Lawyers in Cyprus concentrates extensively in offering legal services in the areas of corporate law, company registrations, tax law, trusts and business law. Due to Cyprus beneficial tax system there many investments made in the island. Businessmen from Russia Ukraine, UK have shown broad interest in Cyprus.
Now, with the latest developments in Cyprus with the discovery of hydrocarbons in the Cyprus EEZ serve precisely the objective of energy security of the European Union. Cyprus lawyers will need to focus in offering legal services and advice in energy issues.
There are great prospects for Cyprus as the discovery of hydrocarbons will require new and advanced Jobs, new energy policy to guide development.
How is this affecting Cyprus lawyers? As the discovery of hydrocarbons is a new fact in Cyprus it will certainly impact the Cyprus legal sector in high grade as it attracts new investments. Cyprus lawyers will need to focus on energy law and generally in the oil and gas industry more than before.
The search for oil and gas in the Republic of Cyprus is surely in an evolving stage and the prospects for contribution from abroad are at present very high. The steady business and political situation and the tax proficiencies in Cyprus such as no taxation on revenues from offshore hydrocarbon exploitation can transform Cyprus to a jurisdiction attracting international interest in the energy industry.
This will definitely influence Cyprus lawyers and the Cyprus legal sector at large.