It will be humid by night and Thursday morning, with a chance of fog or mist formation over some internal and coastal areas
Cyprus has been a member of the European Union (EU) since 2004 and adopted the euro in 2008. For investors, EU and euro-area membership, combined with CIFA's membership in international organisations, means reassurance that they are operating within a rigorous legal framework that promotes transparency and protects investors. Among others, Cyprus implements the US Foreign Account Tax Compliance Act (FATCA) and was an early adopter of the Common Reporting Standard (CRS).
As a member of the Commonwealth with a common-law legal framework, we are also seeing new opportunities arising out of Brexit for investors seeking an efficient tax and legal system and a highly competitive cost base. Our costs are very competitive, both for fund set-up and maintenance.
To stay one step ahead, CIFA, the Cyprus Securities and Exchange Commission (CySec) and the Ministry of Finance continue to collaborate closely on enhancing the framework for funds in Cyprus. A new law has also been adopted in 2018 that allows the fast-tracking of Regulated Alternative Investment Funds (RAIF). There will also be new laws on Fund Administrators and on Mini-Managers, the latter allowing them to operate below current thresholds for Alternative Investment Fund (AIF) managers.
Currently 30 funds are now listed on the Thomson Reuters funds platform, which is visible to more than 20,000 global asset managers and related professionals while Clearstream, the global market leader in the settlement of market transactions and custody of securities has included Cyprus in their jurisdiction of doing business and investment through investment funds.
As a vote of confidence to Cyprus, the European Fund and Asset Management Association (EFAMA), whose members collectively manage more than 23 trillion Euros, selected Cyprus for the Annual General Meeting of the Association which was completed successfully in June 2018.
We are confident that the above mentioned milestones and important initiative will further enhance the already attractive framework for funds, putting Cyprus firmly on the world map as a highly competitive, white onshore jurisdiction, respecting all obligations of the EU and other international organisations.
CIFA is at the forefront of promoting Cyprus at home and abroad as a highly competitive location for the global investment funds industry. CIFA organises the popular annual International Funds Summit with the support of EFAMA, ICMA, CISI and Invest Cyprus. Currently in its fourth year, the International Funds Summit hosted prominent experts from abroad as speakers and attracted more than 500 participants.
CIFA, in collaboration with Invest Cyprus, also participates as sponsor to International Fund Forums in key cities across the globe such as London, Paris, Berlin, New York, Dubai, Shanghai while it also organises targeted road shows to promote the Cyprus Fund Industry in selected cities and markets.
CIFA remains at the disposal of institutional investors, family offices, wealth and asset managers as well as other interested parties from the MENA region to facilitate investments through the registration and management of investment funds that can invest in the region or in other high growth markets.
Marios Tannousis is Board Member and Secretary of the Cyprus Investment Funds Association (CIFA) & Deputy Director General of Invest Cyprus (CIPA).
For more information on what Cyprus can offer in Investment Funds, please visit www.cifacyprus.org or contact Marios Tannousis, at: +357-22-441133/ e-mail:firstname.lastname@example.org
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