Cyprus can offer specific advantages to non-EU fund managers wishing to raise capital in Europe, as well as to develop a presence in the European market to benefit from the right to easily distribute their funds to investors in all EU countries.

The ‘single EU passport’ has opened up good prospects for Cyprus to be used as a base for setting up funds, or for fund management companies seeking to take advantage of the country’s beneficial framework to manage and/or market funds across Europe from Cyprus.

UCITS are established and authorised under a harmonised EU legal framework, and are internationally regarded as one of the most effective asset management tools available, thanks to their strong regulation resulting in high levels of investor protection.

AIFs that are established under domestic Cyprus fund legislation can be sold on a private placement basis or marketed to professional investors across the EU under the Alternative Investment Fund Managers Directive (AIFMD) passport.

Registered Alternative Investment Funds (RAIFs) are a new and innovative fund vehicle launched in July 2018.

The enactment of the Alternative Investment Funds (AIF) law in July 2014 aligned the Cyprus legal and regulatory framework with EU directives on asset management, with the aim to enhance transparency and investor protection.

Limassol is to host the first wholesale outlet of the Greek chain Metro Cash & Carry, to be named BEST VALUE when it opens on 28 January.

Finance Minister Constantinos Petrides welcomed the parliamentary approval of the 2020 state budget, stating that the budget allows the government to continue on the path of economic stability, growth and the shielding of the economy.

With interest rates at a historic low and high liquidity recorded, Bank of Cyprus and Hellenic Bank have granted a total of €2.17 billion new loans over the first nine months of 2019.

Cyprus Airways will launch Larnaca-Rome flights in summer 2020 as part of a series of new route announcements.