Tax in Cyprus

Chrysostomides Advocates & Legal Consultants

At Chrysostomides Advocates & Legal Consultants, George Ioannou heads up a talented team which is highly regarded for its advice on a broad array of tax planning matters. The department frequently advises on the tax implications of issues in the digital economy, as well as on mergers and acquisitions, reorganisations and joint ventures. It continues to be busy advising on a variety of other commercial projects and due diligence matters. The group is immensely experienced in advising on issues such as transfer pricing, employment taxes and withholding taxes in cross-border transactions. A significant part of its tax-related work relates to advising wealthy individuals on personal tax matters and tax-efficient structures. Konstantinos Taramountas is another highly-regarded member of the practice.

Praxisleiter:

George Ioannou


Weitere Kernanwälte:

Konstantinos Taramountas


Referenzen

‘Very prompt and business-friendly tax advice, immediate turnaround and availability.’

‘George Ioannou and Konstantinos Taramountas are always pleasant to work with, technically oriented, and provided targeted advice.’

‘Chrysostomides Advocates & Legal Consultants is distinguished by its exceptional expertise in cross-border legal matters, paired with a personalised and technology-focused approach to client service.’

Kernmandanten

Wolt Cyprus Ltd


Tencent


Veeva Systems


Marsh & McLennan Companies


FedEx Corporation


Microsoft Corporation


Moody’s Corporation


BRP Tax


Mastercard


Astrobank PLC


DECA Investments


Highlight-Mandate


  • Advised DECA Investments, a private equity fund based in Luxembourg, on the tax aspects for the acquisition of a multi-million EUR minority stake in cybersecurity provider Odyssey Consultants Limited.
  • Advised the American University of Beirut on the tax implications of its EUR60m investment in Cyprus for the construction of a new campus.
  • Advised FedEx and Microsoft Corporation on Cyprus-based employees’ tax matters, including corporate tax, personal income tax and withholding tax.

Clerides, Anastassiou, Neophytou LLC

The ‘extremely professional and proactive’ team at Clerides, Anastassiou, Neophytou LLC is ably co-led by Stavros Clerides and Andri Stylianou. The group has substantial experience in sophisticated cross-border and local transactional work. It is frequently called upon by major US and international law firms to advise on the tax elements of significant multi-jurisdictional deals and projects. The practice has a wealth of experience in advising on acquisitions, mergers and IPOs. In addition, it routinely advises on the tax dimension of numerous complicated financial arrangements. It is recognised for its expertise in private equity and venture capital deals, as well as for its experience in angel financing and IP deals. The team is highly sought after too for its work on a variety of tax compliance matters.

Praxisleiter:

Stavros Clerides; Andri Stylianou


Referenzen

‘Stavros Clerides is outstanding. His dual qualification as an accountant and lawyer gives him a unique advantage in the area of tax law.’

‘Stavros Clerides is second to none and has an exceptional grasp of tax and legal matters together and is of great assistance when we require innovative cross-border structuring work and tax planning. He is a brilliant lawyer with a deep understanding of corporate finance and business matters.’

‘Andri Stylianou has wide experience in structuring and negotiating complicated cross-border transactions and is also very efficient and diligent.

Kernmandanten

Mobileye BV Group


Phanos N. Epiphaniou Plc


Southbridge Advisors A.I.F.M.


Dla Piper


Lorgena Ltd


Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo


Nychiza Ltd


Isotax Ltd


Highlight-Mandate


  • Advised on the structuring of a transaction regarding the acquisition of a luxury hotel project in Europe and the Cyprus corporate and tax legal aspects of the deal.
  • Advised on the Cyprus aspects of the sale of a luxury residential property project in Cyclades.
  • Advised several clients on their obligations in relation to the implementation of the EU Council Directive 2011/16 on cross-border tax arrangements (known as DAC6 ), as amended.

Elias Neocleous & Co LLC

Elias Neocleous & Co LLC has a stellar reputation in the market. The agile group specialises in developing and implementing innovative tax-efficient structures for international transactions. The department handles the full range of domestic tax issues and tax litigation and is particularly sought after for its expertise in advising on the tax implications of employment relationships. Other elements of this wide-ranging practice include advising HNWIs and their advisors on a range of complex tax issues. The versatile group is recommended for its support on various compliance matters too. It has sector expertise in many areas, such as shipping, real estate and energy. Elias Neocleous and Kyriacos Xenophontos are at the helm. Elena Christodoulou plays a pivotal role in the department too.

Praxisleiter:

Elias Neocleous; Kyriacos Xenophontos


Weitere Kernanwälte:

Elena Christodoulou; Fabian Cabeza


Referenzen

‘Elias Neocleous & Co. LLC has a broad team, we have been working with them for years and they are a reliable party. Elias Neocleous himself is very responsive and friendly.

‘Excellent team with excellent legal and commercial skills.’

‘Understands the real issue quickly, and proposes good and robust solutions.  Elena Christodoulou and Fabian Cabeza are excellent and are a perfect team on corporate and tax matters.’

Kernmandanten

Made.com


Mintra Holding AS (Norway)


Invel Real Estate Partners


Airbnb


Booking.com


Limassol Marina


KKCG Group


Allwyn Group


Bloomberg


Avanti Communication Group Plc


Prodea Investments


Huawei Technologies


Stacyc Bikes


Oriflame Cosmetics


Royal Caribbean Cruises


Greenmont Ventures


CPI Property Group


Highlight-Mandate


  • Advised a game development studio on the tax implications associated with the implementation of Council Directive (EU) 2020/284 implementing the Central Electronic System of Payment Information (CESOP), and particularly on the EU VAT tax risks relating to its operations with key US partners.
  • Advised an international group on the Cyprus tax implications of its proposed establishment of an online platform that will display non-fungible tokens (“NFTs”) linked to unique digital assets being sold through the platform.
  • Advised an international media and entertainment group on tax structuring and on the planning for its proposed expansion into the European market, and addressed specific advice on Pillar II implementation in Cyprus, as well as on Cyprus-specific incentives available to the company.

KINANIS LLC

The ‘extremely knowledgeable’ team KINANIS LLC ‘takes a personal interest in its clients’ matters’. Its dedicated tax advisory and compliance practice is collectively led by Charalambos Meivatzis, Marios Palesis and Demetra Constantinou. Clients come from a range of sectors, such as tech, aviation and real estate. It often works with international law firms, accounting firms and other consulting practices. The group has wide-ranging expertise across areas as diverse as transfer pricing, VAT and cross-border tax investigations. Additionally, it provides personal tax services to wealthy individuals. It has considerable cross-border expertise and frequently advises on the tax aspects of corporate structures and reorganisations. Yiota Michael has left the firm.

Praxisleiter:

Charalambos Meivatzis; Marios Palesis; Demetra Constantinou


Weitere Kernanwälte:

Stephanos Charalambous


Referenzen

‘Detailed, specialised, knowledge that is conveyed in a way that non-specialists can understand and make informed decisions as to how to proceed. Professionalism served with approachability. Formal but friendly.’

‘The below-mentioned individuals stand out because during our collaboration they are extremely knowledgeable, top professionals to work with, very prompt and eager to assist! Stephanos Charalambous, Marios Palesis.’

‘I like the human approach. Marios Palesis and Demetra Constantinou are always willing to help and to revert promptly to our queries.’

Kernmandanten

Xomonel Enterprises Ltd


Farsonex Investments Ltd


Megatren Investments Ltd


Halman Consultants (Overseas Ltd)


Audax Consulting


Chenor AG


Torwell Holdings


Lenhill


Elsavco Audit Tax Ltd


Istos Global Ltd


VATastic AG


Twiti Investments Ltd


Strikos Group


Tenet Group


Solicia Enterprises Ltd


CEA audit Ltd


Cobalt legal


Estron Corporation Limited


Cyprana Limited


Stalworth Pro Limited


N. Voskarides Audit Limited


Sephora (Cyprus) Ltd


Rubylight Ltd


Metatax Advisors


JustMarkets


AristionFX


Premier Shukuroglou Group


NSF Together


Easy Staff


GKI Ltd


Kroll Advisory Ltd


Rosert


Yiannoukas Medical Laboratories


Korpus Prava


My.Games


Holborn Assets


Avientano Ltd


Taliadoros Audit Firm Ltd


Cosmiaco Ltd


KCA AuditPath Ltd


IQEQ (Cyprus) Ltd


ISTOS Global Limited


PQS Advisory Ltd


Highlight-Mandate


  • Undertook a restructuring for an international online securities trading trainer.
  • Assisted a client on how to apply for the new ‘Film in Cyprus’ incentive scheme, designed to attract international film productions to the island.
  • Advised on, then prepared and successfully obtained, a favourable outcome through an Advanced Tax Ruling submitted to the Cyprus Tax Department on behalf of an online games publisher.

Patrikios Pavlou & Associates LLC

The skilled team at Patrikios Legal is well-versed in all aspects of cross-border transactions. It advises international corporate entities, large groups of companies and HNWIs on the implementation of effective tax planning structures and tax disputes. The group is well-equipped to advise on the tax aspects of major restructurings, the execution of multi-million financing transactions and complicated loan restructurings. Stavros Pavlou and Stella Strati spearhead the practice, which is highly rated for its work on a variety of private client and trust law matters too. Angelos Onisiforou has considerable expertise in indirect tax and VAT matters.

Praxisleiter:

Stavros Pavlou; Stella Strati


Weitere Kernanwälte:

Angelos Onisiforou


Referenzen

‘I have worked closely with Angelos Onisiforou. I was impressed with his dedication, drive and passion regarding the work he undertook. A solid member to have on any legal team.’

‘The Patrikios Legal tax team is one of the most professional teams that my company has worked with. Their knowledge of the industry is exceptional and always up to date.’

‘They are very efficient and always available. Definitely a team of lawyers to use for any tax-related matters. The Patrikios Legal tax team just gets the job DONE.’

Kernmandanten

Across Legal SLP


DLA Piper


Yiallourides & Partners


Iason Skouzos Tax Law


Chelco VAT


Lenz & Staehelin


White & Case LLP


Nelson Mullins


Highlight-Mandate


  • Advising an expanding group of companies with a presence in different jurisdictions throughout the world, operating in the field of software development, on the restructuring of the group, by way of the incorporation of a Cyprus holding company.
  • Represented a client before the Tax Tribunal of Cyprus for the wrongful imposition of VAT on the disposal of immovable property.
  • Advising a professional mixed martial arts fighter in relation to the management of his image rights and in relation to the corporate structure relating to the promotion of the athlete and the management of the image rights.

AGPLAW | A.G. Paphitis & Co. LLC

The team at AGPLAW | A.G. Paphitis & Co. LLC is well-placed to advise domestic and international corporate and private businesses, as well as HNWIs on a broad array of issues. Under the joint leadership of Angelos Paphitis and Michael Alexandrou, the team specialises in transfer pricing,  international tax planning and corporate tax advisory work. In addition, the department provides private tax and wealth planning services to its clients. Another area of focus is advising on VAT matters.

Praxisleiter:

Angelos Paphitis; Michael Alexandrou


Weitere Kernanwälte:

Aphrodite Demetriou


Referenzen

‘The AGP team have been exceptional from start to finish. I am very happy with all the support they have provided over the years.’

‘Michael Alexandrou is my man – he sorts everything out for me without question or fuss, always on the ball.’

‘AGP’s tax team is very professional and ready to help with any question.’

Kernmandanten

AFW


Investments Ltd


Yesteq Ltd


TIM Global Invest Group Ltd


Gaintrade Limited


Tenet Middle East Tax Consultants L.L.C.


Fidentia Trust S.A.


Musecy SM Ltd


Metaquotes Ltd


Sharp Consumer Electronics Europe Ltd


Finery Markets Ltd


Highlight-Mandate


  • Advised AFW Investments Ltd on the tax classification of its property sales in Cyprus, determining the company should be taxed as a trader at a 12.5% corporation tax rate instead of a 20% capital gains tax rate.
  • Advised Yesteq Limited on the tax treatment of distributions from its wholly owned U.S. Single Member LLCs, determining that these LLCs could either be treated as permanent establishments, incorporating their income and expenses into Yesteq’s financials, or as sources of dividend payments, each with different tax implications under Cyprus law.
  • Advised TIM Global Invest Group Ltd on the timing of dividend taxation for a non-domiciled Cyprus tax resident, confirming that dividends are taxed based on the declaration date, not the payment date, thus ensuring accurate tax reporting and compliance.

Andreas Coucounis & Co LLC

Dimitria Coucouni heads up a versatile practice at Andreas Coucounis & Co LLC, which regularly advises multinational groups of companies on Cyprus tax-related matters.  It has been busy working on a diverse range of matters, from advising on VAT invoicing and VAT fraud to providing regular tax updates to international law firms on changes in tax legislation relating to DAC6. The group is well-equipped to advise wealthy individuals and corporations who want to invest in Cyprus. In addition, it often advises on tax residency issues. Tasos Coucounis is another key member of the team.

Praxisleiter:

Dimitria Coucouni


Weitere Kernanwälte:

Tasos Coucounis


Kernmandanten

Gartner Inc.


Amazon


Joseph Avzuk


Chesterwell Investments Limited


Prime Commercial Properties Management Ltd


P & BS Holdings Limited


Highlight-Mandate


  • Advising Gartner Inc, a research and advisory company, on matters pertaining to its IP holdings with a value exceeding $3bn.
  • Advised Amazon on Cyprus tax and VAT-related matters.
  • Advising an HNWI from Israel on tax issues pertaining to the disposal of investments in a Cyprus holding company with subsidiary interests to the value of €2.5m.

Antis Triantafyllides & Sons LLC

Under the joint leadership of Stelios Triantafyllides and George Triantafyllides, the tax practitioners at Antis Triantafyllides & Sons LLC are integrated into the firm’s transactional teams. It advises corporations and individuals on a wide range of Cypriot tax matters. Key clients include local and international groups of companies, as well as financial institutions. Through the firm’s litigation department, the firm is regularly involved in various high-profile tax cases.

Praxisleiter:

Stelios Triantafyllides; George Triantafyllides


Referenzen

‘Prompt response and knowledge.’

Kernmandanten

Builder’s Provident Fund


Highlight-Mandate


  • Currently handling four appeal cases filed against the Republic of Cyprus in the Supreme Court of Cyprus on behalf of the Builder’s Provident in Cyprus, in connection with the tax imposed on hundreds of property transactions carried out between 1991 and 2007 involving the Builder’s Provident Fund.

AMG Mylonas & Associates, LLC

Andreas Mylonas spearheads the practice at AMG Mylonas & Associates, LLC, which advises on all aspects of corporate and business taxation. It frequently advises its local and international clients on cross-border corporate tax and issues spanning transfer pricing, VAT, tax planning and financial management. The group is recommended for its work in the fintech space, and for its experience in advising on the tax aspects of cryptocurrency projects.

Praxisleiter:

Andreas Mylonas


Referenzen

‘Andreas Mylonas has a client-focused practice grounded on long years of good quality work and always searching for the best opportunity for clients.’

‘The team’s ability to blend deep legal knowledge with practical business insights allows them to provide tailored solutions that stand out in the legal landscape.’

‘The individuals within this practice are distinguished by their remarkable expertise and dedication to client success. Each team member brings a unique skill set that collectively enhances the firm’s capabilities.’

Highlight-Mandate


  • Acting as the legal advisors of a Cyprus shipping fund, a registered alternative investment fund (“RAIF”), registered with the Cyprus Securities and Exchange Commission (CySEC).
  • Advised a client on a 10MW investment in renewable energy PV parks in Cyprus.

E & G Economides LLC

George Economides heads up the team at E & G Economides LLC, which ‘consistently delivers innovative and tailored solutions’. It regularly handles a broad array of matters, such as advising on transfer pricing and reviewing the tax aspects of cross-border mergers, acquisitions and disposals. It is skilled at advising on the tax structuring of trusts and companies, and on double tax treaties and EU directives. Additionally, the group has been busy advising on the tax structuring of international investments.

Praxisleiter:

George Economides


Referenzen

‘E & G Economides LLC’s tax practice is unique due to its proactive approach and deep expertise in both local and international tax matters. The team is known for its strategic thinking, clear communication, and responsiveness, which provide clients with confidence and peace of mind.’

‘The individuals I have worked with at E & G Economides LLC are exceptional, characterised by their professionalism, expertise, and unwavering commitment to client service. They consistently demonstrate a deep understanding of complex legal and tax matters.’

George Economides stands out for his remarkable leadership and strategic vision. George combines deep technical knowledge with an approachable, client-focused manner. He has a unique ability to distil intricate tax issues into clear, actionable advice.

Kernmandanten

Polsteam Shipping Company Limited


Lollengo Creations Ltd


Ianira Enterpises Limited


P.G. Economides Properties Plc


Totalserve Investments Limited


Highlight-Mandate


  • Appointed as the legal advisor to the client on a transaction involving a high-value plot of land.
  • Appointed as the legal advisor to P.G. Economides Properties PLC on a transaction involving a high-value plot of land.
  • Provided a brief tax analysis to a client in relation to the Cyprus tax implications of various matters.

Harris Kyriakides

Michael Kyriakides and Angela Charalambous jointly head the practice at Harris Kyriakides. The group has an excellent reputation for its work on tax-related disputes and appeals. It has a deep understanding of VAT disputes in particular and has notable experience advising on tax issues relating to real estate investments. Its clients are multinational companies, HNWIs and trusts. The group also excels in advising on a whole host of regulatory and compliance matters.

Praxisleiter:

Michael Kyriakides; Angela Charalambous


Kernmandanten

PPT Aviation Services Ltd


EOA Larnaca (Larnaca Waterboard)


Larnaca Flourmills Zenon Ltd


Planet Tax Free (Cyprus) Limited


Highlight-Mandate


  • Advised PPT Aviation Services Ltd on a challenge to retrospective taxation on aviation fuel in Cyprus.
  • Represented Larnaca Flourmills Zenon Ltd in a challenge to the Tax Commissioner’s decision to tax haircut deposits from 2013.
  • Provided legal counsel to the Larnaca Waterboard in a tax dispute with the Ministry of Finance concerning the imposition of a special defence contribution on deemed dividend distribution.

Michael Kyprianou & Co. LLC

The multidisciplinary team at Michael Kyprianou & Co. LLC remains busy advising on the tax aspects of restructurings, reorganisations, M&A and liquidations. It frequently advises on transfer pricing as well as on issues relating to the re-domiciliation of companies. The group regularly advises HNWIs on their tax planning and trust arrangements as part of investments into Cyprus. Lambros Soteriou and Tonia Antoniou are the heads of the department.

Praxisleiter:

Lambros Soteriou; Tonia Antoniou


Weitere Kernanwälte:

Ioanna Solomou; Stephanos Ayiomamitis


Referenzen

‘Michael Kyprianou & Co. LLC’s tax practice is distinguished by its deep expertise and client-centric approach. The team is skilled in handling complex tax matters, offering tailored solutions that are both innovative and practical.’

‘Their diverse team ensures well-rounded, strategic advice. They excel in blending legal and commercial insights, making them a reliable choice for comprehensive tax services.’

‘The individuals at Michael Kyprianou & Co. LLC stand out for their deep expertise, responsiveness, and dedication to client needs. Their ability to simplify complex tax issues and provide clear, actionable advice sets them apart from competitors.’

Highlight-Mandate


STELIOS AMERICANOS & CO LLC

The agile team at STELIOS AMERICANOS & CO LLC receives a steady flow of instructions to advise on corporate tax matters and double tax treaties. It is skilled at helping clients with other matters, such as VAT and stamp duty in Cyprus, as well as advising on personal income tax. The group concentrates too on advising on social insurance contributions for employers, employees, and the self-employed.  Stelios Americanos and Andreas Michaelides are the practice heads.

Praxisleiter:

Stelios Americanos; Andreas Michaelides


 


Referenzen

‘The firm boasts a team with extensive knowledge across various sectors, allowing for tailored tax strategies that align with industry-specific challenges and opportunities.’

‘A commitment to understanding each client’s unique circumstances fosters strong, long-term relationships. Regular check-ins, customised reporting, and proactive advice.’

‘The team possesses deep knowledge in niche areas of tax law, which allows them to provide tailored solutions. The firm prioritises building strong relationships with clients.’

Kernmandanten

Am. Samothraki Ktimatiki Ltd


Revera Legal and Tax Services


FTL Advisers Ltd


Cliff Legal Services


Urvista Legal Law Practise


ASB Consulting Group


Chelsea Group LLC


Forward Legal


Nicosia Mall Holdings Ltd


Highlight-Mandate


  • Advising G2 Fund AIFLNP V.C.I.C Ltd on approval from the tax authorities for a group reorganisation and on other matters such as capital gains tax and corporate tax.
  • Advised Samothraki Ktimatiki Ltd on the capital gain arising on the disposal of properties.