Firm Profile > A.G Erotocritou LLC > Limassol, Cyprus
A.G Erotocritou LLC Offices
1 ARCH. KYPRIANOU & AYIOU ANDREOU CORNER
LOUCAIDES BUILDING, 6TH FLOOR
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A.G Erotocritou LLC > The Legal 500 Rankings
Real estate and construction Tier 1
Alexis Erotocritou heads the department at A.G Erotocritou LLC, which has particular expertise in a number of niche areas such as the construction of skyscrapers, five-star star hotels and industrial parks. In addition, it advises a significant number of high net worth private clients globally on real estate matters and frequently acts with several leading international law firms on major real estate projects. The team also handles some complex and high-value disputes in this sphere. Associate Georgia Demou receives plaudits for her work on real estate matters too.
Other key lawyers:
‘All members have exposure to high value and profile transactions and handle international work. Team members are very flexible and friendly. As regards the real estate sector, the firm has developed an exceptional reputation in Cyprus and is considered one of the law firms for handling the most high profile transactions in this sector. The fact that the firm and its members have a great reputation and share respect from anyone, helps them to close deals and achieve their targets more effectively for clients’.
‘Alexis Erotocritou is the leading lawyer in Limassol in real estate. Georgia Demou is a bright senior associate with great potential’.
‘The firm provides various legal services, with its litigation and banking, corporate and real estate departments standing out for its professionalism. The firm has an outstanding approach for enhancing relationships with its clients and colleagues. It has a fresh attitude and is a very enthusiastic team with great depth of knowledge in the specialised matters it handles’.
‘We have had the opportunity to collaborate with Alexis and Georgia Demou on real estate matters as they handled work required for our clientele (primarily on sale agreements of immovable property). Both are exceptional lawyers with extensive knowledge of their fields, adopting a practical approach and providing a 24/7 service to clients. The team has a designated and specialised group of experts hence can handle any real estate request and do a great job at all times’.
‘Alexis Erotocritou is exceptional in handling real estate matters and leading the department. He always adopts a practical approach, he is a problem solver and is available 24/7 for the client’.
Dispute resolution Tier 3A.G Erotocritou LLC has a ‘commercially minded’ team that is ‘very good at what it does in terms of quality of work and advice’. Under the leadership of Andreas Erotocritou who is a ‘brilliant lawyer and assists 24/7’ the team has developed considerable expertise in handling complex and high-value corporate and commercial disputes especially those relating to worldwide injunctive relief. The department is often hired by local and international banks for asset-tracing and recovery engagements as well as receiving a steady flow of instructions from major international law firms and multinational corporations.
Other key lawyers:
Antreas Koualis; Irena Markitani
‘It is definitely one of the best dispute resolution teams in Cyprus led by Andreas Erotocritou. The “star” of dispute resolution in Cyprus is Andreas Erotocritou. Very humble, approachable, diligent and thoughtful’.
‘The team is very dynamic and all its members are eager to go the extra mile to help the client to meet its goals. The firm handled for our company a number of important disputes in the past and all were successful. In one of the cases, the result was successful because of the dedication and time spent by the team to understand the facts and find ways to defend the case. Each member is very responsive’.
‘Andreas Erotocritou is the best lawyer we have ever worked with on contentious matters in Cyprus. He is well equipped with all the knowledge that is needed to make his client feel that they are in good hands. He is a master tactician in litigation cases and at the same time Judges and fellow lawyers respect him to a very high extent. The quality is also great with other team members such as Irena Markitani. Antreas Koualis is also a very capable lawyer’.
‘High-professional team of lawyers who can assist in all aspects of Cyprus law. The lawyers’ great experience in international dispute resolution allows them to select the best strategy in the dispute for their clients. We worked with the main Cyprus law firms but this law firm was the best. We trust them in all issues’.
‘Very good at what it does in terms of quality of work and advice. Expertise in obtaining interim relief ’.
‘Andreas Erotocritou is my main point of contact and is an excellent and a commercially savvy lawyer’.
‘The lawyers know their business. They do not say and pretend they know. They are the best lawyers I have worked with over the last few years. I know that if we turn to this firm that it will do the job properly, on time and with the best quality’.
PRIMETEL PLC (Cyprus)
Cyprus Shipping Association
RCB Bank (Cyprus)
Asia Pacific Bank (APB) (Russia)
Fluence Corporation (Israel)
Gevorest Group (Cyprus)
Banking and finance Tier 4
A.G Erotocritou LLC fields an ‘extremely efficient and knowledgeable team', with a versatile group of practitioners. Alexis Erotocritou leads the practice, and is adept at handling large scale banking and finance matters as well as complex restructurings. The team has niche expertise in advising on the financial aspects of commercial construction projects, with regulatory advice another strength.
Other key lawyers:
‘Very eager and prompt to assist and carry out the work at a high level of professionalism. It delivers a service that you can rely on’.
‘The team is very efficient in the way it treats the client’.
‘Partner Alexis Erotocritou- his competence in financial and banking matters is top notch, with a focus on delivering high quality work combined with strict attention to detail. It is a pleasure to work with him, because of his firm commitment to results’.
‘Alexis Erotocritou provides extremely timely and practical advice. He is willing to invest time in understanding the case and providing real transparency in terms of billing’.
‘The firm provide various legal services, with its litigation and banking, corporate and real estate departments standing out for its professionalism. The firm has an outstanding approach for enhancing relationships with its clients and colleagues. The lawyers also have a fresh attitude and it is a very enthusiastic team with great depth of knowledge in the specialised matters it handles’.
‘We have had the opportunity to collaborate with Alexis and Grigoris Sarlidis. Both of them are exceptional lawyers with extensive knowledge of their fields, adopting a practicable approach and providing a 24/7 service to clients‘.
‘ Alexis Erotocritou is exceptional at handling banking work. He always adopts a practical approach, he is a problem solver and is available 24/7 for the client. ’
‘Fresh team with a very professional attitude towards all legal projects, no matter how big or small’.
Cyprus Shipping Association
A.G Erotocritou LLC fields a ‘team that is a joy to work with. Intelligent, personable and highly efficient’. It acts for a sizeable number of local and international institutions, governments, individuals and corporations on the full array of corporate and commercial matters. It has particular sector expertise in areas such as healthcare, financial institutions, mining, infrastructure, commodities and technology, as well as transport, energy and shipping. Head of team Alexis Erotocritou ‘is focused on delivering high quality work combined with strict attention to detail’.
Other key lawyers:
‘The team consists of very capable lawyers who provide at all times exceptional service to the clients. All members have exposure to high-value and profile transactions and handle international work. Team members are very flexible and friendly’.
‘Alexis Erotocritou is one of the best lawyers in Cyprus in corporate, banking and real estate. He has significant experience in high-value transactions’.
‘The team has a unique blend of responsiveness and experience. The team is perfectly organised, where you clearly understand, as a client, where the responsibility lies. Alexis Erotocritou always overdelivers, looks for the best solutions and implements them successfully’.
‘Prompt responses and to the point. Hardworking, driven, focused on achieving results and not just another law firm trading off contacts and/or just seeking to bill hours over all else’.
‘The firm and its partners are very well established, connected and knowledgeable about Cyprus. This is coupled with a very global oriented and commercial mindset. The partners in the firm are very client focused and I have found their advice to have the balance of legalistic approach with a flexible commercial approach that focused on the client’s needs’.
‘Committed and knowledgeable. Alexis Erotocritou – it is a pleasure to work with him, because of his firm commitment to results which are in the client’s interests’.
‘Alexis Erotocritou invests significant time in truly understanding a matter and providing clear cost estimates before commencing work. His advice is always timely and practical. ’
‘The team was always accessible, diligent and dependable. The lawyers pay attention to detail’.
Cyprus Shipping Association
A.G Erotocritou LLC > Firm Profile
The firm: A.G. Erotocritou LLC is a dynamic law firm advising on non-contentious, advisory and litigation matters. The firm has firmly established itself as a “top tier” leading law firm in Cyprus, having cultivated an unrivaled reputation for excellence, with an impressive track record and an all-embracing legal service capability, underpinned by an acute sense of commercial awareness. The firm’s achievements have been duly recognised and endorsed by selected international legal directories such as Chambers and Partners, Legal500, IFLR, WhosWhoLegal and Client Choice / International Law Office. Among others, the firm has been recognised as “an exception in the Cyprus market where everyone does everything”, a firm which “is always there for the client” and has “all the professionalism you would expect from a large international firm”.
A.G. Erotocritou LLC offers specialist services, embracing diverse legal disciplines and practice areas, with regard to which all work is executed in a flawless and transparent manner. Unlike many of the firm’s larger-in-size counterparts in the legal domain, A.G. Erotocritou LLC adopts a refreshingly personalised approach and is geared to achieving effective co-ordination and planning. This in turn ensures timely turnaround/delivery times, cost-effective strategies, reliability and client accessibility – key factors which contribute and are crucial to the firm’s overall operational efficiency.
A.G. Erotocritou LLC strives to cultivate close working relationships with those to whom it renders legal or associated services, ranging from large international law practices, banking institutions, multinational corporations, non-profitable associations, private individuals, public/private companies, partnerships, sole proprietorship, joint ventures, clubs, trusts, funds and other industrial/commercial entities and business structures which constitute the firm’s varied and extensive client portfolio.
In alignment with the constantly developing international legal environment, we have intentionally developed our specialisation towards providing high-quality, comprehensive legal support to specific legal sectors with a strong focus on corporate and commercial litigation & arbitration, banking and finance, corporate and m&a, corporate restructuring and insolvency, shipping, real estate, data protection, tax planning and private client (including citizenship law and immigration) professional services.
In an effort to remain at all times conflict-free, maintain its specialisation and be able to act in complex commercial disputes and transactions, A.G. Erotocritou LLC does not act as a trustee company by way of provision of corporate administration or nominee services. This is in contrast with the vast majority of law firms that are active in the sectors of dispute resolution, corporate, and banking and finance. Moreover, the firm does not act for and on behalf of local banking institutions on fix retainer agreements, in order to ensure it remains conflict-free and so as to focus on purely legal work.
In order to be able to provide service of the highest qualitative standards, A.G. Erotocritou LLC does not “deal with every case”; hence, only a limited number of engagements are accepted, to ensure that the exclusive clientele of the firm enjoys responsiveness and service consistent with leading international firms and the highest standards of the profession.
Over the recent years, A.G. Erotocritou LLC has been singled out and recognised by all leading directories, including Legal500, Chambers & Partners, IFLR and Who’sWhoLegal, for providing legal services of outstanding quality and for delivering efficient, practical legal advice.
Legal 500: The firm has been recognised for various consecutive years (in dispute resolution, real estate, corporate, commercial, banking and finance) as a leading firm in Cyprus and special praise was made to selected individuals within the firm.
Chambers & Partners: The firm has been recognised as a Tier 1 firm in Cyprus in HNW and a leading firm in dispute resolution and real estate. At the same time, individuals within the firm have also been recognised among the leading practitioners in Cyprus at the above-mentioned sectors.
IFLR: For many consecutive years, the corporate/commercial department of the firm has been recognised by IFLR as one of the 16 leading firms in Cyprus.
WhosWhoLegal: Our team members have been consistently recognised among the leading practitioners in Cyprus and, inter alia, in the sectors of litigation, banking, finance, real estate and asset tracing.
Client Choice/ ILO (International Law Office): We have been recognised as a leading firm in Cyprus and team members as leading litigators in the country.
The firm is proud to count some of the largest international law firms and banking institutions, high-net-worth individuals and various notable conglomerates around the world as its clients. On a domestic level, the firm also advises and regularly represents various banking institutions and corporations, public authorities as well as prominent non-profitable associations.
The firm has managed to launch itself strongly in the Cypriot market and through the reputation, expertise and the dedication of its members, it has been involved in a considerable number of cross-border transactions and cases of significant magnitude and scale. This is not only a testament to the calibre of our services and the hard work we put into every individual case, but also to the trust our clients place in us and the quality of our work.
The firm has rigorously implemented a business model similar to that of the most prominent U.S. and U.K. international law firms; hence, A.G. Erotocritou LLC has allocated significant resources in recruiting and maintaining talented lawyers in order to secure its ability to deliver the same level of services in the long-term. A structured multi-stage selection process is undertaken for all candidates, evaluating merit and ethos as key criteria for recruitment. All members of the A.G. Erotocritou LLC legal team are US or UK graduates, have outstanding academic credentials and possess exceptional research, communication, negotiation, organisational and interpersonal skills, which not only complement their in-depth knowledge of Cyprus law, but serve as indispensable resources in their ability to undertake complex international/cross-border legal issues.
Areas of practice:
Banking and finance: the firm has consistently maintained an impressive track record in dealing with high-profile transactional, regulatory and dispute resolution issues and is systematically geared to offering specialist banking and finance services to a dedicated client base which embraces multinational organisations, institutional investors, commercial, retail and investment banks and high net-worth individuals.
Corporate/M&A: the firm provides comprehensive, accurate, and specialised legal advice on all aspects of domestic and international business. A.G. Erotocritou LLC is proud to count some of the largest multinational organisations and financial institutions whom we advise on an impressive variety of corporate and M&A transactions (both domestic and international cross border).
Data Protection: the firm provides data security, sophisticated data management and related advice. A.G. Erotocritou LLC is conscious of the fact that a robust and systematic policy for safeguarding information is an invaluable requirement for inspiring the trust and confidence of those persons whose data has been made available for a designated purpose and who have an unequivocal legal right to pre-empt its unauthorised use. The experienced team members of A.G. Erotocritou LLC are actively involved in their local compliance culture and have successfully worked together in recent years to assist a plethora of local and international clients.
Dispute Resolution: constantly ranked by leading international directories, the firm’s litigation team has particular expertise in handling high-value, complex cross-border disputes, injunctions and other interim measures, and regularly represents multinational corporations, financial and banking institutions and individuals in a wide range of cross-border commercial and corporate litigation. A.G. Erotocritou LLC is equally active in international and domestic arbitration.
Financial Services and Products: the firm, having worked with some of the largest players in the industry, both from the legal and international stage, is highly experienced on all matters relating to the regulatory compliance of banks, investment firms, asset managers, funds and other market participants, whether dealing on a client or counter-party basis. A.G. Erotocritou LLC’s specialist team’s in-depth knowledge and understanding of the markets, combined with its relationship with the regulators, allow it to assist in proactively advising on the regulatory horizon in Cyprus.
Immigration: the firm’s specialised immigration team has an outstanding and impressive record of successfully dealing with all aspects and types of immigration law, and in particular on citizenship applications (as a result of an investment in Cyprus pursuant to the Naturalisation Scheme but also, on the basis of the years of residence in the Republic). Moreover, A.G. Erotocritou LLC has expertise in dealing with other immigration issues such as temporary and permanent residence permits, employment permits and visas.
Private Client: the firm’s multi-awarded department offers an all-embracing range of services to HNW and UNHW individuals, encompassing a broad cross-section of contentious and non-contentious matters, which may require the intervention and involvement of several legal disciplines. A.G. Erotocritou LLC has advised a plethora of high-net-worth individuals in relation to their investments in Cyprus, including investments in real estate and financial assets.
Real Estate: the firm is actively engaged in all aspects of legal work pertaining to the real estate sector. A.G. Erotocritou LLC provides advice to real estate companies and developers, private and public bodies, private individuals, investors, lenders, contractors and property-owning institutions and assists and advises in the purchase and sale of both commercial and residential property and of other development projects.
Restructuring & Insolvency: the firm is highly specialised in complex multi-jurisdictional restructurings and insolvencies with dedicated resources in the key European jurisdictions. A.G. Erotocritou LLC offers practical and commercial advice on a full range of contentious and non-contentious issues encountered in restructurings and insolvencies. The firm’s team has acted as trusted advisors and has regularly represented high profile stakeholders, corporate debtors experiencing financial difficulties to lenders, insolvency officers, lender creditors, leading multinational financial institutions, accountants and financial advisers.
Shipping, Admiralty and Marine Insurance: the firm has played a key role in dealing with a broad range of matters associated with the shipping industry, a vibrant domain wherein the firm’s advice and expertise is sought by a diverse client base which includes banks, financial institutions, ship owners/managers, charterers and insurers/P&I clubs. Aside from undertaking litigation work which entails the representation of clients such as ship owners, importers, charter parties, insurance companies and others, A.G. Erotocritou LLC’s specialised areas of practice in this domain entail the provision of advice in relation to matters concerning ship management, the building and sale of vessels, registration requirements, shipping finance and marine insurance.
Technology and E-commerce: the firm is highly experienced in the technology and e-commerce sectors, having worked with some of the biggest names in the e-commerce industry including retail platforms in fashion, technology giants and luxury goods manufacturers. A.G. Erotocritou LLC’s specialised team acts as a one stop shop for all that is technology and e-commerce relation, and is often instructed to offer guidance on how to best structure clients’ digital presence to address their particular commercial needs and ensure compliance with e-commerce and other relevant legal frameworks.
|Ms Georgia Demou||Advocate||View Profile|
|Mr Alexis Erotocritou||Partner||View Profile|
|Mr Andreas Erotocritou||Partner||View Profile|
|Ms Laura Foutti||Advocate||View Profile|
|Mr Antreas Koualis||Partner||View Profile|
|Ms Irena Markitani||Advocate||View Profile|
|Ms Ioanna Michael||Advocate||View Profile|
|Ms Elina Nikolaidou||Advocate||View Profile|
|Mr Peter Pafitis||Advocate||View Profile|
|Ms Maria Papatheodoulou||Advocate||View Profile|
|Ms Melinda Rishkofski||Advocate||View Profile|
|Mr Grigoris Sarlidis||Advocate||View Profile|
Staff FiguresNumber of lawyers : 12 At this office : 10
LanguagesEnglish Greek Chinese Russian Ukrainian
MembershipsChartered Institute of Arbitrators MCiArb Cyprus Bar Association European Employment Lawyers Association International Association of Young Lawyers International Bar Association International Lawyers Association (AEA) Commercial Litigation Association ILO Youngship Shiparrested
OtherOther offices : Athens
– Representing a company involved in the bankruptcy of the largest independent physical bunkers supplier and bunkering tanker owner. Proceedings, in the context of which interim freezing orders for over $310million have been issued in Cyprus, while also tackling and disputing the recognition of foreign-Court-appointed receiver.
– Advising and defending HNW individuals and their groups in the context of a cross-border dispute, of which interim freezing and other injunctions have been issued and which involve allegations related to severe capital-control violations, as well as large-scale fraudulent transactions that have allegedly resulted in the alienation of assets of value of €400million.
– Representing the former spouse of a billionaire, leading name in the oil&gas sector, in the context of the largest matrimonial dispute ever to be ruled in England, through the enforcement of the £450million maintenance award of the English Court in Cyprus by a Court-appointed receiver over a Cyprus company controlling valuable assets in Russia, with a view to enforce an English judgment over those assets, through Cyprus.
– Instructed to prepare and promoted the highly contested and largest in the country $700million debt restructuring while simultaneously defending 14 high-value court cases brought by opposing creditors, the majority of which entailed opposing high value injunctions and setting-aside a receivership order.
– Instructed to oppose the recognition and enforcement of an arbitral award in Cyprus, issued by the LCIA in London, in relation to a global dispute between a Russian energy company and a German utility provider, in relation to an investment the value of which exceeds $1.4billion. The case was described by the Financial Times, as “the biggest oligarch legal battle in the US”.
– Instructed to act in the $840million dispute over the privatisation of a large Ukrainian telecom provider, which involved parallel proceedings in London, Cyprus and Ukraine.
– Instructed to prepare, structure and promote a $700million debt restructuring (scheme of arrangement) for and on behalf of leading group owning, inter alia, a bank institution and various other valuable assets. The scheme is considered the largest ever in value and complexity that has ever been carried out in Cyprus.
– Instructed and advised a company listed in the Athens Stock Exchange in relation to the acquisition of a multi-million worth asset, from another company listed in the AIM Market of the LSE.
– Instructed and handled the entire procedure by our clients, for the licensing, development and construction of various offices, warehouses/workshops to be used by Halliburton for energy related purposes in Cyprus.
– Consistently instructed by international firms to undertake extensive and complex due diligence exercises on entities with assets of significant value, including companies listed at the LSE, AIM, Athens SE and other regulated markets.
– Currently advising an UHNWI in relation to the establishment of a 5* hotel and the construction of a luxurious residential tower and villas.
– Acted for the lenders on the refinancing of a $600million secured facility to one of the largest agricultural companies of Eastern Europe.
– Advised a leading international bank on its credit facility exceeding $85million to a local entity, a joint venture between two large corporations, which involved, inter alia, an extensive security package under both Cyprus, English and Russian law.
– Promoted in Cyprus a highly complex restructuring – scheme of arrangement on behalf of an Indian multinational conglomerate and construction company, with revenues exceeding $14billion.
– Selected by the Government of Cyprus, to carry out an extensive due diligence exercise on OPAP Cyprus (part of OPAP Group (a listed company in Greece)) in order to assess the suitability of the license to be granted to the latter for the provision of certain services in Cyprus.
– Our firm was instructed by Radisson Group to advise on various corporate and commercial matters.
– Acting on behalf of an UHNWI, we are handling the establishment of the first industrial park in Cyprus.
Financial Services Regulatory nature
– Acted as local counsel to some of the largest investment banks, firms, managers, funds and other market participants in the financial services sector doing business in Cyprus on a range of regulatory matters and issues such as licensing, product registration and public offerings.
– Advised some of the largest UK banks and firms (including EU branches) with the Brexit planning of relationships and business in Cyprus, including on (a) migration of clients and contracts; (b) revision of policies and procedures; and (c) restructuring business models in line with local restrictions.
– Handled the entire set up, licensing and operation of a leading French fintech group’s investment arm in Cyprus and provide advice on (a) how to best structure the business in Cyprus and EU in light of Covid-19 challenges and impact; (b) regulatory and reporting requirements; and (c) corporate, tax and commercial law.
CLIENT: Bowei Lee
COMPANY/FIRM: Chairman of LCY Technology Corp & LCY Chemical Corp
TESTIMONIAL: The firm members are passionate lawyers who really care about the interest of the clients. I am happy to work with the team.
CLIENT: Charles Hewetson
COMPANY/FIRM: Partner at Reed Smith
TESTIMONIAL: I have known Alexis and Andreas Erotocritou for a number of years. I have always found them to be very easy/pleasant to deal with and knowledgeable on substantive and procedural issues under Cypriot law. They are my first-choice advisers for corporate, finance or litigation issues arising in Cyprus.
CLIENT: Manuel Lorenz
COMPANY/FIRM: Partner and Head of German Capital Markets Practice Group, Baker & McKenzie
TESTIMONIAL: We worked on a complex corporate matter and were impressed by the responsiveness of the firm and the clarity of the advice we received.
CLIENT: Thomas Trueb
COMPANY/FIRM: Founder/President of Dariu Foundation
TESTIMONIAL: I prefer working with A.G. Erotocritou LLC as they have thorough industry knowledge and are focused in delivering results. They work promptly and efficiently by focusing on the needs of the project and the particular situation.
CLIENT: Costas Joannides
COMPANY/FIRM: CEO at Marsh (Cyprus)
TESTIMONIAL: The dynamic team of legal advisors of A.G. Erotocritou LLC is ready to assist on a 24/7 basis. Their work is excellent and has proven to bring success to their partners and clients.
CLIENT: Paul Donovan
COMPANY/FIRM: Director Wealth Management International Private Banking at Arbuthnot Latham & Co
TESTIMONIAL: The team at Erotocritou Legal Consultants has been known to Arbuthnot Latham & Co. since opening its Dubai operations in 2013. Our Private Clients often have complex requirements spanning numerous legal jurisdictions. The team at Erotocritou conduct themselves with the utmost professionalism and have always provided extremely clear and effective advice when consulted. They tailor solutions specific to the needs of their clients and offer a truly personalised service. Erotocritou are a valuable member of Arbuthnot Latham’s panel of legal professionals.
CLIENT: Tassos Frangou
COMPANY/FIRM: Group Executive Director at Dalbit Group
TESTIMONIAL: I would like to express my gratitude for the services that I had the pleasure of receiving by your firm. Over and above excellent legal advice, professionalism, and timely support, your services included unprecedented integrity and protected the interests of our organization beyond the standard legal framework.
CLIENT: Costas Zoidis
COMPANY/FIRM: Senior Claims Executive for Thomas Miller (Hellas) Ltd (UK P&I Club)
TESTIMONIAL: A.G. Erotocritou LLC is a fully qualified and reasonably priced boutique law firm combining high expertise, efficiency, and immediate response.
CLIENT: Ilshat Timeryanov
COMPANY/FIRM: Chief Legal Advisor at Lukoil (Iraq)
TESTIMONIAL: A.G. Erotocritou LLC is a dynamic and responsible firm with a good expertise and lawyers are always responsive and ready to help with any complicated issue that may come up.
CLIENT: Cui Bin
COMPANY/FIRM: Deputy General Manager at Kingenta
TESTIMONIAL: We have worked with A.G. Erotocritou LLC and we have impressed by the firms responsiveness, industry knowledge, professionalism and dedication; the firm has produced excellent results for our company.
People across the firm strongly believe in fulfilling the obligation to assist through pro bono work. Pro bono work strengthens our lawyers’ abilities to apply their talents in representing individuals and organizations of limited means in a variety of matters.
In addition to handling high-profile cases, such as the massively publicised EOKA case (an action on behalf of former EOKA fighters in a claim against the British Government for torture and other violations of the European Convention of Human Rights which has taken place in Cyprus during 1955-1959), we also represent disadvantaged individuals. Our work covers the full range of our lawyers’ skills, including transactional work, representation in Court and general consultation.
Notable Pro Bono Clients
Our firm, in collaboration with K.J. Conroy & Co Solicitors and other local law firms, has acted on behalf of former EOKA fighters in a claim against the British Government for torture and other violations of the European Convention of Human Rights which has taken place in Cyprus during 1955-1959. The move was encouraged by the High Court decision in 2011 to allow three Kenyans – who also accused the colonial government of torture – to sue Britain over human rights abuse perpetrated during the Mau-Mau uprising. The case was eventually settled in 2012 with the three Kenyans receiving payouts from the British government. The case is one of most high profile Cypriot cases which have been publicized in BBC, Al Jazeera, other foreign newspapers and TV channels as well as on a plethora of media in Cyprus.
Commonwealth War Graves Commission
Our firm is the exclusive legal advisor of CWGC in Cyprus. The Commission ensures that 1.7 million people who died in the two world wars will never be forgotten. CWGC cares for cemeteries and memorials at 23,000 locations, in 153 countries. CWGC continues to preserve its cemeteries and memorials and encourage the act of remembrance. Each year around 20,000 headstones are either replaced or repaired by our staff. By preserving the memory of the dead with simple dignity and true equality, the Commission hopes to encourage future generations to remember the sacrifice made by so many. The Commission has established their offices in Cyprus back in 2012 and the same constitute their headquarters in the Mediterranean area.
Our firm is the exclusive legal advisor of SAGAPO Foundation. The Foundation is a humanitarian organization dedicated to working with children, families and their communities worldwide to reach their full potential through education. SAGAPO commits in creating awareness to transform lives and restore hope. The Foundation, being one of the largest foundations in the country, is considerably active and is hosting on an annual basis a number of successful events and programs. Our firm provides constant legal advice to the foundation and its members in various legal sectors and members of our team are also appointed to the board of the directors of the foundation.
Limassol Child Welfare Association
Established in 1936, the Limassol Child Welfare Association was formed from individuals who wished to help and assist underprivileged families and children in Cyprus. The association’s foremost philanthropic priority is to provide support to children with special needs across Cyprus. LCWA commits in creating awareness to transform lives and restore hope. Our firm provides legal advice to the foundation in various legal sectors.
With its highly specialised cross-border practice, A.G. Erotocritou LLC, has “all the professionalism you would expect from a large international firm” and is proud to count some of the largest international law firms, banking institutions and multinational corporations among its clients. Having rigorously implemented a business model similar to that of the most prominent U.S. and U.K. international law firms, the firm is constantly looking to improve by adopting practices that will enhance its international presence.
The firm, which has been characterised as “an exception to the Cyprus market where everyone does everything”, only accepts a limited number of specific engagements of “business nature”. By doing so, the firm ensures that its high calibre clientele continues to enjoy first class responsiveness and service, consistent with that of leading international firms as well as the highest standards of the profession. A.G. Erotocritou LLC is proud to count amongst its clients and to have carried out services, inter alios:
- Ultra-high-net-worth individuals from Russia, Eastern Europe and the Middle East, a number of whom are included in the Forbes list;
- International banking institutions, such as Raiffeisen Bank, RBS, Unicredit, Alfa Bank and Asian Pacific Bank, as well as one of the largest banks in the St. Petersburg region in Russia;
- Local bank institutions;
- Leading funds, investments firms, banks and other market participants within the international financial services sector;
- Three of the four largest (by revenue) tech companies globally;
- International companies such Estee Lauder, Paysafe, Marsh, Nikon Europe, etc;
- Leading companies in Greece and Cyprus, such Iktinos (Greece) – market leader in the Greek marble market, and Primetel (Cyprus), which is the second largest telecom company in Cyprus, RPT Group (leading group in shipping, energy and other sectors);
- Big-4 accounting firms;
- Leading international law firms;
- The Cyprus Shipping Association; and
- Commonwealth War Graves Commission, SAGAPO Children’s Foundation and other non-profitable institutions.
In addition, A.G. Erotocritou LLC has allocated significant resources in recruiting and maintaining talented and established lawyers in order to secure its ability to preserve the quality of its services and deliver the same in the long-term. The firm’s team is fluent in English, Russian, Ukrainian, French and German. Members of the firm’s legal team are US or UK graduates, have outstanding academic and professional credentials, and possess numerous awards and acknowledgements.
Lastly, the firm, which serves mostly international clients on cross border transactions and cases (work carried out for domestic clients corresponds to approximately 10% of the entire services offered), is proud to have developed an extensive network of associates all over the world, who are ready to assist and represent any of the firm’s clients, at any time.
Doing Business In
The Cyprus Real Estate Market
The real estate industry in Cyprus has had a considerable and unprecedented beneficial impact on the island’s international profile as a highly attractive investment destination. In this regard, such favourable exposure has consistently served as a dominant driving force in efforts to promote the abundant opportunities offered by the island’s real estate initiatives. In essence, this has culminated in firmly positioning the domestic property domain as a sustainable and lucrative investment vehicle – a positive and most welcome development which, over the years, has been widely credited and perceived as constituting an integral and inextricable component of the country’s steady economic growth.
A key catalyst for the creation of the island’s favourable investment climate has been factors such as the attractive tax regime, a high standard/low cost of living, an excellent infrastructure, an outstanding telecommunications network, ideal geographic location, a politically stable and safe environment, a pleasant Mediterranean climate, highly skilled and well-educated professionals, a legal system based on English common law and a host of other advantages which are conducive to choosing the island as an investment destination.
The key factors mentioned above have culminated in providing the necessary impetus to the island’s commercial and residential real estate market which has increasingly gained momentum in recent years. Aside from the upsurge in building activity and the rapid expansion occasioned by infrastructural and construction projects throughout Cyprus, the real estate market in the coastal city of Limassol has witnessed phenomenal growth, as is evident from an impressive multitude of modern high-rise buildings which have systematically altered the city’s metropolitan skyline. The rapid evolution of Limassol has not only maintained and reinforced its long-held reputation as a popular holiday destination but has served to transform this cosmopolitan city into an important and vibrant commercial hub.
As with most developed countries, there is no doubt that the life-threatening global repercussions of Covid-19 have adversely affected the island’s economy – a phenomenon which has inevitably had a significant negative impact on the real estate industry. This unfortunate development has, needless to say, cast a dark shadow over the real estate landscape in terms of occasioning the suspension of construction activity, severely restricting travel and disrupting all other aspects of life as we know it. Despite major setbacks and the consequential loss of confidence amongst prospective investors, there are nevertheless encouraging indications that commercial activity is returning to normality, with tangible signs of renewed interest amongst foreign buyers who appear to be ‘returning to the fold’ – a positive development and a reminder that investors continue to be inspired by the island’s low interest rates, attractive incentive schemes (linked to the acquisition of commercial and residential property), and a host of other beneficial factors which have served to make Cyprus a much-favoured and preferred investment destination.
It is anticipated that number of high-rise building projects which are currently underway, will be duly completed within 2021 and 2022, amidst most welcome indications that there is a consistent and significant level of demand from foreign investors who, as expected, will continue to pursue prime property opportunities as a viable investment vehicle.
The completion of the impressive €350m Limassol Marina project will, without doubt, be regarded as one of the hallmarks of the real estate sector’s accomplishments on the island. This development, coupled with other major ‘flagship’ undertakings, such as the €220m Ayia Napa Marina, the €600m Casino project in Limassol (the largest of its kind in Europe), as well as the recent renewed interest shown by reputable international hotel chains to establish a local presence, will as anticipated serve as forerunners and a most welcome catalyst for further investment activity on the island.
An imaginative scheme has given the green light for hotels to construct their own tower blocks. This innovative, and so-called ‘condo hotel’ concept, effectively paves the way for investors to acquire luxury apartments while having the added benefit and convenience of enjoying the hotels’ services and facilities. Such a ‘ground-breaking’ development (which appears to be more prominent on the coastal strip of Limassol), is a most advantageous incentive for property buyers who will also be afforded direct and trouble-free access to the vast array of activities, amenities and extensive recreational resources of the seafront area. There is little doubt that this unique initiative will not only add much-needed impetus to the real estate market but will enrich and provide immeasurable value to the island’s vibrant hospitality sector.
The abolition of the Cyprus Investment Programme as of 1st November 2020, has culminated in a drop in demand for both residential and commercial properties – an inevitable consequence of the loss of confidence in the stability of the island as a reliable investment destination. As part of intense efforts to reverse this negative trend, it is anticipated that the government of Cyprus will undertake an in-depth assessment concerning all aspects of the now defunct programme. In this respect, there is an acute realisation for the need to formulate a revised and more demanding regulatory framework.
At this juncture, and as of 24th March 2021, the Cyprus Permanent Residence Scheme under the amended Aliens and Immigration Regulations, permits non-EU nationals and family members to take up permanent residence on the island upon investing €300,000 in residential or commercial real estate, the share capital of a Cyprus -registered company, or investment units of a Cyprus Collective Investment Organisation.
The applicable investment criteria for the above, are subject to the following:
- A minimum of €200,000 is to be paid and deposited in a local financial institution prior to submission of the investor’s application, along with appropriate verification that the funds in question are derived from abroad.
- The acquisition of property may be effected by a Cyprus, EU or EEA-registered legal entity provided the individual applicant and/or spouse are the sole shareholders or ultimate beneficial owners.
- In respect of residential real estate, up to two units may be acquired by the applicant subject to meeting the €30,000 minimum value requirement.
- Prior to investing in commercial real estate, the applicant is to furnish proof of residence in Cyprus (title deed, sales contract or lease agreement).
- Residential property may not be purchased by way of a ‘resale’ transaction.
- A permit issued may incorporate the applicant’s spouse as well as dependent children who are not over 18 years of age.
- Specific provisions cater for dependent children attending local or foreign higher education institutions and aged between 18 to 25 years, as well as for parents and parents-in-law who, under express conditions, are at liberty to apply on the basis of the principal applicant’s investment.
- Under certain stipulated circumstances, the applicant’s adult children may secure permanent residence irrespective of whether they are financially dependent.
- All applicants are to provide a clean criminal record from country of origin/residence.
The real estate sector has without doubt taken on a crucial and integral contributory role in relation to the economic development, long-term growth path, and financial prosperity of the island. In doing so, it has shown itself to be a dynamic force, prime mover and a key enabler of a multitude of activities, disciplines and operations, which span and extend across the domestic, commercial, industrial, legal and financial landscape of the country. This, in itself, reflects the significance and implications of a buoyant property market and highlights the crucial importance that the A.G. Erotocritou legal team attaches to maintaining and entrenching its position as a major player in the island’s real estate field.
Alexis Erotocritou, PartnerPartner Alexis Erotocritou’s outlook on A.G. Erotocritou LLC explains how the firm is adapting to clients’ changing needs
What do you see as the main points that differentiate A.G. Erotocritou LLC from your competitors?
A.G. Erotocritou LLC has been described as “an exception to the Cyprus market where everyone does everything” due to its niche practice and highly specialised team in both contentious and non-contentious matters, which is “always there for the client”. A.G. Erotocritou LLC carefully selects its clients and the projects it takes on, in this way allowing it to ensure its exclusive clientele and maintain the highest quality of services. Finally, as our firm does not provide corporate administration or nominee services and refrains from acting for and on behalf of local banking institutions on fixed-retainer agreement, it remains conflict-free at all times.
Which practices do you see growing in the next 12 months? What are the drivers behind that?
It goes without saying that this past year was unpredictable and has shaken the markets across the world. However, due to the support packages most governments have been offering, the blow has, so to speak, been softened. The true aftermath, it seems, is not yet fully visible. This naturally is expected to give rise to restructuring and insolvency, a practice our team has been significantly investing in over the past few years, irrespective of the pandemic but will continue to do so, in view of the current events. Additionally, our firm’s recently established Financial Services and Products practice, which already counts some of the largest players in the industry at a both local and international level, is expected to steadily grow, as an area with constant developments and changes.
What’s the main change you’ve made in the firm that will benefit clients?
A.G. Erotocritou LLC has, through the years, been rigorously implementing a business model similar to that of some of the most prominent international law firms. Aside from the steady growth of our team over the past few years, our firm is constantly looking for ways to maintain the excellence in its specialist services whilst also remaining fully available to its clients. Technology, with the embrace it has seen as a result of the lockdown measures imposed across the globe, has been our friend in this respect. Additionally, our firm has strengthened and expanded its investment and transactional advisory team by welcoming Melinda Rishkofski on board, as the firm’s external consultant. With her expertise and over 30 years of experience, Melinda has already added significant value to the team.
Is technology changing the way you interact with your clients, and the services you can provide them?
Our team prides itself in always being available for our clients and willing to work around the clock, if necessary, to deliver. In this respect, embracing technological advances has always been a priority of our firm and this year has been no exception. Our firm has fully adapted to the difficult circumstances caused by Covid-19, with our entire team having the ability to work remotely while maintaining our usual working interface. Despite the difficult circumstances that brought about this change, we are happy to note that technology has given us a platform to interact with our cross-border clients on a face-to-face basis more often.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?
A.G. Erotocritou LLC is treading its path confidently and steadily, something our team intends to continue to do as we maintain our ethos and value. As I have also stated above, our firm is constantly looking for ways to expand but is aware it should do so steadily and only where necessary. While A.G. Erotocritou LLC is proud to already count some of the largest international law firms, banking institutions and multinational corporations among its clients, and intends to continue investing in the excellent relationships it as built along the way, we expect our business to grow naturally over the next few years, with an even more dominant presence in international markets.
A.G. Erotocritou LLC has firmly established itself as a “top tier” leading law firm in Cyprus, having cultivated an unrivalled reputation for excellence, with an impressive track record and an all-embracing legal service capability, underpinned by an acute sense of commercial awareness.
The firm’s achievements have been duly recognised and endorsed by selected international legal directories such as Legal500, Chambers and Partners, IFLR, WhosWhoLegal and Client Choice / International Law Office. Amongst others, the firm has been recognised as “an exception in the Cyprus market where everyone does everything”, a firm which “is always there for the client” and has “all the professionalism you would expect from a large international firm”.
With a primary service focus on cross-border commercial litigation and arbitration, real estate, private client and immigration, corporate and M&A, regulatory, banking & finance, restructuring & insolvency, e-commerce, shipping and data protection, we cherish the importance of maintaining cordial and durable relations with our clients, through mutual respect and understanding.
The firm is one of the new generations of Cyprus law firms striving to reformulate the ‘traditional role’ of a law firm. A.G. Erotocritou LLC has adopted a new model for the delivery of legal services with a flexibility to meet clients’ needs, exceed their expectations and provide tailor-made personalised solutions.
The firm has rigorously implemented a business model similar to that of the most prominent U.S. and U.K. international law firms; hence, A.G. Erotocritou LLC has allocated significant resources in recruiting and maintaining talented lawyers in order to secure its ability to deliver the same level of services in the long-term. A structured multi-stage selection process is undertaken for all candidates, evaluating merit and ethos as key criteria for recruitment. All members of the A.G. Erotocritou LLC legal team are US or UK graduates, have outstanding academic credentials and possess exceptional research, communication, negotiation, organisational and interpersonal skills which not only complement their in-depth knowledge of Cyprus law, but serve as indispensable resources in their ability to undertake complex international/cross-border legal issues.
In an effort to remain conflict-free at all times, maintain its specialisation and be able to act in complex commercial disputes and transactions, A.G. Erotocritou LLC does not act as a trustee company by way of provision of corporate administration or nominee services but also does not act for and on behalf of local banking institutions on fix retainer.
The firm is proud to count some of the largest international law firms and banking institutions, high-net-worth individuals and various notable conglomerates around the world as clients. On a domestic level, the firm also advises and regularly represents various banking institutions and corporations, public authorities as well as prominent non-profitable associations.
The business of A.G. Erotocritou LLC has expanded significantly, both in terms of volume as well as the quality and magnitude of cases and transactions handled. This is not only a testament to the calibre of the firm’s services but also highlights the trust clients place in the team and the overall high quality of work.