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An established investment fund and asset management hub
Andreas Yiasemides, President, Cyprus Investment Funds Association (CIFA)
With solid record, Cyprus has emerged as a reliable destination for investors
Investment funds are considered one of the Cypriot economy’s most promising and fastest-growing sectors. Amidst this period of extreme market volatility and geopolitical instability, the sector shows significant strength. Despite pressures caused by the war in Ukraine that also triggered an energy crisis, a raw materials and food crisis, and double-digit inflation in many countries, Cyprus continues to grow as an international hub for investment funds and fund managers.
According to the Cyprus Securities and Exchange Commission (CySEC), by the end of the first half of 2022, total assets under management reached EUR 10.6 billion, which translates into a 307 per cent overall increase from 2016. At the same time, Cyprus is evolving swiftly into a cross-border hub for investment funds, with most assets being invested outside Cyprus. Considering that only Ireland, Luxembourg, and Malta display higher percentages, it is a remarkable achievement for a jurisdiction that started developing less than 10 years ago.
There are many more indications that Cyprus is now recognised internationally as a fund jurisdiction. We are very proud that Cyprus was selected to host the International Investment Funds Association – IIFA annual conference for 2023. CIFA will welcome members of IIFA from 40 countries, such as the USA, Canada, India, Japan, South Korea, and EU member countries with assets under management exceeding 71 trillion dollars. There is no doubt that Cyprus has established itself as one of the top destinations for investment funds and asset managers.
The country’s competitive advantage lies in a combination of factors that combine to make it a unique fund jurisdiction. These are:
- European status and access to the European market. As a European Union Member State, Cyprus offers a harmonised regulatory regime for investment services, as it has adopted the UCITS, AIFM, and MiFID Directives).
- A cost-effective and tax-favourable solution with more than 60 Double Taxation Avoidance Agreements in place.
- The local industry comprises an English-speaking and highly educated workforce while setting up and managing a fund costs are significantly lower than in other EU jurisdictions.
Equally pertinent, especially for organisations from the Middle East, is the country’s geostrategic position. Situated at the crossroads of three continents, Cyprus is an ideal location for funds seeking access to the European market and international funds looking to invest in the MENA region.
As Cyprus is witnessing a real impetus in developing its political and economic cooperation with the GCC countries and with the UAE in particular, we are confident that our country is the ultimate choice for setting up and managing asset management structures in the region.
CIFA is a full member of the European Fund and Asset Management Association (EFAMA), the representative association of the investment fund and asset management industry in Europe, an Associate Member of the International Capital Market Association (ICMA), and a member of the International Investment Funds Association (IIFA). CIFA stands ready to assist institutional investors, family offices, wealth and asset managers, and other interested parties from the MENA region looking for the ideal base to set up their operations and business structure.
For more information on what Cyprus can offer to Investment Funds, visit www.cifacyprus.org/ contact our dedicated team at +357-22-441133, or e-mail info@cifacyprus.org
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