International Financial Services Guide Cyprus

CyprusProfile Digital Series 

International Financial Services 


International 

Financial Services 

TheProfilerGroup 

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PUBLICATION DATE 

February 2022 

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Contents 

Cyprus at a Glance: Key Facts & Figures 6 

Sector Profile: Diversified yet Specialised 12 

Sector Focus: Banking, Capital Markets, Corporate Formation 

& Headquartering, Fintech, Foreign Exchange, Insurance, Intellectual 

Property, Investment Funds, Private Wealth, Sustainable Finance 18 

Doing Business in Cyprus: Business operating environment guide 

including taxation, business costs, commercial and residential 

property and salary survey 37 

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

companies, executives and professional advisors 49 

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 


Airport 

Limassol 

(Lemesos) 

248,300 

Nicosia 

(Lefkosia) 

Population: 

346,400 

Larnaca 


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 

Diversified 

yet Specialised 

Cyprus’ financial services sector is evolving 

into a broad-based investment platform, which 

encompasses a wide range of activities, including 

asset management, fintech and sustainable finance. 

12



Cyprus financial services sector has been successfully pursuing a smart strategy 

of diversification and specialisation in recent years. Once mainly known 

as a hub for banking and corporate formation, Cyprus today has a number 

of stories to tell about its status as a financial services centre: its investment funds 

sector is one of fastest growing in the EU, it is recognised as a major forex centre 

with global giants headquartered on the island, and it has made significant inroads 

into the world of fintech and digital finance. 

All the Big 4 – EY, PwC, KPMG and Deloitte – have offices in Cyprus, while the 

professional services segment also comprises top-tier legal, accounting and corporate 

services providers with plenty of international expertise. In addition, global 

fund administrators such as Alter Domus and Vistra are present, as is insurance 

heavyweight Marsh. 

While Cyprus’ financial sector has expanded what is on offer, it has remained 

specialised on providing value for mostly small- and medium-sized financial 

firms, emerging managers and start-up entrepreneurs from Europe. Larger financial 

firms attracted to Cyprus are mostly from further afield, with the island being 

a hub of choice for international financial institutions seeking access to the EU 

market. 

Investment is today coming from many regions of the world, including Europe, 

the US, Asia, the Middle East and Africa. Banks, insurance companies, asset managers, 

as well as hedge funds, private equity firms, and fintech start-ups favour 

Cyprus as a place that provides a stable business environment, competitive operating 

costs and many lifestyle amenities. 

A LOOK AT THE PAST DECADE 

Times of crisis spark innovation and reinvention as evidenced by Cyprus’ financial 

services sector, which was completely overhauled after the 2013 European debt 

and banking crisis. Nearly ten years ago, Cyprus avoided bankruptcy by securing a 

€10 billion bailout by the European Commission, the European Central Bank and 

the International Monetary Fund. 

The crisis fundamentally reshaped Cyprus approach to financial services as one 

condition of the bailout was to reform the country’s financial system. Up until that 

point, Cyprus’ finance sector focused almost exclusively on banking and corporate 

structing, particularly facilitating investments into Europe, the Middle East and 

Africa, as well as Russia and Eastern Europe due to a fiscally attractive tax regime 

and wide network of tax treaties. However, Cyprus grew with its challenges and 

revamped its financial sector. The country sharpened its value proposition by diversifying 

its financial industry and breaking into new sectors such as investment 

funds, fintech and forex while significantly strengthening corporate governance, 

compliance and anti-financial crime regulation. 

13



FROM MODEST TO ROBUST 

Financial services have since become a pillar of progress and recovery. With a 

combined output of more than 17%, financial activities (8.4%) and professional 

services (9%) make an important contribution to Cyprus’ economy. Growth has 

gone from modest to robust, with financial services rising on average 6.5% per 

annum in recent years and accounting for 20,000 jobs on the island. The Cyprus 

Securities and Exchange Commission (CySEC), the country’s financial services 

regulator, had 806 entities under its supervision at the end of 2021, compared to 

788 at the end of 2020. Brexit is widely seen as a key factor responsible for some of 

the most recent growth. Numerous UK financial firms wanting to retain a base in 

the EU relocated part or all of their operations to Cyprus. 

A MORE DIVERSE ROLE 

A large number of activities are today part and parcel of Cyprus’ financial services industry. 

While corporate services and corporate structuring continue to play an important 

role, investment funds, trust services and private wealth have expanded significantly. 

Facilitating the next steps in the finance sector’s evolution, Cyprus has established 

an Innovation Hub that provides a safe space for fintech entrepreneurs who are developing 

the business models of the future. There is also a strong will to make sustainable 

finance a key driving force in the further development of the financial centre. 

CONNECTING MARKETS 

Success in the financial services industry is not just a matter of sector diversification. 

International connectedness and access to investor markets are equally important, 

and in recent years, Cyprus has invested time and resources into building 

the foundations of a top-notch finance platform. Its membership of the EU, 

the eurozone and the Commonwealth, along with the island’s strategic position 

between three continents – Europe, Africa and Asia – with regular flight connections, 

have been a constant in Cyprus’ ability to attract investors. Thanks to its 

location, Cyprus also enjoys business-friendly time zones, enabling international 

companies to do business with the East in the morning, Europe throughout the 

day and with the West in the afternoon. 

14



MORE THAN TAX 

A low corporate tax rate, as well as a network of about 66 Double Tax Treaties 

that facilitate access to the world’s high-growth markets, have long supported 

Cyprus’ competitiveness. However, Cyprus is moving with the times and is currently 

overhauling many facets of its taxation framework. Following an OECDbrokered 

agreement on global tax reform, Cyprus is looking to increase its corporate 

tax rate from 12.5% to 15% while also simplifying the tax system, enhancing 

transparency and reducing administrative burdens. There is widespread agreement 

that the new tax rate will not significantly affect Cyprus’ ability to attract business, 

and the government is currently working on a set of measures and incentives that 

will offset the small increase in corporate tax. 

GLOBAL STANDARDS 

Ensuring that Cyprus enjoys the trust and confidence of the international finance 

community is a critical element in the country’s economic vision. The financial services 

sector is aligned with the demands and expectations of global standard setting 

bodies, which regularly visit the island: Cyprus follows the International Financial 

Reporting Standards (IFRS), has a mandatory audit regime for all sizes and types 

of companies, and its legal system is fully compliant with the EU, the Financial 

Action Task Force on Money Laundering (FATF), OECD, FATCA, the Financial 

Stability Forum laws and regulations and EU AML directives. The MONEYVAL 

Committee of the Council of Europe also found Cyprus to be compliant or largely 

compliant with all its parameters, and CySEC highlights that it is committed to the 

continued global fight against financial crime. In 2021, the regulator significantly 

invested in regtech technology to better monitor and supervise licence holders. 

15



BEST OF TALENT 

Cyprus has the highest number of higher education graduates per capita in the EU, 

which goes a long way towards ensuring that financial firms operating in Cyprus 

find the right people. Subjects such as finance, accounting, law and IT are popular 

courses and attractive career paths. Labour costs are lower than in other financial 

centres. Cyprus’ workforce is fluent in Greek and English, while there are also 

many Russian and Arabic speakers on the island. Cyprus is home to a large pool of 

skilled foreign professionals filling senior roles across the industry while the island 

continues to attract expat talent, with a special set of rules and incentives enabling 

non-EU nationals to take up positions on the island. The added convenience of 

English as the business language and the internationally trained service providers 

– mostly educated in the UK or the US – have created a global outlook in the local 

industry to best serve their clients worldwide. 

A JOURNEY OF EVOLUTION 

Cyprus has an ambitious vision for the future of its financial services sector. Looking 

to more established European finance centres, many in Cyprus acknowledge that 

the island still has plenty of room to grow and improve. In the meantime, there is 

no doubt that filling niches is a growth market for Cyprus. The island hosts predominantly 

start-ups and smaller firms, and in various segments, Cyprus positions 

itself as a place that helps small businesses grow into big companies. However, 

many believe that Cyprus’ financial services sector will become ever more important 

as it grows in tandem with the companies that call the island home today. 

16

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SECTOR 

FOCUS 

18



Banking 

Capital Markets 

Corporate Formation & Headquartering 

Fintech 

Foreign Exchange 

Insurance 

Intellectual Property 

Investment Funds 

Private Wealth 

Sustainable Finance 

19



Banking 

Cyprus’ banking sector has undergone significant structural changes since the 

2013 European debt and banking crisis. Many banks have been re-assessing 

and adjusting their business strategies and models, with a particular focus on 

cleaning up balance sheets, raising private capital and maintaining strong capital 

positions over the last few years. Key players in the Cyprus banking landscape 

are Bank of Cyprus, Hellenic Bank and RCB Bank which are under the direct 

supervision of the European Central Bank, with the rest of the market made 

up of smaller banks and foreign subsidiaries such as AstroBank, Eurobank and 

Alpha Bank. Deposits from customers have traditionally been the main source 

of funding for banks. 

The country’s banks are today well capitalised, and Cyprus is amongst 

the most liquid banking sectors in the EU, with a Liquidity Coverage Ratio of 

313% in December 2021 according to the Central Bank of Cyprus. Despite 

the economic challenges brought about by the coronavirus pandemic, banks 

continued to focus on reducing the non-performing loan ratio in 2021, which 

still presents a key challenge for the sector. Although banks have reduced their 

exposure to non-performing loans substantially, the non-performing loan ratio 

remains high, standing at 15.2% in October 2021. Rating agencies still describe 

the banking sector as weak in relation to other countries, although they notice 

encouraging signs and good repayment behaviour. 

The sector is currently experiencing a wave 

of mergers and acquisitions, which will result in 

fewer but stronger banks. Sector experts do not 

preclude further consolidation, especially among 

the smaller banks in the market, as the cost 

of regulation increases and competition from 

fintechs and shadow banks intensifies. Bank 

profitability remains a main challenge given the 

low-interest-rate environment and the need to 

invest in digitalisation. 

In addition to domestically-oriented banks, 

Cyprus has been home to a number of international 

banks, which have been attracted to the island 

The digitisation of 

exciting services and 

the development of 

new digital solutions 

will very much 

define the future of 

the banking sector. 

Sector experts believe 

that Cyprus’ banks 

are well-positioned 

to compete in this 

new environment. 

for its fiscal regime and to use the country as a launch pad into high-growth 

and emerging markets. The list of banks of foreign origin in Cyprus consists 

of over 30 institutions, which mainly carry out international banking business 

and have limited interaction with the domestic economy. Cyprus is also gaining 

recognition as emerging fintech hub and has particularly attracted platforms 

and paytechs. 

As technology continues to transform the financial services industry in 

Cyprus and elsewhere, the digitisation of exciting services and the development 

of new digital solutions will very much define the future of the banking sector. 

Sector experts believe that Cyprus’ banks are well-positioned to compete in this 

new environment as many digital strategies have already been implemented 

during the past two years in response to Covid-19. There is little doubt that this 

segment will continue to see strong investment. 

20



Capital Markets 

In spite of the turbulences caused 

by the Covid-19 pandemic, Cyprus’ 

capital market landscape has 

continued to evolve. With a total 

market capitalisation of €5.17 

billion at the end of 2020, the Cyprus 

Stock Exchange (CSE) is small by 

international standards, but the 

country has set its focus on building a 

reputation as a key listing jurisdiction 

for other emerging markets and 

to establish itself as a convenient 

gateway into the European capital 

market. The Exchange operates a 

Regulated Market and a Multilateral Trading Facility – the Emerging Companies 

Market (ECM) – for shares and bonds, which operate under the Cyprus 

Securities and Stock Exchange Law and the Investment Services and Activities 

and Regulated Markets Law (MiFID). The ECM also accepts listing of shares and 

bonds for companies whose registry is not kept by the Cyprus Central Securities 

Depository and Central Registry (CSD). 

The ECM offers simplified listing criteria at a low cost and is successfully 

attracting companies both locally and internationally. It has evolved from being 

mainly focused on small domestic companies to a growing international market 

offering opportunities to companies from around the world – and allows for a 

more personalised service at competitive fees, particularly to companies that 

are too small to list on a larger exchange or wish to gain their first experience of 

listing securities within the EU. 

Building international partnerships and 

collaborating with other stock exchanges has 

long been a strategy of the CSE to expand its 

reach. Investors have access to the Securities 

listed on the CSE Market as well as to the 

securities listed on the Athens Exchange Market 

(Athex Group) through the Common Trading 

Platform established between the two Exchanges. 

Through this platform, Greek market participants 

Committed to facilitate 

economic expansion, 

the CSE has a strong 

focus on sectors with 

growth potential such 

as investment funds, 

shipping and energy. 

(members and custodians) have access to view and trade the securities listed 

on the CSE and vice versa. The CSE also provides a successful service to nonlisted 

companies that wish to submit their registries for handling by the Cyprus 

Central Depository and Central Registry. Committed to facilitate economic 

expansion, the CSE has a strong focus on sectors with growth potential such as 

investment funds, shipping and energy. 

21



Corporate Formation 

& Headquartering 

As Cyprus continues to accelerate its journey as a diversified financial services 

centre, it is attentive to retain its status as a regional business and management 

hub. Blue-chip corporations and corporate planners continue to establish 

holding, trading and investment companies on the island to channel investments 

into key markets worldwide. From providing modern infrastructure and a stable 

EU environment to effective laws and regulations, various elements make doing 

business in and from the island attractive for many. 

For decades, Cyprus’ major strengths included its moderate tax rate and tax 

treaties with 66 countries, which have made the island a prime destination for 

the structuring of investments into Europe, the Middle East and Africa, as well 

as Russia and Eastern Europe. The introduction 

of a global minimum rate of corporate taxation 

as proposed by the OECD is not seen as a barrier 

to future growth. Cyprus is confident that it will 

be able to adapt to new taxation rules and offer 

companies alternative benefits. 

Cyprus has also begun attracting attention 

as a regional and international headquartering 

location. Over the last five to 10 years, the island’s 

advantages as a business hub became ever more 

ingrained, with many multinationals basing 

operational or corporate management functions 

on the island. Robust economic growth, coupled 

with attractive opportunities in the real estate, 

financial services, shipping and energy sectors 

have provided a strong pull factor for companies 

Robust economic 

growth, coupled with 

attractive opportunities 

in the real estate, 

financial services, 

shipping and energy 

sectors have provided 

a strong pull factor for 

companies to set up in 

Cyprus and use it as a 

launch pad both into 

the EU market place 

and other emerging or 

high-growth markets 

in the region. 

to set up in Cyprus and use it as a launch pad both into the EU market place 

and other emerging or high-growth markets in the region. Companies such as 

NCR, eToro, 3CX, TSYS, Kardex, Amdocs, Bernhard Schulte Shipmanagement 

and Wargaming have all established headquarters on the island. In 2021, online 

giant Amazon set up a data service arm in Cyprus, while global heavyweights 

such as Microsoft, Oracle, SAP and IBM have been based in Cyprus for many 

years. 

Continuously looking to improve its offering and to simplify procedures for 

companies looking to establish a presence in Cyprus, in 2022, the government 

launched a new set of incentives for companies headquartering on the island. 

The Business Facilitation Unit (BFU) provides foreign companies with a fast and 

effective process to set up a company in Cyprus. The unit acts as a single point 

of contact for companies to help with all aspects of locating to Cyprus, including 

company registration, name approval, registration with the social insurance, VAT 

registry and the income tax authorities, as well as the licensing of its activities 

if required. Companies are also allowed to hire an increased number of thirdcountry 

nationals while at the same time the employees’ family members can 

be granted Cyprus residence permits. 

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Fintech 

Cyprus’ fintech cluster continues to grow, with 

some 250 fintechs reportedly calling the island 

home. Companies based in Cyprus have expertise 

across the entire fintech spectrum, including 

payments, asset management, regtech, insurtech, 

as well as crypto-trading platforms and cryptoexchanges. 

To foster its fintech ecosystem, Cyprus has 

launched a number of initiatives. Chief among 

them is the Innovation Hub, which provides a 

sandbox-like environment and serves as the 

formal point of contact between CySEC and the 

Companies based in 

Cyprus have expertise 

across the entire 

fintech spectrum, 

including payments, 

asset management, 

regtech, insurtech, 

as well as cryptotrading 

platforms and 

crypto-exchanges. 

fintech community. The ‘Hub’ reviews and provides non-binding feedback to the 

companies operating under its umbrella, which allows for the seamless transfer 

of information on how existing regulation applies to new products or business 

models, whilst also helping identify what regulatory frameworks might need 

to be established to meet tomorrow’s needs. The sandbox is just one cog in 

Cyprus’ ambitus plan to establish itself as a Mediterranean fintech hub. Other 

initiatives are incentives for fintech firms, a Startup Visa Scheme to attract and 

retain tech talent and the establishment of a €20 million fund with an emphasis 

on start-ups and innovative companies. Having adopted a national blockchain 

strategy in 2019, Cyprus is also taking steps to adopt crypto-related regulation, 

with the country’s finance ministry releasing a national risk assessment on 

crypto at the end of 2021. 

Cyprus has also set out to attract 

crowdfunding service providers 

and platforms. Crowdfunding is 

increasingly seen as an alternative 

form of finance for small and mediumsized 

enterprises and start-ups which 

often find it difficult to access bank 

finance. Similar to its decision to 

be a first-mover in regulating forex 

firms, in 2020, Cyprus introduced 

national rules for investment-based 

crowdfunding, ahead of EU regulation 

which came into force at the end of 

2021. In October 2021, Cyprus also 

launched a digital nomad visa, inviting remote workers to move to the island. 

Visa holders who either work as an employee of a foreign company or as a selfemployed 

will have the right to reside in Cyprus for one year, with a possibility 

of renewal for a further two years. The idea of the nomad visa is to strengthen 

Cyprus’ position as a digital hub. Cyprus’ improved environment for fintech and 

crowdfunding platforms has been reflected in increased foreign investment, 

and there are hopes for more. 

24



Foreign Exchange 

Cyprus today is one of the most important EU 

locations for international foreign exchange (forex) 

and Contract of Differences (CFD) brokers. More 

than 40 companies from Europe, Asia and beyond 

are either headquartered on the island or opened 

offices on the island, including global giants such 

as eToro, FXTM, FXPro and Admiral Markets. 

Decades ago, Cyprus was the first country in 

the EU to regulate the foreign exchange market, 

and CySEC is credited with attracting foreign 

companies to set up Cyprus Investment Firms 

(CIFs) ever since. CySEC issued its first forex 

brokerage licence to Windsor Brokers in 1988, but 

Cyprus became a 

popular forex hub 

due to low corporate 

tax rates, excellent 

infrastructure and an 

efficient regulatory 

framework under the 

supervision of CySEC, 

which is fully aligned 

with EU directives 

and European MiFID 

regulations. 

with the emergence of online retail trading interest in setting up in Cyprus has 

intensified significantly. 

Cyprus became a popular forex hub due to low corporate tax rates, excellent 

infrastructure and an efficient regulatory framework under the supervision of 

CySEC, which is fully aligned with EU directives and European MiFID regulations. 

The sector has seen an influx of new companies as well as heightened M&A 

activity in recent years, primarily driven by UK-licensed FX and CFD brokers 

seeking an address in the European Union post Brexit. With years of expertise 

and advanced infrastructure in electronic platforms, Cyprus continues to 

offer strategic advantages that have positioned it among the most attractive 

destinations for international forex business. 

25



Insurance 

Steady premium growth defined 

the recent performance of Cyprus’ 

insurance sector. Total gross premiums 

increased by 10.5% in the first nine 

months of 2021, compared to 2.8% 

in 2020 according to the Insurance 

Association of Cyprus. The sector 

consists of more than 30 insurance 

and reinsurance providers, with a 

handful of companies dominating 

the market and accounting for the 

largest premium share. Although 

Cyprus has not yet developed specialist 

products and regulation for the captive 

insurance industry like other financial centres have, the insurance industry is 

hugely important for the country. It is one of the largest institutional investors in 

the country, with more than €2.6 billion of invested capital in Cyprus and abroad. 

Cyprus’ insurance regime is fully aligned with EU law and offers a robust 

and transparent framework for doing business. A number of foreign insurance 

companies have been operating in Cyprus for many years, attracted by EU 

passporting rights, ease of doing business, a straightforward legal framework 

and moderate operating costs. Brexit triggered the most recent influx of foreign 

insurance companies. Many UK companies looked abroad to set up subsidiaries 

or fully-fledged offices to secure their future business – and for many, Cyprus 

proved an advantageous location. 

Digital innovation has opened new 

opportunities for the market with new products 

being developed, including cyber insurance 

covering ransomware, network interruptions, 

data breaches and related liability. Going forward, 

the greatest opportunity continues to be in 

accelerating the sector’s digital transformation 

and the automation of workflows, including sales, 

underwriting, claims processing and customer 

service. Cyprus has made significant progress in 

attracting tech companies, and it is in the process 

of developing a vibrant insurtech cluster. 

Digital innovation 

has opened new 

opportunities for 

the market with 

new products being 

developed, including 

cyber insurance 

covering ransomware, 

network interruptions, 

data breaches and 

related liability. 

Meanwhile, the island’s oil and gas sector, as well as its strong maritime 

industry, ensure demand for specialist insurance products. Sustainable 

finance also offers opportunities for the insurance sector as there is significant 

growth potential in the creation and provision of new insurance products for 

the green economy. The expectation is that companies willing to embracing 

technological changes and create new innovate insurance produce will 

dominate the market in the near future. 

26

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International Limited, a private English company limited by guarantee. All rights reserved. 

The KPMG name and logo are trademarks used under license by the independent 

member firms of the KPMG global organization.



Intellectual Property 

A crucial element especially when it comes to 

attracting tech – including fintech – companies 

is guarding Intellectual Property (IP), and Cyprus 

offers strong IP protection through domestic 

legislation and a network of EU and international 

agreements. A number of international tech 

companies have chosen Cyprus as a hub for 

software development, testing services, disaster 

recovery, as well as research and development 

activities for this reason. 

The main feature of the Cyprus IP Box regime 

– often referred to as patent box – is the 80% 

deduction of revenue earned from the use of 

intangible assets. This four-fifths exemption from 

profits means that only 20% of IP income is taxed 

at the corporate tax rate of 12.5%. 

After applying the calculations, Cyprus-resident 

Cyprus offers strong 

IP protection through 

domestic legislation 

and a network of EU 

and international 

agreements. A number 

of international tech 

companies have 

chosen Cyprus as 

a hub for software 

development, testing 

services, disaster 

recovery, as well 

as research and 

development activities 

for this reason. 

companies can see an effective tax rate as low as 2.5% – the lowest in Europe 

with tax rates for other IP Box regimes range from 2.5% to 10%. 

The IP regime of Cyprus is fully-compliant with EU and international legal 

and regulatory frameworks, including the OECD’s Base Erosion and Profit 

Shifting regime (BEPS). It is largely responsible for the growing interest in the 

jurisdiction. Digital goods are increasingly more valuable, and the favourable 

tax and business environment in Cyprus has made it a hub for digital business 

goods, IT software, and related services. 

28



29



Investment Funds 

Cyprus’ investment fund sector has maintained its impressive momentum. A 

sector that was nearly non-existent a few years ago, Cyprus catapulted itself into 

recognition by overhauling and modernising the sector’s regulatory framework. 

Assets under Management (AuM) have increased drastically from €2.7 billion 

in 2016 to €8.3 billion in 2019 and to €11.6 billion in the third quarter of 2021, 

proving that Cyprus continues to be one of the fastest growing fund jurisdictions. 

Cyprus offers both EU-regulated Undertakings of Collective Investment 

in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs), 

and has become a firm favourite of fund management companies and fund 

platforms. Cyprus has experienced growing interest from fund professionals 

around the world, but most notably from Europe, as well as Asia and the 

Middle East, whose fund managers are increasingly seeking access to the 

EU market. The island is positioning itself as a cost-effective alternative to 

the larger European fund centres, Luxembourg and Ireland. In recent years, 

Cyprus succeeded in attracting Alternative Investment Fund Managers (AIFMs) 

and UCITS Management Companies, while fund hosting represents one of 

Cyprus’ fastest growing and most active segments of the industry. At the end of 

September 2021, 33 AIFMs, 70 Sub-threshold AIFMs, four UCITS Management 

Companies and four dual-licence entities (AIFMs and UCITS Management 

Companies) operated out of Cyprus. 

Currently Cyprus is 

ideal for regional 

players, start-up funds, 

alternative funds, as 

well as larger entities 

looking to diversify into 

new asset classes with 

minimum risk and cost. 

30



In terms of fund structuring, Cyprus’ speciality is in the alternative space. 

Following the modernisation of the island’s fund framework, today there are 

three types of AIFs that can be set up in Cyprus. In addition to the Alternative 

Investment Fund of Unlimited Number of Investors (AIFUNP), investments can 

be structured in the form of an Alternative Investment Fund of Limited Number 

of Investors (AIFLNP), which is promoted to family offices and high-net-worth 

individuals as an alternative to a group holding company. Cyprus’ portfolio also 

includes a manager-led product, the Registered Alternative Investment Fund 

(RAIF), which has been designed to speed up time to market. These continuous 

efforts to upgrade the regulatory regime in Cyprus, coupled with the adoption 

of new technologies to ensure investor protection and service quality, has made 

the island one of the top emerging investment fund centres in Europe. 

Asset managers believe the 

sector has significant scope 

to grow and that the mediumterm 

goal of increasing 

AuM to €25 billion in five 

years’ time is achievable. 

Fund sizes vary ranging from €10 million to €1 billion and focus on debt 

and equity securities, real estate and private equity. Currently Cyprus is ideal 

for regional players, start-up funds, alternative funds, as well as larger entities 

looking to diversify into new asset classes with minimum risk and cost. However, 

fund professionals report that they are seeing more medium-sized funds 

moving into Cyprus. The sector’s visibility has also been greatly enhanced by 

being able to list Cyprus funds on international platforms such as Bloomberg, 

Clearstream, Morningstar and Refinitiv. Asset managers believe the sector has 

significant scope to grow and that the medium-term goal of increasing AuM to 

€25 billion in five years’ time is achievable. 

31



Private Wealth 

Cyprus is solidifying its role as 

a partner to the global wealth 

management industry. As family 

offices and wealth managers around 

the world are turning to outsourcing in 

an effort to achieve sustainable profit 

generation, and Cyprus looks to grab 

a bigger market share of the private 

wealth market. 

Cyprus’ wealth management 

sector significantly benefited from 

the island’s longstanding and close 

relationship with Russia and other 

Eastern European countries. For 

decades, Cyprus has been a financial base for ultra-high-net-worth and highnet-worth 

individuals from those countries, but it is also increasingly on the 

radar of wealthy individuals from the Middle East and Asia. Brexit has also been 

a key driver of new business for Cyprus’ private wealth sector in recent years. 

With an extensive banking network and the availability of a variety of 

investment vehicles, a growing fund industry as well as no taxation on capital 

gains or succession, Cyprus is a natural hub for wealth management firms and 

family offices. Another key reason for Cyprus’ appeal as a private wealth hub 

is the island’s modern trust regime, which is a unique combination of English 

and Cypriot law, and hence renders the island’s trust legislation very unique. 

A Cyprus Trust can be used in a range of international structures because it 

is flexible enough to accommodate the objectives 

of the most demanding client. The income of an 

international trust is tax exempt as long as it is 

earned outside of Cyprus. 

With a desire to go the extra mile to help their 

clients meet their targets and on the back of a 

comprehensive package of wealth management 

solutions, the island’s wealth and asset managers 

are optimistic that they will be able to maintain 

their robust growth in client numbers and assets 

in the years ahead – both as a cost-effective 

outsourcing partner for family offices located 

elsewhere and as a fully-fledged private wealth 

and family office location. 

With an extensive 

banking network and 

the availability of a 

variety of investment 

vehicles, a growing 

fund industry as 

well as no taxation 

on capital gains or 

succession, Cyprus is a 

natural hub for wealth 

management firms 

and family offices. 

32

Flavours 

oF 

Cyprus 

ts@meci.gov.cy 

www.meci.gov.cy



Sustainable Finance 

Sustainable finance is a relatively new segment 

of Cyprus’ financial services industry. However, 

ethical investing is seen as instrumental for 

the future growth of Cyprus’ financial services 

sector. Sustainable finance is one of the key 

considerations in CySEC’s policy making and 

strategic planning. The regulator provides the 

industry with regular updates on EU initiatives to 

enhance the understanding of market participants 

on sustainable finance, also with a view towards 

developing a robust benchmark on data quality 

and green labelling. 

While the majority of companies in Cyprus are 

still at the stage of developing their sustainable 

strategies, some companies have already 

The integration of 

environment, social 

and governance (ESG) 

commitments into 

business models and 

financial products is 

also an increasingly 

important topic 

in Cyprus’ asset 

management, banking 

and insurance sector, 

while green fintech 

has been identified as 

a key growth area. 

formulated their approach on the subject. The integration of environment, 

social and governance (ESG) commitments into business models and financial 

products is also an increasingly important topic in Cyprus’ asset management, 

banking and insurance sectors, while green fintech has been identified as 

a key growth area. The island is reportedly looking to issue its first green or 

sustainability bond as soon as 2023 and aims to raise at least €500 million. 

While many of Cyprus’ sustainable initiatives are still in their infancy, market 

players are aware that they have an important role to play in transitioning to a 

sustainable economy. The expectation is that Cyprus will significantly advance 

and accelerate its green finance agenda in the months and years ahead. 

34

asgleasing.cy 

FOCUS 

ON WHAT 

MATTERS* 

*FOCUS ON DEVELOPING YOUR BUSINESS, 

NOT MANAGING YOUR FLEET. 

by



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. 

37



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 

38

Before you reach the 

back cover of this issue, 

we'll have reported, 

filed and settled 

one more claim. 

Changing insurance. 

One policy at a time. 

www.hellasdirect.com.cy



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. 

40



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) 

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 

w Profits of a foreign Permanent 

41



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 

42

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. 

44



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. 

45



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 

47

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. 

49



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 

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cyprus@theprofilergroup.com 

www.cyprusprofile.com 

Published by The Profiler Group - February 2022

International Financial Services Guide Cyprus

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