Cyprus is widely recognised as a centre of excellence in the provision of professional services. With an abundance of highly-skilled and experienced multilingual professionals, Cyprus offers a full range of modern, advanced professional services at competitive rates. Lawyers, attorneys, auditors, tax advisors, financial advisors and other specialists, who are often educated at the best universities worldwide, offer high-quality services to support all types of businesses, from large listed entities to family offices and entrepreneurs.
Further evidence of Cyprus’ recognition as a reputable international financial and business centre is the decision of two of the world’s leading accounting organisations, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Institute of Management Accountants (CIMA), to select Cyprus as the first country in the world outside the United Kingdom to train ICAEW and CIMA accountants.
Cyprus offers a wide range of professional accounting, auditing, management consultancy, taxation, financial advisory and other administrative services to both the private and public sectors. With top international accounting firms also established in the island providing services to local as well as international investors, there are currently more than 4000 active, English-speaking, registered accountants and more than 120 limited accounting firms and 40 partnerships operating in Cyprus.
While in accounting Cyprus follows the International Financial Reporting Standards (IFRS), the country’s legal system is based on English Common Law principles, incorporating the body of laws and regulations of the EU known as the acquis communautaire.
The legal industry, with over 3,000 registered advocates, that in their majority studied and/or qualified in the UK and other top worldwide destinations, and more than 160 limited liability law firms provide a wide range of high quality legal services in areas such as international law, corporate administration and management services, while most large law firms are affiliated or collaborate with international law firms.