Firm Profile > Patrikios Pavlou & Associates LLC > Limassol, Cyprus

Patrikios Pavlou & Associates LLC > Firm Profile

Patrikios Pavlou & Associates LLC is a leading, highly recommended and multi-awarded law firm based in Cyprus. With more than 56 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 & Finance
• Restructuring and Insolvency
• Capital Markets
• International Tax Planning
• Real Estate, Trusts & Asset Protection
• Ship Registration & 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 aim to achieve the same levels of expertise in cases in which our lawyers are involved and in community work, to further grow our portfolio of clients and associates. 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.

Interviews

Spotlights

DISPUTE RESOLUTION

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 Releases

Stavros Pavlou registered as a DIFC practitioner

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.

Our lawyers have been appointed in Committees of the Cyprus Bar Association

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.

Katerina Philippidou and Theodoros Symeonides have been promoted to Partners

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.

Cyprus and the “new normal”, reasons to invest

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.

Podcast ‘Alternative Dispute Resolution: The Road to the Future’

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.

Transforming General Meetings: Covid-19 and other viruses

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.

Leading legal experts in Europe, Middle East & Africa

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.

A MULTI-TOP TIER law firm for The Legal 500 once more

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.

Top Tier in Dispute Resolution

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”.

CAMS certificate – Milto Charalambous

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.

Angeliki Epaminonda has been promoted to Partner

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...

Highly Regarded Lawyers – IFLR1000 Financial & Corporate

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”.

Certified Continuing Professional Development Center

18th April 2019

Patrikios Pavlou & Associates LLC has been certified by the Cyprus Bar Association as a Continuing Professional Development Training Centre.

Internal Lawyers Seminar

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.

A comparison of Cyprus and BVI corporate structures in the light of recent global tax reforms

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.

Cyprus VAT on Land – Updates by the Tax Department

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.

Prometheus Award for Mr Stavros Pavlou

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. 

Double Tax Treaty for between Cyprus and Saudi Arabia

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. 

Key Speakers at the Cyprus Fiduciary Association seminar

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.

Contributing to local and international conferences and seminars

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 A

5th 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. 

ILA Conference Cyprus

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.

Top-Tier Law Firm & Leading Lawyers recognitions from one of the world’s leading legal directories

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.

Sustainable success through leading rankings, new membership and continuous development

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.

Cyprus introduces rules to implement Country by Country reporting requirements

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). 

citizenship by investment programmes

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...

Delivering a proficient seminar on The Duties & Liabilities of Trustees

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 Developments

LEx_GTDT Private Client

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.

Chambers Global Guide to International Arbitration 2020

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.

Chambers Global Guide to the Enforcement of Judgments 2020

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.

All about Nexus: Link your IP asset to 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.

Lexology GTDT Project Finance 2021

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.

Covid-19: Legal Reflections on Virtual Closings

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 crisis

4th 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.

Chilidescu v. Gheorghiu: Exercising Jurisdiction over Foreign Defendants

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.

Potential Implications of the Quarantining to Tax Residency

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.

Legal implications of the COVID-19 epidemic on contractual obligations under Cyprus law

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.

The validity of electronic signatures under Cyprus Law – Covid19

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.

Regulatory Update Alert AIFs and UCITS: New Depositary Safekeeping Rules

31st March 2020

The Alternative Investment Fund Managers Directive (“AIFMD”) has been widely regarded by European regulators and industry players alike, as a very powerful and proficient tool, responsible for the establishment of a coherent and integrated legislative framework amongst Member States in the European Union.

The Inward Investment & International Taxation Review

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.

Arbitration Procedures and practice in Cyprus: overview

11th February 2020

A Q&A guide to arbitration law and practice in Cyprus.

Litigation and Enforcement in Cyprus: overview

11th February 2020 A Q&A guide to dispute resolution law in Cyprus.

The Complex Commercial Litigation Review

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.

The Guide to Insolvency

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.

ADIT & Blockchain Professionals

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...

Events 2019

23rd September 2019 This month, our team will be attending highly regarded international conferences...

Cyprus Implements ATAD

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.

Double Tax Treaty between Cyprus and Kazakhstan

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.

Is “Substance” the current Buzzword?

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.

Licensed Insolvency Practitioners

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).

Takeover Law: An overview

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”).

Litigation and enforcement in Cyprus overview

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.

Top-Tier Law Firm & Leading Lawyers

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...

Arbitration Procedures and Practice in Cyprus overview:

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.

M&A opportunities in Cyprus post Brexit

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. 

Mergers and Reorganizations – An Overview

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.

Supporting local and international charitable organizations

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.

The ‘dark’ side of the data room: disclosure dangers in M&A and finance transactions

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.

Registered alternative investment funds – an overview

13th November 2018

Cyprus is fast becoming an international fund hub and a well-respected player in both the European and international fund industries.

Cyprus Shipping: casting a long shadow over the International Maritime Industry

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...

Project Finance 2018

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.

A call for specifying the “Pre-Marketing” concept within the AIFMD

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.

Comparative Guides

• Cyprus: Force Majeure

  Published: June 2020

  Authors: Stavros Pavlou Eleana Christofi Stylianos Trillides

  This country-specific Q&A provides an overview to Force Majeure laws and regulations that may occur in Cyprus.