Cyprus Profile

Addressing last Friday’s Gala Dinner of the European Fund and Asset Management Association (EFAMA) in Limassol – Cyprus, Government Spokesman Prodromos Prodromou said that Cyprus is fast becoming one of the top emerging investment fund centers in Europe. He further added that by choosing Cyprus as the location for its most important annual event, EFAMA actively shows its support towards the development of the investment funds industry in Cyprus, a promising sector that has witnessed impressive growth both at a European and at a global level.

“A long journey towards the vision of establishing Cyprus as a modern and attractive investment fund and asset management center of excellence, has brought about formidable results”, Mr. Prodromou added.

The Government Spokesman also highlighted the fact that Cyprus is as attractive residence and servicing center to both Alternative Investment Funds (AIFs) and Undertakings of Collective Investment in Transferable Securities (UCITS), due to the fact that Cyprus has a fully EU-compliant and business friendly regime, achieving a balance between freedom of operation for the asset manager and protection of the investor.

“Cyprus is fast becoming one of the top emerging investment fund centres in Europe in light of its continuous efforts to enhance its legislative and regulatory regime, backed up by a strong network of financial and professional service providers, offering high quality services at highly competitive prices” he noted.

His speech also included important factors such as low operating costs, a simple and effective legal system based on the Common Law, an attractive tax framework (one of the lowest corporate tax rates in the EU), access to an extended network of 62 Double Tax Treaties, as well as a range of incentives for both companies and individuals which contribute greatly to Cyprus’ increased competitiveness in relation to other EU jurisdictions.

In regards to the Cypriot business environment, Mr. Prodromou said that the Government plans is to keep improving and reinforcing the position of Cyprus as a competitive, innovative, stable and fully transparent destination for businesses and investment.

He concluded by referring to developments such as the Capital Market Union, which serves as a facilitating factor of the cross-border operation of investment funds and the improvement of the European passport system function for all types of investment funds. He also commented on the upcoming Brexit, noting that it will give an additional boost to the already fast-growing investment funds industry.

You can read more about Cyprus Investment Firms (CIF’s) on our website: http://www.servpro.com.cy/cyprus-facts/cyprus-companies/cyprus-investment-firms-cifs/