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<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong>&<strong>Gas</strong><br />
TheProfilerGroup<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
TheProfilerGroup<br />
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PUBLICATION DATE<br />
December 2021<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
Contents<br />
<strong>Cyprus</strong> at a Glance: Key Facts & Figures 6<br />
Sector Profile: Strategic Energy Hub 12<br />
Insight: Natasa Pilides, Minister of Energy, Commerce <strong>and</strong> Industry 26<br />
Regional Cooperation: The East Mediterranean <strong>Gas</strong> Forum (EMGF) 28<br />
Doing Business in <strong>Cyprus</strong>: Business operating environment guide<br />
including taxation, business costs, commercial <strong>and</strong> residential<br />
property <strong>and</strong> salary survey 30<br />
Who’s Who in <strong>Cyprus</strong>: The definitive guide to <strong>Cyprus</strong>’ leading<br />
companies, executives <strong>and</strong> professional advisors 42<br />
4
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
<strong>Cyprus</strong> at a Glance<br />
Lying at the crossroads of Europe, Asia <strong>and</strong> Africa, <strong>Cyprus</strong><br />
has long served as a major eastern trading post. It is a small<br />
country, but the third largest isl<strong>and</strong> in the Mediterranean<br />
Sea <strong>and</strong> shares a maritime border with Egypt 300km to the<br />
south, Lebanon 108km to the east <strong>and</strong> Turkey 71km to the<br />
north, while mainl<strong>and</strong> Greece lies 800km to the north-west.<br />
With 10,000 years of history, the isl<strong>and</strong>’s strategic location has<br />
long made it a jewel in the crown of the powers of the day.<br />
35ºN 33ºE<br />
Paphos<br />
(Pafos)<br />
95,400<br />
Paphos<br />
International<br />
Airport<br />
Limassol<br />
(Lemesos)<br />
248,300<br />
Nicosia<br />
(Lefkosia)<br />
Population:<br />
346,400<br />
Larnaca<br />
International<br />
Airport<br />
Famagusta<br />
(Ammochostos)<br />
48,900<br />
Larnaca<br />
149,000<br />
TOTAL POPULATION<br />
880,000<br />
Republic of <strong>Cyprus</strong><br />
CURRENCY<br />
Euro (€)<br />
Non-<br />
Cypriot<br />
18%<br />
Cypriot<br />
82%<br />
6
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
MEMBERSHIPS<br />
EU & Eurozone<br />
World Trade<br />
Organization<br />
United Nations<br />
Council of Europe<br />
Commonwealth<br />
World Bank & IMF<br />
OFFICIAL LANGUAGES<br />
Greek &<br />
Turkish<br />
(business generally<br />
conducted in English)<br />
MAIN MEDIA<br />
<strong>Cyprus</strong> Mail<br />
Phileleftheros<br />
Politis<br />
CyBC<br />
TIME<br />
+2 Hours<br />
ahead of GMT<br />
AREA / SIZE<br />
9,251 km 2<br />
(3,355 km 2 in the occupied area)<br />
POPULATION DENSITY<br />
94<br />
(persons per km 2 )<br />
SUNSHINE<br />
340 Days<br />
of sunshine / year<br />
MEDIAN AGE<br />
37.7<br />
RELIGION<br />
ANNUAL RAINFALL<br />
790.1 mm<br />
average<br />
89.1%<br />
Greek<br />
Orthodox<br />
AVERAGE TEMPERATURE<br />
Winter<br />
Summer<br />
+ 13ºC + 34ºC<br />
2.9% Roman Catholic<br />
2.0% Protestant/Anglican<br />
1.8% Muslim<br />
1.7% Unknown/Atheist<br />
1.4% Other 1.0% Buddhist<br />
7
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
Business Figures<br />
GDP BY SECTOR<br />
CORPORATE<br />
TAX RATE<br />
12.5%<br />
TIME TO START<br />
UP A BUSINESS<br />
1-3 days<br />
11.5%<br />
Taxes &<br />
subsidies<br />
74.1%<br />
Services<br />
GDP PER CAPITA<br />
€24,157<br />
(2020)<br />
INFLATION<br />
-1.1%<br />
(2020)<br />
5.5%<br />
Construction<br />
7.0%<br />
Mining,<br />
manufacturing,<br />
electricity & water<br />
1.9%<br />
Agriculture,<br />
forestry & fishing<br />
TOTAL GDP<br />
€21.5 billion<br />
(2020)<br />
GDP GROWTH<br />
5.4%<br />
(2021f)<br />
ACCOUNTING<br />
STANDARD<br />
IFRS<br />
CRIME<br />
0.9 per 100 persons<br />
<strong>Cyprus</strong> is the safest country in the<br />
world for young people out of<br />
184 countries across the globe.<br />
INTERNATIONAL RANKINGS<br />
STANDARD<br />
& POOR’S<br />
BBB-<br />
(October 2021)<br />
FITCH<br />
BBB-<br />
(March 2021)<br />
MOODY’S<br />
Ba1<br />
(October 2021)<br />
UNEMPLOYMENT<br />
7.5%<br />
(2021f)<br />
MAIN TRADING PARTNERS<br />
UK<br />
Germany<br />
Italy<br />
France<br />
Greece<br />
Israel<br />
China<br />
9
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
SECTOR PROFILE<br />
Strategic<br />
Energy Hub<br />
With the global economy on the way to recovery,<br />
hydrocarbon exploration plans in <strong>Cyprus</strong><br />
resumed in 2021 supporting <strong>Cyprus</strong>’ ambitions<br />
to become a strategic energy hub.<br />
12
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
<strong>Cyprus</strong>’ strategic location in the East Med, at the southeast tip of the European<br />
Union <strong>and</strong> close to the Suez Canal, make it ideally suited not only as an important<br />
energy hub <strong>and</strong> headquartering location, but also as an energy interconnection<br />
node, connecting the electricity grids of the Eastern Mediterranean<br />
<strong>and</strong> North Africa to those of Europe.<br />
Natural gas discoveries in both the Exclusive Economic Zone (EEZ) of <strong>Cyprus</strong><br />
<strong>and</strong> its immediate neighbourhood over the last decade have spurred on a new industry<br />
in <strong>Cyprus</strong> providing a new opportunity for business <strong>and</strong> foreign investment.<br />
A key driver for this has been the involvement of multinational oil <strong>and</strong> gas companies<br />
in <strong>Cyprus</strong>’ EEZ, which has strengthened the isl<strong>and</strong>’s ambition to become an<br />
important hydrocarbons player in the Eastern Mediterranean.<br />
To date, <strong>Cyprus</strong> has completed three successful offshore licensing rounds,<br />
awarding the majority of its offshore blocks to some of the world’s top international<br />
oil companies. Global energy giants such as Italian ENI, South Korean Kogas,<br />
French Total, American ExxonMobil, Qatar Petroleum, American Noble Energy,<br />
Israeli Delek Group <strong>and</strong> Royal Dutch Shell, have all secured exploration rights in<br />
Cypriot waters. In July 2020, Chevron Corp announced an agreement for the acquisition<br />
of Noble Energy Inc, including its shares in <strong>Cyprus</strong>’ Aphrodite gas field.<br />
This is a positive development improving project realisation prospects, as after<br />
ExxonMobil, Chevron is the second biggest international oil company in terms of<br />
market capitalisation.<br />
With the global oil <strong>and</strong> gas sector on the way to recovery, following the major<br />
downturn caused by the Covid-19 p<strong>and</strong>emic, exploration around the Eastern<br />
Mediterranean resumed in late 2021 – reconfirming the commitment of the<br />
International <strong>Oil</strong> Companies (IOCs) to this region.<br />
13
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
NATURAL GAS DISCOVERIES<br />
The first natural gas discovery in <strong>Cyprus</strong>’ EEZ was made in 2011 by US firm Noble<br />
Energy <strong>and</strong> Delek Group in the Aphrodite gas field in offshore Block 12, which is<br />
estimated to have 4.5 trillion cubic feet (tcf) of gas. Following a successful appraisal<br />
programme, Aphrodite was declared commercial in 2015.<br />
The next discovery was made by the consortium of Total <strong>and</strong> ENI at the<br />
Onesiphoros prospect in Block 11 in 2017. But it was a small, technical <strong>and</strong><br />
non-commercial discovery. This was followed by the discovery of the Calypso gas<br />
field in Block 6 by Italian ENI in late 2017. The discovery is currently under appraisal.<br />
The most recent success was the discovery in February 2019 of the Glaucus gasfield<br />
in the promising Block 10 by the ExxonMobil <strong>and</strong> Qatar Petroleum consortium,<br />
estimated to hold 5 to 8 tcf of gas. This was particularly encouraging as Glaucus,<br />
Calypso <strong>and</strong> Onesiphoros were discovered in geological formations similar to the<br />
giant 30 tcf Zohr gas field discovered by ENI in 2015 in the Egyptian EEZ <strong>and</strong> adjacent<br />
to <strong>Cyprus</strong>’ Block 11. These more recent discoveries confirm that the Zohr geological<br />
model extends more widely in the Eastern Mediterranean region.<br />
These results bode well for <strong>Cyprus</strong> <strong>and</strong> the East Med, adding to its reputation<br />
as an emerging gas region. Combined with other discoveries, they have roused interest<br />
amongst major players to invest in the Eastern Mediterranean. ExxonMobil<br />
extended its interests with licences for two blocks southwest of Crete <strong>and</strong> in Egypt,<br />
where it has secured Block 3 during the recent licensing rounds. Chevron also<br />
extended its interest in Egypt, gaining rights to three offshore blocks, <strong>and</strong> in Israel<br />
taking over Noble Energy’s shares in the Tamar <strong>and</strong> Leviathan gas fields.<br />
Re-analysis of seismic survey data using the knowledge gained from these discoveries<br />
has shown good prospects for new, potential, discoveries also in <strong>Cyprus</strong>’ EEZ.<br />
As a result, ExxonMobil is planning to drill an appraisal well at Glaucus in Block 10<br />
later this year. ENI <strong>and</strong> Total are reviewing their plans to resume drilling in 2022.<br />
Success would further strengthen the potential of <strong>Cyprus</strong> as a gas province.<br />
14
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
11<br />
12<br />
Natural <strong>Gas</strong> Discoveries<br />
<strong>Cyprus</strong> EEZ Licenced Blocks<br />
Block Exploration Licenses Year<br />
2 ENI, Kogas, Total 2013<br />
3 ENI, Kogas, Total 2013<br />
5 ExxonMobil, Qatar Petroleum 2021<br />
6 ENI, Total 2017<br />
7 ENI, Total 2019<br />
8 ENI, Total 2017<br />
9 ENI, Kogas, Total 2013<br />
10 ExxonMobil, Qatar Petroleum 2017<br />
11 Total, ENI 2013<br />
Block Exploitation License Year<br />
12 (Aphrodite) Noble Energy (Chevron from 2020), 2019<br />
Delek Drilling, BG <strong>Cyprus</strong> Limited<br />
15
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<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
FUTURE DRIVER OF GROWTH<br />
The large gas discoveries in<br />
the region could have a major<br />
impact on energy security<br />
<strong>and</strong> economic development<br />
through exploitation. This<br />
could be in power generation,<br />
but also in downstream <strong>and</strong><br />
petrochemical projects.<br />
The hopes that the oil <strong>and</strong> gas sector will become a key driver of economic growth<br />
are returning. <strong>Cyprus</strong> is actively re-evaluating its options to exploit its natural gas,<br />
hoping for high revenues in the future. <strong>Cyprus</strong>’ Energy Minister Natasa Pilides<br />
confirmed that <strong>Cyprus</strong> is working closely with the IOCs to ensure progression of<br />
these options. This includes the plan to sell around 8 billion cubic metres (bcm)<br />
of gas per year, over a 15-16-year period, from Aphrodite for liquefaction at the<br />
Idku plant in Egypt <strong>and</strong> to export this to global markets. The signing in 2018 of<br />
an inter-governmental agreement between <strong>Cyprus</strong> <strong>and</strong> Egypt to build a subsea<br />
pipeline connecting Aphrodite to Egypt’s liquefaction plants, <strong>and</strong> a revised production-sharing<br />
agreement with Noble Energy – now Chevron – <strong>and</strong> its partners<br />
over the Aphrodite gas reservoir are still<br />
key to monetising Aphrodite gas.<br />
The revised agreement provides that<br />
the consortium will be responsible for<br />
the extraction platform at the site of<br />
the field. Analysts describe the deal as<br />
a redistribution of profit, increasing<br />
the share of the companies when oil<br />
prices are low, but conversely, when<br />
global oil prices rise, <strong>Cyprus</strong>’ share will<br />
increase. Based on this agreement, first<br />
gas is expected in 2025, <strong>and</strong> according<br />
to the Energy Ministry it would be the<br />
biggest infrastructure project ever undertaken<br />
in the Republic of <strong>Cyprus</strong>.<br />
Even though the plan may experience<br />
some delays due to the coronavirus<br />
p<strong>and</strong>emic, <strong>Cyprus</strong> <strong>and</strong> Egypt are committed<br />
to it.<br />
In March 2021, Israel <strong>and</strong> <strong>Cyprus</strong><br />
agreed a framework to deal with bilateral<br />
issues regarding the Aphrodite<br />
gas reserves. This is an important step<br />
towards the future development of the<br />
gas-field.<br />
The discovery of Glaucus in Block 10<br />
by ExxonMobil <strong>and</strong> Qatar Petroleum<br />
in 2019 could become a game-changer.<br />
ExxonMobil has repeatedly stated that<br />
should more discoveries be made, it would consider options for exports to global<br />
markets. This would require total gas discoveries to approach 15 tcf <strong>and</strong> global<br />
gas prices to justify commercial viability. The results of the appraisal drilling of<br />
Glaucus are awaited with increased interest. The prospects of gas exports could<br />
completely transform <strong>Cyprus</strong>’ fortunes.<br />
17
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
EAST MED GAS FORUM<br />
Given the geopolitical challenges the region faces, respect of international law, <strong>and</strong><br />
particularly the United Nations Convention on the Law of the Sea (UNCLOS), is<br />
crucial to the peaceful exploitation of hydrocarbons in the East Med. With this<br />
in mind, the energy ministers <strong>and</strong> representatives from Egypt, <strong>Cyprus</strong>, Greece,<br />
Israel, Italy, Jordan <strong>and</strong> the Palestinian Authority met in Cairo in January 2019 <strong>and</strong><br />
set up the East Mediterranean <strong>Gas</strong> Forum (EMGF) – with European Commission<br />
<strong>and</strong> World Bank representatives attending the meeting as observers. More recently,<br />
the US joined the Forum as an observer <strong>and</strong> France as a member, indicating its<br />
growing importance.<br />
The EMGF could benefit regional gas development through dialogue on natural<br />
gas policies, including environmental considerations, leading to the development<br />
of a regional integrated market in a way that maximises the utilisation of gas resources<br />
<strong>and</strong> transport infrastructure in the region, <strong>and</strong> would contribute to further<br />
cooperation in the East Med. <strong>Gas</strong> export projects could also benefit from such<br />
cooperation, especially with regards to ensuring a conducive regulatory environment,<br />
putting in place the required inter-governmental arrangements <strong>and</strong> removing<br />
political risk. In 2021, the energy ministers of member countries m<strong>and</strong>ated a<br />
dedicated working group to develop a long-term strategy to achieve the objectives<br />
of the EMGF. Natural gas could make a crucial contribution to the future of East<br />
Med countries <strong>and</strong> any such initiatives that could promote its development can<br />
only be helpful.<br />
However, the so-called <strong>Cyprus</strong> Problem – the de facto division of <strong>Cyprus</strong><br />
between the Greek-speaking south <strong>and</strong> the Turkish-speaking north following the<br />
1974 Turkish invasion – continues to complicate geopolitics <strong>and</strong> hydrocarbons exploration<br />
in the Eastern Mediterranean. Turkey, a significant regional power, is<br />
not an UNCLOS signatory as it claims rights based on its continental shelf <strong>and</strong> has<br />
had an increasingly aggressive stance on oil <strong>and</strong> gas drilling rights in <strong>Cyprus</strong>’ EEZ.<br />
Tensions between Turkey <strong>and</strong> its neighbours <strong>and</strong> the EU have escalated in recent<br />
years with relations deteriorating further <strong>and</strong> establishing a political stalemate<br />
posing many potential challenges in future oil <strong>and</strong> gas development in the region.<br />
The large gas<br />
discoveries in the<br />
region could have<br />
a major impact on<br />
energy security<br />
<strong>and</strong> economic<br />
development<br />
through exploitation.<br />
This could be in<br />
power generation,<br />
but also in<br />
downstream <strong>and</strong><br />
petrochemical<br />
projects.<br />
19
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<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
LNG IMPORT TERMINAL<br />
Until it is able to develop its own gas, <strong>Cyprus</strong> is planning to import LNG to<br />
replace heavy fuel oil <strong>and</strong> diesel in power generation. Not only is this expected<br />
to bring the cost of electricity down, but it will also lead to a substantial reduction<br />
in carbon dioxide emissions, helping <strong>Cyprus</strong> achieve its Paris Agreement<br />
pledges.<br />
In December 2019, <strong>Cyprus</strong> signed a l<strong>and</strong>mark deal with a Chinese-led consortium<br />
to build a €290 million LNG import terminal at Vassilikos. The project<br />
has secured a €101 million grant from the EU under the Connecting Europe<br />
Facility (CEF), with the EAC contributing €43 million securing a 30% stake.<br />
Further financing comes from the European Investment Bank <strong>and</strong> the European<br />
Bank of Reconstruction <strong>and</strong> Development, with €150 million <strong>and</strong> €80 million<br />
respectively. The consortium constructing the project includes China Petroleum<br />
Pipeline Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding<br />
<strong>and</strong> Wilhelmsen Ship Management.<br />
The terminal will include a floating storage <strong>and</strong> regasification unit (FSRU),<br />
a jetty for mooring the FSRU <strong>and</strong> related infrastructure at Vassilikos. An LNG<br />
carrier, the 137,000 m3 Galea, is now being converted in Shanghai into an FSRU.<br />
Construction of the terminal started in July 2020, with completion expected<br />
by 2023, <strong>and</strong> to date it is <strong>Cyprus</strong>’ largest energy infrastructure project. <strong>Cyprus</strong><br />
Energy Minister Pilides said that the project is central to the success of electricity<br />
market liberalisation. She also said that the future use of natural gas from<br />
<strong>Cyprus</strong>’ own gasfields is still part of the country’s strategy for the future.<br />
<strong>Cyprus</strong> has signed a l<strong>and</strong>mark deal with a<br />
Chinese-led consortium to build a<br />
€290 million<br />
LNG import terminal with completion expected by 2022.<br />
21
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<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
ENDING ENERGY ISOLATION<br />
Another important regional energy project is the EuroAsia Interconnector, which<br />
will link the power grids of <strong>Cyprus</strong> with Greece <strong>and</strong> Israel via an undersea cable.<br />
The 2,000-Megawatt (MW) Interconnector is the only North-South electricity interconnection<br />
in the Central Eastern <strong>and</strong> South Eastern Europe Priority Corridor.<br />
The permitting procedure for the construction of the first power ‘corridor’ with a<br />
capacity of 1,000 MW costing €3.5 billion started in 2019. The Crete-Attica link –<br />
being built by Greek grid operator Admie – is expected to be completed by 2023,<br />
<strong>and</strong> the <strong>Cyprus</strong>-Crete <strong>and</strong> <strong>Cyprus</strong>-Israel links in December 2023.<br />
The Interconnector will end the energy isolation of <strong>Cyprus</strong> <strong>and</strong> contribute to<br />
achieving the EU Energy Union’s goals of connecting European energy networks,<br />
achieving the electricity interconnection target for 2030 of at least 15%. It will also<br />
contribute to the internal energy market integration, increase security of energy<br />
supply, <strong>and</strong> support sustainable development by integrating renewable energy<br />
sources across the EU.<br />
An important milestone was achieved in July 2020, when the government of<br />
<strong>Cyprus</strong> issued the Interconnector with the final building permit to construct a<br />
high voltage direct current (HVDC) converter station in <strong>Cyprus</strong>, with a capacity<br />
of 2,000 MW. The latest development is that following tenders issued in February,<br />
the Project Developer, EuroAsia Interconnector Ltd, announced in April 2021 that<br />
it has received binding offers for the award of contracts for the supply <strong>and</strong> installation<br />
of the HVDC cable systems.<br />
In addition to EuroAsia, a framework agreement to also set up an EuroAfrica<br />
Interconnector to link the power grids of Egypt, <strong>Cyprus</strong> <strong>and</strong> Greece through<br />
subsea HVDC cables with the capacity to transmit 2,000 MW. The Interconnector<br />
is a VSC-HVDC scheme which will allow the bidirectional transfer of 1,000 MW<br />
(Stage 1) between the converter stations, with an estimated cost of €2.5 billion.<br />
Completion of the project is planned for December 2023.<br />
The EuroAsia Interconnector in Numbers<br />
3 Converter<br />
Stations<br />
In Israel, <strong>Cyprus</strong> <strong>and</strong> Crete<br />
in Greece with<br />
multi-terminal operation<br />
3,000 Metres<br />
Depth of lowest point of the EuroAsia<br />
cable along the Mediterranean basin,<br />
making it the deepest laying of a<br />
subsea cable in the world, equal to the<br />
height of eight times the Empire State<br />
building or nine times the Eiffel Tower<br />
2,000 MW<br />
Enough to provide electricity to<br />
3 million households, or the cities<br />
of Berlin <strong>and</strong> Madrid combined<br />
(or 2 million people at peak load)<br />
1,208 Km<br />
The longest subsea<br />
interconnector cable<br />
in the world, or the same<br />
distance between<br />
St Petersburg <strong>and</strong> Berlin<br />
23
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
TRANSHIPMENT TERMINAL<br />
<strong>Cyprus</strong> is also developing into a regional<br />
fuel hub for Europe, Asia <strong>and</strong> Africa,<br />
thanks mainly to the successful operation<br />
of the sophisticated oil storage<br />
terminal by Netherl<strong>and</strong>s-based global<br />
oil terminal company VTTI. The company’s<br />
€300 million project in Vassilikos<br />
became operational in 2014, <strong>and</strong> was<br />
one of the biggest infrastructure projects<br />
constructed in <strong>Cyprus</strong> in recent<br />
years <strong>and</strong> put the isl<strong>and</strong> on the global<br />
energy map.<br />
The company uses <strong>Cyprus</strong> as a transhipment<br />
terminal, blending its raw materials <strong>and</strong> then exporting them to the rest<br />
of the world. With large refineries operating <strong>and</strong> more being built in the Middle<br />
East, the international market expects more product-vessel traffic through the Suez<br />
Canal, bound for European <strong>and</strong> Mediterranean markets. These cargoes need to be<br />
resized or blended with other products to change specification <strong>and</strong> meet regional<br />
requirements. VTTV’s strategic location makes it the first terminal of its kind in<br />
the Eastern Mediterranean offering these services <strong>and</strong> connecting Europe <strong>and</strong> the<br />
Black Sea with markets in the Middle East <strong>and</strong> Asia. The industry has tremendous<br />
growth prospects with <strong>Cyprus</strong>’ determination to establish itself as a key energy hub<br />
<strong>and</strong> a stronghold of stability in the region.<br />
Key Contacts<br />
Ministry of Energy,<br />
Commerce <strong>and</strong> Industry<br />
www.meci.gov.cy/en<br />
<strong>Cyprus</strong> Energy Regulatory<br />
Authority (CERA)<br />
www.cera.org.cy<br />
<strong>Cyprus</strong> Energy Agency<br />
www.cea.org.cy<br />
<strong>Cyprus</strong> Hydrocarbons<br />
Company (CHC)<br />
www.chc.com.cy<br />
Natural <strong>Gas</strong> Public<br />
Company (DEFA)<br />
www.defa.com.cy<br />
A KEY PLAYER<br />
With increased regional cooperation<br />
<strong>and</strong> the unfolding discoveries in the<br />
Eastern Mediterranean, the growing<br />
potential of the developing oil <strong>and</strong> gas<br />
sector offers exp<strong>and</strong>ing opportunities<br />
for investors. In a turbulent region,<br />
<strong>Cyprus</strong> is well positioned to further<br />
strengthen its role as a stable <strong>and</strong> attractive<br />
location in which to base energy infrastructure<br />
projects <strong>and</strong> headquarters<br />
for international companies servicing<br />
the region. The country’s EU status, vast<br />
pool of English-speaking professionals<br />
<strong>and</strong> beneficial business operating<br />
environment provides the isl<strong>and</strong> with<br />
unique advantages to establish itself as<br />
a strategic player <strong>and</strong> facilitator in the<br />
EMEA energy market.<br />
24
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
Natasa Pilides,<br />
Minister of Energy,<br />
Commerce <strong>and</strong> Industry<br />
In the era of energy transition, whereby national energy <strong>and</strong> climate strategies are<br />
formulated on the basis of global initiatives such as the Paris Agreement <strong>and</strong> the<br />
EU’s Green Deal, investing in hydrocarbons may seem counterintuitive, however<br />
natural gas is widely considered a bridge fuel, facilitating the gradual move to a<br />
zero emissions economy. In fact, expert estimates point to an increase of LNG<br />
dem<strong>and</strong> over the next 15 years, especially in Asian markets.<br />
The three natural gas discoveries in the Exclusive Economic<br />
Zone (EEZ) of the Republic of <strong>Cyprus</strong> – ‘Aphrodite’ at 4.5<br />
tcf, ‘Glaucus’ at 5-8 tcf <strong>and</strong> ‘Calypso’ which is under appraisal<br />
– the prospects for additional discoveries based<br />
on available seismic data <strong>and</strong> analysis, <strong>and</strong> the country’s<br />
strategic location at the heart of the Eastern<br />
Mediterranean <strong>and</strong> very close to Suez, allow room for<br />
optimism, despite the heavy blow dealt to the global<br />
hydrocarbons sector by the Covid-19 p<strong>and</strong>emic <strong>and</strong><br />
the oil prices crash.<br />
With major oil <strong>and</strong> gas companies ab<strong>and</strong>oning<br />
or postponing projects all over the world in an<br />
effort to drastically cut costs, <strong>Cyprus</strong><br />
has been very fortunate in that all<br />
our licensees have reaffirmed their<br />
commitment to our EEZ. As such,<br />
we look forward to the new round<br />
of drilling work – exploration <strong>and</strong><br />
appraisal – in the Cypriot EEZ<br />
in 2021-2022. Our main aim, of<br />
course, is to have a clear picture<br />
of our EEZ’s energy potential<br />
<strong>and</strong>, depending on the<br />
discoveries made, to mature<br />
<strong>and</strong> implement the various<br />
options for the best possible<br />
utilisation of <strong>Cyprus</strong>’ indigenous<br />
hydrocarbon resources.<br />
26
Investor’s<br />
First Point of Contact<br />
Being the state’s entrusted facilitator <strong>and</strong> the first point of contact for international investors, Invest <strong>Cyprus</strong><br />
is the investors’ dedicated partner throughout the investment cycle, providing them with all the necessary<br />
information <strong>and</strong> practical support in setting up, operating <strong>and</strong> exp<strong>and</strong>ing their business in <strong>Cyprus</strong>. Invest<br />
<strong>Cyprus</strong> is working in close collaboration with all Ministries <strong>and</strong> private stakeholders, acting as a bridge<br />
between investors <strong>and</strong> governmental authorities <strong>and</strong> providing all necessary elements to facilitate new<br />
investment projects. Invest <strong>Cyprus</strong> is committed not only to attracting <strong>and</strong> facilitating foreign investment,<br />
but also to providing aſtercare services to ensure retention <strong>and</strong> satisfaction among existing investors.<br />
Providing<br />
support in<br />
setting up<br />
a business<br />
in <strong>Cyprus</strong><br />
Finding<br />
suitable<br />
office space<br />
<strong>and</strong> skilled<br />
talent<br />
Getting<br />
acquainted<br />
with the<br />
market<br />
<strong>and</strong> business<br />
matters<br />
of interest<br />
Establishing<br />
contact with<br />
the media,<br />
the public<br />
<strong>and</strong> the<br />
private<br />
sector<br />
Acting as a<br />
bridge<br />
between<br />
investors <strong>and</strong><br />
governmental<br />
authorities<br />
Relocation<br />
<strong>and</strong> living<br />
aspects for<br />
expats <strong>and</strong><br />
their<br />
families<br />
Providing<br />
aſtercare<br />
services<br />
to existing<br />
investors<br />
Providing<br />
support <strong>and</strong><br />
tailor-made<br />
solutions<br />
Maintaining<br />
open<br />
channels of<br />
communication<br />
with existing<br />
investors<br />
www.investcyprus.org.cy<br />
Invest <strong>Cyprus</strong>
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
REGIONAL COOPERATION<br />
East Med <strong>Gas</strong> Forum (EMGF)<br />
The East Mediterranean <strong>Gas</strong> Forum (EMGF) was set up in January 2019 by<br />
the energy ministers <strong>and</strong> representatives of Egypt, <strong>Cyprus</strong>, Greece, Israel,<br />
Italy, Jordan <strong>and</strong> the Palestinian Authority with the aim to be an international<br />
organisation that respects the rights of members in regard to their natural<br />
resources in accordance with the principles of international law, <strong>and</strong> supports their<br />
efforts to benefit from their reserves <strong>and</strong> use of infrastructure. This also includes<br />
a commitment to pave the way for fruitful cooperation in the technical <strong>and</strong> economic<br />
fields, with a view to efficient exploitation of the gas potential in the region.<br />
East Med countries who agree with the Forum’s interests <strong>and</strong> objectives have<br />
the right to join the founding members. It is open to other countries or regional<br />
<strong>and</strong> international organisations as observers, <strong>and</strong> works with non-members to<br />
help create dialogue, mutual underst<strong>and</strong>ing <strong>and</strong> mutual benefit. The European<br />
Commission <strong>and</strong> World Bank representatives attended the founding meeting as<br />
observers, <strong>and</strong> more recently the US joined the Cairo-based Forum as an observer<br />
<strong>and</strong> France as a member, indicating its growing importance. EMGF also underlines<br />
that the private sector has an important role to play in these efforts.<br />
Given the geopolitical challenges<br />
the region faces, respect of international<br />
law, <strong>and</strong> particularly the United<br />
Nations Convention on the Law of the<br />
Sea (UNCLOS), is crucial to the peaceful<br />
exploitation of hydrocarbons in the<br />
East Med. EMGF could benefit regional gas development through dialogue on<br />
natural gas policies, including environmental considerations, leading to the development<br />
of a regional integrated market in a way that maximises the utilisation<br />
of gas resources <strong>and</strong> transport infrastructure in the region, <strong>and</strong> would contribute<br />
to further cooperation in the East Med. <strong>Gas</strong> export projects could also benefit<br />
from such cooperation, especially with regards to ensuring a conducive regulatory<br />
environment, putting in place the required inter-governmental arrangements <strong>and</strong><br />
removing political risk.<br />
In 2021, the energy ministers of member countries m<strong>and</strong>ated a dedicated<br />
working group to develop a long-term strategy to achieve the objectives of the<br />
EMGF. Natural gas could make a crucial contribution to the future of East Med<br />
countries <strong>and</strong> any such initiatives that could promote its development can only be<br />
helpful. The large gas discoveries in the East Med could also have a major impact<br />
on energy security <strong>and</strong> economic development through the exploitation of the gas<br />
regionally. This could be in power generation, but also in downstream <strong>and</strong> petrochemical<br />
projects. Given global energy developments, exploitation of natural gas<br />
resources regionally is gaining increasing importance – the Forum is well placed<br />
to facilitate this.<br />
28
asgleasing.cy<br />
FOCUS<br />
ON WHAT<br />
MATTERS*<br />
*FOCUS ON DEVELOPING YOUR BUSINESS,<br />
NOT MANAGING YOUR FLEET.<br />
by
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
BUSINESS OPERATING ENVIRONMENT<br />
Doing Business in<br />
<strong>Cyprus</strong><br />
Nicosia<br />
<strong>Cyprus</strong>’ business-friendly infrastructure <strong>and</strong> can-do attitude has brought<br />
it worldwide recognition as an international business centre. The country<br />
offers a winning package for both international entrepreneurs <strong>and</strong> investors<br />
with its sophisticated business environment, highly skilled workforce <strong>and</strong> cost-effective,<br />
yet high quality of life.<br />
BUSINESS CULTURE<br />
Respect, hospitality <strong>and</strong> personal trust are the cornerstones of the Cypriot business<br />
environment. An isl<strong>and</strong> nation with a long history of dealing with foreign<br />
traders <strong>and</strong> businesses, Cypriot businesspeople are international in their outlook<br />
<strong>and</strong> astute <strong>and</strong> knowledgeable in their negotiations. Punctuality is expected, business<br />
dress is formal for both men <strong>and</strong> women, especially at the beginning of a<br />
business relationship, <strong>and</strong> even in warm weather. Most Cypriots prefer face-to-face<br />
meetings to telephone conferences or written communications, which are regarded<br />
as too impersonal, <strong>and</strong> place great importance on building personal relationships<br />
with business partners or connections. Trust is the key to successful business<br />
dealings in <strong>Cyprus</strong>.<br />
30
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
LANGUAGE<br />
Greek <strong>and</strong> Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />
legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken <strong>and</strong> is<br />
the language of business. Many Cypriots also speak French, German or Russian.<br />
BUSINESS HOURS<br />
Office hours are generally 8.30am to 1.00pm <strong>and</strong> 2.00pm to 5.30pm, Monday to<br />
Friday. Although in summer some offices take a longer lunch break or finish early.<br />
BUSINESS COSTS<br />
An EU base within the eurozone, <strong>Cyprus</strong> remains one of the few international<br />
business centres offering low operational costs <strong>and</strong> a high st<strong>and</strong>ard of living. Office<br />
space <strong>and</strong> residential property in Nicosia, the capital <strong>and</strong> major business centre, is<br />
relatively inexpensive when compared to other European capitals.<br />
In terms of cost of living, <strong>Cyprus</strong> remains one of the most advantageous places<br />
to live, with cost of living lower than in most Western European countries. At the<br />
same time, residents of <strong>Cyprus</strong> enjoy a high st<strong>and</strong>ard of living <strong>and</strong> exceptional<br />
quality of life, as the balmy climate <strong>and</strong> low crime rate offer both comfort <strong>and</strong><br />
peace of mind.<br />
Business Costs<br />
<strong>Cyprus</strong> EU27 Average<br />
Labour (business sector) €15.30 €27.80<br />
Telecommunications (Local) €0.18 for a 10-minute local call €0.41<br />
Telecommunications (overseas) €0.65 €1.71<br />
Electricity (households) €0.2236/kWh €0.2160/kWh<br />
Electricity (non-households) €0.1800/kWh €0.1200/kWh<br />
*Source: Eurostat (May 2020)<br />
Trilogy, Limassol<br />
31
Before you reach the<br />
back cover of this issue,<br />
we'll have reported,<br />
filed <strong>and</strong> settled<br />
one more claim.<br />
Changing insurance.<br />
One policy at a time.<br />
www.hellasdirect.com.cy
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
TAXATION<br />
<strong>Cyprus</strong> offers one of the most attractive tax regimes in Europe. A member of the<br />
European Union since 2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance with<br />
the requirements of the EU <strong>and</strong> OECD. <strong>Cyprus</strong> has one of the lowest EU corporate<br />
tax rates at 12.5%. The isl<strong>and</strong>’s advantageous tax rate coupled with an extensive list<br />
of double tax treaties places it high on the list of preferred jurisdictions for international<br />
tax planners.<br />
The Corporation Tax Rate: 12.5%<br />
CORPORATION TAX<br />
BASIS OF TAXATION<br />
All companies that are tax residents of <strong>Cyprus</strong> are taxed on their income accrued<br />
or derived from all sources in <strong>Cyprus</strong> <strong>and</strong> abroad. A non-<strong>Cyprus</strong> tax resident<br />
company is taxed on income accrued or derived from a business activity which is<br />
carried out through a permanent establishment in <strong>Cyprus</strong> <strong>and</strong> on certain income<br />
arising from sources in <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if<br />
it is managed <strong>and</strong> controlled from <strong>Cyprus</strong>.<br />
VAT<br />
The st<strong>and</strong>ard rate of 19% applies to the supply of all goods <strong>and</strong> services in <strong>Cyprus</strong><br />
which are not subject to the zero rate, the reduced rates (5% <strong>and</strong> 9%) or are not exempt.<br />
33
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
Key Features of the <strong>Cyprus</strong> Tax System<br />
w Simple, transparent <strong>and</strong> EU<br />
harmonised tax system following<br />
recommended OECD practices<br />
w Enjoys the tax benefits of EU<br />
Directives (Parent – Subsidiary<br />
Directive, Merger Directive <strong>and</strong><br />
Interest <strong>and</strong> Royalties Directive)<br />
w Extensive Tax Treaty network<br />
with 66 countries<br />
w A corporate income tax rate of<br />
12.5%, one of the lowest within<br />
the EU with possibility to enjoy<br />
a much lower effective tax rate<br />
w Availability of a Notional Interest<br />
Deduction for companies<br />
receiving new equity funding.<br />
The tax deduction can reach up<br />
to 80% of the taxable income<br />
generated by the new equity<br />
w IP Box regime based on the<br />
nexus approach which allows<br />
80% deemed deduction on<br />
qualifying profits from the<br />
business use of qualifying IP<br />
w Attractive Tonnage Tax (TT)<br />
regime for ship owners,<br />
managers <strong>and</strong> charterers<br />
w Attractive tax jurisdiction<br />
for funds <strong>and</strong> attractive tax<br />
regime for fund managers<br />
w Capital gains are exempt<br />
from tax (except for capital<br />
gains arising from the<br />
disposal of immovable<br />
property located in <strong>Cyprus</strong>)<br />
w Profits of a foreign Permanent<br />
Establishment exempt from tax<br />
w Gains from trading in securities<br />
(shares, bonds <strong>and</strong> certain<br />
other financial instruments)<br />
are exempt from tax<br />
w Unilateral credit relief<br />
for foreign taxes<br />
w No withholding tax on dividend,<br />
interest or royalty payments<br />
(for use of royalties outside<br />
of <strong>Cyprus</strong>) made abroad<br />
w No taxes on entry <strong>and</strong> on<br />
qualifying reorganisations<br />
w Carry forward of tax<br />
losses for five years<br />
w Tax incentives for expatriate<br />
employees taking up<br />
employment in <strong>Cyprus</strong><br />
(20%/50% exemption)<br />
w Dividend income <strong>and</strong> interest<br />
income are exempt from SDC<br />
for non-domiciled individuals<br />
taking up tax residency in <strong>Cyprus</strong><br />
w Possibility to obtain <strong>Cyprus</strong><br />
tax residency by spending<br />
only 60-days in <strong>Cyprus</strong><br />
(subject to conditions)<br />
w No inheritance tax<br />
w No immovable property tax<br />
34
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
Personal Income Tax<br />
BASIS OF TAXATION<br />
All <strong>Cyprus</strong> tax residents are taxed in <strong>Cyprus</strong> on all income accrued or derived<br />
from all sources in <strong>Cyprus</strong> <strong>and</strong> abroad such as employment income, rental income<br />
etc. (i.e. worldwide income). Individuals who are not tax residents of <strong>Cyprus</strong> are<br />
taxed on income accrued or derived from sources in <strong>Cyprus</strong>. An individual is tax<br />
resident in <strong>Cyprus</strong> if one of the following conditions are met:<br />
• he/she spends physically in <strong>Cyprus</strong> over 183<br />
days during the relevant tax year, or;<br />
• he/she does not remain in any other state for one or more periods<br />
which altogether exceed 183 days in the same tax year <strong>and</strong> he/<br />
she is not tax resident in any other state for the same tax year<br />
<strong>and</strong> all the following conditions are cumulatively met:<br />
• he/she should remain in <strong>Cyprus</strong> for at least 60 days during the tax year;<br />
• he/she should pursue any business in <strong>Cyprus</strong> <strong>and</strong>/or to<br />
work in <strong>Cyprus</strong> <strong>and</strong>/or to be a director in a company tax<br />
resident in <strong>Cyprus</strong> at any time during the tax year;<br />
• he/she should maintain a permanent residence in <strong>Cyprus</strong>,<br />
which can be either owned or rented by him/her<br />
PERSONAL TAX RATES<br />
The following income tax rates apply to individuals:<br />
Taxable Income TaxRate (%) Tax (€) Cumulative Tax (€)<br />
0-19,500 0 0 0<br />
19,501- 28,000 20 1,700 1,700<br />
28,001-36,300 25 2,075 3,775<br />
36,301-60,000 30 7,110 10,885<br />
60,001 <strong>and</strong> over 35<br />
TAX INCENTIVES FOR EXPATRIATE EMPLOYEES<br />
TAKING UP EMPLOYMENT IN CYPRUS:<br />
The individuals who were non-Cypriot tax residents prior to the commencement<br />
of their employment, but become Cypriot tax residents afterwards, are eligible for<br />
a 50% exemption from income tax if all the following conditions are met:<br />
• their remuneration from the employment exercised<br />
in <strong>Cyprus</strong> is over €100,000 per annum; <strong>and</strong><br />
• they were not tax residents of <strong>Cyprus</strong> for any three out of the last five<br />
years prior to the commencement of their employment <strong>and</strong> they were<br />
not tax residents of <strong>Cyprus</strong> in the year preceding their employment<br />
35
CYPRUS<br />
A Reliable International<br />
Business Centre<br />
• Strategic location at the crossroad of Europe, Asia <strong>and</strong> Africa<br />
• EU <strong>and</strong> Eurozone Member State<br />
• Low cost of doing business for high-quality professional services<br />
• Modern <strong>and</strong> transparent legal <strong>and</strong> regulatory framework<br />
• Extensive network of Double Tax Treaties<br />
• Attractive corporate tax environment<br />
• Strong business support services<br />
• Highly educated workforce<br />
• High quality of life under secure living conditions<br />
ts@meci.gov.cy<br />
www.meci.gov.cy
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
The exemption is available from the first year of employment <strong>and</strong> can be enjoyed<br />
for a period of ten years. Individuals with annual remuneration below €100,000<br />
who were non-Cypriot tax residents in the year preceding their employment, but<br />
become Cypriot tax residents afterwards, are eligible for a 20% exemption from<br />
income tax for every year until the end of 2025 (maximum exempt amount is<br />
€8,550 per year). The exemption is available from the 1st January following the<br />
year of commencement of the employment.<br />
(It is important to note that the above provisions may be amended during 2022,<br />
since there is an intention by the Government to amend the relevant legislation in<br />
order to introduce more favourable provisions, as part of its wider strategy for attracting<br />
businesses to <strong>Cyprus</strong>.)<br />
Limassol Marina<br />
COMMERCIAL AND RESIDENTIAL PROPERTY<br />
<strong>Cyprus</strong> offers a full range of properties for both commercial <strong>and</strong> residential use<br />
situated in key locations across the isl<strong>and</strong>. While the exclusive, top-level market<br />
is currently the most sought after, the isl<strong>and</strong> has a good stock of properties available,<br />
from townhouses <strong>and</strong> apartments, to villas <strong>and</strong> seaside bungalows in five-star<br />
gated developments. Nicosia <strong>and</strong> Limassol are the main business centres. Office<br />
space is available in purpose-built office blocks, in converted houses or flats. A<br />
number of business centres also offer ready-to-move-into offices. They usually<br />
include fully equipped offices that are available on dem<strong>and</strong> with flexible terms,<br />
meeting rooms <strong>and</strong> a receptionist service. Overall, rentals are around two-thirds<br />
of those charged for comparable commercial spaces in continental Europe, <strong>and</strong><br />
offices, retail or other commercial space is widely available for purchase or for rent.<br />
37
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
Comparison of Estimated Average Rent Levels<br />
for Flats, 2020 (Brussels = 100)<br />
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2020.<br />
Source: Eurostat<br />
300<br />
European<br />
Union<br />
Europe<br />
(others)<br />
200<br />
100<br />
Dublin<br />
Copenhagen<br />
Paris<br />
Stockholm<br />
Luxembourg<br />
Helsinki<br />
Madrid<br />
The Hague<br />
Berlin<br />
Lisbon<br />
Budapest<br />
Valletta<br />
Rome<br />
Prague<br />
Vienna<br />
Tallinn<br />
Ljubljana<br />
Vilnius<br />
Brussels<br />
Athens<br />
Zagreb<br />
Bratislava<br />
Warsaw<br />
Riga<br />
Bucharest<br />
Nicosia<br />
Sofia<br />
London<br />
Geneva<br />
Rejkjavik<br />
Oslo<br />
Podgorica<br />
249<br />
214<br />
205<br />
194<br />
196<br />
180<br />
154<br />
139<br />
129<br />
127<br />
117<br />
122<br />
115<br />
113<br />
118<br />
99<br />
101<br />
101<br />
100<br />
90<br />
92<br />
86<br />
85<br />
78<br />
83<br />
69<br />
53<br />
287<br />
234<br />
179<br />
166<br />
61<br />
0<br />
COMMERCIAL PROPERTY<br />
In terms of office rental prices, the most expensive city is Limassol with €18 per<br />
square metre. In Nicosia, it is €15 per sq.m, in Larnaca <strong>and</strong> Paphos €12 per sq.m<br />
<strong>and</strong> in Famagusta €10 per sq.m.<br />
Office Rental Prices per City<br />
Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />
Famagusta €1,500 €10<br />
Larnaca €2,000 €12<br />
LImassol €4,000 €18<br />
Nicosia €3,200 €15<br />
Paphos €1,800 €12<br />
Source: Danos International Property Consultants<br />
HUMAN RESOURCES<br />
Well-trained <strong>and</strong> versatile, the Cypriot workforce is one of the isl<strong>and</strong>’s most valuable<br />
resources, offering high st<strong>and</strong>ards of productivity, technical expertise <strong>and</strong><br />
professional excellence at reasonable costs to businesses.<br />
According to the Statistical Service in <strong>Cyprus</strong>, the country records the most<br />
higher education graduates per capita (age 30-34) in the European Union.<br />
The isl<strong>and</strong>’s labour force numbers some 416,500 persons in the Republic of<br />
<strong>Cyprus</strong>, with some 78.3% working in the services sector, 19.1% in industry <strong>and</strong><br />
only 2.6% in agriculture.<br />
38
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: <strong>Oil</strong> & <strong>Gas</strong><br />
SALARY SURVEY 2021 Source: GRS Recruitment<br />
JOB TITLE LOW MID HIGH<br />
Management<br />
CEO 60,000 100,000 150,000<br />
Executive Director 60,000 100,000 140,000<br />
CFO 50,000 80,000 110,000<br />
Accounting & Finance<br />
Financial Controller 45,000 57,000 70,000<br />
Finance Manager/Senior Accountant 40,000 45,000 70,000<br />
Accountant/Auditor (Qualified) 30,000 38,000 45,000<br />
Accountant/Auditor (Part Qualified or QBE) 20,000 26,000 32,000<br />
Account Assistant 15,000 20,000 24,000<br />
HR Department<br />
Head of HR / Group of HRM 60,000 80,000 120,000<br />
HR Manager 35,000 50,000 65,000<br />
HR Executive 16,000 20,000 24,000<br />
Legal Deparment<br />
Head of Legal / Group Legal Head 60,000 90,000 130,000<br />
Legal Advisor (Qualified Lawyer) 20,000 37,500 55,000<br />
Legal Assistant / Paralegal / None Qualified Lawyer 15,000 18,000 22,000<br />
Compliance, Anti-Money Laudering (AML), Counter-Terrorist Financing (CTF)<br />
Head of Compliance 50,000 62,500 75,000<br />
Compliance/AM/CTF/Manager 40,000 45,000 50,000<br />
Compliance/AM/CTF/ Officer 25,000 32,000 40,000<br />
Dealing Room<br />
Chief Dealer 44,000 52,000 60,000<br />
Dealer 24,000 33,000 42,000<br />
Junior Dealer 17,000 19,500 22,000<br />
IT Development<br />
Head of IT/ CTO 50,000 70,000 120,000<br />
IT Manager/ Development Manager 40,000 60,000 80,000<br />
Quality Assurance (QA) / Tester 24,000 32,000 45,000<br />
IT Technician 18,000 24,000 30,000<br />
Developer 25,000 40,000 65,000<br />
Marketing Department<br />
Head of Marketing 40,000 50,000 70,000<br />
Marketing Officer 24,000 28,000 35,000<br />
Digital Marketing Specialist (Social, PPC/SEO) 24,000 32,000 40,000<br />
Marketing Executive 15,000 19,000 24,000<br />
Sales Department<br />
Head of Sales 40,000 58,000 75,000<br />
FX Sales 18,000 22,000 30,000<br />
Sales Executive (Industries other than FX/Fintech) 14,000 18,000 22,000<br />
Administration<br />
Office Manager/ Personal Assistant 16,000 25,000 36,000<br />
Administator/ Receptionist 15,000 18,000 24,000<br />
Corporate Administrator 22,000 30,000 40,000<br />
Graphic Designer 20,000 35,000 40,000<br />
40
Flavours<br />
oF<br />
<strong>Cyprus</strong><br />
ts@meci.gov.cy<br />
www.meci.gov.cy
<strong>Cyprus</strong>Profile Digital Series<br />
Energy: Who’s Who <strong>Oil</strong> &- <strong>Cyprus</strong> <strong>Gas</strong> Business Directory<br />
The definitive guide to <strong>Cyprus</strong>’ leading companies,<br />
executives <strong>and</strong> professional advisers.<br />
42
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ACCOUNTING & AUDITING<br />
Baker Tilly South East Europe........................................................................................ 6<br />
Deloitte <strong>Cyprus</strong>................................................................................................................. 9<br />
EY <strong>Cyprus</strong> .......................................................................................................................10<br />
Grant Thornton <strong>Cyprus</strong>.................................................................................................11<br />
Joannides + Co Ltd.........................................................................................................12<br />
KPMG..............................................................................................................................12<br />
Nexia Poyiadjis ...............................................................................................................14<br />
PwC <strong>Cyprus</strong>....................................................................................................................15<br />
ServPro Accountants & Consultants...........................................................................16<br />
BANKING<br />
AstroBank Public Company Limited............................................................................. 5<br />
Bank of <strong>Cyprus</strong> PLC......................................................................................................... 6<br />
cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd)............................. 6<br />
RCB Bank Ltd.................................................................................................................15<br />
CONSULTING<br />
e-CNHC (E-C Natural Hydrocarbons Company Ltd)................................................ 9<br />
CORPORATE & FIDUCIARY SERVICES<br />
Aspen Trust Group........................................................................................................... 5<br />
IQ-EQ (<strong>Cyprus</strong>) Limited...............................................................................................12<br />
Oneworld Ltd..................................................................................................................14<br />
Raza Corporate Services Ltd.........................................................................................15<br />
Trident Trust Company (<strong>Cyprus</strong>) Ltd.........................................................................17<br />
Vistra (<strong>Cyprus</strong>) Limited................................................................................................18<br />
ECONOMIC ANALYSIS<br />
Sapienta Economics.......................................................................................................15<br />
ENERGY<br />
<strong>Cyprus</strong> Hydrocarbons Company (CHC)...................................................................... 8<br />
Natural <strong>Gas</strong> Public Company (DEFA).........................................................................13
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
EXECUTIVE EDUCATION<br />
European Institute of Management <strong>and</strong> Finance (EIMF).........................................10<br />
FINANCIAL ADVISORY<br />
MAP S.Platis Group.......................................................................................................13<br />
FUND & ASSET MANAGEMENT<br />
GMM Group...................................................................................................................10<br />
Leon MFO Investments Ltd..........................................................................................13<br />
Oneworld Plus Management........................................................................................14<br />
Wealth Fund Services Ltd..............................................................................................18<br />
INSURANCE<br />
Hellas Direct....................................................................................................................11<br />
Royal Crown Insurance Co Ltd....................................................................................15<br />
INVESTMENT PROMOTION AGENCY<br />
Invest <strong>Cyprus</strong>..................................................................................................................12<br />
INVESTMENT SERVICES<br />
EFG <strong>Cyprus</strong> Limited......................................................................................................10<br />
One Plus Capital Ltd......................................................................................................14<br />
Windsor Brokers Ltd......................................................................................................18<br />
LAW FIRMS<br />
A Karitzis & Associates LLC........................................................................................... 5<br />
A.G. Paphitis & Co LLC.................................................................................................. 5<br />
Elias Neocleous & Co LLC............................................................................................10<br />
L Papaphilippou & Co LLC...........................................................................................12<br />
Michael Chambers & Co. LLC......................................................................................13<br />
Patrikios Pavlou & Associates LLC..............................................................................14<br />
Stelios Americanos & Co LLC......................................................................................16<br />
NON-PROFIT ORGANISATION<br />
<strong>Cyprus</strong> Seeds..................................................................................................................... 8
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
PROFESSIONAL BODIES & INDUSTRY ASSOCIATIONS<br />
Association of <strong>Cyprus</strong> Banks.......................................................................................... 5<br />
<strong>Cyprus</strong> Cannabis Association (CYCA)......................................................................... 7<br />
<strong>Cyprus</strong> Chamber of Commerce <strong>and</strong> Industry.............................................................. 7<br />
<strong>Cyprus</strong> Fiduciary Association......................................................................................... 7<br />
<strong>Cyprus</strong> Healthcare Tourism (CHT)............................................................................... 7<br />
<strong>Cyprus</strong> Hotel Association................................................................................................ 7<br />
<strong>Cyprus</strong> International Businesses Association (CIBA)................................................. 8<br />
<strong>Cyprus</strong> Investment Funds Association (CIFA)............................................................ 8<br />
<strong>Cyprus</strong> Shipping Chamber.............................................................................................. 8<br />
<strong>Cyprus</strong> Union of Shipowners.......................................................................................... 9<br />
Insurance Association of <strong>Cyprus</strong>..................................................................................11<br />
Society of Trust <strong>and</strong> Estate Practitioners (STEP) ......................................................16<br />
TechIsl<strong>and</strong>.......................................................................................................................17<br />
The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)......................................17<br />
The <strong>Cyprus</strong> Tech Association.......................................................................................17<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)..........................17<br />
REAL ESTATE & PROPERTY<br />
Cybarco Development Ltd.............................................................................................. 6<br />
Trilogy Limassol Seafront..............................................................................................18<br />
RECRUITMENT<br />
CareerFinders Recruitment Services Limited.............................................................. 6<br />
SOFTWARE & IT SERVICES<br />
NETinfo Plc.....................................................................................................................13<br />
TELECOMS & INTERNET<br />
Cyta.................................................................................................................................... 9<br />
Cytaglobal.......................................................................................................................... 9<br />
TRANSPORT & LOGISTICS<br />
Hermes Airports.............................................................................................................11<br />
Skylink Services Ltd.......................................................................................................16<br />
Swissport (<strong>Cyprus</strong>) Limited..........................................................................................16<br />
WEB DEVELOPMENT<br />
Ideaseven Digital Solutions...........................................................................................11
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANTONIS KARITZIS<br />
MANAGING DIRECTOR<br />
A. KARITZIS & ASSOCIATES L.L.C<br />
(“AK”) is a full-service, innovative <strong>and</strong> forward-thinking <strong>Cyprus</strong> Law Firm<br />
headquartered in Limassol, <strong>Cyprus</strong>, with offices also in Athens, Greece. We<br />
offer all major practice area disciplines <strong>and</strong> boasts a diverse portfolio of clients<br />
ranging from local to global businesses <strong>and</strong> corporations <strong>and</strong> to non-profit<br />
organisations, to SMEs, large groups of companies <strong>and</strong> to private individuals<br />
of all levels of wealth. We pride ourselves in being committed to achieving the<br />
most desirable outcome for our clients in a cost-effective, time-efficient <strong>and</strong><br />
highly-qualitative manner, offering precise, effective <strong>and</strong> pragmatic advice/<br />
solutions at all times.<br />
228 Arch. Makarios III Avenue, Agios<br />
Pavlos Court, Block B, 4th Floor<br />
3030 Limassol - <strong>Cyprus</strong><br />
P.O. Box: 58244, 3732 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 028 114<br />
Contact: Antonis Karitzis – Managing Director<br />
E: antonis@karitzis.com<br />
W: www.karitzis.com<br />
ANGELOS G. PAPHITIS<br />
MANAGING PARTNER<br />
A.G.PAPHITIS & CO. LLC<br />
AGP & Co is a highly reputable, leading, dynamic <strong>and</strong> award winning Law Firm.<br />
Our reputation for excellence is recognized worldwide. Based in <strong>Cyprus</strong> with<br />
strong international presence, we serve our clients as a team, with a common<br />
focus on innovation, efficiency <strong>and</strong> agility. We provide full service Legal,<br />
Corporate, FS Advisory & Regulatory Compliance/AML, Tax, Immigration <strong>and</strong><br />
Real Estate services. AGP & Co consists of the following main departments:<br />
Dispute Resolution; Corporate/Commercial; FS Advisory & Regulatory<br />
Compliance; Real Estate & Immigration; Tax-Accounting-Audit. Delivering<br />
excellent client service that benefits from long <strong>and</strong> lasting relationships, we<br />
are dedicated to providing our clients with superior results.<br />
“AGP Chambers”, 84 Spyrou Kyprianou Avenue,<br />
4004 Limassol - <strong>Cyprus</strong><br />
Postal Address: P.O.Box 58419,<br />
3734 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 731 000<br />
Contact: Angelos G. Paphitis - Managing Partner<br />
E: angelos.paphitis@agplaw.com<br />
W: www.agplaw.com<br />
MARINA ZEVEDEOU<br />
CO-FOUNDER AND CEO<br />
ASPEN TRUST GROUP<br />
The Aspen Trust Group is a leading corporate service <strong>and</strong> financial planning<br />
provider; established in 1998 <strong>and</strong> licensed by ICPAC, our Group provides<br />
International Structuring <strong>and</strong> Tax Management solutions to Corporates<br />
<strong>and</strong> High Net Worth Individuals. Specific services include entity setup <strong>and</strong><br />
management, legal <strong>and</strong> administration support, banking <strong>and</strong> tax compliance,<br />
financial management <strong>and</strong> restructuring, re-domiciliation, patent registration,<br />
residency <strong>and</strong> citizenship, cross- border mergers, family office services <strong>and</strong><br />
headquartering. We build long term, trusted relationships with clients <strong>and</strong><br />
associates, aiming to add value to their businesses <strong>and</strong> be part of their success<br />
stories. Our team consists of qualified accountants, lawyers <strong>and</strong> MBA-holders<br />
who undergo rigorous training to provide tailor-made solutions.<br />
77 Limassol Avenue<br />
Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />
T: (+357) 22 418 730<br />
Contact: Marina Zevedeou -<br />
Co-founder <strong>and</strong> CEO<br />
E: marina.zevedeou@aspentrust.com<br />
W: www.aspentrust.com<br />
DR. MICHAEL KAMMAS<br />
DIRECTOR GENERAL<br />
ASSOCIATION OF CYPRUS BANKS<br />
Through its representation of ten member banks that hold more than 90% market<br />
share, the Association of <strong>Cyprus</strong> Banks (ACB) is the voice of the local banking<br />
system. Its primary aim is to promote best practices for the interest of the banking<br />
sector <strong>and</strong> the local economy. The ACB is a non-profit organization through which<br />
common positions are formulated <strong>and</strong> promoted on banking <strong>and</strong> financial issues<br />
when local legislative <strong>and</strong> governmental policies are determined. Through its<br />
more than 50 years of operations, the ACB has gained the reputation of a prudent,<br />
reliable <strong>and</strong> consistent partner for various policy makers, organizations, media,<br />
institutions <strong>and</strong> the local society.<br />
15 Demetriou Karatasou Str, Office 401,<br />
P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 664 293<br />
Contact: Dr. Michael Kammas<br />
- Director General<br />
E: info@acb.com.cy<br />
W: www.acb.com.cy<br />
ARISTIDIS VOURAKIS<br />
CHIEF EXECUTIVE OFFICER<br />
ASTROBANK PUBLIC COMPANY LIMITED<br />
AstroBank is a <strong>Cyprus</strong> licensed Banking Institution established in 2008 <strong>and</strong><br />
operating under the supervision of the Central Bank of <strong>Cyprus</strong>. AstroBank<br />
maintains a network of 14 branches <strong>and</strong> business units across <strong>Cyprus</strong> <strong>and</strong><br />
is well-established in the local market, offering a comprehensive package of<br />
innovative <strong>and</strong> technologically advanced products <strong>and</strong> services tailored to the<br />
needs of its local <strong>and</strong> international clientele. AstroBank’s operations are based<br />
on four pillars: Retail, Corporate/SME, Private <strong>and</strong> International Business<br />
Banking. Aiming to enhance competitiveness <strong>and</strong> contribute to the country’s<br />
business environment, AstroBank invests in technology <strong>and</strong> innovation,<br />
constantly upgrading its services, promoting new products, exploring new<br />
business opportunities <strong>and</strong> cultivating a culture of cooperation <strong>and</strong> mutual<br />
respect with its clients.<br />
1 Spyrou Kyprianou Ave., 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 575 555<br />
E: info@astrobank.com<br />
W: www.astrobank.com<br />
5
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MARIOS A. KLITOU<br />
CHIEF EXECUTIVE OFFICER<br />
BAKER TILLY SOUTH EAST EUROPE<br />
Baker Tilly South East Europe is a full-service accounting <strong>and</strong> advisory firm,<br />
that offers industry specialised services in assurance, tax <strong>and</strong> advisory. Every<br />
day, more than 500 professionals located in 16 offices throughout South East<br />
Europe (<strong>Cyprus</strong>, Greece, Romania, Bulgaria <strong>and</strong> Moldova) share their expertise<br />
to accelerate your business growth, by operating under a unified structure,<br />
directed by a single, central management team of 44 directors. At Baker Tilly,<br />
we are ready now, for tomorrow’s challenges. We believe in the power of great<br />
relationships, by leading <strong>and</strong> listening to great conversations. Baker Tilly South<br />
East Europe is an independent member of Baker Tilly International, one of the<br />
world’s leading networks, uniting independent companies to provide top-quality<br />
professional services in both international <strong>and</strong> regional markets.<br />
Corner C Hatzopoulou & 30<br />
Griva Digheni Avenue,<br />
1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />
27783, 2433 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 458 500<br />
Contact: Marios A. Klitou -<br />
Chief Executive Officer<br />
E: info@bakertilly.com.cy<br />
W: www.bakertilly.com.cy<br />
PANICOS NICOLAOU<br />
CHIEF EXECUTIVE OFFICER<br />
BANK OF CYPRUS PLC<br />
Established in 1899, Bank of <strong>Cyprus</strong> is currently the leading banking <strong>and</strong> financial<br />
services Group in <strong>Cyprus</strong>, operating 90 branches in <strong>Cyprus</strong> <strong>and</strong> representative<br />
offices in Russia, Ukraine <strong>and</strong> China. The Group is the only corporation in the<br />
region fully complying with the UK Corporate Governance Code, the <strong>Cyprus</strong><br />
Stock Exchange Code, <strong>and</strong> the Central Bank of <strong>Cyprus</strong> Directive on governance<br />
<strong>and</strong> management arrangements in credit institutions. Since early 2014, the<br />
Bank has engaged in a very dem<strong>and</strong>ing <strong>and</strong> rigorous anti financial crime<br />
remediation programme which has successfully been implemented by the end<br />
of 2015. The Bank is listed on the London Stock Exchange, which has the most<br />
dem<strong>and</strong>ing <strong>and</strong> strict corporate governance codes internationally.<br />
51 Stassinou, 2002 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 128 000<br />
Contact: Emilios Tannousis -<br />
Manager Wealth Management<br />
E: info@bankofcyprus.com<br />
W: www.bankofcyprus.com<br />
SOPHIE ARISTODEMOU<br />
CO-FOUNDER<br />
CAREERFINDERS RECRUITMENT SERVICES LIMITED<br />
CareerFinders Recruitment Services Limited is one of <strong>Cyprus</strong>’ most wellrespected<br />
<strong>and</strong> established providers of tailor-made recruitment solutions to<br />
many of the largest <strong>and</strong> most well-known local <strong>and</strong> international companies<br />
operating across the Isl<strong>and</strong>. With offices in both Nicosia <strong>and</strong> Limassol, our<br />
highly experienced team of recruitment professionals have the knowledge <strong>and</strong><br />
expertise to ensure that our clients receive the most suitable <strong>and</strong> well-qualified<br />
c<strong>and</strong>idates to suit their recruitment needs. The industry sectors we service<br />
include Accounting/Audit, Legal, Corporate/Fiduciary, Information Technology,<br />
Shipping, <strong>Oil</strong> & <strong>Gas</strong>, Banking/Finance <strong>and</strong> many more. If you are a company<br />
seeking to recruit the very best talent in <strong>Cyprus</strong>, please contact us today.<br />
Head Office: 6th Floor, Athlos Building,<br />
28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />
T: (+357) 22 002 285<br />
Contact: Sophie Aristodemou, Director<br />
E: jobs@careerfinders.com.cy<br />
W: www.careerfinders.com.cy<br />
LOUCAS MARANGOS<br />
CEO<br />
CDBBANK (The <strong>Cyprus</strong> Development Bank Public Company Ltd)<br />
Founded in 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one of the<br />
country’s leading niche financial institutions dedicated to satisfying the needs of<br />
domestic <strong>and</strong> international clients. cdbbank offers a wide range of specialised<br />
financial services <strong>and</strong> products, designed to accommodate the sophisticated<br />
requirements of its clientele which consists of corporate <strong>and</strong> institutional<br />
clients <strong>and</strong> high net worth individuals. The Bank’s vision is to be the reference<br />
Bank for businesspeople. Relying on its long-term experience <strong>and</strong> high level of<br />
expertise, cdbbank aspires to establish long-term relationships of trust with its<br />
clients, always delivering excellence <strong>and</strong> value.<br />
50 Arch. Makarios III Ave., 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 846 500<br />
Contact: Liza Philippou - Head, Network<br />
Business <strong>and</strong> Communication<br />
E: info@cdb.com.cy<br />
W: www.cdb.com.cy<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
CEO<br />
CYBARCO DEVELOPMENT LTD<br />
Cybarco is the leading luxury property developer in <strong>Cyprus</strong>. Part of the<br />
prestigious Lanitis Group, Cybarco is behind many of the isl<strong>and</strong>’s l<strong>and</strong>mark<br />
projects, including world-class Aphrodite Hills Golf Resort, Akamas Bay Villas,<br />
Sea Gallery Villas, The Oval, Limassol Marina – the first residential marina<br />
project in the whole of <strong>Cyprus</strong> – <strong>and</strong> Trilogy Limassol Seafront. Cybarco is also<br />
responsible for the exclusive sales of the luxury properties at Limassol Greens.<br />
With over 70 years’ experience at the top of its industry, Cybarco has earned its<br />
reputation for outst<strong>and</strong>ing quality <strong>and</strong> dedicated customer care by consistently<br />
delivering projects to the highest st<strong>and</strong>ards.<br />
10 Tefkrou Anthia Street,<br />
Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 741 300<br />
Contact: Michalis Hadjipanayiotou - CEO<br />
E: info@cybarco.com<br />
W: www.cybarco.com<br />
6
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANDRIA ANDREOU<br />
PRESIDENT<br />
CYPRUS CANNABIS ASSOCIATION (CYCA)<br />
CYCA was formed in October 2019 under the auspices of <strong>Cyprus</strong> Chamber of<br />
Commerce & Industry. We are leading the collective of individuals <strong>and</strong> businesses<br />
that will build the legal Cannabis Eco-system in <strong>Cyprus</strong>, <strong>and</strong> advancing the<br />
interests of a responsible, compliant, transparent <strong>and</strong> high-quality industry. As<br />
global recognition of the benefits of legal Cannabis increases with governments<br />
around the world steadily moving to full legalization, there is a burgeoning<br />
need for high-quality products with known components; cultivated at large<br />
scale for consistent, reliable supply to users. <strong>Cyprus</strong> is primely positioned<br />
as an attractive center of excellence for production; research; genetics, <strong>and</strong><br />
intellectual property from which the legal Cannabis industry can flourish.<br />
38 Grivas Dhigenis Ave. & 3 Deligiogis<br />
1066 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 99 672 366<br />
Contact: Andria Andreou - President<br />
E: a.<strong>and</strong>reou@cy-ca.org<br />
W: www.cy-ca.org<br />
CHRISTODOULOS E.<br />
ANGASTINIOTIS<br />
PRESIDENT<br />
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY<br />
The <strong>Cyprus</strong> Chamber of Commerce <strong>and</strong> Industry (CCCI) membership exceeds<br />
10.000 enterprises representing over 95% of the local business community.<br />
152 Professional Associations are affiliated to the CCCI including 41 Bilateral<br />
Associations. Its wide range of services include advisory, provision of business<br />
information, foreign trade exhibitions, trade missions & business fora abroad,<br />
business training courses & seminars, advice on European Union issues,<br />
labour relations matters, issue of Certificates of Origin <strong>and</strong> ATA-CARNETS <strong>and</strong><br />
participation in EU programmes. CCCI is a full member of 12 International<br />
organizations including Eurochambres, the International Chamber of Commerce,<br />
SME United, Eurocommerce, GS1 <strong>and</strong> many other international organisations.<br />
Follow us on twitter @ccci_cyprus.<br />
38, Grivas Digenis Ave. &<br />
3 Deligiorgis Str. Chamber Building - <strong>Cyprus</strong><br />
T: (+357) 22 660 066<br />
Contact: Marios Tsiakkis, Secretary General<br />
E: secgen@ccci.org.cy<br />
W: www.ccci.org.cy<br />
CHRISTOPHOROS<br />
KOUTOUROUSSIS<br />
PRESIDENT<br />
CYPRUS FIDUCIARY ASSOCIATION<br />
The <strong>Cyprus</strong> Fiduciary Association (CYFA), established in 2011, is the<br />
representative body of regulated Administrative Service Providers (ASP’s) in<br />
<strong>Cyprus</strong>. With a vision to assist in forming a solid international business sector<br />
in <strong>Cyprus</strong> operating on high professional st<strong>and</strong>ards, ethics <strong>and</strong> integrity, the<br />
Association aims to serve industry providers by promoting their interests,<br />
raising sector awareness, supporting their operations, contributing to new<br />
legislations <strong>and</strong> delivering valuable training to professionals. The Association’s<br />
commitment to its purpose has established it among the most reputable <strong>and</strong><br />
recognised organisations within the country, before public <strong>and</strong> regulatory<br />
authorities, other associations, as well as the business community in <strong>Cyprus</strong><br />
<strong>and</strong> overseas.<br />
1, Men<strong>and</strong>rou Street, Frosia House,<br />
4th floor, Office 401, 1066, Nicosia - <strong>Cyprus</strong><br />
T: +357 22 256 263<br />
E: info@cyfa.org.cy<br />
W: www.cyfa.org.cy<br />
DR NITSA KILIARI<br />
PRESIDENT<br />
CYPRUS HEALTHCARE TOURISM (CHT)<br />
The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization that was<br />
founded in November 2006 after an initiative taken by the <strong>Cyprus</strong> Chamber of<br />
Commerce <strong>and</strong> Industry (CCCI) aiming to develop <strong>and</strong> promote <strong>Cyprus</strong> as a high<br />
quality Health Tourism destination. The CHΤ currently has more than 80 members<br />
who are actively involved in the <strong>Cyprus</strong> Health Tourism Industry. These vary from<br />
state-of-the-art hospitals <strong>and</strong> clinics to specialized travel agencies, wellness<br />
<strong>and</strong> rehabilitation centres as well as consulting firms. Most of the largest <strong>and</strong><br />
best equipped hospitals are members of the CHΤ <strong>and</strong> they are all licensed by the<br />
<strong>Cyprus</strong> Government <strong>and</strong> comply with EU regulations. Some of them have moved a<br />
step ahead towards gaining international accreditations.<br />
38 Grivas Dighenis & 3 Deligiorgis<br />
Street, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 889 744<br />
Contact: Polis Peratikos - Executive Secretary<br />
E: cyprushealth@ccci.org.cy<br />
W: www.cyhealthservices.com<br />
HARIS LOIZIDES<br />
PRESIDENT<br />
CYPRUS HOTEL ASSOCIATION<br />
The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade Union. The history of<br />
its foundation goes back to the beginning of the 1930s. Today the vast majority of<br />
all hotel establishments <strong>and</strong> other licensed tourist accommodation units, all over<br />
<strong>Cyprus</strong>, are members of the <strong>Cyprus</strong> Hotel Association. The most important aims<br />
of the Association are as follows: The protection <strong>and</strong> promotion of the interests<br />
of the hoteliers as employers <strong>and</strong> as professionals, as well as of the interests<br />
of <strong>Cyprus</strong> in general; The promotion <strong>and</strong> upgrading of the <strong>Cyprus</strong> tourism<br />
development; The upgrading <strong>and</strong> development of the hotel establishments<br />
in <strong>Cyprus</strong> <strong>and</strong> the improvement of the professional level of the hoteliers; The<br />
solidarity between its members.<br />
Andreas Araouzos Str., No 12,<br />
Hesperides Building, 1076 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 452 820<br />
Contact: Philokypros Roussounides<br />
- Director General<br />
E: cha@cyprushotelassociation.org<br />
W: www.cyprushotelassociation.org<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
DEMETRIS C. FESSAS<br />
ACTING DIRECTOR GENERAL<br />
CYPRUS HYDROCARBONS COMPANY (CHC)<br />
CHC is the National <strong>Oil</strong> <strong>and</strong> <strong>Gas</strong> Company of <strong>Cyprus</strong>. As a state-owned company,<br />
CHC undertakes the commercial management of the ownership rights of the<br />
Republic of <strong>Cyprus</strong> that arise from the contracts with which it has entered into with<br />
oil <strong>and</strong> gas companies within its Exclusive Economic Zone. The vision of CHC is<br />
aligned with that of the Government of <strong>Cyprus</strong>, which is to ensure the sustainable<br />
development of hydrocarbon resources present in the Exclusive Economic Zone of<br />
the Republic of <strong>Cyprus</strong>, in order to maximize the benefits for Cypriot society <strong>and</strong><br />
future generations.<br />
53 Strovolou Avenue, Victory Building,<br />
2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 203 880<br />
Contact: Demetris Fessas –<br />
Acting Director General<br />
E: d.fessas@chc.com.cy<br />
W: www.chc.com.cy<br />
DOXIA NIKIA<br />
HADJIVASSILIOU<br />
PRESIDENT<br />
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION<br />
CIBA is a non-governmental, fully independent association, financed by membership<br />
fees only. Its activities <strong>and</strong> initiatives are organised <strong>and</strong> carried out by its General<br />
Secretary <strong>and</strong> Executive Committee of (max.) 12 persons. CIBA represents <strong>and</strong><br />
safeguards the interests of the international businesses, their shareholders,<br />
managers <strong>and</strong> staff. The authorities recognize that CIBA represents the whole<br />
of the international business community in <strong>Cyprus</strong> <strong>and</strong> that it is instrumental in<br />
finding compromises between the required EU-driven legislation <strong>and</strong> international<br />
business requirements. CIBA annually awards the prestigious CIBA Excellence<br />
award to a member company that fulfils the specific criteria as set out by the<br />
Association.<br />
10 Pikionis Street, Highsight House<br />
3075 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 583 400<br />
Contact: Andreas Pishias - General Secretary<br />
E: ciba@ciba-cy.org<br />
W: www.ciba-cy.org<br />
ANDREAS YIASEMIDES<br />
PRESIDENT<br />
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)<br />
CIFA is the Association of professionals, businesses, <strong>and</strong> organizations<br />
involved in the Investment Funds <strong>and</strong> Asset Management Sector in <strong>Cyprus</strong>.<br />
CIFA has more than 370 members, legal <strong>and</strong> physical. The Mission of CIFA is<br />
to: Help its members capitalize on industry trends; Shape regulation; Enhance<br />
professionalism, integrity, <strong>and</strong> quality <strong>and</strong> Promote the <strong>Cyprus</strong> Investment Fund<br />
Industry. The Board is comprised of highly reputable industry professionals<br />
experienced in all aspects of the industry. CIFA is a full member of the European<br />
Funds <strong>and</strong> Asset Management Association <strong>and</strong> the International Investment<br />
Funds Association. The fund industry in <strong>Cyprus</strong> has been on a continuous<br />
increase, with Assets under Management reaching almost €10 billion.<br />
Severis Building, 9 Makarios III Ave.,<br />
4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />
T: (+357) 22 441 133<br />
Contact: Maria Panayiotou - Board Secretary<br />
E: info@cifacyprus.org<br />
W: www.cifacyprus.org<br />
MARIA MARKIDOU<br />
GEORGIADOU<br />
MANAGING DIRECTOR<br />
CYPRUS SEEDS<br />
<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to support the<br />
commercialization of innovative academic research taking place in Cypriot<br />
universities <strong>and</strong> research institutions. To achieve its objectives, <strong>Cyprus</strong> Seeds<br />
offers a very competitive 12M program to a small number of research teams,<br />
from any area/field, whose projects have strong IP value <strong>and</strong> market potential.<br />
In addition to grants, it offers mentoring, business skills training as well as<br />
networking with the business community <strong>and</strong> possible investors. <strong>Cyprus</strong> Seeds<br />
is largely funded through the generosity of Foundations, corporations <strong>and</strong><br />
individuals in <strong>Cyprus</strong> <strong>and</strong> abroad.<br />
Antinou 18, Strovolos, Nicosia, 2034 - <strong>Cyprus</strong><br />
T: (+357) 22 364 522<br />
Contact: Maria Markidou Georgiadou<br />
- Managing Director<br />
E: maria@cyprusseeds.com<br />
W: www.cyprusseeds.com<br />
THOMAS A. KAZAKOS<br />
DIRECTOR GENERAL<br />
CYPRUS SHIPPING CHAMBER<br />
The <strong>Cyprus</strong> Shipping Chamber is the trade association of the Shipping Industry<br />
in <strong>Cyprus</strong>. The main purpose of the Chamber is to promote the interests of<br />
<strong>Cyprus</strong> Shipping <strong>and</strong> to further the reputation of the <strong>Cyprus</strong> flag. The Chamber<br />
also acts as a lobbying group for the promotion <strong>and</strong> safeguard of the legitimate<br />
interests of its Member-companies, at national <strong>and</strong> international level. On<br />
the local front, the Chamber co-operates very closely with the Government<br />
in all shipping related matters. Moreover, the Chamber operates as a roving<br />
ambassador of <strong>Cyprus</strong> Shipping through its membership <strong>and</strong> active participation<br />
at the International Chamber of Shipping (ICS) <strong>and</strong> the European Community<br />
Shipowners’ Associations (ECSA).<br />
City Chambers, 6 Regas Fereos Str.<br />
P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 360 717<br />
Contact: Thomas A. Kazakos – Director General<br />
E: csc@csc-cy.org<br />
W: www.csc-cy.org<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MICHAEL FILIPPOU<br />
CEO<br />
CYPRUS UNION OF SHIPOWNERS (CUS)<br />
<strong>Cyprus</strong> Union of Shipowners, as the major representative Organization of the<br />
<strong>Cyprus</strong> Flag vessels, is committed to the firm growth of our National Registry<br />
<strong>and</strong> the establishment of Limassol as a world-class Maritime Centre. The<br />
cooperation between our Union, the Shipping Deputy Ministry <strong>and</strong> the Ministry of<br />
Finance resulted to an exceptional Framework that induced prominent Shipping<br />
Companies, P&I Clubs <strong>and</strong> other Shipping related Service Providers to establish<br />
management offices in <strong>Cyprus</strong>. Moreover, the solidification of the global reach<br />
of our Union <strong>and</strong> its institutional status has curved our participation in IMO<br />
Committees, as Government Consultants, both m<strong>and</strong>atory <strong>and</strong> effective.<br />
17, Gordonos Str., Suite 301,<br />
3070 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 818 161<br />
Contact: Katerina Michael - PR Manager<br />
E: cus@cus.com.cy<br />
W: www.cus.com.cy<br />
ANDREAS NEOCLEOUS<br />
CEO<br />
CYTA<br />
Cyta, is the leading provider of integrated electronic communications in <strong>Cyprus</strong>.<br />
Making the most of its technologically advanced networks, it offers a wide<br />
range of services <strong>and</strong> solutions to meet the ever-increasing dem<strong>and</strong>s of its<br />
residential <strong>and</strong> business customers for voice, data <strong>and</strong> content applications.<br />
With a pivotal role in the digital transformation of our country, Cyta is deploying<br />
an isl<strong>and</strong>-wide, fiber-optic network, while it progressively upgrades its mobile<br />
network technology. It advances <strong>and</strong> maintains subsea <strong>and</strong> satellite networks<br />
for international connections of strategic importance that have established our<br />
country as a regional telecommunications <strong>and</strong> connectivity hub in the Eastern<br />
Mediterranean.<br />
Telecommunications Street,<br />
P.O.Box 24929, 1396 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 701 000<br />
E: cytapressoffice@cyta.com.cy<br />
W: www.cyta.com.cy<br />
COSTAS PSILLIDES<br />
MANAGER - INTERNATIONAL<br />
WHOLESALE MARKET<br />
CYTAGLOBAL<br />
Cyta, the primary telecommunications provider in <strong>Cyprus</strong>, covers the whole<br />
spectrum of electronic communications ranging from fixed <strong>and</strong> mobile voice <strong>and</strong><br />
data communications, internet, IPTV <strong>and</strong> broadb<strong>and</strong> services. Taking advantage<br />
of the isl<strong>and</strong>’s strategic geographical position, Cytaglobal, a strategic business<br />
unit of Cyta, has developed an extensive subsea fibre optic cable network,<br />
which connects <strong>Cyprus</strong> with its neighbouring countries <strong>and</strong> thereafter with<br />
the rest of the world. Cytaglobal also operates an extensive satellite network<br />
with three teleport sites, providing connectivity with major satellite systems.<br />
Through its global network, Cytaglobal provides a wide range of international<br />
telecommunications products, services <strong>and</strong> total solutions, making <strong>Cyprus</strong> a<br />
major telecommunications hub in the Eastern Mediterranean <strong>and</strong> an excellent<br />
international electronic communications centre.<br />
Telecommunications Str,<br />
PO Box 24929, 1396 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 701 498<br />
Contact: Costas Psillides - Manager,<br />
International Wholesale Market<br />
E: global@cyta.com.cy<br />
W: www.cytaglobal.com<br />
PIERIS MARKOU<br />
CEO, DELOITTE CYPRUS<br />
DELOITTE CYPRUS<br />
Deloitte Limited is among the leading professional services firms in <strong>Cyprus</strong>,<br />
providing audit & assurance, consulting, financial advisory, risk advisory, tax<br />
<strong>and</strong> related services, as well as a complete range of services to international<br />
business, through over 750 people in Nicosia <strong>and</strong> Limassol. Deloitte Limited, is<br />
the sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part of the Deloitte<br />
global network, with approximately 330,000 people in over 150 countries <strong>and</strong><br />
territories, Deloitte Limited has the advantage of global sharing of knowledge<br />
with local adaptation <strong>and</strong> personal approach, built on the solid foundations of<br />
over 60 years of successful operations on the isl<strong>and</strong>.<br />
24 Spyrou Kyprianou Avenue,<br />
CY 1075, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 360 300<br />
Contact: Michelle Karaolides -<br />
Head of Marketing & Communications<br />
E: infonicosia@deloitte.com<br />
W: www.deloitte.com/cy<br />
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD<br />
The company provides advisory, project management <strong>and</strong> consultancy services<br />
in the oil & gas <strong>and</strong> energy sectors <strong>and</strong> aims to contribute to the successful<br />
development of these Sectors for the future of <strong>Cyprus</strong>. The CEO has over<br />
35-years international experience in promoting <strong>and</strong> developing oil & gas<br />
business <strong>and</strong> projects spanning Europe, Asia <strong>and</strong> Africa. We can assist our<br />
clients in developing their business in <strong>Cyprus</strong>, evaluating opportunities <strong>and</strong><br />
providing in depth professional advice <strong>and</strong> support.<br />
CHARLES ELLINAS<br />
CEO<br />
11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 97 705 060<br />
Contact: Dr Charles Ellinas - CEO<br />
E: Charles.ellinas@yahoo.com<br />
W: www.e-cnhc.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
COSTAS STYLIANOU<br />
CHIEF EXECUTIVE OFFICER<br />
EFG CYPRUS LIMITED<br />
EFG <strong>Cyprus</strong> Limited is a <strong>Cyprus</strong> Investment Firm (“CIF”) regulated by the<br />
<strong>Cyprus</strong> Securities <strong>and</strong> Exchange Commission (CySEC) <strong>and</strong> is licensed to provide<br />
clients with portfolio management, investment advice <strong>and</strong> the reception <strong>and</strong><br />
transmission of orders (CYSEC license number 393/20). EFG <strong>Cyprus</strong> Limited is<br />
a one hundred percent direct subsidiary of EFG Private Bank (UK) Limited <strong>and</strong> is<br />
registered in <strong>Cyprus</strong> under company number HE408062. EFG Private Bank Ltd<br />
is part of the EFG International group, a global private banking <strong>and</strong> investment<br />
services group headquartered in Zurich, offering private banking <strong>and</strong> asset<br />
management services in around 40 locations worldwide<br />
23 John Kennedy Avenue,<br />
Globe House, 1075 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 025900<br />
Contact: Costas Stylianou -<br />
Chief Executive Officer<br />
E: enquiries@efgcy.com<br />
W: www.cy.efgl.com<br />
ELIAS NEOCLEOUS<br />
MANAGING PARTNER<br />
ELIAS NEOCLEOUS & CO LLC<br />
Award-winning Elias Neocleous & Co LLC is the largest law firm in <strong>Cyprus</strong><br />
<strong>and</strong> one of the top law firms in south east Europe. With more than 150 lawyers<br />
<strong>and</strong> other professionals based in offices in <strong>Cyprus</strong>, Brussels, Budapest, Kiev<br />
<strong>and</strong> Prague we offer a value-added service which is second to none. We are<br />
dedicated to diversity in recruitment <strong>and</strong> to retaining experienced specialists<br />
in every practice area. Combined with our investment in IT <strong>and</strong> knowledge<br />
management infrastructure, this means we are able to tackle the largest <strong>and</strong><br />
most dem<strong>and</strong>ing national <strong>and</strong> cross-border assignments. Elias Neocleous <strong>and</strong><br />
Co LLC is professional, responsive, innovative, <strong>and</strong> represents the legal practice<br />
of the future.<br />
Neocleous House, 195 Makarios Avenue,<br />
P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />
T: (+357) 25 110 110<br />
Contact: Elias Neocleous - Managing Partner<br />
E: info@neo.law<br />
W: www.neo.law<br />
MARIOS SIATHAS<br />
CHIEF EXECUTIVE OFFICER<br />
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)<br />
The EIMF is an accredited <strong>and</strong> licensed Education Group that offers learning<br />
<strong>and</strong> development opportunities, including Global Qualifications, across an array<br />
of areas. EIMF possesses a strong concentration within the areas of financial<br />
<strong>and</strong> professional services (regulation, compliance, AML, banking, funds),<br />
accounting, legal, management, as well as Information-Technology through<br />
its New Horizons Computer Learning Centers. Knowledge is delivered by<br />
established subject-matter experts, through classroom, Live Online, eLearning<br />
<strong>and</strong> customized learning solutions. With a presence in London, Brussels,<br />
Frankfurt, Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin <strong>and</strong><br />
Bucharest <strong>and</strong> over 5,000 students annually, 330+ programmes, 60+ instructors<br />
<strong>and</strong> 25 international Certifications, make the EIMF a leader in the field of<br />
vocational education in the wider region.<br />
25 Megaron Street, 2032 Strovolos<br />
Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 274 470<br />
Contact: Marios Siathas - Chief Executive Officer<br />
E: msiathas@eimf.eu<br />
W: www.eimf.eu<br />
RONALD A. ATTARD<br />
COUNTRY MANAGING PARTNER<br />
EY CYPRUS<br />
EY is a global leader in assurance, tax, strategy, transactions <strong>and</strong> consulting<br />
services with about 300,000 people in over 150 countries. It is the most globally<br />
integrated professional services organisation, working with businesses,<br />
entrepreneurs <strong>and</strong> governments around the world to solve their most pressing<br />
challenges. EY distils everything it does down to a single, unified purpose:<br />
building a better working world. For over 80 years, the <strong>Cyprus</strong> practice has been<br />
a trusted business advisor <strong>and</strong> auditor to a broad range of clients <strong>and</strong> is ideally<br />
placed to cater to the needs of our clients in a wider geographic span.<br />
6 Stasinou Avenue, 1060 Nicosia<br />
P.O.Box 21656, 1511 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 209 999<br />
E: info@cy.ey.com<br />
W: www.ey.com/cy<br />
ALEXIOS KARTALIS<br />
GENERAL MANAGER<br />
GMM GROUP<br />
GMM Fund Management is a group of companies comprising GMM Global<br />
Money Managers AIFM Ltd which is an AIF Manager Company License No.<br />
AIFM33/56/2013 <strong>and</strong> GMM Global Money Managers Ltd which is a Management<br />
Company holding UCITS Manager License No. 2/13. GMM GROUP is<br />
managing 19 UCITS <strong>and</strong> 32 AIFs with aggregate assets under management<br />
of approximately €230mil. GMM operates in the financial sector, setting up,<br />
running, <strong>and</strong> managing UCITS Funds as well as Alternative Investment Funds<br />
(AIF, RAIF) in line with the most recent EU directives, fully implemented by the<br />
Cypriot legislation.<br />
26B Agiion Omologiton Avenue<br />
Nicosia 1080 - <strong>Cyprus</strong><br />
T: (+357) 22 205 858<br />
Contact: Alexios Kartalis - General Manager<br />
E: info@global-mm.com<br />
W: www.global-mm.com<br />
10
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
YIANNOS ASHIOTIS<br />
LEADER, REGULATORY<br />
COMPLIANCE AND<br />
FUND SERVICES<br />
GRANT THORNTON CYPRUS<br />
As part of Grant Thornton’s network with member firms in more than 140<br />
countries <strong>and</strong> with more than 56.000 people, we have the scale to meet your<br />
changing needs, but with the insight <strong>and</strong> agility that helps you stay one step<br />
ahead. Our Regulatory Compliance <strong>and</strong> Fund Services Department was set-up<br />
to serve the growing Fund industry in <strong>Cyprus</strong> by providing a full suite of tailored<br />
solutions. We offer advice on optimal fund set-up <strong>and</strong> undertake all necessary<br />
licensing activities until the final approval by the regulator. We also support our<br />
clients by offering outsourced risk management as well as comprehensive Fund<br />
Administration <strong>and</strong> Transfer Agent services.<br />
41-49, Agiou Nicolaou Str., Nimeli Court,<br />
Block C, Engomi 2408<br />
P.O.Box 23907, 1687, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 600 000<br />
Contact: Yiannos Ashiotis - Leader,<br />
Regulatory Compliance <strong>and</strong> Fund Services<br />
E: Yiannos.Ashiotis@cy.gt.com<br />
W: www.grantthornton.com.cy<br />
ALEXIS PANTAZIS<br />
CO-FOUNDER AND<br />
EXECUTIVE DIRECTOR<br />
HELLAS DIRECT<br />
Hellas Direct is a digital-first, full-stack insurance company, empowered<br />
by cutting-edge technology <strong>and</strong> the use of advanced analytics. The company<br />
is backed by a roster of leading investors, including the European Bank for<br />
Reconstruction <strong>and</strong> Development, the European Investment Bank, Portage<br />
Ventures <strong>and</strong> IFC (a member of the World Bank). Modelling itself on Amazon,<br />
Hellas Direct aims to disrupt the insurance value chain by adopting an extreme<br />
focus on operational excellence. Hellas Direct was recently listed by the<br />
Financial Times as one of Europe’s 1,000 Fastest Growing Companies.<br />
8, Dasoupoleos Street, 2015 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 277 499<br />
Contact: Elina Nomicou - Head<br />
of Digital Media & Content<br />
E: elina.nomicou@hellasdirect.gr<br />
W: www.hellasdirect.com.cy<br />
ELENI KALOYIROU<br />
CEO<br />
HERMES AIRPORTS<br />
Hermes Airports is an international consortium of nine shareholders,<br />
managing <strong>and</strong> operating Larnaka <strong>and</strong> Pafos airports since 2006 under a 25-<br />
year BOT Concession Agreement with the Republic of <strong>Cyprus</strong>. Hermes Airports<br />
significantly contributes to the country’s tourism growth, through both a<br />
targeted air service development strategy consisting of incentive schemes<br />
provision <strong>and</strong> joint marketing activities with airlines, as well as a productive<br />
collaboration with the Government <strong>and</strong> tourism stakeholders for the expansion<br />
of tourism related opportunities. Hermes Airports is committed to enhancing<br />
the overall passenger experience, with an emphasis on operational excellence<br />
<strong>and</strong> customer service.<br />
P.o Box 43027, 6650<br />
Larnaka International Airport - <strong>Cyprus</strong><br />
T: (+357) 24 742 164<br />
Contact: Maria Kouroupi - Senior Manager Aviation<br />
Development, Marketing & Communication<br />
E: maria.kouroupi@hermesairports.com<br />
W: www.hermesairports.com<br />
ALEX CONSTANTI<br />
MANAGING DIRECTOR<br />
IDEASEVEN DIGITAL SOLUTIONS<br />
Ideaseven are a dynamic, enthusiastic online digital agency with over 15 years<br />
of experience. We focus on providing global solutions in digital marketing, web<br />
& app development. At ideaseven, we underst<strong>and</strong> that design <strong>and</strong> development<br />
requires continuous mutual communication with our clients. Together, we can<br />
provide a constantly productive <strong>and</strong> evolving project. We can help visualize<br />
even the craziest ideas, converting them into elegant, awesome experiences<br />
<strong>and</strong> catchy products. We have worked with a lot of prestigious br<strong>and</strong>s <strong>and</strong> have<br />
delivered award winning projects. We are now a full stack, turnkey partner with<br />
specialists in all fields required for the development <strong>and</strong> creative process. We<br />
look forward to your call.<br />
Pentadactylou 2, office 104,<br />
6060, Larnaca - <strong>Cyprus</strong><br />
T: (+357) 24 823 832<br />
Contact: Alex Constanti – Managing Director<br />
E: info@ideaseven.com<br />
W: www.ideaseven.com<br />
EVANGELOS<br />
ANASTASIADES<br />
CHAIRMAN<br />
INSURANCE ASSOCIATION OF CYPRUS<br />
The Insurance Association of <strong>Cyprus</strong> is the accredited <strong>and</strong> representative<br />
body of the Cypriot insurance industry, with 29 member insurance companies<br />
operating in <strong>Cyprus</strong>, accounting for approximately 98% of total gross written<br />
premiums. As the leading <strong>and</strong> united voice of the <strong>Cyprus</strong> insurance market<br />
its mission is to promote the industry’s views <strong>and</strong> positions to policymakers<br />
<strong>and</strong> legislators. It is also particularly active with respect to work aiming at the<br />
modernization of the sector, the continuous improvement of the level <strong>and</strong> quality<br />
of service to the public, the enhancement of consumers’ trust <strong>and</strong> confidence in<br />
insurance products <strong>and</strong> their providers, <strong>and</strong> the strengthening of the institution<br />
of insurance.<br />
23, Zenon Sozos str., 1st floor<br />
1075 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 452 990<br />
Contact: Andreas Athanasiades<br />
– Director General<br />
E: info@iac.org.cy<br />
W: www.iac.org.cy<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
YANNIS MATSIS<br />
CHAIRPERSON<br />
INVEST CYPRUS<br />
Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the investment<br />
authority of the Government of <strong>Cyprus</strong> dedicated to attract <strong>and</strong> facilitate foreign<br />
direct investment into the country. In close collaboration with all governmental<br />
authorities <strong>and</strong> public institutions, as well as the private sector, Invest <strong>Cyprus</strong><br />
is the country’s lead agent in establishing <strong>Cyprus</strong> as a world-class destination<br />
for international business activity <strong>and</strong> investments. Invest <strong>Cyprus</strong>’ m<strong>and</strong>ate is to<br />
raise awareness of <strong>Cyprus</strong> as a destination for FDI across the globe, providing<br />
certainty around all aspects of operating a business in <strong>Cyprus</strong> <strong>and</strong> supporting<br />
potential investors in developing their business case for investment into the<br />
country.<br />
9 Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 441 133<br />
E: info@investcyprus.org.cy<br />
W: www.investcyprus.org.cy<br />
CONSTANTINOS<br />
MEIVATZIS<br />
MANAGING DIRECTOR<br />
IQ EQ (CYPRUS) LIMITED<br />
A leading global investor services group, IQ-EQ is present in 23 jurisdictions<br />
employing over 3,400+ people across four continents with assets under<br />
administration (AUA) exceeding US$500 billion. Our experienced <strong>and</strong> wellqualified<br />
teams specialise in trust establishment <strong>and</strong> administration, company<br />
incorporation <strong>and</strong> management, accounting <strong>and</strong> financial reporting, transaction<br />
support services, fund administration services, escrow services <strong>and</strong> more.<br />
The combination of our professional service breadth, global reach <strong>and</strong> depth<br />
of experience has assisted us in attracting new clients from all over the world<br />
<strong>and</strong> allowed us to actively promote <strong>Cyprus</strong> through the quality of our services.<br />
20 Spyrou Kyprianou Avenue, Chapo Central,<br />
3rd floor, 1075 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 749 000<br />
Contact: Constantinos Meivatzis<br />
- Managing Director<br />
E: Constantinos.Meivatzis@iqeq.com<br />
W: iqeq.com<br />
DAVINIA JOANNIDOU<br />
DIRECTOR<br />
JOANNIDES + CO LTD<br />
Joannides + Co. Ltd is a leading firm of accountants <strong>and</strong> management consultants<br />
established in <strong>Cyprus</strong> for over 40 years providing audit <strong>and</strong> assurance, taxation,<br />
business support services <strong>and</strong> management consulting to international companies<br />
<strong>and</strong> private clients. The firm has offices in Nicosia, Limassol <strong>and</strong> Larnaca offering<br />
its services with the utmost integrity, independence <strong>and</strong> objectivity with the aim<br />
to add significant value to its clients’ business performance. Joannides + Co. Ltd<br />
is a member of AGN International Ltd, a worldwide association of independent<br />
accounting <strong>and</strong> consulting firms operating in 85 countries, is an approved training<br />
centre of the professional accounting institutes ICAEW <strong>and</strong> ACCA <strong>and</strong> in 2010<br />
was awarded the quality award certification from the Institute of Certified Public<br />
Accountants of <strong>Cyprus</strong>.<br />
13, Agiou Prokopiou Str. 2406<br />
Egkomi, Nicosia - <strong>Cyprus</strong><br />
P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />
T: (+357) 22 556 556<br />
Contact: Davinia Joannidou - Director<br />
E: cy@joannides.com.cy<br />
W: www.joannides.com.cy<br />
CHRISTOS V. VASILIOU<br />
MANAGING DIRECTOR<br />
KPMG<br />
KPMG is a global organisation of independent professional services firms<br />
providing Audit, Tax <strong>and</strong> Advisory services. KPMG operates in 146 countries<br />
<strong>and</strong> territories <strong>and</strong> has approximately 227.000 people working in member firms<br />
around the world. KPMG has been operating in <strong>Cyprus</strong> since 1948 <strong>and</strong> currently<br />
employs more than 850 professionals working from 6 offices across the isl<strong>and</strong><br />
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous). By utilising<br />
the whole spectrum of KPMG International services <strong>and</strong> the deep knowledge<br />
in all major industries, KPMG provides its clients with solutions which address<br />
their unique characteristics. Clients look to KPMG for a consistent st<strong>and</strong>ard of<br />
service based on high-order professional capabilities, industry insight, local<br />
knowledge <strong>and</strong> expertise.<br />
14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 209 000<br />
Contact: Demetris S. Vakis - Board<br />
Member, Head of Sales <strong>and</strong> Markets<br />
E: demetris.vakis@kpmg.com.cy<br />
W: www.kpmg.com.cy<br />
LEANDROS<br />
PAPAPHILIPPOU<br />
MANAGING PARTNER<br />
L PAPAPHILIPPOU & CO LLC<br />
L Papaphilippou & Co LLC was founded in 1963. Through constant <strong>and</strong> consistent<br />
work, it is now one of the leading <strong>and</strong> most respectable law firms in <strong>Cyprus</strong>. The<br />
firm quickly established strong presence in the fields of corporate <strong>and</strong> shipping<br />
law, litigation, banking <strong>and</strong> finance, wealth management <strong>and</strong> immigration,<br />
thus achieving good cross-border reputation, which led to the development<br />
of a concrete international professional network <strong>and</strong> client base. Our list of<br />
clients includes regulatory bodies, local <strong>and</strong> international banking <strong>and</strong> financial<br />
institutions, insurance, shipping <strong>and</strong> listed companies, multinationals <strong>and</strong> high<br />
net worth individuals.<br />
17 Ifigenias Street, 2007 Strovolos,<br />
P.O.Box 28541, 2080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 271 000<br />
Contact: Le<strong>and</strong>ros Papaphilippou<br />
- Managing Partner<br />
E: info@papaphilippou.eu<br />
W: www.papaphilippou.eu<br />
12
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANDREY NARUTSKIY<br />
MANAGING DIRECTOR, CEO<br />
LEON MFO INVESTMENTS LTD<br />
Leon MFO Investments Ltd (the “Company”) is authorized by the CySEC as an<br />
alternative investment fund manager with license number AIFM 37/56/2013. At<br />
present, the Company manages three registered alternative investment funds<br />
(the “RAIF”) addressed to professional investors only. The total assets under the<br />
Company’s fund management exceed $670mln. The Company focuses on liquid<br />
investment strategies. The Company is in the process of launching two more<br />
RAIFs which will be addressed to both professional <strong>and</strong> well-informed investors:<br />
LEON Income Fund RAIF VCIC PLC <strong>and</strong> LEON Global Hedge Fund RAIF VCIC PLC.<br />
37, Theklas Lisioti, Gemini House,<br />
Office 301, CY-3030, Limasso - <strong>Cyprus</strong><br />
T: (+357) 25 268 120<br />
Contact: Andrey Narutskiy -<br />
Managing Director, CEO<br />
E: leonmfo@leonmfo.com<br />
W: www.leoninvestments.com.cy<br />
DEMETRIS TAXITARIS<br />
CHIEF EXECUTIVE OFFICER<br />
MAP S.PLATIS GROUP<br />
MAP S.Platis Group is a leading financial services consulting Group with<br />
clients that include regulators, banks, funds <strong>and</strong> fund managers, investment<br />
firms, brokers, fintech firms, insurance firms <strong>and</strong> payment <strong>and</strong> electronic<br />
money institutions. Our expert team, currently comprising over 400 highcalibre<br />
professionals, provides unique <strong>and</strong> tailored solutions in licensing,<br />
regulatory compliance, risk management, internal audit, human resources,<br />
regulatory technology, information technology, business resilience, information<br />
security including cybersecurity, governance, executive training <strong>and</strong> innovation<br />
consulting to financial <strong>and</strong> other firms in the UK, <strong>Cyprus</strong>, Hong Kong <strong>and</strong> the EU.<br />
Thanks to our vast regulatory compliance experience, continued interaction with<br />
regulatory authorities, unparalleled track record, global network of associates<br />
<strong>and</strong> wealth of resources, our team can support any client’s regulatory needs<br />
efficiently <strong>and</strong> effectively.<br />
74 Archiepiskopou Makariou C, 3rd Floor,<br />
Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 351 335<br />
Contact: Svetlana Lazarevic –<br />
Head of Business Development<br />
E: info@mapsplatis.com<br />
W: www.mapsplatis.com<br />
ANDREAS LAOS<br />
SENIOR ADVOCATE -<br />
LEGAL CONSULTANT<br />
MICHAEL CHAMBERS & CO. LLC<br />
Michael Chambers & Co. LLC is a full-service Law Firm with <strong>Cyprus</strong> <strong>and</strong> English<br />
Lawyers offering a wide spectrum of expertise in an impressive variety of legal<br />
disciplines. Our team of Lawyers offers clients a range of integrated global<br />
capabilities, comprising the world’s most active M&A, real estate, finance, litigation<br />
<strong>and</strong> corporate risk practices. Our law office is located at the heart of the commercial<br />
district of Limassol. The firm enjoys considerable success <strong>and</strong> has developed an<br />
enviable reputation by pursuing a simple goal – to give its clients unambiguous,<br />
concise <strong>and</strong> clear-cut legal advice.<br />
25 Voukourestiou Street, Neptune House,<br />
1st Floor, Suite 11 Limassol, <strong>Cyprus</strong>, CY – 3045<br />
T: (+357) 25 819 966<br />
Contact: Michael Chambers - Senior Partner<br />
E: info@chambers.law<br />
W: www.chambers.law<br />
MARIOS MENELAOU<br />
GENERAL MANAGER<br />
NATURAL GAS PUBLIC COMPANY (DEFA)<br />
DEFA has the exclusive right to import <strong>and</strong> supply natural gas to all consumers<br />
in <strong>Cyprus</strong>. DEFA will develop <strong>and</strong> manage the gas network infrastructure. It<br />
will construct gas transmission lines <strong>and</strong> support a virtual network, provide<br />
bunkering services for ships <strong>and</strong> also natural gas for transportation. DEFA also<br />
owns 70% of ETYFA (30% owned by EAC), a special purpose subsidiary company<br />
that will own the LNG Import Terminal (comprising an FSRU, Jetty, pipelines<br />
<strong>and</strong> onshore facilities). The Terminal’s EPCOM contract with the international<br />
consortium was signed in December 2019.<br />
13 Limassol Ave, Demetra Tower, 4th Floor,<br />
2112 Nicosia | P. O. Box 24954,<br />
1305 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 761 761<br />
Contact: Maria Theocharidou -<br />
Secretary/PA to the Executive Chairman<br />
E: info@defa.com.cy<br />
W: www.defa.com.cy<br />
VASSOS ARISTODEMOU<br />
CHAIRMAN & CEO<br />
NETINFO PLC<br />
NETinfo is a versatile <strong>and</strong> innovative technology company that has been enabling<br />
digital transformation strategies for banks <strong>and</strong> financial institutions since 2000.<br />
NETinfo’s flagship products, NETinfo Digital Banking Platform <strong>and</strong> NETinfo<br />
Mobile Financial Services (MFS), have successfully been part of the digital<br />
transformation process of banks <strong>and</strong> financial institutions, in more than 30<br />
countries worldwide. NETinfo focuses on retail, corporate <strong>and</strong> private banking.<br />
We support banks <strong>and</strong> financial institutions of all sizes across all geographies,<br />
helping them to harness the latest technologies, <strong>and</strong> we fully embrace the<br />
needs of today’s digital consumers. Industry analysts recognise NETinfo as one<br />
of the global leaders for omnichannel design <strong>and</strong> delivery.<br />
23 Aglantzias Ave., 2108 Nicosia<br />
P.O. Box 22658, 1523 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 753 636<br />
E: mail@netinfo.eu<br />
W: www.netinfo.eu<br />
13
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
SUSANA POYIADJIS<br />
MANAGING DIRECTOR<br />
NEXIA POYIADJIS<br />
Established in 1969, Nexia Poyiadjis is a prominent firm of accountants, auditors<br />
<strong>and</strong> advisors, based in Nicosia <strong>and</strong> Limassol, providing one of the highest<br />
st<strong>and</strong>ards of professional services to local <strong>and</strong> international clients. Nexia<br />
Poyiadjis is the exclusive <strong>Cyprus</strong> member firm of Nexia International, a leading<br />
global network of independent firms, providing clients with audit <strong>and</strong> assurance,<br />
taxation, advisory, financial outsourcing, turnaround restructuring <strong>and</strong> insolvency<br />
services. The firm operates in various industries but has a strong history <strong>and</strong><br />
expertise in servicing the financial services industry – regulated funds, alternative<br />
investment fund managers, investment firms, e-money <strong>and</strong> payment institutions.<br />
Apart from the st<strong>and</strong>ard services Nexia Poyiadjis provides set up <strong>and</strong> licensing<br />
services, fund administration services, valuation, financial modeling, strategic<br />
reviews, internal audit, risk <strong>and</strong> compliance advisory services.<br />
Sophouli 2 Str., The Chanteclair House,<br />
8th floor, 1096 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 456 111<br />
Contact: Susana Poyiadjis - Managing Director<br />
E: susana.poyiadjis@nexia.com.cy<br />
W: www.nexia.com.cy<br />
KIKIS LAGOS<br />
MANAGING DIRECTOR<br />
ONE PLUS CAPITAL LTD<br />
One Plus Capital (OPC) is as a licensed boutique investment firm based in Nicosia.<br />
OPC is licensed by CySEC to offer the full spectrum of investment services. Its core<br />
services include portfolio management, investment advisory, global brokerage,<br />
corporate finance, custody <strong>and</strong> safekeeping. OPC is also a trading member of<br />
the Athens <strong>and</strong> <strong>Cyprus</strong> Stock Exchange (ASE, CSE). Over the past few years, OPC<br />
has weighed in on its expertise <strong>and</strong> years of presence in the industry to broaden<br />
the range of services offered. Specifically, OPC has been active in the field of<br />
fund management for a number of <strong>Cyprus</strong> licensed funds with multi-asset class<br />
strategies <strong>and</strong> compartments for both retail <strong>and</strong> professional investors.<br />
75 Prodromou Avenue,<br />
Oneworld Parkview House,<br />
2063 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 873 760<br />
Contact: Kikis Lagos - Managing Director<br />
E: info@onepluscapital.net<br />
W: www.onepluscapital.net<br />
SAVVAS SHIATIS<br />
MANAGING DIRECTOR<br />
ONEWORLD LTD<br />
Oneworld Ltd is a leading advisory, corporate <strong>and</strong> business services firm in<br />
<strong>Cyprus</strong> <strong>and</strong> Dubai with associated offices in key global centres. We provide<br />
company incorporation, management, banking, redomiciliation services as<br />
well as setting up <strong>and</strong> administering private funds <strong>and</strong> trusts. We advise on<br />
international tax planning, family succession, incorporate offshore companies<br />
in zero <strong>and</strong> low tax jurisdictions <strong>and</strong> provide other boutique services including<br />
licensing of various operations <strong>and</strong> structures. We bring a depth of experience<br />
to our work <strong>and</strong> dealings with our clients, which range from dynamic young<br />
enterprises to global corporations <strong>and</strong> high net worth individuals, their families<br />
<strong>and</strong> consultants.<br />
75 Prodromou Avenue, Oneworld House,<br />
POBox 25207, Nicosia 1307 - <strong>Cyprus</strong><br />
T: (+357) 22 496 000<br />
Contact: Savvas Shiatis - Managing Director<br />
E: SShiatis@oneworldweb.net<br />
W: www.oneworldweb.net<br />
PAUL PAVLI<br />
MANAGING DIRECTOR<br />
ONEWORLD PLUS MANAGEMENT<br />
Oneworld Plus Management is a dedicated third party Alternative Investment<br />
Fund Manager (AIFM) providing AIFM services to fund initiators, promoters <strong>and</strong><br />
fund managers of private equity, real estate, infrastructure, debt, fund of funds,<br />
transferable securities as well as other alternative asset classes. Our experience<br />
encompasses funds <strong>and</strong> assets in Irel<strong>and</strong>, Luxembourg, UK, <strong>Cyprus</strong>, Greece, Middle<br />
East, Asia, Cayman Isl<strong>and</strong>s <strong>and</strong> various other jurisdictions. We offer full fund setup<br />
services or we can provide services to existing funds. Oneworld Plus Management<br />
is authorised <strong>and</strong> regulated by the <strong>Cyprus</strong> Securities <strong>and</strong> Exchange Commission<br />
AIFM35/56/2013.<br />
E U L I C E N S E D A I F M<br />
Oneworld House<br />
75 Prodromou Avenue, Level 2,<br />
Nicosia 1307 - <strong>Cyprus</strong><br />
T: (+357) 22 507 723<br />
Contact: Paul Pavli - Managing Director<br />
E: ppavli@oneworldaifm.com<br />
W: www.oneworldaifm.com<br />
STAVROS PAVLOU<br />
SENIOR AND MANAGING<br />
PARTNER<br />
PATRIKIOS PAVLOU & ASSOCIATES LLC<br />
Patrikios Pavlou & Associates LLC is a leading law firm in <strong>Cyprus</strong>. With<br />
nearly 60 years of experience in the local <strong>and</strong> international legal market, the<br />
Firm has developed distinguished expertise in dispute resolution <strong>and</strong> ADR<br />
<strong>and</strong> a renowned legal consulting department. The legal teams are constantly<br />
involved in some of the largest cross-border banking, financial <strong>and</strong> corporate<br />
transactions <strong>and</strong> h<strong>and</strong>le complex litigation, arbitration <strong>and</strong> mediation matters.<br />
In close cooperation with the associated Pagecorp Group, the Firm provides its<br />
clients with a comprehensive range of corporate <strong>and</strong> other related services. The<br />
Firm is highly recommended by prestigious legal directories worldwide for its<br />
distinctive legal services.<br />
Patrician Chambers, 332 Agiou Andreou Street,<br />
3035 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 871 599<br />
Contact: Stavros Pavlou - Senior<br />
<strong>and</strong> Managing Partner<br />
E: spavlou@pavlaw.com<br />
W: www.pavlaw.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
EVGENIOS C EVGENIOU<br />
CEO, PwC CYPRUS<br />
PwC CYPRUS<br />
We support you to create the value you are looking for by providing specialised<br />
solutions based on quality. Together we build relationships based on trust <strong>and</strong><br />
we say things as they are, to assist you to deal with issues that tomorrow will<br />
prove important. We adapt the expertise of more than 1,000 professionals in<br />
<strong>Cyprus</strong> <strong>and</strong> the power of our global network of more than 284,000 people in 155<br />
countries to your specific needs, helping you make the difference. In a dem<strong>and</strong>ing<br />
<strong>and</strong> challenging business environment, our diverse teams of professionals are<br />
sharing deep knowledge <strong>and</strong> experience. We provide a broad range of services to<br />
meet your increasingly complex needs.<br />
PricewaterhouseCoopers Ltd<br />
PwC Central, 43 Demostheni Severi Avenue,<br />
CY-1080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 555 000<br />
Contact: Konstantina Logotheti -<br />
Director, Marketing & Communications<br />
E: konstantina.logotheti@pwc.com<br />
W: www.pwc.com.cy<br />
STELLA KAMMITSI<br />
MANAGING DIRECTOR<br />
RAZA CORPORATE SERVICES LTD<br />
Raza is regulated by the <strong>Cyprus</strong> Bar Association as an Administrative Service<br />
Provider <strong>and</strong> operates under the management, control <strong>and</strong> supervision of Stella<br />
Kammitsi, a licensed lawyer with over 30 years of experience. It offers innovative<br />
fiduciary, corporate, trustee <strong>and</strong> advisory services to corporates, partnerships,<br />
high net worth individuals <strong>and</strong> families. Being a boutique firm gives it a high<br />
degree of flexibility when navigating challenges, <strong>and</strong> Raza is proud to state that<br />
throughout the years it has earned the loyalty <strong>and</strong> trust of its clients by providing<br />
them with personal, reliable <strong>and</strong> timely services whilst demonstrating attention<br />
to their specific requirements.<br />
5 Anastasios Leventis Street,<br />
Leventis Gallery Tower, 8th Floor,<br />
1097 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 777 787<br />
Contact: Stella Kammitsi - Managing Director<br />
E: skammitsi@raza.com.cy<br />
W: www.raza.com.cy<br />
DR. KIRILL ZIMARIN<br />
CHIEF EXECUTIVE OFFICER<br />
RCB BANK LTD<br />
RCB Bank Ltd was founded in 1995 <strong>and</strong> is now one of the largest financial<br />
institutions in <strong>Cyprus</strong> <strong>and</strong> a significant EU bank. The Bank offers corporate,<br />
investment <strong>and</strong> retail products <strong>and</strong> services to clients from around 50 countries.<br />
RCB is a private financial institution. It is headquartered in Limassol, with<br />
branches in Nicosia, Limassol, Larnaca, Pafos, Luxembourg <strong>and</strong> representative<br />
offices in Moscow <strong>and</strong> London. With 25 years of history <strong>and</strong> expertise in<br />
banking, RCB has earned a reputation as a financially stable <strong>and</strong> reliable bank.<br />
RCB offers a wide range of everyday banking products <strong>and</strong> services as well<br />
as tailored investment solutions <strong>and</strong> aspires to establish long-term strategic<br />
partnership with its clients.<br />
2, Amathountos Street, P.O. Box 56868,<br />
3310 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 837 300<br />
E: rcb@rcbcy.com<br />
W: www.rcbcy.com<br />
PHILIOS ZACHARIADES<br />
GENERAL MANAGER<br />
ROYAL CROWN INSURANCE CO LTD<br />
RCI is a non-life insurance company that has been active in the <strong>Cyprus</strong><br />
market for more than forty years. Initially RCI was the local agent for Royal &<br />
SunAlliance, of which it is still part of the global network, <strong>and</strong> since 1999, RCI<br />
has been licensed as a purely Cypriot private insurance company. RCI’s mission<br />
has always been to operate on the principles of absolute integrity, transparency<br />
<strong>and</strong> to provide the best possible services to its clients. RCI’s practices <strong>and</strong><br />
procedures have been awarded the quality certification ISO9001-2015 by Lloyd’s<br />
Register. Insurance, for RCI, is not a product to be sold, but a service provided<br />
<strong>and</strong> a commitment created.<br />
16-20 Mnasiadou Street<br />
P.O.Box: 24690 1302 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 885 555<br />
Contact: Anthie Zachariadou<br />
– Executive Director<br />
E: info@royalcrowninsurance.com<br />
W: www.royalcrowninsurance.com<br />
FIONA MULLEN<br />
DIRECTOR<br />
SAPIENTA ECONOMICS LTD<br />
Sapienta Economics is a Nicosia-based economic consultancy producing toplevel<br />
analysis primarily on <strong>Cyprus</strong> for a range of prestigious clients, including<br />
banks, oil/gas majors, big four accounting firms <strong>and</strong> over a dozen embassies.<br />
Our services include bespoke consultancy <strong>and</strong> the monthly Sapienta Country<br />
Analysis <strong>Cyprus</strong>. Each month we take an in-depth look at prospects for political<br />
stability, government effectiveness, a resolution of the <strong>Cyprus</strong> problem,<br />
structural policies including natural gas, fiscal performance, debt sustainability,<br />
banking sector stability <strong>and</strong> the latest economic trends. No other organization<br />
offers such breadth <strong>and</strong> depth of inter-related issues. Sapienta Economics <strong>and</strong><br />
its Director Fiona Mullen are independent, with no political ties in <strong>Cyprus</strong> or<br />
abroad <strong>and</strong> no investment in <strong>Cyprus</strong> shares or bonds.<br />
Tenedou 7, No 401, Lykavitos,<br />
CY1055 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 99 338 224<br />
Contact: Fiona Mullen - Director<br />
E: fiona.mullen@sapientaeconomics.com<br />
W: www.sapientaeconomics.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
PETROS THEODOTOU<br />
FCCA<br />
FOUNDER & CEO<br />
SERVPRO ACCOUNTANTS & CONSULTANTS<br />
ServPRO is a team of accountants, auditors, lawyers <strong>and</strong> consultants. A practicing<br />
member of ICPAC <strong>and</strong> ACCA, a National Member of Auditaxes International, an<br />
ACCA Approved Employer, an ISO 9001:2015 <strong>and</strong> an ISO 27001:2013 Certified<br />
Company. Our areas of expertise are Accounting & Finance, Advisory &<br />
Consulting, Audit & Assurance, Corporate & Legal, Economic Substance <strong>and</strong><br />
Taxation. We have a stellar track record in delivering practical solutions to<br />
corporate <strong>and</strong> individual clients with a spherical, solution-driven <strong>and</strong> detailoriented<br />
approach, while demonstrating an aptitude of professionalism,<br />
integrity <strong>and</strong> commercial acumen. Today, we celebrate 10 years of delivering an<br />
impeccable quality of services <strong>and</strong> practical solutions across a diversified range<br />
of industries to a growing multinational clientele.<br />
Accountants & Consultants<br />
1 Kinyra Street, Kinyras Tower,<br />
3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 021 100<br />
Contact: Petros Theodotou FCCA -<br />
Founder & CEO<br />
E: info@servpro.com.cy<br />
W: www.servpro.com.cy<br />
GEORGE MAVROS<br />
MANAGING DIRECTOR<br />
SKYLINK SERVICES LTD<br />
Skylink Services Ltd is a provider of ground h<strong>and</strong>ling services for Executive<br />
Aviation Aircraft in <strong>Cyprus</strong>. We began operations in 1998, filling the gap in<br />
the Executive Aircraft ground h<strong>and</strong>ling market at both International Airports<br />
of <strong>Cyprus</strong>, Larnaca <strong>and</strong> Paphos. Skylink Services now owns <strong>and</strong> operates the<br />
only FBO facility at Larnaka Airport offering around-the-clock professional<br />
VIP aircraft <strong>and</strong> passenger h<strong>and</strong>ling services. Currently representing over 400<br />
companies that own or operate executive aircraft worldwide. Skylink Services<br />
also manages <strong>and</strong> operates the new Heads of State Lounge facility at Larnaka<br />
International Airport. This Lounge is used by all Heads of State visiting the<br />
Republic of <strong>Cyprus</strong> as well as a host of other visiting dignitaries.<br />
P.O. Box 43012, Larnaca Airport,<br />
6650 Larnaca - <strong>Cyprus</strong><br />
T: (+357) 24 840 900<br />
T: (+357) 24 643 334 24hr Operation<br />
E: flightops@skylink.com.cy<br />
W: www.skylink.com.cy<br />
STELLA KAMMITSI<br />
STEP CYPRUS CHAIRWOMAN<br />
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)<br />
STEP is the global professional association for practitioners who specialise<br />
in family inheritance <strong>and</strong> succession planning. STEP works to improve public<br />
underst<strong>and</strong>ing of the issues families face in this area <strong>and</strong> promotes education<br />
<strong>and</strong> high professional st<strong>and</strong>ards among its members. STEP members help<br />
families plan for their futures, from drafting a will to advising on issues<br />
concerning international families, protection of the vulnerable, family businesses<br />
<strong>and</strong> philanthropic giving. Today STEP has more than 20,000 members across<br />
96 countries from a range of professions, including lawyers, accountants <strong>and</strong><br />
other specialists. The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />
professionals from all over <strong>Cyprus</strong>, <strong>and</strong> is active in the spread of industry related<br />
knowledge, through regular conferences <strong>and</strong> presentations.<br />
P.O.Box 24789, 1303 Nicosia, <strong>Cyprus</strong><br />
T: (+357) 22 777 787<br />
Contact: Stella Kammitsi - STEP<br />
<strong>Cyprus</strong> Chairwoman<br />
E: skammitsi@raza.com.cy<br />
W: www.step.org<br />
STELIOS AMERICANOS<br />
MANAGING PARTNER<br />
STELIOS AMERICANOS & CO LLC<br />
Stelios Americanos & Co LLC is a full services, highly innovative law firm with<br />
headquarters based in Nicosia, <strong>Cyprus</strong> <strong>and</strong> a branch in Athens, Greece. It<br />
specializes in corporate, commercial <strong>and</strong> banking law, corporate <strong>and</strong> commercial<br />
litigation, real estate, financial advisory & regulation <strong>and</strong> blockchain legal<br />
advisory. Stelios Americanos & Co LLC provides its services to governmental<br />
organizations, international banking institutions, public companies <strong>and</strong><br />
multinational corporations. Moreover Stelios Americanos & Co LLC has created<br />
close relationships with reputable international legal <strong>and</strong> consulting firms <strong>and</strong> is,<br />
thus, able to assist clients with their cross-border transactions <strong>and</strong> needs. Today,<br />
Stelios Americanos & Co LLC is considered one of the leading law firms in <strong>Cyprus</strong><br />
in the areas of its specialty.<br />
12, Demostheni Severi Av.<br />
Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 465 500<br />
Contact: Stelios Americanos<br />
- Managing Partner<br />
E: stelios@americanoslaw.com<br />
W: www.americanoslaw.com<br />
SOFOCLES TYMVIOS<br />
CHIEF EXECUTIVE OFFICER<br />
SWISSPORT CYPRUS LIMITED<br />
Swissport has been present in <strong>Cyprus</strong> since January 2006 providing Passenger,<br />
Ramp, Ticketing, cargo, <strong>and</strong> executive aviation services at both the isl<strong>and</strong>’s<br />
airports. It is a subsidiary of Swissport International, the words largest Airport<br />
provider of ground <strong>and</strong> air cargo services, active at over 269 airports in 47<br />
countries across all five continents. With more than 850 client-companies,<br />
Swissport provides airport ground services for 82 million passengers, <strong>and</strong><br />
4.1 million tons of cargo at 116 warehouses world-wide per annum, with a<br />
workforce of 45,000. In <strong>Cyprus</strong> Swissport employs over 850 people, trained at<br />
the highest level <strong>and</strong> in line with industry st<strong>and</strong>ards <strong>and</strong> procedures.<br />
Office 2, Larnaka International Airport<br />
T: (+357) 24 008 781<br />
Contact: Michael Kokkinos -<br />
Commercial Manager<br />
E: Michael.kokkinos@swissport.com<br />
W: www.swissport.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
TECHISLAND<br />
TechIsl<strong>and</strong> is a non-profit organization with the mission to promote <strong>and</strong><br />
accelerate the growth of technology <strong>and</strong> innovation ecosystem in <strong>Cyprus</strong>. At the<br />
same time, it’s the biggest Tech Association in <strong>Cyprus</strong>, with currently more than<br />
140 Members. In its strategy, called Vision 2030, there are a series of actions<br />
<strong>and</strong> initiatives that have the aim of establishing <strong>Cyprus</strong> as a top-tech destination<br />
for companies <strong>and</strong> professionals.<br />
MARIOS GIORGOUDIS<br />
GENERAL MANAGER<br />
Riga Feraiou 47, Limassol - <strong>Cyprus</strong><br />
T: (+357) 99 987 577<br />
Contact: Marios Giorgoudis – General Manager<br />
E: marios@thetechisl<strong>and</strong>.org<br />
W: www.thetechisl<strong>and</strong>.org<br />
ANTONIS ANTONIOU<br />
CHAIRMAN<br />
THE CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION (OEB)<br />
The <strong>Cyprus</strong> Employers <strong>and</strong> Industrialists Federation (OEB) was founded in 1960.<br />
Today, its members are active in all sectors of the economy <strong>and</strong> employ more<br />
than 60% of the private sector’s workforce. OEB is a pancyprian independent<br />
organisation comprising of more than 100 of the main professional / sectoral<br />
Associations, as well as hundreds of companies from the Agricultural,<br />
Manufacturing, Construction, Commercial <strong>and</strong> Services Sectors. In total, OEB<br />
has more than 10.000 Members / Enterprises. OEB is established as a dynamic<br />
force in <strong>Cyprus</strong>’ socio - economic development <strong>and</strong> welfare <strong>and</strong> acts as the main<br />
advocate <strong>and</strong> representative of the business community.<br />
years<br />
4, <strong>Cyprus</strong> Employers & Industrialists<br />
Federation Street, 2000 Nicosia /<br />
P.O.Box 21657, 1511 Nicosia<br />
T: (+357) 22 643 000<br />
Contact: Michalis Antoniou - Director General<br />
E: info@oeb.org.cy<br />
W: www.oeb.org.cy<br />
THE CYPRUS TECH ASSOCIATION<br />
The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires to provide a<br />
dynamic platform for all tech professionals <strong>and</strong> international ICT companies<br />
established in <strong>Cyprus</strong> to discuss, promote, <strong>and</strong> address common challenges. It<br />
also provides a formal representation to all its members to forums, public <strong>and</strong><br />
private entities, as well as offers direction on key strategic issues, including the<br />
economic importance of the ICT sector <strong>and</strong> policy advocacy.<br />
KYRIAKOS KYRIAKOU<br />
PRESIDENT<br />
Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 441 133<br />
E: info@techcyprus.org.cy<br />
W: www.techcyprus.org.cy<br />
KYRIAKOS IORDANOU<br />
GENERAL MANAGER<br />
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ICPAC)<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the competent<br />
authority for regulating the accounting profession <strong>and</strong> the sole recognised body<br />
of Auditors by the state in <strong>Cyprus</strong>. Established in 1961, ICPAC currently has<br />
more than 5.300 professional accountants as members <strong>and</strong> 3.500 students.<br />
ICPAC houses all professional accountants, supports <strong>and</strong> promotes the activities<br />
<strong>and</strong> interests of the accountancy profession, safeguards the reputation of the<br />
profession <strong>and</strong> adherence to the Code of Ethics, as well as provides for the<br />
continuous professional development <strong>and</strong> updating of members. In addition,<br />
ICPAC is also a competent authority under the Anti-Money Laundering law, the<br />
laws on the Regulation of Enterprises Providing Administrative Services <strong>and</strong> the<br />
Insolvency Practitioners Law, as well as one of the primary stakeholders of the<br />
economy of the country.<br />
11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 870 030<br />
Contact: Kyriakos Iordanou – General Manager<br />
E: info@icpac.org.cy<br />
W: www.icpac.org.cy<br />
ANDREAS MERCOURI<br />
GENERAL MANAGER<br />
TRIDENT TRUST COMPANY (CYPRUS) LIMITED<br />
Founded in 1978, the Trident Trust Group is one of the largest independent<br />
providers of corporate <strong>and</strong> fiduciary services, employing more than 900 staff<br />
in over 25 jurisdictions. Trident Trust <strong>Cyprus</strong> is one of the Group’s leading<br />
offices established in 1996 <strong>and</strong> is today one of the main members of the local<br />
financial services industry, employing just over 75 employees. Trident <strong>Cyprus</strong> is<br />
regulated by the <strong>Cyprus</strong> Securities <strong>and</strong> Exchange Commission <strong>and</strong> provides a<br />
full range of services on <strong>Cyprus</strong> companies, funds <strong>and</strong> trusts, principally to law<br />
firms, accountants <strong>and</strong> tax advisors, as well as financial institutions <strong>and</strong> large<br />
international organizations.<br />
Griva Digeni 115, Trident Centre<br />
3101 Limassol - <strong>Cyprus</strong><br />
T; (+357) 25 820 650<br />
Contact: Andreas Mercouri - General Manager<br />
E: cyprus@tridenttrust.com<br />
W: www.tridenttrust.com<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
EXECUTIVE DIRECTOR<br />
TRILOGY LIMASSOL SEAFRONT<br />
Brought to life by a world-class collaboration of architects, designers <strong>and</strong><br />
developers, Trilogy is an exciting new high-rise development in the heart of<br />
Limassol. A trio of shimmering beachfront towers surrounding a bustling inner<br />
plaza, Trilogy is a place to live, work <strong>and</strong> play. Its luxury apartments blend the<br />
aspirational dream of high-end living, with the sophistication of urban cool. Stateof-the-art<br />
offices also enjoy first-class services <strong>and</strong> uninterrupted sea views from<br />
every window. Three distinct social areas offer resident-only facilities for secluded<br />
leisure <strong>and</strong> relaxation, as well as a lively public plaza that can be enjoyed <strong>and</strong><br />
experienced by everyone. Your story begins here…<br />
341, 28th October Avenue<br />
3106 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 362 800<br />
Contact: Yiorgos Georghiou - Sales Director<br />
E: info@trilogylimassol.com<br />
W: www.trilogylimassol.com<br />
NICK TERRY<br />
MANAGING DIRECTOR<br />
VISTRA (CYPRUS) LIMITED<br />
Vistra Group is a leading fund, trust <strong>and</strong> corporate services provider. Ranked<br />
among the top three in our industry, we have 81 offices across 45 countries,<br />
<strong>and</strong> employ over 4.500 professionals globally. In <strong>Cyprus</strong>, our team of forty<br />
professionals provides a uniquely broad range of services <strong>and</strong> solutions for a<br />
wide client-base of high net worth entrepreneurs, international investment<br />
funds <strong>and</strong> multinational groups. Certainly, in these challenging times, <strong>and</strong> with<br />
the regulatory <strong>and</strong> financial environment constantly changing, many clients<br />
seek comfort in working with a world leader such as Vistra; its wide group<br />
network <strong>and</strong> professionalism being an invaluable asset.<br />
2nd Floor Sotiri Tofini 4<br />
Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 817 411<br />
Contact: Nick Terry - Managing Director<br />
E: Nick.Terry@vistra.com<br />
W: www.vistra.com<br />
GEORGE W. SAMS<br />
CEO<br />
WEALTH FUND SERVICES LTD<br />
Wealth Fund Services Ltd is a global advisory <strong>and</strong> asset management company,<br />
based in <strong>Cyprus</strong> <strong>and</strong> licensed by CySEC (<strong>Cyprus</strong> Securities & Exchange Commission)<br />
as an AIFM management company with license No 6/78/2012. It operates in<br />
the field of setting-up, running <strong>and</strong> managing UCITS Mutual Fund, Registered<br />
Alternative Fund (RAIF) <strong>and</strong> Alternative Investment Fund (AIF) in line with the<br />
recent EU Directive which is implemented by the Cypriot legislation. It also offers<br />
Discretionary Asset management <strong>and</strong> Advisory services to HNI <strong>and</strong> Institutional<br />
clients. The primary goal of the Company is the protection of the assets under<br />
management remaining focused on achieving high return yields <strong>and</strong> providing top<br />
quality services to its investors.<br />
Kennedy 12-14, Kennedy Business Center<br />
Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 755 506-07<br />
Contact: George Sams - CEO<br />
E: info@wealthfs.com.cy<br />
W: www.wealthfs.com.cy<br />
JOHNY ABUAITAH<br />
CEO<br />
WINDSOR BROKERS LTD<br />
Windsor Brokers was established in Limassol <strong>Cyprus</strong> with roots dating back to<br />
1988. The Company was the first Cypriot Investment Firm of its type to be licensed<br />
<strong>and</strong> regulated by the Central Bank of <strong>Cyprus</strong>, <strong>and</strong> by 2004, it was regulated by<br />
the <strong>Cyprus</strong> Securities <strong>and</strong> Exchange Commission. Our company’s mission is to<br />
empower People in the pursuit of their financial goals. For three decades, we<br />
have remained committed to serving investors who place security, integrity, <strong>and</strong><br />
reliability at the forefront of their investment goals.<br />
Windsor Brokers Business Center,<br />
Spyrou Kyprianou 53, Mesa Geitonia<br />
4003 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 500 700<br />
Contact: Jabra Serieh - Director of Marketing<br />
E: Jabra.Serieh@WindsorBrokers.eu<br />
W: www.windsorbrokers.eu<br />
18
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www.cyprusprofile.com<br />
Published by The Profiler Group - December 2021