Point-based rendering methods have proven to be effective for the display of large point cloud surface models. For a realistic visualization of the models, transparency and shadows are essential features. We propose a method for point cloud rendering with transparency and shadows at interactive rates. Our approach does not require any global or local surface reconstruction method, but operates directly on the point cloud. All passes are executed in image space and no pre-computation steps are required. The underlying technique for our approach is a depth peeling method for point cloud surface representations. Having detected a sorted sequence of surface layers, they can be blended front to back with given opacity values to obtain renderings with transparency. These computation steps achieve interactive frame rates. For renderings with shadows, we determine a point cloud shadow texture that stores for each point of a point cloud whether it is lit by a given light source. The extraction of the layer of lit points is obtained using the depth peeling technique, again. For the shadow texture computation, we also apply a Monte-Carlo integration method to approximate light from an area light source, leading to soft shadows. Shadow computations for point light sources are executed at interactive frame rates. Shadow computations for area light sources are performed at interactive or near-interactive frame rates depending on the approximation quality.