STELIOS AMERICANOS & CO LLC > Nicosia, Cyprus > Firm Profile
STELIOS AMERICANOS & CO LLC Offices
12TH DEMOSTHENI SEVERI AVENUE
6TH FLOOR
1080 NICOSIA
Cyprus
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STELIOS AMERICANOS & CO LLC > The Legal 500 Rankings
Cyprus > Commercial, corporate and M&A Tier 2
Stelios Americanos and Soteris Costa co-head the excellent team at STELIOS AMERICANOS & CO LLC which excels in cross-border mergers and acquisitions. It is also known for its advice on foreign direct investments in Cyprus, especially in the real estate, tourism and energy sectors, and has extensive experience in restructuring and insolvency matters. Despina Americanou is another important member of the department, while at associate level, Michalis Zambyrinis advises on many commercial agreements, joint ventures and on M&A deals. The firm also boasts considerable expertise in blockchain technology.Practice head(s):
Stelios Americanos; Soteris Costa
Other key lawyers:
Despina Americanou; Michalis Zambyrinis
Testimonials
‘Very responsive; knowledgeable lawyers; good bench-strength’.
‘Michalis Zambrynis – always willing to go the extra mile, provides sound advice, very capable team around him’.
‘Rapid response and creativeness in resolving unusual problems’.
‘Stelios Americanos is always ready to address urgent requests outside of usual working hours’.
Key clients
ZUBR CAPITAL
Knafaim Holdings
TUS Airways Cyprus Ltd
BARING VOSTOK
SAFE GROWTH INVESTMENT FUND AIF
MIRATECH HOLDINGS LTD
NICOSIA MALL
EUROTORG LLC
EWAVE LTD
Hines International Real Estate Fund
Work highlights
- Advised Knafaim Holdings on 9 million euros acquisition for 49% of TUS Airways Cyprus.
- Advised about a plot of land in Mykonos Greece valued €13.2m for the purposes of building a luxurious 5 star hotel.
- Advised one of the leading Belarus retail companies as to the establishment of a Cyprus-based joint venture on top of the group of companies as part of the group’s business expansion.
Cyprus > Banking and finance Tier 3
Headed by Despina Americanou and Stelios Americanos the department at STELIOS AMERICANOS & CO LLC has dealt with a significant volume of high-value cross-border transactions related to acquisition and project financing. Other core areas of focus include advice on refinancings and real estate financing, as well as syndicated and bilateral lending. Clients include local and international commercial and investment banks, investment funds, government institutions and corporate borrowers. Olga Petrova is another key member of the practice.Practice head(s):
Despina Americanou; Stelios Americanos
Other key lawyers:
Olga Petrova
Testimonials
‘The Stelios Americanos team is very responsive and transaction orientated, they do what is required to get the deal done’.
‘I work with Despina Americanos and Olga Petrova. They are both very experienced and a pleasure to work with’.
Key clients
Hines International Fund Management Company S.a.r.l
Raifessen BANK SA
Safe Growth Investments AIFLNP V.C.I.C Ltd
ING Bank NV Amsterdam – Bucharest Branch
Credit Europe Bank (Russia) Ltd.
Alfa-Bank Ukraine
Credit Europe Bank (Swiss)
EBRD
UniCredit Bank Srbija A.D. Beograd
Banque de Commerce et de Placements SA
Work highlights
- Advised Unicredit Serbia in relation to a €35m to a Serbian group of companies, a leader in sports footwear, apparel and equipment sales in the Balkans market.
- Advised Raiffeisen Bank Romania and ING Bank NV Amsterdam – Bucharest branch in relation to secured financing of up to euro45m to a Romanian company.
- Advised the European Bank for Reconstruction and Development in relation to senior secured financing of the 258.9 MW Potegowo South wind farm in Poland.
Cyprus > Dispute resolution Tier 3
STELIOS AMERICANOS & CO LLC is home to a thriving practice which handles many complex banking and security enforcement claims, and is also skilled at advising on various pre-emptive remedies such as discovery and asset tracing measures. The practice that is led by Stelios Americanos , Soteris Costa and Akis Koumas; it also excels in advising on winding up and liquidation proceedings, as well as advising on the recognition and enforcement of foreign judgements and arbitral awards. Another core area of focus is handling corporate and shareholder disputes.Practice head(s):
Stelios Americanos; Soteris Costa; Akis Koumas
Testimonials
‘The team is proactive, taking an initiative when it is appropriate’.
‘Working mainly with Soteris Costa, who is a very smart and reliable person, and easy to deal with’.
Key clients
SAG Automobile Group LLC
ASTRASOL
Nicosia Mall and others
Aglantzia Municipal
Altamira
Rinsoco Trading Ltd
Acturahill
University of Nicosia
Focus Expectation
Awendale Resources Inc
Work highlights
- Advised and assisted the Municipality of Aglantzia regarding a petition challenging the Local Government Reform Law which changed the entire local government structure.
- Acting on behalf of ALTAMIRA Asset Management (Cyprus) Ltd, which is one of the biggest administrators of bad loans granted by the former cooperative bank – the firm has been entrusted to promote and prosecute many cases involving the collection of debts as well as the enforcement of existing mortgages and other securities.
Cyprus > Real estate and construction Tier 3
STELIOS AMERICANOS & CO LLC has a multi-disciplinary approach to its work and it is skilled at handling cross-border deals. With Stelios Americanos at the helm, it often handles various issues such as real estate investment and funds. The team is also well-equipped to advise on real estate insolvency as well as a host of other issues such as construction, environmental and planning matters. Other areas of work include advising on real estate disputes and tax.Practice head(s):
Stelios Americanos
Testimonials
‘What makes it unique is that this firm gives you the best service and answers’.
‘They are very polite, they accept every idea you say, and they know how to handle problems’.
Key clients
Mantis Group
SPICA SA
IMMOFINANZE
Fattal/Leonardo Group
TALOS
Sharelink Financial Services (SFS Group)
Papantoniou Supermarkets
COFCO Agri
ADAMA Group
EWAVE
Olympic Capital
ClassOne Ltd
K. Athienitis Contractors Developers Public Ltd
PAP Medical
Denalor Holdings
H&M Group (Cyprus)
Outono Limited
YELLOW DOOR ENERGY
M.Z. CyTop
Work highlights
- Acting as legal adviser to Ewave assisting the acquisition of a company owner of 15 villas and 40 apartments in Larnaca. Advising and structuring the share purchase agreement.
- Acting as legal adviser to Yellow Door Energy for the acquisition of companies, owners of 12 energy projects (solar & wind parks). Advising and preparing due diligence on licensing, real estate of projects and corporate structure.
- Advised M.Z. CyTop on structuring a construction agreement of a block in Zakaki, Limassol and drafting the construction contract with the owners.
Cyprus > Tax Tier 3
STELIOS AMERICANOS & CO LLC has a busy practice that provides corporate tax advice to all types of entities, including limited liability companies, foundations and investment funds, as well as advising on a myriad of other issues such as double tax treaties and withholding tax issues. Under the joint leadership of Stelios Americanos and Andreas Michaelides , other areas of focus include advising on personal income tax and VAT in Cyprus.Practice head(s):
Stelios Americanos; Andreas Michaelides
Key clients
Corporate Deals Ltd
Cliff Legal Services
Work highlights
- Advised the client on a number of questions regarding DAC 6 risks (EU Directive of Administrative Cooperation) as well as possible Income Tax (IT) risks under Cyprus law for a deal of RUB21m.
- Advised the client and various Israel clients regarding property ownership taxation.
- Advised Corporate Deals Ltd regarding International tax planning for investors for the acquisition of property in Greece with a Cyprus holding structure.
STELIOS AMERICANOS & CO LLC > Firm Profile
The firm: Stelios Americanos & Co LLC is a full-service commercial law firm with its headquarters in Nicosia, specialising in corporate and commercial law, banking finance, litigation, tax and financial advisory services.
The firm assembled a dynamic team working with cutting-edge technology and quickly established an enviable reputation for providing an efficient and competent service. It has become a leading niche firm for corporate work. The firm’s clients are guaranteed continuous and tailored support combined with a positive and constructive approach, and the ability to solve complex legal and tax problems with a business-oriented mentality.
The firm has an impressive list of local and international clientele that includes major banking and finance institutions, investment firms, industrial organisations, major contractors, leading international law firms, multinational corporations and high-net-worth individuals.
The firm has worldwide contacts with reputable legal and advisory practices and is able to assist clients with all aspects of their cross- border transactions.
The firm regularly advises governmental and semi-governmental organisations, major financial banking institutions, public companies, single-owned start-ups and multinational corporations in high profile asset finance, project finance and securitisation and on complex cross-border transactions including mergers and acquisitions and restructuring.
The firm has also established an excellent reputation for its corporate litigation department, achieving remarkable results in a number of high profile litigation cases involving cross-border transactions.
Members of the firm are very active in various professional associations and take part as speakers in international conferences and seminars while regularly publishing articles and contributions in a variety of matters related to Cyprus law.
Recent awards include: ‘Banking and Finance Law Firm of the Year in Cyprus for 2016’ by Corporate International Global Awards and ‘Cyprus Corporate and Commercial Law Firm of the Year 2017’ by ACQLAW.
Areas of practice
Corporate: formation, acquisition and dissolution of companies in Cyprus and abroad; corporate governance management and secretarial services; insolvency services; trustee fiduciary services; advising on shareholders issues, including advice on the drafting negotiation and implementation of subscription and shareholders’ agreements; capital increases, equity contribution and differentiation of class rights venture capital financing; and redomiciliation of companies.
Commercial: cross-border transactions and joint ventures; agency, distributorship and franchise agreements; private and public offerings and takeovers; sophisticated structures involving Cyprus entities; securities law compliance; and all intellectual aspects of commercial transactions.
Real estate and construction: The firm’s real estate team deals with all matters related to immovable properties.
The firm advises both individual and corporate clients on:
- Property due diligence
- Advising on and negotiating the terms of acquisitions, sales and transfers
- Advising on financing and licensing involving commercial and residential property
- Sale-purchase agreements
- Acquisition of property by non-residents
- Property management for non-residents
- Review, negotiation, drafting and conclusion of construction agreements and rental agreements.
- Wills, probate and re-sealing’s and estate administration
Mergers and acquisitions: structuring and tax optimisation of mergers, acquisitions and joint ventures; financial and tax due diligence in connection with acquisitions involving Cyprus companies; drafting and negotiation of subscription/share purchase agreements, shareholders and joint venture agreements; legal and tax advice on corporate, regulatory, securities, competition, labour and enforcement matters.
Banking and finance: reviewing or drafting of project finance and security documentation; advice on the priority, perfection and enforcement of different types of securities; advice on corporate and tax matters; advice on stamp duty and proper execution of documents; advice on conflict of law issues; issuance of the relevant legal opinions covering corporate power authority and the legality, validity and enforceability of the Cyprus law governed documents.
Litigation and arbitration: national and international arbitration; banking and financial; stock exchange and securities legislation; taxation; bankruptcy; enforcement of foreign judgments and arbitration awards; pursuing interim pre-emptive remedies.
Innovation and blockchain: Regulatory and legal compliance of blockchain companies concerning licensing, GDPR, structure, jurisdiction, criminal litigation and digital asset investigation.
Main Contacts
| Department | Name | Telephone | |
|---|---|---|---|
| Corporate, commercial and M&A | Stelios Americanos | ||
| Corporate, commercial and M&A | Soteris Costa | ||
| Banking and finance | Despina Americanou | ||
| Banking and finance | Olga Petrova | ||
| Banking and finance | Michalis Zambyrinis | ||
| Litigation and arbitration | Soteris Costa | ||
| Litigation and arbitration | Akis Koumas | ||
| Litigation and arbitration | Chrysanthi Epifaniou | ||
| Litigation and arbitration | Andreas Parpas | ||
| Corporate management and fiduciary services | Juliana Kyriakides | ||
| Financial services | Len Judes | ||
| Real estate and construction | Michalis Zambyrinis | ||
| Real estate and construction | Thanos Fiakas | ||
| Immigration and citizenship | Stelios Americanos | ||
| Immigration and citizenship | Thanos Fiakas | ||
| International tax planning | Michalis Louca | ||
| International tax planning | Len Judes | ||
| Trusts and inheritance | Michalis Zambyrinis | ||
| Public procurement/administration | Stelios Americanos | ||
| Capital markets, IPOs and securities | Despina Americanou | ||
| Capital markets, IPOs and securities | Michalis Zambyrinis | ||
| Energy | Stelios Americanos | ||
| Intellectual Property | Despina Americanou | ||
| Financial and Investment Regulatory Compliance | Charis Savvides | ||
| Restructuring, Receivership and Liquidation | Charis Savvides | ||
| Innovation and Blockchain | Charis Savvides | ||
| Accounting and Taxation | Andreas Michaelides | ||
| Innovation and Blockchain | Menelaos Kesisoglou | ||
| Banking and Finance | George Andreou |
Lawyer Profiles
| Photo | Name | Position | Profile |
|---|---|---|---|
 | Ms Chloe Americanos | Lawyer – Associate | View Profile |
 | Mr Stelios Americanos | Managing Partner, Advocate, Head of the Corporate and Commercial Department, the Mergers &… | View Profile |
 | Ms Despina Americanou | Partner, Advocate, Head of the Banking and Finance Department. The focus areas of… | View Profile |
 | Mr George Andreou | Associate, Advocate. He specializes in practice areas of drafting, negotiating and reviewing of… | View Profile |
 | Mr Soteris Costa | Partner, Advocate, Head of the Litigation & Arbitration Department. He is currently heavily… | View Profile |
 | Ms Chrysanthi Epifaniou | Associate Lawyer, member of the Litigation & Arbitration Department of our law firm.… | View Profile |
 | Mr Thanos Fiakas | Associate, Advocate member of three departments of our law firm, (i) Litigation &… | View Profile |
 | Mr Gregores Fylaktou | Associate Lawyer | View Profile |
 | Ms Georgia Georgiadou | Associate, Advocate. She specializes in Civil and Criminal Law. | View Profile |
 | Ms Ioanna Katsidima | Associate, Advocate. She specializes in the areas of Administrative Law and Civil Law. | View Profile |
 | Mr Menelaos Kesisoglou | Associate, External Lawyer | View Profile |
 | Mrs Koulla Kizi | Associate, Lawyer. She practices at areas of commercial and banking litigation with a… | View Profile |
 | Mr Akis Koumas | Mr. Koumas is Senior Associate in our firm since October 2016. He… | View Profile |
 | Mrs Helen Minti | Associate, Advocate. Ms. Minti joined our law firm as an Associate in… | View Profile |
 | Ms Fotini Ntorzi | Lawyer – Associate | View Profile |
 | Mr Andreas Parpas | Associate, Advocate. Mr. Parpas is Associate and member of four Departments of our… | View Profile |
 | Ms Olga Petrova | Associate, Advocate. Ms. Petrova specializes in Banking & Finance and Corporate & Commercial… | View Profile |
 | Dr Charis Savvides | Partner, Lawyer, Lecturer, Head of three Departments of our law firm, namely: (i)… | View Profile |
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| Ms Antri Tasou | Associate, Lawyer, AML & Compliance Officer. Her responsibilities included, among others, inspections… | View Profile |
 | Mr Michalis Zambyrinis | Associate, Lawyer. He is member of three departments: (i) Banking & Finance, (ii)… | View Profile |
Staff Figures
Number of lawyers : 24 at this office : 20Languages
Arabic English French Greek Hebrew Russian UkrainianMemberships
International Bar Association Cyprus Bar Association International Tax Planning Association STEP IR GLOBAL IGAL Leaders in Law Legal 500 Chambers & PartnersOther
International offices : Athens, IsraelInterviews
Stelios Americanos, Managing Partner
Stelios Americanos introduces the legal industry landscape in Cyprus and the management of the clients’ needs.What do you see as the main points that differentiate Stelios Americanos & Co LLC from your competitors?
Our Law Firm as a team has showed increased level of soft skills, apart from legal skills, for which we receive heartwarming feedback from our clients. Empathy, Honesty, Responsiveness, and business-oriented thinking are the main points that are being highlighted by our clients and other colleagues with whom we cooperate.
Which practices do you see growing in the next 12 months? What are the drivers behind that?
Following the crises that took place the recent months (pandemic, crises in Belarus, Israel, Palestine, Brexit, etc), people’s focus has shifted to subjects, countries and industries with more stability while others have seen opportunities to expand their businesses to more socially, financially, medically developed countries. Furthermore, established businesses have also been asking a lot about green energy, tokenization of real estate, lending through blockchain and mining. Taking those factors in consideration, our departments that we expect to see growing are Corporate & Commercial, and Blockchain & Innovation
What’s the main change you’ve made in the firm that will benefit clients?
During work from home and restrictions period our main concern was to not lose touch with our team, colleagues, and clients. For this reason, we quickly deployed a series of internal and external webinars, and discussions regarding different legal aspects that our law firm focuses on. Moreover, we dramatically increased our social presence with legal developments and newsletters that focused on informing the public about trending issues analyzed from a legal perspective.
Is technology changing the way you interact with your clients, and the services you can provide them?
The technology is changing the way we do everything, and we grasp every opportunity to automate and make our service provision and internal operations more efficient. It is without doubt that the pandemic boosted the adaption of technology to non-tech clients as well, regarding communication, meetings, online reviewing, signing of documents, sharing of data and consulting. We are now in the process of creating a moodle-like environment for our clients which will give access to their court folder through a unique code and which further include the arrangements with the lawyer, a memo, info of the lawyer, place of the data, and we will add features according to the needs.
Can you give us a practical example of how you have helped a client to add value to their business?
It is in our culture to promote interdependence. To help our clients and make promote synergies between our clients if we see common ground of cooperation or reciprocal fulfilment of needs with breaking potentials while always taking in consideration the legal secrecy and information sensitivity. It is something that our clients want and that our clients are benefited from, which results in successful merges, acquisitions, funding of start-up companies and settling disputes.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?
Clients nowadays look far more that just a legal advice. They are looking for a business consultant as well, with a slight knowledge on tax matters, on corporate matters, on litigation matters and on wealth management matters. When a client comes to us, we act as a mentor whose success is determined by the success of the client. Of course, no one can know it all, that’s why we continuously expand our team increasing and adding diverse expertise in our team portfolio to better safeguard and promote the interests of our clients. Our short-term goals for the Law Firm are to minimize the carbon footprint, increase the workflow efficiency through technology, and maximize our clients’ and employees’ satisfaction and well-being.
Press Releases
Cyprus Introduces Transfer Pricing Rules and Documentation Requirements
9th August 2022 On 30 June 2022, the Cyprus Parliament enacted amendments to the Income Tax Law and the Assessment and Collection of Taxes Law in relation to transfer pricing regulations in accordance with recommendations of the Organisation for Economic Co-operation and Development on Transfer Pricing Guidelines.Permanent Residency in Cyprus
9th August 2022 Cyprus is a small EU member state country but the third largest Island in the Mediterranean Sea with a population almost one million. Whereas Greek is the official language, English is widely spoken and the language in which business is generally conducted.New 50% and 20% Income Tax Exemption on Employment Income to Attract Foreign Investors and Employees in Cyprus
9th August 2022 On 26 July 2022, the new amended articles 8(21) and 8(23) of the Income Tax Law were published in the Gazette aiming to attract foreign investors and high-profile foreign employees.THE CYPRUS REGULATORY SANDBOX
11th April 2022CySEC’s call for views
The Cyprus Securities and Exchange Commission has launched a call for views on establishing a Regulatory Sandbox[1]. The Call and accompanying Press Release were circulated on 16th March 2022 on CySEC’s Website (the “Call”) and invites stakeholders across the financial services industry to provide their own feedback on establishing a Regulatory Sandbox for the promotion of innovation in the industry. The Call refers to and concerns regulated entities, Financial Technology (FinTech) [2], Regulatory Technology (RegTech) [3] companies, their professional associations from Cyprus or abroad and in general, any interested party with views as to the merits of establishing a Regulatory Sandbox, its scope and its testing process.Important Tax Amendments – December 2021
5th January 2022Cyprus companies corporate tax residency
On 9 December 2021, the Cyprus Parliament approved the expansion of the definition of corporate tax residency for Cyprus companies to additionally include the incorporation test.Global Knafaim advised by Stelios Americanos & Co LLC on acquisition of 49.9% of TUS Airways
16th November 2021 Stelios Americanos & Co LLC advised the Israeli group Global Knafaim in a $5 million transaction pursuant to which the later acquired a 49,9% in the share capital of TUS AIRWAYS LTD, a Cypriot airline headquartered in Larnaca. Existing shareholder, Kenneth Woolley also invested an additional $4 million increasing the amount of the total transaction to $9 million.Cyprus New Business Attraction Strategy, for High Technology, Shipping, Innovation and R & D
16th November 2021 The Government presented the new strategy for attracting skilled workforce and companies in Cyprus on Friday 15 October 2021. This new strategy is mainly focused on high technology, shipping, innovation, and research and development. The new strategy includes a series of incentives concerning residency, taxation, employment and simplification and digitization of the current procedures. The scheme will come into force on the 1st of January 2022.An Overview: Blockchain and Cryptocurrencies – Business Trends & Regulatory Developments
9th September 2021 Our Partner Dr. Charis Savvides delivered and intense seminar at Global Training (Cyprus), on Tuesday, 07 September 2021, at 09:00am. The seminar presented the current and under development regulatory framework on digital assets, addressing the key legislations and regulations which affect or be affected by the disruptive nature of crypto-transactions. You can view the presentation on the firm’s website link attached bellow.Start-up Companies in Cyprus
7th May 2021 Chloe Americanos and Arianna Mouskou, of Stelios Americanos & Co LLC delivered a Webinar regarding Start-up companies, their formation, development, growth and the challenges that aspiring entrepreneurs are facing during their entrance to the start-up world.Coinfirm & Stelios Americanos & Co LLC – RegTech Alliance
7th May 2021 Coinfirm, the industry-leading RegTech provider and Stelios Americanos & Co. LLC, a highly innovative Cypriot law firm, today announce their joint cooperation.Cloud-based IT management company Apptio has acquired enterprise agile planning start-up Targetproce
7th May 2021 Stelios Americanos & Co LLC has joined Dentons New York in assisting Zubr Capital and the European Bank for Reconstruction and Development (EBRD) in a multimillion transaction in relation with their exit from the investment in Enterprise Agile Planning company Targetprocess, following its purchase by Apptio, a leading provider of technology business management solutions.Permanent Residency Programme – 3rd Revision – expedited Procedure
7th May 2021 Pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior has decided to revise the current permanent residency programme (the “Programme”) to include additional investment criteria other than investment in real estate with the purpose of attracting foreign investors and their families to invest in Cyprus.Coinfirm and Stelios Americanos & Co LLC – RegTech Alliance
1st March 2021 Coinfirm, the industry-leading RegTech provider and Stelios Americanos & Co. LLC, a highly innovative Cypriot law firm, today announce their joint cooperation. - 23rd February, London, UK / Nicosia, Cyprus.Dr Charis Savvides – Expert Panel Member of EU Blockchain Observatory & Forum
28th January 2021 It is our great pleasure to announce that our partner Dr Charis Savvides has been invited to join the Expert Panel of the European Blockchain Observatory and Forum.Purchase of Real Estate in Cyprus
28th January 2021 Thanos Fiakas and Andreas Parpas, lawyers of Stelios Americanos & Co LLC delivered a webinar on the acquisition of real estate in Cyprus.Israeli Conference
5th March 2020 The Cypriot law firm Stelios Americanos & Co LLC organized on 17 February 2020 its first international conference for the year in Tel Aviv in Israel.Kazakhstan And Cyprus, Business Ties Enhance Economic Relations
4th October 2019The scope for enhancing economic relations and business ties between Kazakhstan and Cyprus is immense, Cyprus’ Minister of Finance said in his opening address at the Conference "CIS – Kazakhstan – Cyprus – Business Cooperation Heralding the New Era", held Thursday in Limassol.
Intax Forum Ukraine 2018
31st May 2018Stelios Americanos & Co LLC, participated at Intax Forum Ukraine 2018 which took place in Kiev, between 21 and 22 May 2018.
Tax Update
7th May 2018Cyprus Tax Department has announced that, as of June 1st 2018, the following taxes, not bearing interest and charges, can ONLY be paid via JCCsmart (website www.jccsmart.com.cy). JCCsmart is a Cyprus portal used to contact payments to various organizations including the Government. This measure follows the successful implementation of the Pay As You Earn (PAYE) tax withheld from employees through JCCsmart.
Enforcement of a Pledge over the Shares of a Cyprus Company (“Cyprus Pledge”)
18th April 2018A. Pledge
A pledge is by definition a possessory security interest and thus involves the delivery of possession, actual or constructive. A security interest is valid and enforceable once it has been attached to the asset and is perfected. A security interest that has been attached and perfected is enforceable as between the pledgor and pledgee. The effect of attachment is that the security interest fastens on the asset so as to give the creditor rights in rem.
Medical Cannabis Legalisation
6th April 2018THE MAIN PROVISIONS OF THE LEGISLATION WHICH IS UNDER DISCUSSION BEFORE THE HOUSE OF THE REPRESENTATIVES FOR THE LEGALISATION OF THE IMPORTATION AND/OR PRODUCTION AND/OR CULTIVATION OF PHARMACEUTICAL CANNABIS
FBME Bank Ltd: Compensation to Depositors, Deadline until 11th April 2018.
6th April 2018The Central Bank of Cyprus has on 9/4/2016, activated the procedure for the payment of compensation amount from the Deposit Guarantee Fund for Banks for deposits held in FBME Bank Ltd – Cyprus branch.
Stamp Duty
6th April 20181. Scope of the Stamp duty Law.
1.1.Stamp duty is governed by Stamp Duty Law (19/1963) (hereinafter the “Law”). The Law (article 4 (1)) provides that the documents that are specifically named in its first schedule (and only such documents) are subject to stamp duty provided these documents relate to: (i) assets situated within the Republic of Cyprus; or (ii) matters or things to be performed or done in Cyprus; irrespective of the place of execution of such documents.
Cyprus’ strong economic recovery-2018 Outlook
22nd March 2018Cyprus’ strong economic recovery will continue in 2018 with the GDP expected to be 3.2% (2017: 3.8%) which is well above the European Union average. Inflation forecast shows an increase in 2018 to 1.2% (2017: 0.7%) well within the healthy limits, with unemployment expected to be near the 10% mark in comparison with 13% of the year before.
Tax Update
13th March 2018Cyprus Tax Authorities announce the 10 year bond yield for Notional Interest Deduction (NID) purposes
The Cyprus tax authorities have announced the interest yield of the 10 year government bonds as at 31st December 2017 which increased by 3% grants tax allowance on new capital introduced into the Cyprus company.
Cyprus An Emerging Eu Fund Jurisdiction
13th February 2018Cyprus consistent efforts to modernize its regulatory environment for investment funds, has created a legal framework bearing hallmarks of the regimes in Luxembourg and Ireland, and has strengthened Cyprus’ profile as an emerging European funds and asset management domicile.
New Partners
20th December 2017The Law firm of Stelios Americanos & Co LLC, with pleasure announces the appointment as new Partners / Directors:
Stelios Americanos & Co Llc Advises The €100 Million Restructuring Of The Athienitis Group
20th December 2017Stelios Americanos & Co LLC advised Athienitis Group over €100 million debt restructuring
The high profile transaction was one of the most complex restructuring in Cyprus as involved bank debt, bond holders issues and related litigation, financing provided by the Cyta Provident Fund, minority shareholder considerations and the construction and management of the Nicosia Mall a project with a construction cost of over €uro100million.
Cyprus Tax residency for Individuals – Period of stay reduced to 60 days
11th August 2017On the 14th of July the Cyprus Parliament passed a law amending the Income tax law of 2002 as to the requirements of tax residency of individuals in Cyprus.
Tax Treatment Of Intra-group Back-to-back Financing Arrangements
14th July 2017The Cyprus Tax Department ("TD") has issued an interpretative Circular on 30th of June as to the tax treatment of intra group back to back financing arrangements. This follows the TD announcement that it will cease applying the minimum accepted profit margin on back to back loan schemes as agreed in July 2011.
DC Finance Family Office & Wealth Management Conference in Israel: Cyprus Citizenship and Permanent
14th July 2017Stelios Americanos & Co LLC, participated in DC Finance conference in Israel on the 13th of June 2017. The seminar took place at Hilton, Tel-Aviv.
Stelios Americanos & Co Llc Advises Israel’s Fattal And Issta In The Acquisition Of 3 Hotels In Pa
18th April 2017Stelios Americanos & Co LLC advised on Cyprus law issues the joint venture between Fattal, the Israeli hotel management chain and ISSTA, Israel's largest tourism company in the acquisition of hotels Cypria Maris, Cypria Bay and Laura in Paphos, Cyprus.
Stelios Americanos & Co LLC adds 3 new lawyers to its legal team
20th March 2017With new additions to its already established legal team, Stelios Americanos & Co LLC Law firm welcomes 3 new lawyers aiming to strengthen further it’s litigation and corporate practices and continue serving its clients with integrity, personal commitment, dedication and professionalism.
Press Release On The Cliff Conference, In Cyprus
2nd March 2017 Cliff Law Firm of Moscow and Stelios Americanos & Co LLC (Cyprus) host conference on “The Global Exchange of information: The business world on the threshold of a new era”The new Multilateral Agreement on the Automatic Exchange of Financial Information between tax authorities and controlling bodies that has been signed by 83 countries, the Russian Federation inclusive, has launched a new era for the international business. The Exchange of Financial Information Agreement obliges the banks and generally financial institutions to disclosure information on the final beneficiaries of corporate accounts, as well as on international transactions. This newly emerging requirements will force the businesses to review their current setups and practices under the light of the new rules and directives.Saint Petersburg Conference – Properties Overseas:
2nd March 2017Advantages, risks legal and tax structuring
Stelios Americanos & Co LLC, participated in Saint Petersburg conference on the 13th of December 2016, the topic of which was “Properties Overseas: Advantages, risks legal and tax structuring”. The seminar was co-organized with Delovoy Saint Petersburg and Maxima Legal and took place at Grand Hotel Europe.
Stelios Americanos & Co LLC completed a successful visit to China
2nd March 2017Stelios Americanos & Co LLC completed a successful visit to China, having met with clients and partners and participated in two conferences in Shanghai and Beijing in October/November 2016.
Following a successful visit to China in May, 2016, Stelios Americanos & Co LLC made a second trip to China, in order to participate in two conferences in late October, and early November 2016, in Shanghai and in Beijing. The Firm was represented by Len Judes who spoke about and presented the Cyprus Citizenship and Permanent Residency by investment programs.
Legal Developments
NFTs: Business Trends & Legal Uncertainties
22nd September 2022 The future of NFTs seems bright and promising. NFTs are evolving into an asset class that, at its core, serves as the world’s greatest digital evidence of ownership. As NFTs grow, their role as digital proofs of ownership will provide innovative and lucrative use cases for future digital economies.While digital art and collectibles presently dominate the realm of non-fungible tokens, this is just the tip of an enormous iceberg.Cryptoassets & Banking: a Cyprus Law perspective
9th August 2022 The banking sector is showing an incremental appreciation of the use of cryptoassets and their correlation with banks’ traditional retail functions. The existing legal framework is maturing to the regulation of cryptoassets, allowing for the effective supervision of such digital assets.Green Funds: Business Trends & Regulatory Developments
9th August 2022 A growing number and class of investors is shifting towards sustainable and ESG-compliant markets and products. Environmental and social considerations are assuming a growing importance, with the EU focusing its efforts to the greening of the economies of its Member States.Government Approves Tax Incentives To Attract Talent And Promote Headquartering
8th June 2022Staff relocating to Cyprus earning more than €55,000 will benefit from a 50% tax exemption on their salary
Digitalization in Cyprus: Opportunities, Challenges and the Legal Sector
20th February 2022 There is an ongoing race at the national and international, regulatory and private sector levels, to take advantage of the increasing demands for digitalization and acquire a first mover advantage in those sectors where digitalization is having the most impact. The heavily digitally-influenced reality that many countries and industries have had to rapidly adapt to, has provided an opportunity for Cyprus to distinguish itself as an innovation-friendly jurisdiction and set the groundwork for fostering new technologies and market trends connected to the digital space.The Film Industry in Cyprus – A Blooming Sector
7th May 2021 The film industry constitutes a complex and ever-flourishing sector in the global economy. The industry’s operation occupies multifaceted stages, engages a selection of distinct stakeholders and experts and presents plenty opportunities for all parties who choose to get involved. Committed to boosting this highly promising sector, the government of the Republic of Cyprus introduced a package of incentives, encouraging international producers to choose Cyprus as their next film destination.Asset Tokenization: Trends & Developments in Cyprus
7th May 2021 Asset tokenization constitutes a relatively new process. Yet, it has been receiving increasing levels of attention across several jurisdictions, with positive indications as to its ability to revolutionize the way different assets are held, traded and used.A Guide on Legal Developments and Government Initiatives in Cyprus
7th May 2021 Following the 2007-2009 global financial crisis, the financial services sector has been subjected to a process of intense regulatory overhauling, leading to many of the complex laws that are applicable today in relation to funds, banks, investment and insurance firms. In the context of this legal and regulatory reshaping, new entrants have made their appearance, including Financial Technology (FinTech) and Regulatory Technology (RegTech) firms.Overview of recent developments amid Covid-19 pandemic
7th May 2021 This note seeks to provide an overview of some of the key recent developments in the area of competition law with regards to the challenges brought about by the Covid-19 pandemic (“the pandemic”) and the disruption induced by digitalization and online marketplaces.Rejection of Applications and Revocation of Cyprus Citizenship
3rd February 2021 The Cyprus Investment Program seemed problematic from the beginning and even the amendments could not save and protect the abuse of the Program. The Cyprus Government decided to terminate the Program with final submission date the 30th of October 2020 after amending the Law regulating the Citizenship by Investment Program. The new policy of the Government let to many rejections of new applications and initiated many revocation procedure for investors who had already received the Cypriot passport.An Update on the Central Register of UBO(s) in Cyprus
3rd February 2021 Globally, it has been highlighted the importance and the need for extended transparency, in business and corporate entities, to combat money laundering, terrorist financing and more generally, the abuse of the financial systems by criminals.COVID-19 and Contractual Obligations
27th April 2020Force Majeure & the Doctrine of Frustration in Cyprus Law
Introduction
The recent outbreak of Covid-19, which the World Health Organisation classified as a pandemic, has brought to the fore significant issues for businesses. The disease has a profound impact on the performance of businesses and their underlying contractual relationships.
Merger Announcement STELIOS AMERICANOS & CO LLC And CH. P. SAVVIDES & ASSOCIATES LLC
5th July 2019Our Family Grows Ch. P. Savvides & Associates LLC is a highly reputable, young and energetic law firm based in Nicosia actively involved in Financial & Investment Regulatory Compliance, Litigation & Insolvency, Corporate Law and a pioneer in providing legal advice for innovative technology business ideas and Blockchain.
Upcoming International Tax Changes – Cyprus
5th June 2019Anti-Tax Avoidance Directive. The Cyprus Ministry of Finance has presented to the Parliament legislation in view of the implementation of the European Union Anti-Tax Avoidance Directive.
Cyprus and Kazakhstan sign a Double Taxation Treaty
21st May 2019On the 15th of May 2019 the Cyprus Minister of Foreign Affairs Mr Nicos Christodoulides and the First Deputy Prime Minister and Minister of Finance of Kazakhstan Mr. Alikhan Smailov has signed the new Double Taxation and the Prevention of Fiscal Evasion treaty between the respective countries.
Cyprus Investment Programme
24th April 2019The Cyprus Investment Programme has been redesigned by the Cyprus Government in order to continue to attract high net worth individuals to settle and do business in Cyprus. The Key Changes will be applicable from the 15th of May 2019 and include the following:
CYPRUS: Introduction of the General Healthcare System (GHS)
24th April 2019Cyprus has introduced the General Healthcare System (GHS) that will cover its entire population. The GHS is a modern, patient-centric healthcare system with the aim of delivering equal and quality healthcare services to beneficiaries.
Stelios Americanos & Co LLC Shipping Practice
14th March 2019The Cyprus flag has had unprecedented success in the last few years, rising to a position of prominence in world shipping.
Shipping is dominant in Cyprus due to the country’s excellent geographical position, the significant number of bilateral treaties for the avoidance of double taxation concluded by Cyprus and the favourable taxation regime which has been maintained even after the accession to the European Union.
World Shipping Law Forum, Athens January 2019
13th February 2019Stelios Americanos & Co LLC, participated in WORLD SHIPPING LAW FORUM in Athens that has taken place on the 25th January 2019. The conference took place at N.J.V. Athens Plaza.
Blockchain And Digital Currencies
8th February 2019BLOCKCHAIN AND DIGITAL CURRENCIES
DECENTRALIZED NICOSIA CHAPTER CONFERENCE
Stelios Americanos & Co LLC and Ch. P. Savvides & Associates LLC, being the consortium law firms of BL ADVISORY INTERNATIONAL, www.bla-international.com, participated at the Blockchain and Digital Currencies event, held at the University of Nicosia and organized by the Decentralized Nicosia Chapter on 23rd of January, 2019.
Bvi’s New Economic Substance Legislation
12th December 2018The British Virgin Islands are rushing to pass by the end of December the new economic substance legislation to avoid the EU’s blacklist of tax haven jurisdictions.