Hi, I’m Panayotis Yannakas
your Lawyer. Litigator. Business Consulator. Attorney.

The introduction of consensual divorce in Cyprus marks a significant shift in our family law landscape, representing a modernization of our legal system that aligns with contemporary societal needs. This change is particularly noteworthy as it introduces a more amicable and efficient approach to ending a marriage, potentially reducing the emotional and financial toll often associated with traditional divorce proceedings.

In December 2022, the Cyprus Parliament approved a significant amendment to the divorce law, introducing consensual divorce. This new provision allows both spouses to jointly file for divorce, eliminating the need for one party to file against the other – a process that often exacerbated conflict and hindered post-divorce relationships, especially in cases involving children. The consensual divorce option enhances the child-centric nature of the law and accelerates proceedings, saving court time and resources.

This innovation was necessary to modernize the law, allowing citizens to separate amicably without the need for extensive legal representation and high costs. It’s important to note that while this new option is available, the existing grounds for divorce in Cyprus remain valid, providing flexibility in addressing various marital situations.

One of the most striking aspects of the new law is the reduced waiting period for filing a consensual divorce. Couples can now initiate the process after just six months of marriage, a significant reduction from previous requirements. This change recognizes the reality that some marriages may irrevocably break down early, and provides a legal avenue for a swift and mutually agreed upon dissolution.

It’s crucial to understand the conditions for divorce in Cyprus. For any type of divorce to be filed in the Cyprus Family Courts, one of the spouses must have been continuously residing in the Republic of Cyprus for a period of 3 months. Interestingly, couples who were married abroad are not precluded from filing for divorce in Cyprus, provided they meet this residency requirement.

Specifically for consensual divorce, additional conditions apply. The couple must have been married for at least six months, and if there are minor children involved, they must have either already arranged or be in the process of mutually agreeing on matters related to parental responsibility and contact. This refers to the “Parental Responsibility Order” and “Contact Order” respectively. This requirement underscores the law’s child-centric approach, encouraging parents to prioritize their children’s needs and reach agreements on crucial matters before finalizing the divorce. While the new process aims for efficiency, it maintains a focus on due diligence, particularly regarding the well-being of children and the fair resolution of financial matters.

27.-(1) A marriage may be dissolved by a court decision, following the filing of a divorce action, for the following reasons:

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(a) When the relationship between the spouses has been strongly shaken for a reason concerning the person of the defendant or both spouses to such a degree that the continuation of the marital relationship is reasonably unbearable for the plaintiff:

Provided that, unless the defendant proves otherwise, the relationship between the spouses is presumed to have been shaken and the continuation of the marital relationship is unbearable for the plaintiff for a reason concerning the person of the defendant in accordance with the provisions of paragraph (a) of subsection (1), in case of bigamy, adultery or abandonment of the plaintiff, or conspiracy against the life of the plaintiff by the defendant or exercise of violence against the plaintiff or against a child by the defendant, as defined in the term “violence” by the provisions of the Violence in the Family (Prevention and Protection of Victims) Law;

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(b) when the relationship between the spouses has been irrevocably shaken due to their separation for at least two (2) years:

Provided that, the completion of the prescribed separation period is not prevented by short interruptions made as an attempt to restore the relationship between the spouses and which in total do not exceed three (3) months;

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(c) when the relationship between the spouses has been irrevocably shaken because the spouses, with free and uninfluenced will, mutually consent to dissolve their marriage by an application for consensual dissolution of the marriage:

Provided that, the application may be filed jointly or by one of the two (2) spouses at least six (6) months after the celebration of the marriage:

Provided further that, the consent of the spouses is declared before the Court:

Provided further that, in case there are minor children, the Court issues a decision for the dissolution of the marriage during the said session, provided that the spouses have filed with the Court a copy of the court decision, which regulates issues of child custody or communication with them, or an application requesting the Court to issue a consensual decision on these issues, which is issued in the same session;

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(d) due to a change of gender of the defendant or the plaintiff; and

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(e) due to the disappearance of the other spouse.

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(2) The death of one of the two (2) spouses results in the dissolution of the marriage.

Article 27 (Grounds for divorce) of The Marriage Act of 2003 (Act 104(I)/2003)

As legal practitioners, our role has evolved to encompass a broader range of approaches to divorce proceedings. While traditional methods of resolving disputes through court battles remain available, the introduction of consensual divorce offers new opportunities for couples seeking a more amicable separation. An ethical lawyer should, before initiating preparations for courtroom disagreements, explore all available options with their clients. This approach not only aligns with the spirit of the new legislation but also has the potential to save couples significant amounts of money and reduce emotional stress. By guiding our clients through more cooperative processes where appropriate, we can facilitate discussions that may lead to mutually beneficial agreements. This shift challenges us to enhance our skills in conflict resolution and negotiation, fostering an environment where couples can work together to find solutions. Ultimately, our focus should be on helping our clients navigate complex emotional and practical issues in the most constructive manner possible… and in the best interest of any children involved.

The introduction of consensual divorce also aligns Cyprus more closely with international trends in family law, potentially making our country more attractive for international couples considering residence or retirement here. As we navigate this new legal landscape, it is our responsibility as legal professionals to not only offer these services but also to educate the public about their legal options and rights under the new law. The Law Office of Panayotis Yannakas is committed to providing comprehensive guidance through these new processes, ensuring that my clients fully understand and benefit from these progressive changes in Cyprus family law.

Further Reading on Family Law

For those interested in delving deeper into family law issues, I invite you to explore my other articles. These pieces cover a range of important topics in family law:

• Parental Alienation Syndrome: A Legal Game of Psychology?: An in-depth examination of Parental Alienation Syndrome, its recognition in legal contexts, and the challenges it presents in family court proceedings (Greek Version).
• Genetic Testing as a Tool in Cyprus Family Courts for Paternity Verification: An analysis of the use of genetic testing in Cyprus Family Courts, discussing legal implications, ethical considerations, and procedural aspects in paternity cases.
• Blood Relatives, Surviving Spouse Rights, and the feature of Hotchpot: A comprehensive look at the rights of blood relatives and surviving spouses in inheritance law, exploring the concept of contribution in estate distribution.
• Implementing Surrogacy in the Republic of Cyprus: A critical analysis of surrogacy laws in Cyprus, discussing ethical considerations, legal challenges, and the future of assisted reproduction in the country.

Why This Matters

In an era where data breaches can have far-reaching consequences for businesses and individuals alike, understanding the legal framework surrounding breach notifications is crucial. Cyprus, as a member of the European Union, adheres to the General Data Protection Regulation (GDPR), but also has its own nuances in implementation and enforcement.

Key Insights

While the full article is available to DataGuidance subscribers, I wanted to share a few key points that underscore the importance of this topic:

• Legal Framework: The article explores how Cyprus has implemented the GDPR through national legislation, providing clarity on the governing texts that businesses must be aware of.
• Notification Processes: I discuss the specific procedures for notifying both the authorities and affected individuals in the event of a data breach, highlighting any Cyprus-specific requirements.
• Recent Decisions: The piece includes analysis of recent decisions by the Cyprus Commissioner for Personal Data Protection, offering valuable insights into how the law is being interpreted and enforced in practice.
• Cross-Border Considerations: Given Cyprus’s unique position in the EU and its relationship with non-EU countries, the article touches on important considerations for businesses operating across borders.

Why I Wrote This Article

As a practicing lawyer in this field, I’ve seen firsthand the challenges organizations face in complying with data protection regulations. By contributing to publications like DataGuidance, I aim to share my expertise and help businesses navigate these complex waters more effectively.

Looking Ahead

The landscape of data protection law is constantly evolving, and staying informed is key to ensuring compliance and protecting both businesses and individuals. I’m committed to continuing to share insights and analysis on these crucial topics.

For those interested in reading the full article, it’s available on the OneTrust DataGuidance platform. If you have any questions about data breach notifications or data protection law in Cyprus, don’t hesitate to reach me out.

Strategic Location and Business-Friendly Environment

Cyprus, an EU member since 2004, stands out as a prime destination for businesses seeking a low-tax, secure jurisdiction with a strategic geographical advantage. Located at the crossroads of Europe, the Middle East, Africa, and Asia, Cyprus offers a favorable time zone (2 hours ahead of London and 1 hour ahead of mainland Europe), making it an ideal hub for international operations.

The island’s sophisticated legal framework and beneficial tax system have established it as one of Europe’s most attractive jurisdictions for setting up a Limited Liability Company. Unlike traditional offshore locations, Cyprus fully complies with EU legislation and OECD tax standards, ensuring a reputable and compliant business environment.

Cyprus at a Glance: Key Incorporation Benefits

1. Streamlined Company Formation: Only one director and one shareholder are required, with no local residency restrictions.
2. Swift Incorporation Process: Company registration typically completed within 8-10 days.
3. Competitive Corporate Tax Rate: A flat rate of 12.5%, one of the lowest in Europe.
4. Tax-Free Dividends: Exemption on dividends paid abroad.
5. No Exchange Control Restrictions: Freedom to transfer funds in and out of the country.
6. Access to EU Single Market: Over 500 million consumers within reach.
7. Extensive Double Tax Treaty Network: Agreements with more than 60 countries worldwide.

Tax Benefits

Cyprus offers a highly attractive tax regime that sets it apart as a premier business destination within the European Union, combining low rates, strategic exemptions, and international considerations. At the heart of this system is the remarkably competitive corporate tax rate of 12.5%, applicable to all companies regardless of their turnover. This flat rate, one of the lowest in Europe, immediately positions Cyprus as a tax-efficient jurisdiction for businesses of all sizes. The country’s tax framework, fully compliant with EU and international standards, provides substantial benefits including exemptions on dividend and interest income, favorable treatment of capital gains, and an extensive network of double tax treaties. These features, along with special provisions for intellectual property and holding companies, make Cyprus an ideal location for businesses looking to optimize their tax structure within a reputable EU framework.

The tax advantages extend far beyond the headline corporate rate. Cyprus provides a 0% tax rate on dividend income and interest income derived from corporate activities, significantly enhancing the appeal for holding companies and financial operations. Furthermore, capital gains from the sale of securities are exempt from taxation, with the exception of gains related to immovable property within Cyprus. This exemption makes Cyprus an ideal location for investment holding structures and trading operations.

Corporate reorganizations, including divisions, asset transfers, and share exchanges, enjoy tax-free status in Cyprus. This provision facilitates corporate restructuring and allows businesses to adapt to changing market conditions without incurring unnecessary tax burdens. Similarly, profits from foreign subsidiaries are generally tax-exempt, subject to certain conditions, making Cyprus an excellent base for multinational operations.

The Value-Added Tax (VAT) system in Cyprus is among the most competitive in the European Union, with rates ranging from 5% to 19%. As part of the EU Single Market, Cyprus implements the reverse charge mechanism for intra-EU transactions. Under this system, the VAT on intra-EU acquisitions is accounted for through the purchaser’s VAT return, rather than being paid at the point of import. This mechanism significantly enhances cash flow management for businesses.

Cyprus has implemented a Notional Interest Deduction (NID) regime, which allows for a notional interest deduction on new equity. This innovative provision can potentially reduce the effective tax rate to as low as 2.5%, providing a significant incentive for businesses to increase their equity financing in Cyprus.

For businesses with international operations, Cyprus offers a unilateral tax credit for foreign tax paid, even in the absence of a double tax treaty. This provision ensures that companies are not subject to double taxation on their global income. Moreover, Cyprus boasts an extensive network of double tax treaties with over 60 countries worldwide. These agreements, largely following the OECD model, prevent double taxation and provide clarity and certainty for international investors.

Cyprus offers additional tax advantages that are particularly attractive for intellectual property-based businesses. Under the IP Box Regime, income derived from qualifying intellectual property is subject to favorable tax rates, making Cyprus an appealing jurisdiction for tech companies, research and development operations, and other IP-intensive industries. Furthermore, royalties paid from Cyprus to non-resident companies are generally exempt from taxation, with limited exceptions for intellectual property used within Cyprus. This exemption extends to capital gains and income from the liquidation of Cypriot holding companies, further enhancing Cyprus’s position as a strategic location for international IP management and holding structures.

Legal Services for Business Setup and Management in Cyprus

As a licensed lawyer specializing in corporate law, I offer comprehensive legal support for businesses looking to establish and operate in Cyprus. My services are designed to provide end-to-end solutions, from company formation to ongoing compliance and management.

My approach focuses on offering tailored, personalized services that go beyond mere legal advice. I aim to become a trusted partner in your business journey, ensuring that all legal aspects are handled efficiently and effectively. This includes complete nominee services, comprehensive financial management, administration services, expert consulting, and even Financial Managed SaaS solutions.

For a detailed overview of my services and how I can facilitate your business establishment and growth in Cyprus, please visit my article: Streamline Your Business Setup in Cyprus. Here, you’ll find information on the full spectrum of services I offer, designed to set your business up for success from day one.

Further Reading on Company Law & Corporate Governance

For those interested in delving deeper into company law and corporate governance issues, I invite you to explore my other articles. These pieces cover a wide range of topics, from theoretical discussions to practical analyses:

• Setting Up Your Limited Company in Cyprus: An overview of the process and benefits of establishing a limited company in Cyprus. This article outlines key steps in company formation, highlighting Cyprus’s flexible structure, EU compliance, and tax efficiency. It demonstrates how Cyprus’s business-friendly environment attracts both entrepreneurs and larger enterprises seeking streamlined incorporation within the EU.
• Balancing Corporate Governance: Agency vs Stakeholder Theory: This article examines the interplay between agency theory and stakeholder theory in UK corporate governance. It explores how both theories advocate for limiting shareholder power but differ in their approaches. Agency theory focuses on the shareholder-executive dynamic and the importance of general meetings, while stakeholder theory emphasizes a broader system of checks and balances. The piece highlights the complexities of aligning shareholder interests with societal needs, discussing the role of corporate structures, the nature of ownership, and the evolving business landscape in shaping effective and responsible corporate governance practices.
• Exploring the Role Separation of Chairman and CEO in the UK: An examination of the debate surrounding dual leadership roles in corporate governance, discussing the benefits and costs associated with separating the positions of Chairman and CEO.
• The Role & Efficiency of Non-Executive Directors in the UK: An analysis of the critical role that Non-Executive Directors play in ensuring effective corporate governance and oversight in UK companies.
• The Texture of International Taxation: An exploration of the complexities and challenges in international tax law, particularly as they relate to multinational corporations.
• The Metaphysical Dimension of the Corporate Entity: A philosophical examination of the concept of corporate veil and its implications for business and law.
• The Ineffectiveness of the Foss Rule: A critical analysis of the Foss v Harbottle rule in company law, discussing its limitations and potential for injustice in certain corporate governance scenarios.
• Gerald Rarnet: A Business Parody: A cautionary tale about the importance of public relations and the potential consequences of ill-considered public statements by company leaders.
• Greek Small and Medium-sized Enterprises: Victim or Perpetrator?: A critical analysis of Greek SMEs, exploring both external challenges and internal shortcomings. While acknowledging harsh economic policies, the article argues that many Greek entrepreneurs contribute to their problems through poor business practices. It calls for more responsible management, better financial practices, and a shift in entrepreneurial culture to achieve sustainable growth in the Greek business landscape.

Cyprus has emerged as a prime destination for business establishment within the European Union, offering a unique blend of tax efficiency, EU compliance, and strategic geographical advantage. The process of setting up a company in Cyprus is designed to be straightforward and business-friendly, reflecting the country’s commitment to attracting international investment.

This guide will walk you through the key steps of forming a company in Cyprus, from choosing a company name to meeting annual compliance requirements. Whether you’re looking to incorporate a new company or purchase a shelf company for immediate operations, Cyprus offers flexible options to suit various business needs. The ease of setup, combined with the country’s attractive tax regime and sophisticated legal framework, makes Cyprus an ideal choice for entrepreneurs and businesses of all sizes looking to establish a presence in a reputable EU jurisdiction.

Company name

Before registering a company in Cyprus, an application for approval of the company name must be submitted to the Registrar of Companies and Official Receiver. This can be done directly by applicants or through a lawyer or service provider. The name should not contain prohibited words such as “Cooperative,” “Municipal,” or “Privileged,” or any offensive language, and should not be too similar to other registered names. The name must end with the word “limited” or its abbreviation and may include Greek or Latin characters. The Registrar has the power to reject any name deemed undesirable.

As a matter of good practice, legal advisors in Cyprus typically keep a list of pre-approved “shelf names,” which are names already approved by the Registrar. These names are offered to clients who require a quick registration process and are indifferent to the actual name of the company.

Registered Office and Management Structure

A Limited Liability Company in Cyprus is required to have a registered office and address in Cyprus, which must be stated to the Companies Registrar.

Directors & Secretary For a Limited Liability Company in Cyprus, it is mandatory to have a director and secretary who reside in Cyprus. However, corporate entities are permitted to hold these positions. In the case of a company having only one member, the director and secretary positions can be held by the same individual. The details of the director and secretary are registered with the Companies Registrar and are publicly available.

Shareholders & Beneficial owners

A single shareholder is the minimum requirement for a Cyprus Limited Liability Company, with a maximum of 50 shareholders allowed. There are no restrictions on the nationality or residency of the shareholders, and both corporate entities and natural persons can be appointed as shareholders. It is also possible for the same person to serve as both the director and shareholder of the company.

The details of shareholders are registered with the Companies Registrar and are publicly available, while the details of beneficial owners are not registered on the public record and are not accessible to the public

Capital Assets & Structure

The capital structure of companies incorporated in Cyprus offers significant flexibility to business owners. When establishing a company, the authorized capital can be determined by the owners and denominated in any currency of their choice. While it’s common to suggest an authorized capital of €1,000, this is not a mandatory requirement. The authorized share capital represents the maximum amount of capital that the company is permitted to raise from its shareholders through the issuance of shares.

In terms of share types, Cyprus Limited Liability Companies are restricted to issuing only registered shares. The minimum number of shares that must be issued is one, providing flexibility for sole proprietorships or closely held companies. It’s worth noting that bearer shares are not permitted under Cyprus law, ensuring transparency in company ownership.

One of the most attractive features of the Cyprus company structure is the absence of a minimum paid-up capital requirement at incorporation. This means that shareholders are not obligated to pay up capital within a specific timeframe. This provision offers significant financial flexibility, particularly beneficial during the critical early stages of a business when cash flow can be tight. It allows companies to allocate their financial resources where they’re most needed, rather than tying them up in paid-up capital.

This flexible approach to capital structure and share issuance aligns with Cyprus’s broader strategy of creating a business-friendly environment. It allows companies to tailor their capital structure to their specific needs and growth plans, making Cyprus an attractive jurisdiction for a wide range of business types and sizes.

Annual Compliance and Government Fees

Companies registered in Cyprus are subject to two primary annual reporting obligations. Firstly, every Cyprus company must submit audited or certified financial statements to the local tax authority annually, regardless of whether the company is active or tax resident in Cyprus. This requirement ensures transparency and compliance with financial regulations. Secondly, companies must file an Annual Return with the Registrar of Companies. The initial submission is due 18 months after the date of registration, with subsequent submissions required annually. It’s worth noting that while these two major reports are annual, companies also have quarterly obligations related to VAT and social insurance contributions, which require more frequent filings throughout the year.

In addition to these reporting requirements, Cyprus companies must pay an annual fee to the Registrar of Companies to maintain their good standing. This annual fee amounts to €350 and is due by June 30th each year. For companies that are part of a group, the total amount is capped at €20,000. Prompt payment of this fee is crucial, as late payments incur penalties. If payment is made between July 1st and August 31st, a €35 penalty is applied. This penalty increases to €140 for payments made between September 1st and November 30th. Continued non-compliance may ultimately result in the company being struck off the register. While these fees and potential penalties add to the cost of maintaining a company in Cyprus, they contribute to the overall integrity and reliability of the Cyprus business environment.

Administrative Requirements and Employer Responsibilities

Companies in Cyprus are required to register with the Tax Department and Social Insurance Services to obtain a tax identification number, a VAT registration number, and to pay contributions to various funds for their employees. Employers must pay contributions to the Social Insurance, Annual Holidays with Pay, Redundancy, Human Resource Development, and Social Cohesion funds for each employee who earns at least €200 per week or €700 per month. Contributions, including the employees’ share, must be paid monthly in arrears within one month from the end of each contribution month.

The registration of employers can be done electronically through the Point of Single Contact (PSC) Cyprus portal, or by submitting the application form to a District Social Insurance Office or Citizens Service Centre. The application form should be accompanied by a copy of the employer’s identity card or passport or aliens registration certificate, as well as the relevant certificates of incorporation, directors and secretary (for limited companies), or partnership registration (for partnerships). Additionally, a Declaration of Employers Registration form must be completed for the recruitment of employees.

Legal Services for Business Setup and Management in Cyprus

As a licensed lawyer specializing in corporate law, I offer comprehensive legal support for businesses looking to establish and operate in Cyprus. My services are designed to provide end-to-end solutions, from company formation to ongoing compliance and management.

My approach focuses on offering tailored, personalized services that go beyond mere legal advice. I aim to become a trusted partner in your business journey, ensuring that all legal aspects are handled efficiently and effectively. This includes complete nominee services, comprehensive financial management, administration services, expert consulting, and even Financial Managed SaaS solutions.

For a detailed overview of my services and how I can facilitate your business establishment and growth in Cyprus, please visit my article: Streamline Your Business Setup in Cyprus. Here, you’ll find information on the full spectrum of services I offer, designed to set your business up for success from day one.

Further Reading on Company Law & Corporate Governance

For those interested in delving deeper into company law and corporate governance issues, I invite you to explore my other articles. These pieces cover a wide range of topics, from theoretical discussions to practical analyses:

• Cyprus Companies: Where Tax Efficiency Meets EU Compliance: Cyprus, strategically located between Europe, the Middle East, Africa, and Asia, offers a unique combination of EU membership and an attractive tax regime. With a competitive 12.5% corporate tax rate and extensive benefits including dividend and interest income exemptions, Cyprus provides a reputable business environment compliant with EU and OECD standards. Special provisions for intellectual property, holding companies, and corporate reorganizations, along with an extensive double tax treaty network, make Cyprus an ideal destination for businesses seeking tax optimization within the EU framework.
• Balancing Corporate Governance: Agency vs Stakeholder Theory: This article examines the interplay between agency theory and stakeholder theory in UK corporate governance. It explores how both theories advocate for limiting shareholder power but differ in their approaches. Agency theory focuses on the shareholder-executive dynamic and the importance of general meetings, while stakeholder theory emphasizes a broader system of checks and balances. The piece highlights the complexities of aligning shareholder interests with societal needs, discussing the role of corporate structures, the nature of ownership, and the evolving business landscape in shaping effective and responsible corporate governance practices.
• Exploring the Role Separation of Chairman and CEO in the UK: An examination of the debate surrounding dual leadership roles in corporate governance, discussing the benefits and costs associated with separating the positions of Chairman and CEO.
• The Role & Efficiency of Non-Executive Directors in the UK: An analysis of the critical role that Non-Executive Directors play in ensuring effective corporate governance and oversight in UK companies.
• The Texture of International Taxation: An exploration of the complexities and challenges in international tax law, particularly as they relate to multinational corporations.
• The Metaphysical Dimension of the Corporate Entity: A philosophical examination of the concept of corporate veil and its implications for business and law.
• The Ineffectiveness of the Foss Rule: A critical analysis of the Foss v Harbottle rule in company law, discussing its limitations and potential for injustice in certain corporate governance scenarios.
• Gerald Rarnet: A Business Parody: A cautionary tale about the importance of public relations and the potential consequences of ill-considered public statements by company leaders.
• Greek Small and Medium-sized Enterprises: Victim or Perpetrator?: A critical analysis of Greek SMEs, exploring both external challenges and internal shortcomings. While acknowledging harsh economic policies, the article argues that many Greek entrepreneurs contribute to their problems through poor business practices. It calls for more responsible management, better financial practices, and a shift in entrepreneurial culture to achieve sustainable growth in the Greek business landscape.

With my tailored and personalized services, you’re not just starting a company; together we setting up for your business journal. Here’s what I offer:

Why to work with me?

As a member of the Cyprus Bar Association since 2020, my legal practice is informed by a rich tapestry of experiences that blend innovative business solutions with a deep understanding of the law. My journey began in the realm of business administration, where I co-founded a boutique digital marketing firm, Fresset Ltd. This venture not only honed my skills in accounting and administration but also allowed me to delve into the technological intricacies of web development and linguistic algorithms.

Before I decided to follow the law path, I studied business administration and co-founded the boutique digital marketing company, Fresset Ltd. Back then, in addition to accounting and administrative duties, I was given the space to explore the Open Web and practice web development and linguistic algorithms. Upon completing my first degree and a one-year professional accounting program at the University of Athens, I decided to invest in legal education. In 2013, a few months after the partial acquisition of Fresset Ltd by the TENP SA Group, I became the operations manager of serval business workshops, some under the aegis of the Municipality of Athens and others on behalf of private institutions and NPOs.

The decision to outsource the web development of a minor project of Fresset Ltd to an Indian company is a memory I will not soon forget. Along with the company’s accountant, we decided to record the project in cash accounts as a cash flow transaction to ensure that fund’s account corresponded to the correct reality, but not as a statement in the balance sheet. We hoped it would be compatible with ministerial decisions, given India’s service costs were considered non-deducted expenses. The Greek Tax Authority deducted the expense because I had never travelled to India, and VAT, income tax, and a fine had to be paid. Nevertheless, the project eventually cost 30% less than it would have been choosing the European Market. If a 24-year-old entrepreneur can readily enjoy the globalized economy, then the only thing that a national authority can do is have a traditional sense of prevention. As another memory of that kind, I distinguish when after I sold my shares of the abovementioned company and planned my law studies, I temporarily worked for a cost accounting company. My stint at a cost accounting firm was marked by innovation, where I developed a dashboard to streamline payroll processes for a Special Purpose Entity. This solution exemplified my commitment to efficiency and my ability to leverage technology in service of fiscal management.

Throughout my tenure in the legal field, I have engaged in a variety of scholarly pursuits that have significantly enriched my understanding of the law’s application in both domestic and international contexts. The “Open Texture of International Tax Law” delves into the complexities of cross-border fiscal policies, while “Contemporary Issues of Possible Market Distortion by App Stores” examines the competitive challenges within digital marketplaces. My thesis on the “Informal Value Transfer System, Terrorism, and Money Laundering” offered a theoretical perspective on pressing global security issues. Additionally, my work on “Fraud Act 2006 & Pump and Dump Schemes in England” provides a critical look at financial misconduct, and “Balancing Corporate Governance” explores the theoretical divergences affecting corporate leadership. Lastly, “Exploring the Role Separation of Chairman and CEO in the UK” sheds light on the governance structures that shape corporate integrity and accountability. My role as a legal researcher for the Central Bank of Cyprus has allowed me to delve into the intricacies of financial regulations, culminating in the “Monograph of Cyprus Insolvency Rules“.

Continuing on my technical proficiencies, in 2019 I have been chosen as the paralegal supporter for a punitived-dismissal’s case before a Western Europe Administrative Court. For the year of 2020, I distinguish that due to the client’s negligence, the trademark application remained pending for two years before CyIPO but in the meanwhile, a Patent Troll Company submitted a similar trademark to the EUIPO. In 2021, I handled separate cases involving two clients who had been forcibly transferred to Cypriot shell companies and lost regulated employee benefits. It was a solid opportunity to understand the EU Council Directive 2001/23/EC.

Beyond my academic and professional experience, I helped establish the first whistleblowing platform in Cyprus and currently serve as volunteer reporter for the Noyb NPO on GDPR matters. International Law & Taxation is a field that genuinely fascinates me.

My diverse experiences, ranging from business management to directorial roles and enriched by advanced studies at the Hague Academy of International Law, have endowed me with a profound grasp of international economics and corporate governance. For a consultation on navigating the complexities of business and management, I invite you to schedule an appointment.