BestLegal Annual Conference of Legal Practitioners 28-30 of September 2014 Four Seasons Hotel, Limassol
Report
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BestLegal Annual Conference of Legal Practitioners
Natalia Kardash, the Founder and the Moderator of the conference Publisher of the SUCCESSFUL BUSINESS Magazine. “Our vision to make Cyprus a place for face-to-face communication among people from different countries is not new. For centuries, this island
BEST LEGAL, the first Annual Conference of Legal Practitioners
was serving as a bridge between East and West, Asia, Africa and Europe. THe Best Legal conference is just a continuation of this great tradition of hospitality. The Successful Business magazine is a local Cypriot publication. For many years we work for the Russian business community of Cyprus and that
BEST LEGAL, the first Annual Conference of Legal Practitioners, which took place on 29 and 30 September at the Four Seasons Hotel in Limassol, was hailed with great success, with participants from fifteen different countries and diverse backgrounds. The Conference was organised by Cypriot Business magazine Successful Business and attended predominantly by lawyers and legal consultants as well as businessmen, financiers and corporate top-managers.
is why we were always in a position to connect two business worlds - Cypriot and Russian. The magazine has also organized seminars, conferences, forums in Russia, Ukraine and Kazakhstan to reinforce bilateral business relations. Now we move further. This event brought together people from 15 countries. We are sure that the BEST LEGAL Conference-2015 will gather twice more participants from at least 20 different countries.�
The conference addressed three main topics, namely principles of international trust law and current trends in legislation and trust planning, alternative dispute resolution as the best alternative to lengthy litigation and European citizenship regimes, policy-making and challenges related to investment and personal wealth. Additionally, as among the participants there were many Russianspeaking lawyers, a subject of trade law was opened with a discussion on accession of Russia to WTO and current Russian-European trade relations. The conference was organized by the SUCCESFUL BUSINESS in cooperation with Andreas Neocleous & Co LLC, Eurobank, EY, University UCLAN and the Cyprus Investment Promotion Agency.
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Principles of international trust law and currents trends in legislation and trust planning Mr. Elias Neocleous, Advocate/Vice-Chairman of our firm, analysed current principles of international trust law and gave a very thorough presentation on the main characteristics of a trust, its purposes and ways through which it operates. Mr. Neocleous thoroughly explained the reasons why someone might wish to set up trust such as preserving family assets, regaining freedom of testation against “forced heirship� laws, tax mitigation purposes, protection against spendthrifts etc. He then continued discussing the Cyprus International Trust by expanding on the 2012 reform of the International Trust Law. As Mr. Neocleous mentioned, the benefits of Cyprus international trusts are multiple and include regaining testamentary freedom, managing family wealth, protection against claim and protection in the event of
Mr. Elias Neocleous, Advocate/Vice-Chairman of Andreas Neocleous & Co LLC
family breakdown. He concluded by highlighting the importance of proper professional advice in order to avoid unforeseen pitfalls and achieve effectiveness of the structure.
Cyprus International Trusts: A tool for international tax planning Subsequently, Mr. Petros Krasaris Senior Manager at EY, looked at trusts from an international tax planning perspective and elaborated on the ways through which trusts may be influenced by the current de-offshorization measures. He commented on the Cypriot tax considerations which are relevant for the settlor and the beneficiaries such as property being transferred and ongoing taxation of property. He concluded by mentioning various developments which could signal an end to tax secrecy such as the OECD Global Standard and the EU Savings Directive.
Mr. Petros Krasaris Senior Manager at EY
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Mrs. Maria Kyriacou, Advocate/ Partner of Andreas Neocleous & Co LLC
Alternative Dispute Resolution The topic of Alternative Dispute Resolution (ADR) has gained much ground in Cyprus in recent years since ADR is internationally becoming a much preferred alternative to lengthy litigation. Mrs. Maria Kyriacou, Advocate/ Partner of our firm gave a thorough presentation on ADR and its two main practices, namely mediation and arbitration. She then continued by presenting various international ADR Centres, such as the Singapore International Arbitration Centre, the International Chamber of Commerce, the World Intellectual Property Organisation, the London Court of International Arbitration and the Hong Kong International Arbitration Centre. Mrs. Kyriacou also presented the Euro-Mediterranean ADR Centre, a new not-forprofit ADR Centre based in Cyprus, which will provide mediation and arbitration proceedings as well as the opportunity for training through its own legal academy. She concluded with a presentation on the Cyprus laws on arbitration (the International Commercial
Dr. Dmitry Labin, Advocate/Partner at DL Legal Bureau and Professor of International Law at the Moscow State Institute of Foreign Relations
Arbitration Law of 1987 and the Arbitration Law, Cap 4) and mediation (Law providing for certain mediation issues in civil disputes of 2012 (159(I)/2012)), highlighting the time and cost savings of ADR over traditional litigation.
Investment Arbitration: It Is Time To Reform The floor was then given to Dr. Dmitry Labin, Advocate/ Partner at DL Legal Bureau and Professor of International Law at the Moscow State Institute of Foreign Relations, who presented investment arbitration and the Investor-State Dispute Settlement practice as a popular tool which provides foreign investors with an opportunity to apply international law in the framework of international investment arbitration. Dr. Labin commented that investment protection in a host state is a key issue today for foreign investors going abroad since investment arbitration solves fundamental issues of unease of a party with the national courts of host states.
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Elina Kollatou, Cyprus
Mr. Christos Vezouvios, Advocate/Partner at Andreas Neocleous & Co LLC
Residency and citizenship regimes BEST LEGAL also presented the issue of residency and citizenship regimes around the world. Mr. Christos Vezouvios, Advocate/Partner at Andreas Neocleous & Co LLC analysed the incentives for applying for a citizenship scheme and mentioned personal factors such as family reunification and medical and educational reasons, financial factors such as tax planning benefits and opportunities for movement such as unrestricted movement in the European Union. He then presented current citizenship and naturalization schemes in a variety of
countries such as Malta, Bulgaria, Thailand, the UK, Portugal and Cyprus. Cyprus’s Scheme for Naturalization of Investors in Cyprus by Exception was thoroughly presented; as Mr. Vezouvios commented, the scheme enables non-EEA citizens to obtain a passport and citizenship of an EU member state while at the same time a fast track process speeds the procedure. He concluded by comparing all six different schemes on the grounds of leniency, efficiency in handing the application and required quality of applicants.
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Mr. Kalinichenko, a Doctor of Legal Science and EU Law Chairman at the Kutafin Moscow State Law University
Mrs. Nazedha Bocharova, head of the legal department of Kommersant Kartoteka LLC
WTO and EU-Russian relations
Roukos Hobeika, Lebanon
The influence of the international trade on EU-Russian relations
Mr. Kalinichenko, a Doctor of Legal Science and EU Law Chairman at the Kutafin Moscow State Law University presented the changes of EU-Russian trade and economic relations following Russia’s accession to the WTO. Mr. Kalichenko looked into the nature of dispute settlements which arise out of this new dynamic environment while also presenting new possibilities for investment protection and cooperation between the two regions.
Mrs. Nazedha Bocharova, head of the legal department of Kommersant Kartoteka LLC further elaborated on this topic by presenting the measures taken to de-offshorise the Russian economy. Mrs. Bocharova mentioned how Russian business registers, information exchange and the establishment of a single database have altered the scenery of international transactions and mutual investments between Russia and partner countries.
Opher Levenberg, Israel
Igor Nossonov, Cyprus, Alexander Nikolaev, Russia
Elena Koutouzova, Andrey Tokmolaev, Russia
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PANEL DISCUSSIONS
Topic 1. Challenges of International trust law
Sergey Tarutin, Ireland
Andrey Korneev, Hungary
Topic 2. A comparison of European citizenship regimes: policy-making and challenges
Victor Byrledyanu, Russia
Dmitry Labin, Russia
Alexey Bodrov, Russia
Edward Nagdalyan, Armenia
Liana Micallef, Malta
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Topic 3. What’s next for EU-Russian relations following Russian accession to the WTO?
Milan Samardzic, Serbia
Paul Kalinichenko, Russia
Topic 4. Alternative Dispute Resolution as the best alternative to lengthy litigation
Sergey Kudryavsky, Russia; Svetlana Babintseva, Belarus
Natela Kilasonia, Georgia
Nazedha Bocharova, Russia
Karlos Rodriges del Valle, Spain
Christos Vezouvios, Elena Stephanidou, Haris Hambakis George Prodromou, Cyprus
Anastasia Pugacheva, Cyprus; Irene Demetriou, Cyprus
Irina Medvedeva, Russia
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Visit to the Parliament of Cyprus. Meeting with the President of Parliament Mr. Yiannakis Omirou
The President of Parliament Mr. Yiannakis Omirou
Participants of the Best Legal Conference had a chance to know an opinion of Mr. Omirou on many vital issues and have a photo to remember this unusual visit
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Visit to the Presidential Palace. Meeting with the President of cyprus H.E. Mr. Nicos Anastasiades.
President of Cyprus briefed his guests with recent news and plans of the Government
The meeting with the President of Cyprus was held in a warm friendly athmosphere
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The guests had an opportunity to discuss bilateral relations
our valuable Guests and participants
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PROGRAM OF THE CONFERENCE-2014 Sunday, 28 September
Maria Kyriacou, Advocate/Partner, Andreas Neocleous & Co LLC An introduction to ADR Alternative Dispute Resolution (ADR) is fast becoming a preferred alternative to lengthy litigation and this session will examine the various processes of ADR such as arbitration and mediation and their respective advantages. It will also look at the different ADR centres which operate internationally and present the ADR methods through which these centres propose to resolve disputes.
07.00-23.00 Arrival of participants and guests of honor, free time. The guests are met in Larnaca and Paphos airports and transferred to Limassol. Check-in at Four Seasons 5*, Amathus 5*, Mediterranean 4* 20:00 Welcome Reception in the Four Seasons Hotel hosted by the Cyprus Investment Promotion Agency (CIPA). Addresses by the President of CIPA Mr. Christodoulos Angastiniotis and the President of Best Legal Conference Organising Committee Mrs. Natalia Kardash.
Dr. Dmitry Labin, Advocate/Partner DL Legal Bureau, Professor of International Law at the Moscow State Institute of Foreign Relations. Arbiter of the Moscow Chamber of Commerce and Industry Arbitration. Investment arbitration: it is time to reform. The practice and challenges for parties in the investor-state dispute settlement. Investment protection in a host State is a key issue today for foreign investors going abroad. In most cases they feel uncomfortable in national courts of the host State and seek to engage an alternative dispute resolution instruments. The Investor-State Dispute Settlement (ISDS) becomes the most effective and popular tool which provides foreign investors with an opportunity to apply international law in the framework of international investment arbitration.
Monday, 29 September 08:00 – 08:30 Registration / Morning Coffee. Four Seasons Hotel Ball Room. 08.30 – 09.00 Morning introductions and networking discussions. Four Seasons Hotel Ball Room. 09:00 – 09:20 Official Opening Ceremony. Official Guest Welcome Addresses. 09:20 – 11:00 Plenary session: Elias Neocleous. Advocate/Vice Chairman of Andreas Neocleous & Co LLC Principles of international trust law and currents trends in legislation and trust planning This session will examine the principles of international trust law and the various trust mechanisms which exist around the world today. The latest legal developments pertaining to trust law will be analysed and a comparison will be drawn between different trust jurisdictions. The main pitfalls for clients and practitioners will be highlighted, together with possible solutions from a legal perspective. Petros Krasaris, Senior Manager, International Tax and Transaction Tax Services, EY Cyprus International Trusts as a tool for international tax planning for high-net-worth individuals A description of the tax regime applicable for trusts under Cypriot tax laws and an outline of possible beneficial tax structures available to individuals. As the world is entering into a new phase of automatic exchange of information (OECD Global Standard) and given the recent amendments to the EU Savings Directive, trusts may lose one of their most important advantages of tax secrecy and non-disclosure. In addition, the proposed changes in the Russian tax legislation (“de-offshorization” measures) may also impact the use of trusts for tax planning purposes. 14
10:45 – 11:00 Networking coffee/tea break 11:00 – 11:50 Plenary session: Christos Vezouvios, Advocate/Partner, Andreas Neocleous & Co LLC, Cyprus Residency and citizenship regimes: benefits and procedures This session will examine the various residency and citizenship regimes currently offered on an international level and draw comparisons between them. Cyprus, Portugal, Malta, Thailand and Belize are amongst the examples to be discussed, presenting their respective benefits and disadvantages. Paul Kalinichenko, Doctor of Legal Science, EU law Chair, Kutafin Moscow State Law University Impact of international trade law on the relations between the European Union and Russia Russia’s WTO accession has radically altered the system of EU-Russian trade and economic relations. This session will examine the World Trade Organisation law and the implementation of WTO obligations in the Russian domestic legal system. The agenda between the European Union and Russia faces new challenges in trade and investment, this session will also examine the nature of dispute settlement and the new possibilities which have
emerged for investment protection and cooperation between the two regions. Nadezhda Bocharova, the Head of Legal Department of Kommersant KARTOTEKA LLC, “Vestnik Gosudarstvennoi registracii” (State Registrar gazette). The influence of the international trade on EU-Russian relations Transparency of the mutual investments in the context of cooling in relations between RF and EU and course taken to de-offshorise the Russian economy. Russian business registers, informational exchange with the European business register and establishment of the single database. International identification system. The practical aspects of the security and transparency provision of the international transactions and mutual investments between Russia and partner countries. 11.50-12.00 – Networking break for informal exchange of opinions. 12:00 – 14:00 Panels and Round table discussions Topic 1. Challenges of International trust law The round table discussion will assess the issues pertaining international trust law today and the way law firms plan, assess and recommend trust types to clients. The round table aims at providing a challenging discussion around alternative vehicles to trust types and brainstorm on new mechanisms for the protection of privacy, inheritance and estate planning. How to deal with the changing nature of international trust law Best practices from most common trust jurisdictions Ways to mitigate the effects of taxation, divorce and bankruptcy Topic 2. A comparison of European citizenship regimes: policy-making and challenges This round table will stimulate a discussion on the different European citizenship regimes and make comparisons between them. Understanding the citizenship procedure in various EU member states The rationale behind attaining European citizenship and the unseen effects: power to vote and become engaged in policy-making How acquiring citizenship solves fundamental problems in generating and conducting business How state mechanisms and law firms plan and promote such schemes: avoiding common pitfalls Topic 3. What’s next for EU-Russian relations following Russian accession to the WTO? This round table will stimulate a discussion on the changing nature of trade and investment relations between the European Union and Russia, following the latter’s adoption of WTO rules and regulations. How does the WTO
influence existing relations and how do geopolitics influence trade relations between the two regions? Impact of recent sanctions on Russia-EU business relationship. How WTO accession puts Russia in a better position to address domestic challenges Achievements and failures of the WTO mechanism The WTO as an effective system for dispute resolution in international law What’s the impact of Russian WTO accession on the regions of Russia? Topic 4. Alternative Dispute Resolution as the best alternative to lengthy litigation ADR as an alternative solution to lengthy litigation is gaining popularity amongst clients, who wish to avoid lengthy and costly court procedures. The round table will concentrate on international commercial arbitration and mediation and the problems faced by practitioners and clients during proceedings. Finally, the discussion will aim to provide challenging ideas on how to mainstream ADR legal training and how to best establish a universal system of training and accreditation by sharing best practices and experience. The role of domestic courts in international commercial arbitration Bias challenges in international commercial arbitration Common mistakes meditation proceedings How far a universal accepted training/accreditation system for mediators and arbitrators will address current challenges Drafting legislation on ADR: avoiding pitfalls 14:00 – 15:30 Networking Lunch in the Four Seasons Hotel
Tuesday, 30 September 09:30 Departure from Limassol to Nicosia 11:30 – 12:00 Visit to the Parliament of Cyprus. Meeting with the President of Parliament Mr. Yiannakis Omirou 12:30 – 13:00 Visit to the Presidential Palace. Meeting with the President of the Republic H.E. Mr. Nicos Anastasiades. 13:00 – 14:00 Nicosia tour 14:00 – 15:30 Networking farewell lunch in a traditional Cypriot restaurant 16:00 Back to Limassol
Wednesday, 1 October Departure day
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BestLegal
LIST OF THE PARTICIPANTS Surname
Name
Company
Country
Angastiniotis Aristidou Babintseva Baev Baev Bengar Berenson
Christodoulos Michalis Sviatlana Alexander Vladimir Asha Georgiy
Cyprus Cyprus Belarus Russia Russia Cyprus Israel
Bichevaya Bodrov Bosharova Bozhedomova Byrledyanu
Anna Alexey Nadejda Liudmila Victor
Chaika Chatziadamou Demetriou Dmitrenko Drozdenko Garcia Grankin Gurin Hobeika Istratov Kalinichenko Kan
Anton Athina Irene Galina Antonina Richard Maxim Pavel Roukos Andrey Paul Yuliana
Kilasonia Kollatou Korneev Kourtellos Koutouzova Krasaris Kretova Kudryavsky Kyriacou Labin Levenberg Malioti Malyavkin
Natela Elina Andrey Kyriacos Elena Petros Lilia Sergiy Maria Dmitry Opher Katerina Andrey
Cyprus Investment Promotion Agency Eurobank Minsk City Bar InvestConsult Sustems InvestConsult Sustems Andreas Neocleous & Co LLC International Legal company PBI MIG LTD Self-employed Legal Bureau “Mejdunarodnoe” Commersant Kartoteka ITERA Group Ltd Orlov State University / Media-Centre LLC Republic Legal Bureau PHEMIDA Andreas Neocleous & Co LLC Andreas Neocleous & Co LLC Self-employed Eltoma (Singapore) Pte Ltd Stephenson Harwood LLP International Legal Group MIG NK-Bank Karam, Younes & Hobeika Law Firm Republic Legal Bureau PHEMIDA Kutafin Moscow State Law Universirty Moscow office of International law firm Goltsblat BLP NNZ Cconsulting Ltd Andreas Neocleous & Co LLC Vakert International Limited Andreas Neocleous & Co LLC Commersant Kartoteka EY Association FEMIDA LUKOIL Cyprus Andreas Neocleous & Co LLC DL LEGAL Bureau Steinmetz Haring Gurman & Co. Andreas Neocleous & Co LLC Commersant Kartoteka 16
Russia/Cyprus Russia Russia Russia/Cyprus Russia Russia Cyprus Cyprus Russia/Cyprus Singapore United Kingdom Russia Russia Lebanon Russia Russia Russia Georgia Cyprus Hungary Cyprus Russia Cyprus Ukraine Russia/Cyprus Cyprus Russia Israel Cyprus Russia
Mamedov Medvedeva Micallef Mishenkina Moiseeva Nagdalyan Neocleous Neycheva Nikolaev Nossonov Oratis Papacharalambous Pashkevskaya Peresypkinsky Pieridou Posdnyakov Potier Prodromou Pugacheva Raptopoulos Rodrigues del Valle Roti Samardzic Savelo Schini Sigler Socratous Starikovitch Stepanov Stephanidou Stylianou Tarutin Theocharides Theofanides Tokmolaev Toryannikov Tsakkis
Sabir Ogly Irina Liana Marina Natalia Eduard Elias Iskra Alexandre Igor Elena Charis Marina Vladimir Eliana Michael Tim George Anastasia Philippos Carlos Demetris Milan Alexander Anastasia Ben Christoforos Roman Maxim Elena Marios Sergey Nicolas Arsen Andrey Andrey Marios
Tsarichina-Fesenko Victoria Vezouvios Christos Vorobyev Yury
Waked Ziadetdinova
Jamil Gulnara
Legal Centre “Mi i Zakon” Media-Centre Ltd Ganado Advocates Eltoma (Singapore) Pte Ltd Hyundai Motors CIS, LLC Delovoy Express Business Andreas Neocleous & Co LLC Sabev and Partners Law Firm Private Legal Consultant Finavon Ltd Andreas Neocleous & Co LLC Cyprus Investment Promotion Agency Republic Legal Bureau PHEMIDA AsiaAutoKazakhstan Eurobank Strategic Initiative Ltd UCLan Honorary consul of Russia in Cyprus Exa Consulting Limited EY RDVM&PAR/NNZ Andreas Neocleous & Co LLC Samardzic Law Office International Legal Group MIG Andreas Neocleous & Co LLC Stephenson Harwood LLP EY Embassy of Kazakhstan Midland Consult Cyprus Ltd Eurobank Eurobank Irish Russian Enterprise centre CIPA OOO Stroyrazvitie Commersant Kartoteka Paradigma Ltd Cyprus Chamber of Commerce and Industry Legal Centre “Mi i Zakon” Andreas Neocleous & Co LLC Moscow House of Compatriots, Center for business cooperation with compatriots abroad Waked Law Firm ITERA Group Ltd 17
Russia Russia Malta Singapore Russia/South Korea Armenia Cyprus Bulgaria Russia Cyprus/Russia Cyprus Cyprus Russia Russia/Kazakhstan Cyprus Russia Cyprus Cyprus/ Russia Cyprus/Russia Cyprus Spain Cyprus Serbia Russia Cyprus United Kingdom Cyprus Kazakhstan Cyprus Cyprus Cyprus Ireland Cyprus Russia Russia Russia Cyprus Russia Cyprus Russia
Lebanon Cyprus/Russia
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