Cyprus Signs a Tax Treaty with Iran for the avoidance of Double Taxation

Cyprus has recently concluded a Double Tax Treaty (DTT) with Iran.

The treaty was signed on 4 August 2015 and shall enter into force once each country completes the ratication process.

The new treaty is based on the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention framework and will contribute to the expansion of Cyprus’ trade and economic relations with Iran, only a few weeks after the historic Iranian nuclear agreement and lifting of international sanctions.

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Vassiliades & Co ( Malta) Limited granted by the MFSA the Fiduciary License & Company Services Provider License

Christodoulos G. Vassiliades & Co. LLC is pleased to announce that our affiliated office in Malta – Vassiliades & Co (Malta) Limited, has now been fully authorised pursuant to Article 43 of the Trusts and Trustee Act ( Cap.331 of the Laws of Malta) to provide fiduciary services to its clients.

Additionally, we are able to act as director and secretary of a company as well as a partner in a partnership or in a similar position in relation to other legal entities.

For more information or to engage our services in Malta please feel free to contact us.


Amendments to the Cyprus Tax Legislation

In an effort to improve the tax system in Cyprus and make it more attractive to foreign investors, the Government of Cyprus has been working closely with the private sector over the last few months in order to modernise the framework of the tax legislation of Cyprus.

Through this reform package, Cyprus tax system will become more fair, simple and competitive.

The provisions of the new laws described below have been voted by the House of Representatives on 9 July 2015 and published in the Cyprus government gazette on 16 July 2015.

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Chambers Global 2015 Top Ranked Elite Law Firm Network

Our Firm is proud to be part of the Interlaw network which beyond the usual expectations of impeccable professional standards.

Interlaw members share the same general core values and commit to extend to one another’s clients the professional courtesy of “Best Client” status, assuring seamless service, timely response, transparent and fair billing practices, and open, honest, and direct communication with the client and the referring attorney.

Interlaw Top Ranked 2015

Amendments in the Tax Legislation

In an effort to improve the tax system in Cyprus, eliminate provisions which create issues in the day to day application of the law and make it more attractive, the Government of Cyprus has been working closely with the private sector over the last few months in order to agree on specific changes in the tax legislation of Cyprus.
Through this reform package, Cyprus’ tax system will become more fair, simple and competitive.

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Members of our Firm have successfully been licensed as Insolvency Practitioners.

The Insolvency Practitioners Law, 64(I) of 2015 was published in the official gazette on 7 May 2015.

Among few other changes one significant amendment relates to the approval/appointment of Insolvency Practitioners.

As per the new legislation one can be appointed as a Liquidator, only if that individual is a certified Insolvency Practitioners. The conditions on becoming a certified Insolvency Practitioner are clearly stated in the Law.

In summary the following requirements have to be met:

  • a university degree or equivalent qualification;
  • at least three years’ experience as a lawyer, chartered accountant, actuary, officer or examiner in the government insolvency service, or equivalent experience in the financial sector;
  • recent practical experience of insolvency work (600 hours or ten cases within the two years preceding the application);
  • success in an examination of professional competence recognised for the purpose of the law;
  •  adequate professional indemnity insurance.

In order to be able to continue with our work and serve our clients in the related field, members of our Firm have now been fully licensed by the Cyprus Bar Association.

For any assistance in this filed of law please contact:

Phivos Zomenis

Christodoulos Clerides

Our full profile on The Lawyer

In order to be able to share and receive the latest news stories, both domestic and global, and analysis of the legal sector we have decided to become part of The Lawyer.

For regular updates on our Firm and related legal fields please visit our full profile by clicking here


On the 14th April 2015, the ‘Cruise Casino Regulations’ (hereinafter referred to as ‘Regulations’) which are present in Subsidiary Legislation 400.03 of the Laws of Malta were put into effect as a result of Legal Notice 132 of 2015. The purpose for introducing these Regulations was to regulate casino operations on board cruise ships, which are either berthed in Malta or which are located within its territorial waters. The Malta Gaming Authority (the ‘Authority’) is to ensure that there is fair play in accordance with the Authority’s established fundamental principles and to safeguard the interests of the Maltese Gaming Industry as well as the interests of the passengers.

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Legal 500 – 2015 Ranking: “Extremely responsive and client orientated”

Legal 500 – 2015 Ranking

Our Law Firm continues strengthening its positions in the annual international Legal 500: Europe, Middle East & Africa rating.

We are proud to be considered as: ‘extremely responsive and client orientated’ providing ‘top-notch legal advice’ in relation to our main area of practice, Corporate and M&A.

For Litigation & Dispute Resolution we are considered to be the: ‘best and most creative teams in the region’

Due to our work and dedicated service provided to our clients in the practice area of Maritime and Admiralty we have improved our ranking to Tier 2 this year.

In other legal practice areas we maintain our high level position.

For a complete view of our profile on Legal 500: click here