Firm Profile > Elias Neocleous & Co LLC > Limassol , Cyprus
Elias Neocleous & Co LLC Offices
NEOCLEOUS HOUSE, 195 MAKARIOS III AVENUE, 1-5TH
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Elias Neocleous & Co LLC > The Legal 500 Rankings
Banking and finance Tier 1
Elias Neocleous & Co LLC regularly advises local and foreign banks on complex deals and receives referrals from international law firms. The ‘client-oriented and experienced’ team advised a consortium of banks from Austria, Croatia, Italy and Slovenia on the Cypriot law aspects of a €20m facility for the construction of a new hotel. Other key clients include Coutts and Bloomberg. Demetris Roti heads the team, which includes ‘precise and meticulous’ duo Elias Neocleous and Costas Stamatiou. The team is also ‘very experienced in asset recovery work’.
Elias Neocleous & Co LLC advised a Cyprus-based group of companies with assets in the CIS on a potential eurobond private offering of notes in Switzerland. Bloomberg is another key client. Elias Neocleous and Demetris Roti are key members of the ‘resourceful and knowledgeable’ team.
Employment Tier 1
Elias Neocleous & Co LLC is skilled at advising senior employees as well as major multinationals such as Mercedes-Benz and Diageo. It also advises the British High Commission on all employment issues. The group has particular expertise in devising remuneration and incentive packages for senior employees. Nicholas Ktenas has considerable experience in this space.
Intellectual property Tier 1
Maritime and admiralty Tier 1
Elias Neocleous & Co LLC advises clients such as Aegeon Insurance, Limassol Marina and Nordea Bank. The team handles a large amount of debt recovery work for carriers and is adept at advising on ship and superyacht purchases as well as handling proceedings before the admiralty jurisdiction of the Supreme Court of Cyprus. Head of team Costas Stamatiou has 'an excellent understanding of the local requirements on international transactions’.
Real estate and construction Tier 1
Elias Neocleous & Co LLC acts for clients including Galaxia Property Specialists and Stylianou Bros in ongoing litigation and on various conveyancing matters. The ‘active’ team also frequently handles complicated real estate matters for overseas clients. Elias Neocleous and Christos Vezouvios are the primary contacts.
Tax Tier 1
Elias Neocleous & Co LLC has a dedicated team of tax lawyers, chartered accountants and other tax specialists that regularly work on complex cross-border projects and investments. It is also skilled at advising on domestic tax work and in tax litigation. Clients include Avanti Communications Group, Kellogg’s and Limassol Marina. Elias Neocleous is a key name.
Dispute resolution Tier 2
Chrysanthos Christoforou heads the department at Elias Neocleous & Co LLC. The team successfully brought a claim to the European Commission against the Republic of Cyprus; the claim was brought on behalf of two individuals and concerned an unlawful refusal to recognise academic qualifications obtained from a Greek university. Elias Neocleous and Costas Stamatiou are noted.
EU and competition Tier 2
Elias Neocleous & Co LLC has a diverse and active practice. Highlights included advising Galileo Global Education on the competition aspects of the acquisition of various higher educational institutions in Italy and Cyprus. Maria Kyriacou heads the large team that includes Ramona Livera and Elena Christodoulou.
Elias Neocleous & Co LLC > Firm Profile
Elias Neocleous & Co LLC is among the largest firms in South East Europe and the Eastern Mediterranean, with more than 140 lawyers and tax consultants. All are English-speaking and members of staff speak most European languages, as well as major Asian languages. The firm is generally regarded as a regional leader, with a particular forte in cross-border work, advising international clients on all aspects of Cyprus and European law and handling the largest and most demanding cross-border assignments.
Having pioneered the development of business ties between Cyprus and Russia, the firm has widened its market focus to include China, Israel, the middle east, India, Asia and South America, acting for leading companies from these regions as they enter the European market. The firm continues to invest in its human resources and infrastructure in order to provide clients with service of the highest quality.
Areas of practice
Admiralty and maritime: Deals with the registration of vessels and aircraft
under the Cyprus and other flags and all aspects of ship finance. It also handles disputes and executions of judgments against assets of shipping and aviation companies worldwide.
Banking and finance: Advises on the Cyprus aspects of major cross-border
finance transactions, including all types of loans and derivatives. It has strong links with commercial and investment banks, trust companies and underwriters.
Corporate and commercial/mergers and acquisitions: Advises on corporate management and governance, formation, merger and acquisition of companies in Cyprus and abroad, corporate reconstruction and reorganisation, capital raising transactions, and private equity work. It has particular expertise in investment via Cyprus to and from Central and Eastern Europe, Asia and South America.
Competition and European Union law: Advises multinational enterprises investing in Cyprus on competition and merger control issues under domestic and EU law.
Intellectual property: advises on the acquisition, registration and protection of all types of intellectual property. The firm specialises in high-level advice to international clients on the protection and exploitation of intellectual property using Cyprus-based structures in order to benefit from Cyprus’ advantageous IP taxation regime.
Litigation and arbitration: Deals with administrative law, admiralty, international trade law, land, matrimonial and personal injury cases, debt collection, defamation, negligence and other torts, and conducts domestic and international arbitration, mediation and other forms of ADR.
Infrastructure and project finance: the firm assists clients on landmark developments, global PFI and PPP projects. Advice is specifically tailored to dovetail with the corresponding commercial, banking and finance and tax aspects.
Tax and international tax planning: Advises on tax law and treaties, plans multinational structures and handles tax disputes. A specialist team within the department focuses on tax planning and wealth management for HNWIs and UHNWIs in conjunction with their home country advisers.
Real Estate and Immigration: Deals with all issues related to real estate, including agreements for buyers and sellers, expatriation of funds, estate planning and succession issues, particularly for HNWIs.
Extensive experience in citizenship applications, employment permits, permanent residence permits and other immigration matters.
|Managing Partner, Companies, corporate management, trustee and fiduciary services, Tax/international tax planning||Elias Neocleousfirstname.lastname@example.org||+357 25110110|
|Tax/international tax planning, trustee and fiduciary services||Kyriacos Xenofontosemail@example.com||+357 25110156|
|Corporate finance, capital markets, securities||Demetris Rotifirstname.lastname@example.org||+357 25110161|
|Corporate finance, capital markets, securities||Dimitris Papoutsisemail@example.com||+357 25 110145|
|Real estate, immigration and residence, wills and administration of estates||Christos Vezouviosfirstname.lastname@example.org||+357 25110221|
|Admiralty and shipping, Shipping companies, ship registration, ship finance and aviation||Costas Stamatiouemail@example.com||+357 25110141|
|Banking and Finance, Corporate and Commercial, Employment Law||Andrea Kallis Parparinoufirstname.lastname@example.org||+357 22110311|
|Litigation and Dispute Resolution||Christia Middletonemail@example.com||+357 26110382|
|Litigation and Dispute Resolution||Nicolas Tsardellisfirstname.lastname@example.org||+357 22110305|
|Commercial and general litigation, Arbitration (local and international)||Chrysanthos Christoforouemail@example.com||+357 25110136|
|Commercial and general litigation||Antonis Glykisfirstname.lastname@example.org||+357 25110169|
|Banking law, finance, insolvency||Demetris Rotiemail@example.com||+357 25110161|
|Banking law, finance, insolvency||Costas Stamatioufirstname.lastname@example.org||+357 25110141|
|Employment law, Intellectual property and trade marks, Internet, e-commerce and information technology law||Nicholas Ktenasemail@example.com||+357 22110324|
|Intellectual property and trade marks||Ramona Liverafirstname.lastname@example.org||+357 22110327|
|Matrimonial and family law||Christos Melidesemail@example.com||+357 25110113|
|Matrimonial and family law||Anna Demetrioufirstname.lastname@example.org||+357 25110121|
|Corporate and Commercial, Intellectual Property||Efrosini Monouemail@example.com||+357 22110230|
|Arbitration (local and international), Administrative law||Christos Melidesfirstname.lastname@example.org||+357 25110113|
Staff FiguresNumber of lawyers : 143 at this office : 80
LanguagesArabic Czech English French German Greek Hebrew Hungarian Italian Russian Spanish Turkish Ukrainian Urdu
OtherOther offices : Brussels Other offices : Budapest Other offices : Kiev Other offices : Nicosia Other offices : Paphos Other offices : Prague
What do you see as the main points that differentiate Elias Neocleous & Co LLC from your competitors?
Our size: we are the biggest law firm in Cyprus, as regards the number of professionals. Due to this fact, we have the staff strength and depth of resources required to take on large multinational assignments at short notice and complete them to the highest standard. As a result, we can meet any deadlines, however demanding, without adversely affecting service to other clients.
But the benefits of our size do not stop there; this also allows our staff to specialize in their chosen field. The firm is truly departmentalised and equipped with the necessary information technology and knowledge management infrastructure to deal with the pressing demands of today’s multinational work. This privilege, together with our in-depth knowledge and experience of local or cross-border transactions allows us to match the levels of service offered by the world’s major legal centres.
Our staff receive ongoing training and support to keep pace with developments in both the local and global markets and we are supported by the latest technology to ensure efficiency of service. Our lawyers have the mindset of the international legal professionals; we use remote access and other technology to serve our clients no matter where in Europe or the world they are located, greatly augmenting capabilities to meet client’s expectations and needs.
Which practices do you see growing in the next 12 months? What are the drivers behind that?
If we have to name a few practices and sectors, these would definitely include financial services and funds, tax, the non-performing loans by credit institutions (NPLs) and energy. More specifically:
As regards the financial services and funds: The plethora of EU initiatives regulating the fields of financial services has also deeply impacted the local legislation, which is constantly updated to align with the demands of EU regulations and/or directives. From the developments of MiFID II to those of the new Securitization Regulation or the Prospectus Regulation, our teams have been monitoring updates and proactively assisting our clients with their regulatory requirements and the practicalities of facing these new demands. I believe that these will continue in the next 12 months, as regulatory compliance and risk management is high in the agenda of their internal operations.
Turning to the collective investments and their managers, the new Cyprus regime that was introduced last summer has positively impacted on the registration of new alternative investment funds and we see an increasing demand for the authorization of such structures. We firmly believe that there is a great potential of growth for the Cyprus funds industry which we expect to continue in the coming months.
As regards tax: Given the rapid implementation of international initiatives enacting the ongoing agenda of the OECD on the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) and of the EU’s ATAD and rules to avoid hybrid mismatches as well as the emphasis on transfer pricing rules, we see our Corporate and Commercial and Tax practices and departments expanding significantly during the course of the next 12 months. We have adopted a proactive approach to assist our clients to identify their tax and corporate structures which may no longer be compliant or best practice in this ever-changing tax environment, and we work closely with our clients to adjust their corporate structures and to stay ahead of these changes.
As regards the NPLs: This cross-departmental sector has drawn the attention of our clients from different angles: on the one hand, our litigation teams act on mandates from borrowers or lenders with regards to disputes or enforcement over the underlying assets of NPLs; on the other hand, our Corporate and Commercial, M&A and Financial Services teams have seen an increase in their advisory and transactional activities assisting clients looking to acquire or invest in the portfolios of NPLs (or their underlying security) by existing structures or new ones, such as the credit acquiring entities recently introduced to tackle this issue. We are confident that this practice will continue to grow over the following months based on the increasing interest by local credit institutions, the regulator and the relevant market players.
What’s the main change you’ve made in the firm that will benefit clients?
Our professionals advising clients have been working closely with IT experts and we streamline and simplify solutions using technology in the delivery of our legal work so that it can be done effectively and cost-efficiently for our clients.
Is technology changing the way you interact with your clients, and the services you can provide them?
Of course. We are very enthusiastic in adopting technology and embracing the changes. We are currently launching our “Innovation Legal Hub” and we are completing the construction of a state-of-the-art data center in Limassol, which is located right next door to our Head office.
Uniquely for Cyprus, our firm is a pioneer of legal technology and innovation in Cyprus: contrary to the widely held view that technology will adversely impact on the traditional work of lawyers which leads some colleagues to be afraid of technology, we embrace and adopt the tools that technology offers to legal professionals for the benefit of our staff and clients. Access to online legal resources, a highly sophisticated knowledge management and time keeping system, workshops and seminars on integrating AI in the everyday life of a lawyer and recipients of legal services are only few of the examples that are part of our everyday vocabulary here at Elias Neocleous & Co LLC.
Can you give us a practical example of how you have helped a client to add value to their business?
At Elias Neocleous & Co LLC we may be located in Cyprus but our mindset is that of an international law firm: we urge our professionals to acquire an outstanding level of sophistication in their area of practice and a business understanding of the clients’ needs which they inevitably demand. For us, a business lawyer can no longer be just a lawyer in the traditional and old-fashioned sense but needs to have a commercial, tax, accounting and investment understanding and approach.
Our people come from, and have gained experience in, a number of countries and are familiar with the operations and demands of a truly globalized business environment. Our clients, usually market leaders in their sectors, are accustomed to the highest-level of legal guidance in their transactions and demand that high level of legal service in their dealings in or through Cyprus. For us being selected as their local advisor is a privilege we do not take lightly: we assign the best people to serve the specific needs of each individual client to ensure they get timely, accurate and cost-efficient advice and assistance.
Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?
We see ourselves as the ‘firm of the future’ and to this direction we focus all our resources on:
- Our human capital;
- Robust internal control and compliance procedures.
We aim to professionalize the delivery of legal services for the benefit of our clients, partners and staff and create a prosperous firm.
Elias Neocleous & Co’s Financial Services team assisted the Zarenkov family on Cyprus corporate and financial services law matters in their February 2019 disposal of a 25% shareholding interest in Etalon Group Plc to Sistema PJFC, a publicly-traded diversified holding company. Etalon Group Plc, one of Russia’s largest and longest established development and construction companies, is a Cyprus public company having Global Depositary Receipts (GDRs) traded on the Main Market of the London Stock Exchange since 2011. The relevant public announcements on this transaction are available in the website of the London Stock Exchange and of Etalon Group Plc.
New Cyprus law on data system security
The Security of Networks and Information Systems Law, Number 17(I) of 2018, implements articles 8 and 9 of EU Directive 2016/1148 on measures to achieve a high common level of security of network and information systems throughout the EU. It designates the Commissioner for Electronic Communications and Postal Regulation (Commissioner), appointed under article 5 of the Regulation of Electronic Communications and Postal Services Law 112(I) of 2004, as the national competent authority for the purposes of article 8 of the directive, with responsibility for coordinating the implementation of the cyber-security strategy and monitoring the application of the directive at national level.
In 2011, in response to public concerns over large multinational companies exploiting differences in national tax rules, the European Commission published a proposal for a Common Consolidated Corporate Tax Base (CCCTB) to unify tax rules throughout the EU. Individual countries would still be free to set their own tax rates, but anomalies between countries in terms of deductibility of expenses and recognition of income would be eliminated. The initial proposal met with considerable political resistance, particularly from the United Kingdom, and was not pursued. In October 2016, perhaps in anticipation of less resistance once Brexit was completed, the Commission issued a revised proposal to replace the earlier one. It aims to introduce a set of common rules for determining the tax base of companies with operations in several EU Member States and tax them in the country where their revenues are generated, and remove the anomaly of large companies paying what the public perceives as disproportionately low amounts of tax in countries where they have significant activities.