Harneys launches Cyprus Fiduciary practice

Harneys' corporate and fiduciary services arm is pleased to announce the launch of Harneys Fiduciary Cyprus, which provides corporate and trust services in Cyprus. 

Harneys Fiduciary offers Cyprus company and trust incorporation and corporate and private wealth services, including annual functions, secretarial, registered office, nominee shareholders, submission of annual returns for the ongoing maintenance and administration of Cyprus companies, and trusteeships for Cyprus trusts. Harneys Fiduciary also provides directorships to assist clients in obtaining Cyprus corporate tax residence status, which enables access to Cyprus’ attractive tax regime and network of double tax treaties.

Harneys Fiduciary is headed by Emily Yiolitis, founding partner of Harneys in Cyprus and Global Head of the firm’s Tax and Regulatory practice. Emily has over ten years’ experience advising international clients, including HNWIs and professional intermediaries, on tax structuring and planning matters. She has previously held roles including as Cyprus representative of the European Tax Intelligence Group (ETIG), Board Member of Cyprus’ national telecom authority (CYTA), and past Chairwoman and founding Committee Member of STEP Cyprus. Emily is a member of the Cyprus Bar Association and the international board of the International Network of Boutique Law Firms (INBLF).

Emily Yiolitis, Partner and Global Head of Harneys’ Tax and Regulatory practice, commented: “By offering both legal advice and fiduciary services in Cyprus, Harneys can advise clients on a broad range of matters. The Cyprus Government has refined and enhanced its tax laws in recent years in order to amplify the jurisdiction’s appeal to foreign nationals. By adding fiduciary services to our strong law practice in Cyprus, Harneys can cater to the needs of the increasing number of individuals and companies seeking to benefit from the jurisdiction’s favourable tax regime. We are actively growing in this space and plan to make strategic hires as we continue to expand.”

Ross Munro, Global Head of Harneys Fiduciary, commented: “International services are clearly a key priority for the Cyprus Government and we are pleased to expand our Cyprus offering to include corporate, trust and fiduciary services. Emily has an excellent reputation in the market due to her long experience in advising HNWIs, trustees, private banks, international law and accountancy firms. Her expertise positions her perfectly to head Harneys Fiduciary Cyprus, and to develop our business in this market.”

Harneys is one of the largest firms in Cyprus and was the first international firm to enter the market, establishing its legal practice there in 2006. The firm advises EU and global international firms, financial institutions, and private clients on matters related to banking, finance, IPOs, M&A, corporate governance, compliance, tax, litigation, insolvency, private equity, and funds. Harneys has an excellent relationship with the Cyprus regulators and advises clients before CYSEC and clients looking to achieve asset protection and estate planning through Cyprus International Trusts. 

Harneys has offered corporate and fiduciary services for over 40 years and Harneys Fiduciary now encompasses close to 100 staff across seven jurisdictions (Bermuda, BVI, Cayman, Cyprus, Hong Kong and New Zealand). The group provides corporate, trusts, private wealth, fund and fiduciary services to international law firms, corporations, financial institutions and private clients. 

Cyprus offers various corporate and tax advantages for Cyprus tax resident companies, including an attractive headline corporate tax rate, access to a wide network of double tax treaties, and low or no capital gains or withholding tax. The jurisdiction also offers various tax advantages for senior executives looking to relocate to the jurisdiction, including a 50 per cent tax deduction for high earning individuals for the first ten years.