2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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International Financial Services<br />
Sector Profile<br />
TOWARDS A<br />
DIVERSIFIED<br />
FUTURE<br />
<strong>Cyprus</strong>’ re-emergence as a Mediterranean business champion<br />
has been marked by a rapidly diversifying financial services<br />
sector. Moving well beyond banking and corporate formation, the<br />
island is today positioning itself as a home for investment fund<br />
managers, crowdfunding platforms and fintech entrepreneurs.<br />
<strong>Cyprus</strong> is forging a reputation as a<br />
quality-efficient and cost-competitive<br />
choice for regional and global<br />
financial services firms and is gaining<br />
ground as a management hub in selected<br />
segments. With a strong trackrecord<br />
in cross-border finance and<br />
investment, <strong>Cyprus</strong>’ financial services<br />
sector has significantly expanded in recent<br />
years. The island has worked hard to regain the<br />
investor trust which was damaged during its 2013<br />
banking crisis. Regulatory reform, coupled with<br />
economic restructuring and the identification of<br />
new growth drivers, has radically transformed<br />
<strong>Cyprus</strong>’ financial market.<br />
Today, the country delivers world-class fund<br />
management and trust administration services<br />
in line with international best practices. From<br />
a regulatory point of view, the country has pioneered<br />
the foreign exchange sector and is positioning<br />
itself as a major player in the wealth<br />
management industry. Besides its longstanding<br />
ties with Russia and CIS countries, investment<br />
into <strong>Cyprus</strong> is increasingly coming from other<br />
regions of the world, including Asia, the Middle<br />
East and Africa, a trend that is expected to accelerate<br />
further in the coming years.<br />
Meanwhile, the island is developing new<br />
areas of opportunity. Fintech and digital finance<br />
are fast developing into thriving segments of the<br />
finance sector, while <strong>Cyprus</strong> has brought in a new<br />
crowdfunding law in order to position itself as an<br />
ideal EU jurisdiction in which crowdfunding<br />
platforms can be established.<br />
KEY<br />
contacts<br />
<strong>Cyprus</strong> Securities and<br />
Exchange Commission<br />
www.cysec.gov.cy<br />
<strong>Cyprus</strong> Bar Association<br />
www.cyprusbarassociation.org<br />
Institute of Certified Public<br />
Accountants of <strong>Cyprus</strong> (ICPAC)<br />
www.icpac.org.cy<br />
Association of <strong>Cyprus</strong> Banks<br />
www.acb.com.cy<br />
<strong>Cyprus</strong> Fiduciary Association<br />
www.cyfa.org.cy<br />
Association of<br />
<strong>Cyprus</strong> International<br />
Investment Firms<br />
www.aciif.org<br />
102 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>
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