Professional Services

Cyprus is recognized as an international centre of excellence for the provision of professional services. The accession of Cyprus to the European Union and the euro zone, in conjunction with the developed, free market economy, strategic geographical location, advanced and attractive tax environment, extensive double taxation treaty network, and robust and transparent regulatory environment, provides FDI opportunities, including Business Process Outsourcing and Knowledge Process Outsourcing, leveraging the professional services sector.

Accounting Services

There are approximately 2,700 active, English-speaking, registered accountants in Cyprus
Cyprus offers a wide range of professional accounting, auditing, management consultancy, taxation, financial advisory and other administrative service to both the private and public sectors
In 2009, there were approximately 120 limited accounting firms and 40 partnerships operating in Cyprus
Top international accounting firms are established in Cyprus providing services to international investors
Cyprus follows the International Financial Reporting Standarts (IFRS)

Supervisory/Regulatory Framework

The Institute of Certified Public Accountants of Cyprus (ICPAC), registered in 1961, is the authorized body that regulates and supervises the accountancy profession in Cyprus
The right to join ICPAC is conferred to members who meet U.K. professional standards or equivalent
The Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants have chosen Cyprus as the first country in the world to train U.K. Chartered and CIMA accountants outside the U.K. as well as the training of U.K. Certified Accountants on the island

Legal Services

Cyprus’s legal system is based on U.K. Common Law principles. As a member of the European Union, Cyprus has introduced the body of laws and regulations of the E.U. known as the acqui communautaire.

There are over 2100 registered advocates and 160 limited liability law firms providing a wide range of legal services in Cyprus
Over half of lawyers hold U.K. legal qualifications
High quality legal services are offered in specialist areas such as international law, corporate administration, and management services
Cyprus-based Law Offices cooperate extensively with international Law Firms

Supervisory/Regulatory Framework

The Cyprus Bar Association, established under the Advocates Law Cap.2 in 1960, is the professional legal body
Under the Advocates Law, the Cyprus Bar Association, the Disciplinary Board and the Legal Council are the bodies regulating the legal profession in Cyprus
Legal professionals are expected to adhere to the highest professional and ethical standards

Opportunities

There are opportunities for cooperation with local service providers to service investors who invest in Cyprus or through Cyprus

Many opportunities exist for the establishment of new offices or branches in Cyprus, taking advantage of its geographical position, its membership of the European Union, as well as its good relations with Middle Eastern, Central European and Eastern European countries

Further information

Institute of Certified Public Accountants of Cyprus (www.icpac.org.cy)

Cyprus Bar Association (www.cyprusbarassociation.org)