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Bloomberg: Cyprus has become a gateway to Europe

By | cip, Cyprus, Investment, Latest Posts

Assets under management up 29% in first quarter to record high

Drawn by its location — straddling the regions of Europe, the Middle East and North Africa and with access to Eastern Europe, Russia and former Soviet republics — flexible legislation and lower costs, Asian funds are using Cyprus for their single European Union passport for investment across the bloc.

“There is an increasing trend for funds from countries who traditionally didn’t have strong economic ties with Cyprus such as China, India and even Japan, to establish a base in the country as their gateway to the EU,” Andreas Yiasemides, Vice President of the Cyprus Investment Funds Association, said in an interview in Nicosia.

The number of investment funds and assets under management have hit record highs, according to the Central Bank of Cyprus. At the end of March the number of funds rose to 123 from 110 at end December. Total assets under management rose by about 29 percent to 4.45 billion euros ($5.24 billion) from 3.45 billion euros. In Dec., 2008 there were 55 funds with 1.23 billion euros in assets under management.

 

Investment funds are increasingly attracted to the island

Interest for the setup and authorization by the Cyprus Securities and Exchange Commission of alternative investment funds runs strong, its Chairwoman Demetra Kalogerou said.
“There are 60 applications at this moment for different fund structures,” she said. “Of these, 44 have been pre-approved, subject to fulfilling certain conditions.”

 

Flexible legislation

While Cyprus’s existing funds framework legislation applies EU directives and regulations, the country is introducing additional changes to make the island even more attractive for investors and fund and asset managers to register and manage funds, said Marios Tannousis, Board Member and Secretary of CIFA.
These include legislation that will enable investors to know from the beginning the tax regime applied to the different types of funds, a fast-track procedure for launching so-called registered alternate investment funds and the establishment of a new category of investment managers known as mini-managers who will be licensed to operate below current alternative investment fund manager thresholds, he said.

Cypriot legislation for establishing funds is much more flexible than elsewhere in Europe, but investors remain well protected, Yiasemides said. Costs in Cyprus are much lower than elsewhere in the EU and that is very important for small and medium-sized fund managers that Cyprus is seeking to lure. “We can’t become Luxembourg from day one and so we aim to attract funds that take cost into account,” he said.

 

Domestic investment

A physical presence in Cyprus also means funds contribute to the country’s domestic economy, renting or buying offices and paying fees to the state. They can carry out investments, especially in real estate, Yiasemides said.

Kylin Prime Fund, a Sino-European manager, established the Kylinprime Investment Fund in Cyprus as an alternative investment fund for the island’s assets. It invests in real estate, land development and infrastructure projects in Cyprus, financial assets of Cypriot companies or Cypriot organizations, such as bonds, bills issued with Cysec approval, according to its website. It is also one of the very few funds authorized to raise capital under the Cyprus citizenship by investment program, the company says.

“We are receiving inquiries for domiciling funds in Cyprus from China and India, but also from the Middle East and Europe including from Switzerland, Italy, Greece and Germany,” Tannousis said. “There is also some interest from U.K. funds managers to have back up funds in the country as their EU base, ” he said.

— With assistance by Vassilis Karamanis

Source: Bloomberg

imperioproperties, pantheonhillresidences, pantheon, cyprusproperties

Pantheon Hill Residences: Enjoy Every Moment

By | Cyprus, Investment, Latest Posts, Pantheon Hill Residences

When a home brings an unmistakably contemporary edge to uptown living on the hills of Panthea in Limassol you should reset your expectations and live at Pantheon Hill Residences. The interior design itself is paired with high-end finishes to offer residents every convenience along with a host of brilliantly contemporary luxuries.

Discover the benefits of investing in a second home and acquiring the European citizenship or a Permanent Resident Permit (PR). Contact our well-trained Customer Service team for more information on the immigration programmes of Cyprus and our properties.

#CreatingMemories

 

theicon, limassolicon, imperioproperties, cyprusproperties, luxuryliving

The Icon: the joy of high-rise living

By | cip, Cyprus, Investment, Latest Posts, Uncategorized

54 immaculately designed residences are delivered fully finished with inspired interiors and outdoor living spaces designed by Imperio’s award-winning team.

All of these unique residences were designed to gracefully frame views of the city of Limassol, the coastline and the sky offering an effortless sense of ease and relaxation.

Discover the benefits of investing in a second home and acquiring the European citizenship or a Permanent Resident Permit (PR). Contact our well-trained Customer Service team for more information on the immigration programmes of Cyprus and our properties.

#CreatingMemories

Visit The Icon for more information.

Cyprus: One of the healthiest countries to live in

By | Cyprus, Latest Posts

The rankings for the 50 healthiest countries in the world have been revealed, with Cyprus being the 18th healthiest country in the world of the 163 countries analysed, meaning it is one of the top 20 healthiest countries to live in.

According to Igea Hub:

The Bloomberg Global Health Index is calculated taking into account variables such as life expectancy, causes of death, incidence of high blood pressure, high blood glucose, tobacco use, and physical inactivity. Other parameters taken into account are childhood malnutrition, mental health, vaccination coverage, greenhouse gas emissions.

Discover the benefits of investing in a second home and acquiring the European citizenship or a Permanent Resident Permit (PR). Contact our well-trained Customer Service team for more information on the immigration programmes of Cyprus and our properties.

New Board of Directors for the Limassol Chamber of Commerce and Industry

By | Cyprus

Yiannis Misirlis, Director at Imperio, was elected as a Member of Board of Directors of the Limassol Chamber of Commerce and Industry (LCCI) at the 56th Annual General Meeting, which took place on October 23rd at the Limassol Chamber. The tenure applies for the years 2017-2020.

The Annual General Meeting commenced with a speech by Mr Nicos Kouyialis, the Cyprus Minister of Agriculture, Rural Development and the Environment, representing the Government and spoke about issues related to the positive developments within the Cyprus economy. Mr Costas Galatoriotis was re-elected this year as President of the Board of the LCCI.

The LCCI was established in 1962, and currently represents over 750 companies, with the aim to protect the interests of Limassol’s business community as well as encourage the economic development and sustainable growth in Limassol.

Article can be found here.

 

Upcoming Development in Limassol

By | Cyprus

The interesting presentation “Limassol, Upcoming Development, pluses and minuses”, organised by the Limassol Architects Association at the Municipal Cultural Centre “Panos Solomonidis”, was completed today, June 2.

The aim of the presentation was to encourage a public debate on the need for an integrated and a sustainable development policy, in view of the rapid growth that transforms our city.

The position of Yiannis Misirlis, Deputy Chairman of the Cyprus Land and Building Developers Association and Director of Imperio Group, is based on the creation of an alternative development model with a long-term vision.

As he said in his presentation, “The right Urban Planning creates an alternative development model capable of responding to the needs of modern citizens. Tall mixed-use buildings create a community and are important in upgrading cities and improving the quality of city life. Tall buildings are necessary for Limassol. Not only do they upgrade the city, the environment and the product, but they also offer a lifestyle that citizens are increasingly looking for”.

In conclusion, “Limassol is changing and offers new challenges and opportunities. With a long-term vision and serious investment in architecture, urban design and development, we can create a wonderful world-class city”.

Cyprus outperforms Germany and the UK in anti-money laundering supervision, according to recent report

By | Cyprus

Earlier this year, Transparency International published a report called “Top Secret Countries Keep Financial Crime Fighting Data to Themselves”.

Transparency International studied 12 jurisdictions including Cyprus and big centres like Germany, Luxembourg, the Netherlands, UK and the US. It looked at data released in a range of different areas. The report is based on information available up to January 2017.

The report found that: “Cyprus disclosed the most complete set of anti-money laundering data among the 12 analysed countries, with information available for 14 out of the 20 indicators.” As for anti-money-laundering (AML) supervision, Transparency International said: “Cyprus and France presented the most complete data sets, covering aspects of monitoring, regulatory breaches and sanctions. No relevant data for the UK were found.”

Click here for the full report:
https://www.transparency.org/whatwedo/publication/7664