ServPRO is a well-established team of accountants, auditors, advocates and consultants in Cyprus. Our areas of expertise are Accounting & Finance, Advisory & Consulting, Audit & Assurance, Corporate & Legal, Economic Substance and Taxation.
Our team has a stellar track record in delivering practical solutions to corporate and individual clients with a spherical, solution-driven and detail-oriented approach, while demonstrating an aptitude of professionalism, integrity and commercial acumen.
… our journey
Celebrating 10 Years of delivering quality and practical solutions.
ServPRO was established in 2011 as a boutique professional services firm in Nicosia. Since its inception, ServPRO has swiftly gained momentum and incorporated ServPRO Management Ltd, a practicing Administrative Service Provider (ASP) member of the Institute of Certified Public Accountants of Cyprus (ICPAC).
Over the years, our firm has been recognised for its exceptional client satisfaction and organisational efficiency and accredited as an ISO 9001:2015 certified company. Our firm has further been recognised for its support provided to our ACCA trainees and awarded as an ACCA Approved Employer.
At the forefront of our continuous steady growth and expansion is our dynamic team, led by our Founder & CEO Petros Theodotou, along with Partner Alexandra Chipu, who has been leading our firm’s Corporate & Legal division since 2014, and Partner Nicolais Yiannaki, who has been leading our firm’s Accounting & Finance division since 2018.
In 2018, our firm has also moved into newly-designed, modern and spacious offices with designated office spaces for our clientele.
This remarkable year of 2021, ServPRO celebrates 10 years of delivering an impeccable quality of services and practical solutions across a diversified range of industries to a growing multinational clientele.
Thank you for being part of our journey.
To offer world class professional services that exceed client expectations and cultivate a preferred working environment for our people.
To redefine excellence and be your ultimate choice.
Our values encapsulate everything that makes our journey an incredible experience.
We achieve our objectives using our in-depth knowledge and established expertise in our practice areas that enables us to effectively address each client’s needs, taking into account that every client matters.
We pride ourselves in providing services in a professional, succinct, and responsible manner. Our clients always know that they can entrust us to handle their matters and to provide them with services and advice they can count on.
We believe that knowledge mirrors a constantly growing tree; the more we nurture it, the sturdier it will become. That is why we constantly enrich our knowledge and commercial acumen in order to perfect the quality of the services we provide across all our areas of expertise.
We collaborate with all of our clients in order to promptly respond to their needs and to effectively address their requirements, while proactively sharing valuable knowledge and useful insights that will contribute to their sustainable success and growth.
We love what we do and we are passionate about delivering exceptional services to our clients; the satisfaction of our clients remains at the core of our growing success and is the key to sustaining our motivation.
WHAT MAKES ServPRO STAND OUT
One stop shop
We operate as a single point of contact and one stop shop for professional services with the advantage of obtaining multiple services across a diverse range of industries from one source.
Attention and dedication to our clients has always been at the core of our business operations and is the key to our established client loyalty and our constant growth. Our clients’ satisfaction forms an integral part of our success.
We apply our industry-specific knowledge and commercial acumen to provide advice and tailor-made solutions that effectively address our clients’ requirements in a comprehensive manner.
We guarantee a response to our clients and prospective clients’ requests within 24 hours.
ServPRO is an approved ACCA Employer and an ISO 9001:2015 Certified Company
At ServPRO, our mission is two-fold and includes the provision of world-class professional services that exceed client expectations. In this endeavour, we strive to ensure our clients get the best possible service and provide new services to enable them to focus on achieving sustainable success and profitability growth.Read full article
Following the landmark ruling by the Court of Justice of the European Union (CJEU), the Department of Registrar of Companies and IP (DRCIP) of the Republic of Cyprus has issued an announcement on 28 November 2022, stating that the general public’s access to the UBO Register is suspended as of 23 November 2022.Read full article
Following the landmark ruling by the Court of Justice of the European Union (CJEU), the Department of Registrar of Companies and IP (DRCIP) of the Republic of Cyprus has issued an announcement on 28 November 2022, stating that the general public’s access to the UBO Register is suspended as of 23 November 2022.Read full article
ServPRO is proud to join the Cyprus Chamber of Commerce and Industry (CCCI) in a business delegation organised under the auspices of the Ministry of Energy, Commerce and Industry of the Republic of Cyprus, which will take place today, 10 November 2022, in the capital of Israel, Tel Aviv.Read full article
A year has now passed since the Government’s Press Conference launching the Republic of Cyprus’ Action Plan for Attracting Companies to Operate and Expand their Activities in Cyprus, making a notable development of the promotion of Cyprus as an international business centre and a headquartering destination. The actions envisioned by the Action Plan comprise of:Read full article
The Department of Registrar of Companies and Intellectual Property of the Republic of Cyprus (DRCIP), represented by Minister of Energy, Commerce and Industry HE Natasa Pilides, supported by the Deputy Minister of Research, Innovation and Digital Policy, HE Kyriakos Kokkinos, have finalised the signature of the Government Contract providing for the development and installation of an Integrated Registry Management Platform (IRMP) to digitally transform the DRCIP – a €14million project awarded to prominent IT company, NetU Consultants.Read full article
The Council of Ministers of the Republic of Cyprus, through Regulatory Administrative Act RAA 373/2022, has issued a Decree relating to the exemption of certain physical persons from the obligation to submit a Tax Declaration (TD1) for the year 2022. In particular, every physical person who, during 2022, has had a gross income of not exceeding €19,500 is exempt from the obligation to submit a Personal Income Tax Return for the year 2022.Read full article
On 24 March 2022 the House of Representatives (Parliament) of the Republic of Cyprus has approved an extension to the deadline for the electronic submission of the Corporate Income Tax Return (TD4) and the Personal Income Tax Return (TD1A) for individuals who prepare audited financial statements (FS) for the year 2020.Read full article
The Convention between the Republic of Cyprus and the Hashemite Kingdom of Jordan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (known as the Double Tax Treaty (DTT) between Cyprus and Jordan) was signed on 17 December 2021 and published in the Official Gazette of the Republic of Cyprus on 31 December 2021.Read full article
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a permanent monitoring body of the Council of Europe, which assesses States’ compliance with principal international standards to counter money laundering and terrorist financing.Read full article
The IMD World Competitiveness Ranking is a worldwide reference point on the competitiveness of countries measured against a set of factors, including economic performance, Government efficiency, business efficiency, and infrastructure. In the rankings for 2021, Cyprus has positioned 33rd overall, with a notable 13th place in economic performance.Read full article
On 6 August 2021 the Seychelles introduced amendments to the legal framework governing International Business Companies (IBC) with the IBC (Amendment) Act 2021 (Act 32 of 2021). This newsletter article summarises a few, noteworthy changes relating to the dissolution of companies, the Register of Directors, accounting records, annual financial summary, additional amendments introduced, and how ServPRO can help you and your Seychellois IBC comply with the revised legislative framework.Read full article
At the most recent Plenary session of the House of Representatives of the Republic of Cyprus yesterday, the House of Representatives has unanimously approved an amendment to the Companies Act (Cap. 113) in order to extend the deadline for the payment of the annual levy for the year 2021 for Cypriot companies until 31st December 2021.Read full article
The Convention between the Republic of Cyprus and the Kingdom of the Netherlands for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (known as the Double Tax Treaty (DTT) between Cyprus and the Netherlands) was signed on 1 June and published in the Official Gazette of the Republic of Cyprus on 4 June 2021.Read full article
The Government of the Republic of Cyprus has officially transposed the provisions of the EU Directive 2018/822(“known as DAC6”) and EU Directive 2020/876 into its national legal order, through the enactment of the Administrative Cooperation in the field of Taxation (Amending) Law of 2021 (L.41(I)/2021).Read full article
The Minister of Energy, Commerce and Industry, Mrs Natasa Pilides, has addressed the establishment of a UBO Register for companies in Cyprus as an important tool for strengthening transparency, prevention and combating the use of companies and other legal entities for money laundering and terrorist financing activities, in harmonisation with the provisions of European Union (EU) law.Read full article
The Interim Solution providing for the establishment of an ultimate beneficial ownership (UBO) Register for Cypriot entities has launched on 16 March 2021 and is in operation. The obligation to identify and record all relevant information of the beneficial owner(s) who own or control entities burdens all Cypriot entities, including companies incorporated or registered under the Companies Act (Cap.113) and European public limited liability companies. Moreover, the Registrar of Companies has also announced that the final solution will be established following the conclusion of this Interim Solution and the collection of all UBO information.Read full article
The Agreement between the Republic of Cyprus and the Arab Republic of Egypt for the Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (known as the Double Tax Treaty (DTT) between Cyprus and Egypt) has entered into force on 31 July 2020, while the preceding DTT between the two States done on 18 December 1993 has been terminated.Read full article
On 18 February 2021, the House of Representatives (Parliament) voted for The Prevention and Suppression of Money Laundering and Terrorist Financing (Amending) Law of 2021; an amending law intended to harmonise the provisions of the Anti-Money Laundering Directive (EU) 2018/843 (AMLD V) and Directive (EU) 2019/2177, to make the implementation of certain provisions of Regulation (EU) 2018/1805 concerning the mutual recognition of freezing and confiscation orders more effective, as well as to amend existing provisions within the Law in an attempt to improve their practical implementation.Read full article
The Tax Department of the Republic of Cyprus has announced that DAC6 (which is the Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements) is expected to be transposed into national law within February 2021.Read full article
The European Commission and the EU Intellectual Property Office (EU IPO) have recently announced the implementation of the Ideas Powered for Business SME Fund, a €20million grant scheme created to encourage European small and medium sized enterprises (SME) to protect their Intellectual Property (IP) rights.Read full article
Following an official announcement by the Department of Registrar of Companies and Official Receiver of the Republic of Cyprus, the starting date for the collection of the relevant information from companies and other legal entities has been revised to start on 22 February 2021. The information collection process will last for a period of 6 months (i.e., until 22 August 2021).Read full article
On 7 October 2020 the Council of Ministers of the Republic of Cyprus revised the framework relating to the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic of Cyprus, as well as companies that have joined the Fast-Track Business Activation Mechanism.Read full article
The Tax Department in Cyprus has recently released a guide on the amendments to the Assessment and Collection of Taxes Law (L.4/1978) in relation to tax registration and reporting, filing of income tax returns and employer’s returns, capital statements, auditing obligations, tax payments and compliance, card payments and tax lottery.Read full article
Five months have elapsed since the entry into force of the Trademarks (Amending) Law of 2020 (L. 63(I)/2020) and the Trademarks Regulations of 2020 (Κ.Δ.Π. 259/2020), replacing the majority of the previous legal provisions governing trademark protection in Cyprus. The revised legal framework transposes the Trademarks Directive (EU) 2015/2436 and the EU Trademark Regulation (EU) 2017/1001into Cyprus’ national legal order and aims to modernise the trademarks framework in Cyprus.Read full article
The Global Innovation Index (GII) is an annual report which details and ranks the innovation performance among 131 countries and economies. It is divided into 2 main pillars: (a) the Innovation Input Sub-Index, which includes institutions, human capital and research, infrastructure, market sophistication and business sophistication; and (b) Innovation Output Sub-Index, which includes knowledge and technology outputs and creative outputs.Read full article
With the constant strengthening of AML regulation and enhancing transparency around the globe, the Seychelles has already enacted the Beneficial Ownership (BO) Act 2020, which entered into force on 28 August 2020, along with the BO Regulations 2020. The purpose of the Act is threefold: to provide for the identification and verification of beneficial ownership of legal persons and legal arrangements, to establish and maintain up-to-date registers of beneficial owners and a centralised database, and related matters.Read full article
The founding members of the East Mediterranean Gas Forum (EMGF): Cyprus, Egypt, Greece, Israel, Italy, Jordan and the Palestinian Authority, signed the statute establishing the body as a regional intergovernmental forum based in Cairo, during an online ceremony on Tuesday 22 September 2020.Read full article
Redomiciling a company’s seat of incorporation to the Republic of Cyprus offers businesses with an abundance of opportunities, given the island’s long established development as a significant business and financial hub and an ideal investment gateway to the European Union. Cyprus offers significant tax and other benefits, including a simplified and transparent tax regime, an importantly low-level corporate tax rate, and an extensive network of Double Tax Treaties. Click here for a deeper insight into the reasons for choosing Cyprus as your business’ seat : Why Cyprus?Read full article
The Double Tax Treaty (DTT) between Kazakhstan and Cyprus was ratified on January 17th, 2020. The DTT Convention on income tax will enter into full force from 1st January 2021 and the main amendments of the Convention cover the taxation of dividends, interest, capital gains and royalties. These provisions aim to create unique opportunities for both countries’ businesses and entrepreneurs in the long-term.Read full article
During a teleconference with his European counterparts last Friday, President Nicos Anastasiades underlined the need for a timely adoption of the new EU budget in the framework of the European Council. The President elaborated on the major challenges of the Cypriot economy in the aftermath of the pandemic and kindly requested further EU support.Read full article
As of yesterday, Cyprus moved on to activate phase 3 of the government’s strategy to lift restrictive measures imposed due to Covid19. Due to Cyprus’ excellent epidemiology record thus far, phase 3 will end on June 24, and the complete lifting of measures is scheduled to end on July 14, 2020.Read full article
Fitch rating agency maintains Cyprus’s long-term credit rating to BBB- changing the outlook from positive to stable. According to the Ministry of Finance, the agency highlighted the government’s responsible management both of the economy and the public finances under the present conditions due to the coronavirus pandemic.Read full article
Amid the coronavirus outbreak in Cyprus, the government is discussing a plan with local banks to provide state guarantees of up to 2 billion euros aiming to unlock credit to self-employed, small and medium-sized enterprises (SMEs) and large corporations, affected by the coronavirus lockdown.Read full article
After losing the “Halloumi” trademark last May (failing to act on a cancellation application in a British court filed by a British company), Cypriot Minister of Energy, Commerce and Industry Yiorgos Lakkotrypis announced early this week that Cyprus has successfully registered the “Halloumi” trademark in the UK Intellectual Property Office, correcting a very big mistake made by the Ministry.Read full article
Addressing the annual meeting of the Cyprus Chamber of Commerce and Industry (CCCI), President of Cyprus Nicos Anastasiades outlined the government’s eleven reform proposals which “would yield new prospects and new momentum to the business activity.” He assured that the government policy to provide tax breaks and economic incentives will continue.Read full article
Addressing the 16th Pancyprian Conference of OEKDY – SEK Trade Union, last Friday, Cyprus’ Finance Minister Harris Georgiades said that through collective effort, the Cypriot economy got a second chance and “it is everyone’s collective responsibility to ensure that there is no return to past bad practices”. As one of his last acts as Finance Minister, Georgiades said it was his privilege to express his appreciation for the union, its leadership, its officials and the workers it represents. He had announced earlier in March that he will step down by the end of year 2019.Read full article
As of October 30th 2019, the parliament of Ukraine passed a draft law endorsing the amending Double Tax Treaty Protocol, signed on December 11th 2015, to the Cyprus – Ukraine Income Tax Treaty. Consequently, the amending protocol is now in operation and will come into full effect by 1st January, 2020.Read full article
The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) of BVI which came into effect on 1 January 2019 and was supplemented by the issuance of the draft International Tax Authority Economic Substance Code that was issued on 22 April 2019, requires some legal entities carrying on the activities mentioned below, to demonstrate adequate economic substance in the BVI and further introduces reporting obligations for these entities.Read full article
Last week, the 4th International Investors Summit organised by Invest Cyprus took place in Limassol, and the list of attendees included over 150 foreign entrepreneurs and investors,representatives from audit and law firms and banks and government officials, amongst others the President of Cyprus, Mr. Nicos Anastasiadis and Finance Minister, Mr. Haris Georgiades.Read full article
Recently addressing a ceremony held for the conclusion of the first phase of investments by Eurogate at Limassol port, President of Cyprus Mr. Nicos Anastasiades, said: “the Limassol port is one of the most advanced ports in the Eastern Mediterranean region and constitutes an important source of revenue for Cyprus.”Read full article
Minister of Foreign Affairs, Mr. George Lakkotripis recently reported to the Cyprus News Agency (CNA), that significant progress has been made in the discussions regarding licensing energy field no. 7 to the TOTAL-ENI consortium. He added however, that some legal issues are pending for final settlement.Read full article
Last week, during talks held in Beirut between the Cyprus Foreign Minister, Mr. Nicos Christodoulides and Energy Minister, Mr. Yiorgos Lakkotrypis and their Lebanese counterparts Mr. Gebran Bassil and Mr. Nada Boustani it was agreed that the two countries will commence negotiations on the exploitation of natural gas reserves in their exclusive economic zones (EEZ).Read full article
Britain’s eventual exit (Brexit) from the European Union (EU) will consequently impact Cyprus and its economy due to their close financial relations. UK is one of Cyprus’ main supplier of goods and services. Also, Cyprus’ exports to the United Kingdom (UK) exceed 10% of its total. Moreover, Cyprus’ financial services collaborate closely with the City of London and most importantly, Britain has always been Cyprus’ main source for tourism.Read full article
In March 2019, the credit rating agency Fitch upgraded Hellenic Bank’s Long – Term Issuer Default Rating from B to B+ as a result of the the completion of the acquisition of certain good assets and liabilities from the Cyprus Cooperative Bank Ltd (CCB) as well as the €150m capital increase which the Bank carried out.Read full article
In a written statement, Government Spokesman Prodromos Prodromou said that important conclusions can be drawn from the 6th Post-Programme Surveillance (PPS) assessment report which refers to the huge progress of the Cypriot economy. “As it is noted, despite some signs of fatigue in the international economic environment, Cyprus stands out in 2019 with a strong growth of 4%”.Read full article
According to a recent article published by the Cyprus News Agency (CNA) in regards to Cyprus Natural Gas, Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla, told CNA that the intergovernmental agreement between Cyprus and Egypt for the “Aphrodite” gas field resulted to great interest from International Oil Companies, down streamers and financial institutions.Read full article
Moody’s rating agency, stated that there was a decline by €5.6 billion in non-performing exposures (NPEs) stemming from the resolution of the co-operative bank (CCB) and the transfer of its NPEs to an asset management company. The rating agency stated that the decline is is a credit positive for the Cypriot banking system because it reduces asset quality risks and supports depositor confidence.Read full article
Non-Performing Loans (NPLs) in the Cyprus banking system marked a €5.6 billion reduction since the end of June 2018. NPLs dropped from a total of €16.6 billion to €11.02 billion in September 2018, as Hellenic Bank acquired the performing part of the Cyprus Cooperative Bank, converting it to an asset management company.Read full article
According to recently published data of the Statistical Service of Cyprus, trade deficit declined by €182.3 million from January to September of 2018. Cyprus’ trade deficit dropped to €3,049.5 million in January-September 2018 from €3,231.8 million in the corresponding period of 2017.Read full article
Targeting 14 important reforms, President of Cyprus Mr. Nicos Anastasiades presented his vision and the new model for the Cyprus Economy at the 91st Annual General Assembly of the Cyprus Chamber of Commerce and Industry, in Nicosia, Cyprus. These reforms, he said, aim to change the image of the country over the next few years with first on the list being the National Health Scheme, the initial phase of which is set to begin in June 2019.Read full article
The Minister of Tourism, Mr. Yiorgos Lakkotrypis, addressing the annual World Travel Market, held in London’s ExCel exhibition centre, mentioned that 2018 is yet “another exceptional record year” for tourism in Cyprus and that the country is expected to reach 4 million tourists in 2018Read full article
Last Monday, Finance Minister Harris Georgiades presented the state budget of 2019 to the Members of the Parliament (MPs) and stated that there is no indication of an economic bubble. He projected Cypriot economy to grow more than 3% over the next three years and further noted that university education, research and innovation are the next areas to focus on.Read full article
Cyprus has introduced an incentive scheme for Cypriot and foreign producers whereby companies will be eligiblefor tax allowances and credits to encourage the production of films in Cyprus. The scheme provides incentives, cash rebates and tax credits of up to 35% on qualifying production expenditures and also estimates a further 20%tax allowances for investment in infrastructure and equipment.Read full article
The 2nd Capital Link Investment Forum took place last Friday, September 28th, 2018 at the Metropolitan Club in New York City. In the presence of Cyprus’ President Nicos Anastasiades, the island’s global business and investment destination opportunities were presented to international investors, as well as economic stakeholders.Read full article
Shortly following Cyprus’ sovereign rating back to investment grade by the agency Standard & Poor’safter being rated as junk for more than 6 years, the government announced on 18 September 2018that it will proceeded with the issue of a a new 10 year bond of € 1.5 billion at a rate of 2.375% (2.40%).Read full article
The rating agency, Standard and Poor’s (S&P) upgraded last week Bank of Cyprus’ long-term credit rating to B+ from B following the Bank’s sale of non-performing exposures (NPEs) amounting to €2.7 billion and the pricing of a €220 million Additional Tier 1 Capital amounting to €220 million.Read full article
Speaking to the press in Larnaca on Sunday 22 July 2018, the Minister of Energy of Cyprus, Mr. Yiorgos Lakkotrypis said that all the necessary measures are being taken by Cyprus as to ensure that ExxonMobil’s exploratory programme in the island’s exclusive economic zone (EEZ) will proceed according to plan.Read full article
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.Read full article
On 22 March 2018, Cyprus and the UK signed a revised double tax agreement which is based on the OECD Model Convention and will replace the existing tax treaty between Cyprus and the UK that has been effective since 1975. The treaty was published in the Official Gazette of the Republic on 2 April 2018.Read full article
The Martens Center of the European People’s Party (EPP) analysed in a recent report the circumstances that have led to the economic recovery in Cyprus after the 2013 economic crisis. Commending the “ambitious and consistent implementation of necessary reforms”, the report also highlighted the fact that the country should continue with further vigilance.Read full article
According to a Eurostat report (the Directorate-General of the European Commission) released on Wednesday 24 January 2018, Cyprus recorded the second largest debt decrease in quarterly basis (-2.9%) and the largest decrease in annual basis (-7.4%), among 28 European Union countries.Read full article
According to a recent report by the Statistical Service of Cyprus (Cystat), tourism revenue increased by 11.9% in the first ten months of 2017. Cystat reported that, on the basis of the results of the Passenger Survey, tourism revenue reached the amount of €277,1 million in the month of October 2017 compared to the €266,0 million in the corresponding month of the previous year (+4.2%).Read full article
On Monday, November 20th 2017, President of Egypt Abdel Fattah el-Sisi arrived to Cyprus, a day ahead of the Trilateral Meeting among Cyprus, Greece and Egypt which takes place in Nicosia, with the participation of Anastasiades and Sisi, as well as Greek Prime Minister Alexis Tsipras.Read full article
Last Sunday the 05th of November 2017, Cyprus President Mr. Nicos Anastasiades met with TOTAL`s Chairman and CEO Patrick Pouyanne and Vice President of the Middle East and North Africa division Elias Kassis. Following the meeting was the announcement that the French energy giant will soon begin operating in block 6 of Cyprus` Exclusive Economic Zone (EEZ).Read full article
Friday, 27 October 2017 in a press release the Ministry of Justice stated that the Republic of Cyprus adopted all international measures against the legalisation of income from illegal activities and the relevant Cypriot legislation is very strict. The Ministry of Justice mentioned how Cyprus is stricter in certain areas than the legislation in place in other countries.Read full article
Cyprus’ economy recovery seems to maintain a positive momentum since Fitch Ratings Agency has once again upgraded the island’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to BB (from BB-) with a positive outlook. According to their official report, IDRs reflect the following key rating drivers and their relative weights:Read full article
Addressing the opening of the Maritime Cyprus 2017 Conference in Limassol, President Nicos Anastasiades pointed out that further strengthening and improving the competitiveness of the Cyprus flag and maritime sector is one of government’s top priorities, with the ultimate goal being the flexibility and speed of decision-making, the improvement and upgrading of state services provided, the promotion of the Cyprus flag and the strengthening of the cooperation with the private stakeholders involved.Read full article
On the 29th of September 2017 in a press release, the European Commission and the European Central Bank called on Cyprus to renew the reform effort, continue fiscal discipline and quicken the drop of the high stock of non-performing loans in a bid to sustain economic growth. They recognised that the economic growth surpassed the expectations, facilitating better than expected fiscal surpluses for the public sector.Read full article
The Natural Gas Public Company (DEFA) has been given permission to proceed with the retention of consultants to finalize plans for Liquefied Natural Gas (LNG) imports. DEFA’s plan is to be able to import LNG by the end of 2019 so that electricity production in Cyprus can switch to gas-fired power generation early 2020.Read full article
On the 28th June 2017, the agreement for the establishment of an integratedcasino resort in Cyprus was signed by the President of the National Gaming and Casino Supervision Commission, Mr. Christos Mavrellis, and a representative of the Integrated Casino Resorts Cyprus Limited consortium consisting of Melco International Development Ltd, Seminole HR Holdings LLC (Hard Rock) and CNS Group (Cyprus Phassouri (Zakaki) Limited).Read full article
The IMF’s mission visited Nicosia during March 27–31 for the first post-program monitoring (PPM) discussions since Cyprus exited the bailout scheme last year. The PPM forms part of the IMF’s regular monitoring process of countries with significant outstanding IMF credit, focusing on the ability of the said countries to repay the Fund.Read full article
The Invest in Cyprus Forum, which took place last Wednesday, March 22nd 2017, in New York, was attended by dozens of business people and investors from Cyprus, Greece, the US and other countries. Speaking at the event, President Nicos Anastasiades said that the island is well on its way of re-establishing full confidence in Cyprus by the international investor community.Read full article
On Friday, 17 March 2017, Standard Poor upgraded the Cyprus long-term credit rating to BB+ from BB marking the second consecutive upgrade since September 2016. The upgrade confirms the Cypriot economy`s growth prospects as well asthe stable and sustainable fiscal path and reaffirms the government`s commitment to a balanced budget policy.Read full article
According to a recent Moody’s report entitled: "Banking System Outlook– Cyprus; Stronger Funding And Gradual Improvements In Asset Quality Drive Our Positive Outlook," Moody's Investors Service maintains its positive outlook on the Cypriot banking system, a fact that shows their anticipation for the evolution of the bank’s creditworthiness over the next year and further funding and loan quality improvements.Read full article
The government of the Republic of Cyprus is about to introduce a new legislation which “will introduce an improved and more credible, effective and competitive framework in collective investments,” said Minister of Finance Mr. Harris Georgiades during his speech at the Cyprus Investment Funds Agency (CIFA) annual general meeting.Read full article
Petros Theodotou is the founder and CEO of ServPRO. He has completed his studies in London as a Chartered Certified Accountant and is a fellow member of the Association of Chartered Certified Accountants (FCCA). He is also a Registered Auditor and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). Petros is on the Board of Directors of a leading IT group of companies and appointed director in local and international organisations, participating in their management. Petros has extensive experience in senior managerial positions in the accountancy profession and the industry, predominantly in the fields of accounting and finance, audit and assurance, taxation, consulting and management.
Nicolais Yiannaki is a Partner and Director at ServPRO. She is a fellow member of the Chartered Association of Certified Accountants (FCCA), as well as the Institute of Certified Public Accountants of Cyprus (ICPAC). Nicolais holds valuable experience and expertise in the fields of accounting, audit, internal audit, taxation and consulting. Prior to joining the firm, she had been operating her own Accounting firm in Cyprus and has held top managerial positions for big organizations, operating in the fields of construction, real estate, investments, IT, hotel management, audit and accounting firms as well as lawyer firms.
Michalis Christou joined ServPRO in 2015 and is currently the Audit Manager of the Audit & Assurance department. He is a Chartered Certified Accountant (ACCA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). Michalis has obtained his Bachelor’s degree in Accounting at the European University Cyprus and also holds various certifications and diplomas. He has many years working experience in the profession in the fields of audit & assurance both for local and international companies as well as in accounting, financial reporting and taxation.
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Founder and CEO
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