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  • Are there documents required for applying the scheme and obtaining VAT treatment?
    Yes, when applying the scheme for VAT purposes, various documents, including the lease agreement, evidence of aircraft value, invoices, and certificates related to the aircraft (such as Noise Certificate, Type Certificate, Airworthiness Certificate), need to be submitted to the VAT Authorities for review and approval.
  • How should participants stay informed about updates to the Cyprus Private Aircraft Leasing Scheme?
    As the aviation and tax landscapes evolve, staying informed about any updates to the scheme is essential. Participants should regularly consult with legal experts to ensure they remain up-to-date with any changes that might affect their leasing activities. For all of your enquiries reach out to us at contact@kourtellos.com or +35725725705.
  • What is a Private Aircraft Leasing Agreement?
    A Private Aircraft Leasing Agreement is an arrangement in which the lessor (aircraft owner) contracts with the lessee (user) for the use of the aircraft in exchange for a specified consideration. The agreement can also provide an option for the lessee to purchase the aircraft at the end of the lease period.
  • What practical considerations should be kept in mind when participating in the Cyprus Private Aircraft Leasing Scheme?
    While the scheme offers substantial benefits, participants need to comply with Cyprus's aviation and tax regulations, as well as international standards. Expert advice and careful planning are crucial to navigate the complexities effectively and capitalize on the scheme's advantages.
  • What happens if the private aircraft is used exclusively within the air space of the Republic of Cyprus?
    If a private aircraft is used exclusively within the airspace of the Republic of Cyprus, its lease is considered a taxable transaction and is subject to the standard VAT rate applicable in Cyprus.
  • What are the conditions for applying the Cyprus Private Aircraft Leasing Scheme for VAT purposes?
    To apply the scheme, several conditions must be met, including the existence of a lease agreement between a Cyprus VAT registered company and a lessee in Cyprus, the aircraft flying to Cyprus within 2 months of the lease agreement, and more. These conditions aim to ensure compliance and proper implementation of the scheme.
  • How is the use of the private aircraft within EU airspace calculated for VAT purposes?
    The use of the private aircraft within EU airspace is determined based on the aircraft's size and type. The scheme provides a table with applicable percentages and effective VAT rates for different categories of aircraft (piston-engine, turboprop, jet) and their respective maximum take-off weights.
  • Why is Cyprus an appealing destination for private aircraft leasing?
    Cyprus offers an advantageous tax regime, an extensive double tax treaty network, and reduced VAT rates for private aircraft leasing. These factors make it an appealing jurisdiction for both lessors and lessees looking to engage in cost-effective and tax-efficient leasing activities.
  • Who is eligible to participate in the Cyprus Private Aircraft Leasing Scheme?
    The scheme applies to private aircraft owned by a Cyprus VAT registered company, which are leased to individuals or entities established, permanently resident, or ordinarily resident in the Republic of Cyprus, and not engaged in business activities.
  • What is the Cyprus Private Aircraft Leasing Scheme?
    The Cyprus Private Aircraft Leasing Scheme is a regulatory framework designed to incentivize aircraft leasing activities in Cyprus. It offers reduced VAT rates for private aircraft leasing, making Cyprus an attractive jurisdiction for aircraft lessors and lessees.
  • How is taxation handled in the Cyprus Private Aircraft Leasing Scheme?
    Cyprus offers a favourable tax environment for aircraft leasing. The country has an extensive network of double tax treaties (DTTs) to reduce withholding taxes on lease payments to foreign lessors. Additionally, Cyprus has a low corporate tax rate, making it tax-efficient for aircraft leasing activities.
  • Can a lessee purchase the aircraft at the end of the lease period?
    Yes, a lessee can choose to purchase the aircraft at the end of the lease period. The final payment for acquiring the aircraft is subject to the standard VAT rate applicable in Cyprus at that time.
  • What certificates are issued under the scheme?
    Certificates confirming VAT payment, as well as T2L Certificates for importation of the aircraft, are issued under the scheme. These certificates help ensure compliance with VAT regulations and facilitate the leasing process.
  • Can I get a mortgage to finance the purchase of real estate in Cyprus?
    Yes, both local and international banks in Cyprus offer mortgage financing to eligible buyers. The terms and conditions, including interest rates and loan-to-value ratios, may vary depending on the bank and the buyer's financial profile.
  • What should I consider when choosing a property in Cyprus?
    When choosing a property in Cyprus, it is important to consider factors such as location, amenities, proximity to services, potential for capital appreciation, access to transportation, and the reputation of the developer or seller. Engaging the services of a reputable real estate agent can be helpful in finding the right property.
  • What is the process for buying real estate in Cyprus?
    The typical process for buying real estate in Cyprus involves the following steps: Find a suitable property and negotiate the price and terms with the seller. Appoint a lawyer who specialises in real estate transactions to handle the legal aspects. Conduct a due diligence check on the property to ensure its legality and clear title. Sign a purchase agreement and pay a deposit (usually 10% of the purchase price). Finalise the transaction by paying the remaining balance, taxes, and fees. Transfer the ownership through the Land Registry Office.
  • Are there any restrictions on buying property in certain areas of Cyprus?
    Yes, there may be restrictions on buying property in certain areas for security or military reasons. These areas are typically located near military installations or along the buffer zone between the north and south of Cyprus. It is important to consult with a legal professional to understand any restrictions that may apply.
  • Do I need a lawyer for buying real estate in Cyprus?
    It is highly recommended to engage a lawyer who specialises in real estate transactions. A lawyer can provide legal advice, conduct due diligence checks, review contracts, ensure proper transfer of ownership, and protect your interests throughout the buying process.
  • Can I sell my property in Cyprus as a foreigner?
    Yes, foreigners can sell their property in Cyprus. The process is similar to selling property as a Cypriot citizen, and you have the right to transfer the proceeds abroad, subject to any applicable tax obligations.
  • What types of properties are available for sale in Cyprus?
    Cyprus offers a wide range of properties for sale, including apartments, houses, villas, commercial properties, land, and luxury properties. Buyers can choose from new developments, resale properties, or off-plan projects.
  • Are there any taxes or fees involved in buying real estate in Cyprus?
    Yes, buyers are responsible for paying various taxes and fees, including: Transfer fees: Paid to the Land Registry Office for transferring ownership. Value Added Tax (VAT): Applicable on new properties, unless exempted. Stamp Duty: Levied on the purchase agreement. Legal fees: Paid to the lawyer for handling the transaction. Property taxes: Annual taxes based on the property's value.
  • Can foreigners buy real estate in Cyprus?
    Yes, Cyprus allows both EU and non-EU citizens to buy real estate in the country. Foreigners have the same property rights as Cypriot citizens, subject to certain restrictions in specific areas for security or military reasons.
  • Are there any residency requirements for directors or shareholders of a Cyprus company?
    There are no specific residency requirements for directors or shareholders of a Cyprus company. They can be residents or non-residents of Cyprus. However, it is recommended to seek professional advice to ensure compliance with tax and legal regulations.
  • What is the process for registering a company in Cyprus?
    The process for registering a company in Cyprus typically involves the following steps: Reserve a company name with the Registrar of Companies. Prepare the Memorandum and Articles of Association. Deposit the share capital. Submit the necessary incorporation documents to the Registrar of Companies. Obtain a tax identification number and register with the tax authorities. Register with the Social Insurance Department and the VAT authorities, if applicable.
  • Can a foreigner set up a company in Cyprus?
    Yes, Cyprus encourages foreign investment, and both EU and non-EU citizens can establish and own a company in Cyprus. There are no restrictions on foreign ownership, and the process is relatively straightforward.
  • What is the corporate tax rate in Cyprus?
    The corporate tax rate in Cyprus is currently set at 12.5%, which is one of the lowest in the European Union. Cyprus also offers an extensive network of double taxation treaties, providing additional tax planning opportunities.
  • What are the advantages of setting up a company in Cyprus?
    Cyprus offers several advantages for businesses, including a favourable tax regime, strategic geographic location, access to European Union markets, a robust legal framework, political stability, skilled workforce, and a business-friendly environment.
  • What types of companies can be registered in Cyprus?
    Cyprus offers various types of companies, including private limited liability companies (Ltd), public limited companies (PLC), branches of foreign companies, partnerships, and sole proprietorships. The most common type is the private limited liability company.
  • What are the legal requirements for setting up a company in Cyprus?
    The legal requirements for setting up a company in Cyprus include the following: Minimum one shareholder and one director (who can be the same person) Minimum share capital requirement of EUR 1,000 (for private companies) or EUR 12,500 (for public companies) Appointment of a local secretary Registered office address in Cyprus Submission of the company's Memorandum and Articles of Association Compliance with anti-money laundering regulations
  • What are the ongoing compliance requirements for a Cyprus company?
    After incorporation, a Cyprus company must comply with ongoing obligations, which include: Annual submission of financial statements and annual returns to the Registrar of Companies. Holding an Annual General Meeting (AGM) within 18 months of incorporation and subsequently at least once every calendar year. Payment of annual government fees and taxes. Compliance with accounting and auditing requirements.
  • Are there any specific regulations or guidelines for cybersecurity in Cyprus?
    While Cyprus does not have specific regulations or guidelines solely dedicated to cybersecurity, businesses can refer to international standards and frameworks such as ISO 27001 or the NIST Cybersecurity Framework to implement best practices and ensure robust cybersecurity measures.
  • Can businesses in Cyprus seek assistance from cybersecurity experts or consultants?
    Yes, businesses in Cyprus can seek assistance from cybersecurity experts or consultants to assess their cybersecurity posture, develop and implement security measures, conduct vulnerability assessments, and provide ongoing monitoring and support to ensure a strong cybersecurity posture.
  • Are there any sector-specific privacy or cybersecurity regulations in Cyprus?
    While the GDPR provides a comprehensive framework for data protection, certain sectors in Cyprus may have additional privacy and cybersecurity requirements. For example, the financial sector, healthcare sector, and telecommunications sector may have specific regulations that businesses need to comply with.
  • Are there any restrictions on transferring personal data outside of Cyprus?
    Transfers of personal data to countries outside the European Economic Area (EEA) are subject to specific requirements and safeguards under the GDPR. Adequate protection measures, such as EU-approved Standard Contractual Clauses or Binding Corporate Rules, must be implemented to ensure the lawful transfer of personal data.
  • What is the legal framework for privacy and data protection in Cyprus?
    The legal framework for privacy and data protection in Cyprus is primarily governed by the EU General Data Protection Regulation (GDPR), which is directly applicable in Cyprus. Additionally, Cyprus has enacted the Protection of Individuals with Regard to the Processing of Personal Data Law, implementing the GDPR requirements at the national level.
  • What steps can individuals take to protect their privacy and personal data in Cyprus?
    Individuals can take several steps to protect their privacy and personal data in Cyprus, including: Being cautious about sharing personal information online and offline. Using strong, unique passwords and enabling two-factor authentication. Regularly updating software and devices to ensure security patches are applied. Being vigilant about phishing emails and other online scams. Reviewing privacy settings on social media platforms and other online services. Exercising their rights under data protection laws, such as requesting access to their data or requesting its deletion.
  • Can individuals file complaints regarding privacy violations in Cyprus?
    Yes, individuals can file complaints regarding privacy violations in Cyprus. The Office of the Commissioner for Personal Data Protection is responsible for overseeing and enforcing data protection laws. Individuals can submit complaints to this office, which will investigate and take appropriate actions if a violation is substantiated.
  • What rights do individuals have regarding their personal data in Cyprus?
    Individuals in Cyprus have various rights regarding their personal data, including the right to be informed, the right of access, the right to rectification, the right to erasure ("right to be forgotten"), the right to restrict processing, the right to data portability, and the right to object to processing.
  • What are the cybersecurity obligations for businesses in Cyprus?
    Businesses in Cyprus are expected to implement appropriate technical and organizational measures to protect personal data and ensure the security of their information systems. This includes measures such as encryption, access controls, regular system updates and patches, employee training, and incident response procedures.
  • What are the consequences of non-compliance with privacy and data protection laws in Cyprus?
    Non-compliance with privacy and data protection laws in Cyprus can result in significant penalties and sanctions. This includes administrative fines, which can be up to 4% of the global annual turnover of a company or €20 million, whichever is higher, depending on the severity of the violation.
  • Can legal due diligence lead to renegotiation of the acquisition terms?
    Yes, the findings of legal due diligence can inform the acquiring party's decision-making process, including renegotiating the acquisition terms. If significant legal risks or liabilities are discovered, the acquiring party may seek to modify the terms of the acquisition, such as adjusting the purchase price or imposing specific indemnities or warranties.
  • Why is legal due diligence important before acquiring a Cyprus company?
    Legal due diligence is crucial before acquiring a Cyprus company as it allows the acquiring party to: Identify and evaluate potential legal risks, liabilities, or obligations associated with the target company. Assess the accuracy and completeness of the target company's representations and warranties. Make informed decisions regarding the acquisition, including negotiating the terms and price. Develop a post-acquisition integration strategy and plan.
  • How long does the legal due diligence process typically take in Cyprus?
    The duration of the legal due diligence process can vary depending on the complexity of the acquisition, the cooperation of all parties and the size of the target company. It can range from a few weeks to several months, allowing sufficient time for a thorough examination of the legal aspects and proper analysis of the findings.
  • Can legal due diligence be conducted confidentially?
    Yes, legal due diligence can be conducted confidentially. Non-disclosure agreements can be put in place to protect the sensitive information obtained during the due diligence process and ensure that it is used only for the purpose of evaluating the acquisition.
  • What is legal due diligence in the context of acquiring a Cyprus company?
    Legal due diligence is a comprehensive investigation and analysis of a target Cyprus company's legal and regulatory compliance, contracts, assets, liabilities, intellectual property, litigation history, corporate governance, and other relevant legal aspects. It helps the acquiring party assess potential risks, liabilities, and the overall legal health of the company.
  • Can legal due diligence guarantee the absence of all risks or liabilities?
    No, legal due diligence cannot guarantee the complete absence of all risks or liabilities associated with acquiring a Cyprus company. However, it helps identify and assess potential risks, allowing the acquiring party to make informed decisions and take appropriate measures to mitigate or address identified risks.
  • What are the key steps involved in legal due diligence for acquiring a Cyprus company?
    The legal due diligence process for acquiring a Cyprus company typically involves the following steps: Gathering relevant documents and information from the target company. Reviewing corporate records, contracts, financial statements, and other relevant documentation. Conducting interviews with key personnel to gather additional information. Analysing the findings to identify legal risks, liabilities, and any potential issues. Preparing a due diligence report summarizing the findings and recommendations.
  • Should I hire a lawyer to conduct legal due diligence for acquiring a Cyprus company?
    It is highly recommended to engage a qualified lawyer experienced in mergers and acquisitions or corporate law to conduct the legal due diligence process. We have the expertise to identify and analyse potential legal risks and ensure a comprehensive assessment of the target company's legal matters.
  • Can legal due diligence uncover undisclosed liabilities or risks?
    Yes, legal due diligence can uncover undisclosed liabilities or risks associated with the target company. Thorough document review, interviews, and analysis of the target company's records can reveal any hidden legal issues that may impact the acquisition decision.
  • What areas should be covered during legal due diligence for acquiring a Cyprus company?
    Legal due diligence for acquiring a Cyprus company should cover various areas, including: Corporate structure, including shareholding, ownership, and governance documents. Contracts and agreements, such as customer contracts, supplier agreements, leases, and employment contracts. Regulatory compliance, including licenses, permits, and compliance with Cyprus and EU laws. Intellectual property rights, including trademarks, copyrights, and patents. Litigation history and any ongoing legal disputes. Financial statements, tax compliance, and any outstanding tax liabilities. Employment matters, such as employee benefits, labor contracts, and compliance with labor laws. Real estate holdings and any associated legal issues.
  • What are the benefits of Public-Private Partnerships (PPP) in Cyprus?
    PPP projects in Cyprus offer several benefits. They enable the government to leverage private sector expertise, innovation, and financing capabilities, reducing the burden on public finances. PPPs promote efficient project delivery, improved service quality, and risk sharing between the public and private sectors. They also encourage long-term asset management and transfer of operational responsibilities to the private sector.
  • How does the PPP process work in Cyprus?
    The PPP process in Cyprus typically involves several stages. It starts with project identification and feasibility studies, followed by project preparation and tendering. Qualified private entities submit proposals, and the government evaluates and selects the preferred bidder based on predefined criteria. The chosen private partner then enters into a contractual agreement with the government to develop and operate the infrastructure project.
  • What are Public-Private Partnerships (PPP) in the Projects & Infrastructure sector?
    Public-Private Partnerships (PPP) are collaborative arrangements between the public and private sectors to develop and manage infrastructure projects. In Cyprus, PPP projects involve the government partnering with private entities to finance, construct, operate, and maintain infrastructure assets, such as transportation systems, energy facilities, hospitals, and educational institutions.
  • What sectors are suitable for PPP projects in Cyprus?
    Several sectors in Cyprus are suitable for PPP projects, including transportation (roads, bridges, ports), energy (renewable energy projects, power plants), healthcare (hospitals, clinics), education (schools, universities), water and wastewater management, and tourism infrastructure. The selection of sectors for PPP projects depends on the country's development priorities and investment needs.
  • How can private companies participate in PPP projects in Cyprus?
    Private companies interested in participating in PPP projects in Cyprus can monitor government announcements and procurement processes for upcoming projects. They can form consortia or joint ventures to enhance their capabilities and submit proposals in response to the government's calls for tenders. Engaging with industry associations, attending relevant events, and seeking legal and financial advice are also beneficial for companies seeking PPP opportunities.
  • What legal framework and regulations govern PPP projects in Cyprus?
    PPP projects in Cyprus are governed by a legal framework that includes the Law on Public-Private Partnerships and Concessions. The framework outlines the principles, procedures, and contractual arrangements for PPP projects. It also ensures transparency, competition, and accountability in the procurement and implementation of PPP projects.
  • Can I open a bank account for my Cyprus company?
    Yes, once your company is registered, you can open a corporate bank account in Cyprus. You will need to provide the necessary documentation, including company incorporation documents, identification of directors and shareholders, and proof of address.
  • What legal considerations should Life Sciences companies be aware of in Cyprus?
    Life Sciences companies in Cyprus should be aware of several legal considerations. These include intellectual property protection, licensing and distribution agreements, data privacy and security, product liability, advertising and promotion regulations, and compliance with relevant European Union (EU) directives and regulations. Seeking legal counsel with expertise in Life Sciences law is crucial to navigate these complex legal matters.
  • How does Cyprus ensure compliance with ethical standards in the Life Sciences sector?
    Cyprus has ethical guidelines and regulations in place to ensure compliance in the Life Sciences sector. Ethical considerations, including patient rights, informed consent, and privacy protection, are overseen by the Cyprus National Bioethics Committee. Researchers, healthcare professionals, and Life Sciences companies must adhere to these ethical standards to ensure the integrity and ethical conduct of their work.
  • How does Cyprus protect intellectual property rights in the Life Sciences sector?
    Cyprus has a robust legal framework to protect intellectual property rights in the Life Sciences sector. Companies can register patents, trademarks, and copyrights with the Cyprus Intellectual Property Office. Additionally, Cyprus is a signatory to international agreements and conventions, such as the World Intellectual Property Organization (WIPO), providing further protection for intellectual property rights.
  • Are there any specific regulations for the import and distribution of pharmaceuticals and medical devices in Cyprus?
    Yes, the import and distribution of pharmaceuticals and medical devices in Cyprus are regulated by the Cyprus Pharmaceutical Services. Companies must obtain the necessary licenses and adhere to quality, safety, and labeling requirements. They must also comply with EU directives, such as the Medical Devices Regulation and the Falsified Medicines Directive, to ensure the authenticity and safety of products.
  • What are the regulatory requirements for the Life Sciences sector in Cyprus?
    The Life Sciences sector in Cyprus is subject to various regulatory requirements. These include compliance with laws and regulations governing pharmaceuticals, medical devices, clinical trials, and biotechnology. Companies operating in this sector must obtain licenses, certifications, and approvals from the Cyprus Pharmaceutical Services and other relevant regulatory bodies to ensure adherence to safety, efficacy, and quality standards.
  • What are the legal requirements for conducting clinical trials in Cyprus?
    Conducting clinical trials in Cyprus requires compliance with national and international regulations. Life Sciences companies must obtain approval from the Cyprus National Bioethics Committee and the Cyprus Pharmaceutical Services. They must also adhere to Good Clinical Practice (GCP) guidelines, ensure informed consent of participants, and maintain strict data confidentiality and privacy standards throughout the trial.
  • What are the legal requirements for registering a vessel in Cyprus?
    To register a vessel in Cyprus, you need to comply with the legal requirements set by the Department of Merchant Shipping. This includes providing the necessary documentation, such as proof of ownership, valid insurance, and meeting safety and technical standards. It is advisable to seek assistance from a maritime lawyer to ensure compliance with all legal procedures.
  • What are the common legal issues faced by shipping companies in Cyprus?
    Shipping companies in Cyprus may encounter various legal issues, including disputes related to cargo claims, charter party agreements, vessel arrests, crew matters, and marine insurance. Additionally, compliance with international maritime regulations, such as SOLAS and MARPOL, is crucial. Engaging a maritime lawyer can help navigate these legal challenges effectively.
  • What legal services can a maritime lawyer provide in Cyprus?
    Maritime lawyers in Cyprus offer a range of legal services, including vessel registration, drafting and reviewing contracts, resolving disputes, advising on compliance with international maritime regulations, providing assistance during vessel arrests, handling marine insurance claims, and representing clients in legal proceedings related to the maritime industry.
  • What is the significance of the Maritime & Shipping sector in Cyprus?
    The Maritime & Shipping sector plays a vital role in Cyprus' economy. As an island nation, Cyprus has a long maritime tradition and offers a strategic location at the crossroads of major shipping routes. The sector contributes to employment, trade, and economic growth, encompassing various activities such as ship management, shipping operations, port services, maritime legal services, and marine tourism.
  • What is the process for resolving maritime disputes in Cyprus?
    Maritime disputes in Cyprus can be resolved through negotiation, mediation, arbitration, or litigation. Many parties in the maritime industry opt for arbitration, as it offers a quicker and more specialized resolution process. However, the specific process for dispute resolution may depend on the terms outlined in the relevant contracts and agreements. It is recommended to consult a maritime lawyer to determine the most suitable approach for your particular case.
  • What are the regulations concerning maritime accidents and pollution in Cyprus?
    Cyprus has implemented international conventions and regulations to address maritime accidents and pollution. These include the International Convention on Civil Liability for Oil Pollution Damage (CLC), the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (FUND), and the International Convention on the Control of Harmful Anti-Fouling Systems on Ships (AFS). Legal advice is essential to ensure compliance and handle any potential claims or liabilities.
  • How does Cyprus support maritime training and education?
    Cyprus places great importance on maritime training and education. The country has established reputable maritime academies and training centers that offer internationally recognised maritime education and certification programs. These institutions provide training for seafarers, maritime professionals, and aspiring cadets, ensuring a skilled workforce and contributing to the development of the global maritime industry.
  • Who is the founder of Kourtellos & Co and what is their background in the legal industry?
    Kourtellos & Co was founded in 2019 by Kyriacos Kourtellos, a highly regarded legal professional with extensive experience in leading top-tier law firms and Big 4 organizations. With his diverse background and expertise, Kyriacos envisioned a boutique law firm that combines global knowledge with a client-focused approach to deliver exceptional legal services.
  • What are the legal and regulatory frameworks governing the Maritime & Shipping sector in Cyprus?
    The Maritime & Shipping sector in Cyprus is governed by various legal and regulatory frameworks. These include international conventions and regulations, EU directives, and national legislation. Cyprus has established a robust legal framework to ensure compliance with safety, security, environmental, and labor standards in line with international maritime regulations and best practices.
  • What services does the Maritime & Shipping sector in Cyprus provide?
    The Maritime & Shipping sector in Cyprus offers a wide range of services. These include ship registration, ship management, crewing, marine insurance, maritime legal and arbitration services, port and terminal operations, logistics, ship financing, maritime training, and consultancy services. Cyprus has developed a comprehensive infrastructure and expertise to support diverse maritime activities.
  • How does Kourtellos & Co ensure exceptional legal advice and client service?
    At Kourtellos & Co, we are committed to delivering excellent quality and optimal results. We achieve this through our close-knit team of dedicated professionals who possess deep legal knowledge, attention to detail, and innovative problem-solving skills. We prioritise client satisfaction, exceeding expectations, and building lasting relationships based on trust and integrity.
  • How does Kourtellos & Co combine legal expertise with a client-centric approach to deliver tailored solutions?
    At Kourtellos & Co, we believe that exceptional legal service goes beyond legal expertise alone. We take the time to understand the unique challenges and opportunities that our clients face in their respective industries. By combining our legal acumen with a deep understanding of business dynamics, we offer strategic guidance and solutions that align with our clients' goals. We are committed to empowering our clients to navigate complex legal and commercial landscapes with confidence.
  • What areas of law does Kourtellos & Co specialise in?
    Kourtellos & Co focuses on 6 core practice areas, including Private Client, Real Estate, Corporate & Commercial, Privacy & Cybersecurity, Dispute Resolution and Natural Resources. Our team of experienced, multi-disciplinary has expertise in these practice areas to provide comprehensive legal solutions.
  • What are the advantages of registering a vessel under the Cyprus flag?
    Registering a vessel under the Cyprus flag offers several advantages. Cyprus is an attractive flag state known for its high-quality maritime services, favorable tax regime, and adherence to international maritime standards. Cyprus-flagged vessels enjoy competitive tonnage taxes, simplified registration procedures, access to international maritime agreements, and the protection of Cyprus' reputable legal and regulatory framework.
  • What sets Kourtellos & Co apart from other law firms in Cyprus?
    Kourtellos & Co distinguishes itself through its boutique nature and international expertise. While we are a Cyprus-based law firm, we have a global perspective and are well-versed in handling complex cross-border legal matters. Our team's multi-disciplinary approach, meticulous attention to detail, and understanding of the broader business landscape enable us to provide comprehensive legal solutions tailored to our clients' unique goals.
  • Does Kourtellos & Co have experience in handling cases or clients similar to mine?
    At Kourtellos & Co, we have a diverse client base spanning various industries and sectors. We have successfully represented clients ranging from small businesses to multinational corporations, and we have experience in handling a wide range of legal matters. Our team will leverage our knowledge and expertise to provide tailored solutions that address your specific legal needs.
  • Are there incentives or tax benefits for maritime companies in Cyprus?
    Yes, Cyprus offers incentives and tax benefits for maritime companies. The tonnage tax system provides favorable taxation based on the net tonnage of vessels, offering significant cost savings for ship owners, managers, and charterers. Additionally, Cyprus has implemented various schemes to encourage investments in maritime infrastructure, shipbuilding, and ship repair facilities, further promoting the growth of the sector.
  • Are there any specific sectors or industries that thrive in Cyprus?
    Cyprus has a diverse economy, with thriving sectors such as tourism, shipping, real estate, financial services, information technology, pharmaceuticals, energy, and professional services. The country also has been emerging as a technology and startup hub, attracting innovative companies in sectors like fintech, e-commerce, and software development. The favourable business environment and government support contribute to the growth of these sectors.
  • What support and incentives are available for foreign investors in Cyprus?
    Cyprus offers a range of support and incentives for foreign investors. These include investment facilitation services, grants and financial assistance for certain types of investments, access to EU funds, streamlined procedures for obtaining residency and work permits, and the availability of specialized investment schemes. These initiatives aim to encourage and support foreign investment in Cyprus.
  • What is the tax system like in Cyprus and how can it benefit my business?
    Cyprus has a favorable tax system that offers various incentives and benefits for businesses. These include a low corporate tax rate, an extensive network of double tax treaties, exemptions for certain types of income, tax advantages for intellectual property, and the participation exemption on dividends and capital gains. Understanding and utilising these tax benefits can significantly contribute to the financial success of your business.
  • How easy is it to find skilled talent and human resources in Cyprus?
    Cyprus boasts a highly educated and skilled workforce, with a strong emphasis on quality education and professional development. The country has reputable universities and educational institutions producing a pool of talented graduates. Additionally, the labor market in Cyprus includes professionals with expertise in various industries. Accessing skilled talent is relatively straightforward, making Cyprus an attractive location for businesses seeking a capable workforce.
  • What legal requirements do I need to consider when setting up a business in Cyprus?
    When setting up a business in Cyprus, you need to consider legal requirements such as choosing the appropriate legal entity structure, registering your company with the Registrar of Companies, obtaining the necessary permits and licenses, complying with tax obligations, and adhering to employment and labor laws. Seeking guidance from a reputable law firm can help ensure compliance with all relevant legal requirements.
  • What are the key advantages of doing business in Cyprus?
    Cyprus offers numerous advantages for businesses, including a strategic location at the crossroads of Europe, Asia, and Africa, a well-developed legal and regulatory framework, a favorable tax regime, access to a highly educated workforce, a stable political and economic environment, and robust infrastructure. These factors make Cyprus an attractive destination for establishing and growing businesses.
  • How is the real estate and construction sector regulated in Cyprus?
    The real estate and construction sector in Cyprus is regulated by various laws and regulations. These include planning and building permits, environmental regulations, zoning regulations, and consumer protection laws. Compliance with these regulations ensures the safety, quality, and transparency of real estate and construction activities in the country.
  • Is there a growing demand for sustainable and eco-friendly properties in Cyprus?
    Yes, there is a growing demand for sustainable and eco-friendly properties in Cyprus. The awareness and importance of environmental sustainability have increased, leading to a demand for energy-efficient buildings, green construction practices, and eco-friendly features. Developers and investors are incorporating sustainability into their projects to meet the evolving needs of buyers and tenants who prioritize environmentally conscious living.
  • Are there specific areas in Cyprus that are particularly popular for real estate investment?
    Yes, certain areas in Cyprus are popular for real estate investment. Coastal regions like Limassol, Paphos and Larnaca offer beautiful beachfront properties and have seen significant development. Nicosia, the capital city, also presents investment opportunities in commercial real estate. Each region has its unique characteristics, and the choice of location depends on the investor's preferences and objectives.
  • What makes Cyprus an attractive destination for real estate investment?
    Cyprus offers a combination of factors that make it attractive for real estate investment. These include a stable political and economic environment, strategic location, favorable tax regime, well-developed infrastructure, beautiful landscapes, a high standard of living, and a Mediterranean climate. These factors contribute to the demand for real estate in Cyprus.
  • What types of properties are available for sale or rent in Cyprus?
    Cyprus offers a diverse range of properties for sale or rent, catering to different preferences and budgets. These include residential properties such as apartments, houses, villas, and luxury estates. Additionally, there are commercial properties available, such as offices, retail spaces, warehouses, and industrial properties. Cyprus also offers opportunities for investment in land and development projects.
  • Are there incentives or programs available to encourage real estate and construction investment in Cyprus?
    Yes, Cyprus offers various incentives and programs to encourage real estate and construction investment. These include tax incentives for property purchases and construction projects. Additionally, the government promotes sustainable development, energy efficiency, and green building practices through incentive schemes.
  • How well-developed is the infrastructure for technology companies in Cyprus?
    Cyprus has made significant investments in developing its technology infrastructure. The country has a reliable telecommunications network, high-speed internet connectivity, data centers, and advanced facilities to support the needs of technology companies. The government's focus on improving digital infrastructure and promoting innovation has contributed to the growth and success of the technology sector.
  • What makes Cyprus an attractive destination for technology companies?
    Cyprus offers several advantages for technology companies, including a strategic location at the crossroads of Europe, Asia, and Africa, a favorable business environment, a skilled and multilingual workforce, access to cutting-edge infrastructure and telecommunications, government support for innovation and research, and a growing ecosystem of startups and tech-focused initiatives.
  • Is there a strong pool of talent and skilled professionals in the technology sector in Cyprus?
    Cyprus has a growing pool of talent in the technology sector. The country has reputable universities and educational institutions that offer programs in computer science, engineering, and other relevant fields. Many graduates possess strong technical skills and are eager to contribute to the technology industry. Additionally, the presence of multinational companies and startups has created opportunities for professionals to gain valuable experience and further develop their expertise.
  • What government initiatives and support are available for technology companies in Cyprus?
    The government of Cyprus has implemented various initiatives and support programs to foster the growth of the technology sector. These include financial incentives, grants, tax benefits, and funding opportunities for research and development projects. Additionally, there are specialised programs that provide support to tech-focused businesses.
  • Are there any successful technology companies or startups that have emerged from Cyprus?
    Yes, Cyprus has witnessed the emergence of successful technology companies and startups that have gained recognition both locally and internationally. These include companies specialising in fintech, e-commerce platforms, software development, and other innovative technologies. The vibrant startup ecosystem in Cyprus provides opportunities for collaboration, networking, and access to mentorship and funding resources, fostering a conducive environment for tech-driven entrepreneurship.
  • Are there any specific technology sectors that thrive in Cyprus?
    Cyprus has seen significant growth in various technology sectors. Some thriving areas include fintech (financial technology), e-commerce, software development, information technology services, cybersecurity, blockchain technology, artificial intelligence (AI), and data analytics. The country's emergence as a technology hub has attracted both local and international companies to establish a presence in Cyprus.
  • Are there opportunities for investment in the tourism and hospitality sector in Cyprus?
    Yes, Cyprus offers investment opportunities in the tourism and hospitality sector. Investors can consider projects such as the development of hotels, resorts, leisure facilities, eco-tourism ventures, spa and wellness centers, and conference and event venues. The government provides incentives, grants, and support programs to encourage investment in the sector and foster its growth.
  • How is the tourism industry supported and regulated in Cyprus?
    The tourism industry in Cyprus is supported by various governmental and non-governmental organizations. The Cyprus Tourism Organization (CTO) plays a vital role in promoting Cyprus as a tourist destination and implementing tourism development strategies. The industry is regulated through legislation and quality control measures to ensure the safety, quality, and sustainability of tourism services and facilities.
  • How does Cyprus ensure the safety and security of tourists?
    Cyprus prioritises the safety and security of tourists. The country maintains a well-functioning law enforcement system and collaborates with international agencies to ensure a safe and secure environment for visitors. Additionally, tourism establishments adhere to safety standards and regulations to provide a secure and enjoyable experience for tourists. Cyprus is known for its hospitality and welcoming nature, making tourists feel safe and comfortable during their visit.
  • What types of accommodations are available for tourists in Cyprus?
    Cyprus provides a wide range of accommodation options to suit various preferences and budgets. Visitors can choose from luxury hotels and resorts, boutique hotels, beachfront villas, self-catering apartments, traditional guesthouses, and camping sites. The accommodation sector in Cyprus caters to the diverse needs of tourists, ensuring a comfortable and enjoyable stay.
  • What are the popular tourist attractions in Cyprus?
    Cyprus offers a wealth of attractions for tourists. Some popular attractions include the ancient city of Paphos with its archaeological sites, the Troodos Mountains for outdoor activities and picturesque villages, the capital city of Nicosia with its historical sites and museums, the coastal city of Limassol with its vibrant nightlife and cultural events, and the stunning beaches along the coastline. Additionally, Cyprus has a rich cultural heritage showcased through festivals, traditional crafts, and culinary experiences.
  • What makes Cyprus a popular tourist destination?
    Cyprus offers a unique blend of natural beauty, rich history, diverse culture, and warm hospitality, making it a popular tourist destination. The island boasts stunning beaches, picturesque landscapes, archaeological sites, traditional villages, and vibrant cities. Visitors can enjoy a range of activities, including water sports, hiking, exploring historical sites, indulging in local cuisine, and experiencing the welcoming Cypriot hospitality.
  • How is the exploration and exploitation of hydrocarbons regulated in Cyprus?
    The exploration and exploitation of hydrocarbons in Cyprus are regulated by the Ministry of Energy, Commerce and Industry. The licensing process involves conducting thorough assessments, securing exploration and production rights through competitive bidding, and adhering to strict environmental and safety regulations. The government ensures transparency and compliance with international best practices in the sector.
  • What are the main sources of energy in Cyprus?
    Cyprus relies on a mix of energy sources. Currently, the primary sources of energy in Cyprus include fossil fuels such as oil and natural gas, as well as renewable energy sources like solar and wind power. The government is actively promoting the development of renewable energy to diversify the energy mix and reduce dependence on imported fossil fuels.
  • How is the natural resources sector contributing to the economy of Cyprus?
    The natural resources sector plays a significant role in the economy of Cyprus. It contributes to job creation, stimulates economic growth, and enhances energy security. The exploration and production of hydrocarbons have the potential to generate substantial revenues and attract foreign investments, while the development of renewable energy resources fosters sustainable economic development and reduces reliance on imported energy.
  • What initiatives has Cyprus taken to promote renewable energy development?
    Cyprus has implemented several initiatives to promote renewable energy development. These include feed-in tariff schemes, net metering programs, and financial incentives for renewable energy projects. The government has set targets to increase the share of renewable energy in the energy mix and has introduced supportive policies to encourage the installation of solar panels, wind farms, and other renewable energy systems.
  • What opportunities exist for investment in the Energy & Natural Resources sector in Cyprus?
    Cyprus offers various investment opportunities in the Energy & Natural Resources sector. These include exploration and exploitation of hydrocarbon reserves, renewable energy projects, energy infrastructure development, and resource management. The government has implemented favourable policies to attract domestic and foreign investments, fostering growth and innovation in the sector.
  • Are there any environmental regulations and sustainability practices in place for the Energy & Natural Resources sector in Cyprus?
    Yes, Cyprus has implemented environmental regulations and sustainability practices for the Energy & Natural Resources sector. These aim to ensure responsible resource management, minimise environmental impacts, and promote sustainable practices. The government works closely with relevant stakeholders to enforce strict environmental standards, conduct environmental impact assessments, and promote energy efficiency and conservation measures.
  • Can I find English-speaking healthcare professionals in Cyprus?
    Yes, English is widely spoken in Cyprus, including within the healthcare sector. Many healthcare professionals, particularly in urban areas and popular tourist destinations, are fluent in English. Medical facilities often have multilingual staff members and interpreters available to assist non-native speakers, ensuring effective communication and understanding of healthcare services.
  • Are there specialized healthcare services available in Cyprus?
    Yes, Cyprus offers a wide range of specialised healthcare services. The country has hospitals and clinics equipped with state-of-the-art technology and experienced medical professionals who provide specialized treatments and procedures across various medical fields, including cardiology, oncology, orthopedics, reproductive medicine, and more.
  • How do I access healthcare services as an expatriate or visitor in Cyprus?
    Expatriates and visitors in Cyprus can access healthcare services through the public GESY or private healthcare system. The public system GESY provides universal healthcare coverage to all residents, while private healthcare offers additional options for those seeking faster access or specialised treatments. It is advisable to have comprehensive health insurance coverage to ensure optimal healthcare access and affordability.
  • How does Cyprus ensure patient safety and healthcare quality control?
    Cyprus has regulatory bodies, such as the Cyprus Ministry of Health and the Cyprus Medical Council, that enforce standards and guidelines to ensure patient safety and healthcare quality control. Medical professionals must adhere to ethical standards, maintain professional competence through continuing education, and undergo regular assessments and audits to uphold high standards of care.
  • What is the quality of healthcare services in Cyprus?
    Cyprus has a high standard of healthcare services with a well-developed healthcare system. The country offers modern medical facilities, well-trained healthcare professionals, and a wide range of medical specialties. The healthcare system in Cyprus follows European standards and regulations, ensuring quality care for residents and visitors.
  • What are the primary healthcare challenges and priorities in Cyprus?
    Like many countries, Cyprus faces challenges in healthcare, such as an aging population, chronic disease management, and healthcare accessibility in remote areas. The government focuses on addressing these challenges through policies that promote preventive care, improve healthcare infrastructure, enhance primary healthcare services, and encourage health education and awareness campaigns.
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