Patrikios Legal

The Cyprus Deputy Ministry of Research, Innovation and Digital Policy, announced on 19 December 2024 that a revised star-up visa has been approved. This revision has as its primary strategic goals the enhancement of innovation and the development of the local entrepreneurship ecosystem. The Cyprus star-up scheme is now more effective, flexible and attractive, contributing to further establishing Cyprus as a start-up hub. The Scheme enables owners and senior executives from third countries, either individually or as a group, to enter, reside, and work in Cyprus for the purpose of establishing a new start-up or transferring an existing one or its branch to Cyprus. The key changes to the Scheme, which has already facilitated the operation of 21 start-ups in Cyprus, include the following: 1.Extension of residence permits in Cyprus from two (2) years to three (3) years. 2.Reduction of the share capital requirement held by the applicants from 50% to 25%. 3.Increase in the proportion of foreign employees from 30% to 50%. Introduction of additional foreign personnel hiring, provided that investments in Cyprus equal to or exceed €150,000. 4. Implementation of distinct evaluation criteria for start-ups generating at least €1 million in sales revenue and allocating at least 10% of their operating expenses to research and development in one of the past three (3) years. 5. Moreover, more objective evaluation criteria have been introduced for the renewal of the startup visa after the initial three-year period. The new provisions of the Scheme will come into effect on January 1, 2025 ARTICLE BY Stella Strati: Partner - Corporate Finance, Tax, Private Client

IMPORTANT CHANGES RELATED TO THE BENEFICIAL OWNERS’REGISTER Just a couple of weeks before this year comes to an end, the Cyprus Parliament made a very important decision to amend the Prevention and Suppression of Money Laundering and Terrorist Financing Laws of 2007 (Law 188(I)/2007), as amended until 2024 (the “Law”). In practice, the amendments relate to the filings made with the Beneficial Owners’ register (the “BO Register”). Specifically, the amending law provides for the following: The monetary fines will now only be imposed on the company or any other legal entity which refuses to or omits or neglects to comply with the obligations for the filing of the details of their beneficial owner(s) with the BO Register, as provided by the Law; Thus, no monetary fines will also be imposed on each director and/or the secretary of the company; 2) Notwithstanding the deletion of the provisions related to the imposition of additional monetary fines on each director of the defaulting company, the amending law provides that a director or managing director of a company, which refuses or omits or neglects to fulfil the obligations for the filing of the details of their beneficial owners with the BO Register, is jointly and/or severally liable with the company for the repayment of the monetary fines imposed on the company. 3) The monetary fines have been revised. Specifically, a monetary fine of one hundred euros (€100) will be imposed on the first day of the violation of the Law, in relation to the filings with the BO Register, and a further monetary fine of fifty euros (€50) for each day the violation continues, reaching a maximum capped fine of five thousand euros (€5,000) per company or other legal entity. 4) A new provision has been added to the Law giving the authority to the Registrar of Companies (the “ROC”), as the competent authority to maintain the BO Register, the to issue directions (Regulatory Administrative Act) providing for the procedure of administrative review and/or submission and examination of an objection against a decision to impose a monetary fine. 5) A new provision has been added to the Law empowering the ROC to delete from the business register it maintains, a company or other legal entity which refuses or omits or neglects to fulfil its obligations to update the details of the beneficial owners, pro rata to the striking off procedure imposed by virtue of section 327 of the Companies Law or subsection (5) of section 57 of the General and Limited Partnership and Business Names Law. 6) A new provision has been added to the Law giving the authority to the ROC to apply to the Court for the issuance of an injunction ordering the compliance of any person with the obligations arising from section 61A of the Law and any directions issued pursuant thereto. Section 61A of the Law, is the section providing, inter alia, for the provision to the obliged entities and maintenance by them of up-to-date information about the beneficial owner(s) of the company and for the necessary filings with the BO register. 7) Additionally, it has been decided by the executive power and the Cyprus Parliament that an additional extension of the prescribed timeframe for the filing of the details of beneficial owners for all companies and other legal entities will be granted and therefore such filings can be made until January 31, 2025. An extension has also been granted in relation to the process of confirmation of the already filed details of the beneficial owner(s) until March 31, 2025. 8) To be in line with all the aforementioned amendments, the Department of the ROC decided to withdraw all monetary fines that have been imposed from 01/04/2024 onwards, and the return of the relevant amounts that have already been paid. Refunds will be made as follows: For online payments made through JCC, the amount will be refunded directly to the card used to make the payment without any further action on the part of the affected persons. b.For refunds related to payments made physically through the cashier at the ROC’s premises, the interested person shall file with the ROC the ΚΕ1 form[1], accompanied by the authorization form for payments from the Financial Information and Management Accounting System (FIMAS) (the “FIMAS Authorization Form”)[2] and a copy of the proof of the payment made, as well as the International Bank Account Number (IBAN) which will be credited, as described in the FIMAS Authorization Form. The amendments to the Law mark a very important step and a more business-oriented approach taken by the Cyprus Parliament to enhance the practical implementation of the Law, while ensuring that Cyprus remains a thriving business hub. ARTICLE BY Nikoleta Christofidi - Senior Associate

Cyprus Digital Nomads: Applications Now Open The Cyprus migration department has announced that it once again accepts applications for residence permits through the Cyprus Digital Nomad Visa scheme. The Cyprus Digital Nomad Visa Scheme allows non-EU and non-EEA individuals to live temporarily in Cyprus while working for a foreign employer or offering services to clients abroad. The goal is to boost Cyprus as a hub for electronic services and strengthen its business ecosystem, supporting the country's economic development. Who Can Apply? Non-EU/EEA nationals who work remotely. Employees of companies registered abroad or self-employed professionals with overseas clients. Applicants must show a stable net income of at least €3,500 per month (after tax and contributions). Key Benefits: Residence in Cyprus for one year, with a possible renewal for up to two more years. Family members can join (without the right to work in Cyprus). If living in Cyprus for over 183 days in a tax year, and not a tax resident elsewhere, individuals become tax residents of Cyprus. The perks of living in a sunny island, with a high quality of life and a vigorous business environment! The maximum number of permits is capped at 500. For more information, contact us at [email protected] ARTICLE BY Stella Strati Partner - Head of Corporate and Private Client

During the last few years, family offices worldwide, encountered a number of challenges and had to deal with the rising of new trends. Such trends and challenges are spanning from geopolitical changes, the imposition of sanctions and restrictive measures, greater demand for transparency and reporting, to the rapid change of technology, the increasing investment in digital assets, as well as the new focus on sustainability, diversity and the societal and environmental impact of corporate practices. Amidst the above-mentioned shifting tides, the question of where to set up a family office is becoming more relevant. Is Cyprus an attractive jurisdiction to set up a family office? Employment and Tax Framework: When deciding where to set up (or relocate) a family office, it is essential to consider both the strength of the local employment legal framework and the benefits of the applicable tax regime. Cyprus stands out as an attractive option, particularly for executives and senior management personnel seeking to relocate and work in a stable and advantageous environment. EU nationals can freely move and work in Cyprus (having simply to register with the authorities), while there are different options pursuant to which third country nationals can relocate and work on the island. Expatriate relief is available, whereby 50% of the gross emoluments (provided that such emoluments are over EUR 55,000 per year) are allowed to be deducted from taxable income for individuals that were not Cyprus tax residents prior to the commencement of their employment in Cyprus. Furthermore, new residents have the opportunity to obtain the "non-domiciled" tax status. This designation provides additional tax exemptions – namely Cyprus tax residents that are considered as Non-Doms are exempt from the Special Defence Contribution (SDC). SDC is levied on passive income (more specifically of dividends, passive interest and rent). Once obtained the Non-Dom status can be maintained for 17 years. Corporate tax rate is currently at 12.5%. Cyprus is presently undergoing a tax reform. In February 2026 it was announced that the applicable corporate tax rate will be increased to 15%; however, it was made clear that other beneficial provisions, such as the Notional Interest Deduction, IP tax regime, tonnage tax system, and the Non-Dom regime will be retained. Furthermore, the tax-free threshold for personal income taxation will be increased and the Cyprus tax residency under the 60-day rule, will be expanded. Legal System: The Cyprus legal system, which is based on common law, is transparent, stable and modern. Moreover, its corporate law regime is flexible and it allows 100% foreign participation in Cyprus incorporated entities. Also, Cyprus recognizes the concept of the trust and at the same time the Cyprus trust regime, including the Cyprus International Trusts Law, is considered one of the most modern trust regimes in Europe. Other usual reasons: English is widely spoken, Cyprus is member of the EU and the Eurozone, skilled staff, modern infrastructure, tested regulatory framework, political stability, safety, and of course the Mediterranean lifestyle, the sea, the and the sun! And finally, location location location… We, at Patrikios Legal share a deep knowledge, understanding and experience in relation to the needs and concerns family offices face today. We are here to guide clients throughout the process, from the initial structuring and setting up, advising on trust law issues, assisting in relation to day-to-day matters bank account opening, linking the family office with the necessary professionals and advisors, wealth managers, achieving long-term goals, and engaging in ESG and CRS activities. ARTICLE BY Stella Strati Partner Head of Corporate and Private Client

Cyprus has emerged as a promising, prominent destination for business and litigation alike. Nowadays, when it comes to the strategic selection of jurisdiction, Cyprus is considered one of the key players in international dispute resolution and in international corporate structuring. The key factors and aspects that enhance its attractiveness are: its favourable and attractive legal framework, based on the principles of common law and equity, which is under continuous modernisation; its access to and influence from the contemporary European legal system; and the easy access to the national courts of countries that are Member States of the European Union. Key legislative reforms/amendments have been recently enacted, and are continuously under review and modernisation, strengthen the position of Cyprus as an appealing choice for litigants seeking a favourable forum for the resolution of their disputes. This article explores the key factors and aspects that render Cyprus an attractive choice for persons seeking a suitable and desirable jurisdiction, both for conducting business and for litigation proceedings. Territorial competence/jurisdiction Due to the recent legislative amendment of the previously outdated Articles 21 and 32 of the Courts of Justice Law of 1960 (Law 14/60), the Cypriot courts’ jurisdictional powers and discretion were considerably widened. Cyprus courts’ power to issue interim provisional/protective orders is now significantly extended: the previous strict requirements of the existence of substantive dispute in Cyprus or the respondent’s domicile in Cyprus are now shelved by a much broader condition. Now, to obtain an interim provisional/protective order, it is sufficient to merely establish a link to Cyprus, such as the existence of assets within the jurisdiction or some other benefit for litigants seeking the court’s protection and assistance. The Cyprus district courts are now expressly designated as competent courts in all cases where none of the parties is resident in Cyprus, or where the jurisdiction of the Cypriot courts arises under EU, international or private international law and/or any legislation in force in the Republic of Cyprus, including pursuant to the provisions of the newly introduced Civil Procedure Rules of 2023 and/or the common law. Where none of the district courts has territorial jurisdiction in the traditional sense, the District Court of Nicosia has been designated as the court that can handle any relevant matter. Standalone injunctions and interim injunctions The common-law courts’ traditional reluctance to grant standalone injunctions, derived from the old English Case Siskina v Distos Compania Naviera SA, has been disposed of in Cyprus. With the enactment of the Civil Procedure Rules of 2023, the Cypriot courts now have the codified power to issue so-called ‘standalone’ or ‘freestanding’ injunctions in cases where there is no substantive claim before the Cyprus courts at the time of the filing of the application for the issuance of the interim orders. In particular, Rule 25.4 of the Civil Procedure Rules of 2023 provides that interim relief may be requested in relation to judicial proceedings that are or will be taking place outside the jurisdiction, or arbitration proceedings which are or will be held in Cyprus or abroad. The benefits of these injunctions, allowing claimants to seek urgent relief without necessarily initiating substantive proceedings within Cyprus, speak for themselves. This legal tool is particularly valuable in cross-border disputes, asset protection/recovery cases, and matters requiring immediate judicial intervention. This reform added to the already famous advantage that Cyprus jurisdiction offers, which has solidified its reputation as a strategic litigation hub; the Cyprus’ courts power to grant interim relief, even worldwide freezing orders, in contrast to other legal systems that do not enable the parties to obtain such interim injunctions. EU membership and participation in international treaties As a member of the EU, Cyprus provides access to EU regulations and directives which concern, inter alia, service of documents, choice of law, jurisdiction, and recognition and enforcement of judgments across EU Member States. The obligation of Cyprus to implement in its legal system all European regulations and directives offers not only uniformity but also speed when it comes to the adoption of measures on the basis of specific and defined procedures to which the Member States can resort. A noteworthy example of this efficiency is the fact that service of judicial and extrajudicial documents in Cyprus can be effected by private process servers, as Cyprus has not objected to such method of service in key international conventions or treaties. Hence, service can be effected within days, ‘circumventing’ the Central Authorities, which take considerable time to effect service. Τhe newly enacted Civil Procedure Rules of 2023 also reflect the advantages of speed and uniformity. In particular, according to the CPR Rules of 2023, in cases where the EU Regulation no 1393/2007 (on the service in the Member States of judicial and extrajudicial documents in civil or commercial matters) or Regulation no 1215/2012 (on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters), no permission or leave of the court is required for service out of jurisdiction in EU Member States (see Rule 6.7 of the Civil Procedure Rules of 2023). Conversely, in order for service in non-EU countries to be lawfully effected, the prior leave/order of the court is required. This uniformity eliminates the need for additional legal proceedings in other EU countries, reducing costs and procedural delays. Additionally, the participation of Cyprus in international treaties, both multi-lateral and bilateral, has the same positive impact and it further ensures predictability and legal certainty, making Cyprus an appealing jurisdiction for dispute resolution. Another advantage of choosing Cyprus as a forum is the fact that, in the absence of any agreement at either European or international level, there is the possibility of recourse to/application of the detailed and specialised common law, including relevant case law. Cyprus boasts a common law legal system, heavily influenced by English law, thus making Cyprus attractive to international businesses and legal practitioners. Arbitration and alternative dispute resolution Cyprus’ well-developed arbitration framework aligns with international best practices. The United Nations Commission on International Trade Law (UNCITRAL) Model Law and the New York Convention (to which Cyprus is a signatory) were adopted by the Cyprus legislature, thus ensuring the uniformity and enforceability of arbitral awards. With the recent amendment of the International Commercial Arbitration Act of 1987 (101/1987), it is no longer necessary to produce a duly authenticated original or certified copy of the arbitration agreement, nor certified translations thereof, to have an arbitral award recognised and enforced in Cyprus.. With this amendment, the procedure for the recognition and enforcement of arbitral awards before the Cypriot courts has been simplified, since the domestic legislation now provides for more favourable requirements than those provided in the New York Convention. This amendment enhances flexibility, making Cyprus an even more attractive jurisdiction for dispute resolution. Tax benefits and corporate incentives Cyprus is also known for the several tax benefits and corporate incentives it offers. These have already rendered it and will enable it to maintain its status as a favourable tax regime. It has acceded to several multilateral and bilateral double tax treaties and codified their provisions, which allows multinational entities a significant reduction of their tax burdens. Another significant tax benefit of Cyprus, which renders it attractive for cross-border transactions or international businesses and corporate structures, is that dividends earned in Cyprus are tax-, interest- and royalties-free. Conclusion Cyprus’ robust legal system, which continuously evolves and develops, its advantageous tax policies and its EU membership have solidified its position as one of the key players in the international litigation game and in international corporate structuring. The recent legislative amendments of the Cyprus Courts Law of 1960 (Law 14/60) and International Commercial Arbitration Act of 1987 (101/1987) and the enactment of the modernised Civil Procedure Rules of 2023 have provided the Cypriot courts with unprecedented powers, further enhancing Cyprus as a key jurisdiction for litigation and arbitration proceedings, and rendering Cyprus the apparent forum choice. Cyprus’ legal system, and the way it evolves, promises that it will be a premier choice for forum shoppers for many years. ARTICLE BY Stavros Pavlou - Executive Chairman / Andria Antoniou - Senior Associate /  Salomi Stavrou - Associate

Imagine a situation where someone owns cryptocurrency in a self-custodial wallet (where no third-party provider is involved). The value of their crypto assets may be quite substantial. This individual, passes away and there is no provision in their will for their digital assets. Their heirs can only access the cryptocurrency by having the private key. They have no idea where to look. They might not even be aware that the deceased owned digital assets. Digital currency may be lost forever. Digital assets are not like traditional assets. As a result, unusual challenges may be presented. Online platforms usually come with stringent privacy policies. If no proper authorisation is given, successors may encounter difficulties accessing the accounts of a loved one that has passed away. But what are digital assets? A digital asset is broadly defined as anything that exists in a digital format and has value. This value can be monetary or provide some form of utility. They can be owned and transferred electronically. This broad term encompasses a wide range of items, from photos, videos, domain names, gaming contents, to social media accounts, emails and cryptocurrencies. In this digital era, the value of digital assets can be quite considerable; therefore, individuals should consider protecting such digital assets, especially in the context of estate planning. It is important to ensure access to digital assets by heirs, trustees, beneficiaries and successors in general. Are there any best practices that can ensure access to digital assets in the context of succession? Plan Ahead Proactive planning is a must. This applies to every asset not only assets in the digital realm. However, ownership of digital assets comes with some complexities. Heirs may not know that their loved one possessed digital assets. Access to such assets is not always possible. The owner may want to keep certain elements (for example specific accounts) private. Thus, a strategic approach is required in order to implement the digital legacy someone wishes to leave behind. Incorporate Digital Assets into your Will or Trust Digital assets usually hold significant personal and financial value and as such they should be treated, in the context of estate planning, as any other assets that are valuable. It is essential to include these assets in any will or trust to ensure they are properly managed, accessed, or transferred according to the wishes of the testator or settlor. Ensure Access by Successors Clear instructions should be incorporated into a will or a trust instrument on how digital assets should be managed and distributed. Detailed instructions should be provided on what should happen to each account —whether certain accounts should be deleted, or transferred to specific individuals. Privacy policies and terms of service agreements may pose limits on what can be done with these accounts after the owner’s death. For this reason, proper professionals should be engaged. Compile an Inventory A comprehensive list of digital assets should be prepared by those who own them. Such inventory should include a detailed description of the assets, online accounts, virtual possessions, subscriptions and passwords. It may be prudent for passwords to be kept in a separate file. Such detailed inventory will ultimately serve as a roadmap to ensure access to the assets. Review Regularly Digital assets constantly change. Furthermore, evolution in the digital asset world is fast and constant (unlike with what happens with traditional assets). Regular review of such assets and the succession plan linked with them, is crucial especially as online platforms are updated, new technologies emerge and digital assets accrue. A succession plan involving digital assets should not be static, but it should be subject to regular review. Obtain Proper Advice Digital assets should not be overlooked in estate planning. Therefore, professionals should be engaged to assist with the task. Work with estate planning professionals who understand the complexities of digital property, and be sure to review privacy policies and terms of service for each platform to avoid unexpected barriers for the heirs and successors. We at Patrikios Legal understand the current needs of individuals in the context of modern estate planning. Patrikios Legal can advise, assist and guide individuals throughout the process of planning ahead and protecting their assets in the digital world. Moreover, our services include estate planning, regulation of succession and asset protection. ARTICLE BY Stella Strati Partner Head of Corporate and Private Client

There is an inevitable and pressing question that litigators entrusted with promoting an action have to answer, right after they receive their initial instructions: “Is there a need for Interim Relief?” An Interim Order obtained for a Plaintiff, is just the first shot fired. Sometimes before the official declaration of “war” and with the use of a silencer. But its importance, cannot be overstated… It is not merely a useful tool that can be shaped to serve a specific purpose. It is also a powerful weapon that can reverse or prevent an injustice. And very often, the sole mean by which the rights and interests of a Claimant may be effectively protected, prior to the adjudication or resolution of the claim and until the execution of any judgment obtained. Cyprus Courts in particular, have today a nearly unlimited discretion, to issue a wide range of prohibitive, mandatory and receivership Interim Orders. As long as of course, the pre requisites of the laws empowering them to do so, are fulfilled. Such Orders (that may be of worldwide application) may be issued within the framework of actions filed or to be filed in Cyprus and this includes general applications to register foreign judgments. But they can also be issued in aid of Actions pending or to be initiated outside Cyprus. As far awards are concerned and as GCC Countries are signatories to the New York Convention, it was always possible to seek interim measures in aid of pending or anticipated International Arbitration involving GCC related parties. With regard to litigation, since the end of 2023, through amendments effected on the legislation (mainly on Article 32 of the Courts of Justice Law) and the Civil Procedure Rules, the jurisdiction of the Cyprus Courts has been broadened and their powers to issue all types of Orders, became almost boundless. In the past it was required in general that a potential Defendant resided in Cyprus, to establish jurisdiction in personam. And very few Orders could be issued as stand alone injunctions, before the filing of an Action. Many of us had been advocating or lobbying even, for years, for the need to arm the Cyprus Courts better, by following the example of the seminal BVI judgment in Black Swan especially after the judgment in the Broad Idea case issued by the Privy Council. It was imperative to introduce the power to issue stand alone injunctions, even if no action had been filed yet and even if none of the parties to a dispute resided in Cyprus, as long as there are assets on which a claimant can potentially execute a judgment issued abroad. After all, there is no reason in principle to provide a safe haven for debtors who kept assets in Cyprus or hold assets through Cyprus entities, just because they reside elsewhere. The recent amendments in our legislation have met if not surpassed our expectations. It is today possible to issue all types of stand alone Orders with regard to any pending or anticipated Court proceedings either in Cyprus or abroad, irrespective of the whereabouts of the potential defendant. Cyprus Courts now have the power to grant Interim Relief if there is property in Cyprus that may become the subject of execution or if there exists some “other” connection to Cyprus justifying the grant of the requested Order. The wording of the Law is very broad and allows litigants to seek Orders in all occasions where this appears to be necessary and practically useful. Such Orders may be issued with regard to any pending or anticipated Court proceedings in any GCC Country, provided sufficient connection to Cyprus may be established. Whenever, for example, a company against which a claim is pending or will be brought, holds directly or indirectly shares in one of the Myriads of Cyprus holding Companies controlling assets abroad. It is worthy of note that a Judgment issued in a GCC country could potentially be enforced in Cyprus, even if no bilateral treaty exists between the two countries regulating such matters, on the basis of common law principles. There is no case law to speak of, about registration of judgments from the GCC in Cyprus yet, but we are willing to create some! After all, recent developments have revealed the willingness of the UK Courts to enforce UAE Judgments and the readiness of UAE Courts to follow suit. The Judgment in “Lenkor” where a Dubai Court Judgment was enforced in the UK and the direction of the Ministry of Justice of UAE that this precedent is to be considered as evidence of Reciprocity, can support the position that Cyprus Courts that follow the same Common Law Principles, will more likely than not, be ready to enforce a UAE Judgment. An Interim Order may be issued by the Cyprus Courts, if it can be shown that a Claimant has a serious claim that has some visible prospect of success and that unless an Order is issued, it will be difficult or impossible for justice to be done at a later stage. This means that the Claimant must show that the status quo ante must be preserved or reinstated, otherwise any final judgment he may obtain by a Cyprus or a Foreign Court will not in practice lead to adequate compensation. Like for instance, if in the meantime the Defendant is allowed to dissipate assets or to cause by some wrongdoing some non-monetary damage that may be difficult to assess. The Court should ask itself before deciding where to lean, who is likely to suffer the most damage.The Defendant if the Order is issued? Or the Plaintiff if it is not? The types of Orders that the Court can issue are many and in some occasions quite drastic. And an Order can be addressed not only against the Defendant or a potential Defendant, but also against third parties in many occasions. Whenever for example, a person or entity holds property in trust or in favour of a Defendant. The range of available Orders includes worldwide freezing Orders, Anton Piller Orders, Receivership Orders and if needed and justified, Gagging Orders and Anti Suit Injunctions. It is also possible to issue Norwich Pharmacal Orders and other mandatory disclosure Orders and the Court can even order directly a Defendant to disclose any property that may become the subject of receivership and execution. All Orders may be issued very fast, without notice to the other party or the persons against whom they are directed, provided urgency or special circumstances are demonstrated. And our Courts can issue them at any stage, even after a judgment has been issued. What remains to be addressed, is the issue of the implementation of Cyprus Interim Orders outside the Jurisdiction. Cyprus Orders are in general directly applicable in all EU countries. Beyond that, Cyprus is a party to multilateral conventions and bilateral treaties that regulate how judgments and Interim Orders may be recognized, enforced or “mirrored” in the countries that are co signatories to such treaties. Where no such treaties exist, which is currently the case with regard to the GCC Countries, it is up to the local practitioner to advise how and to what extend a Cyprus Interim Order may be used in the particular country. I should finally emphasise, that Orders from Cyprus Courts may be formed and used effectively, even when the assets targeted are not in Cyprus and the Order is not directly enforceable in a particular country. One should be “creative” and have in mind that any person or entity who has been served with a Court Order or is aware of the provisions of the Order, has the obligation to obey it and not participate in any breach of the same. An act or omission can constitute contempt of the Court Order even if such an Order relates to assets outside the jurisdiction. And in Cyprus you could go to jail for disobeying a Court Order. In the past for example, we have used mandatory Interim Orders to force holding companies situated in Cyprus to exercise in a certain manner their voting powers, as shareholders in subsidiary companies, situated abroad. In some occasions, we actually caused the replacement of directors in foreign companies who were acting in a fraudulent manner and managed to block unwanted dissipations and get control of assets that would otherwise be out of Reach. PRESENTATION BY Chrysostomos Nicolaou: Senior Partner - Head Of Litigation

We’ve all seen the recent news about a bank being fined for deficiencies in its anti-money laundering (AML) procedures. Unfortunately, it’s not an isolated case. More and more, we’re seeing online financial institutions — often new, fast-growing players — focus heavily on user acquisition, sometimes at the expense of their internal controls and compliance structures. It’s easy to see the appeal. These providers offer speed: account opening in just a few days, minimal requirements, and almost no bureaucracy. Compared to traditional banks, the difference is staggering. If you've ever felt lost navigating endless forms and back-toback certifications with a local bank, you’re not alone. Tip 1: Work with a provider who can support you through the account opening process. A good partner can make all the difference in translating bank requirements into simple next steps — saving you time, stress, and back-and-forth emails. Then there’s the other, arguably biggest, selling point: payments just go through. And for many businesses, that’s a strong enough reason to look past potential downsides. But there’s more at stake. When a bank is fined for AML breaches, it’s not just about "other clients" getting caught. These situations can have a real impact on you. So ask yourself: Is the future of this institution clear? If regulators crack down, your account could be affected — or even frozen. What does it say about your business if you bank with a ‘bad bank’? Even if your company is completely legitimate, reputational damage can come from association. Partners and clients might ask: "If they’re not compliant, are you?" This is where traditional banks come back into the conversation — not because they’re perfect, but because they tend to play it safer. Of course, local banks aren’t angels either — let’s be honest, opening an account with them can take ages. But they do offer something valuable: reputation, perceived stability, and lower long-term risk. So where does that leave you? Tip 2: Do your research — or partner with someone who already has. Look into the financial institution’s standing, regulatory track record, and AML framework before you commit. Or better yet, work with someone who knows the terrain and can help you avoid the pitfalls. Tip 3: Don’t put all your eggs in one basket. Even the best-planned banking setup can go sideways. Diversifying your accounts across more than one provider is a smart way to reduce risk. Regulatory hiccups, operational delays, or even technical issues — any of these can cause disruption. Having a backup account means your business doesn’t stop. Tip 4: Expand your network through trusted partners. Not all banks are created equal. Having access to a wider range of reliable institutions gives you options — and leverage. Providers like us can introduce you to vetted banks and financial institutions that match your specific profile and risk appetite. Our firm has years of experience navigating the complexities of the corporate banking landscape. Whether you're looking to open your first account or diversify your current setup, we can help you make confident, informed decisions. Aris Tsangaris Assistant Compliance Officer [email protected]

We’re proud to share that our colleague Stella Strati Partner – Head of Corporate and Private Client, will be attending the 9th Global Entrepreneurship Conference, taking place from 18–20 May 2025 at the Leonardo da Vinci National Museum of Science and Technology in Milan, Italy. Hosted by the International Bar Association (IBA), this conference brings legal and business leaders worldwide to discuss the evolving landscape of entrepreneurship, innovation, and investment. Conference Details We look forward to insightful discussions and new connections!

This year`s Ciarb European Branch annual Conference in Athens titled ‘Darwinism in ADR’ brought together leading voices in arbitration for a day of insightful discussions and valuable networking. How commercial arbitration and mediation are adapting to changes in their operating environment, were extensively discussed by the experts in the field. We are proud to share that our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP joined the stimulating panel on “Arbitration and the courts: Is faith in arbitration slipping?” along with Patrizia Sangalli, FCIArb, counsel and arbitrator as moderator, BENNAR AYDOGDU, Dr Haris Meidanis, Dimitris Babiniotis and Jalal (Jil) EL AHDAB. Thank you to the Chartered Institute of Arbitrators (CIArb) European Branch for organizing such a high-level event and for the opportunity to participate in this distinguished forum.

Four Seasons Hotel, Limassol | 16 May 2025 Patrikios Legal was proud to participate as a Gold Sponsor at Cyprus Arbitration Days 2025, a leading international arbitration event hosted in Limassol. The event brought together distinguished legal professionals, arbitrators, and thought leaders from around the globe to engage in meaningful dialogue on the future of arbitration. Our Executive Chairman, Stavros Pavlou, opened the day with a powerful keynote address, welcoming guests and setting the tone for the event. His speech highlighted the need for arbitration to evolve in response to today’s global challenges and reaffirmed Cyprus’s readiness to play a leading role in that transformation. We were equally proud to see our team so actively involved throughout the event. From insightful discussions to professional exchanges, our presence reflected our deep commitment to advancing international arbitration in Cyprus and beyond. It was especially inspiring to see our partner Marina Hadjisoteriou, Head of International Disputes, take the stage during the session “Comity and Ethics in Turbulent Times.” She addressed the impact of shifting geopolitical dynamics on the selection of arbitrators and emphasised the importance of legitimacy, diversity, and trust in the arbitral process. Cyprus Arbitration Days 2025 was a celebration of ideas, collaboration, and forward momentum in the field of dispute resolution. We are honoured to have supported this important initiative and look forward to continuing to contribute to the future of international arbitration.

Patrikios Legal is proud to host an engaging panel discussion on: “Arbitration and Asset Recovery in the Fintech Industry: Swiss and Cypriot Perspectives”. Synergy Conference Centre, Limassol 15 May 2025 | 15:00 – 17:00 Part of Cyprus Arbitration Days 2025 This session examines how Switzerland and Cyprus address arbitration and asset recovery challenges in the evolving fintech sector, with a focus on crypto assets and recent regulatory developments. With the support of the ASA - Swiss Arbitration Association Ambassadors for Cyprus, our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP and Panagiotis A. Kyriakou, the panel brings together distinguished experts from both jurisdictions: Moderator • Panagiotis A. Kyriakou - Archipel Speakers • Petra Rihar - Rihar & Thouvenin Dispute Resolution • Benjamin Schumacher - Nater Dallafior • Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP - Patrikios Legal • Agis Georgiades - Christos Georgiades & Associates Don't miss this dynamic and insightful discussion! Seats are limited, so hurry up and register by emailing [email protected] mentioning “Swiss Arbitration Side Event “. This event is open to CAD attendees only.

This year`s Ciarb European Branch annual Conference in Athens titled ‘Darwinism in ADR’ brought together leading voices in arbitration for a day of insightful discussions and valuable networking. How commercial arbitration and mediation are adapting to changes in their operating environment, were extensively discussed by the experts in the field. We are proud to share that our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP joined the stimulating panel on “Arbitration and the courts: Is faith in arbitration slipping?” along with Patrizia Sangalli, FCIArb, counsel and arbitrator as moderator, BENNAR AYDOGDU, Dr Haris Meidanis, Dimitris Babiniotis and Jalal (Jil) EL AHDAB. Thank you to the Chartered Institute of Arbitrators (CIArb) European Branch for organizing such a high-level event and for the opportunity to participate in this distinguished forum.

Patrikios Legal is proud to support the upcoming Set Off Charity Event, taking place this Sunday, 4 May, 16:00-22:00 at the University Square (TEPAK), Limassol, in collaboration with Ablebook. This community event supports a powerful cause: raising funds for Ablebook’s mission to build a digital platform that improves accessibility, independence, and quality of life for people with disabilities. All proceeds go directly to supporting Ablebook’s inspiring mission.

We’re excited to continue our support for the Commercial Litigators’ Forum (CLF) and this year! At Patrikios Legal, giving back is at the core of what we do, and being part of CLF allows us to make a really good impact. Our sponsorship towards the CLF directly supports the amazing work of the National Pro Bono Centre, which provides vital legal help to those who need it most across the UK. CLF is a unique space where law firms come together not just to share ideas and shape the future of commercial litigation, but to support access to justice in a meaningful way. We’re excited to continue being part of this purpose-driven community.

Our Partner- Corporate Finance, Tax, Private Client, Stella Strati is attending the International Bar Association Private Client Tax Conference. Read what she has to say: “London is always a good idea! Especially if the reason is to attend the International Bar Association Private Client Tax Conference. This year marks the 30th anniversary of the #conference, which will focus on transforming (un)expected challenges into opportunities for the future.

Our Partner- Corporate Finance, Tax, Private Client, Stella Strati and Partner – Financial, Commercial, VAT, Angelos Onisiforou attende the EMEA meeting of LAWorld – The International Legal Network  in  Brussels. As said by Stella “It’s always great to connect with legal professionals from around the world, exchanging ideas and sharing unforgettable moments. It’s not just about work—it’s about building relationships.”

13th ICC MENA Conference on International Arbitration We’re thrilled to be part of the 13th ICC MENA Conference currently taking place in Abu Dhabi, UAE! Our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP, along with Chrysostomos Nicolaou, Senior Partner & Head of Litigation, and Eleni Dionysiou, Senior Associate, are representing us at this leading event on international arbitration. Abu Dhabi, UAE 10–11 February 2025

Reminder that our Senior Partner and Head of Litigation, Chrysostomos Nicolaou, will be speaking at the IBA Conference: Litigating in the Middle East today! Date: 10 February 2025 (That’s today!) Venue: Abu Dhabi Global Market (ADGM), Abu Dhabi, UAE Chrysostomos Nicolaou will be part of a dynamic panel discussion on “Practical Considerations in International Litigation”.

Our Executive Chairman Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP will be attending THE FRAUD LAWYERS ASSOCIATION 11th ANNUAL DINNER! 07th February 2025 InterContinental London Park Lane If you are there too, He will be delighted to connect!

NOT TO BE MISSED! We’re excited to remind you that our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP, will be co-chairing the upcoming IBA Conference: ‘Litigating in the Middle East’, alongside the distinguished Dr Mahmood Hussain of M&CO Legal. Date: 9–10 February 2025 Venue: Abu Dhabi Global Market (ADGM), Abu Dhabi, UAE This conference will explore key Dispute Resolution Mechanisms across the Middle East, focusing on the recognition and enforcement of judgments, as well as strategies for asset protection and recovery under diverse legal frameworks. Gain valuable insights from top legal minds as they discuss recent regional developments and the evolving landscape of litigation in the Middle East

We are delighted to invite you to register for the Third Cyprus Arbitration Day, taking place on 15 & 16 May 2025 in Limassol, Cyprus. This premier conference has quickly become a must-attend event for arbitration practitioners, bringing together leading experts from around the world in one of Europe’s most friendly arbitration hubs. With a stellar line-up of renowned keynote speakers and top-tier practitioners, this year’s edition promises to deliver thought-provoking discussions on cutting-edge topics in international arbitration. From insightful panel debates to high-level networking opportunities, Cyprus Arbitration Day offers a unique platform to engage with global industry leaders in an exceptional setting. Set against the stunning backdrop of Limassol’s coastline, with perfect May weather, this conference is not only an intellectual highlight but also an opportunity to enjoy Cyprus’ renowned hospitality. Whether you are looking to deepen your knowledge, exchange ideas, or expand your professional network, this is an event you won’t want to miss. Save the Date: 15 & 16 May 2025 Registrations are now open! Secure your spot here: https://cad.com.cy/ Early bird rates available until 31 March 2025 – Register now to take advantage!

LAWorld – The International Legal Network is an international network of independent law firms, allowing the clients of its members to have instant access to quality legal services throughout the globe. Joining LAWorld – The International Legal Network highlights our dedication to providing excellent legal services while fostering global collaboration.

NOT TO BE MISSED! 13th ICC MENA Conference on International Arbitration Our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP, Senior Partner – Head Of Litigation, Chrysostomos Nicolaou, and Senior Associate, Eleni Dionysiou, will be at the 13th ICC MENA conference! The conference will take place on the  10th and 11th February 2025 in Abu Dhabi, United Arab Emirates. Hope to see you there!

Take A Read Now! We are featured in the 2024-2025 Cyprus Country Report. https://lnkd.in/dbYrf3CK Cyprus: A strategic Advantage for High-Net-Worth Individuals Relocation. Article Written By: Partner – Corporate Finance, Tax, Private Client, Stella Strati Partner – Commercial and Real Estate, Stylianos Trillides

Litigating In The Middle East  Our Executive Chairman, Stavros Pavlou, FCIArb, Bsc (Econ), Barrister, TEP, Senior Partner – Head Of Litigation, Chrysostomos Nicolaou and Senior Associate Eleni Dionysiou will be there! The conference is scheduled for 9th and 10th February 2025 in the Abu Dhabi Global Market (ADGM), Abu Dhabi, United Arab Emirates. The conference will delve into the various Dispute Resolution Mechanisms available in the region, with a focus on the recognition and enforcement of judgments, as well as asset protection and recovery under the laws of different states.

Celebrating Growth and Excellence at Patrikios Legal  We are delighted to announce the well-earned promotions of three outstanding members of our team! Join us in congratulating: Giannis Potsis – Promoted to Partner – Dispute Resolution Ioanna Samara – Promoted to Senior Counsel Eleni Dionysiou – Promoted to Senior Associate These talented individuals have consistently portrayed dedication and expertise in their work, playing a pivotal role in our success. We are excited to see the incredible progress they will continue to make in their new positions. At Patrikios Legal, we believe in investing in our people and celebrating their achievements as they grow with us. These promotions are a testament to our commitment to nurturing talent and fostering a culture of excellence.

NOT TO BE MISSED! We are excited to share that our Senior Partner – Head of Litigation , Chrysostomos Nicolaou, will be speaking at the IBA conference ‘Litigating in the Middle East’. The conference is scheduled for 9th and 10th February 2025 in the Abu Dhabi Global Market (ADGM), Abu Dhabi, United Arab Emirates. Chrysostomos Nicolaou will be taking part in the panel: “Practical considerations in international litigation”, on Monday 10 February 2025 at  12:00 – 13:30 Register Now! More info and registrations here: https://lnkd.in/eWjxy8cC

In a landmark decision, the Tax Tribunal vindicated Antonis Askanis Ltd by annulling a VAT assessment of €1,261,344 imposed by the Tax Commissioner. Patrikios Legal played a crucial role in this victory, with Partner Angelos Onisiforou co-contributing key arguments along with representatives from Chelco VAT Ltd and Antonis Askanis Ltd, who were instrumental in securing this favourable outcome. 31 May 2024 – In a landmark decision, the Tax Tribunal has recently annulled a decision of the Tax Commissioner for enforcement of Value Added Tax (VAT) of €1,261,344 to the land development company, Antonis Askanis Ltd, concerning the sale of a property in Limassol. In a unanimous decision dated 18 April 2024, the Tax Council ruled that the first occupation occurred in the said mansion as provided for in the VAT legislation at the time of the sale and therefore the sale was exempt for VAT purposes. The Tax Tribunal based its decision on the arguments put forward by the representatives of Antonis Askanis Ltd, CEO of Chelco VAT Ltd, Alexis Tsielepis, VAT Advisor of Chelco VAT Ltd, Marios Nicolaides, Partner of Patrikios Legal, Angelos Onisiforou and the Director of the applicant, Christiana Askanis. Led by Mr. Tsielepis, the team of the Askanis tax advisors argued that the rental of the villa prior to the sale for a total rental period of 38 days, and its use as a “showhouse” for approximately 12 months, fall within the provisions of the interpretation of the VAT Law’s term “first occupation”. The Board of Taxes agreed with this position, stating that the legal background set out in the Legislature with respect to the interpretation of the term was fully satisfied and therefore the Tax Department’s position of imposing VAT on the sale as a sale prior to the first occupation was incorrect and was consequently annulled.