CyprusProfile.com asked Evgenios C Evgeniou, CEO of PwC Cyprus, what he sees as the key areas of opportunity or growth in his sector, and what his expectations are for Cyprus in 2017.
"In 2016, Cyprus completed the economic adjustment programme within the initial time frame and without using all the programme funds, the country has returned to the markets and the economy grew for a second consecutive year. The Professional services sector has proved resilient and, together with tourism, has played an important role in the recovery of the economy and its return to growth.
The sector faces new challenges as a result of international and European developments in tax, transparency and regulation, coupled with geopolitical uncertainty in important markets for Cyprus. We need to focus on quality, effective supervision and high levels of compliance whilst facilitating business operations through the streamlining of procedures, transitioning to the digital era, as well as improvements in infrastructure. New services and new markets will create new opportunities for the sector.
Cyprus is developing as a funds jurisdiction, a headquartering centre and family office base. Services such as “Wealth Management” and “Funds Administration” are great examples of how Cyprus can serve businesses and individuals who seek comprehensive solutions for their specific needs. The excellent living conditions, the Cyprus Non – Dom’s and citizenship programs the common law framework and a modern, efficient tax environment make Cyprus an ideal home for high net wealth individuals, executives and their families as well as businesses with regional operations as well as funds. The attractive intellectual property regime alongside, universities and research institutes operating in Cyprus creates the potential for groups to base their R&D here. Finally shipping has been and will continue to be an area for growth.
We, at PwC, will continue to be at the forefront of the efforts to promote and further develop Cyprus as an attractive investment destination and a business hub. At the same time acknowledging the contribution of Cypriot businesses to collective efforts for sustainable growth, our organisation fosters programmes that support Cypriot businesses and youth entrepreneurship".