We are pleased to highlight two recent contributions by our team to the Legal 500 Country Comparative Guides, covering key aspects of the hashtag#Cyprus legal landscape.
These country-specific Q&As provide practical insights on structuring projects and property investments through SPVs, key financing and security considerations, the regulatory framework, financing and considerations for foreign investors in the Cyprus market.
The Legal500 Comparative Guides aim to be a valuable tool for in-house lawyers worldwide. In the 2026 guide, Ioannides Demetriou LLC Partners Christina Ioannidou and Katerina Hadjichristofi contributed to the Cyprus – Project Finance chapter. This country-specific Q&A provides an overview of project finance laws and regulations applicable in Cyprus.
December 2025: Reflecting on the evolving Cyprus real estate legal landscape and the opportunities it presents for investors, professionals, and clients alike.
The Legal500 Country Comparative Guide on Cyprus Real Estate offers an insightful snapshot of a market underpinned by a solid and transparent legal framework – one that continues to anchor investor confidence and drive growth across residential, commercial and tourism-related sectors.
As we look ahead to 2026, these insights not only reflect current trends but also help chart a course for thoughtful decision-making in an increasingly dynamic environment.
Client Alert: We are pleased to highlight our firm’s direct involvement in a significant development in international audit regulation for Cyprus.
The Public Company Accounting Oversight Board of America has entered into a Statement of Protocol and a Data Protection Agreement with our Client, the Cyprus Public Audit Oversight Board, strengthening cross-border regulatory cooperation and oversight of audit firms operating in both jurisdictions. The agreements went into effect on December 15th, 2025.
This framework enhances information-sharing and coordination between regulators and reflects the continued convergence of global audit oversight standards. For companies, audit firms, and market participants with cross-border footprints, these developments have practical implications for compliance, inspections, and regulatory engagement.
Our firm advised our Client on all aspects of the Statement of Protocol and the Data Protection Agreement, including regulatory, legal drafting and data protection considerations. We are proud to contribute to initiatives that promote regulatory certainty, investor protection, and high-quality audits in global capital markets.
The official announcements can be found at the links below:
A notable win for Ioannides Demetriou LLC: The Supreme Court of Cyprus Opens the Door to Further Evidence on Appeal
It doesn’t happen very often. In fact, it arises only in truly exceptional circumstances and under the strict conditions established by case law. Yet on December 3rd, 2025, the Supreme Court of Cyprus took the uncommon step of allowing the admission of further evidence in the course of Civil Appeal No. 189/2017.
It is a well-established principle that in ordinary litigation, the rights of the parties are assessed on the facts of each case, as these are presented to the first-instance court. As a result, an appellate court will generally allow very little room for the introduction of new evidence.
Both English and Cypriot case-law recognise that departure from this general rule is justified only when specific criteria are met. These include that the evidence sought to be introduced on appeal (i) could not, with reasonable diligence, have been obtained for use at the trial stage; (ii) is of such significance that it would probably have a material impact on the outcome, although not necessarily decisive; and (iii) appears to be credible on its face, although it need not be incontrovertible.
Turning to the facts of the above-mentioned Appeal, the case considered an appeal to the judgment of the first-instance Court where it was decided that the Claimants of the two consolidated Actions were entitled to their share in two Trust Funds. A primary and fundamental requirement for a person to be considered a beneficiary of the Trusts Funds was that they were registered shareholders of a public Czech company at the time the Trusts were created. The Court, finding that the said requirement was satisfied, ruled in favor of the Claimants and awarded them specific amounts. Remarkably enough, the first-instance Court, although granting judgment in favour of the Claimants, clarified in various points of the judgment that any involvement of the Claimants in unlawful activities could constitute a ground preventing them from receiving their entitlement from the trust funds.
Nevertheless, the Defendant, being the trustee of the Trust funds disagreed with this decision and filed the above-mentioned Civil Appeal.
While the said appeal was still pending, and in early October 2022, the Court of Czech Republic issued a final judgment by which it was decided that the Claimants had never lawfully acquired the shares they held in the Czech company, and that the actions through which the Claimants obtained those shares were entirely and ab initio void.
Following the issuance of the Czech judgment, the Defendant filed the present application for the submission of further evidence before the Supreme Court, seeking to submit as evidence the said Czech judgement, as well as legal opinions and certificates from Czech lawyers concerning the finality of the judgment and the progress of the judicial proceedings.
The Supreme Court, finding that the conditions for the submission of further evidence were satisfied, and relying on the findings of the first-instance court according to which any involvement of the Claimants in unlawful activities could prevent them from receiving their entitlement from the trust funds, allowed the application.
By permitting the submission of further evidence, the Supreme Court not only acknowledged the exceptional circumstances of the case but also reinforced the principle that it may depart from ordinary course of proceedings if necessary.
For anyone following developments in Cypriot law, this case is definitely a striking reminder that the Court can, when appropriate, go beyond standard procedures if justice so requires.
12 December 2025, Nicosia: Ioannides Demetriou LLC Chairman, Pambos Ioannides, awarded at the KEBE Cyprus Chamber of Commerce and Industry 2025 Business Leader Awards
IOANNIDES DEMETRIOU LLC partners and members are honoured to announce that our Chairman Mr. Pambos Ioannides has been selected to receive the 2025 Business Leader Award for Financial and Professional Services of the Cyprus Chamber of Commerce and Industry.
The award is presented by the CCCI in collaboration with IMH to the individual who has demonstrated exemplary business leadership, outstanding performance, and excellence in their field, in recognition of their significant contributions to the Cypriot business community.
The award was granted on 11.12.2025 at an exclusive ceremony in the presence of the President of the House of Representatives and other senior Government officials.
As our firm welcomes this recognition, we extend our gratitude to our clients and collaborators for their continued trust. We remain committed to excellence and the delivery of outstanding services.
Merger control is a cornerstone of competition law, referring to the regulatory assessment process by competent authorities to ensure that proposed mergers and acquisitions which exceed the thresholds provided under the law, do not substantially lessen competition in the relevant market. In Cyprus, merger control is governed by the Control of Concentrations Between Undertakings Law (L.83(I)/2014) (the “Law”) and is enforced by the Commission for the Protection of Competition (“CPC”).
This article provides an overview of the notifications submitted in Cyprus, the role of the CPC, and the key legal requirements to be considered when businesses engage in major transactions such as mergers and acquisitions.
The role of the Commission for the Protection of Competition
The CPC is the national authority responsible for enforcing competition rules in Cyprus. It plays a crucial role in reviewing proposed concentrations to ensure they do not distort market competition. The CPC is empowered to investigate all competition concerns, review merger notifications, impose administrative fines and issue decisions to protect consumer welfare and promote economic growth.
Key concepts and notification requirements
In competition law, the term “undertaking” broadly refers to any entity engaged in economic activity, regardless of its legal form or the way it is financed. Generally, an entity is considered to be engaged in an economic activity when it offers goods or services in a given market regardless of whether it is for profit or not.
A concentration of major importance must be notified to and cleared by the CPC prior to its implementation, known as the ex-ante notification obligation. The notification is submitted following the conclusion of the agreement or prior to its conclusion through demonstrating to the CPC the existence of a bona fide intention to enter into such an agreement.
A concentration is considered to be of major importance and subject to mandatory notification to the CPC when:
a. The aggregate worldwide turnover achieved by each of at least two of the concerned undertakings exceeds EUR 3,500,000;
b. At least two of the concerned undertakings achieve a turnover in Cyprus; and
c. At least EUR 3,500,000 out of the aggregate turnover of all concerned undertakings is achieved in Cyprus.
What happens after a decision is issued?
Once a decision is issued, the parties may submit a confidentiality request to exclude sensitive information from publication. The CPC then publishes a redacted (non-confidential) version of the decision in the Official Gazette and on the CPC’s website. This procedure ensures transparency and protection of confidential information.
Conclusion
Compliance with merger control rules is essential to maintain a competitive market and prevent anti-competitive practices. A functional competitive market leads to lower prices, diversified goods and innovation.
Failure to comply with the Law, including failure to obtain clearance prior to the implementation of transactions subject to a notification requirement, may result in significant penalties imposed by the CPC, including:
Administrative fines of up to 10% of the undertaking’s worldwide turnover;
Fines of up to fifty thousand (€50,000) for providing misleading or false information, and
An order for the dissolution or partial dissolution of the concentration
The information in this article does not and is not intended to constitute legal advice. For advice specific to your situation, please contact one of the qualified legal professionals at our firm.
“Join us a father–son duo of lawyers for a conversation about the best and worst experiences in transition from the senior to the new generation.”
Andrew Demetriou and Theo Demetriou take the stage at Inspire 2025 for a candid, honest and, possibly, humorous conversation on what it really takes to navigate transition across generations in a leading law firm that has an “open door” policy on partnership admissions.
“There’s no perfect moment for succession. There’s only the moment when the past, the present, and the future sit at the same table or rather… step onto the same stage.”
INSPIRE 2025 THE A-Z OF ENTREPRENEURSHIP
About:
In a world that changes faster than ever, where uncertainty is the only certainty, and where bold visionaries shape tomorrow’s reality – Cyprus rises as a hub of opportunity, innovation, and entrepreneurial excellence.
On the 25th and 26th of September 2025, the heart of Nicosia will pulse with energy, ideas, ambition, and celebration. Makarios Avenue and its surrounding spaces will be transformed into a vibrant living lab of entrepreneurial culture, where creativity meets business, and experience meets aspiration.
This is not just a festival. It’s a two-day immersive journey into the stories, strategies, setbacks, and successes that shape the world of business – from start-up grit to boardroom leadership, from local family businesses to global industry titans.
Client Alert: Ioannides Demetriou LLC has successfully brought a Claim on a transaction and oral agreement concluded in 1975. The judgment deals with trusts and the seldomly visited area of law concerning laches.
Pursuant to a contract for the purchase of immovable property concluded and signed on 12.12.1975, the property was transferred on 22.9.1976 into the name of Defendant 2 company which was a company wholly owned by Defendant 1. Both Plaintiff and Defendant 1 paid equally the purchase price and were thus the true beneficiaries of the said property under a separate oral agreement. Plaintiff and Defendant 1 were long-term associates and business partners in other commercial transactions.
Defendant 1 held the property on trust, through his company Defendant 1, for the benefit of both him and the Plaintiff. The Plaintiff repeatedly asked for transfer of his share in his name, but the defendants omitted and denied acting accordingly. Plaintiff initiated a civil action against defendants 1 and 2 in 2018. The District Court of Nicosia, by its recent judgment dated 20.2.2025 in Action 3554/2018, found in favor of the Plaintiff and awarded damages equal to the plaintiff’s share and calculated on the value of the property. The judgment issued was for €1.756.937,00 plus interest plus costs.
The most significant point decided by the Court in this case was that, upon arguments of abuse of process and delay raised in this case by the Defendants and although the action was filed with considerable delay, there were nevertheless sufficient grounds and evidence that reasonably justified the delay.
Μπορείτε να βρείτε το κείμενο της απόφασης ημερομηνίας 19.8.2024 στην Αγωγή 2604/2023 του Επαρχιακού Δικαστηρίου Λεμεσού, την οποία χειρίστηκε επιτυχώς το γραφείο IOANNIDES DEMETRIOU LLC, και στην οποία εκπροσωπήσαμε τον εργολάβο, στον ακόλουθο σύνδεσμο: https://www.idlaw.com.cy/wpcontent/uploads/2024/08/2604-2023-19-8- 2024.pdf
Για να λαμβάνεται άμεση ενημέρωση για τα άρθρα των δικηγόρων του Ιωαννίδης Δημητρίου Δ.Ε.Π.Ε, ακολουθείστε την σελίδα μας στο LinkedIn.
Associated with
This website uses cookies to give you the best user experience, for analytics, and improvement of functionalities.
By using this site you agree to these cookies being set. To find out more see our Cookies and Privacy Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
