Going to Cyprus to arbitrate your international commercial disputes

Republic of Cyprus

Country:

  • Republic of Cyprus

Overview:

  • The Republic of Cyprus lies in the Eastern Mediterranean and is geographically at the cross-roads of three Continents... Europe, Asia and Africa. The Republic of Cyprus also neighbours the Middle East
  • The Republic of Cyprus is pro-arbitration, and was the second country in the world to ratify the UNCITRAL Model Law
  • With the recent establishment of the Cyprus International Arbitration Centre (“CIAC”), Cyprus may become a hub for international commercial arbitration in this area of the world

Cyprus International Commercial Arbitration Legislation:

  • The Republic of Cyprus has its own domestic legislation (lex arbitri) for the regulation of international commercial arbitration
  • The Cypriot lex arbitri is the International Commercial Arbitration Law, 1987 (also referred to as the ”International Arbitration in Commercial Matters Law of 1987”)

UNCITRAL Model Law:

  • The Republic of Cyprus has mirrored the Model Law in its International Commercial Arbitration Law, 1987 (with the exception of section 21 of Cap. 4 in respect to limitations)

UNCITRAL International Arbitrations Rules:

  • There is no restriction in the Republic of Cyprus in respect to the application of these arbitration rules (see Article 19 of the Model Law, as adopted by section 19 of the International Commercial Arbitration Law, 1987)
  • The CIAC has adopted these rules for international commercial arbitration

Enforcement of International Commercial Arbitration Awards:

  • The Republic of Cyprus ratified the United Nations Conference on International Commercial Arbitration Convention on the Recognition and Enforcement of Foreign Arbitral Awards
  • The Republic of Cyprus made two reservations. The Republic of Cyprus will apply the Convention only:
  1. To the recognition and enforcement of awards made in the territory of another contracting State; and
  2. To differences arising out of legal relationships, whether contractual or not, that are considered commercial under Cypriot law.

Republic of Cyprus International Commercial Arbitration Institutions:

Cyprus International Commercial Arbitration Venues:

Cyprus International Commercial Arbitration Rules:

  • The CIAC has adopted the UNCITRAL Arbitration Rules

Other International Commercial Arbitration Institutions:

  • There is no restriction in the Republic of Cyprus in respect to foreign international arbitration institutions conducting international commercial arbitrations in the Republic of Cyprus (see Article 11 of the Model Law, as adopted by section 11 of the International Commercial Arbitration Law, 1987)

Other International Commercial Arbitration Rules:

  • There is no restriction in the Republic of Cyprus in respect to the application of foreign international commercial arbitration rules (see Article 19 of the Model Law, as adopted by section 19 of the International Commercial Arbitration Law, 1987)

International Commercial Arbitration Guidelines:

  • There is no restriction in the Republic of Cyprus in respect to the use of foreign international commercial arbitration guidelines – for example, International Bar Association (IBA) Guidelines, Chartered Institute of Arbitrators Guidelines, UNCITRAL Notes, etc (see Article 19 of the Model Law, as adopted by section 19 of the International Commercial Arbitration Law, 1987)

Place (or seat) of arbitration:

  • There is no restriction in the Republic of Cyprus in respect to the place or seat of the arbitration (see Article 20 of the Model Law, as adopted by section 20 of the International Commercial Arbitration Law, 1987)

Substantive Law:

  • There is no restriction in the Republic of Cyprus in respect to the rules applicable to the substance of a dispute (see Article 28 of the Model Law, as adopted by section 28 of the International Commercial Arbitration Law, 1987)

Representation:

  • To be advised

Useful Links:

New Zealand

Contact details

Telephone: 0508 899 721
Facsimile: 0508 899 723

Suite 25
Floor G
Panama House
22 Panama Street
Wellington 6011
New Zealand