Insolvency proceedings initiated in the European Union can be recognized in Cyprus according to the EU Insolvency Regulation (2015/848).

MAIN TYPES OF REORGANIZATION IN CYPRUS

Cyprus may make a boast of the attractive merger and reorganization conditions, not only at the local level (i.e. between Cypriot entities), but also at the EU cross-border level. The most obvious and well-known advantage is the merger of two companies, for instance, with a view to creating a more powerful entity, or avoiding liquidation of group entities, or transferring assets and liabilities with no need for concluding contracts or other cumbersome procedures.

Legal representation in Cyprus

Representation of interests in court

- Direct participation of a lawyer in a court session (civil procedure).

- Exhibition of the necessary comments, addenda, reviews, requests, and statements.

- Participation in the arguments of the parties.

- Expression of the client's legal position and will.

Both individuals and legal entities have the right to use this service.

The Cyprus Tax Department issued a circular (EE 33 dated January 29, 2019) providing guidance on the tax residency provisions for individuals introduced by Law No. 119 (I) / 2017.

Legal services for businesses and entrepreneurs

Professional legal advice on current issues in the business sector

In 2018, Cyprus banks received the direction from the Central Bank to close the accounts of not only offshore companies, but also of Cyprus companies that do not conduct real activities.

According to the newspaper Phileleftheros, within 3 years only, the Bank of Cyprus has closed or frozen 5.359 accounts worth 3.6 billion euros belonging to Russians and Ukrainians.