Legal Practice

Our firm’s team carefully deals with secured and unsecured lending, international financing and refinancing and related securities such as share pledges, floating charges, mortgages, financial collateral and other securities. We further handle debt collection and security enforcement, acting for both local and international banking institutions.

Korelis & Co. LLC advises on a wide range of transactions involving sale-purchase agreements, development and acquisition of real estate, tenancy and loan arrangements by local and foreign clients. We guide our clients through the structuring of the venture, undertake the negotiation of the agreements and give effect to the conclusion of the transaction.

In addition to advising on corporate law in general, Korelis & Co. LLC has ample experience in structuring mergers (including EU cross-border mergers and joint ventures), monitoring acquisition transactions and advising on business reorganisations, takeovers, internal restructuring, partnership formation and dissolutions.

The firm is actively involved in the drafting and negotiation of shareholders’ agreements and the implementation of such agreements in the Articles of Association of Cyprus companies, as well as the formation, acquisition and management of companies in Cyprus and abroad.

Employment law has always been a major concern of business and our law firm offers technically sound, commercially practical and confidential advice on the full range of employment issues. We deal with drafting of employment agreements and alternative arrangements, employment restructuring and termination issues, confidentiality and non-compete arrangements.

We can advise on employee rights and relations, immigration and tax related issues as well as on other legal requirements in employing foreigners in Cyprus.  Our team has extensive experience in representing employers before the Cypriot labour courts and in advising on post termination issues.

We offer advice on the regulatory and compliance requirements for investment firms and intermediaries operating in and through Cyprus, including advice on the formation and licensing of Cyprus Investment Firms.

Our advisory services also cover developing financial service structure, governance and financial arrangements along with comprehensive transactional support and extensive regulatory advice through our close links with the regulatory authorities in Cyprus.

Following the growing need for speedy and effective results post judgment, Korelis & Co. LLC has an established, well calculated procedure for executing judgments issued in Cyprus and abroad and collecting debts. Our team uses all conventional collection procedures either through Court or otherwise before activating bankruptcy and dissolution procedures by which a corporation and/or an individual liquidates its assets for the purpose of paying creditors. We further provide legal advice to domestic and international shareholders, directors and creditors on the restructuring of businesses, debt negotiation and liability related issues.

In accordance with the Merchant Shipping (Registration of Ships, Sales and Mortgages) Law of 1963, recreational crafts may be registered in the Register of Cyprus Ships and our office can assist with this process. The vessels are permitted to sail in both national and international waters.

In March 2012, the Cyprus VAT department issued new guidelines introducing advantageous leasing scheme for pleasure yachts in Cyprus. With this scheme, yachts owners are allowed significant tax savings and the effective VAT rat can be reduced as low as 3.4% of the initial value of the yacht. Our accounting department assist in this process of obtaining the VAT approval for such a scheme, working closely with our legal department for the formation of the lease contract and scheme.

In view of the huge growth in globalised business, Korelis & Co. LLC fully acknowledges the need for legal advisors who have the right experience and skills to deal with all potential issues arising from commercial disputes effectively and efficiently. We advise and represent clients in a wide range of commercial disputes, contractual and property related claims and have extensive experience in banking litigation that includes actions on behalf of banking institutions, corporate and individual clients. We advise on different measures to prohibit alienation of assets and are in a position to act swiftly and effectively in issuing interim measures and worldwide freezing injunctions before the Cypriot courts.

Due to the dynamic age of globalisation, the application of agreements in the avoidance of double taxation combined with the low corporate income tax in Cyprus offer tremendous possibilities for tax planning through Cyprus. Our firm’s experienced senior tax consultant, ex Head of the Corporate Division of Nicosia Income Tax Office, along with our commitment to work hand-in-hand with our clients ensure the satisfaction of our clients’ international tax planning and consulting.

Our firm specialises in all areas of immigration law, including work permits, residency permits and citizenship. We have an effective relationship with the Migration Department and together with our experience, we advise our clients accordingly and carry out all the necessary procedures in order to assist foreign employees, investors and their families to qualify under the specific immigration regimes.

The uses of trusts in asset protection and estate planning is rapidly increasing. Our practice covers all aspects of trust law and includes the establishment, restructuring and termination of commercial trusts under the Cyprus International law as well as charitable, private and purpose trusts. In particular, our expertise includes advising on trustee and protector duties, trustee liability and trust variation as well as general asset protection and wills and probate in Cyprus.

Korelis & Co. LLC deals with all aspects of patent and trade mark protection, design registration as well as general advice on copyrights. We also provide post-registration services such as payment of annuities of patents, renewals of trade marks, searches on trademarks and other related services.