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ARTICLE · 24 JUNE 2005

Cyprus: An Ideal Centre For International Commercial Arbitration

Elias Neocleous & Co LLC
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Already a well-established international business and shipping centre, Cyprus is now ready to become a popular venue for international arbitrations.

CyprusLitigation, Mediation & Arbitration
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A. INTRODUCTION

Already a well-established international business and shipping centre, Cyprus is now ready to become a popular venue for international arbitrations. Its prompt ratification of the Uncitral Model Law on International Commercial Arbitration (the second country to do so after Canada) has added to the Republic's existing advantages and gone a long way towards establishing it as an extremely suitable location.

Parties to international arbitration seeking a suitable venue have a difficult decision to make. It must be both neutral and politically stable and its legal system both sophisticated and effective. No legal obstacle must exist which would jeopardise the conduct of the arbitration and, equally importantly, the successful party must be able to obtain legal enforcement in the country where the other party has assets.

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