, up-to-date and precise advice. He has cooperated with us on tax due diligence and M&A involving Cypriot subsidiaries or parent companies.’
‘Their corporate and tax teams have demonstrated their wealth of knowledge in a variety of engagements, from simple drafting of agreements to complex cross-border transactions.’
‘George Ioannou definitely stands out. His quick and detailed responses are appreciated by his clients.’
USB Bank PLC
European Bank of Reconstruction and Development
LVMH Moet Hennessy
Marsh & McLennan Companies, Inc.
Ovostar Union Public Company Limited
The Estee Lauder Companies Inc. group
- Advised The Estee Lauder Companies group on a joint venture restructuring transaction forming the basis for the gradual divestment and exit of the client’s joint venture partner.
- Advised LVMH on Cyprus tax law matters regarding the acquisition of the Cypriot companies which belong to the Belmond Group.
- Provided tax advice to Marsh & McLennan Companies on its stock option plan for its Cyprus-based employees.
Jointly led by managing partner Stavros Pavlou and tax expert Stella Strati, Patrikios Pavlou & Associates LLC ‘has an excellent knowledge of the market, with experience in litigation and the corporate law aspects of tax'. The team specialises in handling the establishment of tax planning structures for complex cross-border deals. The client roster has a mixture of international multinationals and domestic corporations.
‘The firm has an excellent knowledge of the market, with experience in litigation and the corporate law aspects of tax.’
‘Personal touch with the clients. Always available to talk, help or give advice.‘
Alpha Bank (Cyprus) Ltd
OAO LSR Group
Hyperio Software Ltd
Ivanyan & Partner
- Advising a law firm on the tax implications of a €2m loan.
- Advised a Cyprus IP company on tax residency matters.
- Advising a Cyprus company involved in the online advertising industry on VAT matters for the establishment of a corporate structure for online sales through established electronic platforms.
Antis Triantafyllides & Sons LLC focuses on tax litigation for domestic clients, and also has a notable track record advising international and local companies on a wide range of Cypriot tax issues arising from large-scale transactions. Key clients include local and international groups of companies as well as financial institutions. The firm’s litigation department, led by George Triantafyllides, is regularly instructed on high-profile tax cases. Fellow practice head Stelios Triantafyllides is another key contact.
Builders’ Provident Fund
CLR Investment Fund Ltd
Joannou & Paraskevaides (Overseas) Ltd
- Handling four court cases filed against the Republic of Cyprus for the Builders’ Provident Fund in Cyprus relating to a tax imposed on hundreds of property transactions between 1991 and 2007.
- Acting for Joannou & Paraskevaides (Overseas) in six recourses against the Republic of Cyprus before the Administrative Court, disputing the amount of tax imposed on the company for the use of the private jet owned by another company of the same group.
- Acting for CLR Investment Fund, which has been requested by the tax authorities to pay €3.7m in tax for which a hierarchical recourse has been filed against the Republic of Cyprus before the Tax Tribunal.
Clerides, Anastassiou, Neophytou LLC has experience in cross-border and domestic transactional tax work, where it assists clients with local taxation issues and the application of international taxation law including tax treaties. The practice also handles the tax aspects of diverse transactions including acquisitions, mergers, financing mandates, IPOs and venture capital deals. The ‘extremely efficient and proactive team’ is spearheaded by Stavros Clerides, whose ‘exceptional grasp of tax and legal matters’ benefits clients when they ‘require innovative cross-border structuring work and tax planning advice’. Corporate expert Andri Stylianou also assists with tax matters.
‘The firm is excellent and provides professional advice.’
‘Clarides has a broad understanding of many areas of law and is very smart and business-oriented.’
‘The lawyers of the firm have a strong commercial awareness that goes far beyond the narrow boundaries of a lawyer and provide inventive solutions that meet our business needs. They are very prompt and provide high value for money. The firm has been of great assistance to us in the establishment of complex structures and negotiating joint venture transactions. In the area of tax, it is the only law firm we use and they are on top of the market.’
‘Stavros Clerides is very knowledgeable with sound business skills and a solid financial background allowing him to offer well-rounded solutions quickly.’
‘The firm has an extremely efficient and proactive team of lawyers. They are highly professional, result-oriented and their input is always substantiated and well supported and not only meets but very often exceeds our expectations.’
‘Stavros Clerides is second to none and 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 advice. He is a brilliant lawyer with a deep understanding of corporate finance and business matters.’
‘Andri Stylianou has wide experience in structuring and negotiating complicated cross-border transactions and is very efficient and diligent.’
Phanos N. Epiphaniou PLC
Global University Systems B.V.
KM Real Estate Investments Fund Ltd
Bluehouse Investment Advisors Limited
- Advised Bluehouse on the acquisition of the shopping mall ‘Novodvorská Plaza’ in Prague through the acquisition of Klépierre Praha.
- Assisted Linklaters with the reorganisation of the ownership of a Cyprus subsidiary and the buyout of a stake by a foreign investor.
The team at Harneys is regularly instructed by multinational corporations and international firms to provide advice on all aspects of Cypriot tax law and issues relating to international structuring work. The group has also developed expertise in advising clients on the US Foreign Account Tax Compliance Act and the Common Reporting Standard, and provides niche assistance on the tax regimes in the British Virgin Islands, Cayman Islands and Bermuda. The team includes associate Marisa Efstathiou Petevi. Emily Yiolitis left the firm in 2020.
Integrated Casino Resorts
Cyprus Limited (ICR) part of the Melco Resorts & Entertainment group
Allen & Overy
- Advising Rosneft, Russia’s largest oil and gas company, on all aspects of numerous elements of its business lines including tax, regulatory, sanctions compliance, corporate and finance matters.
- Assisted a client with obtaining a Class B online betting licence in Cyprus.
At AGP Law Firm | A.G. Paphitis & Co. LLC, the 'solid' team comprised of ‘tax advocates, tax consultants and chartered accountants’ acts for private wealth management clients and a number of high-net-worth individuals on tax-related matters. The group also handles corporate tax, M&A, tax structuring, and tax consultancy work. Managing partner Angelos Paphitis is ‘an experienced international tax lawyer’ with expertise advising on international structuring and tax planning matters, and leads the team with local and international tax specialists Michael Alexandrou and Nicolas Patsalis.
‘They bring a high level of industry knowledge and insight with them, which is very helpful for any group CEO like me. The team has advised us on local and international tax matters. Headed by Mr Michael Alexandrou, they have been incredibly helpful on our Cyprus tax affairs.‘
‘This is a solid tax legal team, something you won’t easily find in Cyprus. Mr Nicolas Patsalis and Mr Michael Alexandrou are highly educated tax advisers, and they are supported by Angelos Paphitis, an experienced international tax lawyer who we have been engaging for all international structuring and tax planning matters. Michael is always proactive, available and willing to assist at all times.’
‘Their tax team has a very professional and attentive approach to what they do. Very knowledgeable about local as well as about international taxation.‘
‘Angelos is well experienced in international tax structuring – something that has added much value to the services our firm offers towards our clients. Michael Alexandrou is also a brilliant tax adviser. Nicolas Patsalis and Andreas Petrides are experts in their field.‘
‘I think what differentiates them from other firms is their diversity in their teams which consist of tax advocates, tax consultants and chartered accountants who can delegate their tasks and deliver the best results.‘
‘Their team consists of not only high qualified lawyers and consultants but also accomplished and experienced chartered tax advisers. They undoubtedly make you feel confident that the job will be done correctly, efficiently and in a timely manner.’
Instant Trading EU Ltd
Sameta Law Firm
DS Express INC
Quester Group Inc
- Advising Instant Trading EU on the tax advisory issues relating to its local and international operations.
- Advised Vement Technology on the tax implications of a group restructuring.
- Advised Lanozo Assets on the tax implications of a group expansion and relocation of companies from offshore to EU jurisdictions, including Cyprus.
AMG Mylonas & Associates, LLC provides ‘immediate and bespoke’ advice on various aspects of corporate and business taxation, and represents local and international clients. Andreas Mylonas heads up the team, which has 'qualifications in place that enhance its understanding of the laws and ability to resolve client issues'.
‘This firm offers immediate, bespoke support to clients. The staff is well oriented with qualifications in place that enhance their understanding of laws and ability to resolve client issues.‘
- Providing tax law advice to a private individual relating to the implementation of his tax residency status.
- Handling international tax planning issues relating to the restructuring of a group of companies.
Andreas Coucounis & Co LLC
The team at Andreas Coucounis & Co LLC provides clients with advice on tax residence issues, tax management work and VAT matters, as well as tax litigation. The group’s work also overlaps with the firm's corporate department. Practice head Dimitria Coucouni is a key contact.
- Representing a Russian finance mathematics software and finance technology company in a tax dispute involving the Cyprus International Tax Department and a foreign tax authority.
- Advised a listed US company with a Cypriot subsidiary on the tax aspects of its intra-group loan arrangements.
- Advised a Cypriot Company on tax matters relating to the assignment by the company of its investment stake in a US entity being involved in the running of a commercial centre in the US.
KINANIS LLC advises its clients on the full range of tax matters including corporate tax issues, restructurings, international tax planning work and individual taxation. The team’s ‘attention to detail is remarkable’, and is praised for its ‘tenacity, diligence and dedication’. Marios Palesis is ‘easily contactable, attentive and helpful’ and provides clients with ‘accurate and comprehensive advice’, while practice head Charalambos Meivatzis is ‘very knowledgeable in the nitty-gritty detail of almost any tax-related matter’.
‘Kinanis LLC’s specialist tax team provides valuable support to our clients, as well as to our company. They are always there when we need them, replying to all questions or issues immediately. Their attention to detail is remarkable and their tenacity, diligence, and dedication to all our needs far exceeds anything we expected.’
‘Marios Palesis has always given reliable and timely professional advice, backed up with efficient personal service. Marios has always been easily contactable, attentive, helpful and has provided us with accurate, comprehensive advice on many fiscal matters and transactions.’
‘The team has specialised personnel for specific areas and they can provide advice and assistance at very high level in all aspects of corporate and tax law.’
‘Charalambos Meivatzis deals effectively with financial and tax aspects.’
‘The department possesses the qualifications needed to address our tax requests promptly and accurately. We are always receiving a detailed analysis of our requests with special reference to the tax and VAT law, where needed. Their background and knowledge not only in tax but in other areas as well such as legal and accounting, provide us with an assurance that our requests will be thoroughly examined and all the issues will be addressed.’
‘Kinanis LLC is one of the few law firms in Cyprus with an experienced and dedicated department in tax related matters.’
‘Each member of the tax team of Kinanis LLC always gives special attention to any case addressed to them providing us with advice tailored to our needs. Also, if any deadlines are involved, they are dedicated to deliver their advice within the specified time frame. It is very important for us that the head of the department, Mr. Charalambos Meivatzis, is a lawyer and a qualified accountant with many years of experience in tax advice and tax planning on complex projects.’
‘Charalambos Meivatzis’ expertise and interwoven skills from accounting, tax and also legal prospective are of great benefit in global and case by case basis enquiries. Always straight to the point and efficient.’
‘Kinanis LLC Tax Team manages the corporate and tax matters and respective clients’ requests in a very professional and responsive manner, allocates the necessary resources for the project diligently, achieves the client’s expectations efficiently.’
‘Charalambos Meivatz is very knowledgeable in the nitty-gritty detail of almost any tax-related matter. If you need to iron out kinks in your tax strategy, Charalambos is the person to talk to. If you find yourself in the crosshairs of the tax authorities, he is the person to speak with.’
LLC “Dentons Europe”
The ‘very strong’ team at Michael Kyprianou & Co. LLC has ‘good domestic and international capabilities’ and primarily advises its clients on the tax elements of restructurings and reorganisations. Lambros Soteriou and Tonia Antoniou jointly head up the practice, which also provides assistance on general tax issues, transfer pricing work, redomiciliations, mergers and liquidations.
‘A very strong team with good domestic and international capabilities.’