ServPRO is a well established firm of accountants, advocates and business consultants formed for the purpose of assisting clients in setting up sturdy business foundations capable of with-standing any challenges and successfully lead the business into the demanding future.
Our team of qualified professionals has the necessary local and international expertise to provide clients with a comprehensive range of high quality services that exceed expectations.
With professionalism and particular attention to client care and confidentiality we offer advice and solutions that best fit our clients’ needs and maximize their benefits. Our clients include individuals, international business organizations and other entities.
Our company offers a wide range of services such as International Tax Planning, Company Formation, Corporate & Legal, Formation of Trust & Trustee Services, Accounting & Financial Reporting, Auditing & Assurance, Management & Administration, Information Technology, Citizenship & Residency, Immovable Property/Real Estate , Dispute Resolution/ Litigation. Our clients include individuals, international business organizations and other entities.
Our aim is to redefine excellence and be your ultimate choice
We are a fast growing firm offering world class corporate, accounting and legal professional services that exceed client expectations and provide a competitive and preferred working environment for our people.
OUR CORE VALUES
Dedication, Responsibility, Education, Accountability, Motivation (DREAM) are the core values of our professional team.
We are dedicated to the job, interested in the work and capable of handling responsibility. We adapt to the work demands and clients’ needs and we make suggestions for innovation and change to improve our performance and maintain a high quality of service. We work as one team and we are committed to achieving all goals of our office.
We perform our services with responsibility and customer care and exercise professional judgment when required. We always deliver our work comprehensive in scope, complete, accurate with high quality and within the agreed deadlines.
We provide continuous professional development to our people through education, internal and external training seminars, certifications and other career development programs in order to improve their knowledge and skills and keep them updated with the latest developments and requirements of the profession.
We cultivate a positive attitude towards the client and the work and we align both the positive work attitude and work behavior for better results. We demonstrate discipline at work and build a friendly and professional relationship both within and outside the firm.
We are passionate about our job. Our success comes not from what we do but how well we do it. We know that motivation is a key element for high performance and commitment and we take all the necessary measures at work to ensure that our people are happy and satisfied with our work environment.
WHY US? / OUR COMPETITIVE ADVANTAGES
One-stop shop for professional services
We operate as a single point of contact for professional services. We save your time and costs in searching for different type of professionals by offering you a single contact to address your requests.
Guaranteed response time
We guarantee a response time to your request within 24 hours.
High quality at affordable cost. If you are looking for a quality work, that not only satisfies but exceeds your expectations, we can offer it at very competitive rates.
A manager or senior person of the office is assigned as your personal contact.
Free office facilities
We provide, free of charge, office facilities to our clients traveling from abroad in order to help them with their day-to-day activities (certain conditions apply - please contact us for more information)
The Double Tax Treaty (DTT) between Kazakhstan and Cyprus was ratified on January 17th, 2020. The DTT Convention on income tax will enter into full force from 1st January 2021 and the main amendments of the Convention cover the taxation of dividends, interest, capital gains and royalties. These provisions aim to create unique opportunities for both countries’ businesses and entrepreneurs in the long-term.Read full article
During a teleconference with his European counterparts last Friday, President Nicos Anastasiades underlined the need for a timely adoption of the new EU budget in the framework of the European Council. The President elaborated on the major challenges of the Cypriot economy in the aftermath of the pandemic and kindly requested further EU support.Read full article
As of yesterday, Cyprus moved on to activate phase 3 of the government’s strategy to lift restrictive measures imposed due to Covid19. Due to Cyprus’ excellent epidemiology record thus far, phase 3 will end on June 24, and the complete lifting of measures is scheduled to end on July 14, 2020.Read full article
Fitch rating agency maintains Cyprus’s long-term credit rating to BBB- changing the outlook from positive to stable. According to the Ministry of Finance, the agency highlighted the government’s responsible management both of the economy and the public finances under the present conditions due to the coronavirus pandemic.Read full article
Amid the coronavirus outbreak in Cyprus, the government is discussing a plan with local banks to provide state guarantees of up to 2 billion euros aiming to unlock credit to self-employed, small and medium-sized enterprises (SMEs) and large corporations, affected by the coronavirus lockdown.Read full article
After losing the “Halloumi” trademark last May (failing to act on a cancellation application in a British court filed by a British company), Cypriot Minister of Energy, Commerce and Industry Yiorgos Lakkotrypis announced early this week that Cyprus has successfully registered the “Halloumi” trademark in the UK Intellectual Property Office, correcting a very big mistake made by the Ministry.Read full article
Addressing the annual meeting of the Cyprus Chamber of Commerce and Industry (CCCI), President of Cyprus Nicos Anastasiades outlined the government’s eleven reform proposals which “would yield new prospects and new momentum to the business activity.” He assured that the government policy to provide tax breaks and economic incentives will continue.Read full article
Addressing the 16th Pancyprian Conference of OEKDY – SEK Trade Union, last Friday, Cyprus’ Finance Minister Harris Georgiades said that through collective effort, the Cypriot economy got a second chance and “it is everyone’s collective responsibility to ensure that there is no return to past bad practices”. As one of his last acts as Finance Minister, Georgiades said it was his privilege to express his appreciation for the union, its leadership, its officials and the workers it represents. He had announced earlier in March that he will step down by the end of year 2019.Read full article
As of October 30th 2019, the parliament of Ukraine passed a draft law endorsing the amending Double Tax Treaty Protocol, signed on December 11th 2015, to the Cyprus – Ukraine Income Tax Treaty. Consequently, the amending protocol is now in operation and will come into full effect by 1st January, 2020.Read full article
The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) of BVI which came into effect on 1 January 2019 and was supplemented by the issuance of the draft International Tax Authority Economic Substance Code that was issued on 22 April 2019, requires some legal entities carrying on the activities mentioned below, to demonstrate adequate economic substance in the BVI and further introduces reporting obligations for these entities.Read full article
Last week, the 4th International Investors Summit organised by Invest Cyprus took place in Limassol, and the list of attendees included over 150 foreign entrepreneurs and investors,representatives from audit and law firms and banks and government officials, amongst others the President of Cyprus, Mr. Nicos Anastasiadis and Finance Minister, Mr. Haris Georgiades.Read full article
Recently addressing a ceremony held for the conclusion of the first phase of investments by Eurogate at Limassol port, President of Cyprus Mr. Nicos Anastasiades, said: “the Limassol port is one of the most advanced ports in the Eastern Mediterranean region and constitutes an important source of revenue for Cyprus.”Read full article
Minister of Foreign Affairs, Mr. George Lakkotripis recently reported to the Cyprus News Agency (CNA), that significant progress has been made in the discussions regarding licensing energy field no. 7 to the TOTAL-ENI consortium. He added however, that some legal issues are pending for final settlement.Read full article
Last week, during talks held in Beirut between the Cyprus Foreign Minister, Mr. Nicos Christodoulides and Energy Minister, Mr. Yiorgos Lakkotrypis and their Lebanese counterparts Mr. Gebran Bassil and Mr. Nada Boustani it was agreed that the two countries will commence negotiations on the exploitation of natural gas reserves in their exclusive economic zones (EEZ).Read full article
Britain’s eventual exit (Brexit) from the European Union (EU) will consequently impact Cyprus and its economy due to their close financial relations. UK is one of Cyprus’ main supplier of goods and services. Also, Cyprus’ exports to the United Kingdom (UK) exceed 10% of its total. Moreover, Cyprus’ financial services collaborate closely with the City of London and most importantly, Britain has always been Cyprus’ main source for tourism.Read full article
In March 2019, the credit rating agency Fitch upgraded Hellenic Bank’s Long – Term Issuer Default Rating from B to B+ as a result of the the completion of the acquisition of certain good assets and liabilities from the Cyprus Cooperative Bank Ltd (CCB) as well as the €150m capital increase which the Bank carried out.Read full article
In a written statement, Government Spokesman Prodromos Prodromou said that important conclusions can be drawn from the 6th Post-Programme Surveillance (PPS) assessment report which refers to the huge progress of the Cypriot economy. “As it is noted, despite some signs of fatigue in the international economic environment, Cyprus stands out in 2019 with a strong growth of 4%”.Read full article
According to a recent article published by the Cyprus News Agency (CNA) in regards to Cyprus Natural Gas, Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla, told CNA that the intergovernmental agreement between Cyprus and Egypt for the “Aphrodite” gas field resulted to great interest from International Oil Companies, down streamers and financial institutions.Read full article
Moody’s rating agency, stated that there was a decline by €5.6 billion in non-performing exposures (NPEs) stemming from the resolution of the co-operative bank (CCB) and the transfer of its NPEs to an asset management company. The rating agency stated that the decline is is a credit positive for the Cypriot banking system because it reduces asset quality risks and supports depositor confidence.Read full article
Non-Performing Loans (NPLs) in the Cyprus banking system marked a €5.6 billion reduction since the end of June 2018. NPLs dropped from a total of €16.6 billion to €11.02 billion in September 2018, as Hellenic Bank acquired the performing part of the Cyprus Cooperative Bank, converting it to an asset management company.Read full article
According to recently published data of the Statistical Service of Cyprus, trade deficit declined by €182.3 million from January to September of 2018. Cyprus’ trade deficit dropped to €3,049.5 million in January-September 2018 from €3,231.8 million in the corresponding period of 2017.Read full article
Targeting 14 important reforms, President of Cyprus Mr. Nicos Anastasiades presented his vision and the new model for the Cyprus Economy at the 91st Annual General Assembly of the Cyprus Chamber of Commerce and Industry, in Nicosia, Cyprus. These reforms, he said, aim to change the image of the country over the next few years with first on the list being the National Health Scheme, the initial phase of which is set to begin in June 2019.Read full article
The Minister of Tourism, Mr. Yiorgos Lakkotrypis, addressing the annual World Travel Market, held in London’s ExCel exhibition centre, mentioned that 2018 is yet “another exceptional record year” for tourism in Cyprus and that the country is expected to reach 4 million tourists in 2018Read full article
Last Monday, Finance Minister Harris Georgiades presented the state budget of 2019 to the Members of the Parliament (MPs) and stated that there is no indication of an economic bubble. He projected Cypriot economy to grow more than 3% over the next three years and further noted that university education, research and innovation are the next areas to focus on.Read full article
Cyprus has introduced an incentive scheme for Cypriot and foreign producers whereby companies will be eligiblefor tax allowances and credits to encourage the production of films in Cyprus. The scheme provides incentives, cash rebates and tax credits of up to 35% on qualifying production expenditures and also estimates a further 20%tax allowances for investment in infrastructure and equipment.Read full article
The 2nd Capital Link Investment Forum took place last Friday, September 28th, 2018 at the Metropolitan Club in New York City. In the presence of Cyprus’ President Nicos Anastasiades, the island’s global business and investment destination opportunities were presented to international investors, as well as economic stakeholders.Read full article
Shortly following Cyprus’ sovereign rating back to investment grade by the agency Standard & Poor’safter being rated as junk for more than 6 years, the government announced on 18 September 2018that it will proceeded with the issue of a a new 10 year bond of € 1.5 billion at a rate of 2.375% (2.40%).Read full article
The rating agency, Standard and Poor’s (S&P) upgraded last week Bank of Cyprus’ long-term credit rating to B+ from B following the Bank’s sale of non-performing exposures (NPEs) amounting to €2.7 billion and the pricing of a €220 million Additional Tier 1 Capital amounting to €220 million.Read full article
Speaking to the press in Larnaca on Sunday 22 July 2018, the Minister of Energy of Cyprus, Mr. Yiorgos Lakkotrypis said that all the necessary measures are being taken by Cyprus as to ensure that ExxonMobil’s exploratory programme in the island’s exclusive economic zone (EEZ) will proceed according to plan.Read full article
Addressing last Friday’s Gala Dinner of the European Fund and Asset Management Association (EFAMA) in Limassol – Cyprus, Government Spokesman Prodromos Prodromou said that Cyprus is fast becoming one of the top emerging investment fund centers in Europe. He further added that by choosing Cyprus as the location for its most important annual event, EFAMA actively shows its support towards the development of the investment funds industry in Cyprus, a promising sector that has witnessed impressive growth both at a European and at a global level.Read full article
On 22 March 2018, Cyprus and the UK signed a revised double tax agreement which is based on the OECD Model Convention and will replace the existing tax treaty between Cyprus and the UK that has been effective since 1975. The treaty was published in the Official Gazette of the Republic on 2 April 2018.Read full article
The Martens Center of the European People’s Party (EPP) analysed in a recent report the circumstances that have led to the economic recovery in Cyprus after the 2013 economic crisis. Commending the “ambitious and consistent implementation of necessary reforms”, the report also highlighted the fact that the country should continue with further vigilance.Read full article
According to a Eurostat report (the Directorate-General of the European Commission) released on Wednesday 24 January 2018, Cyprus recorded the second largest debt decrease in quarterly basis (-2.9%) and the largest decrease in annual basis (-7.4%), among 28 European Union countries.Read full article
According to a recent report by the Statistical Service of Cyprus (Cystat), tourism revenue increased by 11.9% in the first ten months of 2017. Cystat reported that, on the basis of the results of the Passenger Survey, tourism revenue reached the amount of €277,1 million in the month of October 2017 compared to the €266,0 million in the corresponding month of the previous year (+4.2%).Read full article
On Monday, November 20th 2017, President of Egypt Abdel Fattah el-Sisi arrived to Cyprus, a day ahead of the Trilateral Meeting among Cyprus, Greece and Egypt which takes place in Nicosia, with the participation of Anastasiades and Sisi, as well as Greek Prime Minister Alexis Tsipras.Read full article
Last Sunday the 05th of November 2017, Cyprus President Mr. Nicos Anastasiades met with TOTAL`s Chairman and CEO Patrick Pouyanne and Vice President of the Middle East and North Africa division Elias Kassis. Following the meeting was the announcement that the French energy giant will soon begin operating in block 6 of Cyprus` Exclusive Economic Zone (EEZ).Read full article
Friday, 27 October 2017 in a press release the Ministry of Justice stated that the Republic of Cyprus adopted all international measures against the legalisation of income from illegal activities and the relevant Cypriot legislation is very strict. The Ministry of Justice mentioned how Cyprus is stricter in certain areas than the legislation in place in other countries.Read full article
Cyprus’ economy recovery seems to maintain a positive momentum since Fitch Ratings Agency has once again upgraded the island’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to BB (from BB-) with a positive outlook. According to their official report, IDRs reflect the following key rating drivers and their relative weights:Read full article
Addressing the opening of the Maritime Cyprus 2017 Conference in Limassol, President Nicos Anastasiades pointed out that further strengthening and improving the competitiveness of the Cyprus flag and maritime sector is one of government’s top priorities, with the ultimate goal being the flexibility and speed of decision-making, the improvement and upgrading of state services provided, the promotion of the Cyprus flag and the strengthening of the cooperation with the private stakeholders involved.Read full article
On the 29th of September 2017 in a press release, the European Commission and the European Central Bank called on Cyprus to renew the reform effort, continue fiscal discipline and quicken the drop of the high stock of non-performing loans in a bid to sustain economic growth. They recognised that the economic growth surpassed the expectations, facilitating better than expected fiscal surpluses for the public sector.Read full article
The Natural Gas Public Company (DEFA) has been given permission to proceed with the retention of consultants to finalize plans for Liquefied Natural Gas (LNG) imports. DEFA’s plan is to be able to import LNG by the end of 2019 so that electricity production in Cyprus can switch to gas-fired power generation early 2020.Read full article
On the 28th June 2017, the agreement for the establishment of an integratedcasino resort in Cyprus was signed by the President of the National Gaming and Casino Supervision Commission, Mr. Christos Mavrellis, and a representative of the Integrated Casino Resorts Cyprus Limited consortium consisting of Melco International Development Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group (Cyprus Phassouri (Zakaki) Limited).Read full article
The IMF’s mission visited Nicosia during March 27–31 for the first post-program monitoring (PPM) discussions since Cyprus exited the bailout scheme last year. The PPM forms part of the IMF’s regular monitoring process of countries with significant outstanding IMF credit, focusing on the ability of the said countries to repay the Fund.Read full article
The Invest in Cyprus Forum, which took place last Wednesday, March 22nd 2017, in New York, was attended by dozens of business people and investors from Cyprus, Greece, the US and other countries. Speaking at the event, President Nicos Anastasiades said that the island is well on its way of re-establishing full confidence in Cyprus by the international investor community.Read full article
On Friday, 17 March 2017, Standard Poor upgraded the Cyprus long-term credit rating to BB+ from BB marking the second consecutive upgrade since September 2016. The upgrade confirms the Cypriot economy`s growth prospects as well asthe stable and sustainable fiscal path and reaffirms the government`s commitment to a balanced budget policy.Read full article
According to a recent Moody’s report entitled: "Banking System Outlook– Cyprus; Stronger Funding And Gradual Improvements In Asset Quality Drive Our Positive Outlook," Moody's Investors Service maintains its positive outlook on the Cypriot banking system, a fact that shows their anticipation for the evolution of the bank’s creditworthiness over the next year and further funding and loan quality improvements.Read full article
The government of the Republic of Cyprus is about to introduce a new legislation which “will introduce an improved and more credible, effective and competitive framework in collective investments,” said Minister of Finance Mr. Harris Georgiades during his speech at the Cyprus Investment Funds Agency (CIFA) annual general meeting.Read full article
Mr. Petros Theodotou is the founder and managing director of ServPRO. He has completed his studies in London as a Chartered Certified Accountant (ACCA) in 1990 and since 1995 is a fellow member of the Chartered Association of Certified Accountants (FCCA). He attended a number of seminars, conferences and training courses relating to the accountancy profession, taxation, finance, management, human resource and quality. He started his career in 1984 as an Accountant at NCR Middle East headquarters in Nicosia and soon after progressed to a Senior Accountant and Supervisor. Upon completing his studies in 1990 he joined Deloitte & Touche in Nicosia as an Audit Senior and later Audit Supervisor and held this position until December 1992. In 1993 he setup, as a co-founder and partner, the audit firm Papakyriacou, Theodotou & Co and later in 1998 continued his practice firm as a Certified Public Accountant. In 2000 he moved to the IT industry as a Director of Finance & Administration of NetU group, one of the leading IT companies in Cyprus and the Eastern Mediterranean region. Mr. Theodotou holds position as a Managing Director of ServPRO since the company’s incorporation in May 2009.
Mrs. Nicolais Yiannaki founded and has been successfully operating her Accounting and Audit services company since 2008. She is a fellow member of the Chartered Association of Certified Accountants (FCCA), as well as the Institute of Certified Public Accountants of Cyprus (ICPAC). Additionally, she holds a Diploma in Architectural Drawing. Mrs. Yiannaki has acquired extensive experience and expertise, mainly in the fields of accounting, audit, internal audit, taxation and consulting, for both local and international companies. Over the years, she has developed an impressive and diverse portfolio, working for big organizations, which operate in the fields of construction, real estate, investments, information technology, hotel management, audit and accounting firms and lawyer firms, where she held responsible or managerial positions or practiced as an Internal Auditor. Mrs. Yiannaki values continuous learning and development, frequently attending a number of seminars, conferences and training courses relating to the accountancy profession, as well as the fields of taxation, management, audit, human resource and quality. Mrs. Nicolais Yiannaki is a Partner at ServPro.
Hon. Professor Andreas Philokyprou studied architecture on a scholarship by the Government of Cyprus at the Institute of Civil Engineering in Kiev. He attended various educational and training courses in philosophy, public relations, personnel management,marketing, etc. He is a Doctor of Philosophy of the European Academy of Sciences and an Hon. Professor of the University of Hannover, representative and research fellow of La-Trobe University of Melbourne and a candidate member of the Russian Academy of Sciences. Prof. Philokyprou is the Consul-General of the Republic of Seychelles in Cyprus and he served for a number of years as the Secretary of the Consular Corps of Cyprus. He had also been appointed as an advisor to the Government of Altai Region of the Russian Federation. Furthermore Prof. Philokyprou cooperates with the Church of Cyprus on a number of issues. He was been honored with the medal and the award for Peace and Friendship of the Russian Federation, the Yuri Gagarin medal, the Goethe medal, the International Onassis Prize for his contribution to the promotion of Hellenism and the Australian Government for his contribution to the fight against vandalism in public settlements.
Petros Ziartis is a Certified Public Accountant (USA) and a member of the Institute of Certified Public Accountants of Cyprus. Upon completing his studies in 1984 at Kent State University in Ohio, USA where he obtained his BBA in Accounting and Computer Science within Business Organizations, he joined Touche Ross & Co in Cleveland, Ohio for 1.5 years and subsequently transferred to Touche Ross & Co Cyprus for the period 1986 – 1991 initially as a senior, and gradually advancing to the senior manager – audit and consulting services position. During his service with Touche Ross & Co he managed the audit of clients in various industries such as banking, travel, manufacturing, shipping, trading, etc. He also lead the computer audit and MIS consulting of a number of clients.
He later joined Cybarco Ltd (a private equity backed multinational Infrastructure, Building Construction and Real Estate Development group of companies) as its CFO for the period 1992 – 2007. In January 2008 he was seconded by Cybarco Ltd to a new company being formed, Limassol Marina Ltd, a special purpose private equity backed company that has undertaken to design, construct, manage and operate a new Marina and Property Development integrated resort of a total development cost exceeding €350.000.000 in Limassol, Cyprus under a BOT scheme, as it’s CFO, a position he held until early 2016.
During his employment with Cybarco and Limassol Marina he has developed extensive experience in the Real Estate, Construction and Marina Development industries in the fields of strategic and financial long term and short term planning, financial forecasting (cash flows, profit and loss), financial modelling, sourcing/ restructuring bank debt for companywide requirements and/or individual projects, mergers and acquisitions, management reporting, tax planning, selection / implementation of new ERP systems.
Alexandra Chipu joined the ServPRO team in August, 2014 as a Corporate and Legal Administrator.Alexandra obtained her Bachelors in Law at the University of Southampton with honours and her areas of interest are human rights and international law. Since 2013 she is a member of the Cyprus Bar Association. She previously worked for a law firm in Cyprus as an advocate and has 3 years of experience in the field. Her areas of expertise are Corporate Law, Conveyancing, Immigration as well as Litigation. She is also a holder of A Level Accounting and A Level Economics diplomas. Alexandra speaks fluently Romanian, Greek and English.
Michalis Christou has joined ServPro Accountants and Business Consultants in February 2015, as an Audit Senior, responsible for the Audit and Assurance department. He is a Chartered Certified Accountant after having successfully completed his ACCA exams. Michalis obtained his Bachelor degree in Accounting at the European University Cyprus. He is also a holder of LCCI International Qualifications Level 3 certificate for Accounting and A Level Accounting diploma. He has more than 4 years working experience in the profession in the fields of auditing local and international companies, accounting, financial reporting and taxation.
Kemp House, 152 - 160 City Road, London EC1V 2NX
Tel: (+44) 2035148084