In light of increasing regulation for providers, and stricter compliance rules in an ever-changing international tax environment affecting the clients, I expect the sector to consolidate.
CyprusProfile.com asked Chris Koutouroushis, President of the Cyprus Fiduciary Association (CYFA) to describe the current situation with Cyprus’ Fiduciary sector and what his expectations are for 2021.
In light of increasing regulation for providers, and stricter compliance rules in an ever-changing international tax environment affecting the clients, I expect the sector to consolidate. On the flip side, in the aftermath of the pandemic there may be new opportunities arising from states increasing taxes to balance budgets. These opportunities may come in the form of new services or new markets.
