Renewable Energy Guide Cyprus

CyprusProfile Digital Series 

Energy: Renewables 



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Contents 

Cyprus at a Glance: Key Facts & Figures 6 

Sector Profile: The Green Transition 12 

Insight: Natasa Pilides, Minister of Energy, Commerce and Industry 24 

Doing Business in Cyprus: Business operating environment guide 

including taxation, business costs, commercial and residential 

property and salary survey 27 

Who’s Who in Cyprus: The definitive guide to Cyprus’ leading 

companies, executives and professional advisors 41 

4



Cyprus at a Glance 

Lying at the crossroads of Europe, Asia and Africa, Cyprus 

has long served as a major eastern trading post. It is a small 

country, but the third largest island in the Mediterranean 

Sea and shares a maritime border with Egypt 300km to the 

south, Lebanon 108km to the east and Turkey 71km to the 

north, while mainland Greece lies 800km to the north-west. 

With 10,000 years of history, the island’s strategic location has 

long made it a jewel in the crown of the powers of the day. 

35ºN 33ºE 

Paphos 

(Pafos) 

95,400 

Paphos 

International 

Airport 

Limassol 

(Lemesos) 

248,300 

Nicosia 

(Lefkosia) 

Population: 

346,400 

Larnaca 

International 

Airport 

Famagusta 

(Ammochostos) 

48,900 

Larnaca 

149,000 

TOTAL POPULATION 

880,000 

Republic of Cyprus 

CURRENCY 

Euro (€) 

Non- 

Cypriot 

18% 

Cypriot 

82% 

6



MEMBERSHIPS 

EU & Eurozone 

World Trade 

Organization 

United Nations 

Council of Europe 

Commonwealth 

World Bank & IMF 

OFFICIAL LANGUAGES 

Greek & 

Turkish 

(business generally 

conducted in English) 

MAIN MEDIA 

Cyprus Mail 

Phileleftheros 

Politis 

CyBC 

TIME 

+2 Hours 

ahead of GMT 

AREA / SIZE 

9,251 km 2 

(3,355 km 2 in the occupied area) 

POPULATION DENSITY 

94 

(persons per km 2 ) 

SUNSHINE 

340 Days 

of sunshine / year 

MEDIAN AGE 

37.7 

RELIGION 

ANNUAL RAINFALL 

790.1 mm 

average 

89.1% 

Greek 

Orthodox 

AVERAGE TEMPERATURE 

Winter 

Summer 

+ 13ºC + 34ºC 

2.9% Roman Catholic 

2.0% Protestant/Anglican 

1.8% Muslim 

1.7% Unknown/Atheist 

1.4% Other 1.0% Buddhist 

7



Business Figures 

GDP BY SECTOR 

CORPORATE 

TAX RATE 

12.5% 

TIME TO START 

UP A BUSINESS 

1-3 days 

11.5% 

Taxes & 

subsidies 

74.1% 

Services 

GDP PER CAPITA 

€24,157 

(2020) 

INFLATION 

-1.1% 

(2020) 

5.5% 

Construction 

7.0% 

Mining, 

manufacturing, 

electricity & water 

1.9% 

Agriculture, 

forestry & fishing 

TOTAL GDP 

€21.5 billion 

(2020) 

GDP GROWTH 

5.4% 

(2021f) 

ACCOUNTING 

STANDARD 

IFRS 

CRIME 

0.9 per 100 persons 

Cyprus is the safest country in the 

world for young people out of 

184 countries across the globe. 

INTERNATIONAL RANKINGS 

STANDARD 

& POOR’S 

BBB- 

(October 2021) 

FITCH 

BBB- 

(March 2021) 

MOODY’S 

Ba1 

(October 2021) 

UNEMPLOYMENT 

7.5% 

(2021f) 

MAIN TRADING PARTNERS 

UK 

Germany 

Italy 

France 

Greece 

Israel 

China 

9



SECTOR PROFILE 

The Green Transition 

Cyprus is undergoing a major overhaul of its 

energy sector with a strong focus on renewable 

energy systems to help achieve its goal to 

eliminate greenhouse gas emissions by 2050. 

12



Fully committed to the EU’s Green Deal, supporting the development of 

Renewable Energy Sources (RES) and creating a more energy-efficient future 

is high on the agenda for Cyprus. The government is placing more focus 

on subsidising green initiatives and international companies have been investing 

in RES installations. The country’s top-tier universities and research institutes are 

doing their part by creating a more sustainable energy mix through innovation in 

smart tech and ways to battle climate change. Cyprus’ EU 2030 Renewable Energy 

goal is to achieve 23% of its energy consumption coming from renewables. 

In a bid to introduce more flexibility to its power system, the country aims to 

introduce new and disruptive smart grid technologies, as well as state-of-the-art 

control and storage methods to be used in parallel with new electricity market 

approaches. With 340 days of sunshine a year, Cyprus has one of the highest potentials 

for solar power of any European Union country, and the island is already one 

of the highest users per capita in the world of solar water heaters in households, 

with over 90% of households equipped with solar water heaters and over 50% of 

hotels using large systems of this kind. 

Cyprus submitted its final National Energy and Climate Plan (NECP) for the 

period 2021-2030 to the European Commission in January 2020. Among other 

things, its 10-year roadmap and 2030 targets focus on for example the implementation 

of a more sustainable transport sector through electric cars and on 

further promoting the use of RES in electricity production. According to the €1.3 

billion roadmap, Cyprus plans to reduce greenhouse gases by an ambitious 24%. 

Agriculture Minister Costas Kadis, Energy Minister Natasa Pilides and Transport 

Minister Yiannis Karousos presented their vision for a greener future in 2021, 

confirming that over 40% of the €1.23 billion investments of the Recovery and 

Resilience Plan submitted to the European Commission has to do with Cyprus’ 

transition to a green economy. 

13



RECOVERY AND RESILIENCE PLAN 

Energy Minister Natasa Pilides stated in April 2021 that around half of the Recovery 

and Resilience Plan (RRP) funds will be allocated to promoting the transition to 

green energy through RES, charging points for electric and plug-in hybrid vehicles, 

smart metres and energy efficiency measures in households, Small and Medium 

Sized Enterprises (SMEs) and governmental and municipal buildings. 

The majority of the remaining half will go towards promoting greener entrepreneurship, 

through for example targeted programmes for transitioning to a circular 

economy, the digital upgrade of enterprises, the creation of business clusters 

and the enhancement of the competitiveness of SMEs in the manufacturing sector. 

Moreover, a dedicated Business Support Centre, as well as a one-stop centre for 

licensing commercial RES projects, will be set up. A separate funding application 

is also planned for large energy storage projects. 

SUBSIDISING RES PROJECTS 

Cyprus currently operates a scheme for the production of electricity from RES for 

own use, which includes installations of net-metering photovoltaic (PV) systems 

with capacity of up to 10 kW for all consumers, net-billing RES systems (mainly 

PV and Biomass) with a capacity of up to 10 ΜW for commercial and industrial 

consumers, and off-grid RES systems with no limit in total capacity. For the installation 

of net-metering PVs in households, the government is offering subsidies intended 

to encourage further RES installations by reducing the recuperation period 

of their investments. 

In addition, two successful support schemes for the installation of RES systems 

that will operate in the competitive electricity market have been implemented in 

the period 2017-2019. In the first scheme 114.5 MW PV systems, 2.3 MW Biomass 

systems and 12.5 MW from a wind park have been approved, and in the second 

scheme 259 MW from PV parks. 

Cyprus’ energy policy has created financial support for RES projects, and a 

special fund was created aiming to support RES and energy saving investments 

in Cyprus, with revenue derived from consumers paying a ‘green tax’ levied on 

electricity bills (currently at €0.005 per kWh and €0.0025 per kWh for vulnerable 

groups). 

The country’s national grid system needs upgrading as it has certain fundamental 

and technical limitations affecting RES penetration and reliability. However, 

studies by the International Renewables Agency (IRENA) concluded that using 

the existing system, renewable energy and mostly solar, could provide 25% to 40% 

of Cyprus’ total electricity supply by 2030 and bring costs down significantly. This 

can be increased further by implementing RES installations with storage capability 

through competitive bidding, with the Cyprus Energy Regulatory Authority 

(CERA) currently working on the required regulatory framework. 

The country is also exploring ways to introduce smart grids in the national 

network and is on the look-out for projects that could facilitate energy storage, 

and ventures that have production on a 24-hour basis. In addition, the prospective 

EuroAsia and EuroAfrica Interconnectors could bring more solutions down the 

pipeline to help increase the use of RES in Cyprus. 

14



TRANSITION THROUGH LNG 

A key hurdle for Cyprus to overcome is its high dependency on fossil fuels for 

energy – with one of the biggest shares within the EU. This makes it crucial for the 

country to develop both its renewable energy sources and natural gas, the cleanest 

of the fossil fuels, as a transitional fuel. 

Cyprus is reliant on heavy fuel oil and diesel imports for its electricity needs and 

spends over 8% of its GDP to cover the costs. However, the country has embarked 

on a plan to import LNG for power generation by end of 2022 over a 20 to 30-year 

period so that it can reduce carbon emissions in response to EU targets, and until 

it can exploit its own gas reserves. The EU agreed in January 2018 to partially 

fund the cost to build infrastructure at Vassilikos for this purpose to the tune of 

€101.5 million, constituting about 40% of the eligible amount. The rest of the financing 

comes from the European Investment Bank and the European Bank for 

Reconstruction and Development. 

A dedicated Business Support 

Centre, as well as a one-stop 

centre for licensing commercial 

RES projects, will be set up. 

A separate funding application 

is also planned for large 

energy storage projects. 

The Natural Gas Public Company (DEFA), as the sole importer and distributor 

of natural gas on the island, announced tenders in 2018 for the construction 

of the required infrastructure at Vassilikos. This was successful and in December 

2019 DEFA signed a landmark deal with a Chinese-led consortium to build a €290 

million LNG import terminal at Vassilikos. Construction was supposed to start in 

2020, but the project has experienced severe delays. This was followed by a separate 

tender for the procurement of LNG with 23 companies expressing interest to 

participate, of which five bidders qualified for the Master Sales Agreement (MSA) 

award process. Cyprus intends to import approximately 0.5 billion cubic metres 

(bcm) through Gas Sale Purchase Agreements (GSPAs) for three to four years, 

with the option to purchase LNG from SPOT markets – markets where commodities 

are traded for immediate delivery. Progressively, the project will include the 

introduction and use of natural gas by the transport, industry and energy sectors 

in Cyprus. 

15



SOLAR BOOM 

Over the last several years, solar energy projects have become a thriving segment 

for Cyprus. The European Bank for Reconstruction and Development (EBRD) 

alone has financed five solar parks across the island with an investment of €10.85 

million to increase photovoltaic capacity in Cyprus by 12%. Scandinavian Solar 

Parks, a Cyprus company with Swedish investors, has established nine solar power 

generation parks with a capacity of around 1,300 KW of energy. Local Cyfield runs 

a 3 MW PV park in Ayios Ioannis, while the Electricity Authority of Cyprus (EAC) 

operates its own PV park in Tseri with a nominal capacity of 3 MWp, generating 

some 5,000 MWh per year and avoiding 3,600 tonnes of carbon dioxide emissions 

per year. The state power company also has an ambitious project planned 

to self-finance and operate a 20 MW photovoltaic (PV) power station inside the 

Sovereign Base Area (SBA) of Akrotiri. In addition, a solar field on the island’s 

southern coast in Pentakomo aims not only to generate electricity but to provide 

fresh water by powering energy intensive desalination plants. The research facility 

is a result of a partnership between the Commonwealth Scientific and Industrial 

Research Organisation (CSIRO) and the Cyprus Institute (CyI), which is pioneering 

research in renewable energy systems. 

340 DAYS 

OF SUNSHINE A YEAR 

Cyprus has one of the highest 

potentials for solar power of 

any European Union country 

These are all positive developments, but there continues to be untapped potential 

in terms of renewable energy production, and international interest in developing 

the sector in Cyprus is expected to increase considerably in the coming years. This 

investment is also crucial in order for Cyprus to achieve its targets – and further 

open up the field for companies with expertise in renewables. 

Cyprus’ largest PV park, an 8 MW facility, started subsidy-free operations in 

February 2020. This was developed by the Vassiliko Cement Works Company 

Ltd to supply around 10% of the annual electricity needs of its cement factory. 

Under subsidy-free rules, the power will be bought by the EAC at a ‘cost-avoidance 

rate’, based on the average price it would have paid if the electricity had 

come from fossil fuels. 

These developments have also prompted the EAC to say that the Electricity 

Authority is ready to move into a new energy era with the use of natural gas and 

renewable energy sources, confirming that when natural gas comes to Cyprus, 

the company will be ready – underlining that the EAC’s longer term vision is a 

green energy future. 

16



INNOVATION IN ENERGY STORAGE 

A limitation in realising the full solar power potential of the island is lack of electricity 

storage. There is a drive to increase use of battery systems, to store excess 

energy and create a ‘powerbank’. The first energy storage system, 30 kW/50 kWh, 

was connected to the electricity system in Nicosia in 2018. Cyprus became the 

testing ground for an innovative community project delivered by a German electric 

utility company Autarsys, where 30 kW/50 kWh was connected to a conventional 

distribution substation in Nicosia. The project provided the opportunity to interact 

with real battery systems and gather knowledge about their operation, branding 

the efforts as a success. State-of-the-art high-voltage lithium-ion batteries were 

used, and the battery system provided services to the distribution network – such 

as power balancing, network and frequency support – as well as essential services 

that stabilise and protect the seamless operation of the power network. The project 

received funding from the European Union’s Interreg Mediterranean research and 

innovation programme under the project StoRES. 

Another innovative EU project, also under the StoRES initiative, involving Cyprus, 

Greece, Italy, Spain and Portugal is supporting the development of optimal policy for 

the effective integration of energy storage systems. It aims to boost photovoltaic (PV) 

self-consumption in the Mediterranean region, while solving market, technical, grid 

and tariff issues without compromising grid stability and reliability. Meanwhile, the 

University of Cyprus (UCY) is developing a 10 MWp photovoltaic park inside the 

United Nations buffer zone in Nicosia, supported by European funds. The first stage 

of the project will include 5 MWp of PV capacity with 2.35 MWh of battery storage, 

with plans to conduct testing for a blockchain programme. 

In July 2020, Alfa Mediterranean Enterprises signed the contract with the 

government to build its CY CSPc EOS Green Energy project, the first concentrated 

solar power (CSP) plant, with storage, in Cyprus. It will have 50 MW capacity and 

will be installed in Alassa near Limassol. The European Investment Bank (EIB) is 

financing the project, which is also backed by EU’s NER300 programme. 

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ACADEMIA COOPERATING WITH INDUSTRY 

The University of Cyprus (UCY) is set to construct its second solar panel park 

‘Apollon’ with assistance from the EAC to establish UCY as completely energy 

self-sufficient. Set to become the island’s first ‘green area’, the photovoltaic park 

will have a peak output of 10 MW coupled with battery storage of 2 MWh capacity, 

making it the island’s largest self-sufficient renewable energy facility. The 

University already covers around 15% of its electricity needs through photovoltaics 

with around 400 kWp already installed on a number of university buildings and 

the ‘Phaethon’ PV park made up of 1,645 solar panels with the capacity to produce 

632,000 kWh of electric energy annually. 

A KEY AIM 

is to make Cyprus a hub 

for solar innovation, 

technology transfer, 

industry start-ups and 

job creation where ideas 

can grow and achieve 

their full potential 

Central to this flagship project is the work of the University’s FOSS Research 

Centre for Sustainable Energy, which carries out cutting-edge research in the field 

of renewable sources of energy, with emphasis on solar energy, smart grids, smart 

buildings, grid integration and enabling technologies. FOSS has been highly successful 

in competing for funds, so far securing €16 million from more than 50 EU, 

national and industrial-funded projects. Well-known international players in the 

field of energy such as Honeywell, Hanwa Q Cells, Gantner Instruments, and IBM 

amongst other leading international brands are already collaborating with FOSS 

and are testing their products in Cyprus. 

FOSS strives to promote cooperation between academia, industry and business 

sectors, as well as contributing to the transfer of knowledge from advanced 

European clusters to the region. A key aim is to make Cyprus a hub for solar innovation, 

technology transfer, industry start-ups and job creation where ideas can 

grow and achieve their full potential. 

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LIBERALISING THE ELECTRICITY MARKET 

Currently, Cyprus is in a transitional step before full electricity market liberalisation, 

which is being driven by the binding timetable of the Cyprus Energy 

Regulatory Authority (CERA) to ensure the full opening up of the energy market 

and granting consumers the right to choose their own supplier. 

CERA’s proposition is a ‘net pool’ model, where the operations of the state power 

company, EAC, are unbundled and the production and supply operations separated. 

EAC production would then enter into bilateral agreements with suppliers for 

the sale of energy at regulated prices. CERA foresees establishing an electricity exchange 

where suppliers’ bids for quantities 

of electricity will be updated every 

half hour. The exchange will match 

supply and demand and fix the price for 

a contract. This will be operated by the 

Transmission System Operator (TSO). 

The target date to achieve full electricity 

market liberalisation is expected in late 

2022, a move which will further open 

up the market for renewables, clean 

energy and lower prices. 

Cyprus will also be providing smart electricity meters to 400,000 consumers by 

2025, replacing conventional ones. This is expected to become an important energy-saving 

tool that provides detailed information on how they consume electricity, 

helping consumers enjoy significant economic benefits in the process. 

ZERO-CARBON GOALS 

OVER 40% 

of the €1.23 billion investments 

of the Recovery and Resilience 

Plan submitted to the European 

Commission has to do with 

Cyprus’ transition to a 

GREEN ECONOMY 

With new investment and projects in the pipeline, along with a government determined 

to develop renewable solutions, Cyprus can truly harness its natural potential 

and become far more energy efficient in the years to come. Another economic 

benefit from high RES penetration is that according to estimates renewables have 

the potential to create between 11,000 and 22,000 jobs in Cyprus by 2030. This is 

a significant number of new jobs for Cyprus and would be a sign of a thriving new 

industry on the island with multiple positive knock-on effects in the economy. 

Cyprus Energy Minister Natasa Pilides stated in 2021 that legislative reforms and 

actions are in progress. These, along with the successful implementation of various 

funding programmes, the introduction of natural gas in Cyprus’ energy mix, as 

well as plans for storage of energy and interconnectors are central to the island’s 

efforts to comply with European clean energy targets. There are a number of projects 

running in parallel and, once these are brought to fruition, Cyprus will enter 

a completely new era in energy where it can confidently aim not just to meet, but 

to exceed these targets. 

Renewables have the potential to create between 

11,000 AND 22,000 JOBS 

in Cyprus by 2030 

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Insight: Natasa Pilides 

Minister of Energy, Commerce and Industry 

As an EU member, Cyprus is fully committed to the Green Deal, which we 

view as an opportunity and not just an obligation. As such, we are now in 

the midst of a major overhaul of our energy sector, intended to facilitate 

transition to a greener, circular economy and resource efficient growth. Renewables 

are key to reducing our dependence on imported oil products, increasing security 

of energy supply and minimising environmental pollution. In addition, 

they can help create new jobs and ultimately reduce the 

cost of energy for the consumer. 

In order to achieve our goals, arising from the EU’s Green 

Deal, we have established a National Governance System 

to oversee overall progress, in the form of a six-member 

Ministerial Committee, using our integrated National 

Energy and Climate Plan (NECP) 2021-2030 as a starting 

point. The Plan maps out the actions for implementing 

our national efficiency and renewable targets for the next 

decade, whilst also laying the foundation for a long-term 

strategy to eliminate greenhouse gas emissions by 2050. 

Some of the key pillars of this strategy, 

which aim to facilitate investment in renewables, 

are the set-up of a one-stop 

centre for Renewable Energy Sources 

(RES) project permits through the new 

RES legislation that will soon be submitted 

to Parliament, the implementation 

of a regulatory framework, as 

well as a funding programme for 

energy storage, and the full liberalisation 

of our electricity market – 

now in a transitional phase. 

24



Renewables are key to reducing 

our dependence on imported 

oil products, increasing 

security of energy supply and 

minimising environmental 

pollution. In addition, they 

can help create new jobs and 

ultimately reduce the cost of 

energy for the consumer. 

As Ministry of Energy, Commerce 

and Industry we have secured and are 

already implementing a €547 million 

budget for the 2021-2027 Programming 

Period, for projects and Funding 

Programmes co-funded by the EU. 

Of these, €334 million (around 61%) 

will be allocated towards greening the 

economy, inter alia, by introducing 

large energy storage systems, installing 

an estimated 400,000 smart metres by 2025, establishing a digital platform for 

one-stop licensing of RES projects, and promoting charging points for electric and 

plug-in hybrid vehicles, as well as RES and energy efficiency measures in households, 

Small and Medium Sized Enterprises (SMEs) and governmental and municipal 

buildings. 

Another €208 million (around 38%) will go towards promoting greener entrepreneurship, 

for example through targeted programmes for the digital upgrade 

of enterprises, the competitiveness of SMEs in manufacturing, new entrepreneurship, 

enhancing circular economy and creating business clusters. 

With an eye to ending Cyprus’ energy isolation, we are also supporting the 

EuroAsia Interconnector, an EU Project of Common Interest to connect the electricity 

grids of Cyprus, Greece and Israel, and the EuroAfrica Interconnector – the 

electricity connection of Cyprus, Greece and Egypt. By providing stability to the 

system, both connections will also go a long way towards increasing the use of RES 

in Cyprus. 

25

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BUSINESS OPERATING ENVIRONMENT 

Doing Business in 

Cyprus 

Nicosia 

Cyprus’ business-friendly infrastructure and can-do attitude has brought 

it worldwide recognition as an international business centre. The country 

offers a winning package for both international entrepreneurs and investors 

with its sophisticated business environment, highly skilled workforce and cost-effective, 

yet high quality of life. 

BUSINESS CULTURE 

Respect, hospitality and personal trust are the cornerstones of the Cypriot business 

environment. An island nation with a long history of dealing with foreign 

traders and businesses, Cypriot businesspeople are international in their outlook 

and astute and knowledgeable in their negotiations. Punctuality is expected, business 

dress is formal for both men and women, especially at the beginning of a 

business relationship, and even in warm weather. Most Cypriots prefer face-to-face 

meetings to telephone conferences or written communications, which are regarded 

as too impersonal, and place great importance on building personal relationships 

with business partners or connections. Trust is the key to successful business 

dealings in Cyprus. 

27



LANGUAGE 

Greek and Turkish are the official languages of Cyprus. However, English, the 

legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is 

the language of business. Many Cypriots also speak French, German or Russian. 

BUSINESS HOURS 

Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to 

Friday. Although in summer some offices take a longer lunch break or finish early. 

BUSINESS COSTS 

An EU base within the eurozone, Cyprus remains one of the few international 

business centres offering low operational costs and a high standard of living. Office 

space and residential property in Nicosia, the capital and major business centre, is 

relatively inexpensive when compared to other European capitals. 

In terms of cost of living, Cyprus remains one of the most advantageous places 

to live, with cost of living lower than in most Western European countries. At the 

same time, residents of Cyprus enjoy a high standard of living and exceptional 

quality of life, as the balmy climate and low crime rate offer both comfort and 

peace of mind. 

Business Costs 

Cyprus EU27 Average 

Labour (business sector) €15.30 €27.80 

Telecommunications (Local) €0.18 for a 10-minute local call €0.41 

Telecommunications (overseas) €0.65 €1.71 

Electricity (households) €0.2236/kWh €0.2160/kWh 

Electricity (non-households) €0.1800/kWh €0.1200/kWh 

*Source: Eurostat (May 2020) 

Trilogy, Limassol 

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TAXATION 

Cyprus offers one of the most attractive tax regimes in Europe. A member of the 

European Union since 2004, Cyprus’ regulatory regime is in full compliance with 

the requirements of the EU and OECD. Cyprus has one of the lowest EU corporate 

tax rates at 12.5%. The island’s advantageous tax rate coupled with an extensive list 

of double tax treaties places it high on the list of preferred jurisdictions for international 

tax planners. 

The Corporation Tax Rate: 12.5% 

CORPORATION TAX 

BASIS OF TAXATION 

All companies that are tax residents of Cyprus are taxed on their income accrued 

or derived from all sources in Cyprus and abroad. A non-Cyprus tax resident 

company is taxed on income accrued or derived from a business activity which is 

carried out through a permanent establishment in Cyprus and on certain income 

arising from sources in Cyprus. A company is considered tax resident of Cyprus if 

it is managed and controlled from Cyprus. 

VAT 

The standard rate of 19% applies to the supply of all goods and services in Cyprus 

which are not subject to the zero rate, the reduced rates (5% and 9%) or are not exempt. 

30



Key Features of the Cyprus Tax System 

w Simple, transparent and EU 

harmonised tax system following 

recommended OECD practices 

w Enjoys the tax benefits of EU 

Directives (Parent – Subsidiary 

Directive, Merger Directive and 

Interest and Royalties Directive) 

w Extensive Tax Treaty network 

with 66 countries 

w A corporate income tax rate of 

12.5%, one of the lowest within 

the EU with possibility to enjoy 

a much lower effective tax rate 

w Availability of a Notional Interest 

Deduction for companies 

receiving new equity funding. 

The tax deduction can reach up 

to 80% of the taxable income 

generated by the new equity 

w IP Box regime based on the 

nexus approach which allows 

80% deemed deduction on 

qualifying profits from the 

business use of qualifying IP 

w Attractive Tonnage Tax (TT) 

regime for ship owners, 

managers and charterers 

w Attractive tax jurisdiction 

for funds and attractive tax 

regime for fund managers 

w Capital gains are exempt 

from tax (except for capital 

gains arising from the 

disposal of immovable 

property located in Cyprus) 

w Profits of a foreign Permanent 

Establishment exempt from tax 

w Gains from trading in securities 

(shares, bonds and certain 

other financial instruments) 

are exempt from tax 

w Unilateral credit relief 

for foreign taxes 

w No withholding tax on dividend, 

interest or royalty payments 

(for use of royalties outside 

of Cyprus) made abroad 

w No taxes on entry and on 

qualifying reorganisations 

w Carry forward of tax 

losses for five years 

w Tax incentives for expatriate 

employees taking up 

employment in Cyprus 

(20%/50% exemption) 

w Dividend income and interest 

income are exempt from SDC 

for non-domiciled individuals 

taking up tax residency in Cyprus 

w Possibility to obtain Cyprus 

tax residency by spending 

only 60-days in Cyprus 

(subject to conditions) 

w No inheritance tax 

w No immovable property tax 

31



Personal Income Tax 

BASIS OF TAXATION 

All Cyprus tax residents are taxed in Cyprus on all income accrued or derived 

from all sources in Cyprus and abroad such as employment income, rental income 

etc. (i.e. worldwide income). Individuals who are not tax residents of Cyprus are 

taxed on income accrued or derived from sources in Cyprus. An individual is tax 

resident in Cyprus if one of the following conditions are met: 

• he/she spends physically in Cyprus over 183 

days during the relevant tax year, or; 

• he/she does not remain in any other state for one or more periods 

which altogether exceed 183 days in the same tax year and he/ 

she is not tax resident in any other state for the same tax year 

and all the following conditions are cumulatively met: 

• he/she should remain in Cyprus for at least 60 days during the tax year; 

• he/she should pursue any business in Cyprus and/or to 

work in Cyprus and/or to be a director in a company tax 

resident in Cyprus at any time during the tax year; 

• he/she should maintain a permanent residence in Cyprus, 

which can be either owned or rented by him/her 

PERSONAL TAX RATES 

The following income tax rates apply to individuals: 

Taxable Income TaxRate (%) Tax (€) Cumulative Tax (€) 

0-19,500 0 0 0 

19,501- 28,000 20 1,700 1,700 

28,001-36,300 25 2,075 3,775 

36,301-60,000 30 7,110 10,885 

60,001 and over 35 

TAX INCENTIVES FOR EXPATRIATE EMPLOYEES 

TAKING UP EMPLOYMENT IN CYPRUS: 

The individuals who were non-Cypriot tax residents prior to the commencement 

of their employment, but become Cypriot tax residents afterwards, are eligible for 

a 50% exemption from income tax if all the following conditions are met: 

• their remuneration from the employment exercised 

in Cyprus is over €100,000 per annum; and 

• they were not tax residents of Cyprus for any three out of the last five 

years prior to the commencement of their employment and they were 

not tax residents of Cyprus in the year preceding their employment 

32

CYPRUS 

A Reliable International 

Business Centre 

• Strategic location at the crossroad of Europe, Asia and Africa 

• EU and Eurozone Member State 

• Low cost of doing business for high-quality professional services 

• Modern and transparent legal and regulatory framework 

• Extensive network of Double Tax Treaties 

• Attractive corporate tax environment 

• Strong business support services 

• Highly educated workforce 

• High quality of life under secure living conditions 

ts@meci.gov.cy 

www.meci.gov.cy



The exemption is available from the first year of employment and can be enjoyed 

for a period of ten years. Individuals with annual remuneration below €100,000 

who were non-Cypriot tax residents in the year preceding their employment, but 

become Cypriot tax residents afterwards, are eligible for a 20% exemption from 

income tax for every year until the end of 2025 (maximum exempt amount is 

€8,550 per year). The exemption is available from the 1st January following the 

year of commencement of the employment. 

(It is important to note that the above provisions may be amended during 2022, 

since there is an intention by the Government to amend the relevant legislation in 

order to introduce more favourable provisions, as part of its wider strategy for attracting 

businesses to Cyprus.) 

Limassol Marina 

COMMERCIAL AND RESIDENTIAL PROPERTY 

Cyprus offers a full range of properties for both commercial and residential use 

situated in key locations across the island. While the exclusive, top-level market 

is currently the most sought after, the island has a good stock of properties available, 

from townhouses and apartments, to villas and seaside bungalows in five-star 

gated developments. Nicosia and Limassol are the main business centres. Office 

space is available in purpose-built office blocks, in converted houses or flats. A 

number of business centres also offer ready-to-move-into offices. They usually 

include fully equipped offices that are available on demand with flexible terms, 

meeting rooms and a receptionist service. Overall, rentals are around two-thirds 

of those charged for comparable commercial spaces in continental Europe, and 

offices, retail or other commercial space is widely available for purchase or for rent. 

34

Flavours 

oF 

Cyprus 

ts@meci.gov.cy 

www.meci.gov.cy



Comparison of Estimated Average Rent Levels 

for Flats, 2020 (Brussels = 100) 

Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2020. 

Source: Eurostat 

300 

European 

Union 

Europe 

(others) 

200 

100 

Dublin 

Copenhagen 

Paris 

Stockholm 

Luxembourg 

Helsinki 

Madrid 

The Hague 

Berlin 

Lisbon 

Budapest 

Valletta 

Rome 

Prague 

Vienna 

Tallinn 

Ljubljana 

Vilnius 

Brussels 

Athens 

Zagreb 

Bratislava 

Warsaw 

Riga 

Bucharest 

Nicosia 

Sofia 

London 

Geneva 

Rejkjavik 

Oslo 

Podgorica 

249 

214 

205 

194 

196 

180 

154 

139 

129 

127 

117 

122 

115 

113 

118 

99 

101 

101 

100 

90 

92 

86 

85 

78 

83 

69 

53 

287 

234 

179 

166 

61 

0 

COMMERCIAL PROPERTY 

In terms of office rental prices, the most expensive city is Limassol with €18 per 

square metre. In Nicosia, it is €15 per sq.m, in Larnaca and Paphos €12 per sq.m 

and in Famagusta €10 per sq.m. 

Office Rental Prices per City 

Sale Prices (per m 2 ) Rental Prices (per m 2 ) 

Famagusta €1,500 €10 

Larnaca €2,000 €12 

LImassol €4,000 €18 

Nicosia €3,200 €15 

Paphos €1,800 €12 

Source: Danos International Property Consultants 

HUMAN RESOURCES 

Well-trained and versatile, the Cypriot workforce is one of the island’s most valuable 

resources, offering high standards of productivity, technical expertise and 

professional excellence at reasonable costs to businesses. 

According to the Statistical Service in Cyprus, the country records the most 

higher education graduates per capita (age 30-34) in the European Union. 

The island’s labour force numbers some 416,500 persons in the Republic of 

Cyprus, with some 78.3% working in the services sector, 19.1% in industry and 

only 2.6% in agriculture. 

37



SALARY SURVEY 2021 Source: GRS Recruitment 

JOB TITLE LOW MID HIGH 

Management 

CEO 60,000 100,000 150,000 

Executive Director 60,000 100,000 140,000 

CFO 50,000 80,000 110,000 

Accounting & Finance 

Financial Controller 45,000 57,000 70,000 

Finance Manager/Senior Accountant 40,000 45,000 70,000 

Accountant/Auditor (Qualified) 30,000 38,000 45,000 

Accountant/Auditor (Part Qualified or QBE) 20,000 26,000 32,000 

Account Assistant 15,000 20,000 24,000 

HR Department 

Head of HR / Group of HRM 60,000 80,000 120,000 

HR Manager 35,000 50,000 65,000 

HR Executive 16,000 20,000 24,000 

Legal Deparment 

Head of Legal / Group Legal Head 60,000 90,000 130,000 

Legal Advisor (Qualified Lawyer) 20,000 37,500 55,000 

Legal Assistant / Paralegal / None Qualified Lawyer 15,000 18,000 22,000 

Compliance, Anti-Money Laudering (AML), Counter-Terrorist Financing (CTF) 

Head of Compliance 50,000 62,500 75,000 

Compliance/AM/CTF/Manager 40,000 45,000 50,000 

Compliance/AM/CTF/ Officer 25,000 32,000 40,000 

Dealing Room 

Chief Dealer 44,000 52,000 60,000 

Dealer 24,000 33,000 42,000 

Junior Dealer 17,000 19,500 22,000 

IT Development 

Head of IT/ CTO 50,000 70,000 120,000 

IT Manager/ Development Manager 40,000 60,000 80,000 

Quality Assurance (QA) / Tester 24,000 32,000 45,000 

IT Technician 18,000 24,000 30,000 

Developer 25,000 40,000 65,000 

Marketing Department 

Head of Marketing 40,000 50,000 70,000 

Marketing Officer 24,000 28,000 35,000 

Digital Marketing Specialist (Social, PPC/SEO) 24,000 32,000 40,000 

Marketing Executive 15,000 19,000 24,000 

Sales Department 

Head of Sales 40,000 58,000 75,000 

FX Sales 18,000 22,000 30,000 

Sales Executive (Industries other than FX/Fintech) 14,000 18,000 22,000 

Administration 

Office Manager/ Personal Assistant 16,000 25,000 36,000 

Administator/ Receptionist 15,000 18,000 24,000 

Corporate Administrator 22,000 30,000 40,000 

Graphic Designer 20,000 35,000 40,000 

39

Investor’s 

First Point of Contact 

Being the state’s entrusted facilitator and the first point of contact for international investors, Invest Cyprus 

is the investors’ dedicated partner throughout the investment cycle, providing them with all the necessary 

information and practical support in setting up, operating and expanding their business in Cyprus. Invest 

Cyprus is working in close collaboration with all Ministries and private stakeholders, acting as a bridge 

between investors and governmental authorities and providing all necessary elements to facilitate new 

investment projects. Invest Cyprus is committed not only to attracting and facilitating foreign investment, 

but also to providing aſtercare services to ensure retention and satisfaction among existing investors. 

Providing 

support in 

setting up 

a business 

in Cyprus 

Finding 

suitable 

office space 

and skilled 

talent 

Getting 

acquainted 

with the 

market 

and business 

matters 

of interest 

Establishing 

contact with 

the media, 

the public 

and the 

private 

sector 

Acting as a 

bridge 

between 

investors and 

governmental 

authorities 

Relocation 

and living 

aspects for 

expats and 

their 

families 

Providing 

aſtercare 

services 

to existing 

investors 

Providing 

support and 

tailor-made 

solutions 

Maintaining 

open 

channels of 

communication 

with existing 

investors 

www.investcyprus.org.cy 

Invest Cyprus


Who’s Who - Cyprus Business Directory 

The definitive guide to Cyprus’ leading companies, 

executives and professional advisers. 

41



ACCOUNTING & AUDITING 

Baker Tilly South East Europe........................................................................................ 6 

Deloitte Cyprus................................................................................................................. 9 

EY Cyprus .......................................................................................................................10 

Grant Thornton Cyprus.................................................................................................11 

Joannides + Co Ltd.........................................................................................................12 

KPMG..............................................................................................................................12 

Nexia Poyiadjis ...............................................................................................................14 

PwC Cyprus....................................................................................................................15 

ServPro Accountants & Consultants...........................................................................16 

BANKING 

AstroBank Public Company Limited............................................................................. 5 

Bank of Cyprus PLC......................................................................................................... 6 

cdbbank (The Cyprus Development Bank Public Company Ltd)............................. 6 

RCB Bank Ltd.................................................................................................................15 

CONSULTING 

e-CNHC (E-C Natural Hydrocarbons Company Ltd)................................................ 9 

CORPORATE & FIDUCIARY SERVICES 

Aspen Trust Group........................................................................................................... 5 

IQ-EQ (Cyprus) Limited...............................................................................................12 

Oneworld Ltd..................................................................................................................14 

Raza Corporate Services Ltd.........................................................................................15 

Trident Trust Company (Cyprus) Ltd.........................................................................17 

Vistra (Cyprus) Limited................................................................................................18 

ECONOMIC ANALYSIS 

Sapienta Economics.......................................................................................................15 

ENERGY 

Cyprus Hydrocarbons Company (CHC)...................................................................... 8 

Natural Gas Public Company (DEFA).........................................................................13



EXECUTIVE EDUCATION 

European Institute of Management and Finance (EIMF).........................................10 

FINANCIAL ADVISORY 

MAP S.Platis Group.......................................................................................................13 

FUND & ASSET MANAGEMENT 

GMM Group...................................................................................................................10 

Leon MFO Investments Ltd..........................................................................................13 

Oneworld Plus Management........................................................................................14 

Wealth Fund Services Ltd..............................................................................................18 

INSURANCE 

Hellas Direct....................................................................................................................11 

Royal Crown Insurance Co Ltd....................................................................................15 

INVESTMENT PROMOTION AGENCY 

Invest Cyprus..................................................................................................................12 

INVESTMENT SERVICES 

EFG Cyprus Limited......................................................................................................10 

One Plus Capital Ltd......................................................................................................14 

Windsor Brokers Ltd......................................................................................................18 

LAW FIRMS 

A Karitzis & Associates LLC........................................................................................... 5 

A.G. Paphitis & Co LLC.................................................................................................. 5 

Elias Neocleous & Co LLC............................................................................................10 

L Papaphilippou & Co LLC...........................................................................................12 

Michael Chambers & Co. LLC......................................................................................13 

Patrikios Pavlou & Associates LLC..............................................................................14 

Stelios Americanos & Co LLC......................................................................................16 

NON-PROFIT ORGANISATION 

Cyprus Seeds..................................................................................................................... 8



PROFESSIONAL BODIES & INDUSTRY ASSOCIATIONS 

Association of Cyprus Banks.......................................................................................... 5 

Cyprus Cannabis Association (CYCA)......................................................................... 7 

Cyprus Chamber of Commerce and Industry.............................................................. 7 

Cyprus Fiduciary Association......................................................................................... 7 

Cyprus Healthcare Tourism (CHT)............................................................................... 7 

Cyprus Hotel Association................................................................................................ 7 

Cyprus International Businesses Association (CIBA)................................................. 8 

Cyprus Investment Funds Association (CIFA)............................................................ 8 

Cyprus Shipping Chamber.............................................................................................. 8 

Cyprus Union of Shipowners.......................................................................................... 9 

Insurance Association of Cyprus..................................................................................11 

Society of Trust and Estate Practitioners (STEP) ......................................................16 

TechIsland.......................................................................................................................17 

The Cyprus Employers & Industrialists Federation (OEB)......................................17 

The Cyprus Tech Association.......................................................................................17 

The Institute of Certified Public Accountants of Cyprus (ICPAC)..........................17 

REAL ESTATE & PROPERTY 

Cybarco Development Ltd.............................................................................................. 6 

Trilogy Limassol Seafront..............................................................................................18 

RECRUITMENT 

CareerFinders Recruitment Services Limited.............................................................. 6 

SOFTWARE & IT SERVICES 

NETinfo Plc.....................................................................................................................13 

TELECOMS & INTERNET 

Cyta.................................................................................................................................... 9 

Cytaglobal.......................................................................................................................... 9 

TRANSPORT & LOGISTICS 

Hermes Airports.............................................................................................................11 

Skylink Services Ltd.......................................................................................................16 

Swissport (Cyprus) Limited..........................................................................................16 

WEB DEVELOPMENT 

Ideaseven Digital Solutions...........................................................................................11



ANTONIS KARITZIS 

MANAGING DIRECTOR 

A. KARITZIS & ASSOCIATES L.L.C 

(“AK”) is a full-service, innovative and forward-thinking Cyprus Law Firm 

headquartered in Limassol, Cyprus, with offices also in Athens, Greece. We 

offer all major practice area disciplines and boasts a diverse portfolio of clients 

ranging from local to global businesses and corporations and to non-profit 

organisations, to SMEs, large groups of companies and to private individuals 

of all levels of wealth. We pride ourselves in being committed to achieving the 

most desirable outcome for our clients in a cost-effective, time-efficient and 

highly-qualitative manner, offering precise, effective and pragmatic advice/ 

solutions at all times. 

228 Arch. Makarios III Avenue, Agios 

Pavlos Court, Block B, 4th Floor 

3030 Limassol - Cyprus 

P.O. Box: 58244, 3732 Limassol - Cyprus 

T: (+357) 25 028 114 

Contact: Antonis Karitzis – Managing Director 

E: antonis@karitzis.com 

W: www.karitzis.com 

ANGELOS G. PAPHITIS 

MANAGING PARTNER 

A.G.PAPHITIS & CO. LLC 

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

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

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

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

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

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

Dispute Resolution; Corporate/Commercial; FS Advisory & Regulatory 

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

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

are dedicated to providing our clients with superior results. 

“AGP Chambers”, 84 Spyrou Kyprianou Avenue, 


Postal Address: P.O.Box 58419, 


T: (+357) 25 731 000 

Contact: Angelos G. Paphitis - Managing Partner 

E: angelos.paphitis@agplaw.com 

W: www.agplaw.com 

MARINA ZEVEDEOU 

CO-FOUNDER AND CEO 

ASPEN TRUST GROUP 

The Aspen Trust Group is a leading corporate service and financial planning 

provider; established in 1998 and licensed by ICPAC, our Group provides 

International Structuring and Tax Management solutions to Corporates 

and High Net Worth Individuals. Specific services include entity setup and 

management, legal and administration support, banking and tax compliance, 

financial management and restructuring, re-domiciliation, patent registration, 

residency and citizenship, cross- border mergers, family office services and 

headquartering. We build long term, trusted relationships with clients and 

associates, aiming to add value to their businesses and be part of their success 

stories. Our team consists of qualified accountants, lawyers and MBA-holders 

who undergo rigorous training to provide tailor-made solutions. 

77 Limassol Avenue 

Elia House, Nicosia 2121 - Cyprus 

T: (+357) 22 418 730 

Contact: Marina Zevedeou - 

Co-founder and CEO 

E: marina.zevedeou@aspentrust.com 

W: www.aspentrust.com 

DR. MICHAEL KAMMAS 

DIRECTOR GENERAL 

ASSOCIATION OF CYPRUS BANKS 

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

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

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

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

common positions are formulated and promoted on banking and financial issues 

when local legislative and governmental policies are determined. Through its 

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

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

institutions and the local society. 

15 Demetriou Karatasou Str, Office 401, 

P.O. Box 16113, 2086 Nicosia - Cyprus 

T: (+357) 22 664 293 

Contact: Dr. Michael Kammas 

- Director General 

E: info@acb.com.cy 

W: www.acb.com.cy 

ARISTIDIS VOURAKIS 

CHIEF EXECUTIVE OFFICER 

ASTROBANK PUBLIC COMPANY LIMITED 

AstroBank is a Cyprus licensed Banking Institution established in 2008 and 

operating under the supervision of the Central Bank of Cyprus. AstroBank 

maintains a network of 14 branches and business units across Cyprus and 

is well-established in the local market, offering a comprehensive package of 

innovative and technologically advanced products and services tailored to the 

needs of its local and international clientele. AstroBank’s operations are based 

on four pillars: Retail, Corporate/SME, Private and International Business 

Banking. Aiming to enhance competitiveness and contribute to the country’s 

business environment, AstroBank invests in technology and innovation, 

constantly upgrading its services, promoting new products, exploring new 

business opportunities and cultivating a culture of cooperation and mutual 

respect with its clients. 

1 Spyrou Kyprianou Ave., 1065 Nicosia - Cyprus 

T: (+357) 22 575 555 

E: info@astrobank.com 

W: www.astrobank.com 

5



MARIOS A. KLITOU 


BAKER TILLY SOUTH EAST EUROPE 

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

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

day, more than 500 professionals located in 16 offices throughout South East 

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

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

directed by a single, central management team of 44 directors. At Baker Tilly, 

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

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

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

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

professional services in both international and regional markets. 

Corner C Hatzopoulou & 30 

Griva Digheni Avenue, 

1066 Nicosia, Cyprus P.O.Box 

27783, 2433 Nicosia - Cyprus 

T: (+357) 22 458 500 

Contact: Marios A. Klitou - 

Chief Executive Officer 

E: info@bakertilly.com.cy 

W: www.bakertilly.com.cy 

PANICOS NICOLAOU 


BANK OF CYPRUS PLC 

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

services Group in Cyprus, operating 90 branches in Cyprus and representative 

offices in Russia, Ukraine and China. The Group is the only corporation in the 

region fully complying with the UK Corporate Governance Code, the Cyprus 

Stock Exchange Code, and the Central Bank of Cyprus Directive on governance 

and management arrangements in credit institutions. Since early 2014, the 

Bank has engaged in a very demanding and rigorous anti financial crime 

remediation programme which has successfully been implemented by the end 

of 2015. The Bank is listed on the London Stock Exchange, which has the most 

demanding and strict corporate governance codes internationally. 

51 Stassinou, 2002 Strovolos, Nicosia - Cyprus 

T: (+357) 22 128 000 

Contact: Emilios Tannousis - 

Manager Wealth Management 

E: info@bankofcyprus.com 

W: www.bankofcyprus.com 

SOPHIE ARISTODEMOU 

CO-FOUNDER 

CAREERFINDERS RECRUITMENT SERVICES LIMITED 

CareerFinders Recruitment Services Limited is one of Cyprus’ most wellrespected 

and established providers of tailor-made recruitment solutions to 

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

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

highly experienced team of recruitment professionals have the knowledge and 

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

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

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

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

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

Head Office: 6th Floor, Athlos Building, 

28 Nikis Avenue, Nicosia 1086 - Cyprus 

T: (+357) 22 002 285 

Contact: Sophie Aristodemou, Director 

E: jobs@careerfinders.com.cy 

W: www.careerfinders.com.cy 

LOUCAS MARANGOS 

CEO 

CDBBANK (The Cyprus Development Bank Public Company Ltd) 

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

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

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

financial services and products, designed to accommodate the sophisticated 

requirements of its clientele which consists of corporate and institutional 

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

Bank for businesspeople. Relying on its long-term experience and high level of 

expertise, cdbbank aspires to establish long-term relationships of trust with its 

clients, always delivering excellence and value. 

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

T: (+357) 22 846 500 

Contact: Liza Philippou - Head, Network 

Business and Communication 

E: info@cdb.com.cy 

W: www.cdb.com.cy 

MICHALIS 

HADJIPANAYIOTOU 

CEO 

CYBARCO DEVELOPMENT LTD 

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

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

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

Sea Gallery Villas, The Oval, Limassol Marina – the first residential marina 

project in the whole of Cyprus – and Trilogy Limassol Seafront. Cybarco is also 

responsible for the exclusive sales of the luxury properties at Limassol Greens. 

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

reputation for outstanding quality and dedicated customer care by consistently 

delivering projects to the highest standards. 

10 Tefkrou Anthia Street, 

Dali Industrial Zone, 2540 Nicosia - Cyprus 

T: (+357) 22 741 300 

Contact: Michalis Hadjipanayiotou - CEO 

E: info@cybarco.com 

W: www.cybarco.com 

6



ANDRIA ANDREOU 

PRESIDENT 

CYPRUS CANNABIS ASSOCIATION (CYCA) 

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

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

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

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

global recognition of the benefits of legal Cannabis increases with governments 

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

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

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

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

intellectual property from which the legal Cannabis industry can flourish. 

38 Grivas Dhigenis Ave. & 3 Deligiogis 

1066 Nicosia - Cyprus 

T: (+357) 99 672 366 

Contact: Andria Andreou - President 

E: a.andreou@cy-ca.org 

W: www.cy-ca.org 

CHRISTODOULOS E. 

ANGASTINIOTIS 

PRESIDENT 

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY 

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

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

152 Professional Associations are affiliated to the CCCI including 41 Bilateral 

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

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

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

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

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

organizations including Eurochambres, the International Chamber of Commerce, 

SME United, Eurocommerce, GS1 and many other international organisations. 

Follow us on twitter @ccci_cyprus. 

38, Grivas Digenis Ave. & 

3 Deligiorgis Str. Chamber Building - Cyprus 

T: (+357) 22 660 066 

Contact: Marios Tsiakkis, Secretary General 

E: secgen@ccci.org.cy 

W: www.ccci.org.cy 

CHRISTOPHOROS 

KOUTOUROUSSIS 

PRESIDENT 

CYPRUS FIDUCIARY ASSOCIATION 

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

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

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

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

Association aims to serve industry providers by promoting their interests, 

raising sector awareness, supporting their operations, contributing to new 

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

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

recognised organisations within the country, before public and regulatory 

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

and overseas. 

1, Menandrou Street, Frosia House, 

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

T: +357 22 256 263 

E: info@cyfa.org.cy 

W: www.cyfa.org.cy 

DR NITSA KILIARI 

PRESIDENT 

CYPRUS HEALTHCARE TOURISM (CHT) 

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

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

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

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

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

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

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

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

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

step ahead towards gaining international accreditations. 

38 Grivas Dighenis & 3 Deligiorgis 

Street, Nicosia - Cyprus 

T: (+357) 22 889 744 

Contact: Polis Peratikos - Executive Secretary 

E: cyprushealth@ccci.org.cy 

W: www.cyhealthservices.com 

HARIS LOIZIDES 

PRESIDENT 

CYPRUS HOTEL ASSOCIATION 

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

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

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

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

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

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

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

development; The upgrading and development of the hotel establishments 

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

solidarity between its members. 

Andreas Araouzos Str., No 12, 

Hesperides Building, 1076 Nicosia - Cyprus 

T: (+357) 22 452 820 

Contact: Philokypros Roussounides 

- Director General 

E: cha@cyprushotelassociation.org 

W: www.cyprushotelassociation.org 

7



DEMETRIS C. FESSAS 

ACTING DIRECTOR GENERAL 

CYPRUS HYDROCARBONS COMPANY (CHC) 

CHC is the National Oil and Gas Company of Cyprus. As a state-owned company, 

CHC undertakes the commercial management of the ownership rights of the 

Republic of Cyprus that arise from the contracts with which it has entered into with 

oil and gas companies within its Exclusive Economic Zone. The vision of CHC is 

aligned with that of the Government of Cyprus, which is to ensure the sustainable 

development of hydrocarbon resources present in the Exclusive Economic Zone of 

the Republic of Cyprus, in order to maximize the benefits for Cypriot society and 

future generations. 

53 Strovolou Avenue, Victory Building, 

2018 Strovolos, Nicosia - Cyprus 

T: (+357) 22 203 880 

Contact: Demetris Fessas – 

Acting Director General 

E: d.fessas@chc.com.cy 

W: www.chc.com.cy 

DOXIA NIKIA 

HADJIVASSILIOU 

PRESIDENT 

CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION 

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

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

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

safeguards the interests of the international businesses, their shareholders, 

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

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

finding compromises between the required EU-driven legislation and international 

business requirements. CIBA annually awards the prestigious CIBA Excellence 

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

Association. 

10 Pikionis Street, Highsight House 


T: (+357) 25 583 400 

Contact: Andreas Pishias - General Secretary 

E: ciba@ciba-cy.org 

W: www.ciba-cy.org 

ANDREAS YIASEMIDES 

PRESIDENT 

CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA) 

CIFA is the Association of professionals, businesses, and organizations 

involved in the Investment Funds and Asset Management Sector in Cyprus. 

CIFA has more than 370 members, legal and physical. The Mission of CIFA is 

to: Help its members capitalize on industry trends; Shape regulation; Enhance 

professionalism, integrity, and quality and Promote the Cyprus Investment Fund 

Industry. The Board is comprised of highly reputable industry professionals 

experienced in all aspects of the industry. CIFA is a full member of the European 

Funds and Asset Management Association and the International Investment 

Funds Association. The fund industry in Cyprus has been on a continuous 

increase, with Assets under Management reaching almost €10 billion. 

Severis Building, 9 Makarios III Ave., 

4th Floor, Lefkosia 1065 - Cyprus 

T: (+357) 22 441 133 

Contact: Maria Panayiotou - Board Secretary 

E: info@cifacyprus.org 

W: www.cifacyprus.org 

MARIA MARKIDOU 

GEORGIADOU 


CYPRUS SEEDS 

Cyprus Seeds is a non-profit organization with the mission to support the 

commercialization of innovative academic research taking place in Cypriot 

universities and research institutions. To achieve its objectives, Cyprus Seeds 

offers a very competitive 12M program to a small number of research teams, 

from any area/field, whose projects have strong IP value and market potential. 

In addition to grants, it offers mentoring, business skills training as well as 

networking with the business community and possible investors. Cyprus Seeds 

is largely funded through the generosity of Foundations, corporations and 

individuals in Cyprus and abroad. 

Antinou 18, Strovolos, Nicosia, 2034 - Cyprus 

T: (+357) 22 364 522 

Contact: Maria Markidou Georgiadou 

- Managing Director 

E: maria@cyprusseeds.com 

W: www.cyprusseeds.com 

THOMAS A. KAZAKOS 

DIRECTOR GENERAL 

CYPRUS SHIPPING CHAMBER 

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

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

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

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

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

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

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

ambassador of Cyprus Shipping through its membership and active participation 

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

Shipowners’ Associations (ECSA). 

City Chambers, 6 Regas Fereos Str. 

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

T: (+357) 25 360 717 

Contact: Thomas A. Kazakos – Director General 

E: csc@csc-cy.org 

W: www.csc-cy.org 

8



MICHAEL FILIPPOU 

CEO 

CYPRUS UNION OF SHIPOWNERS (CUS) 

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

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

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

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

Finance resulted to an exceptional Framework that induced prominent Shipping 

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

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

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

Committees, as Government Consultants, both mandatory and effective. 

17, Gordonos Str., Suite 301, 


T: (+357) 25 818 161 

Contact: Katerina Michael - PR Manager 

E: cus@cus.com.cy 

W: www.cus.com.cy 

ANDREAS NEOCLEOUS 

CEO 

CYTA 

Cyta, is the leading provider of integrated electronic communications in Cyprus. 

Making the most of its technologically advanced networks, it offers a wide 

range of services and solutions to meet the ever-increasing demands of its 

residential and business customers for voice, data and content applications. 

With a pivotal role in the digital transformation of our country, Cyta is deploying 

an island-wide, fiber-optic network, while it progressively upgrades its mobile 

network technology. It advances and maintains subsea and satellite networks 

for international connections of strategic importance that have established our 

country as a regional telecommunications and connectivity hub in the Eastern 

Mediterranean. 

Telecommunications Street, 


T: (+357) 22 701 000 

E: cytapressoffice@cyta.com.cy 

W: www.cyta.com.cy 

COSTAS PSILLIDES 

MANAGER - INTERNATIONAL 

WHOLESALE MARKET 

CYTAGLOBAL 

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

spectrum of electronic communications ranging from fixed and mobile voice and 

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

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

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

which connects Cyprus with its neighbouring countries and thereafter with 

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

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

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

telecommunications products, services and total solutions, making Cyprus a 

major telecommunications hub in the Eastern Mediterranean and an excellent 

international electronic communications centre. 

Telecommunications Str, 

PO Box 24929, 1396 Nicosia - Cyprus 

T: (+357) 22 701 498 

Contact: Costas Psillides - Manager, 

International Wholesale Market 

E: global@cyta.com.cy 

W: www.cytaglobal.com 

PIERIS MARKOU 

CEO, DELOITTE CYPRUS 

DELOITTE CYPRUS 

Deloitte Limited is among the leading professional services firms in Cyprus, 

providing audit & assurance, consulting, financial advisory, risk advisory, tax 

and related services, as well as a complete range of services to international 

business, through over 750 people in Nicosia and Limassol. Deloitte Limited, is 

the sub-licensed affiliate for Cyprus of Deloitte NSE LLP. As part of the Deloitte 

global network, with approximately 330,000 people in over 150 countries and 

territories, Deloitte Limited has the advantage of global sharing of knowledge 

with local adaptation and personal approach, built on the solid foundations of 

over 60 years of successful operations on the island. 

24 Spyrou Kyprianou Avenue, 

CY 1075, Nicosia - Cyprus 

T: (+357) 22 360 300 

Contact: Michelle Karaolides - 

Head of Marketing & Communications 

E: infonicosia@deloitte.com 

W: www.deloitte.com/cy 

E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD 

The company provides advisory, project management and consultancy services 

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

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

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

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

clients in developing their business in Cyprus, evaluating opportunities and 

providing in depth professional advice and support. 

CHARLES ELLINAS 

CEO 

11 Tyrtaiou Street, 1087 Nicosia - Cyprus 

T: (+357) 97 705 060 

Contact: Dr Charles Ellinas - CEO 

E: Charles.ellinas@yahoo.com 

W: www.e-cnhc.com 

9



COSTAS STYLIANOU 


EFG CYPRUS LIMITED 

EFG Cyprus Limited is a Cyprus Investment Firm (“CIF”) regulated by the 

Cyprus Securities and Exchange Commission (CySEC) and is licensed to provide 

clients with portfolio management, investment advice and the reception and 

transmission of orders (CYSEC license number 393/20). EFG Cyprus Limited is 

a one hundred percent direct subsidiary of EFG Private Bank (UK) Limited and is 

registered in Cyprus under company number HE408062. EFG Private Bank Ltd 

is part of the EFG International group, a global private banking and investment 

services group headquartered in Zurich, offering private banking and asset 

management services in around 40 locations worldwide 

23 John Kennedy Avenue, 

Globe House, 1075 Nicosia - Cyprus 

(+357) 22 025900 

Contact: Costas Stylianou - 

Chief Executive Officer 

E: enquiries@efgcy.com 

W: www.cy.efgl.com 

ELIAS NEOCLEOUS 


ELIAS NEOCLEOUS & CO LLC 

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

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

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

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

dedicated to diversity in recruitment and to retaining experienced specialists 

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

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

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

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

of the future. 

Neocleous House, 195 Makarios Avenue, 

P O Box 50613, Limassol CY 3608 - Cyprus 

T: (+357) 25 110 110 

Contact: Elias Neocleous - Managing Partner 

E: info@neo.law 

W: www.neo.law 

MARIOS SIATHAS 


EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF) 

The EIMF is an accredited and licensed Education Group that offers learning 

and development opportunities, including Global Qualifications, across an array 

of areas. EIMF possesses a strong concentration within the areas of financial 

and professional services (regulation, compliance, AML, banking, funds), 

accounting, legal, management, as well as Information-Technology through 

its New Horizons Computer Learning Centers. Knowledge is delivered by 

established subject-matter experts, through classroom, Live Online, eLearning 

and customized learning solutions. With a presence in London, Brussels, 

Frankfurt, Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and 

Bucharest and over 5,000 students annually, 330+ programmes, 60+ instructors 

and 25 international Certifications, make the EIMF a leader in the field of 

vocational education in the wider region. 

25 Megaron Street, 2032 Strovolos 

Nicosia - Cyprus 

T: (+357) 22 274 470 

Contact: Marios Siathas - Chief Executive Officer 

E: msiathas@eimf.eu 

W: www.eimf.eu 

RONALD A. ATTARD 

COUNTRY MANAGING PARTNER 

EY CYPRUS 

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

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

integrated professional services organisation, working with businesses, 

entrepreneurs and governments around the world to solve their most pressing 

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

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

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

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

6 Stasinou Avenue, 1060 Nicosia 


T: (+357) 22 209 999 

E: info@cy.ey.com 

W: www.ey.com/cy 

ALEXIOS KARTALIS 

GENERAL MANAGER 

GMM GROUP 

GMM Fund Management is a group of companies comprising GMM Global 

Money Managers AIFM Ltd which is an AIF Manager Company License No. 

AIFM33/56/2013 and GMM Global Money Managers Ltd which is a Management 

Company holding UCITS Manager License No. 2/13. GMM GROUP is 

managing 19 UCITS and 32 AIFs with aggregate assets under management 

of approximately €230mil. GMM operates in the financial sector, setting up, 

running, and managing UCITS Funds as well as Alternative Investment Funds 

(AIF, RAIF) in line with the most recent EU directives, fully implemented by the 

Cypriot legislation. 

26B Agiion Omologiton Avenue 

Nicosia 1080 - Cyprus 

T: (+357) 22 205 858 

Contact: Alexios Kartalis - General Manager 

E: info@global-mm.com 

W: www.global-mm.com 

10



YIANNOS ASHIOTIS 

LEADER, REGULATORY 

COMPLIANCE AND 

FUND SERVICES 

GRANT THORNTON CYPRUS 

As part of Grant Thornton’s network with member firms in more than 140 

countries and with more than 56.000 people, we have the scale to meet your 

changing needs, but with the insight and agility that helps you stay one step 

ahead. Our Regulatory Compliance and Fund Services Department was set-up 

to serve the growing Fund industry in Cyprus by providing a full suite of tailored 

solutions. We offer advice on optimal fund set-up and undertake all necessary 

licensing activities until the final approval by the regulator. We also support our 

clients by offering outsourced risk management as well as comprehensive Fund 

Administration and Transfer Agent services. 

41-49, Agiou Nicolaou Str., Nimeli Court, 

Block C, Engomi 2408 

P.O.Box 23907, 1687, Nicosia - Cyprus 

T: (+357) 22 600 000 

Contact: Yiannos Ashiotis - Leader, 

Regulatory Compliance and Fund Services 

E: Yiannos.Ashiotis@cy.gt.com 

W: www.grantthornton.com.cy 

ALEXIS PANTAZIS 

CO-FOUNDER AND 

EXECUTIVE DIRECTOR 

HELLAS DIRECT 

Hellas Direct is a digital-first, full-stack insurance company, empowered 

by cutting-edge technology and the use of advanced analytics. The company 

is backed by a roster of leading investors, including the European Bank for 

Reconstruction and Development, the European Investment Bank, Portage 

Ventures and IFC (a member of the World Bank). Modelling itself on Amazon, 

Hellas Direct aims to disrupt the insurance value chain by adopting an extreme 

focus on operational excellence. Hellas Direct was recently listed by the 

Financial Times as one of Europe’s 1,000 Fastest Growing Companies. 

8, Dasoupoleos Street, 2015 Nicosia - Cyprus 

T: (+357) 22 277 499 

Contact: Elina Nomicou - Head 

of Digital Media & Content 

E: elina.nomicou@hellasdirect.gr 

W: www.hellasdirect.com.cy 

ELENI KALOYIROU 

CEO 

HERMES AIRPORTS 

Hermes Airports is an international consortium of nine shareholders, 

managing and operating Larnaka and Pafos airports since 2006 under a 25- 

year BOT Concession Agreement with the Republic of Cyprus. Hermes Airports 

significantly contributes to the country’s tourism growth, through both a 

targeted air service development strategy consisting of incentive schemes 

provision and joint marketing activities with airlines, as well as a productive 

collaboration with the Government and tourism stakeholders for the expansion 

of tourism related opportunities. Hermes Airports is committed to enhancing 

the overall passenger experience, with an emphasis on operational excellence 

and customer service. 

P.o Box 43027, 6650 

Larnaka International Airport - Cyprus 

T: (+357) 24 742 164 

Contact: Maria Kouroupi - Senior Manager Aviation 

Development, Marketing & Communication 

E: maria.kouroupi@hermesairports.com 

W: www.hermesairports.com 

ALEX CONSTANTI 


IDEASEVEN DIGITAL SOLUTIONS 

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

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

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

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

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

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

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

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

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

look forward to your call. 

Pentadactylou 2, office 104, 

6060, Larnaca - Cyprus 

T: (+357) 24 823 832 

Contact: Alex Constanti – Managing Director 

E: info@ideaseven.com 

W: www.ideaseven.com 

EVANGELOS 

ANASTASIADES 

CHAIRMAN 

INSURANCE ASSOCIATION OF CYPRUS 

The Insurance Association of Cyprus is the accredited and representative 

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

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

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

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

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

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

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

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

of insurance. 

23, Zenon Sozos str., 1st floor 


T: (+357) 22 452 990 

Contact: Andreas Athanasiades 

– Director General 

E: info@iac.org.cy 

W: www.iac.org.cy 

11



YANNIS MATSIS 

CHAIRPERSON 

INVEST CYPRUS 

Invest Cyprus (Cyprus Investment Promotion Agency) is the investment 

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

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

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

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

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

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

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

potential investors in developing their business case for investment into the 

country. 

9 Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

T: (+357) 22 441 133 

E: info@investcyprus.org.cy 

W: www.investcyprus.org.cy 

CONSTANTINOS 

MEIVATZIS 


IQ EQ (CYPRUS) LIMITED 

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

employing over 3,400+ people across four continents with assets under 

administration (AUA) exceeding US$500 billion. Our experienced and wellqualified 

teams specialise in trust establishment and administration, company 

incorporation and management, accounting and financial reporting, transaction 

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

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

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

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

20 Spyrou Kyprianou Avenue, Chapo Central, 

3rd floor, 1075 Nicosia - Cyprus 

T: (+357) 22 749 000 

Contact: Constantinos Meivatzis 

- Managing Director 

E: Constantinos.Meivatzis@iqeq.com 

W: iqeq.com 

DAVINIA JOANNIDOU 

DIRECTOR 

JOANNIDES + CO LTD 

Joannides + Co. Ltd is a leading firm of accountants and management consultants 

established in Cyprus for over 40 years providing audit and assurance, taxation, 

business support services and management consulting to international companies 

and private clients. The firm has offices in Nicosia, Limassol and Larnaca offering 

its services with the utmost integrity, independence and objectivity with the aim 

to add significant value to its clients’ business performance. Joannides + Co. Ltd 

is a member of AGN International Ltd, a worldwide association of independent 

accounting and consulting firms operating in 85 countries, is an approved training 

centre of the professional accounting institutes ICAEW and ACCA and in 2010 

was awarded the quality award certification from the Institute of Certified Public 

Accountants of Cyprus. 

13, Agiou Prokopiou Str. 2406 

Egkomi, Nicosia - Cyprus 

P.O.Box 25411, Nicosia 1309 - Cyprus 

T: (+357) 22 556 556 

Contact: Davinia Joannidou - Director 

E: cy@joannides.com.cy 

W: www.joannides.com.cy 

CHRISTOS V. VASILIOU 


KPMG 

KPMG is a global organisation of independent professional services firms 

providing Audit, Tax and Advisory services. KPMG operates in 146 countries 

and territories and has approximately 227.000 people working in member firms 

around the world. KPMG has been operating in Cyprus since 1948 and currently 

employs more than 850 professionals working from 6 offices across the island 

(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous). By utilising 

the whole spectrum of KPMG International services and the deep knowledge 

in all major industries, KPMG provides its clients with solutions which address 

their unique characteristics. Clients look to KPMG for a consistent standard of 

service based on high-order professional capabilities, industry insight, local 

knowledge and expertise. 

14 Esperidon Street, 1087, Nicosia - Cyprus 

T: (+357) 22 209 000 

Contact: Demetris S. Vakis - Board 

Member, Head of Sales and Markets 

E: demetris.vakis@kpmg.com.cy 

W: www.kpmg.com.cy 

LEANDROS 

PAPAPHILIPPOU 


L PAPAPHILIPPOU & CO LLC 

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

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

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

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

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

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

clients includes regulatory bodies, local and international banking and financial 

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

net worth individuals. 

17 Ifigenias Street, 2007 Strovolos, 


T: (+357) 22 271 000 

Contact: Leandros Papaphilippou 

- Managing Partner 

E: info@papaphilippou.eu 

W: www.papaphilippou.eu 

12



ANDREY NARUTSKIY 

MANAGING DIRECTOR, CEO 

LEON MFO INVESTMENTS LTD 

Leon MFO Investments Ltd (the “Company”) is authorized by the CySEC as an 

alternative investment fund manager with license number AIFM 37/56/2013. At 

present, the Company manages three registered alternative investment funds 

(the “RAIF”) addressed to professional investors only. The total assets under the 

Company’s fund management exceed $670mln. The Company focuses on liquid 

investment strategies. The Company is in the process of launching two more 

RAIFs which will be addressed to both professional and well-informed investors: 

LEON Income Fund RAIF VCIC PLC and LEON Global Hedge Fund RAIF VCIC PLC. 

37, Theklas Lisioti, Gemini House, 

Office 301, CY-3030, Limasso - Cyprus 

T: (+357) 25 268 120 

Contact: Andrey Narutskiy - 

Managing Director, CEO 

E: leonmfo@leonmfo.com 

W: www.leoninvestments.com.cy 

DEMETRIS TAXITARIS 


MAP S.PLATIS GROUP 

MAP S.Platis Group is a leading financial services consulting Group with 

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

firms, brokers, fintech firms, insurance firms and payment and electronic 

money institutions. Our expert team, currently comprising over 400 highcalibre 

professionals, provides unique and tailored solutions in licensing, 

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

regulatory technology, information technology, business resilience, information 

security including cybersecurity, governance, executive training and innovation 

consulting to financial and other firms in the UK, Cyprus, Hong Kong and the EU. 

Thanks to our vast regulatory compliance experience, continued interaction with 

regulatory authorities, unparalleled track record, global network of associates 

and wealth of resources, our team can support any client’s regulatory needs 

efficiently and effectively. 

74 Archiepiskopou Makariou C, 3rd Floor, 

Mesa Geitonia, 4003, Limassol - Cyprus 

T: (+357) 25 351 335 

Contact: Svetlana Lazarevic – 

Head of Business Development 

E: info@mapsplatis.com 

W: www.mapsplatis.com 

ANDREAS LAOS 

SENIOR ADVOCATE - 

LEGAL CONSULTANT 

MICHAEL CHAMBERS & CO. LLC 

Michael Chambers & Co. LLC is a full-service Law Firm with Cyprus and English 

Lawyers offering a wide spectrum of expertise in an impressive variety of legal 

disciplines. Our team of Lawyers offers clients a range of integrated global 

capabilities, comprising the world’s most active M&A, real estate, finance, litigation 

and corporate risk practices. Our law office is located at the heart of the commercial 

district of Limassol. The firm enjoys considerable success and has developed an 

enviable reputation by pursuing a simple goal – to give its clients unambiguous, 

concise and clear-cut legal advice. 

25 Voukourestiou Street, Neptune House, 

1st Floor, Suite 11 Limassol, Cyprus, CY – 3045 

T: (+357) 25 819 966 

Contact: Michael Chambers - Senior Partner 

E: info@chambers.law 

W: www.chambers.law 

MARIOS MENELAOU 


NATURAL GAS PUBLIC COMPANY (DEFA) 

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

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

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

bunkering services for ships and also natural gas for transportation. DEFA also 

owns 70% of ETYFA (30% owned by EAC), a special purpose subsidiary company 

that will own the LNG Import Terminal (comprising an FSRU, Jetty, pipelines 

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

consortium was signed in December 2019. 

13 Limassol Ave, Demetra Tower, 4th Floor, 

2112 Nicosia | P. O. Box 24954, 


T: (+357) 22 761 761 

Contact: Maria Theocharidou - 

Secretary/PA to the Executive Chairman 

E: info@defa.com.cy 

W: www.defa.com.cy 

VASSOS ARISTODEMOU 

CHAIRMAN & CEO 

NETINFO PLC 

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

digital transformation strategies for banks and financial institutions since 2000. 

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

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

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

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

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

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

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

of the global leaders for omnichannel design and delivery. 

23 Aglantzias Ave., 2108 Nicosia 

P.O. Box 22658, 1523 Nicosia - Cyprus 

T: (+357) 22 753 636 

E: mail@netinfo.eu 

W: www.netinfo.eu 

13



SUSANA POYIADJIS 


NEXIA POYIADJIS 

Established in 1969, Nexia Poyiadjis is a prominent firm of accountants, auditors 

and advisors, based in Nicosia and Limassol, providing one of the highest 

standards of professional services to local and international clients. Nexia 

Poyiadjis is the exclusive Cyprus member firm of Nexia International, a leading 

global network of independent firms, providing clients with audit and assurance, 

taxation, advisory, financial outsourcing, turnaround restructuring and insolvency 

services. The firm operates in various industries but has a strong history and 

expertise in servicing the financial services industry – regulated funds, alternative 

investment fund managers, investment firms, e-money and payment institutions. 

Apart from the standard services Nexia Poyiadjis provides set up and licensing 

services, fund administration services, valuation, financial modeling, strategic 

reviews, internal audit, risk and compliance advisory services. 

Sophouli 2 Str., The Chanteclair House, 

8th floor, 1096 Nicosia - Cyprus 

T: (+357) 22 456 111 

Contact: Susana Poyiadjis - Managing Director 

E: susana.poyiadjis@nexia.com.cy 

W: www.nexia.com.cy 

KIKIS LAGOS 


ONE PLUS CAPITAL LTD 

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

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

services include portfolio management, investment advisory, global brokerage, 

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

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

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

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

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

strategies and compartments for both retail and professional investors. 

75 Prodromou Avenue, 

Oneworld Parkview House, 

2063 Strovolos, Nicosia - Cyprus 

T: (+357) 22 873 760 

Contact: Kikis Lagos - Managing Director 

E: info@onepluscapital.net 

W: www.onepluscapital.net 

SAVVAS SHIATIS 


ONEWORLD LTD 

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

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

company incorporation, management, banking, redomiciliation services as 

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

international tax planning, family succession, incorporate offshore companies 

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

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

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

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

and consultants. 

75 Prodromou Avenue, Oneworld House, 

POBox 25207, Nicosia 1307 - Cyprus 

T: (+357) 22 496 000 

Contact: Savvas Shiatis - Managing Director 

E: SShiatis@oneworldweb.net 

W: www.oneworldweb.net 

PAUL PAVLI 


ONEWORLD PLUS MANAGEMENT 

Oneworld Plus Management is a dedicated third party Alternative Investment 

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

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

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

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

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

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

is authorised and regulated by the Cyprus Securities and Exchange Commission 

AIFM35/56/2013. 

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

Oneworld House 

75 Prodromou Avenue, Level 2, 

Nicosia 1307 - Cyprus 

T: (+357) 22 507 723 

Contact: Paul Pavli - Managing Director 

E: ppavli@oneworldaifm.com 

W: www.oneworldaifm.com 

STAVROS PAVLOU 

SENIOR AND MANAGING 

PARTNER 

PATRIKIOS PAVLOU & ASSOCIATES LLC 

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

nearly 60 years of experience in the local and international legal market, the 

Firm has developed distinguished expertise in dispute resolution and ADR 

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

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

transactions and handle complex litigation, arbitration and mediation matters. 

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

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

Firm is highly recommended by prestigious legal directories worldwide for its 

distinctive legal services. 

Patrician Chambers, 332 Agiou Andreou Street, 


T: (+357) 25 871 599 

Contact: Stavros Pavlou - Senior 

and Managing Partner 

E: spavlou@pavlaw.com 

W: www.pavlaw.com 

14



EVGENIOS C EVGENIOU 

CEO, PwC CYPRUS 

PwC CYPRUS 

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

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

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

prove important. We adapt the expertise of more than 1,000 professionals in 

Cyprus and the power of our global network of more than 284,000 people in 155 

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

and challenging business environment, our diverse teams of professionals are 

sharing deep knowledge and experience. We provide a broad range of services to 

meet your increasingly complex needs. 

PricewaterhouseCoopers Ltd 

PwC Central, 43 Demostheni Severi Avenue, 

CY-1080 Nicosia - Cyprus 

T: (+357) 22 555 000 

Contact: Konstantina Logotheti - 

Director, Marketing & Communications 

E: konstantina.logotheti@pwc.com 

W: www.pwc.com.cy 

STELLA KAMMITSI 


RAZA CORPORATE SERVICES LTD 

Raza is regulated by the Cyprus Bar Association as an Administrative Service 

Provider and operates under the management, control and supervision of Stella 

Kammitsi, a licensed lawyer with over 30 years of experience. It offers innovative 

fiduciary, corporate, trustee and advisory services to corporates, partnerships, 

high net worth individuals and families. Being a boutique firm gives it a high 

degree of flexibility when navigating challenges, and Raza is proud to state that 

throughout the years it has earned the loyalty and trust of its clients by providing 

them with personal, reliable and timely services whilst demonstrating attention 

to their specific requirements. 

5 Anastasios Leventis Street, 

Leventis Gallery Tower, 8th Floor, 


T: (+357) 22 777 787 

Contact: Stella Kammitsi - Managing Director 

E: skammitsi@raza.com.cy 

W: www.raza.com.cy 

DR. KIRILL ZIMARIN 


RCB BANK LTD 

RCB Bank Ltd was founded in 1995 and is now one of the largest financial 

institutions in Cyprus and a significant EU bank. The Bank offers corporate, 

investment and retail products and services to clients from around 50 countries. 

RCB is a private financial institution. It is headquartered in Limassol, with 

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

offices in Moscow and London. With 25 years of history and expertise in 

banking, RCB has earned a reputation as a financially stable and reliable bank. 

RCB offers a wide range of everyday banking products and services as well 

as tailored investment solutions and aspires to establish long-term strategic 

partnership with its clients. 

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


T: (+357) 25 837 300 

E: rcb@rcbcy.com 

W: www.rcbcy.com 

PHILIOS ZACHARIADES 


ROYAL CROWN INSURANCE CO LTD 

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

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

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

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

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

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

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

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

and a commitment created. 

16-20 Mnasiadou Street 

P.O.Box: 24690 1302 Nicosia - Cyprus 

T: (+357) 22 885 555 

Contact: Anthie Zachariadou 

– Executive Director 

E: info@royalcrowninsurance.com 

W: www.royalcrowninsurance.com 

FIONA MULLEN 

DIRECTOR 

SAPIENTA ECONOMICS LTD 

Sapienta Economics is a Nicosia-based economic consultancy producing toplevel 

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

banks, oil/gas majors, big four accounting firms and over a dozen embassies. 

Our services include bespoke consultancy and the monthly Sapienta Country 

Analysis Cyprus. Each month we take an in-depth look at prospects for political 

stability, government effectiveness, a resolution of the Cyprus problem, 

structural policies including natural gas, fiscal performance, debt sustainability, 

banking sector stability and the latest economic trends. No other organization 

offers such breadth and depth of inter-related issues. Sapienta Economics and 

its Director Fiona Mullen are independent, with no political ties in Cyprus or 

abroad and no investment in Cyprus shares or bonds. 

Tenedou 7, No 401, Lykavitos, 

CY1055 Nicosia - Cyprus 

T: (+357) 99 338 224 

Contact: Fiona Mullen - Director 

E: fiona.mullen@sapientaeconomics.com 

W: www.sapientaeconomics.com 

15



PETROS THEODOTOU 

FCCA 

FOUNDER & CEO 

SERVPRO ACCOUNTANTS & CONSULTANTS 

ServPRO is a team of accountants, auditors, lawyers and consultants. A practicing 

member of ICPAC and ACCA, a National Member of Auditaxes International, an 

ACCA Approved Employer, an ISO 9001:2015 and an ISO 27001:2013 Certified 

Company. Our areas of expertise are Accounting & Finance, Advisory & 

Consulting, Audit & Assurance, Corporate & Legal, Economic Substance and 

Taxation. We have a stellar track record in delivering practical solutions to 

corporate and individual clients with a spherical, solution-driven and detailoriented 

approach, while demonstrating an aptitude of professionalism, 

integrity and commercial acumen. Today, we celebrate 10 years of delivering an 

impeccable quality of services and practical solutions across a diversified range 

of industries to a growing multinational clientele. 

Accountants & Consultants 

1 Kinyra Street, Kinyras Tower, 

3rd Floor, 1102 Nicosia - Cyprus 

T: (+357) 22 021 100 

Contact: Petros Theodotou FCCA - 

Founder & CEO 

E: info@servpro.com.cy 

W: www.servpro.com.cy 

GEORGE MAVROS 


SKYLINK SERVICES LTD 

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

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

the Executive Aircraft ground handling market at both International Airports 

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

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

VIP aircraft and passenger handling services. Currently representing over 400 

companies that own or operate executive aircraft worldwide. Skylink Services 

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

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

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

P.O. Box 43012, Larnaca Airport, 

6650 Larnaca - Cyprus 

T: (+357) 24 840 900 

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

E: flightops@skylink.com.cy 

W: www.skylink.com.cy 

STELLA KAMMITSI 

STEP CYPRUS CHAIRWOMAN 

SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP) 

STEP is the global professional association for practitioners who specialise 

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

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

and high professional standards among its members. STEP members help 

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

concerning international families, protection of the vulnerable, family businesses 

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

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

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

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

knowledge, through regular conferences and presentations. 

P.O.Box 24789, 1303 Nicosia, Cyprus 

T: (+357) 22 777 787 

Contact: Stella Kammitsi - STEP 

Cyprus Chairwoman 

E: skammitsi@raza.com.cy 

W: www.step.org 

STELIOS AMERICANOS 


STELIOS AMERICANOS & CO LLC 

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

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

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

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

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

organizations, international banking institutions, public companies and 

multinational corporations. Moreover Stelios Americanos & Co LLC has created 

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

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

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

in the areas of its specialty. 

12, Demostheni Severi Av. 

Office 601, 6th Floor 1080 Nicosia - Cyprus 

T: (+357) 22 465 500 

Contact: Stelios Americanos 

- Managing Partner 

E: stelios@americanoslaw.com 

W: www.americanoslaw.com 

SOFOCLES TYMVIOS 


SWISSPORT CYPRUS LIMITED 

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

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

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

provider of ground and air cargo services, active at over 269 airports in 47 

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

Swissport provides airport ground services for 82 million passengers, and 

4.1 million tons of cargo at 116 warehouses world-wide per annum, with a 

workforce of 45,000. In Cyprus Swissport employs over 850 people, trained at 

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

Office 2, Larnaka International Airport 

T: (+357) 24 008 781 

Contact: Michael Kokkinos - 

Commercial Manager 

E: Michael.kokkinos@swissport.com 

W: www.swissport.com 

16

` 



TECHISLAND 

TechIsland is a non-profit organization with the mission to promote and 

accelerate the growth of technology and innovation ecosystem in Cyprus. At the 

same time, it’s the biggest Tech Association in Cyprus, with currently more than 

140 Members. In its strategy, called Vision 2030, there are a series of actions 

and initiatives that have the aim of establishing Cyprus as a top-tech destination 

for companies and professionals. 

MARIOS GIORGOUDIS 


Riga Feraiou 47, Limassol - Cyprus 

T: (+357) 99 987 577 

Contact: Marios Giorgoudis – General Manager 

E: marios@thetechisland.org 

W: www.thetechisland.org 

ANTONIS ANTONIOU 

CHAIRMAN 

THE CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION (OEB) 

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

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

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

organisation comprising of more than 100 of the main professional / sectoral 

Associations, as well as hundreds of companies from the Agricultural, 

Manufacturing, Construction, Commercial and Services Sectors. In total, OEB 

has more than 10.000 Members / Enterprises. OEB is established as a dynamic 

force in Cyprus’ socio - economic development and welfare and acts as the main 

advocate and representative of the business community. 

years 

4, Cyprus Employers & Industrialists 

Federation Street, 2000 Nicosia / 

P.O.Box 21657, 1511 Nicosia 

T: (+357) 22 643 000 

Contact: Michalis Antoniou - Director General 

E: info@oeb.org.cy 

W: www.oeb.org.cy 

THE CYPRUS TECH ASSOCIATION 

The Cyprus Tech Association, a non-for-profit entity, aspires to provide a 

dynamic platform for all tech professionals and international ICT companies 

established in Cyprus to discuss, promote, and address common challenges. It 

also provides a formal representation to all its members to forums, public and 

private entities, as well as offers direction on key strategic issues, including the 

economic importance of the ICT sector and policy advocacy. 

KYRIAKOS KYRIAKOU 

PRESIDENT 

Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

T: (+357) 441 133 

E: info@techcyprus.org.cy 

W: www.techcyprus.org.cy 

KYRIAKOS IORDANOU 


THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ICPAC) 

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

authority for regulating the accounting profession and the sole recognised body 

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

more than 5.300 professional accountants as members and 3.500 students. 

ICPAC houses all professional accountants, supports and promotes the activities 

and interests of the accountancy profession, safeguards the reputation of the 

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

continuous professional development and updating of members. In addition, 

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

laws on the Regulation of Enterprises Providing Administrative Services and the 

Insolvency Practitioners Law, as well as one of the primary stakeholders of the 

economy of the country. 

11 Byron Avenue, CY-1096, Nicosia - Cyprus 

T: (+357) 22 870 030 

Contact: Kyriakos Iordanou – General Manager 

E: info@icpac.org.cy 

W: www.icpac.org.cy 

ANDREAS MERCOURI 


TRIDENT TRUST COMPANY (CYPRUS) LIMITED 

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

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

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

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

financial services industry, employing just over 75 employees. Trident Cyprus is 

regulated by the Cyprus Securities and Exchange Commission and provides a 

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

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

international organizations. 

Griva Digeni 115, Trident Centre 


T; (+357) 25 820 650 

Contact: Andreas Mercouri - General Manager 

E: cyprus@tridenttrust.com 

W: www.tridenttrust.com 

17



MICHALIS 

HADJIPANAYIOTOU 

EXECUTIVE DIRECTOR 

TRILOGY LIMASSOL SEAFRONT 

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

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

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

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

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

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

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

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

experienced by everyone. Your story begins here… 

341, 28th October Avenue 


T: (+357) 25 362 800 

Contact: Yiorgos Georghiou - Sales Director 

E: info@trilogylimassol.com 

W: www.trilogylimassol.com 

NICK TERRY 


VISTRA (CYPRUS) LIMITED 

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

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

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

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

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

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

the regulatory and financial environment constantly changing, many clients 

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

network and professionalism being an invaluable asset. 

2nd Floor Sotiri Tofini 4 

Agios Athanasios, 4102 Limassol - Cyprus 

T: (+357) 25 817 411 

Contact: Nick Terry - Managing Director 

E: Nick.Terry@vistra.com 

W: www.vistra.com 

GEORGE W. SAMS 

CEO 

WEALTH FUND SERVICES LTD 

Wealth Fund Services Ltd is a global advisory and asset management company, 

based in Cyprus and licensed by CySEC (Cyprus Securities & Exchange Commission) 

as an AIFM management company with license No 6/78/2012. It operates in 

the field of setting-up, running and managing UCITS Mutual Fund, Registered 

Alternative Fund (RAIF) and Alternative Investment Fund (AIF) in line with the 

recent EU Directive which is implemented by the Cypriot legislation. It also offers 

Discretionary Asset management and Advisory services to HNI and Institutional 

clients. The primary goal of the Company is the protection of the assets under 

management remaining focused on achieving high return yields and providing top 

quality services to its investors. 

Kennedy 12-14, Kennedy Business Center 

Office 305, 1087, Nicosia - Cyprus 

T: (+357) 22 755 506-07 

Contact: George Sams - CEO 

E: info@wealthfs.com.cy 

W: www.wealthfs.com.cy 

JOHNY ABUAITAH 

CEO 

WINDSOR BROKERS LTD 

Windsor Brokers was established in Limassol Cyprus with roots dating back to 

1988. The Company was the first Cypriot Investment Firm of its type to be licensed 

and regulated by the Central Bank of Cyprus, and by 2004, it was regulated by 

the Cyprus Securities and Exchange Commission. Our company’s mission is to 

empower People in the pursuit of their financial goals. For three decades, we 

have remained committed to serving investors who place security, integrity, and 

reliability at the forefront of their investment goals. 

Windsor Brokers Business Center, 

Spyrou Kyprianou 53, Mesa Geitonia 


T: (+357) 25 500 700 

Contact: Jabra Serieh - Director of Marketing 

E: Jabra.Serieh@WindsorBrokers.eu 

W: www.windsorbrokers.eu 

18


cyprus@theprofilergroup.com 

www.cyprusprofile.com 

Published by The Profiler Group - December 2021

Renewable Energy Guide Cyprus

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