Demetriades Office – Chrysses Demetriades & Co LLC

Public Procurement Contracts: Amendments to the Law on Review Procedures

The House of Representatives has enacted the 2025 Law Amending the Procedures for Review in the Field of Public Procurement Contracts, which introduces substantial changes to the main Law of 2010 (Law 104(I)/2010).

Increase of the financial threshold
With the amendment of Article 3(d) of the existing provisions, the value threshold of contracts is increased from €500,000 to €1,000,000. According to the explanatory memorandum of the law, this change readjusts the scope of the provisions relating to the jurisdiction of the Tenders Review Authority, aligning it with current economic conditions and the value of contracts awarded in the context of public procurement.

New framework for interim measures
The second significant amendment is found in Article 24, where a new paragraph (1A) has been added. According to this provision, any applicant requesting an interim measure is required to submit, together with the appeal form, a solemn declaration stating that they will provide a personal guarantee if the request is granted. If the Tenders Review Authority decides to grant an interim measure, the applicant must deposit the guarantee within five working days of the issuance of the decision.

The amount of the guarantee is set at 1% of the estimated value of the contract, with a maximum limit of €50,000, and where no estimated value is determined, at €10,000. Failure to deposit the guarantee within the prescribed time limit leads to the automatic cancellation of the interim measure. If the contracting authority’s decision is upheld, the guarantee becomes payable, while failure to pay constitutes a professional misconduct by the issuer of the guarantee. Conversely, when the appeal is upheld or withdrawn, the guarantee is returned within ten working days.

According to the explanatory memorandum, this addition aims to ensure the seriousness of requests for interim measures, avoiding the submission of appeals without sufficient legal basis or legitimate interest.

However, the intent to discourage tenderers from filing administrative appeals before the Tenders Review Authority is evident, which raises legitimate concerns: proceedings before the Tenders Review Authority are swift. Delays occur only when the award decision is annulled by the Authority. Since annulment means errors occurred during evaluation and award decision-making, discouraging tenderers from challenging awards seems unjustified.

On the contrary, appealing to the Administrative Court is particularly time-consuming, yet does not involve comparable financial burdens for the tenderer. Before the Administrative Court, if an interim order is issued prohibiting the signing of the contract (a measure granted very rarely by the Court, whereas it is generally granted by the Tenders Review Authority), the guarantee submitted by the tenderer is not automatically forfeited if the appeal fails. For the public authority to collect the amount of the guarantee, it must prove the damage suffered.

Absence of provision for successful appeals
Despite stricter requirements being introduced, the amendment does not include a provision for the case of a successful appeal. Specifically, it does not provide for the refund of appeal fees or for the coverage of the applicant’s legal costs where the Tenders Review Authority annuls the contracting authority’s decision. This omission creates a regulatory gap, as there is no provision for the recovery of expenses incurred by a successful appellant while exercising their rights. It also reveals that the legislator’s intent is to favor public authorities conducting tenders and to disadvantage tenderers, whereas the principle of equal treatment of the parties requires respect from the legislator as well.

The absence of such a provision differentiates the Cypriot framework from other European legal systems, where similar procedures provide for the possibility of fee reimbursement or cost awards in order to safeguard full and effective legal protection for economic operators.

Conclusion
According to the explanatory memorandum, the 2025 Amending Law aims to ensure procedural discipline and prevent unfounded or abusive appeals by introducing clear financial obligations for obtaining interim measures. However, the automatic forfeiture of the guarantee in case of an unsuccessful appeal and the lack of provisions for returning fees or costs in successful appeals highlight the need for further balancing of the institutional framework, so that the exercise of the right of appeal remains substantive and effective, in accordance with the principles of EU public procurement law and the principle that compensation is awarded where damage is proven.

For more information, please contact Katia Kakoulli (katia.kakoulli@demetriades.com) or your usual contact at Chrysses Demetriades & Co LLC.

Cyprus introduces Foreign Direct Investment screening framework

In a long-anticipated move aligning Cyprus with European Foreign Investment Control standards, the Law on the Establishment of a Framework for Screening Foreign Direct Investments of 2025 [Law 194(I)/2025] has been published in the Official Gazette and will enter into force on 2 April 2026.

The new regime introduces a structured screening process for foreign direct investments (FDI), in line with Regulation (EU) 2019/452, targeting transactions that may raise concerns for national security or public order in strategic and sensitive sectors.

Under the new framework, non-EU/EEA/Swiss investors and third-country undertakings must notify and obtain prior approval from the Ministry of Finance before completing certain investments in strategic undertakings.

The obligation to notify applies where an investment crosses defined legal thresholds, which include both transaction value and the level of control or influence acquired over the target enterprise, whether directly or indirectly.

The competent authority may impose conditions, prohibit, unwind, or otherwise restrict transactions deemed to pose a risk to security or public order. Failure to comply with the notification and approval requirements may lead to financial or other sanctions.

For investors, financial institutions and corporates, FDI screening will become a key consideration in transactional planning, particularly in cross-border deals and joint ventures involving sensitive sectors, often in parallel with Merger Control compliance.

Early legal assessment will be essential to determine whether a transaction falls within the scope of the framework and to ensure timely compliance with regulatory requirements.

For further information or tailored guidance, please contact Polyvios Panayides (polyvios.panayides@demetriades.com) at Chrysses Demetriades & Co LLC.

Our firm advises the National and Kapodistrian University of Athens on its first International branch

We are delighted to have advised the National and Kapodistrian University of Athens (NKUA/ΕΚΠΑ) on the establishment of its first international branch in Cyprus – a milestone in higher education and academic cooperation between Greece and Cyprus.

The official inauguration took place on 3 November 2025, marking the launch of a historic initiative. Based in Nicosia and Larnaca, the branch comprises four faculties and eight departments, including the renowned Medical School, the Faculty of Economics and Political Sciences, and the innovative BA Program in Archaeology, History, and Literature of Ancient Greece. Academic activity begins this year with the Medical School, with the remaining academic units to follow in 2026.

Our firm provided comprehensive legal support throughout the process, covering accreditation, corporate matters, and institutional structuring. The engagement was led by Partners Michalis Moushouttas and Pavlina Constantinides, and Associate Spyroulla Iasonos, alongside Ioannis Sidiropoulos, Legal Analysis Executive for our firm.

This development represents a lasting investment in education, research, and innovation, reflecting our firm’s commitment to supporting transformative initiatives of institutional and cross-border significance.

For more information please contact our partners Michalis Moushouttas and/or Pavlina Constantinides.

Advising PureHealth on its acquisition of a 60% stake in Hellenic Healthcare Group (HHG)

Chrysses Demetriades & Co. LLC acted as Cypriot legal counsel to PureHealth Holding PJSC, the largest healthcare group in the Middle East, in connection with its EUR 800 million acquisition of a 60% shareholding in Hellenic Healthcare Group (HHG), the leading private healthcare provider in Greece and Cyprus.

The transaction, which implies a total equity valuation of EUR 1.3 billion for HHG, represents a significant milestone in PureHealth’s ongoing global expansion strategy.

The acquisition, now successfully completed following receipt of all necessary regulatory approvals, marks a major step in PureHealth’s international growth trajectory—following its recent acquisition of Circle Health Group in the UK and strategic investments in the US healthcare market.

HHG maintains a strong presence across Greece and Cyprus through its portfolio of leading hospitals and medical centres. With this acquisition, PureHealth will integrate HHG into its global healthcare platform, further consolidating its position as a preeminent international hub for healthcare excellence and innovation.

The Chrysses Demetriades & Co. LLC team advising PureHealth comprised Constantinos Mavrellis and Chrysses Demetriades (Partners), Christos Heracleous and Andreas Lelekis (Associate Partners), and Nicole Prodromou (Associate).

Our firm worked in close collaboration with Karatzas & Partners (Greece) and Freshfields Bruckhaus Deringer LLP (international counsel) to bring the transaction to a successful conclusion.

Jurisdiction clauses under scrutiny – Lessons from CJEU’s SIL v. Agora

In February 2025 the Court of Justice of the European Union (CJEU) delivered its decision in Case C-537/23 SIL v. Agora, reshaping how jurisdiction clauses under the Brussels I Recast Regulation are interpreted and enforced. For Cyprus (Europe’s shipping hub and a regional centre for cross-border trade) the ruling has immediate implications. One-way (asymmetric) forum clauses feature routinely in charterparties, bills of lading, supply agreements, distribution deals and finance contracts. After this judgment, these clauses can still deliver commercial flexibility, but only if drafted and invoked with precision.

Table of contents

The CJEU Case C-537/23 explained
Why the ruling matters for Cyprus shipping and cross-border commerce
Drafting predictable jurisdiction clauses post-2025

1. The CJEU Case C-537/23 explained

The February 2025 judgment clarified Article 25 of the Brussels I Recast Regulation (EU 1215/2012). The Court examined an asymmetric jurisdiction clause obliging one party to litigate exclusively in Brescia while giving the other a free choice of forum.

Key takeaways:

Autonomous EU standards prevail. Ambiguity or imbalance is assessed against clarity, predictability and transparency, not national “substantive validity.”
Only classic vitiating factors (fraud, duress, mistake, lack of capacity) remain subject to the chosen forum’s national law.
The same approach extends to the Lugano Convention (Switzerland, Norway, Iceland), which mirrors Brussels I on jurisdiction and enforcement.

For Cypriot companies and shipowners contracting with parties in the EU or Lugano states, well-drafted one-way clauses naming EU or Lugano courts will generally be upheld and judgments recognised, provided the clause is sufficiently clear and does not conflict with Articles 15, 19 or 23 (protected parties) or Article 24 (exclusive jurisdictions).

2. Why the ruling matters for Cyprus shipping and cross-border commerce

Shipping contracts

Bills of lading and charterparties issued in Limassol may cover cargo from Asia to Europe and designate a foreign court. Under SIL v. Agora, a Cypriot court asked to enforce or disregard such a clause must apply the CJEU’s clarity and foreseeability test.

Shipowners, charterers and P&I Clubs often rely on asymmetric clauses to gain flexibility. After SIL v. Agora, these clauses survive only if the “escape” options are objectively defined (port of loading, port of discharge, domicile of counterparty). Vague wording such as “any competent court abroad” risks unenforceability in Cyprus or Lugano states.

Commercial contracts

The same reasoning applies to supply, distribution and finance agreements. Cypriot exporters may have contracts in several languages naming foreign courts. Asymmetric clauses must now specify objective triggers (domicile, place of performance, delivery points) to be enforceable.

Procedural backdrop – Cyprus Civil Procedure Rules

Under the CPR, jurisdiction objections must be raised promptly and supported with evidence at an early case-management stage. Missing that window may result in Cyprus hearing the case even where a valid foreign forum clause exists. The Rules do not change Brussels I or Lugano but they reinforce discipline around how and when such clauses are invoked.

Bottom line: forum selection is no longer a back-end dispute issue. It must be built into contract negotiation, evidence gathering and early procedural steps from day one.

3. Drafting predictable jurisdiction clauses post-2025

To take full advantage of SIL v. Agora, Cypriot shipowners, cargo interests and businesses engaged in cross-border trade should revisit how they draft and invoke forum clauses:

Name EU or Lugano courts explicitly. Specify a Cypriot court (“Admiralty jurisdiction of the District Court of Limassol” or “District Court of Nicosia”) or another EU/Lugano court (“Commercial Court of Oslo”). This maximises Brussels I and Lugano benefits.
Define “escape” rights. If using a one-way clause, spell out the objective conditions under which the stronger party may sue elsewhere (port of discharge, domicile of counterparty, place of damage). The more concrete the trigger, the more likely it passes the CJEU’s clarity test.
Align procedure with substance. Incorporate the CPR’s pre-action and early-objection requirements into your internal playbook. Even a perfect clause can be undermined by procedural default.
Harmonise with other clauses. Check that arbitration, governing law and service provisions in your charterparty, bill of lading or commercial contract are consistent with the jurisdiction clause. Conflicting clauses are a common reason for Cypriot courts to find a forum clause unclear.

By combining EU-level clarity with Cyprus-level procedural readiness, companies can secure predictable dispute resolution and faster enforcement of judgments across Europe; a decisive advantage in both time-critical shipping and competitive international commerce.

Conclusion

Cyprus remains a pivotal gateway for Europe’s maritime and cross-border trade. The CJEU’s 2025 Article 25 judgment has shifted the legal tide: asymmetric jurisdiction clauses are no longer routine boilerplate but strategic tools demanding careful drafting and disciplined procedural handling.

For shipowners, P&I Clubs and exporters alike, this creates both opportunity and pressure. Well-structured clauses reduce forum disputes and give all parties clearer visibility of legal risk, but they also impose a higher standard of precision. Weaker counterparties must push for balanced terms, while parties seeking flexibility must articulate their “escape” options in concrete, objective terms.

The Cyprus Civil Procedure Rules form the procedural backdrop. They do not rewrite Brussels I or the Lugano Convention but they set the timetable and evidential standards within which jurisdiction issues are litigated before Cypriot courts. By integrating forum selection into corporate governance, risk registers and contract templates, rather than treating it as a last-minute add-on, businesses can enhance compliance, reduce litigation costs and accelerate enforcement outcomes across Europe. This proactive approach strengthens relationships with customers, suppliers and financial partners, signalling that the company is both sophisticated and reliable in its cross-border dealings.

Looking ahead, companies that audit their contracts, train teams on procedural deadlines and build coordinated dispute-management strategies will stand out as reliable partners.

Our firm combines deep knowledge of EU and Lugano frameworks with decades of hands-on shipping and cross-border dispute resolution experience to help clients move beyond compliance and turn jurisdiction planning into a genuine commercial advantage. For more information please contact Nikoleta Kleovoulou or your usual contact at Chrysses Demetriades & Co LLC.

Trademark registration and brand protection in Cyprus

In today’s competitive business environment, safeguarding your intellectual property is just as critical as building it. A strong trademark is important for inspiring greater connection with consumers and leading to better performance over time. For businesses active in or connected with Cyprus, trademark registration is more than a formality; it is a key investment in brand security, reputation, and growth.

Table of contents

Legal framework and protection
Trademark registration process
Benefits
Why legal expertise matters

Legal framework and protection

The protection of trademarks in Cyprus is based on two main pieces of legislation: the Trademarks Law, last amended in 2006, and the Law on the Control of Goods Infringing Intellectual Property Rights of 2018. These provide a comprehensive legal framework allowing businesses to safeguard their commercial identity.

A trademark in Cyprus can consist of a wide range of elements, including business names, logos, letters, product packaging, colours, sound signatures, and even holograms. Once registered, the trademark gives its owner exclusive rights to use and control that mark in the Cypriot market. Owners can license, assign, or even sell these rights, making trademarks not only a protective tool but also a commercial asset. The duration of protection is long-term. A trademark is initially secured for a period of ten years from the date of registration, and it can be extended in additional ten-year cycles as long as renewal fees are paid.

For broader protection, businesses often extend their filings to the European Union Intellectual Property Office (EUIPO) or the World Intellectual Property Organization (WIPO).

For a trademark application to be accepted, the mark must be distinctive, and must not be generic, deceptive, merely descriptive, or likely to cause confusion with earlier rights.

Trademark registration process

Filing for trademark registration in Cyprus is handled through the Intellectual and Industrial Property Office. The application must include a description of the proposed mark, the list of goods or services it will represent, and payment of the relevant fees. As of 2025, the cost for an electronic submission starts at €129, with €94 for every additional class of goods or services. Collective or certification marks require a higher fee, starting at €415.

Once the application is submitted, it undergoes an initial review to confirm that all required details have been provided. It then proceeds to a more detailed assessment, where examiners consider whether the trademark is distinctive and whether it conflicts with existing rights.

If the Office raises concerns, the applicant has an opportunity to respond, adjust the application, or challenge the decision. In some cases, appeals can be taken to the Administrative Court. Once accepted, the trademark is published in the Official Gazette of the Republic of Cyprus and becomes enforceable against third parties provided that during the “cooling off period” no oppositions have been traced against the trademark application. The estimation of the “cooling off period” is three months from the publication of the trademark in the Official Gazette of the Republic of Cyprus

Benefits

Trademark registration offers businesses a range of advantages. It grants the exclusive right to use the mark in commerce, effectively blocking competitors from using similar signs. This exclusivity creates a competitive advantage, strengthens consumer trust, and adds value to the brand. Because trademarks can be sold, franchised, or licensed, they also become income-generating assets.

Why legal expertise matters

Although it is technically possible for a business to attempt the process alone, trademark law in Cyprus can be complex. Partnering with an experienced intellectual property lawyer helps ensure the application is filed correctly and that any objections or oppositions are handled strategically.

For foreign businesses, having local representation is not only beneficial but also required. A Cypriot lawyer must act as the official representative before the Intellectual and Industrial Property Office.

Conclusion

A well-protected brand may become the business’s most valuable asset, and in an increasingly globalised market, taking proactive steps in Cyprus can set the stage for expansion and success far beyond its borders.

The Cypriot legal framework is robust, offering ten-year protection that can be renewed indefinitely, but the process does require careful preparation and expert navigation.

Our team of experienced intellectual property lawyers in Cyprus provides end-to-end support with trademark searches, applications, oppositions, renewals, and enforcement, ensuring your brand is fully protected at every stage.

In addition to handling trademarks, experienced lawyers can advise on complementary areas such as patents, industrial designs, and copyright.

For more information please contact Nicole Prodromou (nicole.prodromou@demetriades.com) or your usual contact at Chrysses Demetriades & Co LLC.

Why Cyprus is an ideal EU base for fintech startups

Fintech is booming in Europe, projected to surpass €171 billion by 2030, and Cyprus is making a bold name for itself. From e-money to crypto licensing, it offers the perfect balance of EU compliance, low bureaucracy and innovation support. Here’s why more fintech startups are calling Cyprus home.

Table of contents

Why Cyprus attracts fintechs
Fintech licensing: Clear, fast, flexible
Compliance made practical
Innovation support
Conclusion: Cyprus, A fintech gateway

Why Cyprus attracts fintechs

Cyprus has steadily positioned itself as one of the most accessible, innovation-ready fintech jurisdictions in the EU. Its regulatory model is fully aligned with the Markets in Financial Instruments Directive II (MiFID II), the Payment Services Directive 2 (PSD2), and the Electronic Money Directive (EMD), allowing licensed fintechs, payment or e-money providers to passport services across the entire European Union and European Economic Area (EU/EEA). For entrepreneurs looking for a stable, pro-business environment with global reach, Cyprus is a strategic gem.

Key benefits include:

EU-wide licensing: Set up in Cyprus and operate seamlessly across all EU/EEA states.
Business-friendly setup: Competitive tax regime, English-speaking professionals, and transparent legal infrastructure.
Regulatory clarity: Cyprus has prepared for and is implementing all key EU digital finance laws: the Markets in Crypto-Assets Regulation (MiCA), the Digital Operational Resilience Act (DORA) and the EU Crowdfunding Regulation. In this respect, the key regulators in Cyprus, being the Central Bank of Cyprus (CBC) and the Cyprus Securities and Exchange Commission (CySEC) are transitioning to and putting in place an effective supervisory framework to assist the practical application of this legislation in Cyprus.
Crypto & digital assets: The country’s jurisdiction allows registration of Crypto-Asset Service Providers (CASPs) under Anti-Money Laundering (AML) rules. MiCA is expected to roll out smoothly thanks to this proactive stance. CySEC is closely following and adopting ESMA’s guidelines on these matters and has already issued circulars to provide clarity on the applicable procedures.

Cyprus’s geographical location at the crossroads of Europe, the Middle East, and Africa also strengthens its appeal as a hub for cross-border fintechs. Moreover, the jurisdiction offers access to top talent, strong infrastructure, and a digital finance culture that encourages growth.

Fintech licensing: Clear, fast, flexible

In Cyprus, fintech regulation is segmented into clear categories. This means you can identify exactly what kind of license you need based on your model, and begin operations with confidence.

Electronic Money Institutions (EMIs): These are entities that offer products like prepaid cards and mobile wallets. They are licensed by the Central Bank of Cyprus (CBC) under the Electronic Money Law of 2012, as amended. The latter is based on two EU directives: one that regulates electronic money (Directive 2009/110/EC – EMD), and another that sets rules for payment services (Directive (EU) 2015/2366, known as PSD2). Because EMIs often offer both types of services (electronic money and payment services) they are subject to compliance with both sets of rules. To get licensed, applicants must submit a strong business plan, provide governance documents and organisational charts, and hold at least €350,000 in initial capital.

Payment Institutions (PIs): These are entities that offer payment services, such as money transfers, online payment processing, execution of payment transactions and merchant payment gateways. In Cyprus, they are regulated by the Payment Services Law of 2018, as amended, which brings the relevant EU PSD2 rules into local law. PIs are also licensed by the CBC and must show that they have strong AML systems, adequate safeguards for protecting client money, reliable technical infrastructure, and enough capital based on the services they offer.

Cyprus Investment Firms (CIFs): Trading platforms and asset managers must be authorized as CIFs by Cyprus Securities and Exchange Commission (CySEC), under the Investment Services and Activities and Regulated Markets Law of 2017, as amended. This process includes detailed applications, fit-and-proper checks on directors, and compliance with MiFID II. Licensing process may take around 6 to 9 months.

Crypto-Asset Service Providers (CASPs): Crypto exchanges, custody wallet providers, and digital asset platforms must register with CySEC under AML rules. While this is a registration focusing on AML, customer due diligence, risk assessment, and transaction monitoring, rather than a full crypto license, Cyprus is aligning this regime with the incoming MiCA regulation that is expected to reshape the crypto licensing landscape across Europe.

Crowdfunding platforms: Licensed under the EU Crowdfunding Regulation (EU 2020/1503 -introduced in the Cyprus legal order through the Provision of Crowdfunding Services for Businesses Law of 2024), platforms facilitating peer-to-peer lending or equity crowdfunding must apply through CySEC. Licensing involves investor protection measures, risk disclosures, and platform security protocols.

Each license has well-defined requirements and regulators (CBC or CySEC) who provide guidance through Innovation Hubs, reducing friction for startups entering the market.

Compliance made practical

Running a fintech in Cyprus means embracing regulatory excellence, but with flexibility and support that’s hard to find in larger EU jurisdictions.

AML & KYC: Under Law 188(I)/2007, as amended, all regulated entities must have strong AML and terrorist financing frameworks. Know-Your-Customer (KYC) procedures, suspicious transaction reporting, and real-time monitoring are all standard.

Data protection – General Data Protection Regulation (GDPR): Cyprus fully enforces the EU GDPR and supplements it with Law 125(I)/2018, as amended. Fintechs handling personal or financial data must have lawful processing policies, clear consent mechanisms, and security safeguards including the appointment of Data Protection Officers (DPOs) where applicable.

MiFID II / PSD2 / EMD compliance: All licensed PIs, EMIs, and CIFs must comply with conduct of business rules, capital adequacy standards, and client asset protection regulations. These create a framework that protects users while giving businesses the operational freedom to grow.

Cybersecurity & operational resilience – DORA: Coming into force in early 2025, DORA requires all fintechs to manage Information and Communication Technology (ICT) risks, monitor service provider security, and report serious cyber incidents. Cyprus regulators are already helping firms prepare through workshops and guidance.

What sets Cyprus apart is the practical approach to enforcement. CySEC and CBC are proactive but collaborative, preferring dialogue and improvement over unnecessary penalties, especially for well-intentioned, early-stage fintechs. This makes compliance a competitive edge, not a roadblock.

Innovation support

Cyprus isn’t just focused on regulation; it’s also very supportive of innovation. In 2024, CySEC launched a Regulatory Sandbox to let fintech companies test new ideas in a controlled environment without immediately meeting full licensing requirements. This includes pilots for AI-powered financial tools and blockchain settlement platforms. CBC also operates its Innovation Hub, which offers early-stage fintechs informal guidance on licensing routes, risk models, and compliance setup. These initiatives de-risk early product launches, accelerate licensing readiness, provide constructive regulator feedback and improve investor and consumer confidence.

Conclusion: Cyprus, a fintech gateway

Cyprus is no longer just a financial services hub; it’s becoming Europe’s front door for fintech innovation. With access to the EU market, forward-thinking regulators, and a streamlined licensing process, Cyprus provides the strategic legal clarity fintechs need, without the red tape of larger jurisdictions. Whether you’re building a crypto exchange, digital bank, payment app, or next-gen trading platform, our jurisdiction offers both the regulatory structure and innovation support to help you succeed. As fintech continues to mature, the real differentiator for sustainable growth will be the ability to scale with foresight and full regulatory confidence.

At Chrysses Demetriades & Co. LLC, we support fintech founders, investors, and operators in turning complex regulation into a clear competitive advantage. Whether you’re entering the EU market or expanding your footprint, our team is here to help you structure, license, and grow, securely and efficiently – from Cyprus.

Contribution to landmark textbook on Cyprus New Civil Procedure Rules

Our associates, Iphigenia Fisentzou and Christina Lougkridou, have contributed to the first comprehensive legal textbook dedicated to the New Civil Procedure Rules of Cyprus, introduced in 2023; a milestone reform in the country’s civil justice system.

The book, Κυπριακή Πολιτική Δικονομία, is the product of a collaborative effort by a team of distinguished legal practitioners and academics. It offers in-depth analysis of key aspects of civil procedure, including the structure of the courts, the right to a fair trial, procedural steps before the courts, and alternative dispute resolution methods. Special emphasis is given to the 2023 Rules, which replaced the long-standing previous regime and aim to modernise and streamline civil proceedings.

Iphigenia served also as a member of the editorial team and authored the chapter on “The Overriding Objective”, co-authored the chapter on “The Court’s Powers”, and, together with Christina, co-authored the chapter on “Costs”.

Designed as a practical guide for judges, lawyers, students, and all those involved in the Cypriot civil justice system, this publication provides essential insights into the updated procedural framework and serves as a valuable resource for navigating the new legal landscape.

More information about Κυπριακή Πολιτική Δικονομία, including details on its content and availability, can be found on the publisher’s website.

We congratulate all contributors on this significant achievement and look forward to the positive impact this work will have on legal practice in Cyprus.

Cyprus as a strategic choice for highly skilled professionals

With a well-established non-domicile regime and the recent alignment of its immigration rules with the EU Blue Card Directive, Cyprus already stands out as one of the most attractive EU jurisdictions for highly skilled professionals. Furthermore, the February 2025 tax reform proposals, though not yet enacted, signal a commitment to enhancing an already competitive environment, introducing measures aimed at extending non-dom benefits, broadening residency eligibility, and refining personal income taxation.

Together, these developments underscore Cyprus’s unique positioning at the intersection of low-tax living and full EU mobility. For tech founders, asset managers, and internationally mobile professionals, Cyprus offers a framework that is both robust today and set to become even more compelling.

Table of contents

• The upgraded non-dom regime

• Redefining tax residency rules

• EU Blue Card: your mobility pass

• Strategic outlook for professionals

• Final thoughts & future outlook

The upgraded non-dom regime

Cyprus’s non-domicile regime, launched in 2016, has become a leading incentive for high-net-worth individuals, international professionals, and entrepreneurs seeking tax efficiency within a European Union jurisdiction. The framework operates under the combined application of the Income Tax Law 118(I)/2002 (IT Law), the Special Defence Contribution Law 117(I)/2002 (SDC Law), and the Wills and Succession Law Cap 195 (W&S Law), all as amended. The 2025 proposed reforms retain the strategic advantage of the rules and introduce certain improvements.

The benefits for non-doms remain substantial:

• exemption from Special Defence Contribution (SDC) on dividends, interest, and foreign rental income

• no capital gains tax on securities (with the exception of Cyprus-based real estate)

• no wealth, gift, or inheritance tax

• income over €100,000 remains eligible for the 50% exemption for 10 years

Employment income attractiveness is now being enhanced; the tax-free threshold increases to €20,500. New personal deductions for families, mortgage interest, and green investments provide further tax planning opportunities, especially for those building a life in Cyprus. Moreover, the proposed reforms allow indefinite extension of non-dom status, subject to an annual fee. This replaces the previous 17-year cap, offering long-term fiscal planning security.

This evolution of the non-dom regime ensures Cyprus remains a long-term base for wealth preservation and a safe haven in an increasingly competitive EU tax environment.

Redefining tax residency rules

Cyprus currently offers two main residency routes:

• the 183-day rule, based on physical presence

• the 60-day rule, allowing tax residency with a shorter stay if you have economic ties and no other residency

Under the 2025 proposals, the 60-day rule is expanded to include individuals whose centre of business interests lies in Cyprus, even if their physical presence is minimal. This change shifts the emphasis toward economic substance over physical relocation; a major win for remote professionals and international entrepreneurs.

This makes Cyprus particularly attractive to:

• digital nomads managing global ventures

• startup founders looking to anchor operations in an EU jurisdiction

• executives coordinating group structures from abroad

In essence, the redefined rules break the traditional link between tax residency and constant presence, giving entrepreneurs far more flexibility in how they manage their time and tax exposure. To benefit, applicants must still demonstrate business operations or key economic decision-making located in Cyprus, and ongoing compliance with IT and SDC law through filings and declarations.

This change modernises Cyprus’s tax framework, aligning it with a global workforce increasingly untethered from fixed locations.

EU Blue Card: your mobility pass

As of 7 July 2025, Cyprus has implemented the EU Blue Card, aligning its immigration framework with Directive (EU) 2021/1883. This harmonised permit offers third-country nationals a clear route into the EU job market. Combined with the tax advantages Cyprus offers, it’s a compelling package.

Eligibility requires:

• a university degree or three years’ recent experience in a relevant field

• a binding offer of employment in ICT, pharma R&D, or shipping (excluding seafaring roles)

• a minimum gross annual salary of €43,632

Benefits of the Blue Card include:

• the right to live and work in Cyprus

• equal treatment with nationals in employment, education, and social security

• family reunification

• short-term travel within the EU (90 days)

• mobility to another EU Member State after 12 months of residence in Cyprus

This allows skilled professionals to not only secure a favourable tax base but also leverage EU-wide mobility for business or career growth.

Combined with the non-dom regime, the Blue Card transforms Cyprus into a regional gateway—one where talent can establish, grow, and scale cross-border ambitions with minimal friction.

Strategic outlook for professionals

The combination of a more flexible residency framework, an extended non-dom regime, and a fully functional Blue Card system puts Cyprus in a league of its own.

Subject to the official adoption of the proposed reform:

• non-dom status can now be maintained indefinitely with a fee, offering certainty rare in EU tax law

• residency via economic interest frees professionals from the need to physically relocate

• new deductions support family life, real estate investment, and green upgrades—aligning tax incentives with personal priorities

• the corporate tax rate may increase to 15%, but strategic advantages remain via extended loss carryforward (from 5 to 10 years) and continued support for IP Box, Notional Interest Deduction, and Tonnage Tax regimes

Whether you’re relocating as a professional or scaling a business through Cyprus-based entities, these changes empower you to structure your affairs with predictability, compliance, and efficiency.

Final thoughts & future outlook

Cyprus’s 2025 reforms are more than just technical updates—they represent a broader vision for economic competitiveness. By expanding access, rewarding substance, and aligning incentives with modern lifestyles, Cyprus offers a model worth watching.

For professionals seeking an EU base without punitive tax consequences, or for businesses aiming to attract and retain top global talent, the updated framework presents an increasingly compelling proposition.

The true potential lies in combining available instruments: Blue Card access, non-dom optimisation, and carefully structured long-term planning. With the legal and fiscal tools firmly in place, the jurisdiction enables strategic decision-making that balances compliance, opportunity, and resilience across shifting international environments.

For tailored legal guidance on non-dom planning, EU Blue Card applications, or cross-border structuring, contact our team at Chrysses Demetriades & Co LLC.

The European Accessibility Act (EAA): Key points for Financial Service Providers

The European Accessibility Act (EAA) introduced a harmonised framework across the EU to enhance access to key products and services for persons with disabilities. Cyprus transposed the EAA into national law through the Accessibility of Products and Services Law of 2024 (the “Law”), which came into force on 28 June 2025. This development has important consequences for services providers, including, financial service providers operating in Cyprus.

Legal Background

The Law applies to both products and services offered within the EU, aiming to remove barriers for persons with disabilities. It defines “persons with disabilities” as those with long-term physical, mental, intellectual or sensory impairments that may hinder their participation in society on an equal basis with others.

Applicability to Financial Services Providers

From 28 June 2025 onwards the Law applies to services, inter alia, consumer banking services, which include services that are covered under MiFID II Directive (2014/65/EU), such as the reception and transmission of orders, execution of orders, portfolio management, and investment advice.

Key Obligations

Accessible Information: Documents that contain information such as financial documents, contracts, statements, policies, onboarding forms, must be perceivable through visual, auditory, and alternative formats and be compatible with assistive technologies.
Accessible Digital Services: Websites and mobile applications must be fully usable by persons with disabilities. This includes being of adequate font size, contrast, spacing, and provide support for alternative text and assistive technologies.
Accessible Support Services: Customer support must offer accessible communication modes and inform users about the compatibility with assistive technologies.
User-Friendly Security Features: Authentication and identification procedures must be operable and understandable. Complexity should not exceed B2 level of the Council of Europe’s Common European Framework of Reference for Languages.

Exemptions

Microenterprises (fewer than 10 employees and turnover or balance sheet under €2 million).
Obligations may be waived if they impose disproportionate burden or fundamentally change the service provided.

Transitional Period

Existing contracts and/or services (offered before 28 June 2025) to continue until 28 June 2030.
New services introduced after 28 June 2025 must comply immediately.

Penalties

Administrative Fines: up to €10,000 initially; up to €20,000 for repeated offences.
Criminal penalties: up to 2 years’ imprisonment or a €20,000 fine; up to 3 years’ imprisonment or a €30,000 for repeated offences.

For more information please contact Christos Chiotis (christos.chiotis@demetriades.com) or your usual contact at Chrysses Demetriades & Co LLC.

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