Cyprus Tonnage Tax System: Flags appearing on the Grey List and Black List of the Paris MOU for the Fiscal Year 2017

As per Circular No. 20/2017 published by the Department of Merchant Shipping on the 31st of October 2017 with regard to the Cyprus Tonnage Tax System (Law 44(I)/2010), the Director of the Department relied on sections 17(2), 27(2) and 40(2) of the Law and the relevant tables contained in the Annual report of the Paris MOU for the year 2015 and has decided that certain flags will be included in the Grey List or the Black List of the Paris MOU for the fiscal year 2017.

Specifically, ships flagged under flags of: Albania, Algeria, Azerbaijan, Bulgaria, Curacao, Egypt, Georgia, India, Jamaica, the Republic of Korea, Kuwait, Lebanon, Libya, Lithuania, Malaysia, Mongolia, Morocco, Poland, Slovakia, Switzerland, St. Vincent and the Grenadines, Syrian Arab Republic, Thailand, Tunisia, Tuvalu, Ukraine and Viet Nam are included in the GREY list of the Paris MOU. Moreover, the Qualifying non-Community ships that fall within this List shall have their annual tonnage tax increased by thirty per cent (30%),

Similarly, ships flagged under flags of: Belize, Bolivia, Cambodia, Comoros, the Republic of Congo, Dominica, Honduras, the Republic of Moldova, Montenegro, Sierra Leone, St. Kitts and Nevis, United Republic of Tanzania, Togo and Vanuatu are included in the BLACK list of the Paris MOU, accordingly. Qualifying non-Community ships that fall within this List shall have their annual tonnage tax increased by sixty per cent (60%).

In addition, Community and non-Community ships under management flying a flag of a State mentioned in the BLACK list must be deemed to comply with international and Community standards only if the technical and crew management of every such ship is entirely performed from the territory of any EU/EEA Member State. In case of failure of compliance with these requirements, s 54 of the Law will apply, thus the Director may impose a fee to ensure compliance

Overview of the Supreme Court’ s Judgment in the case Intersputnik Int. Org. of Space Communications v. Alrena Invest. Limited, handled by our Law Firm has been published in Albert Jan van den Berg (ed), Yearbook Commercial Arbitration 2017 – Volume XLII, Kluwer Law International

The overview of the Supreme Court’ s judgment in the case Cyprus No. 2017-2, Intersputnik International Organization of Space Communications v. Alrena Investments Limited, Supreme Court of Cyprus, Appeal no. 298/2013, 4 April 2017 handled by us and led by our Senior Associate Lawyer Nota Pelekanou has been published in the Albert Jan van den Berg (ed), Yearbook Commercial Arbitration 2017 – Volume XLII, Kluwer Law International, pp. 1 – 10.

The Yearbook is published annually by the International Council for Commercial Arbitration and the T.M.C. Asser Institute in The Hague and is the single most important yearly overview of international arbitration! It is available also on which is the world’s leading online resource for international arbitration research since it contains a wealth of commentary from expert authors and an extensive collection of primary and exclusive source materials, including ICC cases and awards.

Read the Summary Here

Original Decision in Greek



This year, the Monaco Yacht Show will be held from the 27th to the 30th of September.

Like each year, the MYS welcomes the world’s most extraordinary superyachts and the most respected shipyards in an exhibition which cannot be missed.

Our team shall be attending the Show from 27-29 September.

Should you have any enquiries, or wish to catch up with us during the show, please contact us at

We look forward to seeing you there!


THE CYPRUS NON-DOMICILE SCHEME – Amendment to the Law the ’60 DAYS RULE’.

In an effort to enhance the competitiveness, fairness and simplicity of the Cyprus tax system and to make it more attractive to foreign investors, the Cyprus Government passed on 9th July 2015, among others, the “Domicile” concept. The introduction of the non-domicile rules aims to attract high-earners to relocate to Cyprus, by using Cyprus as a business centre and transferring the headquarters of their business thus creating real substance.

For more information please read our English or Russian Memo.

ENG                        RUS

We are proud to announce that Corporate Live Wire Global Awards 2017 have awarded us winner of “Best in M&A Law services.”

Christodoulos G. Vassiliades & Co LLC has been awarded winner of Best in M&A Law Services by Corporate Live Wire  Global Awards 2017. The Global Awards Guide celebrates the achievements of the most successful individuals, companies and organisations over the last 12 months. The awards stem largely from industries featured in the Corporate LiveWire Expert Guides.

Global Awards

Mergers & Acquisitions are a vital part in any successful business, the team at our firm has a solid and successful track record in M&A transactions. The team has represented both buyers and sellers and provides support at all stages of an M&A transaction from bidding, through to negotiations and the closing of transactions.

With the knowledge and expertise of our firm’s lawyers, auditors, tax consultants, paralegals as well as drawing upon the services offered by our affiliated jurisdictions, we are able to bring a transaction to an effective completion.

We deal with all aspects of M&A transactions including but not limited to, corporate, antirust, tax, and employment and regulatory.

2017 has been a promising year for our firm so firm and we are confident we will continue to prosper and grow throughout the coming months.

We pride ourselves in providing excellent services to all of our clients and appreciate when our efforts are recognised.






The Merchant Shipping (Marine Equipment) Law of 2017 (Law 23(I)/2017) & The Merchant Shipping (Marine Equipment) Order of 2017 (P.I. 135/2017): Harmonisation with the European Union Directive 2014/90/EU.

As per Circular No 08/2017 issued by the Department of Merchant Shipping (DMS), on the 28th of April 2017, the Director of the MDS informed the relevant parties of the enactment of the Merchant Shipping (Marine Equipment) Law of 2017 (Law 23(I)/2017) (the “Law”) which transposes the Directive 2014/90/EU of the European Parliament and of Council of 23rd July 2014 on marine equipment into national legislation, repealing Council Directive 96/98/EC .

Main purpose of the Directive and the Law is the enhancement of the safety at sea and the prevention of marine pollution through the uniform application of the relevant international instruments which relate to marine equipment to be placed on board EU ships, and to ensure the free movement of such equipment within the Union.

Specifically, the Law applies to equipment placed or to be placed on board a Cyprus ship and for which the approval of the Competent Authority of the Republic is required by the international instruments, irrespective of whether the ship is situated in the Union at the time it is fitted with the equipment.

The new Circular also makes reference to the issuance of the Merchant Shipping (Marine Equipment) Order of 2017, P.I. 135/2017 (the “Order”) which defines the relevant international conventions coming under the scope of application of the new Law, these being:

  • the International Convention for the Safety of Life at Sea of 1974 (SOLAS 74);
  • the International Convention for the Prevention of Pollution from Ships of 1973 and the 1978 Protocol thereto (MARPOL Convention 73/78); and
  • the Convention on International Regulations for Preventing Collisions at Sea of 1972 (COLREG Convention 72).

It is noted that the international conventions include the up-to – date version of the international conventions and Protocols that have been ratified by the Republic as well as the relevant Codes in force in the Republic, which lay down specific requirements for the approval by the Competent Authority of equipment to be placed on board ships.

Further, it is highlighted that the Law repeals the previously enacted Merchant

Shipping (Marine Equipment) Laws 2002-2006 (Law 55(I)/2002 as amended). Nonetheless, the following subsidiary legislation shall continue to be in force until replacement:

  1. the Merchant Shipping (Marine Equipment) Order of 2016 (P.I. 92/2016)∙
  2. the Merchant Shipping (Marine Equipment) Notification of 2016 (P.I. 91/2016).

Legal 500 – 2017 Ranking

Our Law Firm continues strengthening its positions in the international legal rankings directory The Legal 500: Europe, Middle East & Africa.

First and foremost, we are proud to be recommended as the Leading Law Firm 2017.


Furthermore, this year we are recommended in 5 practice areas:

  • Commercial, corporate and M&A
  • Dispute resolution
  • Intellectual property
  • Maritime and admiralty
  • Real estate and construction

We are proud to announce that our Maritime and Admiralty department received Tier 1 recognition. We are noted as being a ‘thorough and experienced’ team.

Our Commercial, Corporate and M&A team has been characterized as a ‘‘fast team [which] produces work of excellent quality in a cost-effective way’.[…] The ‘outstandingChristodoulos Vassiliades, the ‘exceptionalKoulla Demetriou and the ‘knowledgeableMichalis Pittakis are recommended.’’

Our Dispute Resolution Department was also recognized for its work.

For Intellectual Property, our firm is distinguished as a ‘responsive and helpful team’.

We are also very proud that 6 of our lawyers are recommended for their excellence, namely:

  • in relation to our main area of practice, Commercial, Corporate and M&A, our Managing Partner Christodoulos G. Vassiliades and Deputy Managing Director Koulla Demetriou were recommended as well as Michalis Pittakis, Head of Corporate Department, was proclaimed as a Legal 500 Next Generation Lawyer;
  • for Dispute Resolution Christodoulos Clerides is recommended as the considered key figure.
  • for Maritime and Admiralty Maria Hadjivarnava; and
  • Savvas Georgiou in relation to Real Estate and Construction.

We shall stay committed on continually improving the quality of the advice and service we offer our clients.

For a complete view of our profile:


On February 2nd 2017, Christodoulos G. Vassiliades & CO. LLC attended the event “Shipping: An Industry of Passion, Knowledge and Experience-Part Two”.

The event was held at The Poseidonia Hotel in Limassol, it was organised by Maravilhosa group and our firm was one of the supporting sponsors.

The panel comprised of six speakers from various areas of the shipping industry, all of whom are key players in the industry and each one, according to his experience, contributing to the successful conduct of the event.

The panel comprised of six key players, all derived from various areas of the shipping industry. Their experience and contribution at the event undoubtedly lead to its success.

Ms. Muriel Matta, a moderator of the event and founder of Maravilhosa, introduced the panelists and went on to talk about the role of culture and leadership in the international industry of shipping.

Mr. Craig Eason, a journalist of the Panel, described his experience as a Seafarer and how he found himself with a career in journalism. He urged the young audience he stood before, to learn about Shipping and encouraged them to gain onboard vessel experience.

Captain Eberhard Koch, having served in leadership positions both at sea and ashore, gave a vivid description of the onboard working conditions. He prompted that young people, discover the shipping industry whilst making extensive reference to the Cyprus Maritime Academy.

Ms. Despina Panayiotou-Theodosiou, spoke of the maritime environment from a woman’s perspective. As the founding President of WISTA Cyprus, she highlighted the dynamic participation of women in the maritime workforce and its positive effects thereby. Her speech focused on the importance of education as well as development and how these two factors are affected by the Shipping Associations.

Mr. Dimitris Fokas, as a Naval Architect and Marine Engineer, discussed the topic from a more technical aspect. He pointed out that, during his long career in Shipping he had met successful, female seafarers, in positions that had been traditionally held by men.

Mr. Papaminas, a student in Shipping Commerce and Finance, made an enthusiastic presentation of his aspirations in the industry and presented his perception about the opportunities raised in shipping and the passion created when involving in maritime affairs.

Mr. Andreas Chrysostomou, the ex- Director of the Department of Merchant Shipping, who is actively involved in all fields of International Shipping and who has previously been awarded and recognised internationally, encouraged the industry beginners to work in shipping passionately. He also encouraged women to feel equally and join the industry.

Overall, the event was interesting and effective; covering diverse areas of shipping from experienced and freshly entered professionals. The main points highlighted, is that shipping is not addressed only to men but also to women who are equally encouraged to join both at sea or ashore.

Although it is competitive, shipping is a profitable and strong industrial sector which is highly recommended to the young generation.

The attendants participated actively and joyfully. Many young people in the conference took the chance to express their concerns of the industry and whether it can indeed, absorb beginners, given the existent competitiveness and the insecurity created by the global financial crisis. The ambiance was not that of a typical strict seminar but that of a warm, amicable conversation between present and future members of the shipping society and it was enjoyable to watch students engaging and expressing their interest and enthusiasm about shipping.

The event was concluded by a networking cocktail reception during which the audience had the opportunity to enjoy a relaxing and friendly discussion with the panelists.

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We are proud to announce that Finance & Law Magazine has awarded us as the “Best in International Commercial Litigation in Cyprus.”

Christodoulos G. Vassiliades & CO LLC has been awarded the “Best in International Commercial Litigation in Cyprus” award by Acquisition International’s Intercontinental Finance & Law Magazine.

Acquisition International is a monthly magazine that aims to inform, influence and shape the global corporate conversation through an experienced and dedicated worldwide network of advisors, experts and contributors.

Since 2010, Acquisition International Magazine’s annual awards have been highlighting the remarkable work done by those firms and individuals whose ceaseless dedication to innovation, customer care and the continued growth and improvement of their businesses has seen them forge ahead of their opponents and raise the bar for performance and results in their industry.

Dispute Res

Our International Commercial Litigation department’s approach to dispute resolution is client focused and its principal priority is to resolve issues through mediation in order to avoid costly and lengthily processes. We additionally give advice on probates, wills, estates, debt recovery, banking and shipping disputes and separation of assets.

2017 is proving to be a successful year for our firm and we are certain we will continue to thrive and grow throughout the coming months. We pride ourselves in providing excellent services to all of our clients and appreciate when our efforts are recognised.


We are proud to announce that CorporateLiveWire has awarded us as “Most Outstanding in Maritime Law”

Christodoulos G. Vassiliades & CO LLC has been awarded winner of  the “Most Outstanding in Maritime Law” award  by CorporateLiveWire.

The Corporate LiveWire Awards represent the best of business achievements in their respective fields.

Sponsored by DealMarket, a funding and investment provider, the 2017 Mergers & Acquisitions Awards Guide will reveal the achievements of dealmakers, management teams, legal firms, financiers and professional advisors who, over the past 12 months, have demonstrated excellence in their deal making.


corporate live wire


Mergers & Acquisitions are a vital part in a successful business, however it is also one of the most complex processes to undertake, and involve the guidance of individuals who are specialists in their area.

Our Mergers and Acquisitions team at our firm offer high quality advice and support across sectors from bidding, through to negotiations and the closing of transactions. By closely working with the firm’s lawyers, auditors, tax consultants and paralegals and using the resources available, we are able to assist in bringing transactions to a successful conclusion. We deal with full range of aspects including corporate, antitrust, tax and employment.

2017 is proving to be a successful year for our firm and we are certain we will continue to thrive and grow throughout the coming months.

We pride ourselves in providing excellent services to all of our clients and appreciate when our efforts are recognised.