World Tax Reviews


Deloitte, a Big Four company, provides direct and indirect tax services to businesses and individuals across a wide range of industries, with a thorough understanding of local and global tax issues. It is one of Cyprus's largest tax practices, with six partners specialising in indirect tax, private client, and international tax. Antonis Taliotis, a partner, leads the tax and legal practice, which is supported by a dedicated team of tax partners and directors. The indirect tax service line is managed by Christos Papamarkides, a Deloitte Cyprus partner. Harris Kleanthous is Deloitte Cyprus director and transfer pricing practice leader.

During the research period the firm offered tax advisory/structuring work, SPA agreement, and substantial due diligence work for the potential acquisition of a Cyprus company, allowing a significant client to expand its educational sector activities to Cyprus. A multinational construction corporation also received TP analysis and a Master File Report from the team.

Dr K Chrysostomides & Co

Dr K Chrysostomides & Co provides a full range of tax and legal services, including corporate tax, private client, international tax, tax conflict, transfer pricing, real estate, personal income tax, VAT, customs, M&A, restructuring, due diligence and dispute resolution. The firm's core personnel include George Ioannou, Chryso Pitsilli-Dekatris and associate Konstantinos Taramountas.

Throughout the research period, the company advised FedEx on the tax implications of its plans, such as whether the employees are responsible for paying, remitting and reporting any taxes owed on an equity award. The team also assisted Tencent in acquiring a majority stake in FM Games Holding through Miniclip, which manages a growing library of 15+ games across all major mobile platforms.

Client feedback

“Very knowledgeable and experienced.”

“Knowledgeable partners and associates, globally connected and keen to find solutions.”

Elias Neocleous & Co

Elias Neocleous & Co is a highly regarded tax and legal firm. The practice concentrates on both contentious and non-contentious tax advisory. Its clientele consists primarily of MNEs, HNWIs, and government organisations, and the tax team has substantial experience assisting in complex domestic and cross-border transactions. The tax practice is led by managing partner Elias Neocleous, who is assisted by a professional team of tax partners and lawyers, including Kyriacos Xenophontos and Elena Christodoulou.

Recently, the firm advised a multinational corporation's Cyprus entity on converting from a private entity to a public entity and consummating the business combination agreement by reviewing the various agreements that the Cyprus entity must enter into, and provided regulatory advice from a Cyprus law perspective in order for it to be listed on the NASDAQ. The team also advised a major maritime organisation on Cyprus's EU-approved tonnage tax scheme, which provides significant savings to ship owners, charterers, and managers.

Claire Raouna and George Shambartas, senior accountants, joined the firm during the research period.

Client feedback

“Very responsive and thorough and able to tailor advice to suit the specific needs of our client.”

“A professional approach to the client's tasks, the fastest possible response to requests, comprehensive answers to emerging questions and a proactive approach to business.”

“Very quick on their responses, friendly, very polite, crystalised advice in all queries, productive and fruitful feedback.”


Eurofast Cyprus 

Eurofast's tax and tax mobility services are increasing in prominence. Christodoulos Damianou leads the core team, which includes Anastasia Kalaitzaki, Andri Papageorgiou, Evgenia Katelari and Maria Argirou.

During the research period, the firm participated in the restructuring of an oil and gas operation. The team also provided tax advice to a group of Swedish companies and their owner, who are tax residents in Sweden, on the tax benefits and incentives they would receive by relocating their businesses to Cyprus in comparison to the tax position in Sweden for both individual and corporate taxation.

During the research period, Evgenia Katelari, a lawyer, and Andri Papageorgiou, a senior accountant, joined the firm, while Maria Argirou, a lawyer, joined in 2023.


EY is a market leader in Cyprus, with a major tax department based in two offices, Nicosia and Limassol. Philippos Raptopoulos, the practice's head of tax, is assisted by partners Charalambos Palaontas, Petros Krasaris, George Liasis and approximately 100 tax specialists. The department offers comprehensive advice and compliance services in a variety of sectors, including international tax, technology, transactions, indirect tax, people advisory and transfer pricing.

The firm recently played a key role in assisting a major group with the preparation of transfer pricing documentation and income tax computations and returns in a timely manner, in order to support the client's application for the re-domiciliation of the tax residency of 24 Cypriot companies. The team also functioned as the VAT advisor for a well-known fintech business that chose Cyprus as the base of its cryptocurrency trading operations, in order to advise and execute novel solutions that had not previously been tried in cryptocurrency operations.

Client feedback

“Punctual in delivering results, team spirit, good communication skills with clients, always available.”

Harris Kyriakides

Harris Kyriakides offers a wide range of corporate and commercial legal services, has a large commercial and corporate practice, a diverse international client base, and has been heavily involved in litigation and dispute resolution in Cyprus and internationally. The team is led by Michael Kyriakides, Harris Kyriakides, Angela Charalambous, Andrea Newton and Eleni Neoptolemou, with assistance from Angeliki Papaefstathiou and Marina Constantinou.

During the research period, the firm offered legal assistance and representation to a major business in Cyprus regarding the potential acquisition and development of an immovable property in Cyprus. Additionally, the team represented a company in a pending criminal case involving unpaid taxes before the District Court of Famagusta.