Shipping Sector Cyprus

SECTOR PROFILE 

Maritime & 

Shipping 

Country Report CYPRUS 2020

Maritime & Shipping 


NAVIGATING 

HIGH SEAS 

A global success story for decades, the Cyprus shipping industry 

continues to stay focused and strong in the face of unprecedented 

challenges to global shipping due to the Coronavirus pandemic. 

Shipping is historically one of the 

most successful industries in Cyprus. 

The vibrant and resilient sector is the 

longest-serving generator of foreign 

direct investment and is primed for 

further growth. The country’s maritime 

industry contributes more than 

€1 billion to the economy annually, 

which translates to over 7% of GDP, a far higher 

figure than in other countries engaged in merchant 

shipping. Of this figure, shipmanagement 

alone accounts for 5%. 

Cyprus has the third largest merchant fleet 

in Europe and the 11 th largest in the world, the 

country is also the EU’s largest shipmanagement 

centre and amongst the top three in the 

world. With a sovereign flag of excellent quality, 

the country has become a preferred base for 

global shipping operations. Companies present 

in Cyprus today are some of the largest of their 

kind in the world and manage around 20% of the 

world’s third-party managed fleet, and the sector 

employs around 3% of Cyprus’ workforce. 

The country’s Shipping Deputy Ministry has 

had two years of successful operation since its 

inception in 2018, implementing new supportive 

measures and flexible mechanisms to upgrade 

Cyprus’ status as one of the most formidable maritime 

centres worldwide. A recent example was 

the reapproval of the specialised Cyprus Shipping 

Taxation System by the European Union, which 

was also unanimously approved locally by the 

House plenum in April 2020. This ensures the 

sustainability of the country’s shipping industry 

for the next decade – a factor crucial for the 

Cyprus economy. Also in 2020, Cyprus cemented 

its position on the Paris and Tokyo MoU ‘white 

lists’ in relation to the safety performance of flag 

administrations and joined the United States 

Coast Guard’s Qualship 21 list, which recognises 

the top performing flag states based on port state 

control performance. 

KEY 

contacts 

Shipping Deputy Ministry 

www.shipping.gov.cy 

Cyprus Shipping Chamber 

www.csc-cy.org 

Cyprus Union of Shipowners 

www.cus.com.cy 


GROWING APPEAL 

Cyprus has proven its consistent appeal as an 

attractive international shipping hub with the 

arrival of new shipping companies and businesses 

offering shipping related services – underlining 

the local industry’s enhanced competitiveness, 

stability and growth opportunities. The 

number of Cyprus-based companies has grown 

by 33% over the last two years. A prime example 

of this was the recent arrival of a new P&I Club, 

Steamship Mutual Underwriting Association 

(Europe) Limited, which has decided to underwrite 

all of its European business through its 

Cypriot entity. Also British shipping firm P&O 

Ferries decided to register its English Channel 

operating fleet under the Cyprus flag to take advantage 

of the benefits and security it provides. 

CORONA FACTOR 

Global shipping was one of the first sectors hit 

by the Coronavirus pandemic, as the majority of 

world trade is done with China and other Asian 

countries. Shipping companies were faced with 

difficult challenges in crewing and crew changes, 

approaching ports and implementing measures 

Our ultimate goal is to 

maintain and further 

enhance the competitive 

edge in shipping. In this 

context we are working 

towards the formulation of 

a comprehensive long-term 

national strategy for Cyprus 

Shipping, with vision and 

long-term objectives for 

the next two decades. We 

are also working on ways to 

provide further incentives 

to the shipping industry 

in its effort to meet the 

sustainability challenges 

and to cope with green and 

digital transformation of 

the sector. Cyprus is an 

established international 

maritime centre. This 

positive outlook in the 

global shipping world 

was a result of Cyprus’ 

strategic focus on shipping 

as a key sector of the 

economy. Providing top 

quality services is our 

highest priority and will 

be enhanced further 

through the continuous 

updating, simplification 

and modernization of 

procedures. The unique 

set of competitive 

advantages together with 

the excellent shipping 

know-how, coupled with 

the customer-oriented 24/7 

service provided by the 

Shipping Deputy Ministry 

are the foundations of the 

Cyprus maritime cluster 

which will assist us to face 

the current challenges. 

Vassilios Demetriades 

Shipping Deputy Minister 

to minimise exposure. With around 90% of 

global trade transported by commercial shipping, 

which moves food, energy and raw materials, 

as well as manufactured goods, components 

and vital medical supplies, it is crucial to keep 

supply chains going and the world’s ports open 

for commercial ships. 

The Cyprus shipping industry directly 

employs up to 60,000 seafarers from around the 

world and around 9,000 personnel onshore, more 

than half of whom are Cypriot graduates, attracted 

to the sector because of its professionalism 

and high salaries. With such a large number 

of crew on vessels facing the dangers 

of the Covid-19 virus, Cyprus 

also joined a global appeal to 

G20 leaders to facilitate crew 

changes and safeguard access 

to healthcare for these ‘unseen 

heroes’ and key workers of 

world trade. 

Although the financial 

impact of the pandemic 

is unavoidable, throughout this 

crisis the Cyprus Shipping Deputy 

Ministry (SDM) has remained fully operational, 

providing high-quality services and 24/7 support 

without any disruption to ensure all ships registered 

under the Cyprus flag will continue to 

operate in the most efficient way possible. 

ESTABLISHED MARITIME HUB 

A seafaring nation since antiquity, Cyprus began 

building its modern shipping industry in the 

early 1960s when it established its shipping registry 

and introduced legislation providing ship 

managers and owners with a competitive tax environment. 

Among the country’s other evident 

advantages are its strategic location at the crossroads 

of maritime transport lines between East 

and West, low operating costs, a highly educated, 

multilingual workforce and its sophisticated professional 

services industry. Cyprus is also signatory 

to all major international maritime conventions 

and has bilateral cooperation agreements 

with 25 countries, among them leading suppliers 

of labour. In 2019, Cyprus’ merchant fleet had 

1,734 ships with 24.6 million gross tonnage, the 

number of companies increased from 168 in 2017 

to 220 in 2019, with the number of shipmanagement 

operators rising to 50, placing Cyprus at the 

top of this category in the EU. 

The formidable Cyprus shipping industry 

has flourished without any state investment, although 

it enjoys strong state support. Cyprus’ 

two dynamic shipping associations – the Cyprus 

Shipping Chamber (CSC) and the Cyprus Union 

of Shipowners (CUS) – work closely with the 





state to constantly upgrade the maritime administration 

and to build up its competitive offering. 

Plans are now underway for the two associations 

to merge into one in a bid to create 

a more united front. The creation of a new and 

independent Shipping Deputy Ministry in 2018 

made the sector even more efficient, autonomous 

and business focused. The timing of the launch 

allowed Cyprus to capitalise on new opportunities 

for the sector from a developing natural gas 

sector and Brexit. These factors coupled with the 

country’s competitive tax incentives, has led to 

the relocation of a number of shipping companies 

to Limassol, the country’s maritime capital. 

Limassol has undergone a major transformation 

in recent years. Bustling cafes and restaurants 

fill its revamped historic old town while its long 

coastal road is now flanked by cycle paths, pedestrian 

walkways and prestigious, high-rise residential 

developments. Foreign shipmanagement 

executives enjoy the renowned holiday country’s 

pleasant lifestyle and its safe and family-friendly 

environment. An added bonus for shipping executives 

comes from recent legislation providing 

tax incentives for high-earning expats. 

COMPETITIVE TONNAGE TAX 

A major driver of the shipping sector’s success 

was put in place in 2010 when, after more than 

10 years of negotiations with Brussels, Cyprus 

secured an agreement for an upgraded and competitive 

EU-approved tonnage tax (TT) system. 

In 2020, this agreement was reapproved by the 

EU, and also unanimously approved by the 

House plenum, ensuring the stability of the tax 

framework until 2030 and maintaining Cyprus’ 

prominent position in the shipping arena both 

on a European and international level. 

The main benefit of the TT regime is the certainty 

it provides companies on their annual tax 

obligations, enabling them to do their business 

planning accordingly. While other jurisdictions 

might have less expensive TT regimes, Cyprus’ 

incorporates all three types of maritime activities 

– ship owning, shipmanagement and chartering, 

making it unique in the EU where other 

jurisdictions might specialise in just one or two 

of these areas. The Cyprus flag is also considered 

one of the highest quality EU flags available today 

and ranks at the top of various Port State Control 

Agreement ‘White Lists’. 

COMPETITIVENESS AND EFFICIENCY 

The creation of an independent Shipping Deputy 

Ministry, whose head reports directly to the 

country’s President, was a major milestone for 

the industry’s development, serving to further 

attract quality shipping companies and tonnage 

to Cyprus. Based in Limassol, the Shipping 

Ministry is the first ministry outside the capital 

city of Nicosia and as such is ideally located to 

work with the CSC and the CUS. The expertise 

and proactive approach of maritime specialists in 

both the private and public sector have long been 

the driving force of the local maritime cluster, 

which has supported the development of Cyprus 

into the world-class maritime centre it is today. 

The SDM created a roadmap to ensure Cyprus 

maintains its competitive edge. Its mission is to 

consolidate Cyprus’ position as a world-class 

maritime centre, and to protect the stable and 

business-friendly framework provided to foreign 

investors in shipping by further expanding the 

country’s registry and maritime cluster, improving 

maritime safety and environmental protection, 

implementing a blueprint for blue development 

and upgrading available services. 

Key to hitting these targets is to reduce bureaucracy 

and human error and to launch a 

single service centre for shipping companies. In 

addition, Cyprus has plans to expand its presence 

in leading ports around the world and is looking 

5% 

of the world’s fleet 

and around 20% of 

global third-party 

shipmanagement 

activities are controlled 

from Cyprus. 

Cyprus employs around 

60,000 

seafarers from around 

the world and 

9,000 

personnel onshore 


2020 has been 

a challenging 

year for 

the Cyprus 

shipping 

industry 

due to the global pandemic 

causing a major impact. 

Cyprus shipping, whilst facing 

serious challenges, stands on 

solid ground with the recent 

re-approval of its Shipping 

Taxation System and being 

a proven resilient sector can 

emerge out of this crisis 

even stronger, if given the 

appropriate financial support 

from the Cyprus Government 

and the EU through the 

Recovery Plan. A joint effort 

of the whole industry and 

state is necessary, in order to 

maintain the leading role of 

Cyprus shipping internationally. 

Thomas Kazakos 

Director General 

Cyprus Shipping Chamber 

There are a number 

of dedicated maritime 

institutes that promote 

research, technology 

and innovation, and 

contribute to shaping 

international policies 

for greener, smarter 

and safer shipping. 

at establishing a permanent representation in 

Asia due to the importance of China and Japan 

in world trade. The move would complement its 

current list of offices in Hamburg, Rotterdam, 

London, Piraeus, New York and its permanent 

representation in Brussels. 

The SDM is also rapidly embracing the use 

of new technology, including the digitisation of 

many services and offering them online to allow 

for ship owners and operators to save time. In 

addition, the Ministry and the industry strongly 

support innovation programmes that contribute 

to new shipping-related tech solutions. The 

country’s start-up and innovation sector has been 

growing in recent years, with many companies in 

Cyprus launching new technologies that could 

be integrated in the shipping industry, such as 

blockchain. 

A number of shipping companies based in 

Cyprus are already implementing blockchain 

technology during the development stage of 

their products and services, as it provides many 

practical solutions to daily business functions. 

Blockchain could help cut red tape and speed 

up prolonged procedures, such as waiting for 

certificates and authorisations from port authorities, 

and revolutionise the shipping industry with 

multiple benefits to importers, exporters, transporters, 

ship owners and governments by expediting 

document flows and making transactions 

more efficient and secure. The technology would 

also optimise costs, provide a more environmental 

way of doing business and help shipping companies 

avoid prolonged stays in ports that end up 

costing them a fortune. 

Another key objective for the SDM is to keep 

Cyprus visible on the world stage. The shipping 

industry is showcased internationally at the biennial 

‘Maritime Cyprus’ in Limassol, which attracts 

hundreds of shipping executives and professionals 

from around the world. Growing in prestige 

since it was first held in 1989, the event now 

serves as a leading global forum that influences 

maritime policy, regulation and shipping trends. 

The resident industry’s voice is also heard abroad 

through Cyprus’ active participation in various 

shipping-related fora, such as the International 

Maritime Organisation (IMO), the International 

Labour Organisation (ILO) and the European 

Commission, the International Chamber of 

Shipping (ICS) and the European Community 

Shipowners’ Association (ECSA). 

BLUE ECONOMY 

Cyprus is growing as a regional education and 

research hub, with maritime and marine education 

also gaining new momentum. There are a 

number of dedicated maritime institutes that 

promote research, technology and innovation, 

and contribute to shaping international policies 

for greener, smarter and safer shipping. 

The most recent launch is the Cyprus Marine 

and Maritime Institute (CMMI), an international, 

scientific and business Centre of Excellence 

for Marine and Maritime Research, Innovation 

and Technological Development that will 

be driven by the needs of the industry. The 

project received €15 million from the European 

Commission’s Horizon 2020 research and innovation 

programme, with another €15 million 

from the Cyprus government. The CMMI will 

focus on the ‘blue economy’ and cover a broad 

range of subjects. The research and innovation 

activities of the centre will be aligned with the 

Smart Specialisation Strategy of Cyprus (S3Cy), 

as well as with European Union and global priorities 

in blue economy sectors. CMMI should 

be operating as a self-financing organisation by 

2024. 

The Maritime Institute of Eastern 

Mediterranean (Mar.In.E.M.) is a Cyprusbased 

non-profit organisation founded in 2010 

to promote research, training and technology. 

Cyprus also hosts a DNV GL Maritime Academy, 

while Bernhard Schulte Shipmanagement has 

its own specialised maritime training centre in 

Limassol. In 2016, the University of Nicosia, an 

independent institution, launched the country’s 

first Maritime Academy, which offers training in 

nautical science and marine engineering in collaboration 

with renowned shipping companies. 

The Academy’s aim is to support the industry in 

Cyprus and globally by providing qualified officers 

for vessels. 

In 2019, the Cyprus Foundation of the Sea 

(CY-FOS) was initiated by the CSC. During its inaugural 

meeting a new board was elected consisting 

of leading personalities from all sectors and 

stakeholders of the Blue Economy from public, 

private, academia, civil society, research organisations 

and financial and other institutions. The 

purpose of CY-FOS is to shape the future of 

the country’s Blue Economy and a number of 

working committees have already been established 

to help fulfil its vision. 

In another landmark for the sector, classes 

began in 2018 at the new Faculty of Marine 

Sciences and Technology in Larnaca, which is 

part of the University of Cyprus, a prestigious 

Nicosia-based public institution. Instruction is 

in English and, according to Lloyd’s Register, the 

faculty is set to provide the local and global maritime 

industry with high-quality human capital 

and research capabilities. The private educational 

sector is also helping to build a workforce for 

an industry that is embracing rapid technological 

advances. 





OPPORTUNITIES AND CHALLENGES 

The last few years have seen opportunities arise for 

Cyprus shipping in the wake of Brexit and natural 

gas exploration in the Eastern Mediterranean, 

however, the biggest trends that are already impacting 

the sector are rapid tech development, 

environmental challenges, dealing with decarbonisation 

and finding alternative fuel options to 

power global shipping in the future. Ship owners 

are also facing a predicament of whether to buy 

ships at this point, when in less than 10 years the 

tech and other spec requirements could be completely 

different – making it a costly and perhaps 

redundant investment. 

The next five years will be most exciting in 

terms of satellite communication developments 

and disruptive tech being introduced to improve 

safety and efficiency in the industry. Much of 

core tech being used by shipping companies will 

be replaced by new smart tech, such as smart 

weather foresight, smart performance analytics 

and report alarms. Digitalisation is key to staying 

competitive, but industry experts say tech and AI 

will not replace humans anytime soon. 

Speaking of the human element, shipping executives 

have voiced concerns that finding competent 

crew is a growing problem worldwide. It 

is increasingly difficult to attract young people of 

high calibre and ambition to choose a career at 

sea. Seafarers are both the heart and soul as well 

as the Achilles heel of the industry, and companies 

are acutely aware that all the tech in the world 

will never replace a well-trained and experienced 

crew. Shipmanagement giants such as Columbia 

Marlow have highlighted the industry’s need for 

more care and support of crew members whether 

on- or off-shore, to introduce more perks and 

better training opportunities and to create a safer 

working environment. 

Fintech is also set to bring new ways to raise 

capital in shipping and introduce better ways of 

risk profiling for both investors and investments, 

and growing ship financing possibilities available 

through Cyprus banks will support the future 

growth and diversification of the sector. 

Although the banks’ portfolios are still comparatively 

small, this development will not only 

increase the size and scope of the maritime 

cluster and create opportunities, but expand the 

expertise in this area within Cyprus’ financial services 

sector. Following the financial crisis of 2013, 

shipping finance virtually stalled in Cyprus, but 

there are signs of a revival. The gap left by the 

once-dominant foreign banks is being filled by 

local banks, Greek banks with subsidiaries, and/ 

or independent entities based in Cyprus. 

Due to the smaller size of these banks, their 

focus is on providing a close, relationship-based 

service and being carefully selective of the clients 

they onboard. For example, local banks consider 

how the prospective client behaved during the 

downturn and assess the quality of the clients’ 

so-called soft assets, such as management and 

ownership history, with equal precision to assessing 

the quality of the asset itself. The majority of 

owners that Cyprus banks deal with are small-tomedium 

companies with a limited fleet of vessels, 

as larger companies are well catered to by big US 

and European banks, or Chinese leasing companies. 

One improvement that shipping executives 

have been calling for to help Cyprus strengthen 

its maritime centre is to improve flight connectivity 

and establish more direct flights to other 

key hubs around the world. One historical challenge 

of significant impact remains for Cyprus. 

The size of the world fleet has doubled over the 

last two decades, but currently the Cyprus industry 

is prevented from realising its true potential 

by the Turkish embargo, which was unilaterally 

imposed in 1987 on Cyprus-flagged ships calling 

at Turkish ports. A settlement of the Cyprus 

problem would immediately resolve this and dramatically 

boost the size of the country’s commercial 

fleet. Pending a settlement, Cypriot officials 

continue to press for the lifting of the Turkish 

embargo to be included in any package of confidence-building 

measures in reunification talks. 

RIDING OUT THE STORM 

Although a small economy, Cyprus’ shipping 

sector punches well above its weight, expertly 

navigating through economic storms and market 

fluctuations and evolving with new tech coming 

on stream. Recognised for its competence, safety 

and multiple advantages, Cyprus is clearly capable 

of competing on a global scale. Although the fullscale 

impact of the Coronavirus pandemic is yet 

to be unveiled, what is certain is that global trade 

and shipping will not emerge unscathed. 

However, there is always a silver lining to 

every storm cloud. Maritime industry observers 

say these developments could also be a blessing in 

disguise for the Cyprus shipping sector, forcing it 

to fast-track reforms and speed up the introduction 

of advanced communications services, thus 

beefing up the cluster to become more efficient in 

a shorter period of time. With its growing registry 

and reformed procedures, Cyprus will emerge 

as a more competitive shipping hub once this 

storm passes – and quite rightfully stand strong 

as an EU jurisdiction and maritime centre full of 

potential and ambition. n 

Discover more at www.cyprusprofile.com 

Shipping accounts for 

7% 

of Cyprus’ GDP 

1 in 5 

vessels under thirdparty 

management are 

controlled from Cyprus 

3rd largest merchant 

fleet in Europe 

11th largest merchant 

fleet in the world 

200+ shipping 

related companies 

based in Cyprus 

EU’s largest 

shipmanagement 

centre 


THE 

2020 CYPRUS 

COUNTRY 

REPORT 

Features in-depth articles on the economy, foreign direct 

investment, international trade and headquartering as well 

as detailed sector profiles and insights from Cyprus’ 100 

most influential political, economic and business leaders 

shaping the future of their country and its industries. 

Read Now 

www.cyprusprofile.com

Who’s Who - Cyprus Business Directory 

WHO’S 

WHOCYPRUS 

BUSINESS 

DIRECTORY 

The definitive guide to Cyprus’ leading companies, 

executives and professional advisers. 


Auditing & Accounting 

Baker Tilly South East Europe 2 

EY Cyprus 7 

HLB Cyprus Limited 8 

KPMG 9 

Nexia Poyiadjis Chartered Accountants 11 

PwC Cyprus 12 

ServPRO Accountants & Consultants 13 

Banking 

Alpha Bank Cyprus Ltd 1 

Bank of Cyprus 2 

cdbbank (The Cyprus Development Bank Public Company Ltd) 3 

EFG Bank (Luxembourg) S.A., Cyprus Branch 6 

Eurobank Cyprus Ltd 7 

RCB Bank Ltd 12 

Consulting 

Afxentis Zemenides Financial Services Ltd 1 

E-CNHC − E-C Natural Hydrocarbons Company Ltd 6 

Corporate & Fiduciary Services 

Alter Domus (Cyprus) Ltd 1 

Aspen Trust Group 1 

Athos HQ Group Business Services (Cyprus) Ltd 2 

IQ EQ (Cyprus) Ltd 9 

Oneworld Ltd 11 

Trident Trust Company (Cyprus) Ltd 15 

Vistra (Cyprus) Ltd 15 

Economic Analysis 

WHO’S 

BUSINESS 

DIRECTORY 

WHOCYPRUS 

MEES 10 

Sapienta Economics Ltd 13 

Energy 

Electricity Authority of Cyprus 6 

Natural Gas Public Company (DEFA) 10 

Executive Education 

European Institute of Management and Finance 7 

Financial Advisory 

MAP S.Platis Group 10 

Fund & Asset Management 

GMM Global Money Managers Ltd 8 

Oneworld Plus Management 11 

Wealth Fund Services Ltd 15 

Insurance 

Royal Crown Insurance Co Ltd 12 

Investment Promotion Agency 

Invest Cyprus 9 

Investment Services 

One Plus Capital Ltd 11 




WHO’S 

BUSINESS 

DIRECTORY 

WHOCYPRUS 

Law Firms 

A.G.Paphitis & Co. LLC 1 

Elias Neocleous & Co LLC 7 

George Y. Yiangou LLC 8 

L Papaphilippou & Co LLC 9 

M. Eliades & Partners LLC 10 

Patrikios Pavlou & Associates LLC 12 

Polakis Sarris & Co LLC 12 

Stelios Americanos & Co LLC 14 

Stelios Ieronymides & Associates LLC 14 

Tassos Papadopoulos & Associates LLC 14 

Y. Georgiades & Associates LLC 15 

Professional Bodies & 

Industry Associations 

Association of Cyprus Banks 2 

Cyprus Cannabis Association 3 

Cyprus Chamber of Commerce and Industry 3 

Cyprus Employers & Industrialists Federation (OEB) 4 

Cyprus Fiduciary Association 4 

Cyprus Healthcare Tourism 4 

Cyprus Hotel Association 4 

Cyprus International Business Association 5 

Cyprus Investment Funds Association 5 

Cyprus Shipping Chamber 5 

Cyprus Union of Shipowners 5 

Insurance Association of Cyprus 9 

Society of Trust and Estate Practitioners 13 

The Institute of Certified Public Accountants of Cyprus 14 

Real Estate & Property 

Cybarco Development Ltd 3 

Cyfield Group 3 

Pafilia Property Developers Ltd 11 

Trilogy Limassol Seafront 15 

Recruitment 

CareerFinders Recruitment Services Limited 2 

GRS Professional Recruitment Services Ltd 8 

Research Institutions 

Cyprus Institute 4 

Shipping 

Shipping Deputy Ministry 13 

Software & IT Services 

NETinfo Plc 10 

Telecoms & Internet 

Cyta 5 

Cytaglobal 6 

Epic 7 

Transport & Logistics 

DP World Limassol 6 

Skylink Services Ltd 13 

Swissport (Cyprus) Ltd 14 

Web Development 

IdeaSeven Digital Solutions 8 


ANGELOS G. PAPHITIS 

MANAGING PARTNER 

AFXENTIS ZEMENIDES 

MANAGING DIRECTOR 

A.G.PAPHITIS & CO. LLC 

AGP & Co is a highly reputable, leading, dynamic and award winning Law Firm. 

Our reputation for excellence is recognized worldwide. Based in Cyprus with 

strong international presence, we serve our clients as a team, with a common 

focus on innovation, efficiency and agility. We provide full service Legal, 

Corporate, FS Advisory & Regulatory Compliance/AML, Tax, Immigration and 

Real Estate services. AGP & Co consists of the following main departments: 

Dispute Resolution; Corporate/Commercial; FS Advisory & Regulatory 

Compliance; Real Estate & Immigration; Tax-Accounting-Audit. Delivering 

excellent client service that benefits from long and lasting relationships, we 

are dedicated to providing our clients with superior results. 

AFXENTIS ZEMENIDES FINANCIAL SERVICES LTD 

Afxentis Zemenides Financial Services Ltd is a boutique firm of accountants, 

financial advisors and business consultants providing its services to both 

local and international clients. We do have an edge in negotiating with the 

banks for finding solutions to non-performing loans and assisting clients for 

achieving debt reorganisation or obtaining fresh loans. In addition, we provide 

company incorporation and fiduciary services. Our advisory services are based 

on giving innovative and independence advice. Through our international 

network of associates we provide services such as international tax planning, 

incorporation of companies in various jurisdictions and opening of bank 

accounts. Our aim is to provide our services in a professional manner and of 

the highest standards. 

“AGP Chambers”, 84 Spyrou Kyprianou Avenue, 

4004 Limassol - Cyprus 

Postal Address: P.O.Box 58419, 


T: (+357) 25 731 000 

Contact: Angelos G. Paphitis - Managing Partner 

E: angelos.paphitis@agplaw.com 

W: www.agplaw.com 

61, Omirou Street, Joanna Court, 

3rd floor, Limassol, 3091 - Cyprus 

T: (+357) 25 745 800 

Contact: Afxentis Zemenides - Managing Director 

E: azemenides@zemenides.com.cy 

W: www.zemenides.com.cy 


KONSTANTINOS D. 

KOUTENTAKIS 


ALPHA BANK CYPRUS LTD 

Alpha Bank Cyprus Ltd is part of the Alpha Bank Group one of Greece’s largest 

banking groups. Alpha Bank Cyprus Ltd was established in 1998 and offers 

a wide range of high quality products and services covering retail, SMEs, 

corporate and international banking, through a modern network of branches 

and points of service in all cities of Cyprus as well as via alternative electronic 

channels. Corporate Social Responsibility fulfils the Bank’s business activity. 

Through remarkable actions, Alpha Bank Cyprus Ltd supports environment, 

society and culture, aiming to contribute towards a better and more sustainable 

future. 

3, Lemesou Avenue, 2112 Aglantzia 

P.O.Box 21661, 1596 Nicosia - Cyprus 

T: (+357) 22 888 888 

E: GeneralManagement@alphabank.com.cy 

W: www.alphabank.com.cy 

ALKIS KAILOS 

COUNTRY EXECUTIVE CYPRUS 

ALTER DOMUS (CYPRUS) LTD 

Alter Domus is a fully integrated service provider dedicated to private equity 

and infrastructure, real estate, and debt capital markets sectors. Our 2,500 

employees across 44 locations provide end-to-end solutions to alternative 

investment managers, freeing up time for them to focus on their core activities 

of sourcing capital and executing deals. Our local team in Cyprus works 

diligently to help clients meet their growing regulatory obligations and keep 

up with increasing investor demands. Offering fund administration, corporate 

services, transfer pricing, and domiciliation services, you can rely on our onthe-ground 

expertise to help you take advantage of opportunities as they arise. 

11 Limassol Avenue, Galatariotis Building, 2112, 

PO Box 27282,1643 Nicosia - Cyprus 

T: (+357) 22 465 151 

Contact: Alkis Kailos - Country Executive Cyprus 

E: alkis.kailos@alterdomus.com 

W: www.alterdomus.com 

MARINA ZEVEDEOU 

CO-FOUNDER AND CEO 

ASPEN TRUST GROUP 

The Aspen Trust Group is a leading corporate service provider; established in 

1998 and licensed by ICPAC, our Group provides International Tax Management 

solutions to Corporates and High Net Worth Individuals. Specific services 

include setup and management of entities globally, legal and administration 

services, banking and tax compliance, financial management and restructuring, 

re-domiciliation, patent registration, immigration and residency, cross border 

mergers, family office services and headquartering. We build long term 

trusted relationships with clients and associates aiming to add value to their 

businesses. Our team consists of qualified accountants, lawyers and MBAholders 

who undergo rigorous training to provide tailor-made solutions. Our 

vision is to be part of every client’s success story. 

77 Limassol Avenue 

Elia House, Nicosia 2121 - Cyprus 

T: (+357) 22 418 730 

Contact: Marina Zevedeou - 

Co-founder and CEO 

E: marina.zevedeou@aspentrust.com 

W: www.aspentrust.com 

Country Report CYPRUS 2020 1


DR. MICHAEL KAMMAS 

DIRECTOR GENERAL 

ANDRIA ANDREOU 


ASSOCIATION OF CYPRUS BANKS 

Through its representation of ten member banks that hold more than 90% market 

share, the Association of Cyprus Banks (ACB) is the voice of the local banking 

system. Its primary aim is to promote best practices for the interest of the banking 

sector and the local economy. The ACB is a non-profit organization through which 

common positions are formulated and promoted on banking and financial issues 

when local legislative and governmental policies are determined. Through its 

more than 50 years of operations, the ACB has gained the reputation of a prudent, 

reliable and consistent partner for various policy makers, organizations, media, 

institutions and the local society. 

ATHOS HQ GROUP BUSINESS SERVICES (CYPRUS) LTD 

Athos Group is a multi-disciplinary family office headquartered in Switzerland 

and operating also from key locations in Anguilla, Cyprus, Liechtenstein, 

Luxemburg, Malta, Monaco, and the Netherlands. It is set up as an independent 

partnership to guarantee continuity and long-term client commitment. 

On behalf of private clients; internationally active entrepreneurs; wealthy 

families and their businesses, we specialize in the setting up and ongoing 

management of multi-jurisdictional asset protection; succession and estate 

planning structures; exit structures; investment funds as well as provision 

of immigration and relocation services. Our top-class personnel are made 

up of internationally experienced and networked tax, legal and accounting 

professionals with careers in leading legal, trust company and banking 

institutions. 

15 Demetriou Karatasou Str, Office 401, 

P.O. Box 16113, 2086 Nicosia - Cyprus 

T: (+357) 22 664 293 

Contact: Dr. Michael Kammas 

- Director General 

E: info@acb.com.cy 

W: www.acb.com.cy 

Q-Merito Building, Kalimnou 1, Office 601 

6037 Larnaca - Cyprus 

(+357) 22 422 232 

Contact: Andria Andreou - Managing Partner 

E: andria.andreou@athos-group.com 

W: www.athos-group.com 

MARIOS A. KLITOU 

CHIEF EXECUTIVE OFFICER 

BAKER TILLY SOUTH EAST EUROPE 

Baker Tilly South East Europe is a full-service accounting and advisory firm, 

that offers industry specialised services in assurance, tax and advisory. Every 

day, 430 professionals located in seven offices throughout South East Europe 

(Cyprus, Greece, Romania, Bulgaria and Moldova) share their expertise to 

accelerate your business growth, by operating under a unified structure, 

directed by a single, central management team of 27 directors. At Baker Tilly, 

we are ready now, for tomorrow’s challenges. We believe in the power of great 

relationships, by leading and listening to great conversations. Baker Tilly South 

East Europe is an independent member of Baker Tilly International, one of the 

world’s leading networks, uniting independent companies to provide top-quality 

professional services in both international and regional markets. 

Corner C Hatzopoulou & 30 

Griva Digheni Avenue, 

1066 Nicosia, Cyprus P.O.Box 

27783, 2433 Nicosia - Cyprus 

T: (+357) 22 458 500 

Contact: Marios A. Klitou - 

Chief Executive Officer 

E: info@bakertilly.com.cy 

W: www.bakertilly.com.cy 

PANICOS NICOLAOU 

CEO 

BANK OF CYPRUS 

Established in 1899, Bank of Cyprus is currently the leading banking and financial 

services Group in Cyprus, operating 99 branches in Cyprus and representative 

offices in Russia, Ukraine and China. Since September 2014, high-quality 

institutional investors have become shareholders, strengthening the Group’s 

share capital. The Group is the only corporation in the region fully complying with 

the UK Corporate Governance Code, the Cyprus Stock Exchange Code, and the 

Central Bank of Cyprus Directive on governance and management arrangements 

in credit institutions. Since early 2014, the Bank has engaged in a very demanding 

and rigorous anti-financial crime remediation programme which has successfully 

been implemented since the end of 2015. The Bank is listed on the London Stock 

Exchange, which has the most demanding and strict corporate governance codes 

internationally. 

51 Stassinou, 2002 Strovolos, Nicosia - Cyprus 

T: (+357) 22 128 000 

E: info@bankofcyprus.com 

W: www.bankofcyprus.com 

SOPHIE ARISTODEMOU 

CO-FOUNDER 

CAREERFINDERS RECRUITMENT SERVICES LIMITED 

CareerFinders Recruitment Services Limited is one of Cyprus’ most wellrespected 

and established providers of tailor-made recruitment solutions to 

many of the largest and most well-known local and international companies 

operating across the Island. With offices in both Nicosia and Limassol, our 

highly experienced team of recruitment professionals have the knowledge and 

expertise to ensure that our clients receive the most suitable and well-qualified 

candidates to suit their recruitment needs. The industry sectors we service 

include Accounting/Audit, Legal, Corporate/Fiduciary, Information Technology, 

Shipping, Oil & Gas, Banking/Finance and many more. If you are a company 

seeking to recruit the very best talent in Cyprus, please contact us today. 

Head Office: 6th Floor, Athlos Building, 

28 Nikis Avenue, Nicosia 1086 - Cyprus 

T: (+357) 22 002 285 

Contact: Sophie Aristodemou, Director 

E: jobs@careerfinders.com.cy 

W: www.careerfinders.com.cy 

2 Country Report CYPRUS 2020

COSTAS ARGYRIDES 

CEO 

MICHALIS 

HADJIPANAYIOTOU 

CEO 

CDBBANK (THE CYPRUS DEVELOPMENT BANK PUBLIC COMPANY LTD) 

Founded in 1963, cdbbank (formerly Cyprus Development Bank) is today one 

of the country’s niche financial institutions dedicated to satisfying the needs of 

domestic and international clients. cdbbank offers a wide range of specialised 

financial services and innovative products, designed to accommodate the 

sophisticated requirements of its clientele which consists of corporate and 

institutional clients and high net worth individuals. The Bank’s vision is to be the 

reference Bank for premier business. Relying on its long-term experience and 

high level of expertise, cdbbank aspires to establish a long-term relationship of 

trust with its clients, always delivering excellence and value. 

CYBARCO DEVELOPMENT LTD 

Cybarco is the leading luxury property developer in Cyprus. Part of the 

prestigious Lanitis Group, Cybarco is behind many of the island’s landmark 

projects, including the world-class Aphrodite Hills Golf Resort, Akamas Bay 

Villas, Sea Gallery Villas, The Oval and Limassol Marina, the first residential 

marina project in the whole of Cyprus. Cybarco is responsible for the upcoming 

development of Trilogy Limassol Seafront and the exclusive sales of its luxury 

properties. With over 70 years’ experience at the top of its industry, Cybarco has 

earned its reputation for outstanding quality and dedicated customer care by 

consistently delivering projects to the highest standards. 

50 Arch. Makarios III Ave., 1065 Nicosia - Cyprus 

T: (+357) 22 846 500 

Contact: Liza Philippou - Network 

Business and Communication Manager 

E: marketing@cdb.com.cy 

W: www.cdb.com.cy 

10 Tefkrou Anthia Street, 

Dali Industrial Zone, 2540 Nicosia - Cyprus 

T: (+357) 22 741 300 

Contact: Michalis Hadjipanayiotou - CEO 

E: info@cybarco.com 

W: www.cybarco.com 


GEORGE CHRYSOCHOS 

CEO 

CYFIELD GROUP 

Cyfield Group is one of the leading real estate developers, general contracting and 

construction groups in Cyprus. The Group operates in all areas of the construction 

industry: land development; contracting of public and private infrastructure 

projects; production and trading of specialized building materials; and energy 

production. With 30 years of experience and know-how, Cyfield designs, 

manufactures, and sells all types of high quality residential and commercial 

properties in Cyprus and Greece. The Group’s advancement, success and 

excellent reputation is the result of its reliability in the delivery of the high-quality 

projects, the transfer of title deeds as well as the focused business strategies, 

high ethical standards and strong financial base. 

Cyfield Tower, 132 Limassol Avenue, 

2015 Nicosia - Cyprus 

T: (+357) 22 427 230 

E: info@cyfieldgroup.com 

W: www.cyfieldgroup.com 

ANDRIA ANDREOU 

PRESIDENT 

CYPRUS CANNABIS ASSOCIATION (CYCA) 

CYCA was formed in October 2019 under the auspices of Cyprus Chamber of 

Commerce & Industry. We are leading the collective of individuals and businesses 

that will build the legal Cannabis Eco-system in Cyprus, and advancing the 

interests of a responsible, compliant, transparent and high-quality industry. As 

global recognition of the benefits of legal Cannabis increases with governments 

around the world steadily moving to full legalization, there is a burgeoning 

need for high-quality products with known components; cultivated at large 

scale for consistent, reliable supply to users. Cyprus is primely positioned 

as an attractive center of excellence for production; research; genetics, and 

intellectual property from which the legal Cannabis industry can flourish. 

38 Grivas Dhigenis Ave. & 3 Deligiogis 


T: (+357) 99 672 366 

Contact: Andria Andreou - President 

E: a.andreou@cy-ca.org 

W: www.cy-ca.org 

CHRISTODOULOS E. 

ANGASTINIOTIS 

CHAIRMAN 

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY 

The Cyprus Chamber of Commerce and Industry (CCCI) membership exceeds 

10.000 enterprises representing over 95% of the local business community. 

151 Professional Associations are affiliated to the CCCI including 38 Bilateral 

Associations. Its wide range of services include advisory, provision of business 

information, foreign trade exhibitions, trade missions & business fora abroad, 

business training courses & seminars, advice on European Union issues, 

labour relations matters, issue of Certificates of Origin and ATA-CARNETS 

and participation in EU programmes. CCCI is a full member of 12 International 

organizations including Eurochambers, the International Chamber of 

Commerce, SME United, Eurocommerce, GS1 and many other international 

organisations. Follow us on twitter @ccci_cyprus 

38, Grivas Digenis Ave. & 

3 Deligiorgis Str. Chamber Building - Cyprus 

T: (+357) 22 660 066 

Contact: Marios Tsiakkis, Secretary General 

E: secgen@ccci.org.cy 

W: www.ccci.org.cy 



GEORGE PETROU 

CHAIRMAN 

CHRISTOPHOROS 

KOUTOUROUSSIS 

PRESIDENT 

CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION (OEB) 

The Cyprus Employers and Industrialists Federation (OEB) was founded in 1960. 

Today, its members are active in all sectors of the economy and employ more 

than 60% of the private sector’s workforce. OEB is a pancyprian independent 

organisation comprising of 75 of the main professional / sectoral Associations, 

as well as hundreds of companies from the Manufacturing, Services, 

Commercial, Construction and Agricultural Sectors. In total, OEB has more than 

10.000 Members / Enterprises. OEB is established as a dynamic force in Cyprus’ 

socio - economic development and welfare and acts as the main advocate and 

representative of the business community. 

CYPRUS FIDUCIARY ASSOCIATION 

The Cyprus Fiduciary Association (CYFA), established in 2011, is the 

representative body of regulated Administrative Service Providers (ASP’s) in 

Cyprus. With a vision to assist in forming a solid international business sector 

in Cyprus operating on high professional standards, ethics and integrity, the 

Association aims to serve industry providers by promoting their interests, 

raising sector awareness, supporting their operations, contributing to new 

legislations and delivering valuable training to professionals. The Association’s 

commitment to its purpose has established it among the most reputable and 

recognised organisations within the country, before public and regulatory 

authorities, other associations, as well as the business community in Cyprus 

and overseas. 

2, Acropoleos Ave. & Glafkou, Strovolos, 2000 

Nicosia / P.O.Box 21657, 1511 Nicosia - Cyprus 

T: (+357) 22 665 102 

Contact: Michalis Antoniou - Director General 

E: info@oeb.org.cy 

W: www.oeb.org.cy 

1, Menandrou Street, Frosia House, 

4th floor, Office 401, 1066, Nicosia - Cyprus 

T: +357 22 256 263 

E: info@cyfa.org.cy 

W: www.cyfa.org.cy 

DR NITSA KILIARI 

PRESIDENT 

CYPRUS HEALTHCARE TOURISM (CHT) 

The Cyprus Healthcare Tourism (CHT) is a non-profit organization that was 

founded in November 2006 after an initiative taken by the Cyprus Chamber of 

Commerce and Industry (CCCI) aiming to develop and promote Cyprus as a 

Health Tourism destination. The CHΤ currently has more than 80 members who 

are actively involved in the Cyprus Health Tourism Industry. These vary from 

state-of-the-art hospitals and clinics to specialized travel agencies, wellness 

and rehabilitation centres as well as consulting firms. Most of the largest and 

best equipped hospitals are members of the CHΤ and they are all licensed by the 

Cyprus Government and comply with EU regulations. Some of them have moved a 

step ahead towards gaining international accreditations. 

38 Grivas Dighenis & 3 Deligiorgis 

Street, Nicosia - Cyprus 

T: (+357) 22 889 744 

Contact: Polis Peratikos - Executive Secretary 

E: cyprushealth@ccci.org.cy 

W: www.cyhealthservices.com 

HARIS LOIZIDES 

PRESIDENT 

CYPRUS HOTEL ASSOCIATION 

The Cyprus Hotel Association is the Hoteliers National Trade Union. The history of 

its foundation goes back to the beginning of the 1930s. Today the vast majority of 

all hotel establishments and other licensed tourist accommodation units, all over 

Cyprus, are members of the Cyprus Hotel Association. The most important aims 

of the Association are as follows: The protection and promotion of the interests 

of the hoteliers as employers and as professionals, as well as of the interests 

of Cyprus in general; The promotion and upgrading of the Cyprus tourism 

development; The upgrading and development of the hotel establishments 

in Cyprus and the improvement of the professional level of the hoteliers; The 

solidarity between its members. 

Andreas Araouzos Str., No 12, 

Hesperides Building, 1076 Nicosia - Cyprus 

T: (+357) 22 452 820 

Contact: Philokypros Roussounides 

- Director General 

E: cha@cyprushotelassociation.org 

W: www.cyprushotelassociation.org 

PROF. COSTAS N. 

PAPANICOLAS 

PRESIDENT 

THE CYPRUS INSTITUTE (CYI) 

The Cyprus Institute (CyI - www.cyi.ac.cy) is a research and educational 

organization, which supports the knowledge economy on the island. CyI is a 

science, technology and innovation hub for the Eastern Mediterranean, and a 

gateway between Europe and the Middle East. It has cutting-edge research 

infrastructures geared towards regional research challenges, based on the 

principles of open access, and recognized at the European level. CyI excels in 

the following research fields: Solar Thermal Energy/Energy Storage, Climate 

and Environmental Research, Technologies for Archaeology/Cultural Heritage, 

and High-Performance Computing, simulation and hyper-infrastructures. CyI 

offers Doctoral and Master’s programs in its areas of competence, designed 

for educating tomorrow’s scientific and technological leadership, in partnership 

with renowned international universities. 

20 Konstantinou Kavafi 

2121 Aglantzia - Cyprus 

T: (+357) 22 208 678 

Contact: Dr. Nicolas Jarraud - 

Assistant Vice-President for Institute Affairs 

E: international.relations@cyi.ac.cy 

W: www.cyi.ac.cy 


DOXIA NIKIA 

HADJIVASSILIOU 

PRESIDENT 

ANDREAS YIASEMIDES 

PRESIDENT 

CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION 

CIBA is a non-governmental, fully independent association, financed by membership 

fees only. Its activities and initiatives are organised and carried out by its General 

Secretary and Executive Committee of (max.) 12 persons. CIBA represents and 

safeguards the interests of the international businesses, their shareholders, 

managers and staff. The authorities recognize that CIBA represents the whole 

of the international business community in Cyprus and that it is instrumental in 

finding compromises between the required EU-driven legislation and international 

business requirements. CIBA annually awards the prestigious CIBA Excellence 

award to a member company that fulfils the specific criteria as set out by the 

Association. 

CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA) 

CIFA is the Association of professionals, businesses and organizations involved in 

the Investment Funds and Asset Management Sector in Cyprus. CIFA addresses 

the broad range of needs and issues faced by service providers and businesses 

involved in the sector. The Mission of CIFA is to: Help its members capitalize on 

industry trends; Shape regulation; Enhance professionalism, integrity and quality 

and Promote the Cyprus Investments Fund Industry. The Board is comprised of 

highly reputable industry professionals experienced in all aspects of the industry, 

including fund management, advisory, banking, audit and legal. CIFA is a full 

member of the European Funds and Asset Management Association and the 

International Investment Funds Association). It is also an Associate member of 

International Capital Markets Association . 

10 Pikionis Street, Highsight House 


T: (+357) 25 583 400 

Contact: Andreas Pishias - General Secretary 

E: ciba@ciba-cy.org 

W: www.ciba-cy.org 

Severis Building, 9 Makarios III Ave., 

4th Floor, Lefkosia 1065 - Cyprus 

T: (+357) 22 441 133 

Contact: Maria Panayiotou - Board Secretary 

E: info@cifacyprus.org 

W: www.cifacyprus.org 


THOMAS A. KAZAKOS 

DIRECTOR GENERAL 

CYPRUS SHIPPING CHAMBER 

The Cyprus Shipping Chamber is the trade association of the Shipping Industry 

in Cyprus. The main purpose of the Chamber is to promote the interests of 

Cyprus Shipping and to further the reputation of the Cyprus flag. The Chamber 

also acts as a lobbying group for the promotion and safeguard of the legitimate 

interests of its Member-companies, at national and international level. On 

the local front, the Chamber co-operates very closely with the Government 

in all shipping related matters. Moreover, the Chamber operates as a roving 

ambassador of Cyprus Shipping through its membership and active participation 

at the International Chamber of Shipping (ICS) and the European Community 

Shipowners’ Associations (ECSA). 

City Chambers, 6 Regas Fereos Str. 

P.O.Box 56607, 3309, Limassol - Cyprus 

T: (+357) 25 360 717 

Contact: Thomas A. Kazakos – Director General 

E: csc@csc-cy.org 

W: www.csc-cy.org 

MICHAEL FILIPPOU 

CEO 

CYPRUS UNION OF SHIPOWNERS (CUS) 

Cyprus Union of Shipowners, as the major representative Organization of the 

Cyprus Flag vessels, is committed to the firm growth of our National Registry 

and the establishment of Limassol as a world-class Maritime Centre. The 

cooperation between our Union, the Shipping Deputy Ministry and the Ministry of 

Finance resulted to an exceptional Framework that induced prominent Shipping 

Companies, P&I Clubs and other Shipping related Service Providers to establish 

management offices in Cyprus. Moreover, the solidification of the global reach 

of our Union and its institutional status has curved our participation in IMO 

Committees, as Government Consultants, both mandatory and effective. 

17, Gordonos Str., Suite 301, 


T: (+357) 25 818 161 

Contact: Katerina Michael - PR Manager 

E: cus@cus.com.cy 

W: www.cus.com.cy 

ANDREAS NEOCLEOUS 

CEO 

CYTA 

Cyta, is the leading company in the Cyprus telecommunications sector, providing 

integrated electronic communication solutions. Over the course of 60 years, 

Cyta has succeeded in making Cyprus a regional telecommunications hub and, 

thanks to its firm commitment to quality, has earned the trust and confidence of 

its customers. Since February 2004, Cyta has been Vodafone’s exclusive partner 

in Cyprus and, consequently, a member of the largest mobile communications 

network in the world. By taking timely advantage of technological developments 

and the convergence of telecommunications and IT, Cyta is now the pioneer in 

quadruple play in Cyprus, offering a broad range of innovative services and ICT 

solutions, meeting the ever-increasing demands of its residential and business 

customers. 

Telecommunications Street, 


T: (+357) 22 701 000 

E: cytapressoffice@cyta.com.cy 

W: www.cyta.com.cy 



COSTAS PSILLIDES 

MANAGER - INTERNATIONAL 

WHOLESALE MARKET 

NAWAF ABDULLA 

CEO 

CYTAGLOBAL 

Cyta, the primary telecommunications provider in Cyprus, covers the whole 

spectrum of electronic communications ranging from fixed and mobile voice and 

data communications, internet, IPTV and broadband services. Taking advantage 

of the island’s strategic geographical position, Cytaglobal, a strategic business 

unit of Cyta, has developed an extensive subsea fibre optic cable network, 

which connects Cyprus with its neighbouring countries and thereafter with 

the rest of the world. Cytaglobal also operates an extensive satellite network 

with three teleport sites, providing connectivity with major satellite systems. 

Through its global network, Cytaglobal provides a wide range of international 

telecommunications products, services and total solutions, making Cyprus a 

major telecommunications hub in the Eastern Mediterranean and an excellent 

international electronic communications centre. 

DP WORLD LIMASSOL 

In April 2016 DP World Limassol was awarded a 25-year concession to 

exclusively operate the multi-purpose and Cruise terminal in Limassol 

commencing February 2017. The terminal’s activities, comprising of three 

multi-purpose quays, include break-bulk, general cargo, Ro-Ro, Oil & Gas 

services and the brand-new passenger terminal. DP World Limassol port is 

the main cruise port of the island located on the Southern coast of Cyprus and 

is the island’s principal logistics support base for the offshore energy sector. 

Telecommunications Str, 

PO Box 24929, 1396 Nicosia - Cyprus 

T: (+357) 22 701 498 

Contact: Costas Psillides - Manager, 

International Wholesale Market 

E: global@cyta.com.cy 

W: www.cytaglobal.com 

Old Passenger Terminal 

North Quay, Port of Limassol - Cyprus 

T: (+357) 25 858 700 

Contact: Nawaf Abdulla - CEO 

E: info@dpworldlimassol.com 

W: www.dpworldlimassol.com 

E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD 

The company provides advisory, project management and consultancy services 

in the oil & gas and energy sectors and aims to contribute to the successful 

development of these Sectors for the future of Cyprus. The CEO has over 

35-years international experience in promoting and developing oil & gas 

business and projects spanning Europe, Asia and Africa. We can assist our 

clients in developing their business in Cyprus, evaluating opportunities and 

providing in depth professional advice and support. 

CHARLES ELLINAS 

CEO 

11 Tyrtaiou Street, 1087 Nicosia - Cyprus 

T: (+357) 97 705 060 

Contact: Dr Charles Ellinas - CEO 

E: Charles.ellinas@yahoo.com 

W: www.e-cnhc.com 

COSTAS STYLIANOU 

DIRECTOR BUSINESS 

DEVELOPMENT & 

BRANCH MANAGER 

EFG BANK (LUXEMBOURG) S.A. - CYPRUS BRANCH 

EFG Bank (Luxembourg) S.A. - Cyprus Branch is part of EFG International, 

a global private banking and asset management group headquartered in 

Zurich, Switzerland, with operations in around 40 locations worldwide. EFG 

International’s registered shares (EFGN) are listed on the SIX Swiss Exchange 

and is currently rated by Moody’s with an A3 rating and by Fitch with an A 

rating. Our Cyprus based office is the gateway providing you access to all 

jurisdictions where EFG has presence including Zurich, London, Luxemburg, 

Monaco, Singapore, Hong Kong etc. In addition to private banking services the 

Cyprus Branch, by capitalizing on the experience, systems and processes of EFG 

Group, is licensed and offers AIFMD compliant Depositary services to Cyprus 

Alternative Investment Funds. 

Cyprus Branch, 23 Kennedy Avenue 

Globe House, 1075 Nicosia - Cyprus 

T: (+357) 22 025 903 

Contact: Costas Stylianou - Director 

Business Development & Branch Manager 

E: cyprusbranch@efgbank.com 

W: www.efginternational.com 

PANAYIOTIS OLYMPIOS 

GENERAL MANAGER 

ELECTRICITY AUTHORITY OF CYPRUS 

The Electricity Authority of Cyprus is an independent, Public Corporate 

corporation established under the Electricity Development Law Cap.171 of 1952 

to exercise and perform functions relating to the generation, transmission, 

distribution and supply of electric energy in Cyprus. The above definition is 

used in Cyprus for corporations which are independent, and established in 

accordance with the relevant Law, to render services in the utility field. In the 

case of the EAC, the government, through the Minister of Energy, Commerce, 

Industry and Tourism, is empowered to give directives to the Authority on 

matters appertaining to the general interest of the Republic. 

11 Amfipoleos Street, 

Strovolos 2025, Nicosia, Cyprus 

(+357) 22 201 000 

Contact: Christina Papadopoulou - Press Officer 

E: eac@eac.com.cy 

W: www.eac.com.cy 


ELIAS NEOCLEOUS 


THANOS CHRONOPOULOS 


ELIAS NEOCLEOUS & CO LLC 

Award-winning Elias Neocleous & Co LLC is the largest law firm in Cyprus 

and one of the top law firms in south east Europe. With more than 150 lawyers 

and other professionals based in offices in Cyprus, Brussels, Budapest, Kiev 

and Prague we offer a value-added service which is second to none. We are 

dedicated to diversity in recruitment and to retaining experienced specialists 

in every practice area. Combined with our investment in IT and knowledge 

management infrastructure, this means we are able to tackle the largest and 

most demanding national and cross-border assignments. Elias Neocleous and 

Co LLC is professional, responsive, innovative, and represents the legal practice 

of the future. 

EPIC 

Epic is one of the largest telecommunication providers in Cyprus, providing 

integrated mobile and fixed telephony, internet and pay-TV services, as well 

as specialized ICT solutions for businesses. In 2019, it proceeded with the 

implementation of the biggest investment ever made for a super-fast network, 

with 10 times more capacity compared to the past and a wide broadband 

coverage. In 2020, Epic received two awards in a row; the “Best Mobile Network 

in Test” award by umlaut and the “Fastest Mobile Network in Cyprus” award by 

Ookla, establishing Epic as the No. 1 mobile network in Cyprus. Epic belongs 

to Monaco Telecom, the telecom provider of the Principality of Monaco, and is 

a member of a dynamic European telecoms’ family, which operates in France, 

Italy, Switzerland, Malta and Ireland. 

Neocleous House, 195 Makarios Avenue, 

P O Box 50613, Limassol CY 3608 - Cyprus 

T: (+357) 25 110 110 

Contact: Elias Neocleous - Managing Partner 

E: info@neo.law 

W: www.neo.law 

87, Kennedy Avenue, 1077 Nicosia - Cyprus 

T: (+357) 96 222 222 

E: info@epic.com.cy 

W: www.epic.com.cy 


MICHALIS LOUIS 

CEO 

EUROBANK CYPRUS LTD 

Eurobank Cyprus, has been operating in Cyprus since 2007. Focusing on the 

wholesale side of business, specifically in the areas of Corporate and Investment 

Banking, Wealth Management, International Business Banking, Affluent Banking 

and Treasury Sales, its operating model is distinct from the rest of the banking 

industry in Cyprus. Its strong capital base, substantial liquidity, and solid financial 

results allow Eurobank Cyprus to continue its dynamic growth and its ongoing 

support of the Cyprus economy. Eurobank Cyprus Ltd is a Cyprus registered 

company founded in 2007, operates autonomously and is subject to all laws and 

regulations of the Republic of Cyprus. 

28, Spyrou Kyprianou Avenue, 

1075 Nicosia, P.O Box 27236, 


T: (+357) 22 208 000 

E: info@eurobank.com.cy 

W: www.eurobank.com.cy 

MARIOS SIATHAS 


EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF) 

The European Institute of Management and Finance (EIMF) is an accredited 

and licensed training provider offering Global Qualifications and partnering 

with International Professional Associations, including the CISI, ACAMS, AAT, 

CMI, IAPP, EXIN, PMI, IoD, CAIA, ICAEW and the Blockchain Training Alliance. 

Specialised professional training is delivered through classroom, online 

and tailored learning solutions with a strong emphasis on governance, risk, 

compliance, management and finance. A presence in over 10 countries, over 7 

thousand students per year, 250+ seminars, 100+ eLearning programmes, 60+ 

instructors with international experience and expertise, and 15 international 

certifications, make the EIMF a leader in the field of executive education in the 

wider region. 

25 Megaron Street, 2032 Strovolos 

Nicosia - Cyprus 

T: (+357) 22 274 470 

Contact: Marios Siathas - Chief Executive Officer 

E: msiathas@eimf.eu 

W: www.eimf.eu 

DAVID BARKER 

COUNTRY MANAGING PARTNER 

EY CYPRUS 

EY is a global leader in assurance, tax, strategy, transactions and consulting 

services with about 300,000 people in over 150 countries. It is the most globally 

integrated professional services organisation, working with businesses, 

entrepreneurs and governments around the world to solve their most pressing 

challenges. EY distils everything it does down to a single, unified purpose: 

building a better working world. For over 80 years, the Cyprus practice has been 

a trusted business advisor and auditor to a broad range of clients and is ideally 

placed to cater to the needs of our clients in a wider geographic span. 

6 Stasinou Avenue, 1060 Nicosia 


T: (+357) 22 209 999 

E: info@cy.ey.com 

W: www.ey.com/cy 



CHRIS YIANGOU 

PARTNER | CORPORATE 

- BANKING & FINANCE 

DEPARTMENT 

ALEXIOS KARTALIS 


GEORGE Y. YIANGOU LLC 

George Y. Yiangou LLC is one of the largest law firms in Cyprus aiming at providing 

superb quality services to its clients. The firm offers a full range of legal and 

consulting services specialising in the areas of Corporate & Commercial Law, 

Banking & Finance, Litigation, Commercial Arbitration and International Debt 

Recovery. The firm’s team consists of more than 20 qualified lawyers supported by 

a large number of paralegal and administrators. In recognition of the effectiveness 

of the firm, George Y. Yiangou LLC has been ranked top tier in international 

legal directories and several of its members have been designated as leading 

professionals in their fields. 

GMM GLOBAL MONEY MANAGERS LTD 

GMM Global Money Managers Ltd is the first Cyprus-based Fund Management 

Company, holding UCITS Manager License No.2/13. It operates in the 

financial sector, setting up, running and managing UCITS Mutual Funds as 

well as Alternative Investment Funds (AIFs) in line with the most recent EU 

directives. The Company through an extensive range of potential investment 

options, is seeking to provide effective geographical coverage and achieve 

diversification of investment risk in international money and capital markets. 

GMM’s management team and associates are well reputed with many years 

of experience and their primary aim is to safeguard invested capital and 

generate optimal yields for the small, medium and large portfolios of both 

private individuals and institutional investors. 

12 Kennedy Avenue, 2nd floor, 


T: (+357) 22 653 333 

Contact: Chris Yiangou - Partner | Corporate - 

Banking & Finance Department 

E: chris@yiangou.com.cy 

W: www.yiangou.com.cy 

36 Stasinou Str., Strovolos 


T: (+357) 22 205 858 

Contact: Alexios Kartalis - General Manager 

E: info@global-mm.com 

W: www.global-mm.com 

STEVE SLOCOMBE 

FOUNDER 

GRS PROFESSIONAL RECRUITMENT SERVICES LTD 

GRS Global Recruitment Solutions is the leading international Recruitment and 

Payroll Consultancy specialising in the provision of human capital resourcing 

solutions. As Cyprus’ largest and most successful recruitment agency, GRS 

has 15 years of experience recruiting for jobs in Cyprus and Malta. The GRS 

team, possess in-depth knowledge and expertise of the market, as well as 

the networking skills required to source the most talented candidates. GRS, 

is renowned island-wide for its professional, precise recruitment and payroll 

services that deliver exceptional results. 

Head office: Agathangelou Business Centre, 

101 Gladstonos Street, Limassol, 3032 - Cyprus 

T: (+357) 25 342 720 

Contact: Steve Slocombe - Director 

E: jobs@grsrecruitment.com 

W: www.grsrecruitment.com 

COSTAS AFXENTIOU 

CEO 

HLB CYPRUS LIMITED 

HLB Cyprus is among the largest accounting and financial consulting firms in 

Cyprus with specialized departments providing services in audit & assurance, 

accounting, financial advisory, transaction services, tax compliance and 

planning to a wide range of businesses from the small owner-managed business 

to multinational groups and listed companies. Our firm provides services to a 

diversity of clients in a wide range of operations, both locally and internationally. 

No matter the size of our client’s business, our professional staff provides the 

guidance needed for successful and well-considered decisions. 

Palaceview House, Corner of Prodromos & 

Zinonos Kitieos 2, CY-2064 Nicosia - Cyprus 

T: (+357) 22 002 700 

Contact: Costas Afxentiou – CEO 

E: nicosia@hlb.com.cy 

W: www.hlb.com.cy 

ALEX CONSTANTI 


IDEASEVEN DIGITAL SOLUTIONS 

Ideaseven are a dynamic, enthusiastic online digital agency with over 15 years 

of experience. We focus on providing global solutions in digital marketing, web 

& app development. At ideaseven, we understand that design and development 

requires continuous mutual communication with our clients. Together, we can 

provide a constantly productive and evolving project. We can help visualize 

even the craziest ideas, converting them into elegant, awesome experiences 

and catchy products. We have worked with a lot of prestigious brands and have 

delivered award winning projects. We are now a full stack, turnkey partner with 

specialists in all fields required for the development and creative process. We 

look forward to your call. 

Pentadactylou 2, office 104, 

6060, Larnaca - Cyprus 

T: (+357) 24 823 832 

Contact: Alex Constanti – Managing Director 

E: info@ideaseven.com 

W: www.ideaseven.com 


ANDREAS STYLIANOU 

CHAIRMAN 

MICHALIS P. MICHAEL 

CHAIRMAN 

INSURANCE ASSOCIATION OF CYPRUS 

The Insurance Association of Cyprus is the accredited and representative 

body of the Cypriot insurance industry, with 29 member insurance companies 

operating in Cyprus, accounting for approximately 98% of total gross written 

premiums. As the leading and united voice of the Cyprus insurance market 

its mission is to promote the industry’s views and positions to policymakers 

and legislators. It is also particularly active with respect to work aiming at the 

modernization of the sector, the continuous improvement of the level and quality 

of service to the public, the enhancement of consumers’ trust and confidence in 

insurance products and their providers, and the strengthening of the institution 

of insurance. 

INVEST CYPRUS 

Invest Cyprus (Cyprus Investment Promotion Agency) is the investment 

authority of the Government of Cyprus dedicated to attract and facilitate foreign 

direct investment into the country. In close collaboration with all governmental 

authorities and public institutions, as well as the private sector, Invest Cyprus 

is the country’s lead agent in establishing Cyprus as a world-class destination 

for international business activity and investments. Invest Cyprus’ mandate is to 

raise awareness of Cyprus as a destination for FDI across the globe, providing 

certainty around all aspects of operating a business in Cyprus and supporting 

potential investors in developing their business case for investment into the 

country. 

23, Zenon Sozos str., 1st floor 


T: (+357) 22 452 990 

Contact: Andreas Athanasiades 

– Director General 

E: info@iac.org.cy 

W: www.iac.org.cy 

9 Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

T: (+357) 22 441 133 

E: info@investcyprus.org.cy 

W: www.investcyprus.org.cy 


CONSTANTINOS 

MEIVATZIS 


IQ EQ (CYPRUS) LIMITED 

A leading global investor services group, IQ-EQ is present in 23 jurisdictions 

employing over 2,800+ people across four continents with assets under 

administration (AUA) exceeding US$400 billion. Our experienced and wellqualified 

teams specialise in trust establishment and administration, company 

incorporation and management, accounting and financial reporting, transaction 

support services, fund administration services, escrow services and more. 

The combination of our professional service breadth, global reach and depth 

of experience has assisted us in attracting new clients from all over the world 

and allowed us to actively promote Cyprus through the quality of our services. 

20 Spyrou Kyprianou Avenue, Chapo Central, 

3rd floor, 1075 Nicosia - Cyprus 

T: (+357) 22 749 000 

Contact: Constantinos Meivatzis 

- Managing Director 

E: Constantinos.Meivatzis@iqeq.com 

W: iqeq.com 

CHRISTOS V. VASILIOU 


KPMG 

KPMG is a global network of professional service firms providing Audit, Tax and 

Advisory services, operating in 147 countries and territories and have 219.000 

people working in member firms around the world. KPMG operates in Cyprus 

since 1948 employing more than 900 persons in 6 offices (Nicosia, Limassol, 

Larnaka, Paralimni, Pafos, Polis Chrysochous). By utilising the whole spectrum 

of KPMG International services and the deep knowledge and expertise in all 

major industries, it provides its clients with solutions which address their unique 

characteristics. KPMG offers its clients a consistent standard of service based 

on high order professional capabilities, industry insight and local knowledge. 

14 Esperidon Street, 1087, Nicosia - Cyprus 

T: (+357) 22 209 000 

Contact: Demetris S. Vakis - Board 

Member, Head of Sales and Markets 

E: demetris.vakis@kpmg.com.cy 

W: www.kpmg.com.cy 

LEANDROS 

PAPAPHILIPPOU 


L PAPAPHILIPPOU & CO LLC 

L Papaphilippou & Co LLC was founded in 1963. Through constant and consistent 

work, it is now one of the leading and most respectable law firms in Cyprus. The 

firm quickly established strong presence in the fields of corporate and shipping 

law, litigation, banking and finance, wealth management and immigration, 

thus achieving good cross-border reputation, which led to the development 

of a concrete international professional network and client base. Our list of 

clients includes regulatory bodies, local and international banking and financial 

institutions, insurance, shipping and listed companies, multinationals and high 

net worth individuals. 

17 Ifigenias Street, 2007 Strovolos, 


T: (+357) 22 271 000 

Contact: Leandros Papaphilippou 

- Managing Partner 

E: info@papaphilippou.eu 

W: www.papaphilippou.eu 



MARIOS ELIADES 

FOUNDER 

DEMETRIS TAXITARIS 


M. ELIADES & PARTNERS LLC 

At Eliades & Partners, trust is our company’s most valuable asset. It is the 

principle on which we establish our business relationships whose mutual benefits 

we reap well into the future. Our personal approach enables us to access our 

clients’ needs effectively and maintain a commercial approach which optimizes 

efficiency and implementation. We value others just as we value ourselves. 

Furthermore, we strive to put a meaningful purpose behind what people want to 

achieve. We will find the real problem and turn it into an opportunity. Meeting your 

goals is our primary aim. We are dedicated to our clients and their business; our 

experienced team of professionals will assist you navigate the complex world of 

international business. 

MAP S.PLATIS GROUP 

MAP S.Platis is the leading financial services consulting group in Cyprus with 

clients that include regulators, banks, funds and fund managers, investment 

firms, insurance companies, and payment and electronic money institutions. 

Our expert team provides unique and tailored solutions in licensing, regulatory 

compliance, risk management, internal audit, human resources, regulatory 

technology, executive training and innovation consulting to financial institutions 

in Cyprus and the EU. Thanks to our vast regulatory compliance experience 

supporting local and international financial services institutions, continued 

interaction with regulatory authorities, multidisciplinary and diverse team of 

professionals, unparalleled track record, global network of associates and wealth 

of resources, our internationally recognised and award-winning team can support 

any client’s regulatory needs efficiently and effectively. 

4 Menandrou, Gala Tower, 2nd floor, 

office 201, 1066 Nicosia - Cyprus 

T: (+357) 22 667 730 

Contact: Georgios Papadopoulos - Advocate 

E: gpapadopoulos@eliades.eu 

W: www.eliades.eu 

74 Archiepiskopou Makariou C, 3rd Floor, 

Mesa Geitonia, 4003, Limassol - Cyprus 

T: (+357) 25 351 335 

Contact: Herodotos Michael - Head of the 

financial services registration department 

E: info@mapsplatis.com 

W: www.mapsplatis.com 

FADI ABOUALFA 


MEES 

MEES now in its 65 years of publishing has pivoted its models from primarily 

news to data-driven analysis for the oil & gas industry. Focusing on the OPEC and 

its members, MEES provides its institutional readership with forward outlook 

that is vital to energy security supplies. The organization has now opened 

offices in London in order to tap into talent that will propel the business into 

a consultancy and advisory for a region that remains fraught with geopolitical 

and economic risk. 

Alkeos 23, Office 502, 

Engomi 2404, Nicosia - Cyprus 

T: (+357) 22 675 479 

Contact: Fadi Aboualfa - Managing Director 

E: faboualfa@mees.com 

W: www.mees.com 

DR. SYMEON 

KASSIANIDES 

CHAIRMAN DEFA BOARD 

OF DIRECTORS 

NATURAL GAS PUBLIC COMPANY (DEFA) 

DEFA has the exclusive right to import and supply natural gas to all consumers 

in Cyprus. DEFA will develop and manage the gas network infrastructure. It will 

construct gas transmission lines and support a virtual network, provide bunkering 

services for ships and also natural gas for transportation. DEFA also owns 70% 

of ETYFA (30% owned by EAC), a special purpose subsidiary company that will 

own and manage the LNG Import Terminal (comprising an FSRU, Jetty, pipelines 

and onshore facilities). The Terminal’s EPCOM contract with the international 

consortium was signed in December 2019. Completion is expected in 2022. 

13 Limassol Ave, Demetra Tower, 4th Floor, 

2112 Nicosia | P. O. Box 24954, 


T: (+357) 22 761 761 

Contact: Maria Theocharidou - 

Secretary/PA to the Executive Chairman 

E: info@defa.com.cy 

W: www.defa.com.cy 

VASSOS ARISTODEMOU 

CHAIRMAN & CEO 

NETINFO PLC 

NETinfo is a versatile and innovative technology company that has been enabling 

digital transformation strategies for banks and financial institutions since 2000. 

NETinfo’s flagship products, NETinfo Digital Banking Platform and NETinfo 

Mobile Financial Services (MFS), have successfully been part of the digital 

transformation process of banks and financial institutions, in more than 30 

countries worldwide. NETinfo focuses on retail, corporate and private banking. 

We support banks and financial institutions of all sizes across all geographies, 

helping them to harness the latest technologies, and we fully embrace the 

needs of today’s digital consumers. Industry analysts recognise NETinfo as one 

of the global leaders for omnichannel design and delivery. 

23 Aglantzias Ave., 2108 Nicosia 

P.O. Box 22658, 1523 Nicosia - Cyprus 

T: (+357) 22 753 636 

E: mail@netinfo.eu 

W: www.netinfo.eu 


SUSANA POYIADJIS 

SENIOR PARTNER 

KIKIS LAGOS 


NEXIA POYIADJIS CHARTERED ACCOUNTANTS 

As a prominent partner-led firm established in 1969, Nexia Poyiadjis enjoys 

a proven track record of offering one of the highest standards of professional 

services to local and international clients. Nexia Poyiadjis is the exclusive Cyprus 

member firm of Nexia International, a leading global network of independent 

firms, providing clients with audit and assurance, taxation, business advisory, 

financial outsourcing, turnaround restructuring and insolvency advice. The firm 

operates in various industries such as financial services, professional practices, 

technology, real estate, manufacturing, pharmaceutical, agriculture, retail 

and hospitality with a strong history in providing services to investment firms, 

e-money and payment institutions, alternative investment fund managers and 

regulated funds. 

ONE PLUS CAPITAL LTD 

One Plus Capital (OPC) is as a licensed boutique investment firm based in Nicosia. 

OPC is licensed by CySEC to offer the full spectrum of investment services. Its core 

services include portfolio management, investment advisory, global brokerage, 

corporate finance, custody and safekeeping. OPC is also a trading member of 

the Athens and Cyprus Stock Exchange (ASE, CSE). Over the past few years, OPC 

has weighed in on its expertise and years of presence in the industry to broaden 

the range of services offered. Specifically, OPC has been active in the field of 

fund management for a number of Cyprus licensed funds with multi-asset class 

strategies and compartments for both retail and professional investors. 

Sophouli 2 Str., The Chanteclair House, 

8th floor, 1096 Nicosia - Cyprus 

T: (+357) 22 456 111 

Contact: Susana Poyiadjis - Senior Partner 

E: susana.poyiadjis@nexia.com.cy 

W: www.nexia.com.cy 

75 Prodromou Avenue, 

Oneworld Parkview House, 

2063 Strovolos, Nicosia - Cyprus 

T: (+357) 22 873 760 

Contact: Kikis Lagos - Managing Director 

E: info@onepluscapital.net 

W: www.onepluscapital.net 


SAVVAS SHIATIS 


ONEWORLD LTD 

Oneworld Ltd is a leading advisory, corporate and business services firm in 

Cyprus and Dubai with associated offices in key global centres. We provide 

company incorporation, management, banking, redomiciliation services as 

well as setting up and administering private funds and trusts. We advise on 

international tax planning, family succession, incorporate offshore companies 

in zero and low tax jurisdictions and provide other boutique services including 

licensing of various operations and structures. We bring a depth of experience 

to our work and dealings with our clients, which range from dynamic young 

enterprises to global corporations and high net worth individuals, their families 

and consultants. 

75 Prodromou Avenue, Oneworld House, 

POBox 25207, Nicosia 1307 - Cyprus 

T: (+357) 22 496 000 

Contact: Savvas Shiatis - Managing Director 

E: SShiatis@oneworldweb.net 

W: www.oneworldweb.net 

PAUL PAVLI 


ONEWORLD PLUS MANAGEMENT 

Oneworld Plus Management is a dedicated third party Alternative Investment 

Fund Manager (AIFM) providing AIFM services to fund initiators, promoters and 

fund managers of private equity, real estate, infrastructure, debt, fund of funds, 

transferable securities as well as other alternative asset classes. Our experience 

encompasses funds and assets in Ireland, Luxembourg, UK, Cyprus, Greece, Middle 

East, Asia, Cayman Islands and various other jurisdictions. We offer full fund setup 

services or we can provide services to existing funds. Oneworld Plus Management 

is authorised and regulated by the Cyprus Securities and Exchange Commission 

AIFM35/56/2013. 

E U L I C E N S E D A I F M 

Oneworld House 

75 Prodromou Avenue, Level 2, 

Nicosia 1307 - Cyprus 

T: (+357) 22 507 723 

Contact: Paul Pavli - Managing Director 

E: ppavli@oneworldaifm.com 

W: www.oneworldaifm.com 

EVANGELIA ELIADOU 

EXECUTIVE DIRECTOR 

PAFILIA PROPERTY DEVELOPERS LTD 

Founded in 1977, Pafilia is the largest privately-owned residential developer 

in Cyprus, dedicated to delivering the best in concept, design, quality and 

service. Pafilia specialises in prime developments with proven appreciation, 

rental returns and resale potential. Our €3 billion property portfolio includes 

a diverse and innovative collection of properties ranging from modern houses 

and apartments to integrated leisure resorts, towers, seafront properties and 

rare communities, all in prime locations. While our portfolio presents diversity 

in types and price points, every property shares the same high standards of 

quality that attract the savvy investor. Pafilia also operates a collection of 

subsidiary companies, services and enterprises that cover all aspects of 

property ownership. With offices in Cyprus, Greece, Russia, China and Vietnam, 

and representatives across the globe, Pafilia offers unrivalled support to clients 

whatever their needs. 

Pafilia House, 33 Nicodemou 

Mylona Street - Cyprus 

T: (+357) 26 848 800 

Contact: Michelle Taliotou - Marketing Manager 

E: m.taliotou@pafilia.com 

W: www.pafilia.com 



STAVROS PAVLOU 

SENIOR AND MANAGING 

PARTNER 

POLAKIS SARRIS 


PATRIKIOS PAVLOU & ASSOCIATES LLC 

Patrikios Pavlou & Associates LLC is a leading law firm in Cyprus. With more 

than 58 years of experience in the local and international legal market, the 

Firm has developed distinguished expertise in dispute resolution and ADR 

and a renowned legal consulting department. The legal teams are constantly 

involved in some of the largest cross-border banking, financial and corporate 

transactions and handle complex litigation, arbitration and mediation matters. 

In close cooperation with the associated Pagecorp Group, the Firm provides its 

clients with a comprehensive range of corporate and other related services. The 

Firm is highly recommended by prestigious legal directories worldwide for its 

distinctive legal services. 

POLAKIS SARRIS & CO LLC 

Polakis Sarris & Co LLC was established in 1971 by its founder and Managing 

Partner Polakis Sarris and has since grown into a sizeable and versatile 

law firm. The firm currently consists of over 30 Lawyers, including lawyers, 

accountants, corporate managers, paralegals and assistants. The firm and its 

lawyers are members of the following associations: Cyprus Bar Association 

(CBA), International Bar Association (IBA), International Lawyers Group (ilg), 

Women’s International Shipping and Trading Association (WISTA), International 

Tax Planning Association (ITPA), Society of Trust and Estate Practitioners (STEP), 

Chartered Institute of Arbitrators (CIArb). We strive to maintain an excellent 

standard of service, by being accessible, responsive and effective, and establish 

and maintain first-class and long-standing relationships with our clients. 

Patrician Chambers, 332 Agiou Andreou Street, 


T: (+357) 25 871 599 

Contact: Stavros Pavlou - Senior 

and Managing Partner 

E: spavlou@pavlaw.com 

W: www.pavlaw.com 

Ovo House, 22 Lefkonos, 2064, Nicosia - Cyprus 

T: (+357) 22 456 000 

Contact: Christina Sarris - Senior Partner 

E: info@polakissarris.com 

W: www.polakissarris.com 

EVGENIOS C EVGENIOU 

CEO, PwC CYPRUS 

PwC CYPRUS 

We support you to create the value you are looking for by providing specialised 

solutions based on quality. Together we build relationships based on trust and we 

say things as they are, to assist you to deal with issues that tomorrow will prove 

important. We adapt the expertise of more than 1000 professionals in Cyprus and 

the power of our global network of more than 276,000 experts in 157 countries 

to your specific needs, helping you make the difference. In a demanding and 

challenging business environment, our diverse teams of experts are sharing deep 

knowledge and experience. We provide a broad range of services to meet your 

increasingly complex needs. 

PricewaterhouseCoopers Ltd 

PwC Central, 43 Demostheni Severi Avenue, 

CY-1080 Nicosia - Cyprus 

T: (+357) 22 555 000 

Contact: Konstantina Logotheti - 

Director, Marketing & Communications 

E: konstantina.logotheti@pwc.com 

W: www.pwc.com.cy 

RCB BANK LTD 

RCB Bank Ltd was established on August 1st 1995 and celebrates its 25th 

anniversary this year. It is one of the largest banks in Cyprus and among the 

European significant banks, which are under the direct supervision of the 

European Central Bank through the SSM mechanism. The Bank operates 

branches in Nicosia, Limassol, Larnaca, Pafos and Luxembourg. 

DR. KIRILL ZIMARIN 


2, Amathountos Street, P.O. Box 56868, 


T: (+357) 25 837 300 

E: rcb@rcbcy.com 

W: www.rcbcy.com 

PHILIOS ZACHARIADES 


ROYAL CROWN INSURANCE CO LTD 

RCI is a non-life insurance company that has been active in the Cyprus 

market for more than forty years. Initially RCI was the local agent for Royal & 

SunAlliance, of which it is still part of the global network, and since 1999, RCI 

has been licensed as a purely Cypriot private insurance company. RCI’s mission 

has always been to operate on the principles of absolute integrity, transparency 

and to provide the best possible services to its clients. RCI’s practices and 

procedures have been awarded the quality certification ISO9001-2015 by Lloyd’s 

Register. Insurance, for RCI, is not a product to be sold, but a service provided 

and a commitment created. 

16-20 Mnasiadou Street 

P.O.Box: 24690 1302 Nicosia - Cyprus 

T: (+357) 22 885 555 

Contact: Anthie Zachariadou 

– Executive Director 

E: info@royalcrowninsurance.com 

W: www.royalcrowninsurance.com 


FIONA MULLEN 

DIRECTOR 

PETROS THEODOTOU 

DIRECTOR & CEO 

SAPIENTA ECONOMICS LTD 

Sapienta Economics is a Nicosia-based economic consultancy producing top-level 

analysis primarily on Cyprus for a range of prestigious clients, including oil/gas 

majors, big four firms and over a dozen embassies. Our services include bespoke 

consultancy and the monthly Sapienta Country Analysis Cyprus. Each month we 

take an in-depth look at prospects for political stability, government effectiveness, 

a resolution of the Cyprus problem, structural policies including natural gas, fiscal 

performance, debt sustainability, banking sector stability and the latest economic 

trends. No other organization offers such breadth and depth of inter-related issues. 

Sapienta Economics and its Director Fiona Mullen are independent, with no political 

ties in Cyprus or abroad and no investment in Cyprus shares or bonds. 

SERVPRO ACCOUNTANTS & CONSULTANTS 

ServPRO is a well established firm of accountants, advocates and business 

consultants having local and international expertise to provide clients with a 

comprehensive range of high quality services that exceed expectations. Our 

office offers a wide range of services such as International Tax Planning, 

Company Formation, Corporate & Legal, Formation of Trust & Trustee Services, 

Accounting & Financial Reporting, Auditing & Assurance, Industry Expert 

Advice, Advisory & Consulting, Information Technology, Immigration related 

services, Immovable Property/Real Estate, Dispute Resolution/ Litigation. 

ServPRO is a member of ACCA and ICPAC, an Approved ACCA Employer and ISO 

9001:2015 Certified company. 

Tenedou 7, No 401, Lykavitos, 

CY1055 Nicosia - Cyprus 

T: (+357) 99 338 224 

Contact: Fiona Mullen - Director 

E: fiona.mullen@sapientaeconomics.com 

W: www.sapientaeconomics.com 

Accountants & Consultants 

1 Kinyra Street, Kinyras Tower, 

3rd Floor, 1102 Nicosia - Cyprus 

T: (+357) 22 021 100 

Contact: Petros Theodotou - Director & CEO 

E: info@servpro.com.cy 

W: www.servpro.com.cy 


VASSILIOS DEMETRIADES 

SHIPPING DEPUTY MINISTER 

TO THE PRESIDENT 

SHIPPING DEPUTY MINISTRY 

The Shipping Deputy Ministry was established on 1st March 2018 as an 

autonomous Deputy Ministry reporting directly to the President, dedicated 

entirely to the Cyprus Maritime Industry. It is responsible for the development 

of a comprehensive national shipping strategy for the expansion of the Cyprus 

Register of Ships and the Cyprus shipping cluster. The Deputy Ministry is split 

into three main Directorates, the Ship Registry, Competitiveness and Regulation 

Directorate, the Flag State Directorate, and the Port State and Coastal State 

Directorate. More than 160 maritime specialists provide top quality services to 

shipping companies on a 24/7 basis from the Shipping Deputy Ministry’s offices 

in Cyprus, London, New York, Athens, Rotterdam and Hamburg. 

1 Kyllinis street, Mesa Geitonia, 


T: (+357) 25 848 100 

Contact: Permanent Secretary of 

the Shipping Deputy Ministry 

E: maritimeadmin@dms.gov.cy 

W: www.shipping.gov.cy 

GEORGE MAVROS 


SKYLINK SERVICES LTD 

Skylink Services Ltd is a provider of ground handling services for Executive 

Aviation Aircraft in Cyprus. We began operations in 1998, filling the gap in 

the Executive Aircraft ground handling market at both International Airports 

of Cyprus, Larnaca and Paphos. Skylink Services now owns and operates the 

only FBO facility at Larnaka Airport offering around-the-clock professional 

VIP aircraft and passenger handling services. Currently representing over 400 

companies that own or operate executive aircraft worldwide. Skylink Services 

also manages and operates the new Heads of State Lounge facility at Larnaka 

International Airport. This Lounge is used by all Heads of State visiting the 

Republic of Cyprus as well as a host of other visiting dignitaries. 

P.O. Box 43012, Larnaca Airport, 

6650 Larnaca - Cyprus 

T: (+357) 24 840 900 

T: (+357) 24 643 334 24hr Operation 

E: flightops@skylink.com.cy 

W: www.skylink.com.cy 

SPYROS EVANGELOU 

STEP CYPRUS CHAIRMAN 

SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP) 

STEP is the global professional association for practitioners who specialise 

in family inheritance and succession planning. STEP works to improve public 

understanding of the issues families face in this area and promotes education 

and high professional standards among its members. STEP members help 

families plan for their futures, from drafting a will to advising on issues 

concerning international families, protection of the vulnerable, family businesses 

and philanthropic giving. Today STEP has more than 20,000 members across 

96 countries from a range of professions, including lawyers, accountants and 

other specialists. The Cyprus branch of STEP numbers over 185 experienced 

professionals from all over Cyprus, and is active in the spread of industry related 

knowledge, through regular conferences and presentations. 

PO Box 22037, Nicosia, CY1516 - Cyprus 

T: (+357) 22 559 999 

Contact: Spyros Evangelou- 

STEP Cyprus Chairman 

E: chairman@stepcyprus.com 

W: www.step.org 



STELIOS AMERICANOS 


STELIOS IERONYMIDES 


STELIOS AMERICANOS & CO LLC 

Stelios Americanos & Co LLC is a full services, highly innovative law firm with 

headquarters based in Nicosia, Cyprus and a branch in Athens, Greece. It 

specializes in corporate, commercial and banking law, corporate and commercial 

litigation, real estate, financial advisory & regulation and blockchain legal 

advisory. Stelios Americanos & Co LLC provides its services to governmental 

organizations, international banking institutions, public companies and 

multinational corporations. Moreover Stelios Americanos & Co LLC has created 

close relationships with reputable international legal and consulting firms and is, 

thus, able to assist clients with their cross-border transactions and needs. Today, 

Stelios Americanos & Co LLC is considered one of the leading law firms in Cyprus 

in the areas of its specialty. 

STELIOS IERONYMIDES & ASSOCIATES LLC 

Stelios Ieronymides & Associates LLC is a Law Office, established over thirty 

years ago, in Cyprus. It provides legal assistance and representation, at 

all levels and also, it is one of the largest service providers, offering among 

others, registration, fiduciary and trustee services, to local and foreign clientele 

including corporations, Banks, Airlines, Shipping companies, as well as 

prominent customers with focus on quality, professionalism, effectiveness and 

efficiency. The Law Office maintains a wide network of associates and agents 

in Cyprus and abroad, for matters pertaining to litigation, company and ship 

registration, trusts, tax planning, immigration & residency and real estate. The 

Law Office also maintains a number of Business Centers, providing to its clients 

fully fledged offices in Cyprus, for their business needs and requirements. 

12, Demostheni Severi Av. 

Office 601, 6th Floor 1080 Nicosia - Cyprus 

T: (+357) 22 465 500 

Contact: Stelios Americanos 

- Managing Partner 

E: stelios@americanoslaw.com 

W: www.americanoslaw.com 

Stasinou 1, Mitsi Building 1, 1st Floor, Office 4, 

Plateia Eleftherias, 1060, Nicosia - Cyprus 

T: (+357) 22 674 949 

Contact: Stelios Ieronymides 

– Managing Director 

E: info@silaw.com.cy 

W: www.silaw.com.cy 

ANTONIS VASSILIADES 


SWISSPORT CYPRUS LIMITED 

Swissport has been present in Cyprus since January 2006 providing Passenger, 

Ramp, Ticketing, cargo, and executive aviation services at both the island’s 

airports. It is a subsidiary of Swissport International, the words largest Airport 

provider of ground and air cargo services, active at over 300 airports in 50 

countries across all five continents. With more than 850 client-companies, 

Swissport provides airport ground services for 282 million passengers, and 

4.8 million tons of cargo at 122 warehouses world-wide per annum, with a 

workforce of 68,000. In Cyprus Swissport employs over 850 people, trained at 

the highest level and in line with industry standards and procedures. 

Office 2, Larnaka International Airport 

T: (+357) 24 008 781 

Contact: Michael Kokkinos - 

Commercial Manager 

E: Michael.kokkinos@swissport.com 

W: www.swissport.com 

NICOS PAPAEFSTATHIOU 


TASSOS PAPADOPOULOS & ASSOCIATES LLC 

Tassos Papadopoulos & Associates LLC is one of the oldest law firms 

established in Cyprus, providing legal services in all areas of the law. We have 

been providing bespoke support to HNWIs, both local and foreign, in their 

Cypriot ventures for many years, throughout legislative and regulatory changes. 

Equipped with experience, knowledge, sophistication and discretion we have 

gained the trust and confidence of our clients by providing multifaceted legal 

hands-on support in their activities in Cyprus and overseas. 

10, Iasonos Street, Jason Building, 


T: (+357) 22 889 999 

Contact: Nicos Papaefstathiou – 

Managing Partner 

E: npapaefstathiou@tplaw.com.cy 

W: www.tplaw.com.cy 

KYRIAKOS IORDANOU 


THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ICPAC) 

The Institute of Certified Public Accountants of Cyprus (ICPAC) is the competent 

authority for regulating the accounting profession and the sole recognised 

body of Auditors by the state in Cyprus. Established in 1961, ICPAC currently 

has more than 5.000 professional accountants as members and 3.500 students. 

ICPAC houses all professional accountants, supports and promotes the 

activities and interests of the accountancy profession, safeguards the reputation 

of the profession and adherence to the Code of Ethics, as well as provides for 

the continuous professional development and updating of members. In addition, 

ICPAC is also a competent authority under the Anti-Money Laundering law, the 

laws on the Regulation of Enterprises Providing Administrative Services and the 

Insolvency Practitioners Law. 

11 Byron Avenue, CY-1096, Nicosia - Cyprus 

T: (+357) 22 870 030 

Contact: Kyriakos Iordanou – General Manager 

E: info@icpac.org.cy 

W: www.icpac.org.cy 


ANDREAS MERCOURI 


MICHALIS 

HADJIPANAYIOTOU 

EXECUTIVE DIRECTOR 

TRIDENT TRUST COMPANY (CYPRUS) LIMITED 

Founded in 1978, the Trident Trust Group is one of the largest independent 

providers of corporate and fiduciary services, employing more than 900 staff 

in over 25 jurisdictions. Trident Trust Cyprus is one of the Group’s leading 

offices established in 1996 and is today one of the main members of the local 

financial services industry, employing just over 80 employees. Trident Cyprus is 

regulated by the Cyprus Securities and Exchange Commission and provides a 

full range of services on Cyprus companies, funds and trusts, principally to law 

firms, accountants and tax advisors, as well as financial institutions and large 

international organizations. 

TRILOGY LIMASSOL SEAFRONT 

Brought to life by a world-class collaboration of architects, designers and 

developers, Trilogy is an exciting new high-rise development in the heart of 

Limassol. A trio of shimmering beachfront towers surrounding a bustling inner 

plaza, Trilogy is a place to live, work and play. Its luxury apartments blend the 

aspirational dream of high-end living, with the sophistication of urban cool. Stateof-the-art 

offices also enjoy first-class services and uninterrupted sea views from 

every window. Three distinct social areas offer resident-only facilities for secluded 

leisure and relaxation, as well as a lively public plaza that can be enjoyed and 

experienced by everyone. Your story begins here… 

Griva Digeni 115, Trident Centre 


T; (+357) 25 820 650 

Contact: Christina Economou – 

Business Development Director 

E: cyprus@tridenttrust.com 

W: www.tridenttrust.com 

341, 28th October Avenue 


T: (+357) 25 362 800 

Contact: Yiorgos Georghiou - Sales Director 

E: info@trilogylimassol.com 

W: www.trilogylimassol.com 


NICK TERRY 


VISTRA (CYPRUS) LIMITED 

Vistra Group is a leading fund, trust and corporate services provider. Ranked 

among the top three in our industry, we have 81 offices across 45 countries, 

and employ over 4.500 professionals globally. In Cyprus, our team of forty 

professionals provides a uniquely broad range of services and solutions for a 

wide client-base of high net worth entrepreneurs, international investment 

funds and multinational groups. Certainly, in these challenging times, and with 

the regulatory and financial environment constantly changing, many clients 

seek comfort in working with a world leader such as Vistra; its wide group 

network and professionalism being an invaluable asset. 

2nd Floor Sotiri Tofini 4 

Agios Athanasios, 4102 Limassol - Cyprus 

T: (+357) 25 817 411 

Contact: Nick Terry - Managing Director 

E: Nick.Terry@vistra.com 

W: www.vistra.com 

GEORGE W. SAMS 

CEO 

WEALTH FUND SERVICES LTD 

Wealth Fund Services Ltd was established in 2016 as a UCITS management company 

based in Nicosia and licensed by CySEC. It offers a wide range of investment 

options like investments in funds under Wealth Fund Services umbrella, set-up of 

a personal Mutual Fund and set up and management of all types of AIFs. Apart 

from the core services of UCITS and AIF management, the company also provides 

Discretionary Asset Management and Advisory Services with High standards and 

personal customer care. Every investor shall receive tailor-made solutions based 

on proven fundamental and quantitative research. 

Kennedy 12-14, Kennedy Business Center 

Office 305, 1087, Nicosia - Cyprus 

T: (+357) 22 755 506-07 

Contact: George Sams - CEO 

E: info@wealthfs.com.cy 

W: www.wealthfs.com.cy 

YIANNOS GEORGIADES 


Y. GEORGIADES & ASSOCIATES LLC 

Y. Georgiades & Associates LLC was established in 1992 by Yiannos Georgiades. 

It has a firm foothold in the domestic market, providing a range of legal 

consultancy services to its Cypriot clients, to local councils and charitable 

organizations, and to multinational clientele. The firm has established a 

network of contacts and associates in countries around the world and focuses 

on providing a first-class service to its clients worldwide. The firm specialises in 

M&A, investments, trusts, intellectual property, corporate and commercial law, 

real estate, medical malpractice, dispute resolution and corporate litigation. 

The firm is a Nominated Advisor of the Cyprus Stock Exchange for the Emerging 

Companies Market, and Mr Georgiades is the Chairman of the European Court 

of Arbitration for Commercial Disputes in Cyprus. 

2, Ayios Pavlos & Kadmos Street 

Wisdom Tower, 3rd Floor, 1105, Nicosia - Cyprus 

T: (+357) 22 819 292 

Contact: Yiannos Georgiades Managing Partner 

E: yiannos.georgiades@gmadvocates.com 

W: www.gmadvocates.com

Shipping Sector Cyprus

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