Welcome to HDlaw Website

We are a Cyprus law firm located in the country’s capital city Nicosia practicing Cyprus Law. Our firm focuses primarily on domestic and international corporate, commercial banking and finance law, bringing legal innovation to our clients worldwide.

We deliver an unprecedented quality of service excellence in all areas of law. Our firm also collaborates with other legal experts who are specialised in their particular fields so as to provide our clients with comprehensive legal solutions that meet all regulatory and statutory requirements.

With our growing network of legal professionals around the globe, we can assist clients wherever they are in the world and provide an international perspective coupled with local insight to deliver efficient and desired results for our clients.

Our aim is to consistently deliver innovative legal outcomes for our clients in an optimal manner that is also time efficient as we understand that time is of the essence in today’s business climate.

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Company News

EU VAT Compliance on Land Sales Around the Corner

With Cyprus possessing one of the world’s most favourable corporate tax environments, Cyprus is also known for its advantageous real estate taxation. Nevertheless, while Cyprus continues to offer great tax incentives across multiple sectors, since becoming a member of the European Union in 2004 Cyprus is subject to EU directives. In terms of land sales, Cyprus’s VAT derogation on building land sales, granted by the EU in 2004, appears to be coming to an end. Long overdue, Cyprus lawmakers are to vote on a European harmonising bill whereby 19% VAT is expected to be imposed on land sales for building and developments. What’s more the Cyprus tax authorities have drafted a circular defining ‘building land’ as undeveloped land that is clearly intended for further development.   Table 1.1: Overview of Current VAT on Cyprus Real Estate Property VAT before 1 May 2004 As a rule of thumb, property that acquired […]

The benefits of a CYPRUS INTERNATIONAL TRUST

An overview: A Cyprus International Trust (CIT) provides for a high level of confidentiality and a very high degree of asset protection, in that the assets settled into a CIT are sheltered against potential claims, as they are segregated from the settlor’s funds. Assets are also shielded against subsequent bankruptcy or liquidation of the settlor, or creditors’ action against the settlor or the beneficiaries, irrespective of whether the trust was set up without consideration or to the benefit of the settlor or his/her family, unless it can be proven that the CIT was set up with the intention of the settlor to defraud his creditors. The hardening period within which a claim can be brought against the trustee by a creditor is 2 years from the date of transfer of the trust property in the CIT. Another important aspect of CITs is the fact that Cyprus courts have exclusive jurisdiction […]

CYPRUS LEADS IN CITIZENSHIP BY INVESTMENT INDEX

The Financial Times‘ Professional Wealth Management, in its recent study of citizenship by investment (CBI) programmes, has ranked Cyprus above other EU countries. A primary objective of the CBI Index is to identify factors which satisfactorily measure the features and desirability of CBI programmes in various jurisdictions. The factors considered in the rankings which ranked Cyprus 67th, were:  freedom of movement; standard of living; minimum investment; mandatory residency or travel requirements; timelines; ease of process; and due diligence requirements. Cyprus scored highly on the following factors: a.       8 for standard of living as it is one of the best countries to relocate to worldwide, ranking 5th best out of 23 countries worldwide (Knight Frank Global Lifestyle Review) b.      9 for freedom of movement. The Cypriot passport provides free movement in 160 countries worldwide and this factor is of paramount importance for people seeking to acquire a second citizenship. c.       7 […]

Cyprus-Luxembourg setting grounds for stronger economic and commercial cooperation: Double Taxation Agreement

The Republic of Cyprus and the Grand Duchy of Luxembourg signed a double taxation avoidance agreement on 8 May 2017. This is the first such agreement between the two countries (Luxembourg was one of the few European countries which Cyprus had no such agreement with) and sets a good basis for economic and commercial cooperation between the countries. It is understood, although the actual text of the agreement has not yet been made public, that the agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and Capital, it incorporates the minimum standards of the BEPS Project and includes therein the Model Convention articles on exchange of financial and other information. It is based on and incorporates the principles and reflects the provisions of the EU Directive on Parents and Subsidiaries (90/435/EC) and the EU Directive on Interest and Royalties (2003/49/EC). THE BASIC PROVISIONS. […]

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