Category Archives: News

CFA Informative Circular #1/2018

Meeting of the Parliamentary Committee of Energy, Commerce, Industry and Tourism held on Tuesday 9th October 2018

A. Subject: Summary of proposed amendments to current legislation (in translation):

  • The Companies (Amended) Law no.2 of 2018
  • The General and Limited Partnership and Trade Names (Amended) Law of 2018
  • The Companies (Amended) Regulations of 2018
  • The Companies (Fees) (Amended) Regulations of 2018
  • The General and Limited Partnership and Trademarks (Amended) Regulations of 2018
  • The inward and outward Redomiciliation (amended) Regulations of 2018
  • The Societa Europea (SE) Regulations of 2018

B. Aim of the proposed amendments:

  • In the context of advancing the Registrar of Companies department, the proposed legislation effectively seeks to restructure submission forms connected to companies, partnerships, trade names, foreign or European companies, as well as the internal procedures followed by the department.
  • The proposed legislation ultimately seeks to simplify all procedures, decrease administrative costs involved, as well contribute towards Cyprus becoming a more attractive destination to the business world, especially when it comes to initiating business activity. Ultimately this aims to enhance the overall competitiveness of the jurisdiction and the utmost compliance to the current legislation.

C. Content of the amendments:

In practical terms, the key amendments to note are the following:

  • Stamp duty 0.6% on the authorized share capital is abolished entirely as a measure to increase competitiveness of the jurisdiction and attract new business;
  • Submission forms are now accompanied with explanatory notes to ensure correct completion is achieved – Contents are simplified.
  • Procedure to remove the word ‘limited’ is simplified: does not require the consent of the Ministry any longer. Included in HE1 form.
  • HE1 shall now be extensive to include registered address, secretary, members, share capital and list of attached documents. Affidavit requirement is removed.
  • HE2: introduction of a penalty for late submission (14 days)
  • HE12: introduction of a penalty for late submission (14 days)
  • HE57: introduction of a penalty for late submission (14 days)
  • HE32: introduction of a penalty for late submission (28 days)
  • HE4: introduction of a penalty for late submission (14 days)
  • Introduction of template regarding mergers, objection to company strike off.
  • Provision for the creation of an electronic newspaper of the ROC department
  • Publications should no longer be made in the Gazette, rather than the electronic newspaper of the Registrar.
  • Introduction of the concept of administrative reinstatement of a company within 24 months of strike off: this is a new concept introduced via the amendments by which any interested party (employee, creditor, tax office etc) may apply to the ROC within 24 months to reinstate the company WITHOUT having to resort to the court.
  • AE5/AE6/AE8: introduction of a penalty for late submission.
  • Trade names/partnerships: if they omit to provide documents requested by the ROC within 6 months, then they are removed from the registry.
  • Simplification of requirements for natural persons registering trade names.
  • Redomiciliations: MEA and ME1 are now consolidated – simplified / abolishment of requirement to submit a separate list of officers and members – it will now be part of the form for completion. ME2 and ME3 shall also be under one document.
  • Abolishment of affidavit requirement for the initiation of business activity (incorporations/redomiciliations/branches/SE formation/public companies).
  • Allotments made in kind: no longer need to provide supporting documentation.

D. Comments:

  • Amendments to be voted by the Parliament in October/November.
  • It was agreed by all members and representatives that the amendments seem beneficial to the current regime, and they opt for a much-needed modernization of the internal procedures followed by the Registrar of Companies department.
  • The new amendments focus on the electronic system of submission and given the success to implement, are expected to create a user friendly and efficient system.
  • Certain forms (such as HE1 for example) can only be implemented subject to installation of new software by the Registrar which is expected to be completed within 3 years from now, which can potentially be a disadvantage as to how soon the new amendments can be adopted.
  • Overall the submission documents are transformed, re-designed and consolidated in an efficient and comprehensive manner, explanatory notes contribute towards minimizing mistakes and circulation of documents through returns, clarifications etc.
  • Most important amendments were noted to be the mechanism of administrative reinstatement without the need of court order, the elimination of 0.6% stamp duty on the authorized share capital and the introduction of penalties for late submission.
  • The new regime seems very promising indeed, however always subject to how effectively and quickly it can be implemented, considering it is conditional on the replacement of the ROC software.
  • It was further noted that if the amendments are voted for, a period of 1 (one) year shall be allowed for full compliance, until all the relevant bodies are fully informed and ready to implement.

On Behalf of

CFA Legal & Tax Committee

23rd October 2018

Disclaimer: The information provided hereby by the Cyprus Fiduciary Association is for informational purposes only and is intended as guidance. The proposed changes/amendments are still subject to approval by the Parliament of the Republic of Cyprus and can be subject to changes or further amendments. Information provided hereby should not be construed as legal/investment/tax/economic advice and should not be relied upon as such. There are no representations or warranties made as to the accuracy of any information provided therein. The Cyprus Fiduciary Association will not accept any liability for any loss or damage arising as a consequence of reliance on such information. The Association does not guarantee that the information included is correct, accurate, complete or non-misleading and specific advice should be sought.

CLAMPDOWN ON COMPANIES LACKING SUBSTANCE

August 03 2018 | Contributed by Elias Neocleous & Co LLC

Corporate Tax, Cyprus

Shell and letter-box companies
Tax factors
Fundamentals of substance and ways to enhance it

Recent developments have underlined the need for businesses to have real substance in order to operate and benefit
from tax residence in Cyprus. Lack of proper substance may not only lead to the denial of benefits under double tax
agreements or EU directives, but may also mean that the company is unable to operate a bank account in Cyprus.

Shell and letter-box companies

On 14 June 2018 the Central Bank of Cyprus issued a circular to credit institutions that it regulates, advising them
against opening new bank accounts or continuing existing accounts with companies that are regarded as so-called
‘shell’ or ‘letter-box’ companies. These guidelines are due to be incorporated into the Central Bank’s Anti-money
Laundering Directive in the near future.
A ‘shell’ company is defined in the circular as an entity which is not publicly traded and which:
• has no physical presence in its country of domicile, apart from a mailing address;
• has no established economic activity, little to no independent economic value and no documentary evidence to
the contrary;
• is registered in a jurisdiction in which companies are not required to file independently audited financial
statements; or
• has a tax residence in a jurisdiction recognised as a tax haven or has no tax residence.

‘Physical presence’ implies having real management located within a country, carried out by individuals possessing
the knowledge and experience needed to run the business. The existence of employees is another factor indicating
physical presence. While it may be necessary and useful for other reasons, representation by means of nominee
services provided by agents (eg, lawyers or corporate service providers) does not constitute physical presence.
The guidelines stipulate that trading companies with no effective place of business and management, and hence no
substance, will not be permitted to maintain bank accounts in Cyprus. Further, trading companies incorporated in
jurisdictions recognised as tax havens must become tax resident in an appropriate tax jurisdiction in order to
continue banking in Cyprus.
These restrictions do not apply to holding companies which own investments in shares, intangible or other assets,
including real estate or ships, companies undertaking group financing activities or acting as group treasurer or
companies established to facilitate currency trades, asset transfers or corporate mergers, provided that their
beneficial ownership is identifiable and they demonstrate that they are engaged in legitimate business.
Banks may opt to engage in a business relationship with a shell-company client, but must be able to justify their
decision and record this justification in the client file. They will need to follow a risk-based approach in dealing with
such clients. Banks are required to carry out a review of their customers to identify such companies, and must inform
the Central Bank by 31 July 2018 of the results of the review and whether they intend to continue their business
relationship with the entities concerned.

Tax factors

In addition to pressures from the banking authorities, tax authorities around the world are becoming increasingly
assertive and sophisticated, and are ready to challenge what they perceive to be abusive structures and arrangements.
With increased transparency and automatic exchange of information, Cyprus companies which do not have real
substance run tax risks, including the risk of:
• having their Cyprus tax residency status questioned;
• losing the benefits of Cyprus tax residence; and
• becoming liable to tax elsewhere.
A company lacking sufficient management and capital may be entirely disregarded by foreign tax authorities, running
the risk that – in addition to any taxes payable by the company in Cyprus – its income is imputed to the beneficial
owners in their own country and taxed there. The availability of a notional interest deduction in Cyprus incentivises
companies to increase their capital and economic substance, and to benefit from reduced taxation on new equity.
Companies with transactions with related parties increasingly face transfer pricing challenges, making transfer
pricing a compliance priority for entities carrying out cross-border transactions. Under the detailed transfer pricing
rules introduced in 2017, companies must demonstrate real substance in Cyprus in the form of adequate management
and capital.

Fundamentals of substance and ways to enhance it

The key pillars of substance are sufficiency of management and capital.
‘Sufficient management’ means having adequate corporate governance arrangements and directors with the skills,
knowledge and experience to run the business, who demonstrably make the important business decisions in Cyprus.
They must spend adequate time on the business of the company and must have real decision-making powers. They
must not be directed by company shareholders, but rather should act independently in the interests of the company.

Depending on the size of the business, the existence of an office in Cyprus, facilities and employees can be key to
enhancing substance. The operation of bank accounts, accounting and HR functions should take place in Cyprus. The
company may also actively take part in the local business community by joining:

• the Chamber of Commerce;
• the Cyprus International Businesses Association; or
• similar bodies.

The optimum degree of presence will be determined by the needs of the business. For example, if a holding company
holds only one investment and the only decision is to declare a dividend once a year, or if a financing company has
only one loan which is assessed once a year, the physical presence required is much less than for a larger business.
‘Sufficiency of capital’ means that the company has enough capital buffer to assume the risks of its operations.
Therefore, the company is not a mere conduit or proxy, and the profits or losses from the operations evidently belong
to it alone.

Any decisions made to enhance substance in Cyprus may also have an effect in other jurisdictions. Consequently,
these issues should be considered altogether, in the context of the entity or the group of which it is a part.
For further information on this topic please contact Michalis Loizou at Elias Neocleous & Co LLC by telephone (+357
25 110 110) or email (michalis.loizou@neo.law). The Elias Neocleous & Co LLC website can be accessed at
www.neo.law.

The materials contained on this website are for general information purposes only and are subject to the
disclaimer.
ILO is a premium online legal update service for major companies and law firms worldwide. In-house
corporate counsel and other users of legal services, as well as law firm partners, qualify for a free
subscription.

Author:
Michalis Loizou
Elias Neocleous & Co LLC

VAT Seminar: Holding companies and VAT: From A to Z (21 February 2018)

The Cyprus Fiduciary Association is organising one (1) independent half-day seminar (4 hours) titled “Holding companies and VAT: From A to Z”.

The seminar represents the ultimate A to Z guide for all professionals that handle VAT for Cyprus companies and other legal entities, such as accountants at all levels, financial controllers, tax consultants, tax managers and more. The Cyprus holding company is perhaps the most important tool offered in tax planning at the Cyprus level. The VAT treatment and potential VAT implications of such a holding entity have become increasingly complicated mainly due to decisions of the European Court of Justice.

When does a Cyprus holding company carry out economic activities for VAT purposes? When is a holding company obligated to apply the reverse charge principal, and when is it not? To what extent can a holding company claim input VAT? Are dividends considered to be an exempt form of income for VAT purposes?

  • Wednesday, 21 February 2018 – Columbia Plaza Venue Centre, Limassol

Please find below the brochure of the event along with the respective registration form. The registration deadline is Tuesday, February 20th.

CFA 2018 Seminar 1 – Brochure

CFA 2018 Seminar 1 – Registration Form

The 4th Professional Services Forum (17 November 2017)

On November 17th 2017, the Cyprus Fiduciary Association organised at the Hilton Park Hotel (Nicosia) the Fourth Professional Services Forum called “International Trends of Professional Services to International Businesses and HNWI and the Future of the Sector in Cyprus”.

The Forum aimed to bring together peer-level leaders from the tertiary sector of the Cypriot economy to present and discuss the latest developments and trends in the field. Now an established annual event, this year’s conference took a new approach to incorporate professionals from the broader spectrum of the industry. Cyprus is recognized as an international centre of excellence for the provision of professional services and this year’s event wanted to provoke constructive thinking within the local sector to help maximize the industry’s potential. The governing bodies of major corporations must reassess their corporate strategies in their continuous and ever-challenging quest to minimize costs and augment their returns. One of the themes of this year’s conference was to explore new sectors and new geographical opportunities within the professional services field in Cyprus.

The speakers presented topics of key interest to the International Business sector providing an overview of the international developments in wealth management of high net worth and ultra high net worth individuals, through the overview of international tax trends and transfer pricing. In addition, there was an analysis of the international and local data that have defined the Professional Services sector in recent years. Speakers also emphasised on the global private banking trends, tax regulatory implications and investment trends and the dynamic of Cyprus as a business and investment centre.

The 4th Professional Services Forum brought together banking and financial institutions, accounting/ audit/ tax companies, asset management, investment companies and law firms, as well as various international Financial Centre Executives.

For more information on the 4th Professional Services Forum, you may visit the website of IMH who was the coordinator of the event.

1 10 19 11 12 13 17 14 18 9 5 4 3 2     16    8                            7                     6

CFA Circular (June 2017) – Meeting with CySEC (30/5/2017)

The meeting was requested by the Cyprus Fiduciary Association, following the various issues raised during the CFA Think Tank that took place on April 5th, 2017, regarding latest developments in the AML Directive and the latest on-site visits of CySEC. The meeting was attended by the following:

  • CySEC: Demetra Kalogerou, Andreas Andreou, Charalambos Paraskeva, Marinela Georgiadou
  • CFA: Christos Michael, George Ioulianos, Athena Yiallourou, Michalis Loizou

Starting the meeting, CFA representatives noted that there are several matters that need to be clarified with the regulator in order to be able to advise and guide the members of the Association, accordingly. In addition, these matters need to be clarified so that CySEC can address the issues with the other two Regulators in order to obtain the same level of monitoring throughout the ASP sector.

The following issues were discussed:

  1. Risk Based Approach (What are the minimum requirements?  What are the expectations of the regulator? Is there any particular form or program which can be used?)

As per CySEC representatives’ recommendations, the consultation paper of the Joint Committee of the European Supervisory Authorities (October 2015) can be used as a base for the drafting of a Risk Based program of the ASPs, as well as certain recommendations that will be included in the amended Cyprus AML Legislation (which should be completed by the end of June 2017).

Following the request  for more specific guidelines from the Regulators, CySEC representatives suggested CFA, after the issuance of the new Legislation, to provide CySEC with a draft document stipulating the minimum factors for an acceptable Risk Based Approach for review and comments. As suggested, the document should be negotiated with the other two supervisory authorities in order to address a common approach to the subject.

  1. Transaction Monitoring

CFA members mentioned that ASPs are not Financial Institutions, like Banks and Investment Entities, and that real-time monitoring of monetary transactions is not within the scope of the services provided.

Although it is understood that as Directors there is obligation to have knowledge and maintain control of an entity’s activities in order to prevent the misuse of the entity for illegal purposes, daily control of monetary transactions is very difficult to achieve due to the volume of the work and the nonexistence (at least in Cyprus)  of an automated system which will allow such a detailed record keeping.

Several suggestions were mentioned, e.g. Excel spreadsheets for each client, Quarterly monitoring by Bank account reconciliation, etc. CySEC representatives insisted that this is an obligation of the ASPs and monetary transactions should be controlled at all times.  They have requested CFA to present to them a report of how other Regulators deal with this particular requirement and provide suggestions for discussion.

  1. 4th AML Directive

CFA representatives noted that the consultation paper was sent to the members with short notice for comments (on Friday 26/5/2017 for Thursday 1/6/2017) and more time should have been provided. Nevertheless, members of the AML & Compliance Affairs Committee of CFA have prepared a paper with suggestions for CySEC, which will be delivered before the noted deadline.

  1. Source of Income/ Source of Wealth

After discussion, it was resolved that the required information should be documented in relation to the risk factor of the client and that there are a number of documents and public information, which can be obtained in this respect, e.g. CV, Bank Statements, Title deeds, Tax Return, Internet search findings, other information systems (SPARK, World Check, Feasibility studies, Kroll reports etc.).

All documented evidence should be duly recorded in support to the above.

  1. Record Keeping

It was clarified that in relation to AML, the record keeping period is at least 5 years except of accounting information which should be kept for 7 years, as per Tax Law requirements.

Other matters discussed:

  • Ms. Kalogerou informed us that she had a meeting with members of the Cyprus Organisation for Standardisation regarding ISO certifications that can apply to the financial sector. Particularly, they mentioned the ISO 27/2001 standard, which is in compliance with the new Personal Data Protection Act that will be applicable from 1/2018 to all EU countries. She mentioned that a recommendation will follow from CySEC to all regulated entities in this respect.
  • Christos Michael made reference to another ISO standard (34/2001) that is suggested for all companies that would like to have the ‘Fund Administrator’ licence. Ms Kalogerou stated that the new legislation is still under review and that the requirements for fund administrators are still to be examined.

Closing the meeting, Ms Kalogerou stated the important role of CFA and that it would be ideal if all CySEC regulated entities were members of the Association. Ms Kalogerou said that the Commission will find the ways to suggest the CFA membership to its regulated entities.

Meeting with the Central Bank of Cyprus (3 May 2017)

Representatives of the Cyprus Fiduciary Association had a meeting with Mr Marios Neoptolemou, Head of the On-Site Inspection Function of the Supervision Division of the Central Bank of Cyprus (CBC), and his team, on Wednesday, May 3rd, at the offices of the CBC. The meeting was requested by CFA following the ‘Think Tank’ meeting of the Association on April 5th, in order to inform the people in charge at the CBC of the various issues faced by the fiduciary sector.

The representatives of CFA initially gave an overview of the mission and targets of the Association and explained the role and activities that CFA undertakes. After congratulating Mr. Neoptolemou on his new duties, the president of CFA, Christos Michael, emphasized the significant role of the Central Bank of Cyprus as the most experienced and established regulator in Cyprus, and stated that CBC needs to facilitate the coordination and development of the regulation in financial services in Cyprus.

Mr Marios Neoptolemou, after thanking CFA representatives for their visit, stated the need for continuous development in the country’s monitoring activities, since, despite the efforts and the introduction of strict compliance regulations, Cyprus is still under the spotlight.  CBC, as  the main representative of Cyprus  abroad, has to be very careful on how it treats developments in this respect. Mr Neoptolemou gave an update on the following matters:

  • The adoption of the 4th EU AML Directive in the existing Cyprus AML Law is almost completed and the 2nd draft is already under consideration.  All major amendments regarding Beneficial Ownership, the Risk Assessment procedure, and the implementation of the UBO Registry, will be adopted. Especially for the latest, Mr Neoptolemou said that, although not confirmed, the Trust Registry most probably will be maintained by the three regulatory authorities (CySEC, ICPAC, CBA), and for companies the most favoured scenario is that it will be maintained by the Registrar of Companies. It is expected that the registries will be available to the FIUs (Financial Intelligence Units), Regulators and any other person able to demonstrate legitimate interest, although no final decision on the access rights was made.
  • After the circular of CBC in April 2016 in regard to the need of Commercial Banks to have a Face to Face meeting with their clients (a measure to assist in the restoration of the international  image of Cyprus) the evaluation of the ASPs is now more simplified in terms of the annual review and no further evaluation is now required.
  • The 10% UBO threshold, which applies in Cyprus (as opposed to the 25% implied in the EU directive) will only be addressed upon the finalization of the 5th EU AML Directive, which addresses the issue again. As per Mr Neoptolemou, it would not be wise to proceed with any amendment at present. The issue is expected to be resolved by the end of the year.

The two parties agreed that a common ground for the risk assessment of the clients of all ASPs and the Banks needs to be developed in order to minimize the differences in this respect among ASPs of any of the 3 regulators. Mr Neoptolemou mentioned that there is an extended Technical Committee with the participation of all regulatory authorities and that this issue can be discussed there. The assistance of the Central Bank  is considered important in this respect. Mr Neoptolemou also mentioned that the complications of having 3 regulatory authorities for ASPs were noted during the National Risk Assessment (NRA) process. The NRA is at the finalisation stage and the Central Bank with the FIU are leading the project.

On another note, Mr Neoptolemou stated that the Banks would need to ensure that there is a rational for complicated shareholding structures and this should be supported with the relevant  information i.e. tax advise etc.

CFA representatives also enquired whether there are any initiatives/ projects by the Central Bank of Cyprus or other authorities for utilisation of new technologies like Blockchain and Smart contracts for the benefit of Cyprus as a jurisdiction, bringing as an example the Delaware state of the US. Mr Neoptolemou advised that there are some talks about the utilisation of new technologies but are currently at a primitive stage.

Finally, Mr Neoptolemou stated that any matters arising from the implementation of the 4th EU AML Directive, should be promoted with the proper consultation, guidelines and training from all Regulatory Authorities in order to assist the regulated entities and their employees.

CFA Circular (April 2017, 02) – CFA Think Tank

The Cyprus Fiduciary Association organised a meeting for the top management of our member firms to act as a think tank for the future of our sector (April 7th at the St Raphael Resort, Limassol). The aim was to give our members the opportunity to state the issues they face with their daily operations, their concerns with the developments in the international business sector, but to also express their views on how Cyprus and the Association should progress in the future. The meeting was very fruitful with the following issues being noted:

Bank accounts blocked without notice: The members stated that this practice destroys the reputation of Cyprus and looks very bad with clients. The following actions were suggested:

  • CFA to inform the banks and the Central Bank of Cyprus of the issues we are facing and explain the consequences of these actions.
  • Quantify the problem and present it to the government and the central bank in order to understand the problem and the impact.

Administrative Services Providers neglected by authorities: The members stated their concern about the international business sector and the fiduciary providers not being valued and appreciated as much as they should, based on their contribution to the GDP of the country. The following actions were suggested:

  • CFA to be more aggressive in its communication.
  • CFA to lobby with the right people and make the ASPs’ voice louder.
  • Show numbers of the impact of the sector to the Cyprus economy.
  • To teach the governmental authorities and politicians of what the fiduciary sector is and its importance to the Cyprus economy.

Effectiveness of CFA: The members expressed the opinion that CFA could be more effective in its role as representative body of the fiduciary sector. The following actions were suggested:

  • CFA to attract more members in order to strengthen the ASPs’ voice (even smallest ASPs can increase the leverage to decision makers)
  • To enhance the CFA technical committees by explaining to members the committees’ importance, the benefits of participation, prior achievements and activities of committees, and targets set for the future.
  • To create reliance on CFA by contributing in the drafting of bills, the reviewing of amendments laws, production of numbers, etc.
  • CFA member meetings to be held more frequently (2-4 times a year) in order to give the opportunity to ASPs to voice their issues and suggestions.
  • To provide regular updates on the actions of the board and the committees so that the members understand and appreciate the efforts and work produced by the Association.
  • To develop promotional activities for Cyprus abroad.

Other issues mentioned during the meeting:

  • Upcoming establishment of Registry for UBOs and implications that this registry will have on the international business sector.
  • Calculation of turnover of accounts for the RBS-F report of CySEC and the difficulties faced by ASPs in monitoring bank movement of clients’ accounts.

The Board of Directors of the Association, following the meeting with the members has decided to proceed with the following actions:

  1. Arrange a meeting with the Head of Compliance Department of Central Bank of Cyprus to discuss the latest developments.
  2. Continue coordination with the Cyprus Investment Promotion Agency (CIPA) in addressing the issues created by the banks’ practices.
  3. Keep pushing the government for the collection of specific statistical data for the international business sector.
  4. Proceed with a survey among CFA members in order to collect necessary numbers for supporting the important role of the Association.
  5. Arrange a meeting with the Chairman of CySEC in order to address various current issues.
  6. Intensify the efforts for lobbying by arranging meetings with authorities and political parties.
  7. Continue our efforts for cooperation with ICPAC and Cyprus Bar Association for joining forces and coordinating on the promotion of Cyprus.
  8. Arrange further meetings with our members.

The Cyprus Fiduciary Association intends to proceed accordingly with the above actions and keep its members informed on any progress made.

20170405_161322_1491458451087_resized  20170405_161253_1491458455228_resized 20170405_161243_1491458453914_resized2017-04-05 16.15.14

CFA Circular (April 2017,01) – Meeting with Frances-Galatia Lanitou, Head of Economic Diplomacy of Cyprus

The Cyprus Fiduciary Association held a meeting with Ms Frances-Galatia Lanitou on April 7th, 2017, at her office at the Ministry of Foreign Affairs. Ms Lanitou is the Head of Economic Diplomacy of Cyprus, currently undertaking the initiative of promoting Cyprus and its economic sectors all over the world through our diplomats abroad, who are being educated on the benefits and opportunities provided by our country. To this end, we requested a meeting with Ms Lanitou in order to inform her of the international business opportunities in Cyprus and offer our services to their mission.

During the meeting, we had the opportunity to inform Ms Lanitou about the latest developments and challenges in the international business sector in Cyprus, but also to discuss the need for coordinated action in order to develop Cyprus even further and be able to effectively promote our country abroad. We were very pleased to learn about the diplomatic efforts but also the plans of Ms Lanitou to work on an ambitious project for coordinating the business activities in the country in order to facilitate foreign investments. The meeting ended with the promise of closer cooperation and the arrangement of further meetings with other stakeholders in order to continue working towards the development and promotion of Cyprus.

CFA General Manager interview to the online portal Gold News

The General Manager of the Cyprus Fiduciary Association, Mr. George Ioulianos, gave an interview to the Gold News online portal  following the 3rd annual CFA Forum that took place on November 25th, 2016.

In his interview, Mr. Ioulianos gave an overview of the current developments in the Fiduciary and International Business sectors and stressed the importance of devising a Strategic Plan along with all the sector stakeholders.

To read the full interview click on the link here.