Services

Tsangaris Legal has an extensive experience in international corporate and commercial issues. Cyprus consists internationally one of the most attractive and respectable business jurisdictions. The wide network of Double Taxation Treaties in conjunction with the comparatively low corporate tax of 12.5% has made Cyprus an attractive jurisdiction for international tax structures and deals and an identical base for non-European Union Companies wishing to take the advantages of EU market.

Our firm offers a full range of corporate and commercial services resulting to the best effective solution for our clients, services guaranteed by our top confidentiality code. Our services are extending from the registration of a Company until the termination of it providing also a combination of continuous administrative and annual services which include a full range of trustee, fiduciary and secretarial services, nominee shareholders, directors, company secretaries and all related corporate services, including registered office and matters relating to the registered office.

Simultaneously our experts have an extensive experience on commercial and corporate transactions involving structuring of mergers and acquisitions and we provide our clients legal and business support in complex legal and tax issues.

Areas of the work undertaken by Corporate & Commercial department are:

Corporate

  • Formation and administration of Cyprus Companies
  • Formation and administration of Companies in other jurisdiction
  • Shareholders agreements
  • Corporate reorganization and reconstruction
  • Corporate management and domiciliation services
  • Public and private offering of securities and securities law compliance
  • Capital-raising transactions
  • Mergers & Acquisitions
  • Management buy – outs and earn-outs

Commercial

  • Cross-border transactions and Joint ventures
  • Formation and use of Trusts
  • Agencies and distributorships
  • Information technology
  • Intellectual property rights
  • International Tax Planning

Many countries around the world offer tax incentives. TSANGARIS LEGAL offers company formation and management services in more than twenty five (25) jurisdictions. These jurisdictions all have their individual characteristics and applications, therefore we always recommend our clients to obtain proper legal consultation and international tax advice before the utilization of any foreign company structures.

Tsangaris Legal team provides a high level of legal consultancy and has to show a remarkable track record of cases and successful results for our clients, plaintiffs or defendants in all forums in Cyprus. Our team handles complex and high-profile claims and disputes in all areas of general and commercial law. Where appropriate we avoid the lengthy Court procedure by negotiations with the opponents or via urgent measures such as interim pre-emptive remedies, summary trials and other forms of dispute resolution.

Our Firm has been involved in a wide range of disputes including Banking and Finance, Corporate disputes, Commercial, Admiralty and Shipping claims, Insurance, Real Estate law, Intellectual Property Rights, Tax issues, Contract claims, Personal Injuries, Negligence and Tort, Criminal Law, Bankruptcy and Insolvency proceedings, Landlord and Tenant, Family law, Employment law and Debt collection, Intellectual Property Matters, Immovable Property and Construction Disputes.

We have the expertise and experience in handling Financial Crime cases in Cyprus, in acting for and/or defending investors whose money have been lost or diluted for reasons which the investors themselves may not be aware of.

Our Litigation Team deals with cross-border litigation and in particular with Company & Partnership Disputes, Trusts, White Collar Litigation, Fraud, Asset Tracing, Breach of Business Contracts and in general with all International Trade and Business Disputes. This team also handles all types of urgent injunctive relief cases such as Ex Parte applications for Anton Piller orders, Freezing Injunctions, Gagging orders, Norwich Pharmacal and other disclosure orders.

Investors (non-Cypriot citizens) and their families can acquire the Cyprus Citizenship by Naturalization, on the basis of the Decision by the Council of Ministers of the Republic of Cyprus.

As TSANGARIS LEGAL we are offering support to such Investors on a selective basis. Our team with vast experience and in-depth knowledge of the relevant legislation has a 100% success rate.

KEY BENEFITS OF THE SCHEME

  1. Holder of Cyprus Passport, as a European Union Citizen can enter, reside, study and work in the European economic area ( European Union, Iceland, Liechtenstein, and Norway) and Switzerland without a visa.
  2. Ease of travelling abroad with a Cypriot passport: Cypriot passport holders are entitled to travel visa free to more than 140 countries due to the EU citizenship, as well as a number bilateral and multilateral conventions.
  3. Cyprus allows dual citizenship, a factor that offers an effective tool for international tax planning and provides financial privacy to the passport holder.
  4. Freedom to study in European universities paying lower tuition fees.
  5. A European Union citizenship could be considered as an insurance policy against political instability in some occasions.
  6. Investor may liquidate the qualifying investment after only 3 years
  7. No residency requirements are imposed on citizens.
  8. Freedom to work and security of the social and legal systems.

Council of Ministers Decision has approved a decision to amend the below Scheme for Naturalisation of Investors in Cyprus by Exception, pursuant to section 111A (2) of the Civil Registry Laws 2002-2015.

Investors can now apply for Cyprus Citizenship by making a stand-alone application (the previous ‘collective investments’ application has been abolished), upon making an investment under the new criteria which must be retained for a period of three years. The main amendments are:

  • The investment amount has been reduced to €2 million plus €500.000 (excluding VAT) for residential property
  • The applicant has to obtain permanent residency in order to be approved for Cyprus Citizenship
  • The applicant’s parents are also entitled to apply for Cyprus citizenship by exception provided that they own a lifetime residence of at least €500.000 (excluding VAT)
  • Where the purchase price of the residential property exceeds the amount of €500.000 (excluding VAT), the excess amount can be calculated and included in the whole investment
  • A cap has been set on investment in Cyprus Government Bonds
  • The criterion of bank deposits has been abolished
  • A combination of all economic criteria is now possible
  • A broader range of investments is now possible, including land for development, AIF’s and financial assets (bonds and debentures) of Cyprus companies issued by the CySEC

Scheme for Naturalization of Investors In Cyprus By Exception on the basis of subsection (2) of section 111A of the Civil Registry Laws

A non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria (A), may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.

A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenue of at least €100,000 for a three year period and provided that this tax has already been paid or prepaid.

The applicant should have concluded the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years since the date of the Naturalization.

In addition, the applicant must fulfill the Terms and Conditions set out in
Part B.

In the case where, following a periodic inspection, it has been ascertained that any condition is being circumvented, the Naturalization may be revoked.

Α. CRITERIA
Α.1 Investment in government bonds:
The applicant must have purchased state bonds of the Republic of Cyprus of at least €5,0 million.

or

Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5,0 million.

It is noted that these financial assets can be purchased either at issuance, or subsequently by the market.

or

Α.3 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least € 5,0 million for the purchase or construction of buildings or for the construction of other
land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects).

or

Α.4 Purchase or creation or participation in Cypriot businesses or companies:
The applicant must have made an investment of at least € 5,0 million in the purchase, creation or participation in businesses or companies, that
are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least
five (5) Cypriot citizens.

It is noted that the mandatory conversion of deposits into shares is included in this criterion.

or

Α.5 Deposits in Cypriot banks:
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5,0 million

or

Α.6 Combination of the aforementioned criteria Α.1 (Investment in government bonds), Α.2 (Investment in financial assets of Cypriot companies or organizations), Α.3 (Investment in real estate, land development and infrastructure projects), Α.4 (Purchase or creation or participation in Cypriot businesses or companies) και Α.5 (Deposits in Cypriot banks):

The applicant is required to have a combination of the above amounting to
at least €5,0 million.

or

Α.7 Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after the 15th March 2013:
The applicant has incurred an impairment in deposits amounting to a total
of at least €3,0 million.

In the case where the applicant has incurred an impairment in his/her deposits under €3,0 million he/she may apply, having made an additional investment through the criteria A.1 (Investment in Government bonds), A.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), A3 (Investment in real estate, land development or infrastructure projects), A.4 (Purchase or creation or participation in Cypriot businesses and companies) and A.5 (Deposits in Cypriot Banks) for the balance of the required amount of the aforementioned criteria.

For more info please contact us and learn everything you need to know with regard to the new scheme for naturalization of investors in the Republic of Cyprus.

CYPRUS PERMANENT RESIDENCE PERMIT WITHOUT RIGHT TO WORK

 THIS PERMIT :

  1. Concerns NON EU citizens
  2. It is granted to applicant and his spouse till the rest of their lives
  3. It is granted to their minor children till the age of 18 years old (in some exceptions till the age of 25 years old)
  4. Holders of this Permit are not entitled to work in Cyprus
  5. Holders of this Permit may own Cyprus Company and receive dividends from its profit
  6. Reasons for revocation of the Permanent Residence Permit:
  • When the holder of this Permit was granted permanent Residence Permit in another Country (other than the country of his nationality)
  • When he did not visit Cyprus for a period longer than 2 years continuously

WAYS TO OBTAIN IT :

  1. Fast Track Procedure (Regulation 6(2)): within 2 months
  2. Category F (Regulation 5(f)): within 5- 12 months

FAST-TRACK PROCEDURE FOR GRANTING PERMANENT RESIDENCE PERMIT

REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

 REQUIREMENTS:

1. PROPERTY:

  1. Must be purchased in Cyprus
  2. Purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company as below described
  3. Vendor must just the Developer, who built this property
  4. Must be new (not resale)
  5. The Purchase Price must be at least 300,000 Euro (not including VAT)
  6. At least 200,000 Euro (not including VAT) should be paid to the Vendor
  7. Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided
  8. Contract of Sale must be deposited at the Land Registry

IT IS POSSIBLE TO BUY TWO PROPERTIES:

  • House (or apartment) + house (or apartment)
  • House (or apartment) + shop up to 100 m2
  • House (or apartment) + office up to 250 m2

Conditions:

  1. Total purchase price is more than 300,000 euro (without VAT)
  2. Both of properties must be new, resale is not accepted
  3. If two properties are separate they must be purchased from the same developer. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally

Note:

All conditions are valid for the couple. It will not be accepted purchase of more than two properties by the couple (including purchase by the Company)

WHEN THE PURCHASER IS A COMPANY:

The property could be purchased in the name of the Company.

Conditions:

  1. Company must be registered in Cyprus
  2. Applicant or his spouse (or both) must be shareholders and his/their name/ names should appear in the certificate of the shareholders of the Company. Trust deed will not be accepted.
  3. They must be only shareholders of this Company

Note:

If the shareholder of this Company is another Company, it should be proved that only shareholder of that Company is the applicant (his spouse or both)

 2.  BANK DEPOSIT:

It must be created a bank deposit of 30,000 Euro in a Cypriot Bank, blocked at least for 3 years. It must be proven that 30,000 Euro was transferred to Cyprus from abroad.

 3.  INCOME OF THE APPLICANT AND HIS SPOUSE:

  1. Income must be created abroad, not in Cyprus
  2. The applicant should prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on him family member
  3. It should derive from legal sources as salary, rent, pension, interests, dividends, etc.

 4.  OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS

The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.

Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

 5.  CLEAN CRIMINAL RECORD

The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of their origin. The period of validity of this document is three months.

 6.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS

All documents must be translated into English or Greek language by certified translator.

All official documents must be duly legalized by apostille. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

Please note, that for Russian citizens apostille is not required.

NOTES:

PERIOD OF EXAMINATION OF THE APPLICATION

It should be approved within 2 months and PR should be granted provided that:

  1. All requirements are satisfied
  2. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order

ADULT CHILDREN:
Dependent Adult Children Age 18- 25:

Application fast track procedure (regulation 6) may be submitted by the adult child. He will get his permit till 25 years of age. After 25 he will have to make his own application for PR as independent person.

Conditions:

  1. Age 18-25
  2. To be dependent on the parents
  3. To provide proof of their studies
  4. Parents must prove additional 5,000 euro of income for each dependent adult child
  5. Adult child provides all documents required in his case

Independent Adult Children:

  1. Age 18 and more
  2. To be independent on their parents
  3. Total purchase price of the property of their parents must be 300,000 Euro (without VAT) for each independent adult child
  4. It must be proved payment of 66% of the total purchase price of the property of their parents
  5. All other requirements (bank deposit, etc) must be completed

PERMANENT RESIDENCE PERMIT CATEGORY F

REGULATION 5(F) OF THE ALIENS AND IMMIGRATION REGULATIONS

Upon the decision of the Minister of Interior of the Republic of Cyprus, dated on 7/05/2009, when a non EU Member buys a PROPERTY – RESIDENCE for himself and his family of €300.000 and more, his application for Permanent Residence, Category F will be examined favourably.

This type of permit is granted to those NON EU nationals, who possess and have fully and freely at their disposal a SECURED ANNUAL INCOME, high enough to give them a decent living in Cyprus, WITHOUT HAVING TO ENGAGE IN ANY BUSINESS, TRADE OR PROFESSION. This income must come from legal sources from abroad. For example, it might come from pensions, permanent deposits, business activities, ownership of companies, shares etc.

According the provisions of the Law the MINIMUM annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand ADDITIONAL AMOUNTS as necessary. These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case. It is always necessary to take in consideration ALL NEEDS OF THE FAMILY of the applicant and to offer solid evidence that the applicant is able to cover all those needs on the long run. He has to prove that the money he is getting from abroad will be enough to cover ALL EXPENSES of the family.

As the Category F is the permit, granted once but for the permanent stay in Cyprus, the Immigration Authorities will examine the STABILITY and RELIABILITY of annual income during a long period of time. The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.

Basically, the most important requirements are:

  1. The applicant has enough money to cover all expenses of all members of his family
  2. This money come from abroad
  3. This money come from legal sources
  4. This income is securedreliable and consistent on a long run and this income will be maintained in time

If there is a reasonable doubt that the applicant or any of his dependents might become an UNREASONABLE BURDEN ON THE SOCIAL ASSISTANCE of the Republic of Cyprus his application will be rejected.

NOTE:

Those applicants, who do not comply with strict requirement of Regulation 6(2) may apply for PR Permit under Category F.

For instance, if a family owns a property in Cyprus, the value of which is 100,000 Euro we would suggest to apply for permanent residence permit under Category F.

Licencing, Legal Advisory & Post Licencing Support (CIF, ASP, AIF) 

  • Cyprus Investment Firms (Forex and Binary Options)
  • Administrative Services Providers
  • Alternative Investment Funds

Licencing, Legal Advisory & Post Licencing Support of Cyprus Investment Firms (CIFs), Administrative Services Providers (ASPs) & Alternative Investment Funds (AIFs) is another integral part of the diverse areas of our practice, since Cyprus became one of the fastest growing investment fund centers in Europe through its’ updated, focused and continued development on legislative and regulatory needs. For this reason, our legal team in cooperation with external independent associates, provides practical, technically-excellent advice that’s tailored to the needs and individual objectives of our clients – delivering valuable savings wherever possible.  Furthermore, we offer a wealth of expertise in strategic planning across a broad spectrum of business sectors.

Our services include a ‘one-stop service’ package related to the registration and operation of Administrative Services Providers (Fiduciary Companies), Investment Firms (Forex and Binary Options) and Alternative Investment Funds (AIFs) in Cyprus and other Jurisdictions.

We provide timely, creative, reliable and practical counsel regarding domestic and international support.

Experienced professionals of our Legal Team in cooperation with our external independent associates, assist our clients on the following:

  • Consulting on investment services to be included in the application as well as on the design of the investment firm structure;
  • Registration of specially drafted Memorandum of Association for a Cyprus Investment company;
  • Completion of the Application Form and check-lists to be submitted to the regulator;
  • Preparation and drafting of the required Internal Operations Manual according to CySEC and MiFID regulations;
  • Assistance on the preparation and drafting of the Business Plan and the Financial Projections;
  • Preparation of the Applicant’s Money Laundering Manual;
  • Assistance in the preparation of the company shareholder, director and senior management Questionnaires;
  • Follow-up during the process of assessment by the regulator;
  • Assistance on recruitment of executive and non-executive directors, senior management and other members of the Company’s departments;
  • Assistance on appointment of outsourced Compliance Officers, Accountant(s), Internal & External Auditors;
  • External legal consultancy on an on-going basis;
  • Arranging immigration & migration matters and working permits for foreign employees.
  • Providing our clients with the analysis of the provisions and the implications of the UCITS and the new AIFs Law.
  • Advising on the most suitable forms of AIFs for the reorganization of existing ICIS and the establishment of new AIFs.
  • Submission of the application to CySEC and the ongoing monitoring of the status of the application.
  • Drafting the necessary legal documents for the incorporation and the establishment of AIFs.
  • Ongoing provision of administrative services including the appointment of nominee officers, office facilities, administration of affairs, accounting, audit, tax services etc.

For more info please contact us

Working for leading local and international commercial banks and financial institutions over the years we have acquired specialized market knowledge in one of the most competitive and demanding areas of law. The extensive expertise of the main partners in banking and finance makes the department one of the most competitive in its area. We are highly experienced in dealing with a range of issues such as:

  • Risk management
  • Capital efficiency
  • General banking
  • Recovery of loans
  • Lease, hire-purchase agreements
  • Letters of Credit and Bank Guarantees
  • Drafting all types of financial, banking and security agreements
  • Disputes and litigation between Banks/Financial Institutions and customers

Our firm acknowledges that Intellectual property is an area of vital importance. Thus we offer legal services covering all aspects of intellectual property law including acquisition, registration and protection of copyright, designs, patents and trademarks, obtaining patents and patent registrations and preventing the unauthorized use of our client’s trademarks, trade names and patents (passing off actions).

Our expertise covers the following areas:

  • Advice on the acquisition, registration and protection of intellectual property;
  • Patent, trade mark and copyright proceedings and passing off actions.
  • Franchising and licensing;
  • Restrictive trade practices;
  • Issues of competition and agency law;

EU Law is of high importance and affects our personal life and business sector in many aspects, since it is concentrating on the “four freedoms“ of the domestic market; the free movement of goods, the free movement of persons, right of establishment and freedom to provide services. We are updated with any amendments set by the European Commission and any other European body informing our clients’ potential changes they might have an effect on them.

Our firm is eligible to provide assistance on this matter since, a Partner of the firm, holds a Master’s Degree on EU Commercial Law. Moreover our services include:

  • Merger control
  • Advising on commercial agreements
  • Public procurement

Taxation is an integral part of the diverse areas of our practice, since the tax laws affect almost every conceivable business and personal financial transaction. For this reason our team in cooperation with external independent associates, provides practical, technically-excellent advice that’s tailored to the commercial needs and individual objectives of our clients – delivering valuable savings wherever possible.  Furthermore we offer a wealth of expertise in strategic planning across a broad spectrum of business sectors.

Our services include structuring business arrangements to minimize tax exposure. We have devised tax strategies that facilitate numerous innovative transactions. In addition, we advise clients at all stages of the tax dispute process, from the audit phase through administrative appeal to court challenge.

We provide timely, creative, reliable and practical counsel regarding domestic and international transactions.

Our Firm deals with most aspects of real estate. Immovable property sales in Cyprus have experienced resurgence in the last years and for this reason our firm has developed a strong real estate and commercial property practice by having a deep understanding of the market in Cyprus and abroad. We advise our corporate and individual clients on all aspects of real estate transactions and deal with all types of property: residential, commercial (office and retail) and industrial. Our expertise extends to matters dealing with governmental and local authority licensing and permits, and especially with regards to the procedures to be normally observed with the Planning Office and the Land Registry.

Our expertise covers the following areas:

  • Drafting sale, purchase & assignment agreements
  • Lease agreements & property finance matters in relation to commercial real estate
  • Joint – ventures for real estate projects.
  • Advice on Cyprus law & practice for real property.
  • Property management for non-residents
  • Creation, registration and enforcement of mortgages, debentures, guarantees, legal and equitable charges
  • Estate planning & administration
  • Commercial Conveyancing
  • Development / Property Management / Construction Agreements
  • Advice on legal issues regarding multi-store residences & unified developments

For more info please contact us

Our firm engages in the drafting of wills, obtaining probate orders, administration of estates and other related matters.

Over the years Cyprus evolved into a significant international maritime center. The island΄s strategic location, which is at the crossroads of three continents (Europe, Asia, Africa) enabled Cyprus to play a prominent role in its success as an international shipping centre.
The sufficiency of Cyprus legal system based on the English model, the high level of professionalism in the legal and accounting sectors, the excellent banking system combined to the adoption of major number of bilateral treaties for the avoidance of double taxation and the favorable taxation regime and special taxation regime for Shipping Companies, have raised Cyprus flag into a position of prominence in world shipping.

Tsangaris Legal provides a wide spectrum of services in this field and has an extensive experience in admiralty and shipping law issues. Our team can manage effectively all procedures relating to the registration of ships and all registry related transactions. We offer a full range of services for the purchase and sale of vessels and ships, from the creation of an offshore corporation to the registration and documentation of vessels and ships under all flags. We advise owners, managers, charterers, freight forwarders and their respective insurers and help to resolve commercial and legal problems in Cyprus and abroad.

This area of law deals with a number of legal issues where a professional athlete can find himself around. These legal issues range from forming contracts with football, basketball, or any other athletic club, management contracts, immigration issues, insurance agreements, advertising contracts.

Furthermore it may also involve disputes between the contractual parties arising out of conflicts or disagreements or breach of contract. Our professional legal services can safeguard the interests of both parties. The extensive involvement of Mr. Panayiotis Tsangaris in sports area and Mr. Socrates Tsangaris in the Judicial Committee of Cyprus Basketball Federation makes the department one of the most competitive in its area.

Human Resource is of high importance in every company despite how much personnel it recruits. For this reason our firm specializes in employment law and provides legal advices for both companies and individuals in order to secure their rights. Our expertise includes forming contracts of employment, policies and procedures, advising on equal opportunities and avoiding any kind of discrimination, redundancy and termination of an employment contract, employment aspects of acquisitions and disposals.

Family law problems can be all-encompassing. Our firm represents clients in all aspects of family law, marital dissolution, post-decree modifications, child custody, adoptions and related issues. Family law situations are also deeply personal, requiring the attorney to take into account the client’s values and goals as well as the law and the facts of the case. A careful understanding of the situation from the client’s perspective is essential to representing the client’s interests. Having taken into account all relevant factors, our goal is to arrive at the best overall result for the client.

Services

Corporate & Commercial Law

Tsangaris Legal has an extensive experience in international corporate and commercial issues. Cyprus consists internationally one of the most attractive and respectable business jurisdictions. The wide network of Double Taxation Treaties in conjunction with the comparatively low corporate tax of 12.5% has made Cyprus an attractive jurisdiction for international tax structures and deals and an identical base for non-European Union Companies wishing to take the advantages of EU market.

Our firm offers a full range of corporate and commercial services resulting to the best effective solution for our clients, services guaranteed by our top confidentiality code. Our services are extending from the registration of a Company until the termination of it providing also a combination of continuous administrative and annual services which include a full range of trustee, fiduciary and secretarial services, nominee shareholders, directors, company secretaries and all related corporate services, including registered office and matters relating to the registered office.

Simultaneously our experts have an extensive experience on commercial and corporate transactions involving structuring of mergers and acquisitions and we provide our clients legal and business support in complex legal and tax issues.

Areas of the work undertaken by Corporate & Commercial department are:

Corporate

  • Formation and administration of Cyprus Companies
  • Formation and administration of Companies in other jurisdiction
  • Shareholders agreements
  • Corporate reorganization and reconstruction
  • Corporate management and domiciliation services
  • Public and private offering of securities and securities law compliance
  • Capital-raising transactions
  • Mergers & Acquisitions
  • Management buy – outs and earn-outs

Commercial

  • Cross-border transactions and Joint ventures
  • Formation and use of Trusts
  • Agencies and distributorships
  • Information technology
  • Intellectual property rights
  • International Tax Planning

Many countries around the world offer tax incentives. TSANGARIS LEGAL offers company formation and management services in more than twenty five (25) jurisdictions. These jurisdictions all have their individual characteristics and applications, therefore we always recommend our clients to obtain proper legal consultation and international tax advice before the utilization of any foreign company structures.

Litigation & Dispute Resolution

Tsangaris Legal team provides a high level of legal consultancy and has to show a remarkable track record of cases and successful results for our clients, plaintiffs or defendants in all forums in Cyprus. Our team handles complex and high-profile claims and disputes in all areas of general and commercial law. Where appropriate we avoid the lengthy Court procedure by negotiations with the opponents or via urgent measures such as interim pre-emptive remedies, summary trials and other forms of dispute resolution.

Our Firm has been involved in a wide range of disputes including Banking and Finance, Corporate disputes, Commercial, Admiralty and Shipping claims, Insurance, Real Estate law, Intellectual Property Rights, Tax issues, Contract claims, Personal Injuries, Negligence and Tort, Criminal Law, Bankruptcy and Insolvency proceedings, Landlord and Tenant, Family law, Employment law and Debt collection, Intellectual Property Matters, Immovable Property and Construction Disputes.

We have the expertise and experience in handling Financial Crime cases in Cyprus, in acting for and/or defending investors whose money have been lost or diluted for reasons which the investors themselves may not be aware of.

Our Litigation Team deals with cross-border litigation and in particular with Company & Partnership Disputes, Trusts, White Collar Litigation, Fraud, Asset Tracing, Breach of Business Contracts and in general with all International Trade and Business Disputes. This team also handles all types of urgent injunctive relief cases such as Ex Parte applications for Anton Piller orders, Freezing Injunctions, Gagging orders, Norwich Pharmacal and other disclosure orders.

Obtaining Citizenship & Passport by investment

Investors (non-Cypriot citizens) and their families can acquire the Cyprus Citizenship by Naturalization, on the basis of the Decision by the Council of Ministers of the Republic of Cyprus.

As TSANGARIS LEGAL we are offering support to such Investors on a selective basis. Our team with vast experience and in-depth knowledge of the relevant legislation has a 100% success rate.

KEY BENEFITS OF THE SCHEME

  1. Holder of Cyprus Passport, as a European Union Citizen can enter, reside, study and work in the European economic area ( European Union, Iceland, Liechtenstein, and Norway) and Switzerland without a visa.
  2. Ease of travelling abroad with a Cypriot passport: Cypriot passport holders are entitled to travel visa free to more than 140 countries due to the EU citizenship, as well as a number bilateral and multilateral conventions.
  3. Cyprus allows dual citizenship, a factor that offers an effective tool for international tax planning and provides financial privacy to the passport holder.
  4. Freedom to study in European universities paying lower tuition fees.
  5. A European Union citizenship could be considered as an insurance policy against political instability in some occasions.
  6. Investor may liquidate the qualifying investment after only 3 years
  7. No residency requirements are imposed on citizens.
  8. Freedom to work and security of the social and legal systems.

Council of Ministers Decision has approved a decision to amend the below Scheme for Naturalisation of Investors in Cyprus by Exception, pursuant to section 111A (2) of the Civil Registry Laws 2002-2015.

Investors can now apply for Cyprus Citizenship by making a stand-alone application (the previous ‘collective investments’ application has been abolished), upon making an investment under the new criteria which must be retained for a period of three years. The main amendments are:

  • The investment amount has been reduced to €2 million plus €500.000 (excluding VAT) for residential property
  • The applicant has to obtain permanent residency in order to be approved for Cyprus Citizenship
  • The applicant’s parents are also entitled to apply for Cyprus citizenship by exception provided that they own a lifetime residence of at least €500.000 (excluding VAT)
  • Where the purchase price of the residential property exceeds the amount of €500.000 (excluding VAT), the excess amount can be calculated and included in the whole investment
  • A cap has been set on investment in Cyprus Government Bonds
  • The criterion of bank deposits has been abolished
  • A combination of all economic criteria is now possible
  • A broader range of investments is now possible, including land for development, AIF’s and financial assets (bonds and debentures) of Cyprus companies issued by the CySEC

Scheme for Naturalization of Investors In Cyprus By Exception on the basis of subsection (2) of section 111A of the Civil Registry Laws

A non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria (A), may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.

A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenue of at least €100,000 for a three year period and provided that this tax has already been paid or prepaid.

The applicant should have concluded the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years since the date of the Naturalization.

In addition, the applicant must fulfill the Terms and Conditions set out in
Part B.

In the case where, following a periodic inspection, it has been ascertained that any condition is being circumvented, the Naturalization may be revoked.

Α. CRITERIA
Α.1 Investment in government bonds:
The applicant must have purchased state bonds of the Republic of Cyprus of at least €5,0 million.

or

Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5,0 million.

It is noted that these financial assets can be purchased either at issuance, or subsequently by the market.

or

Α.3 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least € 5,0 million for the purchase or construction of buildings or for the construction of other
land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects).

or

Α.4 Purchase or creation or participation in Cypriot businesses or companies:
The applicant must have made an investment of at least € 5,0 million in the purchase, creation or participation in businesses or companies, that
are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least
five (5) Cypriot citizens.

It is noted that the mandatory conversion of deposits into shares is included in this criterion.

or

Α.5 Deposits in Cypriot banks:
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5,0 million

or

Α.6 Combination of the aforementioned criteria Α.1 (Investment in government bonds), Α.2 (Investment in financial assets of Cypriot companies or organizations), Α.3 (Investment in real estate, land development and infrastructure projects), Α.4 (Purchase or creation or participation in Cypriot businesses or companies) και Α.5 (Deposits in Cypriot banks):

The applicant is required to have a combination of the above amounting to
at least €5,0 million.

or

Α.7 Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after the 15th March 2013:
The applicant has incurred an impairment in deposits amounting to a total
of at least €3,0 million.

In the case where the applicant has incurred an impairment in his/her deposits under €3,0 million he/she may apply, having made an additional investment through the criteria A.1 (Investment in Government bonds), A.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), A3 (Investment in real estate, land development or infrastructure projects), A.4 (Purchase or creation or participation in Cypriot businesses and companies) and A.5 (Deposits in Cypriot Banks) for the balance of the required amount of the aforementioned criteria.

For more info please contact us and learn everything you need to know with regard to the new scheme for naturalization of investors in the Republic of Cyprus.

Cyprus Permanet Residence Permit

CYPRUS PERMANENT RESIDENCE PERMIT WITHOUT RIGHT TO WORK

 THIS PERMIT :

  1. Concerns NON EU citizens
  2. It is granted to applicant and his spouse till the rest of their lives
  3. It is granted to their minor children till the age of 18 years old (in some exceptions till the age of 25 years old)
  4. Holders of this Permit are not entitled to work in Cyprus
  5. Holders of this Permit may own Cyprus Company and receive dividends from its profit
  6. Reasons for revocation of the Permanent Residence Permit:
  • When the holder of this Permit was granted permanent Residence Permit in another Country (other than the country of his nationality)
  • When he did not visit Cyprus for a period longer than 2 years continuously

WAYS TO OBTAIN IT :

  1. Fast Track Procedure (Regulation 6(2)): within 2 months
  2. Category F (Regulation 5(f)): within 5- 12 months

FAST-TRACK PROCEDURE FOR GRANTING PERMANENT RESIDENCE PERMIT

REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

 REQUIREMENTS:

1. PROPERTY:

  1. Must be purchased in Cyprus
  2. Purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company as below described
  3. Vendor must just the Developer, who built this property
  4. Must be new (not resale)
  5. The Purchase Price must be at least 300,000 Euro (not including VAT)
  6. At least 200,000 Euro (not including VAT) should be paid to the Vendor
  7. Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided
  8. Contract of Sale must be deposited at the Land Registry

IT IS POSSIBLE TO BUY TWO PROPERTIES:

  • House (or apartment) + house (or apartment)
  • House (or apartment) + shop up to 100 m2
  • House (or apartment) + office up to 250 m2

Conditions:

  1. Total purchase price is more than 300,000 euro (without VAT)
  2. Both of properties must be new, resale is not accepted
  3. If two properties are separate they must be purchased from the same developer. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally

Note:

All conditions are valid for the couple. It will not be accepted purchase of more than two properties by the couple (including purchase by the Company)

WHEN THE PURCHASER IS A COMPANY:

The property could be purchased in the name of the Company.

Conditions:

  1. Company must be registered in Cyprus
  2. Applicant or his spouse (or both) must be shareholders and his/their name/ names should appear in the certificate of the shareholders of the Company. Trust deed will not be accepted.
  3. They must be only shareholders of this Company

Note:

If the shareholder of this Company is another Company, it should be proved that only shareholder of that Company is the applicant (his spouse or both)

 2.  BANK DEPOSIT:

It must be created a bank deposit of 30,000 Euro in a Cypriot Bank, blocked at least for 3 years. It must be proven that 30,000 Euro was transferred to Cyprus from abroad.

 3.  INCOME OF THE APPLICANT AND HIS SPOUSE:

  1. Income must be created abroad, not in Cyprus
  2. The applicant should prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on him family member
  3. It should derive from legal sources as salary, rent, pension, interests, dividends, etc.

 4.  OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS

The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.

Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

 5.  CLEAN CRIMINAL RECORD

The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of their origin. The period of validity of this document is three months.

 6.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS

All documents must be translated into English or Greek language by certified translator.

All official documents must be duly legalized by apostille. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

Please note, that for Russian citizens apostille is not required.

NOTES:

PERIOD OF EXAMINATION OF THE APPLICATION

It should be approved within 2 months and PR should be granted provided that:

  1. All requirements are satisfied
  2. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order

ADULT CHILDREN:
Dependent Adult Children Age 18- 25:

Application fast track procedure (regulation 6) may be submitted by the adult child. He will get his permit till 25 years of age. After 25 he will have to make his own application for PR as independent person.

Conditions:

  1. Age 18-25
  2. To be dependent on the parents
  3. To provide proof of their studies
  4. Parents must prove additional 5,000 euro of income for each dependent adult child
  5. Adult child provides all documents required in his case

Independent Adult Children:

  1. Age 18 and more
  2. To be independent on their parents
  3. Total purchase price of the property of their parents must be 300,000 Euro (without VAT) for each independent adult child
  4. It must be proved payment of 66% of the total purchase price of the property of their parents
  5. All other requirements (bank deposit, etc) must be completed

PERMANENT RESIDENCE PERMIT CATEGORY F

REGULATION 5(F) OF THE ALIENS AND IMMIGRATION REGULATIONS

Upon the decision of the Minister of Interior of the Republic of Cyprus, dated on 7/05/2009, when a non EU Member buys a PROPERTY – RESIDENCE for himself and his family of €300.000 and more, his application for Permanent Residence, Category F will be examined favourably.

This type of permit is granted to those NON EU nationals, who possess and have fully and freely at their disposal a SECURED ANNUAL INCOME, high enough to give them a decent living in Cyprus, WITHOUT HAVING TO ENGAGE IN ANY BUSINESS, TRADE OR PROFESSION. This income must come from legal sources from abroad. For example, it might come from pensions, permanent deposits, business activities, ownership of companies, shares etc.

According the provisions of the Law the MINIMUM annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand ADDITIONAL AMOUNTS as necessary. These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case. It is always necessary to take in consideration ALL NEEDS OF THE FAMILY of the applicant and to offer solid evidence that the applicant is able to cover all those needs on the long run. He has to prove that the money he is getting from abroad will be enough to cover ALL EXPENSES of the family.

As the Category F is the permit, granted once but for the permanent stay in Cyprus, the Immigration Authorities will examine the STABILITY and RELIABILITY of annual income during a long period of time. The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.

Basically, the most important requirements are:

  1. The applicant has enough money to cover all expenses of all members of his family
  2. This money come from abroad
  3. This money come from legal sources
  4. This income is securedreliable and consistent on a long run and this income will be maintained in time

If there is a reasonable doubt that the applicant or any of his dependents might become an UNREASONABLE BURDEN ON THE SOCIAL ASSISTANCE of the Republic of Cyprus his application will be rejected.

NOTE:

Those applicants, who do not comply with strict requirement of Regulation 6(2) may apply for PR Permit under Category F.

For instance, if a family owns a property in Cyprus, the value of which is 100,000 Euro we would suggest to apply for permanent residence permit under Category F.

CYPRUS PERMANENT RESIDENCE PERMIT WITHOUT RIGHT TO WORK

 THIS PERMIT :

  1. Concerns NON EU citizens
  2. It is granted to applicant and his spouse till the rest of their lives
  3. It is granted to their minor children till the age of 18 years old (in some exceptions till the age of 25 years old)
  4. Holders of this Permit are not entitled to work in Cyprus
  5. Holders of this Permit may own Cyprus Company and receive dividends from its profit
  6. Reasons for revocation of the Permanent Residence Permit:
  • When the holder of this Permit was granted permanent Residence Permit in another Country (other than the country of his nationality)
  • When he did not visit Cyprus for a period longer than 2 years continuously

WAYS TO OBTAIN IT :

  1. Fast Track Procedure (Regulation 6(2)): within 2 months
  2. Category F (Regulation 5(f)): within 5- 12 months

FAST-TRACK PROCEDURE FOR GRANTING PERMANENT RESIDENCE PERMIT

REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

 REQUIREMENTS:

1. PROPERTY:

  1. Must be purchased in Cyprus
  2. Purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company as below described
  3. Vendor must just the Developer, who built this property
  4. Must be new (not resale)
  5. The Purchase Price must be at least 300,000 Euro (not including VAT)
  6. At least 200,000 Euro (not including VAT) should be paid to the Vendor
  7. Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided
  8. Contract of Sale must be deposited at the Land Registry

IT IS POSSIBLE TO BUY TWO PROPERTIES:

  • House (or apartment) + house (or apartment)
  • House (or apartment) + shop up to 100 m2
  • House (or apartment) + office up to 250 m2

Conditions:

  1. Total purchase price is more than 300,000 euro (without VAT)
  2. Both of properties must be new, resale is not accepted
  3. If two properties are separate they must be purchased from the same developer. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally

Note:

All conditions are valid for the couple. It will not be accepted purchase of more than two properties by the couple (including purchase by the Company)

WHEN THE PURCHASER IS A COMPANY:

The property could be purchased in the name of the Company.

Conditions:

  1. Company must be registered in Cyprus
  2. Applicant or his spouse (or both) must be shareholders and his/their name/ names should appear in the certificate of the shareholders of the Company. Trust deed will not be accepted.
  3. They must be only shareholders of this Company

Note:

If the shareholder of this Company is another Company, it should be proved that only shareholder of that Company is the applicant (his spouse or both)

 2.  BANK DEPOSIT:

It must be created a bank deposit of 30,000 Euro in a Cypriot Bank, blocked at least for 3 years. It must be proven that 30,000 Euro was transferred to Cyprus from abroad.

 3.  INCOME OF THE APPLICANT AND HIS SPOUSE:

  1. Income must be created abroad, not in Cyprus
  2. The applicant should prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on him family member
  3. It should derive from legal sources as salary, rent, pension, interests, dividends, etc.

 4.  OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS

The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.

Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

 5.  CLEAN CRIMINAL RECORD

The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of their origin. The period of validity of this document is three months.

 6.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS

All documents must be translated into English or Greek language by certified translator.

All official documents must be duly legalized by apostille. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

Please note, that for Russian citizens apostille is not required.

NOTES:

PERIOD OF EXAMINATION OF THE APPLICATION

It should be approved within 2 months and PR should be granted provided that:

  1. All requirements are satisfied
  2. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order

ADULT CHILDREN:
Dependent Adult Children Age 18- 25:

Application fast track procedure (regulation 6) may be submitted by the adult child. He will get his permit till 25 years of age. After 25 he will have to make his own application for PR as independent person.

Conditions:

  1. Age 18-25
  2. To be dependent on the parents
  3. To provide proof of their studies
  4. Parents must prove additional 5,000 euro of income for each dependent adult child
  5. Adult child provides all documents required in his case

Independent Adult Children:

  1. Age 18 and more
  2. To be independent on their parents
  3. Total purchase price of the property of their parents must be 300,000 Euro (without VAT) for each independent adult child
  4. It must be proved payment of 66% of the total purchase price of the property of their parents
  5. All other requirements (bank deposit, etc) must be completed

PERMANENT RESIDENCE PERMIT CATEGORY F

REGULATION 5(F) OF THE ALIENS AND IMMIGRATION REGULATIONS

Upon the decision of the Minister of Interior of the Republic of Cyprus, dated on 7/05/2009, when a non EU Member buys a PROPERTY – RESIDENCE for himself and his family of €300.000 and more, his application for Permanent Residence, Category F will be examined favourably.

This type of permit is granted to those NON EU nationals, who possess and have fully and freely at their disposal a SECURED ANNUAL INCOME, high enough to give them a decent living in Cyprus, WITHOUT HAVING TO ENGAGE IN ANY BUSINESS, TRADE OR PROFESSION. This income must come from legal sources from abroad. For example, it might come from pensions, permanent deposits, business activities, ownership of companies, shares etc.

According the provisions of the Law the MINIMUM annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand ADDITIONAL AMOUNTS as necessary. These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case. It is always necessary to take in consideration ALL NEEDS OF THE FAMILY of the applicant and to offer solid evidence that the applicant is able to cover all those needs on the long run. He has to prove that the money he is getting from abroad will be enough to cover ALL EXPENSES of the family.

As the Category F is the permit, granted once but for the permanent stay in Cyprus, the Immigration Authorities will examine the STABILITY and RELIABILITY of annual income during a long period of time. The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.

Basically, the most important requirements are:

  1. The applicant has enough money to cover all expenses of all members of his family
  2. This money come from abroad
  3. This money come from legal sources
  4. This income is securedreliable and consistent on a long run and this income will be maintained in time

If there is a reasonable doubt that the applicant or any of his dependents might become an UNREASONABLE BURDEN ON THE SOCIAL ASSISTANCE of the Republic of Cyprus his application will be rejected.

NOTE:

Those applicants, who do not comply with strict requirement of Regulation 6(2) may apply for PR Permit under Category F.

For instance, if a family owns a property in Cyprus, the value of which is 100,000 Euro we would suggest to apply for permanent residence permit under Category F.

Licencing & Legal Advisory (CIF, ASP, AIF)

Licencing, Legal Advisory & Post Licencing Support (CIF, ASP, AIF) 

  • Cyprus Investment Firms (Forex and Binary Options)
  • Administrative Services Providers
  • Alternative Investment Funds

Licencing, Legal Advisory & Post Licencing Support of Cyprus Investment Firms (CIFs), Administrative Services Providers (ASPs) & Alternative Investment Funds (AIFs) is another integral part of the diverse areas of our practice, since Cyprus became one of the fastest growing investment fund centers in Europe through its’ updated, focused and continued development on legislative and regulatory needs. For this reason, our legal team in cooperation with external independent associates, provides practical, technically-excellent advice that’s tailored to the needs and individual objectives of our clients – delivering valuable savings wherever possible.  Furthermore, we offer a wealth of expertise in strategic planning across a broad spectrum of business sectors.

Our services include a ‘one-stop service’ package related to the registration and operation of Administrative Services Providers (Fiduciary Companies), Investment Firms (Forex and Binary Options) and Alternative Investment Funds (AIFs) in Cyprus and other Jurisdictions.

We provide timely, creative, reliable and practical counsel regarding domestic and international support.

Experienced professionals of our Legal Team in cooperation with our external independent associates, assist our clients on the following:

  • Consulting on investment services to be included in the application as well as on the design of the investment firm structure;
  • Registration of specially drafted Memorandum of Association for a Cyprus Investment company;
  • Completion of the Application Form and check-lists to be submitted to the regulator;
  • Preparation and drafting of the required Internal Operations Manual according to CySEC and MiFID regulations;
  • Assistance on the preparation and drafting of the Business Plan and the Financial Projections;
  • Preparation of the Applicant’s Money Laundering Manual;
  • Assistance in the preparation of the company shareholder, director and senior management Questionnaires;
  • Follow-up during the process of assessment by the regulator;
  • Assistance on recruitment of executive and non-executive directors, senior management and other members of the Company’s departments;
  • Assistance on appointment of outsourced Compliance Officers, Accountant(s), Internal & External Auditors;
  • External legal consultancy on an on-going basis;
  • Arranging immigration & migration matters and working permits for foreign employees.
  • Providing our clients with the analysis of the provisions and the implications of the UCITS and the new AIFs Law.
  • Advising on the most suitable forms of AIFs for the reorganization of existing ICIS and the establishment of new AIFs.
  • Submission of the application to CySEC and the ongoing monitoring of the status of the application.
  • Drafting the necessary legal documents for the incorporation and the establishment of AIFs.
  • Ongoing provision of administrative services including the appointment of nominee officers, office facilities, administration of affairs, accounting, audit, tax services etc.

For more info please contact us

Banking & Finance Law

Working for leading local and international commercial banks and financial institutions over the years we have acquired specialized market knowledge in one of the most competitive and demanding areas of law. The extensive expertise of the main partners in banking and finance makes the department one of the most competitive in its area. We are highly experienced in dealing with a range of issues such as:

  • Risk management
  • Capital efficiency
  • General banking
  • Recovery of loans
  • Lease, hire-purchase agreements
  • Letters of Credit and Bank Guarantees
  • Drafting all types of financial, banking and security agreements
  • Disputes and litigation between Banks/Financial Institutions and customers
Intellectual Property

Our firm acknowledges that Intellectual property is an area of vital importance. Thus we offer legal services covering all aspects of intellectual property law including acquisition, registration and protection of copyright, designs, patents and trademarks, obtaining patents and patent registrations and preventing the unauthorized use of our client’s trademarks, trade names and patents (passing off actions).

Our expertise covers the following areas:

  • Advice on the acquisition, registration and protection of intellectual property;
  • Patent, trade mark and copyright proceedings and passing off actions.
  • Franchising and licensing;
  • Restrictive trade practices;
  • Issues of competition and agency law;
EU Law

EU Law is of high importance and affects our personal life and business sector in many aspects, since it is concentrating on the “four freedoms“ of the domestic market; the free movement of goods, the free movement of persons, right of establishment and freedom to provide services. We are updated with any amendments set by the European Commission and any other European body informing our clients’ potential changes they might have an effect on them.

Our firm is eligible to provide assistance on this matter since, a Partner of the firm, holds a Master’s Degree on EU Commercial Law. Moreover our services include:

  • Merger control
  • Advising on commercial agreements
  • Public procurement
Tax Law & International Tax Planning

Taxation is an integral part of the diverse areas of our practice, since the tax laws affect almost every conceivable business and personal financial transaction. For this reason our team in cooperation with external independent associates, provides practical, technically-excellent advice that’s tailored to the commercial needs and individual objectives of our clients – delivering valuable savings wherever possible.  Furthermore we offer a wealth of expertise in strategic planning across a broad spectrum of business sectors.

Our services include structuring business arrangements to minimize tax exposure. We have devised tax strategies that facilitate numerous innovative transactions. In addition, we advise clients at all stages of the tax dispute process, from the audit phase through administrative appeal to court challenge.

We provide timely, creative, reliable and practical counsel regarding domestic and international transactions.

Real Estate, Trusts & Asset Protection

Our Firm deals with most aspects of real estate. Immovable property sales in Cyprus have experienced resurgence in the last years and for this reason our firm has developed a strong real estate and commercial property practice by having a deep understanding of the market in Cyprus and abroad. We advise our corporate and individual clients on all aspects of real estate transactions and deal with all types of property: residential, commercial (office and retail) and industrial. Our expertise extends to matters dealing with governmental and local authority licensing and permits, and especially with regards to the procedures to be normally observed with the Planning Office and the Land Registry.

Our expertise covers the following areas:

  • Drafting sale, purchase & assignment agreements
  • Lease agreements & property finance matters in relation to commercial real estate
  • Joint – ventures for real estate projects.
  • Advice on Cyprus law & practice for real property.
  • Property management for non-residents
  • Creation, registration and enforcement of mortgages, debentures, guarantees, legal and equitable charges
  • Estate planning & administration
  • Commercial Conveyancing
  • Development / Property Management / Construction Agreements
  • Advice on legal issues regarding multi-store residences & unified developments

For more info please contact us

Wills & Succession

Our firm engages in the drafting of wills, obtaining probate orders, administration of estates and other related matters.

Admiralty & Shipping Law

Over the years Cyprus evolved into a significant international maritime center. The island΄s strategic location, which is at the crossroads of three continents (Europe, Asia, Africa) enabled Cyprus to play a prominent role in its success as an international shipping centre.
The sufficiency of Cyprus legal system based on the English model, the high level of professionalism in the legal and accounting sectors, the excellent banking system combined to the adoption of major number of bilateral treaties for the avoidance of double taxation and the favorable taxation regime and special taxation regime for Shipping Companies, have raised Cyprus flag into a position of prominence in world shipping.

Tsangaris Legal provides a wide spectrum of services in this field and has an extensive experience in admiralty and shipping law issues. Our team can manage effectively all procedures relating to the registration of ships and all registry related transactions. We offer a full range of services for the purchase and sale of vessels and ships, from the creation of an offshore corporation to the registration and documentation of vessels and ships under all flags. We advise owners, managers, charterers, freight forwarders and their respective insurers and help to resolve commercial and legal problems in Cyprus and abroad.

Sports Law

This area of law deals with a number of legal issues where a professional athlete can find himself around. These legal issues range from forming contracts with football, basketball, or any other athletic club, management contracts, immigration issues, insurance agreements, advertising contracts.

Furthermore it may also involve disputes between the contractual parties arising out of conflicts or disagreements or breach of contract. Our professional legal services can safeguard the interests of both parties. The extensive involvement of Mr. Panayiotis Tsangaris in sports area and Mr. Socrates Tsangaris in the Judicial Committee of Cyprus Basketball Federation makes the department one of the most competitive in its area.

Employment Law

Human Resource is of high importance in every company despite how much personnel it recruits. For this reason our firm specializes in employment law and provides legal advices for both companies and individuals in order to secure their rights. Our expertise includes forming contracts of employment, policies and procedures, advising on equal opportunities and avoiding any kind of discrimination, redundancy and termination of an employment contract, employment aspects of acquisitions and disposals.

Family Law

Family law problems can be all-encompassing. Our firm represents clients in all aspects of family law, marital dissolution, post-decree modifications, child custody, adoptions and related issues. Family law situations are also deeply personal, requiring the attorney to take into account the client’s values and goals as well as the law and the facts of the case. A careful understanding of the situation from the client’s perspective is essential to representing the client’s interests. Having taken into account all relevant factors, our goal is to arrive at the best overall result for the client.