Litigation and Dispute Resolution practice breaks through to Legal 500 top tier rankings for 2022
Athos Demetriou Associates LLC adds yet another practice area in the coveted Legal 500 EMEA top tier practice areas
On 15 October 2021 the Cyprus government presented its Action Plan to attract companies that operate or wish to expand their activities to Cyprus, in an attempt to make the island a regional sustainable business centre.
The Action Plan will be implemented as from 1 January 2022 with the exception of actions 6 and 7 below for which the enactment of relevant new legislation is required. It is expected that the relevant legislation will be submitted to Parliament by the end of December and receive approval by the first quarter of 2022.
We expect that, the Competent Authorities, shall provide further details / guidance on the above in due course.
The action plan comprises reforms related to migration, tax and social insurance:
The unit will function as the contact point for all companies of international interest, either operating in Cyprus or wishing to transfer their operations to the country, as well as for Cyprus companies in certain areas of economic activity:
Main responsibilities:
Eligible Companies:
Main provisions:
Spouses of the individuals obtained a residence and / or work permit in the Republic, and who receive a minimum gross monthly salary of €2.500 (not applicable for support staff) will be eligible for direct and free access to the labor market as paid employees.
The Ministry of Interior will amend the relevant laws and regulations in order to simplify the process and determine the criteria based on which work permits are granted.
Right to submit an application for naturalization after 5 years of residence and work in the Republic of Cyprus, compared to 7 applicable today. Further reduction to 4 years applies to individuals holding a recognized certificate of very good knowledge of the Greek language.
Further to the above, a series of promotional activities to raise visibility were also announced:
Feel free to get in touch with our expert lawyers for an in depth discussion on how these reforms might affect your business.
Athos Demetriou | Anna Skouri |
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Managing Partner Tel. +357 22 809 900 Email athos@ademetrioulaw.com |
Head of Corporate and Commercial Tel. +357 22 809 900 Email anna@ademetrioulaw.com |
Athos Demetriou Associates LLC
Athos Demetriou Associates LLC is an award-winning commercial legal firm that offers clients high-end legal advice. Our team of lawyers have extensive experience in handling complex and sophisticated cases and transactions and deliver real value to clients.
The Firm has strengthened its footprint in the Cypriot Financial Services Market with the legal representation and counselling of a number of Cyprus Investment Firms and Alternative Investment Funds and it is considered as being amongst the market leaders in this field. It has also strengthened its network of professionals with regards to Commercial, Corporate and M&A issues.
We pride ourselves in our dedication to offering our clients stellar legal services. This not only translates to our knowledge, skill and expertise but also to our ability to be readily available to our clients. A new office brings us closer to you and allows us to efficiently operate in the two most commercially prominent cities in Cyprus. At the same time, the new space makes it more convenient both for our local and international clients operating in Limassol, to visit us when needed.
Nicosia Office | Limassol Office |
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The Riverside Forum, 2A Chilonos Street, 2nd Floor, 1101 Nicosia Tel: +357 22 809 900 |
Despina Court 44 Kolonakiou Street, 1st floor, 4103 Agios Athanasios Tel: +357 25 008 179 |
Athos Demetriou Associates LLC adds yet another practice area in the coveted Legal 500 EMEA top tier practice areas
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