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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong><br />
<strong>Financial</strong> <strong>Services</strong><br />
TheProfilerGroup<br />
1
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
TheProfilerGroup<br />
The Profiler Group is a specialist publisher of country information<br />
that assists corporations managing operations across national<br />
borders with trade, investment and relocation decisions. The Profiler<br />
Group is recognised by senior business executives, government<br />
representatives, institutions and global organisations as a leading<br />
provider of informative and insightful country intelligence.<br />
Kristina Ernst<br />
Director<br />
ernst@theprofilergroup.com<br />
Heidi Marttinen<br />
Editor<br />
marttinen@theprofilergroup.com<br />
Victoria Vasiliou<br />
Administrative Manager<br />
vasiliou@theprofilergroup.com<br />
EUROPE<br />
16, Elia Papakyriakou, Suite 101, Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />
cyprus@theprofilergroup.com<br />
www.theprofilergroup.com<br />
www.cyprusprofile.com<br />
NORTH AMERICA<br />
21-2123 Walkers Line, Burlington Ontario, L7M 4Z9, Canada<br />
RESEARCH AND CONTRIBUTIONS<br />
The Profiler Group staff<br />
PUBLICATION DATE<br />
February 2022<br />
COOPERATION PARTNERS<br />
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© 2020 EYGM Limited. All Rights Reserved. ED None.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Contents<br />
<strong>Cyprus</strong> at a Glance: Key Facts & Figures 6<br />
Sector Profile: Diversified yet Specialised 12<br />
Sector Focus: Banking, Capital Markets, Corporate Formation<br />
& Headquartering, Fintech, Foreign Exchange, Insurance, Intellectual<br />
Property, Investment Funds, Private Wealth, Sustainable Finance 18<br />
Doing Business in <strong>Cyprus</strong>: Business operating environment guide<br />
including taxation, business costs, commercial and residential<br />
property and salary survey 37<br />
Who’s Who in <strong>Cyprus</strong>: The definitive guide to <strong>Cyprus</strong>’ leading<br />
companies, executives and professional advisors 49<br />
4
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
<strong>Cyprus</strong> at a Glance<br />
Lying at the crossroads of Europe, Asia and Africa, <strong>Cyprus</strong><br />
has long served as a major eastern trading post. It is a small<br />
country, but the third largest island in the Mediterranean<br />
Sea and shares a maritime border with Egypt 300km to the<br />
south, Lebanon 108km to the east and Turkey 71km to the<br />
north, while mainland Greece lies 800km to the north-west.<br />
With 10,000 years of history, the island’s strategic location has<br />
long made it a jewel in the crown of the powers of the day.<br />
35ºN 33ºE<br />
Paphos<br />
(Pafos)<br />
95,400<br />
Paphos<br />
<strong>International</strong><br />
Airport<br />
Limassol<br />
(Lemesos)<br />
248,300<br />
Nicosia<br />
(Lefkosia)<br />
Population:<br />
346,400<br />
Larnaca<br />
<strong>International</strong><br />
Airport<br />
Famagusta<br />
(Ammochostos)<br />
48,900<br />
Larnaca<br />
149,000<br />
TOTAL POPULATION<br />
880,000<br />
Republic of <strong>Cyprus</strong><br />
CURRENCY<br />
Euro (€)<br />
Non-<br />
Cypriot<br />
18%<br />
Cypriot<br />
82%<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
MEMBERSHIPS<br />
EU & Eurozone<br />
World Trade<br />
Organization<br />
United Nations<br />
Council of Europe<br />
Commonwealth<br />
World Bank & IMF<br />
OFFICIAL LANGUAGES<br />
Greek &<br />
Turkish<br />
(business generally<br />
conducted in English)<br />
MAIN MEDIA<br />
<strong>Cyprus</strong> Mail<br />
Phileleftheros<br />
Politis<br />
CyBC<br />
TIME<br />
+2 Hours<br />
ahead of GMT<br />
AREA / SIZE<br />
9,251 km 2<br />
(3,355 km 2 in the occupied area)<br />
POPULATION DENSITY<br />
94<br />
(persons per km 2 )<br />
SUNSHINE<br />
340 Days<br />
of sunshine / year<br />
MEDIAN AGE<br />
37.7<br />
RELIGION<br />
ANNUAL RAINFALL<br />
790.1 mm<br />
average<br />
89.1%<br />
Greek<br />
Orthodox<br />
AVERAGE TEMPERATURE<br />
Winter<br />
Summer<br />
+ 13ºC + 34ºC<br />
2.9% Roman Catholic<br />
2.0% Protestant/Anglican<br />
1.8% Muslim<br />
1.7% Unknown/Atheist<br />
1.4% Other 1.0% Buddhist<br />
7
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Business Figures<br />
GDP BY SECTOR<br />
CORPORATE<br />
TAX RATE<br />
12.5%<br />
TIME TO START<br />
UP A BUSINESS<br />
1-3 days<br />
11.5%<br />
Taxes &<br />
subsidies<br />
74.1%<br />
<strong>Services</strong><br />
GDP PER CAPITA<br />
€24,157<br />
(2020)<br />
INFLATION<br />
-1.1%<br />
(2020)<br />
5.5%<br />
Construction<br />
7.0%<br />
Mining,<br />
manufacturing,<br />
electricity & water<br />
1.9%<br />
Agriculture,<br />
forestry & fishing<br />
TOTAL GDP<br />
€21.5 billion<br />
(2020)<br />
GDP GROWTH<br />
5.4%<br />
(2021f)<br />
ACCOUNTING<br />
STANDARD<br />
IFRS<br />
CRIME<br />
0.9 per 100 persons<br />
<strong>Cyprus</strong> is the safest country in the<br />
world for young people out of<br />
184 countries across the globe.<br />
INTERNATIONAL RANKINGS<br />
STANDARD<br />
& POOR’S<br />
BBB-<br />
(October 2021)<br />
FITCH<br />
BBB-<br />
(March 2021)<br />
MOODY’S<br />
Ba1<br />
(October 2021)<br />
UNEMPLOYMENT<br />
7.5%<br />
(2021f)<br />
MAIN TRADING PARTNERS<br />
UK<br />
Germany<br />
Italy<br />
France<br />
Greece<br />
Israel<br />
China<br />
9
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
SECTOR PROFILE<br />
Diversified<br />
yet Specialised<br />
<strong>Cyprus</strong>’ financial services sector is evolving<br />
into a broad-based investment platform, which<br />
encompasses a wide range of activities, including<br />
asset management, fintech and sustainable finance.<br />
12
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
<strong>Cyprus</strong> financial services sector has been successfully pursuing a smart strategy<br />
of diversification and specialisation in recent years. Once mainly known<br />
as a hub for banking and corporate formation, <strong>Cyprus</strong> today has a number<br />
of stories to tell about its status as a financial services centre: its investment funds<br />
sector is one of fastest growing in the EU, it is recognised as a major forex centre<br />
with global giants headquartered on the island, and it has made significant inroads<br />
into the world of fintech and digital finance.<br />
All the Big 4 – EY, PwC, KPMG and Deloitte – have offices in <strong>Cyprus</strong>, while the<br />
professional services segment also comprises top-tier legal, accounting and corporate<br />
services providers with plenty of international expertise. In addition, global<br />
fund administrators such as Alter Domus and Vistra are present, as is insurance<br />
heavyweight Marsh.<br />
While <strong>Cyprus</strong>’ financial sector has expanded what is on offer, it has remained<br />
specialised on providing value for mostly small- and medium-sized financial<br />
firms, emerging managers and start-up entrepreneurs from Europe. Larger financial<br />
firms attracted to <strong>Cyprus</strong> are mostly from further afield, with the island being<br />
a hub of choice for international financial institutions seeking access to the EU<br />
market.<br />
Investment is today coming from many regions of the world, including Europe,<br />
the US, Asia, the Middle East and Africa. Banks, insurance companies, asset managers,<br />
as well as hedge funds, private equity firms, and fintech start-ups favour<br />
<strong>Cyprus</strong> as a place that provides a stable business environment, competitive operating<br />
costs and many lifestyle amenities.<br />
A LOOK AT THE PAST DECADE<br />
Times of crisis spark innovation and reinvention as evidenced by <strong>Cyprus</strong>’ financial<br />
services sector, which was completely overhauled after the 2013 European debt<br />
and banking crisis. Nearly ten years ago, <strong>Cyprus</strong> avoided bankruptcy by securing a<br />
€10 billion bailout by the European Commission, the European Central Bank and<br />
the <strong>International</strong> Monetary Fund.<br />
The crisis fundamentally reshaped <strong>Cyprus</strong> approach to financial services as one<br />
condition of the bailout was to reform the country’s financial system. Up until that<br />
point, <strong>Cyprus</strong>’ finance sector focused almost exclusively on banking and corporate<br />
structing, particularly facilitating investments into Europe, the Middle East and<br />
Africa, as well as Russia and Eastern Europe due to a fiscally attractive tax regime<br />
and wide network of tax treaties. However, <strong>Cyprus</strong> grew with its challenges and<br />
revamped its financial sector. The country sharpened its value proposition by diversifying<br />
its financial industry and breaking into new sectors such as investment<br />
funds, fintech and forex while significantly strengthening corporate governance,<br />
compliance and anti-financial crime regulation.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
FROM MODEST TO ROBUST<br />
<strong>Financial</strong> services have since become a pillar of progress and recovery. With a<br />
combined output of more than 17%, financial activities (8.4%) and professional<br />
services (9%) make an important contribution to <strong>Cyprus</strong>’ economy. Growth has<br />
gone from modest to robust, with financial services rising on average 6.5% per<br />
annum in recent years and accounting for 20,000 jobs on the island. The <strong>Cyprus</strong><br />
Securities and Exchange Commission (CySEC), the country’s financial services<br />
regulator, had 806 entities under its supervision at the end of 2021, compared to<br />
788 at the end of 2020. Brexit is widely seen as a key factor responsible for some of<br />
the most recent growth. Numerous UK financial firms wanting to retain a base in<br />
the EU relocated part or all of their operations to <strong>Cyprus</strong>.<br />
A MORE DIVERSE ROLE<br />
A large number of activities are today part and parcel of <strong>Cyprus</strong>’ financial services industry.<br />
While corporate services and corporate structuring continue to play an important<br />
role, investment funds, trust services and private wealth have expanded significantly.<br />
Facilitating the next steps in the finance sector’s evolution, <strong>Cyprus</strong> has established<br />
an Innovation Hub that provides a safe space for fintech entrepreneurs who are developing<br />
the business models of the future. There is also a strong will to make sustainable<br />
finance a key driving force in the further development of the financial centre.<br />
CONNECTING MARKETS<br />
Success in the financial services industry is not just a matter of sector diversification.<br />
<strong>International</strong> connectedness and access to investor markets are equally important,<br />
and in recent years, <strong>Cyprus</strong> has invested time and resources into building<br />
the foundations of a top-notch finance platform. Its membership of the EU,<br />
the eurozone and the Commonwealth, along with the island’s strategic position<br />
between three continents – Europe, Africa and Asia – with regular flight connections,<br />
have been a constant in <strong>Cyprus</strong>’ ability to attract investors. Thanks to its<br />
location, <strong>Cyprus</strong> also enjoys business-friendly time zones, enabling international<br />
companies to do business with the East in the morning, Europe throughout the<br />
day and with the West in the afternoon.<br />
14
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
MORE THAN TAX<br />
A low corporate tax rate, as well as a network of about 66 Double Tax Treaties<br />
that facilitate access to the world’s high-growth markets, have long supported<br />
<strong>Cyprus</strong>’ competitiveness. However, <strong>Cyprus</strong> is moving with the times and is currently<br />
overhauling many facets of its taxation framework. Following an OECDbrokered<br />
agreement on global tax reform, <strong>Cyprus</strong> is looking to increase its corporate<br />
tax rate from 12.5% to 15% while also simplifying the tax system, enhancing<br />
transparency and reducing administrative burdens. There is widespread agreement<br />
that the new tax rate will not significantly affect <strong>Cyprus</strong>’ ability to attract business,<br />
and the government is currently working on a set of measures and incentives that<br />
will offset the small increase in corporate tax.<br />
GLOBAL STANDARDS<br />
Ensuring that <strong>Cyprus</strong> enjoys the trust and confidence of the international finance<br />
community is a critical element in the country’s economic vision. The financial services<br />
sector is aligned with the demands and expectations of global standard setting<br />
bodies, which regularly visit the island: <strong>Cyprus</strong> follows the <strong>International</strong> <strong>Financial</strong><br />
Reporting Standards (IFRS), has a mandatory audit regime for all sizes and types<br />
of companies, and its legal system is fully compliant with the EU, the <strong>Financial</strong><br />
Action Task Force on Money Laundering (FATF), OECD, FATCA, the <strong>Financial</strong><br />
Stability Forum laws and regulations and EU AML directives. The MONEYVAL<br />
Committee of the Council of Europe also found <strong>Cyprus</strong> to be compliant or largely<br />
compliant with all its parameters, and CySEC highlights that it is committed to the<br />
continued global fight against financial crime. In 2021, the regulator significantly<br />
invested in regtech technology to better monitor and supervise licence holders.<br />
15
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
BEST OF TALENT<br />
<strong>Cyprus</strong> has the highest number of higher education graduates per capita in the EU,<br />
which goes a long way towards ensuring that financial firms operating in <strong>Cyprus</strong><br />
find the right people. Subjects such as finance, accounting, law and IT are popular<br />
courses and attractive career paths. Labour costs are lower than in other financial<br />
centres. <strong>Cyprus</strong>’ workforce is fluent in Greek and English, while there are also<br />
many Russian and Arabic speakers on the island. <strong>Cyprus</strong> is home to a large pool of<br />
skilled foreign professionals filling senior roles across the industry while the island<br />
continues to attract expat talent, with a special set of rules and incentives enabling<br />
non-EU nationals to take up positions on the island. The added convenience of<br />
English as the business language and the internationally trained service providers<br />
– mostly educated in the UK or the US – have created a global outlook in the local<br />
industry to best serve their clients worldwide.<br />
A JOURNEY OF EVOLUTION<br />
<strong>Cyprus</strong> has an ambitious vision for the future of its financial services sector. Looking<br />
to more established European finance centres, many in <strong>Cyprus</strong> acknowledge that<br />
the island still has plenty of room to grow and improve. In the meantime, there is<br />
no doubt that filling niches is a growth market for <strong>Cyprus</strong>. The island hosts predominantly<br />
start-ups and smaller firms, and in various segments, <strong>Cyprus</strong> positions<br />
itself as a place that helps small businesses grow into big companies. However,<br />
many believe that <strong>Cyprus</strong>’ financial services sector will become ever more important<br />
as it grows in tandem with the companies that call the island home today.<br />
16
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
SECTOR<br />
FOCUS<br />
18
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Banking<br />
Capital Markets<br />
Corporate Formation & Headquartering<br />
Fintech<br />
Foreign Exchange<br />
Insurance<br />
Intellectual Property<br />
Investment Funds<br />
Private Wealth<br />
Sustainable Finance<br />
19
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Banking<br />
<strong>Cyprus</strong>’ banking sector has undergone significant structural changes since the<br />
2013 European debt and banking crisis. Many banks have been re-assessing<br />
and adjusting their business strategies and models, with a particular focus on<br />
cleaning up balance sheets, raising private capital and maintaining strong capital<br />
positions over the last few years. Key players in the <strong>Cyprus</strong> banking landscape<br />
are Bank of <strong>Cyprus</strong>, Hellenic Bank and RCB Bank which are under the direct<br />
supervision of the European Central Bank, with the rest of the market made<br />
up of smaller banks and foreign subsidiaries such as AstroBank, Eurobank and<br />
Alpha Bank. Deposits from customers have traditionally been the main source<br />
of funding for banks.<br />
The country’s banks are today well capitalised, and <strong>Cyprus</strong> is amongst<br />
the most liquid banking sectors in the EU, with a Liquidity Coverage Ratio of<br />
313% in December 2021 according to the Central Bank of <strong>Cyprus</strong>. Despite<br />
the economic challenges brought about by the coronavirus pandemic, banks<br />
continued to focus on reducing the non-performing loan ratio in 2021, which<br />
still presents a key challenge for the sector. Although banks have reduced their<br />
exposure to non-performing loans substantially, the non-performing loan ratio<br />
remains high, standing at 15.2% in October 2021. Rating agencies still describe<br />
the banking sector as weak in relation to other countries, although they notice<br />
encouraging signs and good repayment behaviour.<br />
The sector is currently experiencing a wave<br />
of mergers and acquisitions, which will result in<br />
fewer but stronger banks. Sector experts do not<br />
preclude further consolidation, especially among<br />
the smaller banks in the market, as the cost<br />
of regulation increases and competition from<br />
fintechs and shadow banks intensifies. Bank<br />
profitability remains a main challenge given the<br />
low-interest-rate environment and the need to<br />
invest in digitalisation.<br />
In addition to domestically-oriented banks,<br />
<strong>Cyprus</strong> has been home to a number of international<br />
banks, which have been attracted to the island<br />
The digitisation of<br />
exciting services and<br />
the development of<br />
new digital solutions<br />
will very much<br />
define the future of<br />
the banking sector.<br />
Sector experts believe<br />
that <strong>Cyprus</strong>’ banks<br />
are well-positioned<br />
to compete in this<br />
new environment.<br />
for its fiscal regime and to use the country as a launch pad into high-growth<br />
and emerging markets. The list of banks of foreign origin in <strong>Cyprus</strong> consists<br />
of over 30 institutions, which mainly carry out international banking business<br />
and have limited interaction with the domestic economy. <strong>Cyprus</strong> is also gaining<br />
recognition as emerging fintech hub and has particularly attracted platforms<br />
and paytechs.<br />
As technology continues to transform the financial services industry in<br />
<strong>Cyprus</strong> and elsewhere, the digitisation of exciting services and the development<br />
of new digital solutions will very much define the future of the banking sector.<br />
Sector experts believe that <strong>Cyprus</strong>’ banks are well-positioned to compete in this<br />
new environment as many digital strategies have already been implemented<br />
during the past two years in response to Covid-19. There is little doubt that this<br />
segment will continue to see strong investment.<br />
20
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Capital Markets<br />
In spite of the turbulences caused<br />
by the Covid-19 pandemic, <strong>Cyprus</strong>’<br />
capital market landscape has<br />
continued to evolve. With a total<br />
market capitalisation of €5.17<br />
billion at the end of 2020, the <strong>Cyprus</strong><br />
Stock Exchange (CSE) is small by<br />
international standards, but the<br />
country has set its focus on building a<br />
reputation as a key listing jurisdiction<br />
for other emerging markets and<br />
to establish itself as a convenient<br />
gateway into the European capital<br />
market. The Exchange operates a<br />
Regulated Market and a Multilateral Trading Facility – the Emerging Companies<br />
Market (ECM) – for shares and bonds, which operate under the <strong>Cyprus</strong><br />
Securities and Stock Exchange Law and the Investment <strong>Services</strong> and Activities<br />
and Regulated Markets Law (MiFID). The ECM also accepts listing of shares and<br />
bonds for companies whose registry is not kept by the <strong>Cyprus</strong> Central Securities<br />
Depository and Central Registry (CSD).<br />
The ECM offers simplified listing criteria at a low cost and is successfully<br />
attracting companies both locally and internationally. It has evolved from being<br />
mainly focused on small domestic companies to a growing international market<br />
offering opportunities to companies from around the world – and allows for a<br />
more personalised service at competitive fees, particularly to companies that<br />
are too small to list on a larger exchange or wish to gain their first experience of<br />
listing securities within the EU.<br />
Building international partnerships and<br />
collaborating with other stock exchanges has<br />
long been a strategy of the CSE to expand its<br />
reach. Investors have access to the Securities<br />
listed on the CSE Market as well as to the<br />
securities listed on the Athens Exchange Market<br />
(Athex Group) through the Common Trading<br />
Platform established between the two Exchanges.<br />
Through this platform, Greek market participants<br />
Committed to facilitate<br />
economic expansion,<br />
the CSE has a strong<br />
focus on sectors with<br />
growth potential such<br />
as investment funds,<br />
shipping and energy.<br />
(members and custodians) have access to view and trade the securities listed<br />
on the CSE and vice versa. The CSE also provides a successful service to nonlisted<br />
companies that wish to submit their registries for handling by the <strong>Cyprus</strong><br />
Central Depository and Central Registry. Committed to facilitate economic<br />
expansion, the CSE has a strong focus on sectors with growth potential such as<br />
investment funds, shipping and energy.<br />
21
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Corporate Formation<br />
& Headquartering<br />
As <strong>Cyprus</strong> continues to accelerate its journey as a diversified financial services<br />
centre, it is attentive to retain its status as a regional business and management<br />
hub. Blue-chip corporations and corporate planners continue to establish<br />
holding, trading and investment companies on the island to channel investments<br />
into key markets worldwide. From providing modern infrastructure and a stable<br />
EU environment to effective laws and regulations, various elements make doing<br />
business in and from the island attractive for many.<br />
For decades, <strong>Cyprus</strong>’ major strengths included its moderate tax rate and tax<br />
treaties with 66 countries, which have made the island a prime destination for<br />
the structuring of investments into Europe, the Middle East and Africa, as well<br />
as Russia and Eastern Europe. The introduction<br />
of a global minimum rate of corporate taxation<br />
as proposed by the OECD is not seen as a barrier<br />
to future growth. <strong>Cyprus</strong> is confident that it will<br />
be able to adapt to new taxation rules and offer<br />
companies alternative benefits.<br />
<strong>Cyprus</strong> has also begun attracting attention<br />
as a regional and international headquartering<br />
location. Over the last five to 10 years, the island’s<br />
advantages as a business hub became ever more<br />
ingrained, with many multinationals basing<br />
operational or corporate management functions<br />
on the island. Robust economic growth, coupled<br />
with attractive opportunities in the real estate,<br />
financial services, shipping and energy sectors<br />
have provided a strong pull factor for companies<br />
Robust economic<br />
growth, coupled with<br />
attractive opportunities<br />
in the real estate,<br />
financial services,<br />
shipping and energy<br />
sectors have provided<br />
a strong pull factor for<br />
companies to set up in<br />
<strong>Cyprus</strong> and use it as a<br />
launch pad both into<br />
the EU market place<br />
and other emerging or<br />
high-growth markets<br />
in the region.<br />
to set up in <strong>Cyprus</strong> and use it as a launch pad both into the EU market place<br />
and other emerging or high-growth markets in the region. Companies such as<br />
NCR, eToro, 3CX, TSYS, Kardex, Amdocs, Bernhard Schulte Shipmanagement<br />
and Wargaming have all established headquarters on the island. In 2021, online<br />
giant Amazon set up a data service arm in <strong>Cyprus</strong>, while global heavyweights<br />
such as Microsoft, Oracle, SAP and IBM have been based in <strong>Cyprus</strong> for many<br />
years.<br />
Continuously looking to improve its offering and to simplify procedures for<br />
companies looking to establish a presence in <strong>Cyprus</strong>, in 2022, the government<br />
launched a new set of incentives for companies headquartering on the island.<br />
The Business Facilitation Unit (BFU) provides foreign companies with a fast and<br />
effective process to set up a company in <strong>Cyprus</strong>. The unit acts as a single point<br />
of contact for companies to help with all aspects of locating to <strong>Cyprus</strong>, including<br />
company registration, name approval, registration with the social insurance, VAT<br />
registry and the income tax authorities, as well as the licensing of its activities<br />
if required. Companies are also allowed to hire an increased number of thirdcountry<br />
nationals while at the same time the employees’ family members can<br />
be granted <strong>Cyprus</strong> residence permits.<br />
22
A I F M / 3 5 / 5 6 / 2 0 1 3<br />
Full Service Fund & AIFM <strong>Services</strong><br />
Oneworld Plus Management is a dedicated Alternative Investment Fund Manager (AIFM) providing third<br />
party AIFM services and fund formation to fund initiators, promoters and fund managers of private equity,<br />
real estate, infrastructure, debt, fund of funds, transferable securities as well as other alternative asset<br />
classes. We have all the tools you need, whether it be a stand-alone fund, a segregated sub-fund on our<br />
existing ‘White Label’ fund platforms, or even your own fund platform with multiple sub-funds.<br />
Our services include setup and formation of your fund, including preparation of offering documents,<br />
procedures and lodging with relevant competent authority, portfolio and risk management, compliance,<br />
reporting and distribution services to the fund.<br />
We offer services in<br />
• Migrating your non-EU fund to an EU domicile<br />
of your choice<br />
• Setting up a new fund as a stand-alone fund in<br />
various jurisdictions, including Luxembourg,<br />
<strong>Cyprus</strong>, Malta, Cayman Islands and Ireland or on our<br />
QIAIF platform in Ireland and AIF platform in <strong>Cyprus</strong><br />
• Setting up non EU-funds<br />
• Setting up EU-based funds that mirror the<br />
performance of offshore funds<br />
• Company Formation and Fund launch<br />
• Corporate Management<br />
• Fund Administration<br />
• Third Party AIFM <strong>Services</strong><br />
• Accounting and Consolidation<br />
• Corporate and Legal Compliance<br />
• Tax Compliance<br />
• SPV <strong>Services</strong><br />
• AIFMD <strong>Services</strong><br />
www.oneworldaifm.com<br />
info@oneworldaifm.com<br />
75 Prodromou Avenue, Oneworld Parkview House, Floor 2, 2063 Nicosia, <strong>Cyprus</strong> +357 22 507 723<br />
Oneworld Plus Management Ltd is licenced by CySEC under license no. AIFM35/56/2013.
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Fintech<br />
<strong>Cyprus</strong>’ fintech cluster continues to grow, with<br />
some 250 fintechs reportedly calling the island<br />
home. Companies based in <strong>Cyprus</strong> have expertise<br />
across the entire fintech spectrum, including<br />
payments, asset management, regtech, insurtech,<br />
as well as crypto-trading platforms and cryptoexchanges.<br />
To foster its fintech ecosystem, <strong>Cyprus</strong> has<br />
launched a number of initiatives. Chief among<br />
them is the Innovation Hub, which provides a<br />
sandbox-like environment and serves as the<br />
formal point of contact between CySEC and the<br />
Companies based in<br />
<strong>Cyprus</strong> have expertise<br />
across the entire<br />
fintech spectrum,<br />
including payments,<br />
asset management,<br />
regtech, insurtech,<br />
as well as cryptotrading<br />
platforms and<br />
crypto-exchanges.<br />
fintech community. The ‘Hub’ reviews and provides non-binding feedback to the<br />
companies operating under its umbrella, which allows for the seamless transfer<br />
of information on how existing regulation applies to new products or business<br />
models, whilst also helping identify what regulatory frameworks might need<br />
to be established to meet tomorrow’s needs. The sandbox is just one cog in<br />
<strong>Cyprus</strong>’ ambitus plan to establish itself as a Mediterranean fintech hub. Other<br />
initiatives are incentives for fintech firms, a Startup Visa Scheme to attract and<br />
retain tech talent and the establishment of a €20 million fund with an emphasis<br />
on start-ups and innovative companies. Having adopted a national blockchain<br />
strategy in 2019, <strong>Cyprus</strong> is also taking steps to adopt crypto-related regulation,<br />
with the country’s finance ministry releasing a national risk assessment on<br />
crypto at the end of 2021.<br />
<strong>Cyprus</strong> has also set out to attract<br />
crowdfunding service providers<br />
and platforms. Crowdfunding is<br />
increasingly seen as an alternative<br />
form of finance for small and mediumsized<br />
enterprises and start-ups which<br />
often find it difficult to access bank<br />
finance. Similar to its decision to<br />
be a first-mover in regulating forex<br />
firms, in 2020, <strong>Cyprus</strong> introduced<br />
national rules for investment-based<br />
crowdfunding, ahead of EU regulation<br />
which came into force at the end of<br />
2021. In October 2021, <strong>Cyprus</strong> also<br />
launched a digital nomad visa, inviting remote workers to move to the island.<br />
Visa holders who either work as an employee of a foreign company or as a selfemployed<br />
will have the right to reside in <strong>Cyprus</strong> for one year, with a possibility<br />
of renewal for a further two years. The idea of the nomad visa is to strengthen<br />
<strong>Cyprus</strong>’ position as a digital hub. <strong>Cyprus</strong>’ improved environment for fintech and<br />
crowdfunding platforms has been reflected in increased foreign investment,<br />
and there are hopes for more.<br />
24
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Foreign Exchange<br />
<strong>Cyprus</strong> today is one of the most important EU<br />
locations for international foreign exchange (forex)<br />
and Contract of Differences (CFD) brokers. More<br />
than 40 companies from Europe, Asia and beyond<br />
are either headquartered on the island or opened<br />
offices on the island, including global giants such<br />
as eToro, FXTM, FXPro and Admiral Markets.<br />
Decades ago, <strong>Cyprus</strong> was the first country in<br />
the EU to regulate the foreign exchange market,<br />
and CySEC is credited with attracting foreign<br />
companies to set up <strong>Cyprus</strong> Investment Firms<br />
(CIFs) ever since. CySEC issued its first forex<br />
brokerage licence to Windsor Brokers in 1988, but<br />
<strong>Cyprus</strong> became a<br />
popular forex hub<br />
due to low corporate<br />
tax rates, excellent<br />
infrastructure and an<br />
efficient regulatory<br />
framework under the<br />
supervision of CySEC,<br />
which is fully aligned<br />
with EU directives<br />
and European MiFID<br />
regulations.<br />
with the emergence of online retail trading interest in setting up in <strong>Cyprus</strong> has<br />
intensified significantly.<br />
<strong>Cyprus</strong> became a popular forex hub due to low corporate tax rates, excellent<br />
infrastructure and an efficient regulatory framework under the supervision of<br />
CySEC, which is fully aligned with EU directives and European MiFID regulations.<br />
The sector has seen an influx of new companies as well as heightened M&A<br />
activity in recent years, primarily driven by UK-licensed FX and CFD brokers<br />
seeking an address in the European Union post Brexit. With years of expertise<br />
and advanced infrastructure in electronic platforms, <strong>Cyprus</strong> continues to<br />
offer strategic advantages that have positioned it among the most attractive<br />
destinations for international forex business.<br />
25
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Insurance<br />
Steady premium growth defined<br />
the recent performance of <strong>Cyprus</strong>’<br />
insurance sector. Total gross premiums<br />
increased by 10.5% in the first nine<br />
months of 2021, compared to 2.8%<br />
in 2020 according to the Insurance<br />
Association of <strong>Cyprus</strong>. The sector<br />
consists of more than 30 insurance<br />
and reinsurance providers, with a<br />
handful of companies dominating<br />
the market and accounting for the<br />
largest premium share. Although<br />
<strong>Cyprus</strong> has not yet developed specialist<br />
products and regulation for the captive<br />
insurance industry like other financial centres have, the insurance industry is<br />
hugely important for the country. It is one of the largest institutional investors in<br />
the country, with more than €2.6 billion of invested capital in <strong>Cyprus</strong> and abroad.<br />
<strong>Cyprus</strong>’ insurance regime is fully aligned with EU law and offers a robust<br />
and transparent framework for doing business. A number of foreign insurance<br />
companies have been operating in <strong>Cyprus</strong> for many years, attracted by EU<br />
passporting rights, ease of doing business, a straightforward legal framework<br />
and moderate operating costs. Brexit triggered the most recent influx of foreign<br />
insurance companies. Many UK companies looked abroad to set up subsidiaries<br />
or fully-fledged offices to secure their future business – and for many, <strong>Cyprus</strong><br />
proved an advantageous location.<br />
Digital innovation has opened new<br />
opportunities for the market with new products<br />
being developed, including cyber insurance<br />
covering ransomware, network interruptions,<br />
data breaches and related liability. Going forward,<br />
the greatest opportunity continues to be in<br />
accelerating the sector’s digital transformation<br />
and the automation of workflows, including sales,<br />
underwriting, claims processing and customer<br />
service. <strong>Cyprus</strong> has made significant progress in<br />
attracting tech companies, and it is in the process<br />
of developing a vibrant insurtech cluster.<br />
Digital innovation<br />
has opened new<br />
opportunities for<br />
the market with<br />
new products being<br />
developed, including<br />
cyber insurance<br />
covering ransomware,<br />
network interruptions,<br />
data breaches and<br />
related liability.<br />
Meanwhile, the island’s oil and gas sector, as well as its strong maritime<br />
industry, ensure demand for specialist insurance products. Sustainable<br />
finance also offers opportunities for the insurance sector as there is significant<br />
growth potential in the creation and provision of new insurance products for<br />
the green economy. The expectation is that companies willing to embracing<br />
technological changes and create new innovate insurance produce will<br />
dominate the market in the near future.<br />
26
Existential threat<br />
or exponential<br />
growth?<br />
It’s decision time.<br />
The asset management industry is facing<br />
huge threats but there are opportunities for<br />
growth. From responsible investing, emerging<br />
market growth, innovative technology<br />
solutions, changing customer demands in<br />
wealth management and a focus on alternative<br />
investments like private equity — KPMG has<br />
the passion and expertise to help you make<br />
decisions in all areas of your business.<br />
We can make better decisions together.<br />
www.kpmg.com.cy<br />
©2021 KPMG Limited, a <strong>Cyprus</strong> limited liability company and a member firm of<br />
the KPMG global organization of independent member firms affiliated with KPMG<br />
<strong>International</strong> Limited, a private English company limited by guarantee. All rights reserved.<br />
The KPMG name and logo are trademarks used under license by the independent<br />
member firms of the KPMG global organization.
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Intellectual Property<br />
A crucial element especially when it comes to<br />
attracting tech – including fintech – companies<br />
is guarding Intellectual Property (IP), and <strong>Cyprus</strong><br />
offers strong IP protection through domestic<br />
legislation and a network of EU and international<br />
agreements. A number of international tech<br />
companies have chosen <strong>Cyprus</strong> as a hub for<br />
software development, testing services, disaster<br />
recovery, as well as research and development<br />
activities for this reason.<br />
The main feature of the <strong>Cyprus</strong> IP Box regime<br />
– often referred to as patent box – is the 80%<br />
deduction of revenue earned from the use of<br />
intangible assets. This four-fifths exemption from<br />
profits means that only 20% of IP income is taxed<br />
at the corporate tax rate of 12.5%.<br />
After applying the calculations, <strong>Cyprus</strong>-resident<br />
<strong>Cyprus</strong> offers strong<br />
IP protection through<br />
domestic legislation<br />
and a network of EU<br />
and international<br />
agreements. A number<br />
of international tech<br />
companies have<br />
chosen <strong>Cyprus</strong> as<br />
a hub for software<br />
development, testing<br />
services, disaster<br />
recovery, as well<br />
as research and<br />
development activities<br />
for this reason.<br />
companies can see an effective tax rate as low as 2.5% – the lowest in Europe<br />
with tax rates for other IP Box regimes range from 2.5% to 10%.<br />
The IP regime of <strong>Cyprus</strong> is fully-compliant with EU and international legal<br />
and regulatory frameworks, including the OECD’s Base Erosion and Profit<br />
Shifting regime (BEPS). It is largely responsible for the growing interest in the<br />
jurisdiction. Digital goods are increasingly more valuable, and the favourable<br />
tax and business environment in <strong>Cyprus</strong> has made it a hub for digital business<br />
goods, IT software, and related services.<br />
28
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
29
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Investment Funds<br />
<strong>Cyprus</strong>’ investment fund sector has maintained its impressive momentum. A<br />
sector that was nearly non-existent a few years ago, <strong>Cyprus</strong> catapulted itself into<br />
recognition by overhauling and modernising the sector’s regulatory framework.<br />
Assets under Management (AuM) have increased drastically from €2.7 billion<br />
in 2016 to €8.3 billion in 2019 and to €11.6 billion in the third quarter of 2021,<br />
proving that <strong>Cyprus</strong> continues to be one of the fastest growing fund jurisdictions.<br />
<strong>Cyprus</strong> offers both EU-regulated Undertakings of Collective Investment<br />
in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs),<br />
and has become a firm favourite of fund management companies and fund<br />
platforms. <strong>Cyprus</strong> has experienced growing interest from fund professionals<br />
around the world, but most notably from Europe, as well as Asia and the<br />
Middle East, whose fund managers are increasingly seeking access to the<br />
EU market. The island is positioning itself as a cost-effective alternative to<br />
the larger European fund centres, Luxembourg and Ireland. In recent years,<br />
<strong>Cyprus</strong> succeeded in attracting Alternative Investment Fund Managers (AIFMs)<br />
and UCITS Management Companies, while fund hosting represents one of<br />
<strong>Cyprus</strong>’ fastest growing and most active segments of the industry. At the end of<br />
September 2021, 33 AIFMs, 70 Sub-threshold AIFMs, four UCITS Management<br />
Companies and four dual-licence entities (AIFMs and UCITS Management<br />
Companies) operated out of <strong>Cyprus</strong>.<br />
Currently <strong>Cyprus</strong> is<br />
ideal for regional<br />
players, start-up funds,<br />
alternative funds, as<br />
well as larger entities<br />
looking to diversify into<br />
new asset classes with<br />
minimum risk and cost.<br />
30
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
In terms of fund structuring, <strong>Cyprus</strong>’ speciality is in the alternative space.<br />
Following the modernisation of the island’s fund framework, today there are<br />
three types of AIFs that can be set up in <strong>Cyprus</strong>. In addition to the Alternative<br />
Investment Fund of Unlimited Number of Investors (AIFUNP), investments can<br />
be structured in the form of an Alternative Investment Fund of Limited Number<br />
of Investors (AIFLNP), which is promoted to family offices and high-net-worth<br />
individuals as an alternative to a group holding company. <strong>Cyprus</strong>’ portfolio also<br />
includes a manager-led product, the Registered Alternative Investment Fund<br />
(RAIF), which has been designed to speed up time to market. These continuous<br />
efforts to upgrade the regulatory regime in <strong>Cyprus</strong>, coupled with the adoption<br />
of new technologies to ensure investor protection and service quality, has made<br />
the island one of the top emerging investment fund centres in Europe.<br />
Asset managers believe the<br />
sector has significant scope<br />
to grow and that the mediumterm<br />
goal of increasing<br />
AuM to €25 billion in five<br />
years’ time is achievable.<br />
Fund sizes vary ranging from €10 million to €1 billion and focus on debt<br />
and equity securities, real estate and private equity. Currently <strong>Cyprus</strong> is ideal<br />
for regional players, start-up funds, alternative funds, as well as larger entities<br />
looking to diversify into new asset classes with minimum risk and cost. However,<br />
fund professionals report that they are seeing more medium-sized funds<br />
moving into <strong>Cyprus</strong>. The sector’s visibility has also been greatly enhanced by<br />
being able to list <strong>Cyprus</strong> funds on international platforms such as Bloomberg,<br />
Clearstream, Morningstar and Refinitiv. Asset managers believe the sector has<br />
significant scope to grow and that the medium-term goal of increasing AuM to<br />
€25 billion in five years’ time is achievable.<br />
31
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Private Wealth<br />
<strong>Cyprus</strong> is solidifying its role as<br />
a partner to the global wealth<br />
management industry. As family<br />
offices and wealth managers around<br />
the world are turning to outsourcing in<br />
an effort to achieve sustainable profit<br />
generation, and <strong>Cyprus</strong> looks to grab<br />
a bigger market share of the private<br />
wealth market.<br />
<strong>Cyprus</strong>’ wealth management<br />
sector significantly benefited from<br />
the island’s longstanding and close<br />
relationship with Russia and other<br />
Eastern European countries. For<br />
decades, <strong>Cyprus</strong> has been a financial base for ultra-high-net-worth and highnet-worth<br />
individuals from those countries, but it is also increasingly on the<br />
radar of wealthy individuals from the Middle East and Asia. Brexit has also been<br />
a key driver of new business for <strong>Cyprus</strong>’ private wealth sector in recent years.<br />
With an extensive banking network and the availability of a variety of<br />
investment vehicles, a growing fund industry as well as no taxation on capital<br />
gains or succession, <strong>Cyprus</strong> is a natural hub for wealth management firms and<br />
family offices. Another key reason for <strong>Cyprus</strong>’ appeal as a private wealth hub<br />
is the island’s modern trust regime, which is a unique combination of English<br />
and Cypriot law, and hence renders the island’s trust legislation very unique.<br />
A <strong>Cyprus</strong> Trust can be used in a range of international structures because it<br />
is flexible enough to accommodate the objectives<br />
of the most demanding client. The income of an<br />
international trust is tax exempt as long as it is<br />
earned outside of <strong>Cyprus</strong>.<br />
With a desire to go the extra mile to help their<br />
clients meet their targets and on the back of a<br />
comprehensive package of wealth management<br />
solutions, the island’s wealth and asset managers<br />
are optimistic that they will be able to maintain<br />
their robust growth in client numbers and assets<br />
in the years ahead – both as a cost-effective<br />
outsourcing partner for family offices located<br />
elsewhere and as a fully-fledged private wealth<br />
and family office location.<br />
With an extensive<br />
banking network and<br />
the availability of a<br />
variety of investment<br />
vehicles, a growing<br />
fund industry as<br />
well as no taxation<br />
on capital gains or<br />
succession, <strong>Cyprus</strong> is a<br />
natural hub for wealth<br />
management firms<br />
and family offices.<br />
32
Flavours<br />
oF<br />
<strong>Cyprus</strong><br />
ts@meci.gov.cy<br />
www.meci.gov.cy
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Sustainable Finance<br />
Sustainable finance is a relatively new segment<br />
of <strong>Cyprus</strong>’ financial services industry. However,<br />
ethical investing is seen as instrumental for<br />
the future growth of <strong>Cyprus</strong>’ financial services<br />
sector. Sustainable finance is one of the key<br />
considerations in CySEC’s policy making and<br />
strategic planning. The regulator provides the<br />
industry with regular updates on EU initiatives to<br />
enhance the understanding of market participants<br />
on sustainable finance, also with a view towards<br />
developing a robust benchmark on data quality<br />
and green labelling.<br />
While the majority of companies in <strong>Cyprus</strong> are<br />
still at the stage of developing their sustainable<br />
strategies, some companies have already<br />
The integration of<br />
environment, social<br />
and governance (ESG)<br />
commitments into<br />
business models and<br />
financial products is<br />
also an increasingly<br />
important topic<br />
in <strong>Cyprus</strong>’ asset<br />
management, banking<br />
and insurance sector,<br />
while green fintech<br />
has been identified as<br />
a key growth area.<br />
formulated their approach on the subject. The integration of environment,<br />
social and governance (ESG) commitments into business models and financial<br />
products is also an increasingly important topic in <strong>Cyprus</strong>’ asset management,<br />
banking and insurance sectors, while green fintech has been identified as<br />
a key growth area. The island is reportedly looking to issue its first green or<br />
sustainability bond as soon as 2023 and aims to raise at least €500 million.<br />
While many of <strong>Cyprus</strong>’ sustainable initiatives are still in their infancy, market<br />
players are aware that they have an important role to play in transitioning to a<br />
sustainable economy. The expectation is that <strong>Cyprus</strong> will significantly advance<br />
and accelerate its green finance agenda in the months and years ahead.<br />
34
asgleasing.cy<br />
FOCUS<br />
ON WHAT<br />
MATTERS*<br />
*FOCUS ON DEVELOPING YOUR BUSINESS,<br />
NOT MANAGING YOUR FLEET.<br />
by
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
BUSINESS OPERATING ENVIRONMENT<br />
Doing Business in<br />
<strong>Cyprus</strong><br />
Nicosia<br />
<strong>Cyprus</strong>’ business-friendly infrastructure and can-do attitude has brought<br />
it worldwide recognition as an international business centre. The country<br />
offers a winning package for both international entrepreneurs and investors<br />
with its sophisticated business environment, highly skilled workforce and cost-effective,<br />
yet high quality of life.<br />
BUSINESS CULTURE<br />
Respect, hospitality and personal trust are the cornerstones of the Cypriot business<br />
environment. An island nation with a long history of dealing with foreign<br />
traders and businesses, Cypriot businesspeople are international in their outlook<br />
and astute and knowledgeable in their negotiations. Punctuality is expected, business<br />
dress is formal for both men and women, especially at the beginning of a<br />
business relationship, and even in warm weather. Most Cypriots prefer face-to-face<br />
meetings to telephone conferences or written communications, which are regarded<br />
as too impersonal, and place great importance on building personal relationships<br />
with business partners or connections. Trust is the key to successful business<br />
dealings in <strong>Cyprus</strong>.<br />
37
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
LANGUAGE<br />
Greek and Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />
legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken and is<br />
the language of business. Many Cypriots also speak French, German or Russian.<br />
BUSINESS HOURS<br />
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to<br />
Friday. Although in summer some offices take a longer lunch break or finish early.<br />
BUSINESS COSTS<br />
An EU base within the eurozone, <strong>Cyprus</strong> remains one of the few international<br />
business centres offering low operational costs and a high standard of living. Office<br />
space and residential property in Nicosia, the capital and major business centre, is<br />
relatively inexpensive when compared to other European capitals.<br />
In terms of cost of living, <strong>Cyprus</strong> remains one of the most advantageous places<br />
to live, with cost of living lower than in most Western European countries. At the<br />
same time, residents of <strong>Cyprus</strong> enjoy a high standard of living and exceptional<br />
quality of life, as the balmy climate and low crime rate offer both comfort and<br />
peace of mind.<br />
Business Costs<br />
<strong>Cyprus</strong> EU27 Average<br />
Labour (business sector) €15.30 €27.80<br />
Telecommunications (Local) €0.18 for a 10-minute local call €0.41<br />
Telecommunications (overseas) €0.65 €1.71<br />
Electricity (households) €0.2236/kWh €0.2160/kWh<br />
Electricity (non-households) €0.1800/kWh €0.1200/kWh<br />
*Source: Eurostat (May 2020)<br />
Trilogy, Limassol<br />
38
Before you reach the<br />
back cover of this issue,<br />
we'll have reported,<br />
filed and settled<br />
one more claim.<br />
Changing insurance.<br />
One policy at a time.<br />
www.hellasdirect.com.cy
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
TAXATION<br />
<strong>Cyprus</strong> offers one of the most attractive tax regimes in Europe. A member of the<br />
European Union since 2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance with<br />
the requirements of the EU and OECD. <strong>Cyprus</strong> has one of the lowest EU corporate<br />
tax rates at 12.5%. The island’s advantageous tax rate coupled with an extensive list<br />
of double tax treaties places it high on the list of preferred jurisdictions for international<br />
tax planners.<br />
The Corporation Tax Rate: 12.5%<br />
CORPORATION TAX<br />
BASIS OF TAXATION<br />
All companies that are tax residents of <strong>Cyprus</strong> are taxed on their income accrued<br />
or derived from all sources in <strong>Cyprus</strong> and abroad. A non-<strong>Cyprus</strong> tax resident<br />
company is taxed on income accrued or derived from a business activity which is<br />
carried out through a permanent establishment in <strong>Cyprus</strong> and on certain income<br />
arising from sources in <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if<br />
it is managed and controlled from <strong>Cyprus</strong>.<br />
VAT<br />
The standard rate of 19% applies to the supply of all goods and services in <strong>Cyprus</strong><br />
which are not subject to the zero rate, the reduced rates (5% and 9%) or are not exempt.<br />
40
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Key Features of the <strong>Cyprus</strong> Tax System<br />
w Simple, transparent and EU<br />
harmonised tax system following<br />
recommended OECD practices<br />
w Enjoys the tax benefits of EU<br />
Directives (Parent – Subsidiary<br />
Directive, Merger Directive and<br />
Interest and Royalties Directive)<br />
w Extensive Tax Treaty network with<br />
66 countries<br />
w A corporate income tax rate of<br />
12.5%, one of the lowest within<br />
the EU with possibility to enjoy a<br />
much lower effective tax rate<br />
w Availability of a Notional Interest<br />
Deduction for companies<br />
receiving new equity funding. The<br />
tax deduction can reach up to 80%<br />
of the taxable income generated<br />
by the new equity<br />
w IP Box regime based on the nexus<br />
approach which allows 80%<br />
deemed deduction on qualifying<br />
profits from the business use of<br />
qualifying IP<br />
w Attractive Tonnage Tax (TT) regime<br />
for ship owners, managers and<br />
charterers<br />
w Attractive tax jurisdiction for<br />
funds and attractive tax regime<br />
for fund managers<br />
w Capital gains are exempt from tax<br />
(except for capital gains arising<br />
from the disposal of immovable<br />
property located in <strong>Cyprus</strong>)<br />
Establishment exempt from tax<br />
w Gains from trading in securities<br />
(shares, bonds and certain other<br />
financial instruments) are exempt<br />
from tax<br />
w Unilateral credit relief for foreign<br />
taxes<br />
w No withholding tax on dividend,<br />
interest or royalty payments (for<br />
use of royalties outside of <strong>Cyprus</strong>)<br />
made abroad<br />
w No taxes on entry and on<br />
qualifying reorganisations<br />
w Carry forward of tax losses for<br />
five years<br />
w Tax incentives for expatriate<br />
employees taking up employment<br />
in <strong>Cyprus</strong> (20%/50% exemption)<br />
w Dividend income and interest<br />
income are exempt from SDC for<br />
non-domiciled individuals taking<br />
up tax residency in <strong>Cyprus</strong><br />
w Possibility to obtain <strong>Cyprus</strong><br />
tax residency by spending only<br />
60-days in <strong>Cyprus</strong> (subject to<br />
conditions)<br />
w No inheritance tax<br />
w No immovable property tax<br />
w Profits of a foreign Permanent<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Personal Income Tax<br />
BASIS OF TAXATION<br />
All <strong>Cyprus</strong> tax residents are taxed in <strong>Cyprus</strong> on all income accrued or derived<br />
from all sources in <strong>Cyprus</strong> and abroad such as employment income, rental income<br />
etc. (i.e. worldwide income). Individuals who are not tax residents of <strong>Cyprus</strong> are<br />
taxed on income accrued or derived from sources in <strong>Cyprus</strong>. An individual is tax<br />
resident in <strong>Cyprus</strong> if one of the following conditions are met:<br />
• he/she spends physically in <strong>Cyprus</strong> over 183<br />
days during the relevant tax year, or;<br />
• he/she does not remain in any other state for one or more periods<br />
which altogether exceed 183 days in the same tax year and he/<br />
she is not tax resident in any other state for the same tax year<br />
and all the following conditions are cumulatively met:<br />
• he/she should remain in <strong>Cyprus</strong> for at least 60 days during the tax year;<br />
• he/she should pursue any business in <strong>Cyprus</strong> and/or to<br />
work in <strong>Cyprus</strong> and/or to be a director in a company tax<br />
resident in <strong>Cyprus</strong> at any time during the tax year;<br />
• he/she should maintain a permanent residence in <strong>Cyprus</strong>,<br />
which can be either owned or rented by him/her<br />
PERSONAL TAX RATES<br />
The following income tax rates apply to individuals:<br />
Taxable Income TaxRate (%) Tax (€) Cumulative Tax (€)<br />
0-19,500 0 0 0<br />
19,501- 28,000 20 1,700 1,700<br />
28,001-36,300 25 2,075 3,775<br />
36,301-60,000 30 7,110 10,885<br />
60,001 and over 35<br />
TAX INCENTIVES FOR EXPATRIATE EMPLOYEES<br />
TAKING UP EMPLOYMENT IN CYPRUS:<br />
The individuals who were non-Cypriot tax residents prior to the commencement<br />
of their employment, but become Cypriot tax residents afterwards, are eligible for<br />
a 50% exemption from income tax if all the following conditions are met:<br />
• their remuneration from the employment exercised<br />
in <strong>Cyprus</strong> is over €100,000 per annum; and<br />
• they were not tax residents of <strong>Cyprus</strong> for any three out of the last five<br />
years prior to the commencement of their employment and they were<br />
not tax residents of <strong>Cyprus</strong> in the year preceding their employment<br />
42
CYPRUS<br />
A Reliable <strong>International</strong><br />
Business Centre<br />
• Strategic location at the crossroad of Europe, Asia and Africa<br />
• EU and Eurozone Member State<br />
• Low cost of doing business for high-quality professional services<br />
• Modern and transparent legal and regulatory framework<br />
• Extensive network of Double Tax Treaties<br />
• Attractive corporate tax environment<br />
• Strong business support services<br />
• Highly educated workforce<br />
• High quality of life under secure living conditions<br />
ts@meci.gov.cy<br />
www.meci.gov.cy
<strong>Cyprus</strong>Profile Digital Series<br />
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The exemption is available from the first year of employment and can be enjoyed<br />
for a period of ten years. Individuals with annual remuneration below €100,000<br />
who were non-Cypriot tax residents in the year preceding their employment, but<br />
become Cypriot tax residents afterwards, are eligible for a 20% exemption from<br />
income tax for every year until the end of 2025 (maximum exempt amount is<br />
€8,550 per year). The exemption is available from the 1st January following the<br />
year of commencement of the employment.<br />
(It is important to note that the above provisions may be amended during 2022,<br />
since there is an intention by the Government to amend the relevant legislation in<br />
order to introduce more favourable provisions, as part of its wider strategy for attracting<br />
businesses to <strong>Cyprus</strong>.)<br />
Limassol Marina<br />
COMMERCIAL AND RESIDENTIAL PROPERTY<br />
<strong>Cyprus</strong> offers a full range of properties for both commercial and residential use<br />
situated in key locations across the island. While the exclusive, top-level market<br />
is currently the most sought after, the island has a good stock of properties available,<br />
from townhouses and apartments, to villas and seaside bungalows in five-star<br />
gated developments. Nicosia and Limassol are the main business centres. Office<br />
space is available in purpose-built office blocks, in converted houses or flats. A<br />
number of business centres also offer ready-to-move-into offices. They usually<br />
include fully equipped offices that are available on demand with flexible terms,<br />
meeting rooms and a receptionist service. Overall, rentals are around two-thirds<br />
of those charged for comparable commercial spaces in continental Europe, and<br />
offices, retail or other commercial space is widely available for purchase or for rent.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
Comparison of Estimated Average Rent Levels<br />
for Flats, 2020 (Brussels = 100)<br />
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2020.<br />
Source: Eurostat<br />
300<br />
European<br />
Union<br />
Europe<br />
(others)<br />
200<br />
100<br />
Dublin<br />
Copenhagen<br />
Paris<br />
Stockholm<br />
Luxembourg<br />
Helsinki<br />
Madrid<br />
The Hague<br />
Berlin<br />
Lisbon<br />
Budapest<br />
Valletta<br />
Rome<br />
Prague<br />
Vienna<br />
Tallinn<br />
Ljubljana<br />
Vilnius<br />
Brussels<br />
Athens<br />
Zagreb<br />
Bratislava<br />
Warsaw<br />
Riga<br />
Bucharest<br />
Nicosia<br />
Sofia<br />
London<br />
Geneva<br />
Rejkjavik<br />
Oslo<br />
Podgorica<br />
249<br />
214<br />
205<br />
194<br />
196<br />
180<br />
154<br />
139<br />
129<br />
127<br />
117<br />
122<br />
115<br />
113<br />
118<br />
99<br />
101<br />
101<br />
100<br />
90<br />
92<br />
86<br />
85<br />
78<br />
83<br />
69<br />
53<br />
287<br />
234<br />
179<br />
166<br />
61<br />
0<br />
COMMERCIAL PROPERTY<br />
In terms of office rental prices, the most expensive city is Limassol with €18 per<br />
square metre. In Nicosia, it is €15 per sq.m, in Larnaca and Paphos €12 per sq.m<br />
and in Famagusta €10 per sq.m.<br />
Office Rental Prices per City<br />
Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />
Famagusta €1,500 €10<br />
Larnaca €2,000 €12<br />
LImassol €4,000 €18<br />
Nicosia €3,200 €15<br />
Paphos €1,800 €12<br />
Source: Danos <strong>International</strong> Property Consultants<br />
HUMAN RESOURCES<br />
Well-trained and versatile, the Cypriot workforce is one of the island’s most valuable<br />
resources, offering high standards of productivity, technical expertise and<br />
professional excellence at reasonable costs to businesses.<br />
According to the Statistical Service in <strong>Cyprus</strong>, the country records the most<br />
higher education graduates per capita (age 30-34) in the European Union.<br />
The island’s labour force numbers some 416,500 persons in the Republic of<br />
<strong>Cyprus</strong>, with some 78.3% working in the services sector, 19.1% in industry and<br />
only 2.6% in agriculture.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>International</strong> <strong>Financial</strong> <strong>Services</strong><br />
SALARY SURVEY 2021 Source: GRS Recruitment<br />
JOB TITLE LOW MID HIGH<br />
Management<br />
CEO 60,000 100,000 150,000<br />
Executive Director 60,000 100,000 140,000<br />
CFO 50,000 80,000 110,000<br />
Accounting & Finance<br />
<strong>Financial</strong> Controller 45,000 57,000 70,000<br />
Finance Manager/Senior Accountant 40,000 45,000 70,000<br />
Accountant/Auditor (Qualified) 30,000 38,000 45,000<br />
Accountant/Auditor (Part Qualified or QBE) 20,000 26,000 32,000<br />
Account Assistant 15,000 20,000 24,000<br />
HR Department<br />
Head of HR / Group of HRM 60,000 80,000 120,000<br />
HR Manager 35,000 50,000 65,000<br />
HR Executive 16,000 20,000 24,000<br />
Legal Deparment<br />
Head of Legal / Group Legal Head 60,000 90,000 130,000<br />
Legal Advisor (Qualified Lawyer) 20,000 37,500 55,000<br />
Legal Assistant / Paralegal / None Qualified Lawyer 15,000 18,000 22,000<br />
Compliance, Anti-Money Laudering (AML), Counter-Terrorist Financing (CTF)<br />
Head of Compliance 50,000 62,500 75,000<br />
Compliance/AM/CTF/Manager 40,000 45,000 50,000<br />
Compliance/AM/CTF/ Officer 25,000 32,000 40,000<br />
Dealing Room<br />
Chief Dealer 44,000 52,000 60,000<br />
Dealer 24,000 33,000 42,000<br />
Junior Dealer 17,000 19,500 22,000<br />
IT Development<br />
Head of IT/ CTO 50,000 70,000 120,000<br />
IT Manager/ Development Manager 40,000 60,000 80,000<br />
Quality Assurance (QA) / Tester 24,000 32,000 45,000<br />
IT Technician 18,000 24,000 30,000<br />
Developer 25,000 40,000 65,000<br />
Marketing Department<br />
Head of Marketing 40,000 50,000 70,000<br />
Marketing Officer 24,000 28,000 35,000<br />
Digital Marketing Specialist (Social, PPC/SEO) 24,000 32,000 40,000<br />
Marketing Executive 15,000 19,000 24,000<br />
Sales Department<br />
Head of Sales 40,000 58,000 75,000<br />
FX Sales 18,000 22,000 30,000<br />
Sales Executive (Industries other than FX/Fintech) 14,000 18,000 22,000<br />
Administration<br />
Office Manager/ Personal Assistant 16,000 25,000 36,000<br />
Administator/ Receptionist 15,000 18,000 24,000<br />
Corporate Administrator 22,000 30,000 40,000<br />
Graphic Designer 20,000 35,000 40,000<br />
47
Investor’s<br />
First Point of Contact<br />
Being the state’s entrusted facilitator and the first point of contact for international investors, Invest <strong>Cyprus</strong><br />
is the investors’ dedicated partner throughout the investment cycle, providing them with all the necessary<br />
information and practical support in setting up, operating and expanding their business in <strong>Cyprus</strong>. Invest<br />
<strong>Cyprus</strong> is working in close collaboration with all Ministries and private stakeholders, acting as a bridge<br />
between investors and governmental authorities and providing all necessary elements to facilitate new<br />
investment projects. Invest <strong>Cyprus</strong> is committed not only to attracting and facilitating foreign investment,<br />
but also to providing aſtercare services to ensure retention and satisfaction among existing investors.<br />
Providing<br />
support in<br />
setting up<br />
a business<br />
in <strong>Cyprus</strong><br />
Finding<br />
suitable<br />
office space<br />
and skilled<br />
talent<br />
Getting<br />
acquainted<br />
with the<br />
market<br />
and business<br />
matters<br />
of interest<br />
Establishing<br />
contact with<br />
the media,<br />
the public<br />
and the<br />
private<br />
sector<br />
Acting as a<br />
bridge<br />
between<br />
investors and<br />
governmental<br />
authorities<br />
Relocation<br />
and living<br />
aspects for<br />
expats and<br />
their<br />
families<br />
Providing<br />
aſtercare<br />
services<br />
to existing<br />
investors<br />
Providing<br />
support and<br />
tailor-made<br />
solutions<br />
Maintaining<br />
open<br />
channels of<br />
communication<br />
with existing<br />
investors<br />
www.investcyprus.org.cy<br />
Invest <strong>Cyprus</strong>
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
The definitive guide to <strong>Cyprus</strong>’ leading companies,<br />
executives and professional advisers.<br />
49
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ACCOUNTING & AUDITING<br />
Baker Tilly South East Europe........................................................................................ 6<br />
Deloitte <strong>Cyprus</strong>................................................................................................................. 9<br />
EY <strong>Cyprus</strong> .......................................................................................................................10<br />
Grant Thornton <strong>Cyprus</strong>.................................................................................................11<br />
Joannides + Co Ltd.........................................................................................................12<br />
KPMG..............................................................................................................................12<br />
Nexia Poyiadjis ...............................................................................................................14<br />
PwC <strong>Cyprus</strong>....................................................................................................................15<br />
ServPro Accountants & Consultants...........................................................................16<br />
BANKING<br />
AstroBank Public Company Limited............................................................................. 5<br />
Bank of <strong>Cyprus</strong> PLC......................................................................................................... 6<br />
cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd)............................. 6<br />
RCB Bank Ltd.................................................................................................................15<br />
CONSULTING<br />
e-CNHC (E-C Natural Hydrocarbons Company Ltd)................................................ 9<br />
CORPORATE & FIDUCIARY SERVICES<br />
Aspen Trust Group........................................................................................................... 5<br />
IQ-EQ (<strong>Cyprus</strong>) Limited...............................................................................................12<br />
Oneworld Ltd..................................................................................................................14<br />
Raza Corporate <strong>Services</strong> Ltd.........................................................................................15<br />
Trident Trust Company (<strong>Cyprus</strong>) Ltd.........................................................................17<br />
Vistra (<strong>Cyprus</strong>) Limited................................................................................................18<br />
ECONOMIC ANALYSIS<br />
Sapienta Economics.......................................................................................................15<br />
ENERGY<br />
<strong>Cyprus</strong> Hydrocarbons Company (CHC)...................................................................... 8<br />
Natural Gas Public Company (DEFA).........................................................................13
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EXECUTIVE EDUCATION<br />
European Institute of Management and Finance (EIMF).........................................10<br />
FINANCIAL ADVISORY<br />
MAP S.Platis Group.......................................................................................................13<br />
FUND & ASSET MANAGEMENT<br />
GMM Group...................................................................................................................10<br />
Leon MFO Investments Ltd..........................................................................................13<br />
Oneworld Plus Management........................................................................................14<br />
Wealth Fund <strong>Services</strong> Ltd..............................................................................................18<br />
INSURANCE<br />
Hellas Direct....................................................................................................................11<br />
Royal Crown Insurance Co Ltd....................................................................................15<br />
INVESTMENT PROMOTION AGENCY<br />
Invest <strong>Cyprus</strong>..................................................................................................................12<br />
INVESTMENT SERVICES<br />
EFG <strong>Cyprus</strong> Limited......................................................................................................10<br />
One Plus Capital Ltd......................................................................................................14<br />
Windsor Brokers Ltd......................................................................................................18<br />
LAW FIRMS<br />
A Karitzis & Associates LLC........................................................................................... 5<br />
A.G. Paphitis & Co LLC.................................................................................................. 5<br />
Elias Neocleous & Co LLC............................................................................................10<br />
L Papaphilippou & Co LLC...........................................................................................12<br />
Michael Chambers & Co. LLC......................................................................................13<br />
Patrikios Pavlou & Associates LLC..............................................................................14<br />
Stelios Americanos & Co LLC......................................................................................16<br />
NON-PROFIT ORGANISATION<br />
<strong>Cyprus</strong> Seeds..................................................................................................................... 8
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PROFESSIONAL BODIES & INDUSTRY ASSOCIATIONS<br />
Association of <strong>Cyprus</strong> Banks.......................................................................................... 5<br />
<strong>Cyprus</strong> Cannabis Association (CYCA)......................................................................... 7<br />
<strong>Cyprus</strong> Chamber of Commerce and Industry.............................................................. 7<br />
<strong>Cyprus</strong> Fiduciary Association......................................................................................... 7<br />
<strong>Cyprus</strong> Healthcare Tourism (CHT)............................................................................... 7<br />
<strong>Cyprus</strong> Hotel Association................................................................................................ 7<br />
<strong>Cyprus</strong> <strong>International</strong> Businesses Association (CIBA)................................................. 8<br />
<strong>Cyprus</strong> Investment Funds Association (CIFA)............................................................ 8<br />
<strong>Cyprus</strong> Shipping Chamber.............................................................................................. 8<br />
<strong>Cyprus</strong> Union of Shipowners.......................................................................................... 9<br />
Insurance Association of <strong>Cyprus</strong>..................................................................................11<br />
Society of Trust and Estate Practitioners (STEP) ......................................................16<br />
TechIsland.......................................................................................................................17<br />
The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)......................................17<br />
The <strong>Cyprus</strong> Tech Association.......................................................................................17<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)..........................17<br />
REAL ESTATE & PROPERTY<br />
Cybarco Development Ltd.............................................................................................. 6<br />
Trilogy Limassol Seafront..............................................................................................18<br />
RECRUITMENT<br />
CareerFinders Recruitment <strong>Services</strong> Limited.............................................................. 6<br />
SOFTWARE & IT SERVICES<br />
NETinfo Plc.....................................................................................................................13<br />
TELECOMS & INTERNET<br />
Cyta.................................................................................................................................... 9<br />
Cytaglobal.......................................................................................................................... 9<br />
TRANSPORT & LOGISTICS<br />
Hermes Airports.............................................................................................................11<br />
Skylink <strong>Services</strong> Ltd.......................................................................................................16<br />
Swissport (<strong>Cyprus</strong>) Limited..........................................................................................16<br />
WEB DEVELOPMENT<br />
Ideaseven Digital Solutions...........................................................................................11
<strong>Cyprus</strong>Profile Digital Series<br />
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ANTONIS KARITZIS<br />
MANAGING DIRECTOR<br />
A. KARITZIS & ASSOCIATES L.L.C<br />
(“AK”) is a full-service, innovative and forward-thinking <strong>Cyprus</strong> Law Firm<br />
headquartered in Limassol, <strong>Cyprus</strong>, with offices also in Athens, Greece. We<br />
offer all major practice area disciplines and boasts a diverse portfolio of clients<br />
ranging from local to global businesses and corporations and to non-profit<br />
organisations, to SMEs, large groups of companies and to private individuals<br />
of all levels of wealth. We pride ourselves in being committed to achieving the<br />
most desirable outcome for our clients in a cost-effective, time-efficient and<br />
highly-qualitative manner, offering precise, effective and pragmatic advice/<br />
solutions at all times.<br />
228 Arch. Makarios III Avenue, Agios<br />
Pavlos Court, Block B, 4th Floor<br />
3030 Limassol - <strong>Cyprus</strong><br />
P.O. Box: 58244, 3732 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 028 114<br />
Contact: Antonis Karitzis – Managing Director<br />
E: antonis@karitzis.com<br />
W: www.karitzis.com<br />
ANGELOS G. PAPHITIS<br />
MANAGING PARTNER<br />
A.G.PAPHITIS & CO. LLC<br />
AGP & Co is a highly reputable, leading, dynamic and award winning Law Firm.<br />
Our reputation for excellence is recognized worldwide. Based in <strong>Cyprus</strong> with<br />
strong international presence, we serve our clients as a team, with a common<br />
focus on innovation, efficiency and agility. We provide full service Legal,<br />
Corporate, FS Advisory & Regulatory Compliance/AML, Tax, Immigration and<br />
Real Estate services. AGP & Co consists of the following main departments:<br />
Dispute Resolution; Corporate/Commercial; FS Advisory & Regulatory<br />
Compliance; Real Estate & Immigration; Tax-Accounting-Audit. Delivering<br />
excellent client service that benefits from long and lasting relationships, we<br />
are dedicated to providing our clients with superior results.<br />
“AGP Chambers”, 84 Spyrou Kyprianou Avenue,<br />
4004 Limassol - <strong>Cyprus</strong><br />
Postal Address: P.O.Box 58419,<br />
3734 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 731 000<br />
Contact: Angelos G. Paphitis - Managing Partner<br />
E: angelos.paphitis@agplaw.com<br />
W: www.agplaw.com<br />
MARINA ZEVEDEOU<br />
CO-FOUNDER AND CEO<br />
ASPEN TRUST GROUP<br />
The Aspen Trust Group is a leading corporate service and financial planning<br />
provider; established in 1998 and licensed by ICPAC, our Group provides<br />
<strong>International</strong> Structuring and Tax Management solutions to Corporates<br />
and High Net Worth Individuals. Specific services include entity setup and<br />
management, legal and administration support, banking and tax compliance,<br />
financial management and restructuring, re-domiciliation, patent registration,<br />
residency and citizenship, cross- border mergers, family office services and<br />
headquartering. We build long term, trusted relationships with clients and<br />
associates, aiming to add value to their businesses and be part of their success<br />
stories. Our team consists of qualified accountants, lawyers and MBA-holders<br />
who undergo rigorous training to provide tailor-made solutions.<br />
77 Limassol Avenue<br />
Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />
T: (+357) 22 418 730<br />
Contact: Marina Zevedeou -<br />
Co-founder and CEO<br />
E: marina.zevedeou@aspentrust.com<br />
W: www.aspentrust.com<br />
DR. MICHAEL KAMMAS<br />
DIRECTOR GENERAL<br />
ASSOCIATION OF CYPRUS BANKS<br />
Through its representation of ten member banks that hold more than 90% market<br />
share, the Association of <strong>Cyprus</strong> Banks (ACB) is the voice of the local banking<br />
system. Its primary aim is to promote best practices for the interest of the banking<br />
sector and the local economy. The ACB is a non-profit organization through which<br />
common positions are formulated and promoted on banking and financial issues<br />
when local legislative and governmental policies are determined. Through its<br />
more than 50 years of operations, the ACB has gained the reputation of a prudent,<br />
reliable and consistent partner for various policy makers, organizations, media,<br />
institutions and the local society.<br />
15 Demetriou Karatasou Str, Office 401,<br />
P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 664 293<br />
Contact: Dr. Michael Kammas<br />
- Director General<br />
E: info@acb.com.cy<br />
W: www.acb.com.cy<br />
ARISTIDIS VOURAKIS<br />
CHIEF EXECUTIVE OFFICER<br />
ASTROBANK PUBLIC COMPANY LIMITED<br />
AstroBank is a <strong>Cyprus</strong> licensed Banking Institution established in 2008 and<br />
operating under the supervision of the Central Bank of <strong>Cyprus</strong>. AstroBank<br />
maintains a network of 14 branches and business units across <strong>Cyprus</strong> and<br />
is well-established in the local market, offering a comprehensive package of<br />
innovative and technologically advanced products and services tailored to the<br />
needs of its local and international clientele. AstroBank’s operations are based<br />
on four pillars: Retail, Corporate/SME, Private and <strong>International</strong> Business<br />
Banking. Aiming to enhance competitiveness and contribute to the country’s<br />
business environment, AstroBank invests in technology and innovation,<br />
constantly upgrading its services, promoting new products, exploring new<br />
business opportunities and cultivating a culture of cooperation and mutual<br />
respect with its clients.<br />
1 Spyrou Kyprianou Ave., 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 575 555<br />
E: info@astrobank.com<br />
W: www.astrobank.com<br />
5
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MARIOS A. KLITOU<br />
CHIEF EXECUTIVE OFFICER<br />
BAKER TILLY SOUTH EAST EUROPE<br />
Baker Tilly South East Europe is a full-service accounting and advisory firm,<br />
that offers industry specialised services in assurance, tax and advisory. Every<br />
day, more than 500 professionals located in 16 offices throughout South East<br />
Europe (<strong>Cyprus</strong>, Greece, Romania, Bulgaria and Moldova) share their expertise<br />
to accelerate your business growth, by operating under a unified structure,<br />
directed by a single, central management team of 44 directors. At Baker Tilly,<br />
we are ready now, for tomorrow’s challenges. We believe in the power of great<br />
relationships, by leading and listening to great conversations. Baker Tilly South<br />
East Europe is an independent member of Baker Tilly <strong>International</strong>, one of the<br />
world’s leading networks, uniting independent companies to provide top-quality<br />
professional services in both international and regional markets.<br />
Corner C Hatzopoulou & 30<br />
Griva Digheni Avenue,<br />
1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />
27783, 2433 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 458 500<br />
Contact: Marios A. Klitou -<br />
Chief Executive Officer<br />
E: info@bakertilly.com.cy<br />
W: www.bakertilly.com.cy<br />
PANICOS NICOLAOU<br />
CHIEF EXECUTIVE OFFICER<br />
BANK OF CYPRUS PLC<br />
Established in 1899, Bank of <strong>Cyprus</strong> is currently the leading banking and financial<br />
services Group in <strong>Cyprus</strong>, operating 90 branches in <strong>Cyprus</strong> and representative<br />
offices in Russia, Ukraine and China. The Group is the only corporation in the<br />
region fully complying with the UK Corporate Governance Code, the <strong>Cyprus</strong><br />
Stock Exchange Code, and the Central Bank of <strong>Cyprus</strong> Directive on governance<br />
and management arrangements in credit institutions. Since early 2014, the<br />
Bank has engaged in a very demanding and rigorous anti financial crime<br />
remediation programme which has successfully been implemented by the end<br />
of 2015. The Bank is listed on the London Stock Exchange, which has the most<br />
demanding and strict corporate governance codes internationally.<br />
51 Stassinou, 2002 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 128 000<br />
Contact: Emilios Tannousis -<br />
Manager Wealth Management<br />
E: info@bankofcyprus.com<br />
W: www.bankofcyprus.com<br />
SOPHIE ARISTODEMOU<br />
CO-FOUNDER<br />
CAREERFINDERS RECRUITMENT SERVICES LIMITED<br />
CareerFinders Recruitment <strong>Services</strong> Limited is one of <strong>Cyprus</strong>’ most wellrespected<br />
and established providers of tailor-made recruitment solutions to<br />
many of the largest and most well-known local and international companies<br />
operating across the Island. With offices in both Nicosia and Limassol, our<br />
highly experienced team of recruitment professionals have the knowledge and<br />
expertise to ensure that our clients receive the most suitable and well-qualified<br />
candidates to suit their recruitment needs. The industry sectors we service<br />
include Accounting/Audit, Legal, Corporate/Fiduciary, Information Technology,<br />
Shipping, Oil & Gas, Banking/Finance and many more. If you are a company<br />
seeking to recruit the very best talent in <strong>Cyprus</strong>, please contact us today.<br />
Head Office: 6th Floor, Athlos Building,<br />
28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />
T: (+357) 22 002 285<br />
Contact: Sophie Aristodemou, Director<br />
E: jobs@careerfinders.com.cy<br />
W: www.careerfinders.com.cy<br />
LOUCAS MARANGOS<br />
CEO<br />
CDBBANK (The <strong>Cyprus</strong> Development Bank Public Company Ltd)<br />
Founded in 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one of the<br />
country’s leading niche financial institutions dedicated to satisfying the needs of<br />
domestic and international clients. cdbbank offers a wide range of specialised<br />
financial services and products, designed to accommodate the sophisticated<br />
requirements of its clientele which consists of corporate and institutional<br />
clients and high net worth individuals. The Bank’s vision is to be the reference<br />
Bank for businesspeople. Relying on its long-term experience and high level of<br />
expertise, cdbbank aspires to establish long-term relationships of trust with its<br />
clients, always delivering excellence and value.<br />
50 Arch. Makarios III Ave., 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 846 500<br />
Contact: Liza Philippou - Head, Network<br />
Business and Communication<br />
E: info@cdb.com.cy<br />
W: www.cdb.com.cy<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
CEO<br />
CYBARCO DEVELOPMENT LTD<br />
Cybarco is the leading luxury property developer in <strong>Cyprus</strong>. Part of the<br />
prestigious Lanitis Group, Cybarco is behind many of the island’s landmark<br />
projects, including world-class Aphrodite Hills Golf Resort, Akamas Bay Villas,<br />
Sea Gallery Villas, The Oval, Limassol Marina – the first residential marina<br />
project in the whole of <strong>Cyprus</strong> – and Trilogy Limassol Seafront. Cybarco is also<br />
responsible for the exclusive sales of the luxury properties at Limassol Greens.<br />
With over 70 years’ experience at the top of its industry, Cybarco has earned its<br />
reputation for outstanding quality and dedicated customer care by consistently<br />
delivering projects to the highest standards.<br />
10 Tefkrou Anthia Street,<br />
Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 741 300<br />
Contact: Michalis Hadjipanayiotou - CEO<br />
E: info@cybarco.com<br />
W: www.cybarco.com<br />
6
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANDRIA ANDREOU<br />
PRESIDENT<br />
CYPRUS CANNABIS ASSOCIATION (CYCA)<br />
CYCA was formed in October 2019 under the auspices of <strong>Cyprus</strong> Chamber of<br />
Commerce & Industry. We are leading the collective of individuals and businesses<br />
that will build the legal Cannabis Eco-system in <strong>Cyprus</strong>, and advancing the<br />
interests of a responsible, compliant, transparent and high-quality industry. As<br />
global recognition of the benefits of legal Cannabis increases with governments<br />
around the world steadily moving to full legalization, there is a burgeoning<br />
need for high-quality products with known components; cultivated at large<br />
scale for consistent, reliable supply to users. <strong>Cyprus</strong> is primely positioned<br />
as an attractive center of excellence for production; research; genetics, and<br />
intellectual property from which the legal Cannabis industry can flourish.<br />
38 Grivas Dhigenis Ave. & 3 Deligiogis<br />
1066 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 99 672 366<br />
Contact: Andria Andreou - President<br />
E: a.andreou@cy-ca.org<br />
W: www.cy-ca.org<br />
CHRISTODOULOS E.<br />
ANGASTINIOTIS<br />
PRESIDENT<br />
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY<br />
The <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) membership exceeds<br />
10.000 enterprises representing over 95% of the local business community.<br />
152 Professional Associations are affiliated to the CCCI including 41 Bilateral<br />
Associations. Its wide range of services include advisory, provision of business<br />
information, foreign trade exhibitions, trade missions & business fora abroad,<br />
business training courses & seminars, advice on European Union issues,<br />
labour relations matters, issue of Certificates of Origin and ATA-CARNETS and<br />
participation in EU programmes. CCCI is a full member of 12 <strong>International</strong><br />
organizations including Eurochambres, the <strong>International</strong> Chamber of Commerce,<br />
SME United, Eurocommerce, GS1 and many other international organisations.<br />
Follow us on twitter @ccci_cyprus.<br />
38, Grivas Digenis Ave. &<br />
3 Deligiorgis Str. Chamber Building - <strong>Cyprus</strong><br />
T: (+357) 22 660 066<br />
Contact: Marios Tsiakkis, Secretary General<br />
E: secgen@ccci.org.cy<br />
W: www.ccci.org.cy<br />
CHRISTOPHOROS<br />
KOUTOUROUSSIS<br />
PRESIDENT<br />
CYPRUS FIDUCIARY ASSOCIATION<br />
The <strong>Cyprus</strong> Fiduciary Association (CYFA), established in 2011, is the<br />
representative body of regulated Administrative Service Providers (ASP’s) in<br />
<strong>Cyprus</strong>. With a vision to assist in forming a solid international business sector<br />
in <strong>Cyprus</strong> operating on high professional standards, ethics and integrity, the<br />
Association aims to serve industry providers by promoting their interests,<br />
raising sector awareness, supporting their operations, contributing to new<br />
legislations and delivering valuable training to professionals. The Association’s<br />
commitment to its purpose has established it among the most reputable and<br />
recognised organisations within the country, before public and regulatory<br />
authorities, other associations, as well as the business community in <strong>Cyprus</strong><br />
and overseas.<br />
1, Menandrou Street, Frosia House,<br />
4th floor, Office 401, 1066, Nicosia - <strong>Cyprus</strong><br />
T: +357 22 256 263<br />
E: info@cyfa.org.cy<br />
W: www.cyfa.org.cy<br />
DR NITSA KILIARI<br />
PRESIDENT<br />
CYPRUS HEALTHCARE TOURISM (CHT)<br />
The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization that was<br />
founded in November 2006 after an initiative taken by the <strong>Cyprus</strong> Chamber of<br />
Commerce and Industry (CCCI) aiming to develop and promote <strong>Cyprus</strong> as a high<br />
quality Health Tourism destination. The CHΤ currently has more than 80 members<br />
who are actively involved in the <strong>Cyprus</strong> Health Tourism Industry. These vary from<br />
state-of-the-art hospitals and clinics to specialized travel agencies, wellness<br />
and rehabilitation centres as well as consulting firms. Most of the largest and<br />
best equipped hospitals are members of the CHΤ and they are all licensed by the<br />
<strong>Cyprus</strong> Government and comply with EU regulations. Some of them have moved a<br />
step ahead towards gaining international accreditations.<br />
38 Grivas Dighenis & 3 Deligiorgis<br />
Street, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 889 744<br />
Contact: Polis Peratikos - Executive Secretary<br />
E: cyprushealth@ccci.org.cy<br />
W: www.cyhealthservices.com<br />
HARIS LOIZIDES<br />
PRESIDENT<br />
CYPRUS HOTEL ASSOCIATION<br />
The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade Union. The history of<br />
its foundation goes back to the beginning of the 1930s. Today the vast majority of<br />
all hotel establishments and other licensed tourist accommodation units, all over<br />
<strong>Cyprus</strong>, are members of the <strong>Cyprus</strong> Hotel Association. The most important aims<br />
of the Association are as follows: The protection and promotion of the interests<br />
of the hoteliers as employers and as professionals, as well as of the interests<br />
of <strong>Cyprus</strong> in general; The promotion and upgrading of the <strong>Cyprus</strong> tourism<br />
development; The upgrading and development of the hotel establishments<br />
in <strong>Cyprus</strong> and the improvement of the professional level of the hoteliers; The<br />
solidarity between its members.<br />
Andreas Araouzos Str., No 12,<br />
Hesperides Building, 1076 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 452 820<br />
Contact: Philokypros Roussounides<br />
- Director General<br />
E: cha@cyprushotelassociation.org<br />
W: www.cyprushotelassociation.org<br />
7
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
DEMETRIS C. FESSAS<br />
ACTING DIRECTOR GENERAL<br />
CYPRUS HYDROCARBONS COMPANY (CHC)<br />
CHC is the National Oil and Gas Company of <strong>Cyprus</strong>. As a state-owned company,<br />
CHC undertakes the commercial management of the ownership rights of the<br />
Republic of <strong>Cyprus</strong> that arise from the contracts with which it has entered into with<br />
oil and gas companies within its Exclusive Economic Zone. The vision of CHC is<br />
aligned with that of the Government of <strong>Cyprus</strong>, which is to ensure the sustainable<br />
development of hydrocarbon resources present in the Exclusive Economic Zone of<br />
the Republic of <strong>Cyprus</strong>, in order to maximize the benefits for Cypriot society and<br />
future generations.<br />
53 Strovolou Avenue, Victory Building,<br />
2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 203 880<br />
Contact: Demetris Fessas –<br />
Acting Director General<br />
E: d.fessas@chc.com.cy<br />
W: www.chc.com.cy<br />
DOXIA NIKIA<br />
HADJIVASSILIOU<br />
PRESIDENT<br />
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION<br />
CIBA is a non-governmental, fully independent association, financed by membership<br />
fees only. Its activities and initiatives are organised and carried out by its General<br />
Secretary and Executive Committee of (max.) 12 persons. CIBA represents and<br />
safeguards the interests of the international businesses, their shareholders,<br />
managers and staff. The authorities recognize that CIBA represents the whole<br />
of the international business community in <strong>Cyprus</strong> and that it is instrumental in<br />
finding compromises between the required EU-driven legislation and international<br />
business requirements. CIBA annually awards the prestigious CIBA Excellence<br />
award to a member company that fulfils the specific criteria as set out by the<br />
Association.<br />
10 Pikionis Street, Highsight House<br />
3075 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 583 400<br />
Contact: Andreas Pishias - General Secretary<br />
E: ciba@ciba-cy.org<br />
W: www.ciba-cy.org<br />
ANDREAS YIASEMIDES<br />
PRESIDENT<br />
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)<br />
CIFA is the Association of professionals, businesses, and organizations<br />
involved in the Investment Funds and Asset Management Sector in <strong>Cyprus</strong>.<br />
CIFA has more than 370 members, legal and physical. The Mission of CIFA is<br />
to: Help its members capitalize on industry trends; Shape regulation; Enhance<br />
professionalism, integrity, and quality and Promote the <strong>Cyprus</strong> Investment Fund<br />
Industry. The Board is comprised of highly reputable industry professionals<br />
experienced in all aspects of the industry. CIFA is a full member of the European<br />
Funds and Asset Management Association and the <strong>International</strong> Investment<br />
Funds Association. The fund industry in <strong>Cyprus</strong> has been on a continuous<br />
increase, with Assets under Management reaching almost €10 billion.<br />
Severis Building, 9 Makarios III Ave.,<br />
4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />
T: (+357) 22 441 133<br />
Contact: Maria Panayiotou - Board Secretary<br />
E: info@cifacyprus.org<br />
W: www.cifacyprus.org<br />
MARIA MARKIDOU<br />
GEORGIADOU<br />
MANAGING DIRECTOR<br />
CYPRUS SEEDS<br />
<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to support the<br />
commercialization of innovative academic research taking place in Cypriot<br />
universities and research institutions. To achieve its objectives, <strong>Cyprus</strong> Seeds<br />
offers a very competitive 12M program to a small number of research teams,<br />
from any area/field, whose projects have strong IP value and market potential.<br />
In addition to grants, it offers mentoring, business skills training as well as<br />
networking with the business community and possible investors. <strong>Cyprus</strong> Seeds<br />
is largely funded through the generosity of Foundations, corporations and<br />
individuals in <strong>Cyprus</strong> and abroad.<br />
Antinou 18, Strovolos, Nicosia, 2034 - <strong>Cyprus</strong><br />
T: (+357) 22 364 522<br />
Contact: Maria Markidou Georgiadou<br />
- Managing Director<br />
E: maria@cyprusseeds.com<br />
W: www.cyprusseeds.com<br />
THOMAS A. KAZAKOS<br />
DIRECTOR GENERAL<br />
CYPRUS SHIPPING CHAMBER<br />
The <strong>Cyprus</strong> Shipping Chamber is the trade association of the Shipping Industry<br />
in <strong>Cyprus</strong>. The main purpose of the Chamber is to promote the interests of<br />
<strong>Cyprus</strong> Shipping and to further the reputation of the <strong>Cyprus</strong> flag. The Chamber<br />
also acts as a lobbying group for the promotion and safeguard of the legitimate<br />
interests of its Member-companies, at national and international level. On<br />
the local front, the Chamber co-operates very closely with the Government<br />
in all shipping related matters. Moreover, the Chamber operates as a roving<br />
ambassador of <strong>Cyprus</strong> Shipping through its membership and active participation<br />
at the <strong>International</strong> Chamber of Shipping (ICS) and the European Community<br />
Shipowners’ Associations (ECSA).<br />
City Chambers, 6 Regas Fereos Str.<br />
P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 360 717<br />
Contact: Thomas A. Kazakos – Director General<br />
E: csc@csc-cy.org<br />
W: www.csc-cy.org<br />
8
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MICHAEL FILIPPOU<br />
CEO<br />
CYPRUS UNION OF SHIPOWNERS (CUS)<br />
<strong>Cyprus</strong> Union of Shipowners, as the major representative Organization of the<br />
<strong>Cyprus</strong> Flag vessels, is committed to the firm growth of our National Registry<br />
and the establishment of Limassol as a world-class Maritime Centre. The<br />
cooperation between our Union, the Shipping Deputy Ministry and the Ministry of<br />
Finance resulted to an exceptional Framework that induced prominent Shipping<br />
Companies, P&I Clubs and other Shipping related Service Providers to establish<br />
management offices in <strong>Cyprus</strong>. Moreover, the solidification of the global reach<br />
of our Union and its institutional status has curved our participation in IMO<br />
Committees, as Government Consultants, both mandatory and effective.<br />
17, Gordonos Str., Suite 301,<br />
3070 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 818 161<br />
Contact: Katerina Michael - PR Manager<br />
E: cus@cus.com.cy<br />
W: www.cus.com.cy<br />
ANDREAS NEOCLEOUS<br />
CEO<br />
CYTA<br />
Cyta, is the leading provider of integrated electronic communications in <strong>Cyprus</strong>.<br />
Making the most of its technologically advanced networks, it offers a wide<br />
range of services and solutions to meet the ever-increasing demands of its<br />
residential and business customers for voice, data and content applications.<br />
With a pivotal role in the digital transformation of our country, Cyta is deploying<br />
an island-wide, fiber-optic network, while it progressively upgrades its mobile<br />
network technology. It advances and maintains subsea and satellite networks<br />
for international connections of strategic importance that have established our<br />
country as a regional telecommunications and connectivity hub in the Eastern<br />
Mediterranean.<br />
Telecommunications Street,<br />
P.O.Box 24929, 1396 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 701 000<br />
E: cytapressoffice@cyta.com.cy<br />
W: www.cyta.com.cy<br />
COSTAS PSILLIDES<br />
MANAGER - INTERNATIONAL<br />
WHOLESALE MARKET<br />
CYTAGLOBAL<br />
Cyta, the primary telecommunications provider in <strong>Cyprus</strong>, covers the whole<br />
spectrum of electronic communications ranging from fixed and mobile voice and<br />
data communications, internet, IPTV and broadband services. Taking advantage<br />
of the island’s strategic geographical position, Cytaglobal, a strategic business<br />
unit of Cyta, has developed an extensive subsea fibre optic cable network,<br />
which connects <strong>Cyprus</strong> with its neighbouring countries and thereafter with<br />
the rest of the world. Cytaglobal also operates an extensive satellite network<br />
with three teleport sites, providing connectivity with major satellite systems.<br />
Through its global network, Cytaglobal provides a wide range of international<br />
telecommunications products, services and total solutions, making <strong>Cyprus</strong> a<br />
major telecommunications hub in the Eastern Mediterranean and an excellent<br />
international electronic communications centre.<br />
Telecommunications Str,<br />
PO Box 24929, 1396 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 701 498<br />
Contact: Costas Psillides - Manager,<br />
<strong>International</strong> Wholesale Market<br />
E: global@cyta.com.cy<br />
W: www.cytaglobal.com<br />
PIERIS MARKOU<br />
CEO, DELOITTE CYPRUS<br />
DELOITTE CYPRUS<br />
Deloitte Limited is among the leading professional services firms in <strong>Cyprus</strong>,<br />
providing audit & assurance, consulting, financial advisory, risk advisory, tax<br />
and related services, as well as a complete range of services to international<br />
business, through over 750 people in Nicosia and Limassol. Deloitte Limited, is<br />
the sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part of the Deloitte<br />
global network, with approximately 330,000 people in over 150 countries and<br />
territories, Deloitte Limited has the advantage of global sharing of knowledge<br />
with local adaptation and personal approach, built on the solid foundations of<br />
over 60 years of successful operations on the island.<br />
24 Spyrou Kyprianou Avenue,<br />
CY 1075, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 360 300<br />
Contact: Michelle Karaolides -<br />
Head of Marketing & Communications<br />
E: infonicosia@deloitte.com<br />
W: www.deloitte.com/cy<br />
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD<br />
The company provides advisory, project management and consultancy services<br />
in the oil & gas and energy sectors and aims to contribute to the successful<br />
development of these Sectors for the future of <strong>Cyprus</strong>. The CEO has over<br />
35-years international experience in promoting and developing oil & gas<br />
business and projects spanning Europe, Asia and Africa. We can assist our<br />
clients in developing their business in <strong>Cyprus</strong>, evaluating opportunities and<br />
providing in depth professional advice and support.<br />
CHARLES ELLINAS<br />
CEO<br />
11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 97 705 060<br />
Contact: Dr Charles Ellinas - CEO<br />
E: Charles.ellinas@yahoo.com<br />
W: www.e-cnhc.com<br />
9
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
COSTAS STYLIANOU<br />
CHIEF EXECUTIVE OFFICER<br />
EFG CYPRUS LIMITED<br />
EFG <strong>Cyprus</strong> Limited is a <strong>Cyprus</strong> Investment Firm (“CIF”) regulated by the<br />
<strong>Cyprus</strong> Securities and Exchange Commission (CySEC) and is licensed to provide<br />
clients with portfolio management, investment advice and the reception and<br />
transmission of orders (CYSEC license number 393/20). EFG <strong>Cyprus</strong> Limited is<br />
a one hundred percent direct subsidiary of EFG Private Bank (UK) Limited and is<br />
registered in <strong>Cyprus</strong> under company number HE408062. EFG Private Bank Ltd<br />
is part of the EFG <strong>International</strong> group, a global private banking and investment<br />
services group headquartered in Zurich, offering private banking and asset<br />
management services in around 40 locations worldwide<br />
23 John Kennedy Avenue,<br />
Globe House, 1075 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 025900<br />
Contact: Costas Stylianou -<br />
Chief Executive Officer<br />
E: enquiries@efgcy.com<br />
W: www.cy.efgl.com<br />
ELIAS NEOCLEOUS<br />
MANAGING PARTNER<br />
ELIAS NEOCLEOUS & CO LLC<br />
Award-winning Elias Neocleous & Co LLC is the largest law firm in <strong>Cyprus</strong><br />
and one of the top law firms in south east Europe. With more than 150 lawyers<br />
and other professionals based in offices in <strong>Cyprus</strong>, Brussels, Budapest, Kiev<br />
and Prague we offer a value-added service which is second to none. We are<br />
dedicated to diversity in recruitment and to retaining experienced specialists<br />
in every practice area. Combined with our investment in IT and knowledge<br />
management infrastructure, this means we are able to tackle the largest and<br />
most demanding national and cross-border assignments. Elias Neocleous and<br />
Co LLC is professional, responsive, innovative, and represents the legal practice<br />
of the future.<br />
Neocleous House, 195 Makarios Avenue,<br />
P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />
T: (+357) 25 110 110<br />
Contact: Elias Neocleous - Managing Partner<br />
E: info@neo.law<br />
W: www.neo.law<br />
MARIOS SIATHAS<br />
CHIEF EXECUTIVE OFFICER<br />
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)<br />
The EIMF is an accredited and licensed Education Group that offers learning<br />
and development opportunities, including Global Qualifications, across an array<br />
of areas. EIMF possesses a strong concentration within the areas of financial<br />
and professional services (regulation, compliance, AML, banking, funds),<br />
accounting, legal, management, as well as Information-Technology through<br />
its New Horizons Computer Learning Centers. Knowledge is delivered by<br />
established subject-matter experts, through classroom, Live Online, eLearning<br />
and customized learning solutions. With a presence in London, Brussels,<br />
Frankfurt, Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and<br />
Bucharest and over 5,000 students annually, 330+ programmes, 60+ instructors<br />
and 25 international Certifications, make the EIMF a leader in the field of<br />
vocational education in the wider region.<br />
25 Megaron Street, 2032 Strovolos<br />
Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 274 470<br />
Contact: Marios Siathas - Chief Executive Officer<br />
E: msiathas@eimf.eu<br />
W: www.eimf.eu<br />
RONALD A. ATTARD<br />
COUNTRY MANAGING PARTNER<br />
EY CYPRUS<br />
EY is a global leader in assurance, tax, strategy, transactions and consulting<br />
services with about 300,000 people in over 150 countries. It is the most globally<br />
integrated professional services organisation, working with businesses,<br />
entrepreneurs and governments around the world to solve their most pressing<br />
challenges. EY distils everything it does down to a single, unified purpose:<br />
building a better working world. For over 80 years, the <strong>Cyprus</strong> practice has been<br />
a trusted business advisor and auditor to a broad range of clients and is ideally<br />
placed to cater to the needs of our clients in a wider geographic span.<br />
6 Stasinou Avenue, 1060 Nicosia<br />
P.O.Box 21656, 1511 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 209 999<br />
E: info@cy.ey.com<br />
W: www.ey.com/cy<br />
ALEXIOS KARTALIS<br />
GENERAL MANAGER<br />
GMM GROUP<br />
GMM Fund Management is a group of companies comprising GMM Global<br />
Money Managers AIFM Ltd which is an AIF Manager Company License No.<br />
AIFM33/56/2013 and GMM Global Money Managers Ltd which is a Management<br />
Company holding UCITS Manager License No. 2/13. GMM GROUP is<br />
managing 19 UCITS and 32 AIFs with aggregate assets under management<br />
of approximately €230mil. GMM operates in the financial sector, setting up,<br />
running, and managing UCITS Funds as well as Alternative Investment Funds<br />
(AIF, RAIF) in line with the most recent EU directives, fully implemented by the<br />
Cypriot legislation.<br />
26B Agiion Omologiton Avenue<br />
Nicosia 1080 - <strong>Cyprus</strong><br />
T: (+357) 22 205 858<br />
Contact: Alexios Kartalis - General Manager<br />
E: info@global-mm.com<br />
W: www.global-mm.com<br />
10
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
YIANNOS ASHIOTIS<br />
LEADER, REGULATORY<br />
COMPLIANCE AND<br />
FUND SERVICES<br />
GRANT THORNTON CYPRUS<br />
As part of Grant Thornton’s network with member firms in more than 140<br />
countries and with more than 56.000 people, we have the scale to meet your<br />
changing needs, but with the insight and agility that helps you stay one step<br />
ahead. Our Regulatory Compliance and Fund <strong>Services</strong> Department was set-up<br />
to serve the growing Fund industry in <strong>Cyprus</strong> by providing a full suite of tailored<br />
solutions. We offer advice on optimal fund set-up and undertake all necessary<br />
licensing activities until the final approval by the regulator. We also support our<br />
clients by offering outsourced risk management as well as comprehensive Fund<br />
Administration and Transfer Agent services.<br />
41-49, Agiou Nicolaou Str., Nimeli Court,<br />
Block C, Engomi 2408<br />
P.O.Box 23907, 1687, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 600 000<br />
Contact: Yiannos Ashiotis - Leader,<br />
Regulatory Compliance and Fund <strong>Services</strong><br />
E: Yiannos.Ashiotis@cy.gt.com<br />
W: www.grantthornton.com.cy<br />
ALEXIS PANTAZIS<br />
CO-FOUNDER AND<br />
EXECUTIVE DIRECTOR<br />
HELLAS DIRECT<br />
Hellas Direct is a digital-first, full-stack insurance company, empowered<br />
by cutting-edge technology and the use of advanced analytics. The company<br />
is backed by a roster of leading investors, including the European Bank for<br />
Reconstruction and Development, the European Investment Bank, Portage<br />
Ventures and IFC (a member of the World Bank). Modelling itself on Amazon,<br />
Hellas Direct aims to disrupt the insurance value chain by adopting an extreme<br />
focus on operational excellence. Hellas Direct was recently listed by the<br />
<strong>Financial</strong> Times as one of Europe’s 1,000 Fastest Growing Companies.<br />
8, Dasoupoleos Street, 2015 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 277 499<br />
Contact: Elina Nomicou - Head<br />
of Digital Media & Content<br />
E: elina.nomicou@hellasdirect.gr<br />
W: www.hellasdirect.com.cy<br />
ELENI KALOYIROU<br />
CEO<br />
HERMES AIRPORTS<br />
Hermes Airports is an international consortium of nine shareholders,<br />
managing and operating Larnaka and Pafos airports since 2006 under a 25-<br />
year BOT Concession Agreement with the Republic of <strong>Cyprus</strong>. Hermes Airports<br />
significantly contributes to the country’s tourism growth, through both a<br />
targeted air service development strategy consisting of incentive schemes<br />
provision and joint marketing activities with airlines, as well as a productive<br />
collaboration with the Government and tourism stakeholders for the expansion<br />
of tourism related opportunities. Hermes Airports is committed to enhancing<br />
the overall passenger experience, with an emphasis on operational excellence<br />
and customer service.<br />
P.o Box 43027, 6650<br />
Larnaka <strong>International</strong> Airport - <strong>Cyprus</strong><br />
T: (+357) 24 742 164<br />
Contact: Maria Kouroupi - Senior Manager Aviation<br />
Development, Marketing & Communication<br />
E: maria.kouroupi@hermesairports.com<br />
W: www.hermesairports.com<br />
ALEX CONSTANTI<br />
MANAGING DIRECTOR<br />
IDEASEVEN DIGITAL SOLUTIONS<br />
Ideaseven are a dynamic, enthusiastic online digital agency with over 15 years<br />
of experience. We focus on providing global solutions in digital marketing, web<br />
& app development. At ideaseven, we understand that design and development<br />
requires continuous mutual communication with our clients. Together, we can<br />
provide a constantly productive and evolving project. We can help visualize<br />
even the craziest ideas, converting them into elegant, awesome experiences<br />
and catchy products. We have worked with a lot of prestigious brands and have<br />
delivered award winning projects. We are now a full stack, turnkey partner with<br />
specialists in all fields required for the development and creative process. We<br />
look forward to your call.<br />
Pentadactylou 2, office 104,<br />
6060, Larnaca - <strong>Cyprus</strong><br />
T: (+357) 24 823 832<br />
Contact: Alex Constanti – Managing Director<br />
E: info@ideaseven.com<br />
W: www.ideaseven.com<br />
EVANGELOS<br />
ANASTASIADES<br />
CHAIRMAN<br />
INSURANCE ASSOCIATION OF CYPRUS<br />
The Insurance Association of <strong>Cyprus</strong> is the accredited and representative<br />
body of the Cypriot insurance industry, with 29 member insurance companies<br />
operating in <strong>Cyprus</strong>, accounting for approximately 98% of total gross written<br />
premiums. As the leading and united voice of the <strong>Cyprus</strong> insurance market<br />
its mission is to promote the industry’s views and positions to policymakers<br />
and legislators. It is also particularly active with respect to work aiming at the<br />
modernization of the sector, the continuous improvement of the level and quality<br />
of service to the public, the enhancement of consumers’ trust and confidence in<br />
insurance products and their providers, and the strengthening of the institution<br />
of insurance.<br />
23, Zenon Sozos str., 1st floor<br />
1075 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 452 990<br />
Contact: Andreas Athanasiades<br />
– Director General<br />
E: info@iac.org.cy<br />
W: www.iac.org.cy<br />
11
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
YANNIS MATSIS<br />
CHAIRPERSON<br />
INVEST CYPRUS<br />
Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the investment<br />
authority of the Government of <strong>Cyprus</strong> dedicated to attract and facilitate foreign<br />
direct investment into the country. In close collaboration with all governmental<br />
authorities and public institutions, as well as the private sector, Invest <strong>Cyprus</strong><br />
is the country’s lead agent in establishing <strong>Cyprus</strong> as a world-class destination<br />
for international business activity and investments. Invest <strong>Cyprus</strong>’ mandate is to<br />
raise awareness of <strong>Cyprus</strong> as a destination for FDI across the globe, providing<br />
certainty around all aspects of operating a business in <strong>Cyprus</strong> and supporting<br />
potential investors in developing their business case for investment into the<br />
country.<br />
9 Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 441 133<br />
E: info@investcyprus.org.cy<br />
W: www.investcyprus.org.cy<br />
CONSTANTINOS<br />
MEIVATZIS<br />
MANAGING DIRECTOR<br />
IQ EQ (CYPRUS) LIMITED<br />
A leading global investor services group, IQ-EQ is present in 23 jurisdictions<br />
employing over 3,400+ people across four continents with assets under<br />
administration (AUA) exceeding US$500 billion. Our experienced and wellqualified<br />
teams specialise in trust establishment and administration, company<br />
incorporation and management, accounting and financial reporting, transaction<br />
support services, fund administration services, escrow services and more.<br />
The combination of our professional service breadth, global reach and depth<br />
of experience has assisted us in attracting new clients from all over the world<br />
and allowed us to actively promote <strong>Cyprus</strong> through the quality of our services.<br />
20 Spyrou Kyprianou Avenue, Chapo Central,<br />
3rd floor, 1075 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 749 000<br />
Contact: Constantinos Meivatzis<br />
- Managing Director<br />
E: Constantinos.Meivatzis@iqeq.com<br />
W: iqeq.com<br />
DAVINIA JOANNIDOU<br />
DIRECTOR<br />
JOANNIDES + CO LTD<br />
Joannides + Co. Ltd is a leading firm of accountants and management consultants<br />
established in <strong>Cyprus</strong> for over 40 years providing audit and assurance, taxation,<br />
business support services and management consulting to international companies<br />
and private clients. The firm has offices in Nicosia, Limassol and Larnaca offering<br />
its services with the utmost integrity, independence and objectivity with the aim<br />
to add significant value to its clients’ business performance. Joannides + Co. Ltd<br />
is a member of AGN <strong>International</strong> Ltd, a worldwide association of independent<br />
accounting and consulting firms operating in 85 countries, is an approved training<br />
centre of the professional accounting institutes ICAEW and ACCA and in 2010<br />
was awarded the quality award certification from the Institute of Certified Public<br />
Accountants of <strong>Cyprus</strong>.<br />
13, Agiou Prokopiou Str. 2406<br />
Egkomi, Nicosia - <strong>Cyprus</strong><br />
P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />
T: (+357) 22 556 556<br />
Contact: Davinia Joannidou - Director<br />
E: cy@joannides.com.cy<br />
W: www.joannides.com.cy<br />
CHRISTOS V. VASILIOU<br />
MANAGING DIRECTOR<br />
KPMG<br />
KPMG is a global organisation of independent professional services firms<br />
providing Audit, Tax and Advisory services. KPMG operates in 146 countries<br />
and territories and has approximately 227.000 people working in member firms<br />
around the world. KPMG has been operating in <strong>Cyprus</strong> since 1948 and currently<br />
employs more than 850 professionals working from 6 offices across the island<br />
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous). By utilising<br />
the whole spectrum of KPMG <strong>International</strong> services and the deep knowledge<br />
in all major industries, KPMG provides its clients with solutions which address<br />
their unique characteristics. Clients look to KPMG for a consistent standard of<br />
service based on high-order professional capabilities, industry insight, local<br />
knowledge and expertise.<br />
14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 209 000<br />
Contact: Demetris S. Vakis - Board<br />
Member, Head of Sales and Markets<br />
E: demetris.vakis@kpmg.com.cy<br />
W: www.kpmg.com.cy<br />
LEANDROS<br />
PAPAPHILIPPOU<br />
MANAGING PARTNER<br />
L PAPAPHILIPPOU & CO LLC<br />
L Papaphilippou & Co LLC was founded in 1963. Through constant and consistent<br />
work, it is now one of the leading and most respectable law firms in <strong>Cyprus</strong>. The<br />
firm quickly established strong presence in the fields of corporate and shipping<br />
law, litigation, banking and finance, wealth management and immigration,<br />
thus achieving good cross-border reputation, which led to the development<br />
of a concrete international professional network and client base. Our list of<br />
clients includes regulatory bodies, local and international banking and financial<br />
institutions, insurance, shipping and listed companies, multinationals and high<br />
net worth individuals.<br />
17 Ifigenias Street, 2007 Strovolos,<br />
P.O.Box 28541, 2080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 271 000<br />
Contact: Leandros Papaphilippou<br />
- Managing Partner<br />
E: info@papaphilippou.eu<br />
W: www.papaphilippou.eu<br />
12
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANDREY NARUTSKIY<br />
MANAGING DIRECTOR, CEO<br />
LEON MFO INVESTMENTS LTD<br />
Leon MFO Investments Ltd (the “Company”) is authorized by the CySEC as an<br />
alternative investment fund manager with license number AIFM 37/56/2013. At<br />
present, the Company manages three registered alternative investment funds<br />
(the “RAIF”) addressed to professional investors only. The total assets under the<br />
Company’s fund management exceed $670mln. The Company focuses on liquid<br />
investment strategies. The Company is in the process of launching two more<br />
RAIFs which will be addressed to both professional and well-informed investors:<br />
LEON Income Fund RAIF VCIC PLC and LEON Global Hedge Fund RAIF VCIC PLC.<br />
37, Theklas Lisioti, Gemini House,<br />
Office 301, CY-3030, Limasso - <strong>Cyprus</strong><br />
T: (+357) 25 268 120<br />
Contact: Andrey Narutskiy -<br />
Managing Director, CEO<br />
E: leonmfo@leonmfo.com<br />
W: www.leoninvestments.com.cy<br />
DEMETRIS TAXITARIS<br />
CHIEF EXECUTIVE OFFICER<br />
MAP S.PLATIS GROUP<br />
MAP S.Platis Group is a leading financial services consulting Group with<br />
clients that include regulators, banks, funds and fund managers, investment<br />
firms, brokers, fintech firms, insurance firms and payment and electronic<br />
money institutions. Our expert team, currently comprising over 400 highcalibre<br />
professionals, provides unique and tailored solutions in licensing,<br />
regulatory compliance, risk management, internal audit, human resources,<br />
regulatory technology, information technology, business resilience, information<br />
security including cybersecurity, governance, executive training and innovation<br />
consulting to financial and other firms in the UK, <strong>Cyprus</strong>, Hong Kong and the EU.<br />
Thanks to our vast regulatory compliance experience, continued interaction with<br />
regulatory authorities, unparalleled track record, global network of associates<br />
and wealth of resources, our team can support any client’s regulatory needs<br />
efficiently and effectively.<br />
74 Archiepiskopou Makariou C, 3rd Floor,<br />
Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 351 335<br />
Contact: Svetlana Lazarevic –<br />
Head of Business Development<br />
E: info@mapsplatis.com<br />
W: www.mapsplatis.com<br />
ANDREAS LAOS<br />
SENIOR ADVOCATE -<br />
LEGAL CONSULTANT<br />
MICHAEL CHAMBERS & CO. LLC<br />
Michael Chambers & Co. LLC is a full-service Law Firm with <strong>Cyprus</strong> and English<br />
Lawyers offering a wide spectrum of expertise in an impressive variety of legal<br />
disciplines. Our team of Lawyers offers clients a range of integrated global<br />
capabilities, comprising the world’s most active M&A, real estate, finance, litigation<br />
and corporate risk practices. Our law office is located at the heart of the commercial<br />
district of Limassol. The firm enjoys considerable success and has developed an<br />
enviable reputation by pursuing a simple goal – to give its clients unambiguous,<br />
concise and clear-cut legal advice.<br />
25 Voukourestiou Street, Neptune House,<br />
1st Floor, Suite 11 Limassol, <strong>Cyprus</strong>, CY – 3045<br />
T: (+357) 25 819 966<br />
Contact: Michael Chambers - Senior Partner<br />
E: info@chambers.law<br />
W: www.chambers.law<br />
MARIOS MENELAOU<br />
GENERAL MANAGER<br />
NATURAL GAS PUBLIC COMPANY (DEFA)<br />
DEFA has the exclusive right to import and supply natural gas to all consumers<br />
in <strong>Cyprus</strong>. DEFA will develop and manage the gas network infrastructure. It<br />
will construct gas transmission lines and support a virtual network, provide<br />
bunkering services for ships and also natural gas for transportation. DEFA also<br />
owns 70% of ETYFA (30% owned by EAC), a special purpose subsidiary company<br />
that will own the LNG Import Terminal (comprising an FSRU, Jetty, pipelines<br />
and onshore facilities). The Terminal’s EPCOM contract with the international<br />
consortium was signed in December 2019.<br />
13 Limassol Ave, Demetra Tower, 4th Floor,<br />
2112 Nicosia | P. O. Box 24954,<br />
1305 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 761 761<br />
Contact: Maria Theocharidou -<br />
Secretary/PA to the Executive Chairman<br />
E: info@defa.com.cy<br />
W: www.defa.com.cy<br />
VASSOS ARISTODEMOU<br />
CHAIRMAN & CEO<br />
NETINFO PLC<br />
NETinfo is a versatile and innovative technology company that has been enabling<br />
digital transformation strategies for banks and financial institutions since 2000.<br />
NETinfo’s flagship products, NETinfo Digital Banking Platform and NETinfo<br />
Mobile <strong>Financial</strong> <strong>Services</strong> (MFS), have successfully been part of the digital<br />
transformation process of banks and financial institutions, in more than 30<br />
countries worldwide. NETinfo focuses on retail, corporate and private banking.<br />
We support banks and financial institutions of all sizes across all geographies,<br />
helping them to harness the latest technologies, and we fully embrace the<br />
needs of today’s digital consumers. Industry analysts recognise NETinfo as one<br />
of the global leaders for omnichannel design and delivery.<br />
23 Aglantzias Ave., 2108 Nicosia<br />
P.O. Box 22658, 1523 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 753 636<br />
E: mail@netinfo.eu<br />
W: www.netinfo.eu<br />
13
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
SUSANA POYIADJIS<br />
MANAGING DIRECTOR<br />
NEXIA POYIADJIS<br />
Established in 1969, Nexia Poyiadjis is a prominent firm of accountants, auditors<br />
and advisors, based in Nicosia and Limassol, providing one of the highest<br />
standards of professional services to local and international clients. Nexia<br />
Poyiadjis is the exclusive <strong>Cyprus</strong> member firm of Nexia <strong>International</strong>, a leading<br />
global network of independent firms, providing clients with audit and assurance,<br />
taxation, advisory, financial outsourcing, turnaround restructuring and insolvency<br />
services. The firm operates in various industries but has a strong history and<br />
expertise in servicing the financial services industry – regulated funds, alternative<br />
investment fund managers, investment firms, e-money and payment institutions.<br />
Apart from the standard services Nexia Poyiadjis provides set up and licensing<br />
services, fund administration services, valuation, financial modeling, strategic<br />
reviews, internal audit, risk and compliance advisory services.<br />
Sophouli 2 Str., The Chanteclair House,<br />
8th floor, 1096 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 456 111<br />
Contact: Susana Poyiadjis - Managing Director<br />
E: susana.poyiadjis@nexia.com.cy<br />
W: www.nexia.com.cy<br />
KIKIS LAGOS<br />
MANAGING DIRECTOR<br />
ONE PLUS CAPITAL LTD<br />
One Plus Capital (OPC) is as a licensed boutique investment firm based in Nicosia.<br />
OPC is licensed by CySEC to offer the full spectrum of investment services. Its core<br />
services include portfolio management, investment advisory, global brokerage,<br />
corporate finance, custody and safekeeping. OPC is also a trading member of<br />
the Athens and <strong>Cyprus</strong> Stock Exchange (ASE, CSE). Over the past few years, OPC<br />
has weighed in on its expertise and years of presence in the industry to broaden<br />
the range of services offered. Specifically, OPC has been active in the field of<br />
fund management for a number of <strong>Cyprus</strong> licensed funds with multi-asset class<br />
strategies and compartments for both retail and professional investors.<br />
75 Prodromou Avenue,<br />
Oneworld Parkview House,<br />
2063 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 873 760<br />
Contact: Kikis Lagos - Managing Director<br />
E: info@onepluscapital.net<br />
W: www.onepluscapital.net<br />
SAVVAS SHIATIS<br />
MANAGING DIRECTOR<br />
ONEWORLD LTD<br />
Oneworld Ltd is a leading advisory, corporate and business services firm in<br />
<strong>Cyprus</strong> and Dubai with associated offices in key global centres. We provide<br />
company incorporation, management, banking, redomiciliation services as<br />
well as setting up and administering private funds and trusts. We advise on<br />
international tax planning, family succession, incorporate offshore companies<br />
in zero and low tax jurisdictions and provide other boutique services including<br />
licensing of various operations and structures. We bring a depth of experience<br />
to our work and dealings with our clients, which range from dynamic young<br />
enterprises to global corporations and high net worth individuals, their families<br />
and consultants.<br />
75 Prodromou Avenue, Oneworld House,<br />
POBox 25207, Nicosia 1307 - <strong>Cyprus</strong><br />
T: (+357) 22 496 000<br />
Contact: Savvas Shiatis - Managing Director<br />
E: SShiatis@oneworldweb.net<br />
W: www.oneworldweb.net<br />
PAUL PAVLI<br />
MANAGING DIRECTOR<br />
ONEWORLD PLUS MANAGEMENT<br />
Oneworld Plus Management is a dedicated third party Alternative Investment<br />
Fund Manager (AIFM) providing AIFM services to fund initiators, promoters and<br />
fund managers of private equity, real estate, infrastructure, debt, fund of funds,<br />
transferable securities as well as other alternative asset classes. Our experience<br />
encompasses funds and assets in Ireland, Luxembourg, UK, <strong>Cyprus</strong>, Greece, Middle<br />
East, Asia, Cayman Islands and various other jurisdictions. We offer full fund setup<br />
services or we can provide services to existing funds. Oneworld Plus Management<br />
is authorised and regulated by the <strong>Cyprus</strong> Securities and Exchange Commission<br />
AIFM35/56/2013.<br />
E U L I C E N S E D A I F M<br />
Oneworld House<br />
75 Prodromou Avenue, Level 2,<br />
Nicosia 1307 - <strong>Cyprus</strong><br />
T: (+357) 22 507 723<br />
Contact: Paul Pavli - Managing Director<br />
E: ppavli@oneworldaifm.com<br />
W: www.oneworldaifm.com<br />
STAVROS PAVLOU<br />
SENIOR AND MANAGING<br />
PARTNER<br />
PATRIKIOS PAVLOU & ASSOCIATES LLC<br />
Patrikios Pavlou & Associates LLC is a leading law firm in <strong>Cyprus</strong>. With<br />
nearly 60 years of experience in the local and international legal market, the<br />
Firm has developed distinguished expertise in dispute resolution and ADR<br />
and a renowned legal consulting department. The legal teams are constantly<br />
involved in some of the largest cross-border banking, financial and corporate<br />
transactions and handle complex litigation, arbitration and mediation matters.<br />
In close cooperation with the associated Pagecorp Group, the Firm provides its<br />
clients with a comprehensive range of corporate and other related services. The<br />
Firm is highly recommended by prestigious legal directories worldwide for its<br />
distinctive legal services.<br />
Patrician Chambers, 332 Agiou Andreou Street,<br />
3035 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 871 599<br />
Contact: Stavros Pavlou - Senior<br />
and Managing Partner<br />
E: spavlou@pavlaw.com<br />
W: www.pavlaw.com<br />
14
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
EVGENIOS C EVGENIOU<br />
CEO, PwC CYPRUS<br />
PwC CYPRUS<br />
We support you to create the value you are looking for by providing specialised<br />
solutions based on quality. Together we build relationships based on trust and<br />
we say things as they are, to assist you to deal with issues that tomorrow will<br />
prove important. We adapt the expertise of more than 1,000 professionals in<br />
<strong>Cyprus</strong> and the power of our global network of more than 284,000 people in 155<br />
countries to your specific needs, helping you make the difference. In a demanding<br />
and challenging business environment, our diverse teams of professionals are<br />
sharing deep knowledge and experience. We provide a broad range of services to<br />
meet your increasingly complex needs.<br />
PricewaterhouseCoopers Ltd<br />
PwC Central, 43 Demostheni Severi Avenue,<br />
CY-1080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 555 000<br />
Contact: Konstantina Logotheti -<br />
Director, Marketing & Communications<br />
E: konstantina.logotheti@pwc.com<br />
W: www.pwc.com.cy<br />
STELLA KAMMITSI<br />
MANAGING DIRECTOR<br />
RAZA CORPORATE SERVICES LTD<br />
Raza is regulated by the <strong>Cyprus</strong> Bar Association as an Administrative Service<br />
Provider and operates under the management, control and supervision of Stella<br />
Kammitsi, a licensed lawyer with over 30 years of experience. It offers innovative<br />
fiduciary, corporate, trustee and advisory services to corporates, partnerships,<br />
high net worth individuals and families. Being a boutique firm gives it a high<br />
degree of flexibility when navigating challenges, and Raza is proud to state that<br />
throughout the years it has earned the loyalty and trust of its clients by providing<br />
them with personal, reliable and timely services whilst demonstrating attention<br />
to their specific requirements.<br />
5 Anastasios Leventis Street,<br />
Leventis Gallery Tower, 8th Floor,<br />
1097 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 777 787<br />
Contact: Stella Kammitsi - Managing Director<br />
E: skammitsi@raza.com.cy<br />
W: www.raza.com.cy<br />
DR. KIRILL ZIMARIN<br />
CHIEF EXECUTIVE OFFICER<br />
RCB BANK LTD<br />
RCB Bank Ltd was founded in 1995 and is now one of the largest financial<br />
institutions in <strong>Cyprus</strong> and a significant EU bank. The Bank offers corporate,<br />
investment and retail products and services to clients from around 50 countries.<br />
RCB is a private financial institution. It is headquartered in Limassol, with<br />
branches in Nicosia, Limassol, Larnaca, Pafos, Luxembourg and representative<br />
offices in Moscow and London. With 25 years of history and expertise in<br />
banking, RCB has earned a reputation as a financially stable and reliable bank.<br />
RCB offers a wide range of everyday banking products and services as well<br />
as tailored investment solutions and aspires to establish long-term strategic<br />
partnership with its clients.<br />
2, Amathountos Street, P.O. Box 56868,<br />
3310 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 837 300<br />
E: rcb@rcbcy.com<br />
W: www.rcbcy.com<br />
PHILIOS ZACHARIADES<br />
GENERAL MANAGER<br />
ROYAL CROWN INSURANCE CO LTD<br />
RCI is a non-life insurance company that has been active in the <strong>Cyprus</strong><br />
market for more than forty years. Initially RCI was the local agent for Royal &<br />
SunAlliance, of which it is still part of the global network, and since 1999, RCI<br />
has been licensed as a purely Cypriot private insurance company. RCI’s mission<br />
has always been to operate on the principles of absolute integrity, transparency<br />
and to provide the best possible services to its clients. RCI’s practices and<br />
procedures have been awarded the quality certification ISO9001-2015 by Lloyd’s<br />
Register. Insurance, for RCI, is not a product to be sold, but a service provided<br />
and a commitment created.<br />
16-20 Mnasiadou Street<br />
P.O.Box: 24690 1302 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 885 555<br />
Contact: Anthie Zachariadou<br />
– Executive Director<br />
E: info@royalcrowninsurance.com<br />
W: www.royalcrowninsurance.com<br />
FIONA MULLEN<br />
DIRECTOR<br />
SAPIENTA ECONOMICS LTD<br />
Sapienta Economics is a Nicosia-based economic consultancy producing toplevel<br />
analysis primarily on <strong>Cyprus</strong> for a range of prestigious clients, including<br />
banks, oil/gas majors, big four accounting firms and over a dozen embassies.<br />
Our services include bespoke consultancy and the monthly Sapienta Country<br />
Analysis <strong>Cyprus</strong>. Each month we take an in-depth look at prospects for political<br />
stability, government effectiveness, a resolution of the <strong>Cyprus</strong> problem,<br />
structural policies including natural gas, fiscal performance, debt sustainability,<br />
banking sector stability and the latest economic trends. No other organization<br />
offers such breadth and depth of inter-related issues. Sapienta Economics and<br />
its Director Fiona Mullen are independent, with no political ties in <strong>Cyprus</strong> or<br />
abroad and no investment in <strong>Cyprus</strong> shares or bonds.<br />
Tenedou 7, No 401, Lykavitos,<br />
CY1055 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 99 338 224<br />
Contact: Fiona Mullen - Director<br />
E: fiona.mullen@sapientaeconomics.com<br />
W: www.sapientaeconomics.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
PETROS THEODOTOU<br />
FCCA<br />
FOUNDER & CEO<br />
SERVPRO ACCOUNTANTS & CONSULTANTS<br />
ServPRO is a team of accountants, auditors, lawyers and consultants. A practicing<br />
member of ICPAC and ACCA, a National Member of Auditaxes <strong>International</strong>, an<br />
ACCA Approved Employer, an ISO 9001:2015 and an ISO 27001:2013 Certified<br />
Company. Our areas of expertise are Accounting & Finance, Advisory &<br />
Consulting, Audit & Assurance, Corporate & Legal, Economic Substance and<br />
Taxation. We have a stellar track record in delivering practical solutions to<br />
corporate and individual clients with a spherical, solution-driven and detailoriented<br />
approach, while demonstrating an aptitude of professionalism,<br />
integrity and commercial acumen. Today, we celebrate 10 years of delivering an<br />
impeccable quality of services and practical solutions across a diversified range<br />
of industries to a growing multinational clientele.<br />
Accountants & Consultants<br />
1 Kinyra Street, Kinyras Tower,<br />
3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 021 100<br />
Contact: Petros Theodotou FCCA -<br />
Founder & CEO<br />
E: info@servpro.com.cy<br />
W: www.servpro.com.cy<br />
GEORGE MAVROS<br />
MANAGING DIRECTOR<br />
SKYLINK SERVICES LTD<br />
Skylink <strong>Services</strong> Ltd is a provider of ground handling services for Executive<br />
Aviation Aircraft in <strong>Cyprus</strong>. We began operations in 1998, filling the gap in<br />
the Executive Aircraft ground handling market at both <strong>International</strong> Airports<br />
of <strong>Cyprus</strong>, Larnaca and Paphos. Skylink <strong>Services</strong> now owns and operates the<br />
only FBO facility at Larnaka Airport offering around-the-clock professional<br />
VIP aircraft and passenger handling services. Currently representing over 400<br />
companies that own or operate executive aircraft worldwide. Skylink <strong>Services</strong><br />
also manages and operates the new Heads of State Lounge facility at Larnaka<br />
<strong>International</strong> Airport. This Lounge is used by all Heads of State visiting the<br />
Republic of <strong>Cyprus</strong> as well as a host of other visiting dignitaries.<br />
P.O. Box 43012, Larnaca Airport,<br />
6650 Larnaca - <strong>Cyprus</strong><br />
T: (+357) 24 840 900<br />
T: (+357) 24 643 334 24hr Operation<br />
E: flightops@skylink.com.cy<br />
W: www.skylink.com.cy<br />
STELLA KAMMITSI<br />
STEP CYPRUS CHAIRWOMAN<br />
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)<br />
STEP is the global professional association for practitioners who specialise<br />
in family inheritance and succession planning. STEP works to improve public<br />
understanding of the issues families face in this area and promotes education<br />
and high professional standards among its members. STEP members help<br />
families plan for their futures, from drafting a will to advising on issues<br />
concerning international families, protection of the vulnerable, family businesses<br />
and philanthropic giving. Today STEP has more than 20,000 members across<br />
96 countries from a range of professions, including lawyers, accountants and<br />
other specialists. The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />
professionals from all over <strong>Cyprus</strong>, and is active in the spread of industry related<br />
knowledge, through regular conferences and presentations.<br />
P.O.Box 24789, 1303 Nicosia, <strong>Cyprus</strong><br />
T: (+357) 22 777 787<br />
Contact: Stella Kammitsi - STEP<br />
<strong>Cyprus</strong> Chairwoman<br />
E: skammitsi@raza.com.cy<br />
W: www.step.org<br />
STELIOS AMERICANOS<br />
MANAGING PARTNER<br />
STELIOS AMERICANOS & CO LLC<br />
Stelios Americanos & Co LLC is a full services, highly innovative law firm with<br />
headquarters based in Nicosia, <strong>Cyprus</strong> and a branch in Athens, Greece. It<br />
specializes in corporate, commercial and banking law, corporate and commercial<br />
litigation, real estate, financial advisory & regulation and blockchain legal<br />
advisory. Stelios Americanos & Co LLC provides its services to governmental<br />
organizations, international banking institutions, public companies and<br />
multinational corporations. Moreover Stelios Americanos & Co LLC has created<br />
close relationships with reputable international legal and consulting firms and is,<br />
thus, able to assist clients with their cross-border transactions and needs. Today,<br />
Stelios Americanos & Co LLC is considered one of the leading law firms in <strong>Cyprus</strong><br />
in the areas of its specialty.<br />
12, Demostheni Severi Av.<br />
Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 465 500<br />
Contact: Stelios Americanos<br />
- Managing Partner<br />
E: stelios@americanoslaw.com<br />
W: www.americanoslaw.com<br />
SOFOCLES TYMVIOS<br />
CHIEF EXECUTIVE OFFICER<br />
SWISSPORT CYPRUS LIMITED<br />
Swissport has been present in <strong>Cyprus</strong> since January 2006 providing Passenger,<br />
Ramp, Ticketing, cargo, and executive aviation services at both the island’s<br />
airports. It is a subsidiary of Swissport <strong>International</strong>, the words largest Airport<br />
provider of ground and air cargo services, active at over 269 airports in 47<br />
countries across all five continents. With more than 850 client-companies,<br />
Swissport provides airport ground services for 82 million passengers, and<br />
4.1 million tons of cargo at 116 warehouses world-wide per annum, with a<br />
workforce of 45,000. In <strong>Cyprus</strong> Swissport employs over 850 people, trained at<br />
the highest level and in line with industry standards and procedures.<br />
Office 2, Larnaka <strong>International</strong> Airport<br />
T: (+357) 24 008 781<br />
Contact: Michael Kokkinos -<br />
Commercial Manager<br />
E: Michael.kokkinos@swissport.com<br />
W: www.swissport.com<br />
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`<br />
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
TECHISLAND<br />
TechIsland is a non-profit organization with the mission to promote and<br />
accelerate the growth of technology and innovation ecosystem in <strong>Cyprus</strong>. At the<br />
same time, it’s the biggest Tech Association in <strong>Cyprus</strong>, with currently more than<br />
140 Members. In its strategy, called Vision 2030, there are a series of actions<br />
and initiatives that have the aim of establishing <strong>Cyprus</strong> as a top-tech destination<br />
for companies and professionals.<br />
MARIOS GIORGOUDIS<br />
GENERAL MANAGER<br />
Riga Feraiou 47, Limassol - <strong>Cyprus</strong><br />
T: (+357) 99 987 577<br />
Contact: Marios Giorgoudis – General Manager<br />
E: marios@thetechisland.org<br />
W: www.thetechisland.org<br />
ANTONIS ANTONIOU<br />
CHAIRMAN<br />
THE CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION (OEB)<br />
The <strong>Cyprus</strong> Employers and Industrialists Federation (OEB) was founded in 1960.<br />
Today, its members are active in all sectors of the economy and employ more<br />
than 60% of the private sector’s workforce. OEB is a pancyprian independent<br />
organisation comprising of more than 100 of the main professional / sectoral<br />
Associations, as well as hundreds of companies from the Agricultural,<br />
Manufacturing, Construction, Commercial and <strong>Services</strong> Sectors. In total, OEB<br />
has more than 10.000 Members / Enterprises. OEB is established as a dynamic<br />
force in <strong>Cyprus</strong>’ socio - economic development and welfare and acts as the main<br />
advocate and representative of the business community.<br />
years<br />
4, <strong>Cyprus</strong> Employers & Industrialists<br />
Federation Street, 2000 Nicosia /<br />
P.O.Box 21657, 1511 Nicosia<br />
T: (+357) 22 643 000<br />
Contact: Michalis Antoniou - Director General<br />
E: info@oeb.org.cy<br />
W: www.oeb.org.cy<br />
THE CYPRUS TECH ASSOCIATION<br />
The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires to provide a<br />
dynamic platform for all tech professionals and international ICT companies<br />
established in <strong>Cyprus</strong> to discuss, promote, and address common challenges. It<br />
also provides a formal representation to all its members to forums, public and<br />
private entities, as well as offers direction on key strategic issues, including the<br />
economic importance of the ICT sector and policy advocacy.<br />
KYRIAKOS KYRIAKOU<br />
PRESIDENT<br />
Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 441 133<br />
E: info@techcyprus.org.cy<br />
W: www.techcyprus.org.cy<br />
KYRIAKOS IORDANOU<br />
GENERAL MANAGER<br />
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ICPAC)<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the competent<br />
authority for regulating the accounting profession and the sole recognised body<br />
of Auditors by the state in <strong>Cyprus</strong>. Established in 1961, ICPAC currently has<br />
more than 5.300 professional accountants as members and 3.500 students.<br />
ICPAC houses all professional accountants, supports and promotes the activities<br />
and interests of the accountancy profession, safeguards the reputation of the<br />
profession and adherence to the Code of Ethics, as well as provides for the<br />
continuous professional development and updating of members. In addition,<br />
ICPAC is also a competent authority under the Anti-Money Laundering law, the<br />
laws on the Regulation of Enterprises Providing Administrative <strong>Services</strong> and the<br />
Insolvency Practitioners Law, as well as one of the primary stakeholders of the<br />
economy of the country.<br />
11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 870 030<br />
Contact: Kyriakos Iordanou – General Manager<br />
E: info@icpac.org.cy<br />
W: www.icpac.org.cy<br />
ANDREAS MERCOURI<br />
GENERAL MANAGER<br />
TRIDENT TRUST COMPANY (CYPRUS) LIMITED<br />
Founded in 1978, the Trident Trust Group is one of the largest independent<br />
providers of corporate and fiduciary services, employing more than 900 staff<br />
in over 25 jurisdictions. Trident Trust <strong>Cyprus</strong> is one of the Group’s leading<br />
offices established in 1996 and is today one of the main members of the local<br />
financial services industry, employing just over 75 employees. Trident <strong>Cyprus</strong> is<br />
regulated by the <strong>Cyprus</strong> Securities and Exchange Commission and provides a<br />
full range of services on <strong>Cyprus</strong> companies, funds and trusts, principally to law<br />
firms, accountants and tax advisors, as well as financial institutions and large<br />
international organizations.<br />
Griva Digeni 115, Trident Centre<br />
3101 Limassol - <strong>Cyprus</strong><br />
T; (+357) 25 820 650<br />
Contact: Andreas Mercouri - General Manager<br />
E: cyprus@tridenttrust.com<br />
W: www.tridenttrust.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
EXECUTIVE DIRECTOR<br />
TRILOGY LIMASSOL SEAFRONT<br />
Brought to life by a world-class collaboration of architects, designers and<br />
developers, Trilogy is an exciting new high-rise development in the heart of<br />
Limassol. A trio of shimmering beachfront towers surrounding a bustling inner<br />
plaza, Trilogy is a place to live, work and play. Its luxury apartments blend the<br />
aspirational dream of high-end living, with the sophistication of urban cool. Stateof-the-art<br />
offices also enjoy first-class services and uninterrupted sea views from<br />
every window. Three distinct social areas offer resident-only facilities for secluded<br />
leisure and relaxation, as well as a lively public plaza that can be enjoyed and<br />
experienced by everyone. Your story begins here…<br />
341, 28th October Avenue<br />
3106 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 362 800<br />
Contact: Yiorgos Georghiou - Sales Director<br />
E: info@trilogylimassol.com<br />
W: www.trilogylimassol.com<br />
NICK TERRY<br />
MANAGING DIRECTOR<br />
VISTRA (CYPRUS) LIMITED<br />
Vistra Group is a leading fund, trust and corporate services provider. Ranked<br />
among the top three in our industry, we have 81 offices across 45 countries,<br />
and employ over 4.500 professionals globally. In <strong>Cyprus</strong>, our team of forty<br />
professionals provides a uniquely broad range of services and solutions for a<br />
wide client-base of high net worth entrepreneurs, international investment<br />
funds and multinational groups. Certainly, in these challenging times, and with<br />
the regulatory and financial environment constantly changing, many clients<br />
seek comfort in working with a world leader such as Vistra; its wide group<br />
network and professionalism being an invaluable asset.<br />
2nd Floor Sotiri Tofini 4<br />
Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 817 411<br />
Contact: Nick Terry - Managing Director<br />
E: Nick.Terry@vistra.com<br />
W: www.vistra.com<br />
GEORGE W. SAMS<br />
CEO<br />
WEALTH FUND SERVICES LTD<br />
Wealth Fund <strong>Services</strong> Ltd is a global advisory and asset management company,<br />
based in <strong>Cyprus</strong> and licensed by CySEC (<strong>Cyprus</strong> Securities & Exchange Commission)<br />
as an AIFM management company with license No 6/78/2012. It operates in<br />
the field of setting-up, running and managing UCITS Mutual Fund, Registered<br />
Alternative Fund (RAIF) and Alternative Investment Fund (AIF) in line with the<br />
recent EU Directive which is implemented by the Cypriot legislation. It also offers<br />
Discretionary Asset management and Advisory services to HNI and Institutional<br />
clients. The primary goal of the Company is the protection of the assets under<br />
management remaining focused on achieving high return yields and providing top<br />
quality services to its investors.<br />
Kennedy 12-14, Kennedy Business Center<br />
Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 755 506-07<br />
Contact: George Sams - CEO<br />
E: info@wealthfs.com.cy<br />
W: www.wealthfs.com.cy<br />
JOHNY ABUAITAH<br />
CEO<br />
WINDSOR BROKERS LTD<br />
Windsor Brokers was established in Limassol <strong>Cyprus</strong> with roots dating back to<br />
1988. The Company was the first Cypriot Investment Firm of its type to be licensed<br />
and regulated by the Central Bank of <strong>Cyprus</strong>, and by 2004, it was regulated by<br />
the <strong>Cyprus</strong> Securities and Exchange Commission. Our company’s mission is to<br />
empower People in the pursuit of their financial goals. For three decades, we<br />
have remained committed to serving investors who place security, integrity, and<br />
reliability at the forefront of their investment goals.<br />
Windsor Brokers Business Center,<br />
Spyrou Kyprianou 53, Mesa Geitonia<br />
4003 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 500 700<br />
Contact: Jabra Serieh - Director of Marketing<br />
E: Jabra.Serieh@WindsorBrokers.eu<br />
W: www.windsorbrokers.eu<br />
18
TheProfilerGroup<br />
cyprus@theprofilergroup.com<br />
www.cyprusprofile.com<br />
Published by The Profiler Group - February 2022