Patrikios Pavlou & Associates LLC > Limassol, Cyprus > Firm Profile
Patrikios Pavlou & Associates LLC Offices
332 AGIOU ANDREOU STR.
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Patrikios Pavlou & Associates LLC > The Legal 500 RankingsPatrikios Pavlou & Associates LLC provides ‘pragmatic, concise, commercial and responsive advice that is solutions-oriented’. Under the leadership of Stavros Pavlou and Lia Iordanou Theodoulou, the group regularly advises clients on strategically significant cross-border M&A, reorganisations and re-domiciliations in and out of Cyprus. The ‘knowledgeable and hardworking’ group has recently been advising on company liquidations and complex corporate governance issues, as well as various IP matters. Other work included multimillion dollar acquisitions, complex mergers, share purchases and sales, as well as a wide range of regulatory issues. The firm has close links with numerous international law firms and has particularly strong associations in Europe, USA, Russia and the CIS countries, Middle East and Asia.
Other key lawyers:
‘The most unique feature of this practice is its people, and client-friendly approach. I very much enjoy working with PPA, they are always there for their clients and ready to help. Also they offer flexibility in terms of fees: we always manage to adjust changes to the scope of work to the quote acceptable for us. I believe this is one of the best law firms in Cyprus.’
‘Exceptional attention to details and to clients’ needs, high quality and due performance, ability to meet the strictest and ever changing deadlines (this relates both to Angelos Onisforou and Angeliki Epaminonda).’
‘The people are hard-working, available and knowledgeable. Always a real team effort. Their network across different service sectors has been a real bonus. Makes a client’s life much easier. We have worked with many departments. Stavros Pavlou has always been available and goes out of his way to ensure the correct team is assisting at all times. Stella Strati, Lia Lordanou Theodolou and Elena Georgiou have all shown themselves to be very knowledgeable, conscientious and committed to the various files they are involved with.’
‘Very efficient and work well together for many years. The best knowledge and expertise for international structuring and M&A from a Cyprus perspective. Very comfortable and punctual. Highly recommended- Stavros Pavlou, Lia Iordanou, Stella Strati, Stylianos Trillides, the best.’
‘Professional approach, dedicated team, reasonable prices. Direct communication with proper feedback from Stylianos Tryllides.’
‘Lia Iordannou is a stand out partner who is perfect at managing her team. She is always ready to assist in our inquiries. She is very professional and manages our issues. Also I would like to praise Stylianos Trillides for his support in the last year.’
‘Lia Iordanou is a stand out star in the Cyprus legal market. Lia should rightly be ranked as a top tier lawyer. Lia consistently provides highly attuned legal support and knows exactly what her clients want and how to deliver that. Lia is a trusted client adviser. When a project is important and carries time pressure, we know that we can safely rely on Lia to timely get the project across the finish line.’
‘Stella Strati is another super talent. Stella is commercially focused, technically brilliant and highly responsive – everything that a client wants. On top of that Stella is an absolute delight to work with and has a proven record of successfully delivering on the most complex cross-border transactions.‘
PJSC VTB Bank
Ivanyan & Partners
Deutsche Bank AG
Baker Botts LLP
Rybalkin, Gortsunyan & Partners
Bryan Cave Leighton Paisner (Russia) LLP
Latham & Watkins LLP
Morgan, Lewis & Bockius LLP
- Advising a major Russian financial institution in relation to the enforcement of security over the shares of a Cyprus company, which is a holding company to a major Russian group. The firm is actively involved in setting up the corporate structure, in managing the assets, engaging valuers, accountants, auction houses, and other professionals; coordinating the various subsidiaries in the group, in preparing, negotiating, drafting and seeing to the execution of the necessary documents, provision of ongoing legal, financial, tax, and corporate advice and assistance. The secured obligations amount to more than €2.5bn.
- Engaged by a professional and reputable insurance company in Cyprus to assist them in the development of a new niche insurance product, for approval by their UK-based underwriters, intended to be sold to financial services companies in common law jurisdictions, including Cyprus.
- Advising a prestigious and leading group of companies operating in the oil and gas sector internationally, with respect to the intra group restructuring of several companies of the group operating in various jurisdictions and in particular, the holding Cyprus company.
Cyprus > Dispute resolution Tier 1Patrikios Pavlou & Associates LLC‘s ‘very knowledgeable, innovative and efficient’ team has a wealth of experience handling conventional and alternative forms of dispute resolution, including arbitration and mediation of international and domestic disputes. Its roster of clients includes public and private sector companies, multinational corporates, banks, financial institutions and entrepreneurs. Senior and managing partner Stavros Pavlou is recognised as one of the most prominent litigators and arbitrators on the island and is variously described as a ‘star’ and an ‘experienced problem solver’. Chrysostomos Nicolaou and Stella Louka Pavlou are also highly regarded. Theodoros Symeonides and Katerina Philippidou were promoted to the partnership. The group routinely handles the full array of contentious issues from complex shareholder disputes to obtaining ancillary relief as part of international litigation or arbitrations. Eleana Christofi is also recommended.
Other key lawyers:
‘Great experience on corporate and trust law, hardworking staff and delivers effectively on the case or work assigned to them. The partners are available to serve, they are smart, honest and hard workers. Passionate and helpful.’
‘The efficiency, speed and good quality of work are only some of the strengths of the team at Patrikios Pavlou & Associates LLC. The team is reliable and capable of handling the most complex cases and achieving the best results for its clients. The use of technology is excellent and the billing system is very thorough and transparent.’
‘Mr Stavros Pavlou is an asset to the company. He is dedicated and very responsive. He is a very skilful litigator (one of the best in Cyprus). His approach to the court, clients, colleagues and opponents is excellent. He has a very strategic approach to solving all matters arising of the cases he is handling.’
‘Stavros Pavlou is a great professional with immediate reactions on complex matters. Mr Stavros Pavlou (Partner) is playing a pivotal role in overcoming and resolving several complicated legal issues in a timely manner. Mrs Stella Pavlou is also very dedicated, very experienced and helpful. Moreover we would like to point out that the law office is one of the leading and most prominent law firms.’
‘We chose to work with Patrikios Pavlou, due to their skills and distinguished expertise, good grasp of details and capacity to work on and handle complex corporate, commercial and criminal matters. Our primary contact is Mr. Stavros Pavlou – the firm’s Senior and Managing partner. Stavros is truly the star and one of the best litigators in Cyprus. While working along with Stavros you do appreciate his sharp mind, legal expertise and wit.‘
‘The firm promotes diversity (gender, age, background, skillset) and new talent, is innovative, has a very responsive and client-oriented approach, has proven itself to be flexible and resilient even during the Covid pandemic, and continues to provide top quality services to its broad spectrum of clients.‘
‘Mr Stavros Pavlou and Mr Chrysostomos Nicolaou are who I consider to be the best lawyers in Cyprus. They are true legal experts, extremely talented and possess strong ethical values.’
‘Great communication skills, ability to explain things simply and adopt a straightforward cost structure. Diverse team with an international perspective. Deep understanding of the need for amicable dispute resolution. Stavros Pavlou is among those rare persons in dispute resolution who, when you have him on your side, you know in advance that the outcome will be positive. When you have him against you, it’s going to be a tough but a professional affair. When you have him as an arbitrator, the result will be fairer than a court.’
VTB Bank OAO
Bank of Moscow
Alpha Bank Cyprus Ltd
Alpha Bank Greece
Bank of Cyprus PLC
Several companies undergoing liquidations
Grant Thornton UK LLP
Mishcon de Reya LLP
Alimirzoev & Trofimov
- Representing before the Courts of Dubai International Financial Centre (DIFC) a wealthy Moldavian individual who claims that the defendants conspired so as to fraudulently deprive her of her assets and cause her financial damage worth of EUR 48m, while in reality, those assets were owned by third persons, not as trustees for the plaintiff, but in their personal capacity.
- Acting for the government of an EU state in a registration in Cyprus for the first time of an ICSID award in favour of the said government.
- Representing a Cypriot company in enforcement proceedings of an LCIA Arbitral award of the amount of EUR50m, issued in favour of its client. The Arbitral proceedings regarded the breach of a Call Option Agreement by the respondents, which regarded the shares of one of the fifty fastest-growing companies in Russia. Further to a challenge promoted by the other side abroad, a corrected award has been re-issued by the arbitral tribunal and the firm has managed to secure the issue of new revised freezing orders achieving the continuous protections of the interests of its client from the dissipation of assets.
Cyprus > Tax Tier 1Patrikios Pavlou & Associates LLC is seen by clients as a go-to adviser on the tax aspects of cross-border transactions and agreements, as well as tax litigation. Managing partner Stavros Pavlou is experienced in asssisting international corporate entities, large groups of companies and wealthy individuals with the implementation of their tax planning structures. He works with Stella Strati, who advises on tax issues arising from M&A, corporate restructures and reorganisations. In addition, another key individual at the firm is senior associate Stylianos Trillides.
Other key lawyers:
‘I have had a number of dealings with Stavros Pavlou (Managing Partner) who acted as an advisor to various mutual clients. I was impressed with his knowledge of the topics discussed, but also of the solutions that he put forward, analysing for each the strengths and weaknesses. In the cases that the transaction went ahead, his guidance proved invaluable.’
‘Patrikios Pavlou & Associates LLC can provide clients with distinctive advice on national and international law. What makes this practice unique is that it is exceptionally well organised. One of the firm’s assets is its diverse members in terms of education, training and qualifications and their commitment to achieving company goals via productive, efficient teamwork alongside with their skills and abilities working with clients originating from different environments with respect to the cultural diversity.’
‘Patrikios Pavlou team members are fully engaged in the firm, they will offer the client their ideas and suggestions and will always act proactively. They typically go beyond offering the “standard” legal service. Equally, the firm has qualified members in ADR.’
‘The relationship with the team is absolutely excellent. The team always supports us and they never let us down, especially where we need alternative solutions. Billing is pre-agreed where it keeps collaboration to an exceptional level. Individuals are very professional. They listen to us carefully and respond with compassion. A few key words for our business relationship that keeps it in an exceptional condition are: loyalty, trust, great communication skills and honesty.’
‘Good strong team, very capable on all matters concerning Cyprus. Stella Strati is highly capable and thorough. If you have a question relating to Cyprus definitely ask her!’
‘What differentiates the legal team at Patrikios Pavlou & Associates LLC from other law firms is the wide knowledge they possess around various tax legal matters, the speed in delivering their solutions and the professional service they provide to us and to our clients who seek their advice. They can handle cross-border matters involving tax law with ease and can provide practical and clear guidance on international tax planning matters.’
‘Apart from the professionalism, which characterises everything they do, they always talk to you in a positive manner. It is obvious that they love what they do. Stavros Pavlou, Senior and Managing Partner is enormously experienced in tax law matters involving multiple jurisdictions and he is also an expert on Cyprus international trusts. Along with the legal advice, he can provide clear strategic guidance to comprehensively support the matter in question.’
‘Partner, Stella Strati, who is also certified as an ADIT expert, is very responsive, meticulous in her work and provides practical and precise tax advice. We are also liaising with Stylianos Trillides, who is a senior associate at the firm and we are very happy with his skills; he is always available to assist and he provides immediate and hands-on legal advice with a positive attitude.’
Alpha Bank Cyprus Ltd
White & Case
Iason Skouzos & Partners
Ivanyan & Partners
Yiallourides & Partners
Chelco VAT Ltd
- Providing specialised tax and structuring advice to a real estate company in relation to a proposed acquisition between a company incorporated in Belize and a Russian company.
- Acting for a leading software engineering services provider based in Cyprus, in relation to the development of new software and advising on all the tax matters involved in the successful launch of the software.
- Providing specialised tax advice to a Cyprus joint venture company with respect to its merger with another two companies of the same group of companies, handling all relative matters and applying to tax authorities to complete the merger.
Cyprus > Banking and finance Tier 2The team at Patrikios Pavlou & Associates LLC often advises on international loan restructurings and finance transactions. It frequently handles multijurisdictional mandates for major banks and financial institutions, in addition to working with international law firms and large corporates. It is adept at advising on issues such as complicated recovery cases and has a well-established presence in the international markets, with it acting for a variety of Russian, European, Asian and American banks. Stavros Pavlou and Lia Iordanou Theodoulou jointly lead the practice, which is also noted for its strengths advising on virtual currencies and crypto-assets.
‘The team at Patrikios Pavlou & Associates consists of gifted and creative consultants who consistently deliver high-quality services. Their energy and enthusiasm for service is endless and they always ensure a solution-focused and expertly designed outcome. The team is reliable, flexible and a pleasure to work with and I highly recommend them.’
‘Patrikios Pavlou & Associates LLC team holds the unique skill of providing high-quality legal advice while understanding the business’ needs. I would highly recommend each and every individual working at Patrikios Pavlou Law Firm.’
‘The firm’s managing partner, Stavros Pavlou, is a leading authority on Cypriot law. The team is diverse and well leveraged.’
‘Professional, knowledgeable – Stella Strati.’
‘Exceptional attention to details and to clients’ needs, high quality and ability to meet the strictest and ever-changing deadlines (this relates both to Angelos Onisforou and Angeliki Epaminonda)’.
‘Elena Georgiou, Lia Iordanou and Angeliki Epaminonda are excellent lawyers. They have great experience in Cyprus corporate law. Very fast feedback on various matters.’
‘Stavros Pavlou – very open and collaborative, personally involved in complicated matters. Angelos Onisiforou – very active, deep understanding of the case- bright witted and creative.’
Alpha Bank Cyprus Ltd
Bank of Cyprus Group
PJSC VTB Bank
Ivanyan & Partners
Deutsche Bank AG
Bank of America Merrill Lynch
Gazprombank International SA
International Capital Markets Association
Securities Lending Association
- For the fifth consecutive year, the firm was engaged by a major international oilfield service group to advise on the global restructuring carried out and concerning various companies of a large international oilfield service group, as well as to provide ongoing detailed restructuring advice on the mechanisms and steps for transferring the holding company of the group to Cyprus.
- Advising a Russian financial institution, in relation to the enforcement of security over the shares of four Cyprus companies, which indirectly holds shares in a Cyprus public company listed on the Tel Aviv stock Exchange. This is an important project involving secured obligations in excess of $200m, a complicated corporate structure with companies located in a number of different countries and numerous matters that need to be simultaneously performed in various jurisdictions.
- Providing specialised advice to a company operating as a distributor/agent for an Electronic Money Institution (EMI), which operates under the supervision of the Financial Conduct Authority in the UK and the Central Bank of Ireland. It is conducting lengthy negotiations for the settlement of disputes arising from technical malfunctions, providing legal assessments of the level of liability of the parties involved and engaging expert IT forensics to assist.
Other key lawyers:
‘The team of Patrikios Pavlou & Associates consists of gifted and creative consultants, who consistently deliver high-quality services. Their energy and enthusiasm for service is endless and they always ensure a solution-focused and expertly designed outcome. The team is reliable, flexible and a pleasure to work with and I highly recommend them.’
’Stylianos Trillides is one of the most talented lawyers we have encountered. He is extremely attentive to details and highly knowledgeable.’
‘They do work as a team and every member in each project (from lawyer to administrator) is up to date. I have been working closely with Stylianos Trillides, a senior associate in the team – an excellent individual who has general knowledge of the law and is a key member to the team. His skills of completing such matters is outstanding and his relationship with associates and clients is worth mentioning.’
‘Very efficient and good working together for many years. The best knowledge and expertise for international structuring and M&A from Cyprus perspective. Very comfortable and punctual. Highly recommended. Stavros Pavlou, Stella Strati and Stylianos Trillides. The best recommendations.’
‘All the staff at the company are friendly and cooperative and handle everything with professionalism and privacy. The person that we work with is very responsible and conscientious and he is really always there for us whatever we ask for. He feels the concerns and wants of his customers and works closely for the best solutions and proposals.’
Alpha Bank (Cyprus) Ltd
- Advising international investors on their second project in Cyprus relating to the construction and development of properties and advising them in relation to applicable regulations and legislation relating to the operation of short-term lettings.
- Advising a local technology and financial services firm, as the purchaser of several properties within the Limassol area on an over €1.5m land development project.
- Advising a renowned global charitable foundation operating from the UK, Monaco and Cyprus, on an important charitable donation of several properties located in Cyprus to the Cyprus branch of the foundation.
Patrikios Pavlou & Associates LLC > Firm Profile
Patrikios Pavlou & Associates LLC is a leading, highly recommended and multi-awarded law firm based in Cyprus. With nearly 60 years of experience in the local and international legal market, the firm is renowned for its involvement in some of the largest cross-border transactions and complex litigation and arbitration matters and for its exceptional client service in Cyprus and abroad.
Located in Limassol, one of the most attractive international business centres and rapidly developing cities in Europe, the firm is committed to providing its clients with top professional legal services, covering the full range of their business activities. A team of over 30 qualified professional associates and legal consultants advise multinational corporations, banks, financial institutions and HNWIs on their high-profile and complex matters in multiple practice areas:
- Dispute resolution & ADR
- Corporate, commercial and M&A
- Banking and finance
- Restructuring and insolvency
- Capital markets
- International tax planning
- Real estate, trusts and asset protection
- Ship registration and ship finance
Through a multi-disciplinary approach in delivering our services, together with our dedication to cross-border work, and our ongoing commitment to building long-lasting relationships, Patrikios Pavlou & Associates LLC has managed to establish a strong presence in the international legal market. The firm’s international profile comprises of strong alliances with reputable worldwide law firms, particularly in Europe, Asia, USA, Russia and the rest of the CIS countries, as well as membership of various professional organisations globally, enhancing further the team’s ability to swiftly and efficiently respond to its clients’ ever-changing requests.
Patrikios Pavlou & Associates LLC offers comprehensive corporate services through Pagecorp Group, a group of companies associated through common ownership. With almost 30 years’ experience, the Group comprises of lawyers, legal consultants, company administrators, accountants and secretarial staff, who advise major organizations, start-ups and entrepreneurs on International Tax Planning, Cyprus International Trusts, Foreign Investment and Citizenship, and Accounting and Financial reporting, in order to establish their business in a low tax, transparent and regulated environment.
Since 1963, Patrikios Pavlou & Associates LLC has been acting for leading organizations and individuals with persistent commitment to excellence. Our determination is reinforced through our extended partnerships with companies around the globe that share the same philosophy, culture and values: invest for the future. We are confident that through strong belief in our core values and responsible actions, we will continue to provide top quality legal services with diligence, integrity and professionalism.
|Dispute Resolution and ADR, Corporate, Commercial and M&A, Banking & Finance, Capital Markets, International Tax Planning, Real estate, Trusts and Asset Protection||Stavros Pavloufirstname.lastname@example.org||+357 25 871599|
|Dispute resolution and ADR||Chrysostomos Nicolaouemail@example.com||+357 25 871599|
|Dispute resolution and ADR, Banking Litigation, Matrimonial & Family Law||Stella Louka Pavloufirstname.lastname@example.org||+357 25 871599|
|Corporate, Commercial and M&A, Banking & Finance, Capital Markets,Restructuring & Insolvency, Ship & Aircraft Finance||Lia Iordanou Theodoulouemail@example.com||+357 25 871599|
|Dispute Resolution, Litigation, Administrative & Constitutional, Matrimonial & Family Law||Ioanna Stavrouliafirstname.lastname@example.org||+357 25 871599|
|Corporate, Commercial and M&A, Banking & Finance, Capital Markets Restructuring & Insolvency, Real Estate, Trusts & Asset Protection, International Tax Planning, Corporate Management Services||Stella Stratiemail@example.com||+357 25 871599|
|Dispute Resolution & ADR, Corporate Litigation||Eleana Christofifirstname.lastname@example.org||+357 25 871599|
|Corporate, Commercial and M&A, Banking & Finance, Capital Markets, Restructuring & Insolvency,||Angeliki Epaminondaemail@example.com||+357 25 871599|
|Dispute Resolution||Katerina Philippidoufirstname.lastname@example.org||+357 25 871599|
|Dispute Resolution||Theodoros Symeonidesemail@example.com||+357 25 871599|
|Miss Eleana Christofi||Eleana Christofi is a Partner in the Dispute Resolution Department of the…||View Profile|
|Miss Angeliki Epaminonda||Partner||View Profile|
|Mrs Elena Georgiou||Senior Associate||View Profile|
|Mrs Lia Iordanou Theodoulou||Lia Iordanou Theodoulou is the Partner-Head of Corporate Finance of the firm.…||View Profile|
|Mrs Stella Louka Pavlou||Stella Louka Pavlou is the Partner – Head of Banking Litigation department…||View Profile|
|Mr Chrysostomos Nicolaou||Chrysostomos Nicolaou is the Partner – Head of Litigation Department of the…||View Profile|
|Mr Angelos Onisiforou||Senior Associate||View Profile|
|Mrs Nasia Papakonstantinou||Senior Associate||View Profile|
|Mr Patrikios Pavlou||Patrikios Pavlou is the Senior Internal Consultant of the firm. His areas…||View Profile|
|Mr Stavros Pavlou||Stavros Pavlou is the Senior & Managing Partner of the firm. His…||View Profile|
|Mrs Katerina Philippidou||Partner | Dispute Resolution||View Profile|
|Mrs Ioanna Stavroulia||Ioanna Stavroulia is a Partner in the Litigation department. Her practice areas…||View Profile|
|Mrs Stella Strati||Stella Strati is a Partner in the Corporate Finance department of the…||View Profile|
|Mr Stylianos Trillides||Senior Associate||View Profile|
Staff FiguresNumber of lawyers : 30
LanguagesEnglish French Georgian German Greek Italian Russian Slovak
MembershipsCyprus Bar Association International Bar Association Cyprus-Russian Business Association Society of Trust and Estate Practitioners Chartered Institute of Arbitrators Russian Arbitration Association International Tax Planning Association Association of International Tax Consultants International Law Association LCIA (London Court of International Arbitration) International Council for Commercial Arbitration
OtherMr : Stavros Pavlou
Dispute Resolution & ADR
- Extensively advising and representing a well-known private investment group of companies in Russia, involved in the development of real estate and finance assets, in a dispute between the group of companies and a Russian commercial bank, claiming damages in the amount of EUR 600 million.
- Representing a high-net worth individual based in Scotland in a cross-border dispute arising out of a joint venture for the exploitation of immovable property value of EUR 20 million in the Russian Federation.
- Representing a Russian government-owned development bank in a litigation initiated in Cyprus against the bank and third parties for the amount of USD 119 million on the basis of alleged breaches of contractual obligations by third parties.
Corporate Law, Commercial Law, and M&A:
- Advising a leading real-estate company of China, in relation to the acquisition of a large investment group operating in the Russian commercial real-estate market, owing properties of more than USD 4 billion.
- Provided legal advice on the re-structuring of the shareholding of a group of companies, in preparation for its acquisition by a Strategic Investor, and the setting up of special purpose vehicles under Belize law and Cyprus law for the purposes of the acquisition amounting EUR 110 million.
- Advising and assisting, along with a major Russian bank, a private equity investments international group, with headquarters in China, managing assets of more than EUR 1.5 million, with the establishment of an international investment group and with setting up of a Cyprus company to act as the investment manager to a fund to facilitate investments in Asia.
Banking & Finance, Capital Markets:
- Advising a multinational investment and financial services provider on a new margin loan to a Cyprus borrower in the amount of USD 800 million secured inter alia by a pledge of shares of a foreign jurisdiction public listed company.
- Acted as the advisors of a major Russian bank, in relation to a facility of more than USD 320 million provided by the bank to an Austrian energy company trading in oil and oil-related products within the EU market.
- Advising an Asian development bank, proposing to provide a reputable supplier of quality fuel with a direct loan in the amount of up to USD 4.1 million.
International Tax Planning:
- Advising a trustee of a Bermudan trust in relation to the re-domiciliation of the trustee and subsequently of the trust in the Republic of Cyprus for the purposes of taking advantage of the Cyprus International Trusts Law and the applicable tax regime.
- Providing specific tax and corporate advice to a Cyprus start-up company, in relation to the optimization of its corporate structure and the establishment of its business in the field of fiscal representation; the projects involves one of the world’s largest online marketplaces and services provider and multi-jurisdictional tax aspects within the EU.
- Providing corporate and tax advice in relation to the cross-border re-organization of one of the largest insurance companies in the world, involving Cyprus entities and entities from five other European and international jurisdictions.
Real Estate, Trusts & Asset Protection:
- Advising one of the leading property developers in the Eastern Mediterranean on the development, planning and licencing on their landmark projects, considered to be among the largest private real estate investment opportunities in Cyprus.
- Advising one of the major banking institutions of Cyprus, in relation to all loan restructurings performed by them pursuant to an amendment of the Cyprus tax legislation, according to which certain loan restructurings are temporarily exempt from tax, where such restructurings include the transfer of immovable property to the creditor/financial institution in exchange for the repayment of debt.
- Advising a number of high-net-worth individuals from Russia, Asia and other non-EU countries on the purchase of premium commercial and residential properties, which qualify for the Cyprus Citizenship by Investment Programme.
For us, at Patrikios Pavlou & Associates LLC, being responsible towards all stakeholders has always been a high priority and an essential corporate determinant for value creation. The firm has a long and deeply rooted tradition of being an active advocate of ethical, honest and responsible practices towards the community with whom it interacts. We are committed in providing top level legal services with the utmost ethical standards, acknowledging that our activities and actions reflect on our society and the environment in which we operate.
As one of the leading law firms in Cyprus, we are active promoters and supporters of local economic growth by:
- applying environmental-friendly practices and minimizing our ecological impact, through recycling, using renewable energy sources and reusable materials, and investing to ‘greener’ supply chains;
- protecting the rights and safety of our employees and respecting internationally declared human rights and employing local and foreign workers, considering, at the same time, diversity as a strength. We value all perspectives, creative ideas and connections that arise from bringing people with different backgrounds together and we place value on such differences to further add to the strength of our legal and professional support team;
- raising money for local charities and non-profit organizations and sponsoring local events; our donations have increased substantially and we seek to provide assistance to those who are in need;
- implementing ethical marketing that respects our clients without eventual manipulations or false advertisement.
With more than 55 years’ experience, Patrikios Pavlou & Associates LLC knows how to be viable in the long-run and the importance of responsible actions. Our socially responsible belief is only reinforced through our extended partnerships with companies around the globe that share the same philosophy, culture and values: invest for the future. We aim to achieve the same levels of expertise in the cases in which our lawyers are involved and in community work, as in further growing our portfolio of clients and associates. We are confident that through our strong belief in our core values and responsible actions, we will continue to provide top quality legal services with diligence, integrity and professionalism.
Stavros Pavlou, Senior and Managing PartnerStavros Pavlou, Senior and Managing Partner of Patrikios Pavlou & Associates LLC discusses the law firm’s services and shares his views and experiences with clients.
What do you see as the main points that differentiate Patrikios Pavlou & Associates LLC from your competitors?
For more than 55 years, Patrikios Pavlou & Associates LLC has been has been acting for leading organizations and individuals with persistent commitment to excellence. Since 1963, our firm has been focusing on value creation for our clients and operating with the same core principles: the development of the team’s expertise and the provision of high quality services with respect, integrity and professionalism. A team of over 30 qualified and talented professional associates and legal consultants advise multinational corporations, banks, financial institutions and HNWIs on their high-profile and complex matters, attentively listening to their requests and allowing them to see solutions they didn’t think were possible. The law firm evolved to be a multi-awarded and highly respected law firm in Cyprus also due to the in depth knowledge of its strengths, the confidence in taking large projects and the ability to plan, learn, coordinate and persevere. We aim to further grow our portfolio of clients and associates, expand our international profile and our long-standing client base and strengthen our prominent relationships with respectable international law firms and associations.
Which practices do you see growing in the next 12 months? What are the drivers behind that?
Patrikios Pavlou & Associates LLC is located in Limassol, Cyprus, one of the most attractive international business centres and rapidly growing economies in the EU, with a remarkable 3.8% GDP growth rate (Q4 2018). The Cypriot government undertook a set of measures which aim in attracting and protecting investors’ interests and therefore, the real estate, banking, construction, financial services, company registrations and immigration sectors are currently experiencing important growth. As a result, our firm receives continuous requests with regards to matters involving corporate restructurings, banking transactions and litigation, dispute resolution through arbitration, legal assistance on citizenship by investment programmes, property contracts and negotiations, and company formations.
What’s the main change you’ve made in the firm that will benefit clients?
Continuous training, practice specialization, reorganisation and constant updating, selection and development of our IT systems, aim in advancing our reliability, productivity and responsiveness for optimum performance results. By securing an additional 660m² of office space, which aimed in accommodating the rising client requests in the banking, finance and corporate departments, the working environment and operational efficiency improved enormously. Additionally, the firm invests continuously in the training of its key professionals through courses, conferences and seminars, while I am a Fellow of the Chartered Institute of Arbitrators and also the Honorary Secretary of the CIArb Cyprus Branch. This year, internal restructurings included the promotion of a Senior Associate to Partner, the promotion of 2 Advocates into Senior Associates and the additional recruitment of administrative and supportive staff to further improve our client service. Furthermore, the affiliated Pagecorp Group also undertook internal restructurings including a new General Manager and Data Protection Officer, to guarantee a strong presence in the Cyprus corporate services sector.
Is technology changing the way you interact with your clients, and the services you can provide them?
Absolutely! As a firm we believe that it is extremely important to keep pace with the latest technological developments in order to run our operations more effectively and efficiently, improve our services and clearly and precisely communicate with our clients. Our everyday activities involve the use of a wealth of legal information and databases aiming in the increase of accuracy, swift communication with clients and secure promotion of our services on our website and on social media, always conforming to the EU Data Protection Laws. Our experienced in-house IT team handles all of our online and offline technological operations, and mobile technology allows our teams to be in secure contact with clients even when out of office. Patrikios Pavlou & Associates LLC therefore, embraces the use of technology for the highest productivity and responsiveness, ensuring accuracy, confidentiality and high quality of professional services.
Can you give us a practical example of how you have helped a client to add value to their business?
We consistently provide legal advice and offer transaction support and judicial protection to multinational organizations, banks, financial institutions, corporations and entrepreneurs from Europe, Asia, Russia and other CIS countries, and therefore the examples where clients added value to their business are numerous. These include the restructuring of many client groups and the renegotiation and optimisation of their credit facilities, ensuring their continued survival and profitability. In the Dispute Resolution field we have successfully defended clients from malicious attacks on their assets in many high profile cases.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?
More than ever, clients need personalised services, stability and a long-term approach to their requests. Since 1963, our firm developed into a trustworthy, results-oriented, professional, and well respected law firm that offers strategic advice, consistency and care towards clients’ matters. We have been watching the development of the local services industry, including legal services, from the beginning of the creation of the Republic of Cyprus showing appreciation to all our client relationships and evolving with regards to their needs. We are committed in providing top level legal services with the utmost ethical standards acknowledging that our actions reflect on our society and the environment in which we operate. We strongly believe that the firm will continue the significant expansion it has enjoyed since its foundation, and we will continue to develop the knowledge and skills of our people. We look forward to the future and the challenges it will bring and we are confident that with persistent commitment to our principles, we will continue to provide top quality legal services with diligence, integrity and professionalism for many years to come.
Our Top Tier Dispute Resolution practice is the largest and most experienced department of the firm. As one of the leading departments in Cyprus, it is renowned for delivering exceptional service to clients. Senior & Managing Partner, Stavros Pavlou is an Elite Leading Individual in Cyprus and praised for his “very deep knowledge of the law”.
With a 56-year experience in the local and international legal market, the team successfully handles cases in conventional and alternative forms of litigation, including arbitration of international and domestic disputes, and mediation. The department’s transnational capabilities are substantial since lawyers have arbitrated commercial disputes in arbitration courts on a global level, including the London Court of International Arbitration, the Stockholm Arbitration Court, the Austrian Arbitration Centre, etc.
Headed by four partners, the dispute resolution team handles a wide range of claims and disputes, both locally and internationally, in respect of general civil, corporate and criminal litigation as well as administrative recourses to the Supreme Court of Cyprus including:
- Corporate and shareholders’ disputes
- Banking and finance disputes
- Negligence, incl. medical malpractice
- Bankruptcy, insolvency and receivership
- Landlord and tenant disputes
- Employment disputes
- Matrimonial law
- Defamation, libel and slander claims
- Breach of contracts
- Personal injury claims
- Road traffic accidents
- Insurance claims
- Admiralty claims
A sample of recent cases and projects handled includes the following:
- Representing companies which own an oil refinery in the Russian Federation, in shareholders’ disputes for the amount of USD 200 million for alleged breaches of shareholders’ agreement, misrepresentation and fraud.
- Handling over 50 cases, with an approximate total aggregate amount of USD 3 billion, relating to the registration, recognition and enforcement of Russian judgments and arbitral awards obtained by one of the leading and largest banks of Russia against various companies and individuals.
- For four and a half years, we have been representing a leading Russian bank in significant arbitration proceedings before a Cypriot tribunal, in a USD 40 million claim relating to the performance of certain bank guarantees; the Final Award has recently been received in the favour of our client pursuant to which the multimillion-claim of the claimants is dismissed.
- Representing high-net worth individuals in a multi-million dispute arising out of a joint venture for the construction of residential properties in Moscow.
- Advising before the London Court of International Arbitration (LCIA) on the enforcement of a Sale and Purchase Agreement for the sale of issued share capital through complex corporate structures (claim amount USD 800 million).
- Representing one of Cyprus’s biggest banks in relation to a recent amendment on Immovable Property (Transfer and Mortgage) Law No. 9/1965. We promoted applications/appeals with the District Courts, requesting that several provisions of article 44 of the Law, as amended, are unconstitutional; the Court agreed and declared certain articles of the Law unconstitutional, as breaching articles 23 and 26 of the Constitution.
- Advising India’s largest real estate construction company, which is also a key player in real estate investments, on matters relating to the enforcement and execution of an LCIA Arbitration Award; worth approximately GBP 350 million.
- Representing a major Russian financial institution on the recovery of over USD 1.5 billion in assets, by a leading Russian group of companies, through liquidation and other out of Court enforcement measures in order to ensure asset recoveries for debt repayment.
- Representing a large Russian bank in litigation proceedings in Cyprus, initiated against the bank and third parties (amount USD 119 million) on the basis of alleged breaches of contractual obligations by third parties for which, allegedly, the bank is responsible in tort under Russian law, as being their ultimate mother company.
CORPORATE & M&A
The corporate and M&A team at Patrikios Pavlou & Associates LLC is ranked in the top tier for Cyprus for providing professional, high-quality consultancy services to clients. The team effectively handles complicated cross-border transactions, including mergers and acquisitions, and assists large groups of companies and prestigious international law firms on Cyprus corporate law issues.
Clients of the corporate and M&A department include public and private companies and major international groups of companies operating in various industry sectors such as oil & gas, energy, metals production, automobile and engineering, IT, construction, financial services, aviation, transport and other.
Headed by three partners, the corporate team provides professional legal advice and guidance to clients in the following areas:
- Company formation and company administration
- Partnership formation and dissolution
- Corporate management, with full domiciliation services
- Corporate reorganization, reconstruction, restructuring and optimization of business structures
- Company liquidation and winding up
- Shareholder agreements and corporate governance
- Loan, agency and distributorship agreements
- Lease and hire-purchase agreements
- Share sale and purchase agreements
- Local and cross border mergers, acquisitions and amalgamations
- Joint ventures and cross border transactions
- International tax planning
- Legal and corporate due diligence
- Corporate finance, with a particular focus on takeovers, restructurings, mergers and acquisitions
- Trust Settlement and trust administration
A sample of recent cases and projects handled includes the following:
- Advising one of the world’s largest providers of products and services to the energy industry on its proposed acquisition (value of USD 975 million) of a Cyprus holding company and its subsidiaries.
- Engaged for the 4th consecutive year by a major corporate shareholder, wishing to sell a further 25% stake in a Cyprus holding company; the project involved several complicated share transfers and sale of loans in the form of shareholder financings (value EUR 420 million).
- Provided a complex legal memorandum to a major media and advertising services provider on the liquidation of one of its member companies, a Cyprus investment management company, which was also involved in litigation proceedings in the Supreme Court of the State of New York, USA.
- Providing detailed analysis of corporate governance matters in relation to two Cyprus holding companies, part of a very complicated legal structure with ultimate beneficial owners of various nationalities, BVI shareholders, shares held on trust by funds and Russian subsidiaries involved in the production and sale of steel, pipes and gas tanks.
- Advising a major Russian bank in relation to a complicated reorganization of an international corporate group operating in the oilfield sector, including Russian, Jersey and Cyprus companies.
- Engaged by a high calibre Greek entrepreneur to provide detailed legal assistance with the setting up of a Cyprus company involved in the online travel industry. Furthermore, we comprehensively assisted with all company incorporation procedures and we also provided serviced office space to accommodate his initial operational needs.
- Acted as the legal advisor to one of the largest Russian companies offering railway infrastructure construction services, on whether the entry into a particular pledge agreement, which constituted part to a larger financing transaction, would potentially be in breach of the Cyprus Companies Law provisions relating to the prohibition of the cross holding of shares.
- Having gained extensive expertise, we have successfully handled and completed numerous re-domiciliation procedures from Jersey, Panama and the BVI to Cyprus.
- Extensively reviewed and advised on the proposed website documentation such as sales paths, e-mail templates and the travel insurance policy relating to the provision of insurance by one of the world’s leading insurance companies.
BANKING AND FINANCE
The Banking and Finance team at Patrikios Pavlou & Associates LLC is ranked in the top tier for Cyprus, duly acknowledged for delivering outstanding legal services to its clients. With extensive experience in the legal market and the international culture, the lawyers and legal consultants of the Firm successfully handle challenging cross-border corporate finance transactions and banking projects.
The Firm’s clients include public and private companies, large multinational corporations that have their regional hub in Cyprus, entrepreneurs as well as a host of individual clients from Cyprus and abroad. In the banking and finance sector, the Firm provides ongoing advice to a large number of local and international banks and financial institutions.
Over the last years, Patrikios Pavlou & Associates LLC has been receiving increasing banking and finance work and thus, the department has expanded to meet the clients’ requests effectively and timely. Headed by three partners, the team provides professional legal advice and guidance to clients in the following areas:
- Corporate finance
- Structured finance
- Project finance
- Acquisition finance
- Equity and debt finance
- Ship finance
- Equity investment
- Restructurings and reorganisations
- Derivative and securities lending transactions
- Repurchase agreements [REPOs]
- General banking
- Recovery of loans
- Lease and hire-purchase agreements
- Letters of credit and bank guarantees
- Offerings and listings in international stock exchanges
A sample of recent cases and projects handled includes the following:
- Advised for 6 consecutive years, a major Russian Bank on several facility agreements, amounting up to USD 7 billion to an international chemical group.
- Advising a leading global investment banking, securities and investment management firm in relation to a number of issues concerning the Financial Collateral Arrangement Law and providing a legal opinion on financial collateral assistance matters arising out of certain Master Confirmations for pre-paid share forward transactions for shares issued by the largest international crude oil tanker company worldwide.
- Advising one of the largest banks in Russia on a financing project of over USD 1 billion regarding a trade and exhibition centre in Moscow, Russian Federation.
- Advising a leading Switzerland-based multinational financial services group in relation to the entry into a collar transaction with a Cyprus company (value of EUR 200 million) with regards to shares in an integrated global energy company based in Spain.
- Advising a major Russian bank in relation to a EUR 700 million facility agreement for the largest scale high-tech project in the Russian mining industry.
- Engaged by an Asian development bank to advice from a Cyprus law perspective on the provision of a loan amounting USD 4.1 million for a construction of petroleum facilities in Tajikistan.
- Advising on the financing of a 75-metre yacht amounting USD 50 million provided by a large Swiss Bank.
- Represented one of the world’s most preeminent financial service firms in relation to a cross currency swap transaction, supplementing an ISDA Master Agreement, with one of the biggest investment firms in Cyprus.
- Providing legal advice to a German global banking and financial services company on the transfer of a Cypriot secured property it held by way of Cyprus pledges in respect of two facility agreements of USD 265 million to a new security agent.
- Advising a major Russian bank on the financing aspect of a major restructuring of the largest industrial construction group in Russia in order to fund the purchase price of the deal in the aggregate amount of approximately EUR ½ billion.
- Advised the corporate and investment banking division of the leading financial institution of the US in relation to a transaction of the amendment and restatement of a USD 250 million facility agreement due to the change of the custodian of shares of a DIFC entity.
Press Releases23rd April 2021
23rd April 2021 The Legal 500, EMEA 2021 edition once again recommends our law firm as a TOP TIER firm in Dispute Resolution and Tax and ranks our Banking & Finance, Commercial, Corporate and M&A, and Real Estate and Construction practice areas amongst the best in the Cyprus legal market.
23rd April 2021 We are extremely proud of our trainee lawyer Nicholas Yiasemis for having successfully passed all his Cyprus Bar Association examinations with a very high score. He is the top of his class, ranked FIRST nationally! We wish him every success in his new journey in the legal profession!
3rd March 2021 Our “widely respected team” is once more highly ranked in the Global edition by Chambers & Partners, one of the world’s leading providers of ratings and recommendation of legal firms.
7th January 2021 We are very proud that, following the registration of our firm with the DIFC Courts in Dubai, now our Senior & Managing Partner, Mr Stavros Pavlou, has been registered as a DIFC practitioner, and obtained full Rights of Audience before the DIFC Courts. From the available records, Mr Pavlou is the first Cypriot lawyer to be registered as a practitioner with this very busy International Commercial Court.We are very proud that, following the registration of our firm with the DIFC Courts in Dubai, now our Senior & Managing Partner, Mr Stavros Pavlou, has been registered as a DIFC practitioner, and obtained full Rights of Audience before the DIFC Courts. From the available records, Mr Pavlou is the first Cypriot lawyer to be registered as a practitioner with this very busy International Commercial Court.
7th January 2021 With professional skills to provide top quality legal services and a range of backgrounds and interests, eight lawyers of our team have been selected among many candidates and appointed in various committees of the Cyprus Bar Association and the Limassol Bar Association.With professional skills to provide top quality legal services and a range of backgrounds and interests, eight lawyers of our team have been selected among many candidates and appointed in various committees of the Cyprus Bar Association and the Limassol Bar Association.
7th January 2021 Reflecting our firm’s commitment to investing in the future and the depth of our team’s talent, Patrikios Pavlou & Associates LLC promoted Katerina Philippidou and Theodoros Symeonides to Partners, with effect from 1 January 2021.Reflecting our firm’s commitment to investing in the future and the depth of our team’s talent, Patrikios Pavlou & Associates LLC promoted Katerina Philippidou and Theodoros Symeonides to Partners, with effect from 1 January 2021.
22nd May 2020 As the world is seeking ways to achieve the new normal in their daily lives and business activities, Cyprus is also confidently restarting its economy as the country has been praised as one of the countries to successfully manage the COVID-19 epidemic.
22nd May 2020 Our Senior & Managing Partner, Stavros Pavlou, FCIArb gave a podcast interview to LegalMatters, and provided a clear and structured opinion on the steps that Cyprus should follow with regards to Dispute Resolution. He analysed the reasons why he believes that the current Court system of administration of justice in Cyprus is at a dead-end, and that the only immediately available escape route is to embrace Alternative Dispute Resolution and implement a new Arbitration Law.
29th April 2020 Cyprus companies are faced with the challenge of finding the new normal in a changing climate, along with the need to facilitate the running of their business. The introduction of strict measures imposed on human social conduct all over the world due to the Covid-19 outbreak, including lockdowns, restrictions on travel, public gatherings and social interactions, are serious obstacles for companies that need to uphold their obligations with regards to general meetings.
29th April 2020 Our “strategic” Senior and Managing Partner, Stavros Pavlou, is a Leading Lawyer in the Dispute Resolution and Tax areas, recommended for being “a chess master who maps a strategy several steps ahead” and for finding a way to cut through complexity. He is also highly recommended as a primary contact in Corporate, Commercial and M&A, Banking and Finance and Real Estate & Construction.
29th April 2020 We are very proud that The Legal 500, EMEA 2020 edition once again recommends our law firm as a TOP TIER firm in Dispute Resolution and Tax and ranks our Banking & Finance, Commercial, Corporate and M&A, and Real Estate and Construction practice areas amongst the best in the Cyprus legal market.
6th March 2020 We are thrilled that Chambers & Partners Global, one of the world’s leading legal directories, recommends our Firm as a Top Tier firm in Dispute Resolution for its capability of “acting on complex, high-value international and Cypriot disputes involving construction companies, financial institutions and private clients” and its “strength covering debt recovery, international arbitration and fraud claims”.
18th February 2020 Our Assistant Compliance Officer, Milto Charalambous, has successfully completed the CAMS (Anti-Money Laundering Specialist) certificate. She now has the core competencies and essential knowledge in the Anti-Money Laundering field.
21st January 2020 Congratulations to Angeliki Epaminonda for her promotion to Partner! Angeliki joined our firm for her legal training in 2009, and she has since proven to be a highly committed individual. She stood out for her professionalism, dedication and integrity, and exceptional legal skills. Angeliki’s promotion strengthens our commitment to diversity, as 6 in 8 partners at Patrikios Pavlou & Associates LLC are women...
13th November 2019 We are excited that IFLR 1000, the only international legal directory dedicated to financial and corporate transactional work, has ranked our firm among the top law firms in Cyprus in this field and recommends our law firm as a “strong Financial and Corporate firm with strong cross-border capabilities”.
18th April 2019
Patrikios Pavlou & Associates LLC has been certified by the Cyprus Bar Association as a Continuing Professional Development Training Centre.
6th April 2018
Our firm organized an exciting retreat weekend for the legal team that aimed in encouraging the lawyers to enforce internal ties, discuss internal matters, develop their skills further and have fun with the colleagues. The retreat weekend took place on the 24th and 25th February 2018 in Elysium Hotel in Paphos.
22nd March 2018
The recent revelations in the Panama and Paradise Papers illustrated the need for companies to make a shift towards more responsible fiscal behaviour and tax responsibilities. International guidelines such as the OECD guidelines and the 4th EU AML Directive clarify that evasive fiscal practices will be disclosed. This article analyses the implications on some of the most established corporate structure vehicles, British Virgin Islands (BVI) business companies and Cyprus companies, by outlining their key characteristics and evaluating how each jurisdiction is adhering to stricter international compliance standards.
13th March 2018
In November 2017, the Cyprus parliament voted an important amendment to the Cyprus VAT Legislation, which amends the main VAT Law N.95(I)/2000 concerning taxation of building land, in order to align it with the provisions of EU VAT Directive 2006/112/EC. The amendment has entered into force on 2 January 2018.
13th February 2018
On Monday 11th December 2017, our Senior and Managing Partner, Mr Stavros Pavlou was awarded the Prometheus prize in Moscow for his invaluable contribution towards the protection of Russian business interests in Cyprus and abroad.
11th January 2018
The Cyprus Ministry of Finance has announced that Cyprus has entered into a double tax agreement with Saudi Arabia for the avoidance of double taxation (‘DTT’), which aims to prevent tax evasion.
20th December 2017
Once again, The Cyprus Fiduciary Association (CFA) selected our law firm to present another specialised and highly demanded seminar, the “Advanced Directors’ Workshop”, which took place on 30th November and 1st December 2017 in Nicosia and Limassol respectively.
26th October 2017
The Cyprus Fiduciary Association (CFA) organised a valuable and practical seminar titled “Rights of Settlor and Beneficiaries under a Trust” on 28 and 29 September 2017 in Nicosia and Limassol respectively.
Successful representation at the 2nd English-Cypriot Law Day conference and developing further the A5th October 2017
The Cyprus Bar Association and the English Bar Council successfully organised the 2nd EnglishCypriot Law Day conference, which was held in Limassol, Cyprus on the 8th September 2017.... As a leading law firm, Patrikios Pavlou & Associates LLC was one of the main contributors to the event.
11th August 2017
The Cypriot, French and Hellenic branches of the International Law Association (ILA) organised a successful conference on International Arbitration in Larnaca, Cyprus on 30th June and 1st July 2017.
26th April 2017
Legal 500, the world’s legal guide to the leading law firms and outstanding lawyers in over 100 jurisdictions, has recently released tiered rankings for the EMEA region for 2017. We are extremely proud that our law Firm is placed in the TOP tier rankings for Cyprus.
7th April 2017
We are very proud that Patrikios Pavlou & Associates LLC is ranked once more as a leading law firm in Cyprus by Chambers & Partners Global.
13th February 2017
The Cyprus Minister of Finance issued a Decree on 30 December 2016, introducing a mandatory Country by Country (CBC) reporting requirement for multinational enterprise groups generating consolidated annual turnover exceeding €750m (MNE Group).
7th February 2017 The Cypriot passport ranks among the strongest in the world, as holders are able to travel to 146 countries without a visa, Cyprus Business Mail reports on 29th December 2016...
15th November 2016 The Cyprus Fiduciary Association (CFA) organised an interesting, two-day seminar on “The Duties and Liabilities of Trustees” which took place on 19th and 20th October 2016, at St Raphael Hotel Limassol and the Filoxenia Conference Center Nicosia, respectively.
Legal Developments11th May 2022 ICLG’s Project Finance 2022 is now available online!
4th April 2022 The 11th edition of The Real Estate Law Review provides an invaluable overview of how key markets across the globe operate and how they react to major world events.
4th April 2022 A Q&A guide to lending and taking security in Cyprus. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform.
28th March 2022 The Corporate Tax 2022 guide covers 46 jurisdictions. The guide provides the latest legal information on types of business entities, special incentives, consolidated tax grouping, individual and corporate tax rates, withholding taxes, tax treaties, transfer pricing, and more.
14th February 2022 A useful guide to the tax rules in the jurisdictions where clients conduct their businesses. Each chapter aims to provide topical and current insights from leading experts on the tax issues and opportunities in their respective jurisdictions. While specific tax advice is always essential, it is also necessary to have a broad understanding of the nature of the potential issues and advantages.
27th December 2021 “Litigation requires an incredible amount of preparation, research and skill.. The purpose of The Complex Commercial Litigation Law Review is to provide an understanding of the different approaches various jurisdictions take to important cross-border issues.
2nd December 2021 Today’s world calls for businesses which are not merely entities serving an economic purpose, but conscious beings whose decisions shape the world we live in. The 2021 26th United Nations Climate Change Conference, COP26, gathered together world leaders and delegates who were tasked with, inter alia, producing solutions to reverse climate change. Launched as a movement initiative in the United States, ESG, which stands for Environmental, Social, and Governance (“ESG”) was a focal point of COP26 aiming to provide direction for the corporate world in establishing ESG guidelines.
5th November 2021
Types of collateral
What types of collateral and security interests are available?
How is a security interest in each type of collateral perfected and how is its priority established? Are any fees, taxes or other charges payable to perfect a security interest and, if so, are there lawful techniques to minimise them? May a corporate entity, in the capacity of agent or trustee, hold collateral on behalf of the project lenders as the secured party? Is it necessary for the security agent and trustee to hold any licences to hold or enforce such security?
- the pledge must be evidenced by a written contract, signed by the pledgor and the pledgee in the presence of two witnesses;
- notice of the pledge must be given by the pledgee to the company whose shares are being pledged;
- a memorandum of pledge must be entered into the register of members of the company whose shares are being pledged; and
- the company secretary must issue and deliver to the pledgee a certificate confirming that a memorandum of pledge has been entered in the register of members in favour of the pledgee.
How can a creditor assure itself as to the absence of liens with priority to the creditor’s lien?
Outside the context of a bankruptcy proceeding, what steps should a project lender take to enforce its rights as a secured party over the collateral?
How does a bankruptcy proceeding in respect of the project company affect the ability of a project lender to enforce its rights as a secured party over the collateral? Are there any preference periods, clawback rights or other preferential creditors’ rights with respect to the collateral? What entities are excluded from bankruptcy proceedings and what legislation applies to them? What processes other than court proceedings are available to seize the assets of the project company in an enforcement?
- the costs and expenses of the winding-up; and
- the following preferential debts:
- rates and taxes, including all local rates and all government taxes, due from the company at the relevant date, and having become due and payable within 12 months immediately before that date; in the case of assessed taxes, not exceeding in the whole one year’s assessment;
- any salary owed to an employee and any sum withheld by the employer from the employee’s salary for the payment of any obligations of the employee or otherwise that the employer has not paid; and any other sum or benefit of the employee that arises as a result of an agreement or employment relationship, including any sum owed to a recognised union that arises from the employment relationship between the employer and the employee or otherwise that the employer has not paid;
- every amount of compensation that the company is obliged to pay to an employee, on account of bodily harm suffered by him or her as a result of an accident caused by his or her employment and during his or her employment. An employee of a private company who is a shareholder thereof is exempted, unless the company is voluntarily wound up or wound up for reconstruction or merger purposes; and
- every amount due to the employee, excluding an employee of a private company who is a shareholder thereof, concerning the leave that such employee is entitled to from his or her employment in the company for an employment period of only one year.
What are the restrictions, controls, fees, taxes or other charges on foreign currency exchange?
What are the restrictions, controls, fees and taxes on remittances of investment returns (dividends and capital) or payments of principal, interest or premiums on loans or bonds to parties in other jurisdictions?
Must project companies repatriate foreign earnings? If so, must they be converted to local currency and what further restrictions exist over their use?
May project companies establish and maintain foreign currency accounts in other jurisdictions and locally?
What restrictions, fees and taxes exist on foreign investment in or ownership of a project and related companies? Do the restrictions also apply to foreign investors or creditors in the event of foreclosure on the project and related companies? Are there any bilateral investment treaties with key nation states or other international treaties that may afford relief from such restrictions? Would such activities require registration with any government authority?
What restrictions, fees and taxes exist on insurance policies over project assets provided or guaranteed by foreign insurance companies? May such policies be payable to foreign secured creditors?
What restrictions exist on bringing in foreign workers, technicians or executives to work on a project?
What restrictions exist on the importation of project equipment?
What laws exist regarding the nationalisation or expropriation of project companies and assets? Are any forms of investment specially protected (from nationalisation or expropriation)?Cyprus is a full EU member and therefore nationalisation, expropriation, transfer and currency restrictions are regulated under EU law and EU policy. Furthermore, article 23 of the Constitution of Cyprus safeguards the right to acquire, own, possess, enjoy or dispose of any movable or immovable property. No deprivation or restriction or limitation is allowed, except for restrictions or limitations that are absolutely necessary in the interest of public safety, public health or public morals, town and country planning, or the development and utilisation of any property to the promotion of the public benefit, or the protection of the rights of others, and only if imposed by law. Just compensation must be paid for any such restrictions or limitations that materially decrease the economic value of such property. Such compensation, if not agreed, is determined by the courts. In certain cases, nationalisations of financial institutions such as the Cyprus Central Cooperative Bank have been pursued by the government as a form of state intervention to assist with stability and liquidity.
What tax incentives or other incentives are provided preferentially to foreign investors or creditors? What taxes apply to foreign investments, loans, mortgages or other security documents, either for the purposes of effectiveness or registration?
What are the relevant government agencies or departments with authority over projects in the typical project sectors? What is the nature and extent of their authority? What is the history of state ownership in these sectors?
Who has title to natural resources? What rights may private parties acquire to these resources and what obligations does the holder have? May foreign parties acquire such rights?
What royalties and taxes are payable on the extraction of natural resources, and are they revenue- or profit-based?
What restrictions, fees or taxes exist on the export of natural resources?
What government approvals are required for typical project finance transactions? What fees and other charges apply?
Must any of the financing or project documents be registered or filed with any government authority or otherwise comply with legal formalities to be valid or enforceable?
How are international arbitration contractual provisions and awards recognised by local courts? Is the jurisdiction a member of the ICSID Convention or other prominent dispute resolution conventions? Are any types of disputes not arbitrable? Are any types of disputes subject to automatic domestic arbitration?
Which jurisdiction’s law typically governs project agreements? Which jurisdiction’s law typically governs financing agreements? Which matters are governed by domestic law?
Is a submission to a foreign jurisdiction and a waiver of immunity effective and enforceable?
What laws or regulations apply to typical project sectors? What regulatory bodies administer those laws?
What are the principal business structures of project companies? What are the principal sources of financing available to project companies?
Has PPP-enabling legislation been enacted and, if so, at what level of government and is the legislation industry-specific?
What, if any, are the practical and legal limitations on PPP transactions?
What have been the most significant PPP transactions completed to date in your jurisdiction?
In addition to the above, are there any emerging trends or ‘hot topics’ in project finance in your jurisdiction?
What emergency legislation, relief programmes and other initiatives specific to your practice area has your state implemented to address the pandemic? Have any existing government programmes, laws or regulations been amended to address these concerns? What best practices are advisable for clients?
5th November 2021
1.1 Prevalence of ArbitrationArbitration is usually used in Cyprus for construction disputes, shareholder disputes, banking disputes between debtors and co-op institutions, and commercial disputes. Despite the fact that international arbitration has become increasingly popular over the last few years, litigation is clearly the most favoured method of resolving disputes in Cyprus. However, there is a growing trend to resort to arbitration, given the inefficiency of the court system to resolve disputes quickly.
5th November 2021 The new Enforcement of Judgments guide features 29 jurisdictions. The guide provides the latest legal information on the identification of another party’s asset position, the costs and time involved in the enforcement of domestic and foreign judgments, challenges to enforcement, and the process of enforcing arbitral awards.
5th November 2021 The new edition of ICLG’s Alternative Investment Funds 2021 covers regulatory frameworks, fund structures, investments, reforms and taxation. Angeliki Epaminonda and Angelos Onisiforou contribute the Cyprus Chapter.
4th November 2021 As widely reported, on 4 October 2021, the Judicial Committee of the Privy Council issued its much anticipated decision in Broad Idea International Limited v. Convoy Collateral  UKPC 24. With its judgement, the Privy Council effectively upheld the Black Swan jurisdiction, which is derived from the BVI judgement in the case Black Swan Investment ISA v Harvest View Ltd (BVIHCV 2009/399) (unreported) 23 March 2010 and is expected to have drastic effects in broadening the traditionally conceived limits of the powers of common law Courts to issue freezing injunctions in aid of international creditors.
4th November 2021 The outspread of the covid-19 pandemic left people worldwide with no other choice but to find ways to adjust to the new normal. While two years ago the concept of being a digital nomad could sound to most of us, more like a concept coming out from a science fiction film, it is not implausible to say that covid-19 has put “flesh on the bones” of this concept. But what does the term “digital nomad” mean?
23rd April 2021 The outbreak of the COVID-19 pandemic has affected not only public health and the well being of humanity, but also a number of economies, businesses and industries worldwide. Family offices have not remained unaffected; not only by Coronavirus but also by the ever-shifting global economic environment. New trends that have arisen during the COVID era, including remote working and the demand for greater connectivity, as well as novel strategic and operational risks, are forcing family offices to rethink the way they have been traditionally doing business.
23rd April 2021 One of the main issues in the constitution of an arbitral tribunal is the number of arbitrators. Most of the times, either the arbitration agreement itself or the default rule of the national laws or the applicable institutional rules provide the number of arbitrators. Nevertheless, the constitution of the arbitral tribunal became one of the greatest challenges in a recent Cypriot arbitration involving multiple parties because the parties had not expressly agreed on the number of arbitrators.
23rd April 2021 A Q&A guide to dispute resolution law in Cyprus.
3rd March 2021 A Q&A guide to arbitration law and practice in Cyprus.
3rd February 2021 Cyprus is a common law jurisdiction country and its justice system is based on the adversarial model. Most of Cypriot law has been modelled after the English Common Law and Equity, the basic principles of which are directly applied by Cyprus courts, under Section 29 of the Courts of Justice Law.
3rd February 2021 A Q&A guide to lending and taking security in Cyprus. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. https://uk.practicallaw.thomsonreuters.com/w-008-0390?transitionType=Default&contextData=(sc.Default)&firstPage=true
3rd February 2021 One of the key players in the Alternative Investment Fund’s industry sector is the depositary. A depositary is in essence the entity responsible for the safekeeping, cash monitoring and oversight of the AIF’s assets. As the reader may appreciate, this is perhaps the most important service provider of an AIF as it operates as an independent third-party provider specifically appointed to ensure the investor’s protection bearing also the responsibility to verify that the assets of the AIF are invested in accordance with the AIF’s investment policy.
7th January 2021 Given the international mobility of wealthy individuals and their families, it is vital that they and their local advisers have a resource to guide them through the often significantly different legal frameworks they may face in other jurisdictions in which they choose to live, do business and invest. Stella Strati and Nikoleta Christofidi contribute the Cyprus chapter in the Private Client guide, which seeks to draw together the main issues of importance to a private client in this situation covering: rules in relation to tax, succession, the holding and management of property and immigration.
20th October 2020 Chambers & Partners' International Arbitration 2020 practice guide features 47 jurisdictions. Stavros Pavlou, Eleana Christofi, Theodoros Symeonides, and Athina Patsalidou provide expert legal commentary on tribunals, preliminary and interim relief, collection and submission of evidence, confidentiality, types of remedies, class actions, and grounds for appeal and enforcement in Cyprus. Click below to read the Cyprus chapter.
20th October 2020 The new edition of Chambers’ Global Practice Guide to the Enforcement of Judgments discusses identifying assets, domestic judgments, foreign judgments and arbitral awards in 24 jurisdictions. Eleana Christofi and Theodoros Symeonides contribute the Cyprus chapter and provide expert legal commentary on the key issues and latest developments in the enforcement landscape in Cyprus.
10th September 2020 The Cyprus IP regime gives considerable benefits to IP companies wishing to transfer their offices and personnel in Cyprus. Apart from such tax benefits, other advantages also exist rendering Cyprus an attractive jurisdiction for the establishment of fully-fledged offices. In light of this, Stella Strati provides an overview of the new Cyprus IP regime and the Nexus approach.
27th August 2020 The new Project Finance edition in the Getting the Deal Through series provides a comparative guide to the most important issues related to project finance regulation across jurisdictions worldwide.
2nd July 2020 There is no doubt that Covid-19 represents a new challenge in all sectors of the economy, let alone the legal world. In light of this, the issue of distant or virtual closings in corporate finance transactions is revisited by Elena Georgiou, who provides practical guidelines as to how to structure the closing of a deal around the “virtual” table.
Sponsored crisis management focus: A View From Cyprus – Carrying on in the face of the Covid-19 crisis4th June 2020 The legal profession has entered into an unprecedented challenging period where old habits and norms have to be questioned. In Cyprus, the system of administration of justice is yet to embrace modern reforms and law firms need to adapt and map out a strategy to survive. In light of this, Stavros Pavlou and Stella Strati provide a practical guide to the golden rules of crisis management, outlining the steps to carry on in the face of the Covid-19 crisis in Cyprus. Click to read the article, published by Legal Business.
24th May 2020 The aim of this article is to present that jurisdiction of Cyprus Courts cannot be established and Interim Orders cannot be issued against foreign defendants when the basis of the claim is not really connected with Cyprus and there isn’t a sufficient jurisdictional ground in relation to the Cypriot defendants. In doing so, it outlines, briefly, the gateways for exercising jurisdiction over foreign defendants as prescribed by Order 6 of the Civil Procedure Rules and the provisions of the Regulation (EU) 1215/2012 on jurisdiction in civil and commercial matters (Recast Brussels Regulation). It concludes with an analysis of the above-mentioned case.
31st March 2020 Containment of the spread of the COVID-19 pandemic has prudently become a top priority for governments around the world. For this reason, quarantines, lockdowns, self-isolation measures and travel restrictions have been widely and strictly imposed on billions of people. Amidst this new state of affairs, it would be worth considering the potential implications that quarantining could have on an individual’s taxable residency status.
31st March 2020 The recent outbreak of COVID-19 epidemic is currently affecting Cyprus, Europe and is becoming an emergency in most other regions of the globe. Naturally the primary focus of any business will be on ensuring the health and wellbeing of their staff. Containment measures, including lockdowns, closures of public services, disruption in travel due to restrictions and cancellations of global events are having unprecedented impact on businesses and the economy affecting global supply chains.
31st March 2020 t is widely expected that the COVID-19 (widely referred to as the coronavirus) epidemic will cause unprecedented disruption to the global economy and inevitably eventually reshape the way we conduct business. It has become evident that whilst the disruption in certain industries is widespread and chaotic, in other industries the effects can be mitigated through the use of technology.
31st March 2020
6th March 2020 Cyprus has a very advantageous environment for inward investment. Different incentives exist, able to encourage non-residents to set up a business in, or invest through, Cyprus. In a nutshell, no restrictions on foreign share ownership exist, there are no withholding taxes on dividends or interest, the sale of shares and other titles is exempt from tax, the corporate tax rate is one of the lowest in the European Union (EU), while non-Cyprus tax residents (or non-domiciled) enjoy a number of tax exemptions. These, and other characteristics of the Cyprus tax system, shall be further analysed below.
11th February 2020
A Q&A guide to arbitration law and practice in Cyprus.
11th February 2020 A Q&A guide to dispute resolution law in Cyprus.
7th January 2020 Our Senior & Managing Partner, Stavros Pavlou, Senior Associates Katerina Philippidou and Andria Antoniou, and Athina Patsalidou, Associate, contribute the exclusive Cyprus chapter in Complex Commercial Litigation Review's 2nd edition, in which expert practitioners from 23 jurisdictions provide their overview on litigation and arbitration of commercial disputes, contract formations and negotiations, fraud, misrepresentations and other claims. Click to read the Cyprus chapter, published by The Law Reviews.
7th January 2020 Chambers’ 2020 Insolvency Global Practice Guide provides an overview of the differing legal regimes that apply to business restructurings, reorganisations, rehabilitations, insolvencies and liquidations in 48 jurisdictions. Senior Associates Nasia Papakonstantinou and Christos Ioannou contribute the Cyprus chapter, providing all-important professional insights into current trends and developments in the local market, including a concise and high-level summary of specific debtor and creditor rights and legal alternatives for the restructuring and resolution of financially distressed and insolvent businesses.
23rd September 2019 At Patrikios Pavlou & Associates LLC, we continuously invest in our team’s professional expertise to keep track with the latest developments and ever-growing demands. We are also very proud of our team’s persistent success...
23rd September 2019 This month, our team will be attending highly regarded international conferences...
21st August 2019 In light of EU Anti-Tax Avoidance Directive (ATAD), the Cyprus House of Representatives on April 5, 2019 voted into law (applicable from January 1, 2019) the partial implementation of legally-anti-abusive measures. These measures include the ‘interest limitation’ rule, the ‘general anti-abuse’ rule, and the ‘controlled foreign companies’ rule. The rest two measures stipulated by the EU ATAD (exit taxes and rules to tackle hybrid mismatches) are expected to be implemented in Cyprus by 2020.
9th July 2019
A DTT between Cyprus and Kazakhstan has been signed and ratified by Cyprus on the 15th of May 2019. The DTT is expected to “enter into force’ as from the 1st of January 2020, provided that the various legal procedures involved are finalized. Kazakhstan currently has the largest and strongest performing economy in Central Asia.
9th July 2019 It seems that one of the latest buzzwords in the field of international tax planning is “substance”. The term “substance” is frequently used to indicate real/physical presence of legal entities in their country of tax residence, as opposed to the use of the so called “shell” or “conduit” companies for obtaining certain tax, or double tax treaty, benefits.
13th June 2019
Two of our Senior Associates, Mrs Nasia Papakonstantinou and Mr Christos Ioannou, successfully passed their Insolvency Practitioners examinations and are now officially included in the Cyprus Insolvency Service (ISC).
4th June 2019 The primary source of legislation relating to public M&A transactions in the Republic of Cyprus is the Law to Make Provision for Public Takeover Bids for the Acquisition of Securities of Companies and Related Matters, Law 41(I)/2009 (“Takeover Law”).
23rd May 2019
A Q&A guide to dispute resolution law in Cyprus, providing a structured overview of the key practical issues concerning dispute resolution, including court procedures; fees and funding; interim remedies (including attachment orders); disclosure; expert evidence; appeals; class actions; enforcement; cross-border issues; the use of ADR; and any reform proposals.
18th April 2019
Patrikios Pavlou & Associates LLC is led by exceptional heads of departments who possess great knowledge and expertise. Our firm is a Top Tier Firm in 4 practice areas for the Legal 500...
18th April 2019
This country-specific Q&A guide provides a structured overview of the key practical issues concerning arbitration in Cyprus, including any mandatory provisions and default rules applicable under local law, confidentiality, local courts' willingness to assist arbitration, enforcement of awards and the available remedies, both final and interim.
28th February 2019
Cyprus has reclaimed its status as a country with a developed and well-trusted economy, having overcome the challenges of recent years with a gross domestic product growth of 3.9% in 2018. There has been a noticeable rise in foreign investments in the local market, with an upswing in mergers, acquisitions and joint ventures.
24th January 2019
Cyprus boasts an attractive merger and reorganisation regime not only locally, but also at an EU level. Mrs Lia Iordanou Theodoulou, our firm's Partner-Head of Corporate Finance, shares an overview of the procedures to carry out a local and a cross-border merger, providing essential legal and tax information.
15th January 2019
As one of the leading law firms in Cyprus, we are active promoters and supporters of local economic growth by sponsoring local events, applying environmental-friendly practices, minimizing our ecological impact, and most importantly, by raising money for local charities and non-profit organizations.
13th November 2018
Given the corporate environment's ever-changing nature and business needs and the importance of data protection at the EU level, the topic of due diligence in M&A and financial transactions warrants examination. The disclosure, transfer and processing of data raises concerns at several stages of the due diligence process during a transaction and undoubtedly makes things more complicated.
13th November 2018
Cyprus is fast becoming an international fund hub and a well-respected player in both the European and international fund industries.
13th November 2018
Cyprus's maritime industry has been established as one of the three largest merchant fleets in Europe and one of the largest in the world. Given its attractive environment and fast developments, Cyprus is likely to cast a long shadow over the international shipping sector...
10th October 2018 On the 12th of March 2018, the EU Commission via an explanatory memorandum (“Explanatory Memorandum”), adopted a package of further measures intended to deepen, unify and further integrate the capital markets sector of the 28 EU Member States.
10th October 2018 Mrs Stella Strati, Partner-Corporate Finance, and Mr Stylianos Trillides, Senior Associate, contributed the exclusive Cyprus chapter to the 7th edition of the International Comparative Legal Guide to Project Finance 2018.