International Arbitration 2021 – Cyprus – Chambers Practice Guides

International Arbitration 2021

Law and Practice

 1. General

 1.1 Prevalence of Arbitration

Arbitration is usually used in Cyprus for construction disputes, shareholder disputes, banking disputes between debtors and co-op institutions, and commercial disputes. Despite the fact that international arbitration has become increasingly popular over the last few years, litigation is clearly the most favoured method of resolving disputes in Cyprus. However, there is a growing trend to resort to arbitration, given the inefficiency of the court system to resolve disputes quickly.

As companies and residents in Cyprus often act within the context of international corporate structures and participate in international business transactions, international arbitration is most used as a method of dispute resolution for those transactions.