CIFA Investment Funds Guide 2025-2026

CYPRUS INVESTMENT FUNDS GUIDE 2025-2026 1

Cyprus

Investment

Funds Guide

2025-2026

Gateway to the European Union

and high-growth markets

2 CYPRUS INVESTMENT FUNDS GUIDE 2025-2026

CYPRUS INVESTMENT FUNDS GUIDE 2025-2026

1

Cyprus

Investment

Funds Guide

2025-2026

Gateway to the European Union

and high-growth markets

TheProfilerGroup

2


Why Cyprus

Cyprus at a

Glance: Facts

and Figures

07 08 10 12

Funds Domicile

at a Glance

A Word from

the Regulator

Contents

38 40

European

Passport of

Distribution

Services

Marketing

Funds in the EU


16 22 32

Sector Profile:

Europe’s Rising

Funds Powerhouse

AIFs: Alternative

Investment Funds

UCITS: Undertakings for

Collective Investment in

Transferable Securities

42 44 47 50

Re-Domiciliation

into Cyprus

Listing on the

Cyprus Stock

Exchange

Taxation

Who’s Who:

Cyprus Business

Directory

4


FOREWORD

Over the past decade,

Cyprus has firmly

established itself as a

premier destination

for international fund

promoters and institutional

investors, thanks to a

compelling combination

of regulatory stability,

flexible fund structures,

and competitive

operational costs. As

part of the EU single

market and underpinned

by robust legislation

aligned with European

directives, Cyprus offers

a secure and transparent

environment for crossborder

fund distribution.

Maria Panayiotou

President

Cyprus Investment Funds Association (CIFA)


€2.7 bn

€10.7 bn

2016 2025 (q1)

Assets under management

(AuM) rose from

€2.7 billion in 2016 to

€10.7 billion at the end of

the first quarter of 2025,

illustrating the sector’s

dynamism and potential

for further expansion.

At the same time, the country’s ecosystem of legal,

accounting, and administrative service providers has

matured significantly, demonstrating deep expertise and

responsiveness across all aspects of fund structuring,

licensing, and ongoing compliance. This professional

capacity, coupled with a strong emphasis on investor

protection and market integrity, continues to enhance

Cyprus’ position as a rising hub within the European

alternative investment landscape – attracting a growing

number of asset managers seeking efficient and scalable

solutions within a well-regulated EU jurisdiction.

Cyprus continues to evolve as a competitive and

attractive destination for funds and fund managers from

outside the European Union. As a cross-border hub,

the country has steadily enhanced its infrastructure

and regulatory framework to solidify its position on the

global stage. With the proactive supervision of the Cyprus

Securities and Exchange Commission (CySEC) and the

constructive involvement of the parliamentary body, we

have implemented targeted legislative updates. These

updates have played a crucial role in elevating Cyprus’

standing in the global fund industry, ensuring that it

remains both competitive and agile.

Our continuous efforts toward legal modernisation

allow us to keep pace with the evolving financial

landscape, fostering a conducive environment for both

innovation and regulatory compliance. The latest critical

development was the approval of the Investment Fund

Administrators Law by the House of Representatives — a

decision that marks a new era for the investment funds

sector in Cyprus.

One of the key factors contributing to the sector’s

growth has been the resilience of the Cypriot economy,

even in challenging global circumstances. Assets under

management (AuM) rose from €2.7 billion in 2016 to €10.7

billion at the end of the first quarter of 2025, illustrating

the sector’s dynamism and potential for further expansion.

Investment funds have become one of the most promising

and fastest-growing sectors of the Cypriot economy,

contributing significantly to the country’s economic

trajectory.

What truly sets Cyprus apart is its cost efficiency. For

mid-sized funds, this is a compelling advantage as they

seek jurisdictions that offer a balance of affordability

and quality. Particularly for small- to medium-sized

fund managers, Cyprus provides an ideal structure that

balances cost efficiency with quality service. Notably, 65%

of fund managers established here fall into this category,

demonstrating the island’s strong appeal to costconscious

professionals. Cyprus’ competitive pricing,

combined with its robust legal and regulatory framework,

has proven to be a powerful draw for fund managers. This

unique combination has significantly contributed to the

growing influx of fund managers from various regions,

further strengthening Cyprus’ role as a cross-border hub

for investment funds. Today, a substantial percentage

of the assets under management in Cyprus are held

6


In an economy with an annual GDP of approximately €30 billion,

investment funds have already contributed an estimated

€2.9 billion across various key sectors,

including shipping, renewable energy, education, and healthcare.

by international investors, placing Cyprus just behind

established players like Ireland, Luxembourg, and Malta.

The Cyprus Investment Funds Association (CIFA)

plays an active role in promoting Cyprus as a prime fund

jurisdiction. Through participation in both local and

global events, CIFA works diligently to showcase the

advantages of Cyprus to stakeholders in the international

asset management sector. Our efforts, in collaboration

with Invest Cyprus and other key local and international

institutions, ensure that Cyprus is continually engaging

with leading fund managers and administration specialists

worldwide. We actively engage in discussions on the

evolving regulatory environment and the increasingly

competitive landscape, positioning Cyprus as a destination

that is prepared for the future of asset management.

Investment funds are a powerful engine for economic

growth, providing both domestic and international

investors with access to global and regional markets. With

Cyprus strategically located at the crossroads of Europe,

Asia, and Africa, the country offers a unique gateway to a

wealth of opportunities in an increasingly interconnected

global economy. Cyprus boasts not only a resilient

economy, but also a stable political environment and a

robust legal framework aligned with international best

practices, making it an ideal destination for both seasoned

and emerging investors.

The benefits of attracting investment funds extend far

beyond financial returns. Capital injections from these

funds fuel innovation, job creation, and entrepreneurship,

injecting vitality into sectors critical to the country’s

economic development. In an economy with an annual

GDP of approximately €30 billion, investment funds have

already contributed an estimated €2.9 billion across

various key sectors, including shipping, renewable

energy, education, and healthcare. This demonstrates the

transformative potential of investment funds, which help

Cyprus maintain its competitive edge while also driving

economic modernisation and diversification.

Moreover, the growth of the investment fund sector

connects Cyprus to a global network of investors,

expanding the country’s reach and visibility on the

international stage. Through investment funds, Cyprus

gains access to a diverse capital pool that includes

institutional investors, pension funds, sovereign wealth

funds, and high-net-worth individuals. This influx of

international capital has the potential to bring about

transformative changes in various sectors of the economy,

fostering greater competitiveness, enhancing innovation,

and stimulating economic growth.

We are committed to creating a self-sustaining

ecosystem that will drive the fund sector’s continued

success. The foundation for this has already been laid, with

the employment of highly specialised professionals and

the smooth transition of traditional service industries in

response to the evolving geopolitical landscape. Our goal

is to ensure that Cyprus remains a top-tier destination for

investment funds, where both innovation and excellence

in service continue to attract global players.

Cyprus has firmly established itself as a dynamic and

growing hub for investment funds, with an eye toward

even greater achievements in the future. The strategic

advantages of Cyprus, combined with the tireless efforts of

industry stakeholders, create a fertile ground for continued

growth and success in the global funds landscape.

Maria Panayiotou

President

Cyprus Investment Funds Association (CIFA)


Cyprus-based funds and

asset managers benefit from

low tax burdens levied on

Cyprus-based corporations

Incentives and tax

benefits for highearning

managers

and high-net-worth

individuals

EU member state

compliant with EU laws

and regulations

Eurozone

member

Collective investments

can be listed on the

Cyprus Stock Exchange

and other recognised

EU stock exchanges

Efficient and up-to-date

regulation, fully harmonised

with related EU Directives

WHY

CYPRUS

Strategic geographical

location between

Europe, Middle East,

Asia and Africa

Mature business

centre with highly

qualified professionals

and sophisticated

infrastructure

Access to an extensive

network of double tax treaties

allowing for tax efficient

structuring of investments

Favourable EU and

OECD-approved

tax regime

Cost-effective

setting-up and ongoing

operational services

Extensive range of

excellent legal and

accounting services

Cyprus is one of the top emerging investment fund centres in Europe due to its

continuous efforts to upgrade its legislative and regulatory regime, which is backed

up by its strong network of financial and professional services providers. Determined to

stay at the forefront of industry developments and offering unique access to high-growth

markets, as well as a professional and cost-efficient jurisdiction for funds, the country has

developed into a key regional domicile for investment funds and asset managers. The

country’s population is one of the most highly educated within the EU, and the expertise

of its service providers has established Cyprus as a location of choice for international

fund promoters and investors seeking secure and advantageous fund solutions.

8


CYPRUS AT A GLANCE

Time:

+2 Hours ahead of GMT

Total Population (2025)

966,365

Republic of Cyprus

80%

Cypriot

20%

Non-Cypriot

Currency

euro (€)

Climate:

Average Temperature:

Winter +13C° / Summer +34C°

Sunshine:

340 days of sunshine/year

Languages:

Greek & Turkish (business generally

conducted in English)

Area/Size:

9,251km 2 (3,355 km 2 in the occupied area)


Official Name:

Republic of Cyprus

Capital:

Nicosia (Lefkosia)

Location:

Eastern Mediterranean

Coordinates 35°N and 33°E

Tax Framework

EU and OECD-approved

Legal Framework

Based on UK Common

Law and compliant with

EU laws and regulations

Corporate Tax Rate

12.5%*

Double Tax Treaties

69 Countries

Accounting Standard

IFRS

Time To Start Up

A Business

1-3 days

Sovereign Ratings (2025)

A- Standard & Poor’s

A- Fitch

A3 Moody’s

Main Trading Partners

Greece, UK, Germany,

Italy, Israel, France, China

GDP (2024)

€33.6 bn

*legislative changes in progress to increase to 15% in line with OECD global minimum tax initiatives

Memberships

EU & Eurozone

World Trade Organization

United Nations

Council of Europe

Commonwealth

World Bank & IMF

European Commission Spring Economic Forecast, May 2025

Indicators 2024 2025 2026

GDP Growth (%,yoy) 3.4 3.0 2.5

Inflation (%,yoy) 2.3 2.0 2.0

Unemployment (%) 4.9 4.7 4.6

General government balance (% of GDP) 4.3 3.5 3.4

Gross Public Debt (% of GDP) 65.0 58.0 51.9

Current account balance (% of GDP) -7.0 -6.5 -5.9

10


Funds Domicile at a Glance

(First Quarter of 2025 - source CySEC)

Number of Management

Companies and Undertakings of

Collective Investments (UCIs)

AuM Based on Domicile of

UCIs Under Management

Other: 2.7%

Portugal: 2.0%

Ireland: 6.5%

Investment Strategy of

UCIs Invested in Cyprus

Luxembourg: 16.4%

Private Equity: 70.8%

12/2022

333 328 12/2023 12/2024

321

03/2025

322

Cyprus: 72.4%

Assets Under

Management (AuM):

€10.7

billion

Net Asset Value

(NAV):

€9.9

billion

Real Estate: 12.8%

Other: 14.0%

AuM Analysed by Investment Strategy

Hedge Funds: 0.8%

Transferable Securitites: 0.2%

Funds of Funds: 0.7%

Bank Deposits: 0.7%


86.7%

Other

1.0%

UCITS

Bank

Deposits

3.3%

UCITS &

UCIs

9.0%

Other

27.6%

Real

Estate

16.6%

AIF, AIFLNP

and RAIF

Hedge

Funds

12.5%

Private

Equity

31.0%

Funds

of Funds

12.3%

Analysis of Private

Equity Investments

(AIFs, AIFLNPs, RAIFs)

Growth Capital: 36.2%

Multi Strategy 34.2%

Other: 15.0%

Venture Capital: 10.1%

Mezzanine Capital: 4.5%


CySEC-Authorised Management Companies and UCIs

as at March 2025

AIFMs

Sub-Threshold AIFMs

AIFM

(External Fund

Managers)

45

AIFM

(Internally

Managed Fund)

0

AIF

(Internally

Managed)

1

AIFLNP

(Internally

Managed Fund)

29

Special

Purposes

Entities

1

CIFs

14

Small

AIFMs

1

UCITs

Management

Companies

3

Dual License

Entities:

AIFMs and UCITs MC

5

UCITs

11

Externally Managed UCIs

AIF

52 AIFLNP

15

RAIF

145

TOTAL

322

Total Number

of UCIs

253

Investment in Specific Sectors

Energy

€497.0

million

(4.6% of total AuM)

Fintech

€224.2

million

(2.1% of total AuM)

Shipping

€657.3

million

(6.1% of total AuM)

Sustainable Investments

€104.3

million

(1.0% of total AuM)

12


A Word from the Regulator:

Cyprus Investment Funds

at a Regulatory Crossroads

Dr. George Theocharides - Chairman, Cyprus Securities and Exchange Commission

Cyprus has always punched above its weight as a destination for international

investment. Today, that reputation brings both opportunity and responsibility. As the

funds sector expands, strong regulatory stewardship is more important than ever.


The regulations governing funds are not simply about

ticking compliance boxes; they are the very foundation

on which thriving, sustainable markets are built. In this

complex and ever-changing world, with European

regulation evolving on multiple fronts, the choices we

make now as regulators and as industry participants are

shaping the future of Cyprus as a funds hub.

The AIFMD II

Nowhere is this more relevant as we anticipate the

imminent arrival of AIFMD II, the revised Alternative

Investment Fund Managers Directive. When the original

AIFMD was introduced more than a decade ago, it brought

consistency and confidence to EU fund management,

enabling cross-border management and marketing within

the EU, and enhanced the supervision of the sector. For

businesses, it underscored the importance of compliance

and strategic adaption. For the investor, it fortified their

protection through transparency.

The updated AIFMD addresses new realities, bridging

gaps, and bringing us closer to a level playing field across

Europe.

The main changes include a new regulatory regime

for loan origination funds, enhanced rules on delegation,

increased disclosure and delegation requirements, stricter

transparency, particularly around AIF costs and charges,

and closer regulatory scrutiny.

The most significant of these changes is the introduction

of entirely new provisions for loan originating AIFs and the

full-scope EU AIFMs managing those AIFs. Firms will be

tasked with risk retention requirements, diversification rules

and leverage restrictions, and a mandate to have effective

policies, procedures, and processes

in place to assess credit risk – to be

reviewed on an annual basis.

While the loan originating AIF

regime will generally enter into

force in April 2026, existing funds

that meet the definition of a loan

origination fund have an additional

five years to comply with the new

rules. Therefore, those funds will

The updated AIFMD

addresses new

realities, bridging gaps,

and bringing us closer

to a level playing

field across Europe.

have until April 2029 to comply with requirements such

as the new leverage limits and risk retention rules, before

being able to benefit from the pan-EU passport. Funds

that are newly constituted, and which meet the definition

of a loan origination fund, must comply with the new

regime immediately.

The text defines loan origination funds as closedended,

but open-ended loan origination funds are

permitted if the fund meets certain liquidity conditions to

be defined by ESMA. It is important to note that, even when

grandfathering applies, AIFs that are already fundraising

will not be able to increase leverage if the fund is over the

new limits defined in the AIFMD II legislation.

New Responsibilities for Custodians

Another significant regulatory development introduced

by AIFMD II concerns the role and responsibilities of

depositaries (custodians) appointed by Alternative

Investment Funds (AIFs). These amendments aim

to strengthen investor protection, address market

inefficiencies, and modernise the depositary framework

across the European Union.

AIFMD II introduces enhanced legal clarity regarding

the core duties of depositaries, especially in relation to

the safekeeping of assets. It distinguishes more precisely

between, financial instruments that can be held in custody,

and other assets that cannot be held in custody (e.g.

real estate, private equity), for which a record-keeping

function applies.

This distinction seeks to ensure that all asset classes

managed by an AIF are appropriately overseen, regardless

of their legal form or custody status.

The directive reinforces the strict

liability framework for depositaries

in case of the loss of financial

instruments held in custody. Under

AIFMD II, a depositary remains liable

unless it can demonstrate that the

loss was due to an external event

beyond its reasonable control, and

that all reasonable steps were taken

to avoid its consequences.

14


This harmonised liability standard addresses diverging

interpretations across member states and aims to increase

consistency and investor confidence in the depositary

function.

One of the most notable innovations under AIFMD II is

the introduction of a limited derogation that allows AIFMs

to appoint a depositary established in another member

state – a significant step towards more flexible fund

structuring.

This cross-border appointment is permitted under

specific conditions, primarily aimed at supporting:

• smaller AIFs, such as those with AuM below

€100 million (or €500 million if unleveraged

and with a five-year lock-up)

• AIFs operating in member states where there is limited

or no access to domestic depositary services.

Such an appointment is subject to strict regulatory

safeguards, including:

• approval by the competent authority

of the AIF’s home member state

• the existence of a cooperation agreement

between the relevant supervisory authorities

• full transparency towards investors,

including disclosure of potential risks related

to the cross-border arrangement

While this measure falls short of introducing a full

EU-wide depositary passport, it is seen as a first step

towards addressing market fragmentation. The European

Commission has been mandated to further assess the

feasibility of a harmonised depositary regime in the future.

AIFMD II also tightens the rules on delegation of

custody functions, particularly to sub-custodians in third

countries. Depositaries must perform enhanced due

diligence, ensure that contractual arrangements reflect

EU standards, and demonstrate that investor protections

are not undermined across the custody chain.

ESMA’s Role

Progress on this front will be closely monitored. In 2025,

ESMA will produce a report for the EU’s authorities

reviewing the data on AIF costs and charges with a view

to scrutinising any ‘undue costs’ imposed on investors.

ESMA will also produce a report for EU authorities on

compliance with the AIFMD’s substance requirements in

relation to delegation by April 2029. A broader review of

the AIFMD rules is expected by April 2029.

The changes ahead will mean that fund managers, not

just in Cyprus but across the EU, will need to scrutinise

their internal governance, review and adapt core aspects

of their fund structures, reporting frameworks and lending

strategies, and invest in systems that ensure resilience

when volatility hits. The most successful firms will be those

that are already integrating these changes proactively into

their broader business strategy.

The ESG Principles

The most profound transformation of the European investment

landscape is the mainstreaming of Environmental,

Social, and Governance (ESG) principles. What

began as a niche concern, ESG has become central to

investor demand and regulatory expectations. Most recently,

the EU Sustainable Finance Disclosure Regulation

(SFDR) mandated asset managers to disclose information

about the sustainability characteristics of their financial

products to prevent greenwashing and provide investors

with standardised, comparable data to make informed

decisions.

The EU’s ESG Rating Regulation, which enters into force

in July 2026, moves another step forward to ensure the

quality and reliability of ESG ratings by promoting a more

harmonised approach, making it easier for investors to

The changes ahead will mean that fund managers, not just in

Cyprus but across the EU, will need to scrutinise their internal

governance, review and adapt core aspects of their fund

structures, reporting frameworks and lending strategies, and

invest in systems that ensure resilience when volatility hits.


ESG is no longer optional,

it is an essential pillar of

long-term success. Those

who embrace transparency,

clarity, and accountability

in their ESG commitments

are more likely to stay

relevant and earn greater

trust among investors.

compare different ESG ratings and providers. This should

address some of the inconsistences and fragmented

practices that have occurred across member states and

improve transparency.

The impending regulation serves as a call to action to

firms to start making the changes necessary to comply

with the rules. It also serves as a wake-up call to entities

acting in bad faith – those that have misled investors or

made exaggerated claims in an attempt to capitalise on

the growing demand for environmentally responsible

investment options. To these firms, I provide this warning:

integrate sustainability into every stage of decisionmaking,

or risk irrelevance in a rapidly changing world.

Any legal entity wishing to provide ESG rating to

entities within the EU must be authorised or recognised

under the Regulation. Providers applying for authorisation

from ESMA must submit to strict conflict-of-interest

rules, detailed methodology and data transparency

requirements, separate ratings for E, S, and G factors,

requirements for handling complaints, and mechanisms

for non-EU providers to access the EU market. These

are all aimed to ensure independence, transparency and

accuracy in providers’ operations. The penalties for noncompliance

include fines of up to 10% of the providers’

net turnover and, of course, the risk of severe reputational

damage as ESMA is also required to publicly disclose fines

and penalty payments in most cases.

As a regulator, our position is clear: ESG is no longer

optional, it is an essential pillar of long-term success. Those

who embrace transparency, clarity, and accountability in

their ESG commitments are more likely to stay relevant

and earn greater trust among investors. They will also

be contributing to the sustainable growth of Europe’s

economy.

The Regulator’s Role

We are working closely with industry bodies, such as CIFA,

to help firms navigate the new rules. We also recognise

that social expectations and best practices will continue to

evolve. That is why engaging in honest, forward-looking

dialogue between the regulator and the regulated is more

important than ever.

At the core of all this regulatory change is one

fundamental objective: investor protection. Digital

innovation, cross-border finance, and new asset

classes bring new risks and new opportunities. CySEC

has responded by introducing modern supervisory

systems, enhanced anti-money laundering controls,

and established a regulatory sandbox to foster fintech

innovation, as well embracing direct collaboration with

ESMA and other European regulators. Our focus remains

on supporting the healthy development of the Cypriot

market, driving innovation, and protecting investors.

As we look to the future, I am optimistic but vigilant.

The choices we make now – about loan origination funds,

about ESG, about investor protection – will determine the

future of the industry in Europe. Ultimately, the quality of

regulation in Europe will be measured by the confidence

of investors and the reputation of the funds industry. We,

as Regulators, must build on that trust by ensuring that

we remain alert and responsive and by championing a

European funds sector that is compliant, resilient, and

future-ready.

Ultimately, the quality

of regulation in Europe

will be measured by the

confidence of investors

and the reputation of

the funds industry.

16


Sector Profile

Europe’s

Rising Funds

Powerhouse

As one of Europe’s most dynamic fund domiciles,

Cyprus has witnessed steady growth and

renewed global recognition in 2025. Supported

by a forward-looking regulatory framework,

a cost-efficient ecosystem, and strategic

positioning at the crossroads of three continents,

the island is fast emerging as a preferred

base for international fund managers seeking

agility, transparency, and scale within the EU.


Cyprus has firmly established itself as one of Europe’s

fastest-growing investment fund jurisdictions,

with total assets under management reaching €10.7

billion at the end of the first quarter of 2025. Over the

past decade, the country has evolved from a niche

market into a sophisticated funds domicile of choice,

attracting Alternative Investment Fund Managers

(AIFMs) and UCITS Management Companies from across

Europe, Asia, and the Middle East.

Backed by a robust EU-aligned legislative framework

and proactive supervision by the Cyprus Securities

and Exchange Commission (CySEC), Cyprus continues

to strengthen its reputation for transparency, investor

protection, and operational efficiency. The recent Investment

Fund Administrators Law, approved in 2025, marks

a key milestone with fund administration now recognised

as a regulated activity requiring a dedicated CySEC licence.

This move has further elevated the jurisdiction’s

global standing, with administrators now subject to oversight,

capital adequacy, internal control systems, and AML

obligations.

This transformation has been driven by a maturing

professional ecosystem of law firms, fund administrators,

and audit specialists, offering end-to-end expertise

in fund structuring, licensing, and compliance. With

over 320 entities under CySEC supervision, including

collective investment schemes and fund managers, the

sector’s steady expansion underscores Cyprus’ growing

importance as a cross-border investment hub bridging

European capital and global markets.

The recent Investment Fund

Administrators Law, approved

in 2025, marks a key milestone

with fund administration

now recognised as a

regulated activity requiring

a dedicated CySEC licence.

Even amid geopolitical shifts and inflationary

pressures, the Cypriot fund sector has demonstrated

exceptional resilience and agility, supported by competitive

costs, fast-track licensing, and a responsive regulatory

environment. These advantages have not only attracted

an increasing number of fund managers relocating to

the island but also fostered greater diversity in fund types

and investment strategies – spanning private equity, real

estate, maritime, renewable energy, and fintech-driven

funds.

As Cyprus strengthens its foothold in sustainable and

tech-enabled finance, its ambition is clear: to become

a top-tier European fund domicile, offering investors a

stable, innovative, and globally connected platform for

growth.

Gateway for Global Capital

Cyprus has cemented its role as a cross-border gateway

for global fund flows, connecting European investors

with opportunities in Asia, the Middle East, and Africa.

Its combination of regulatory excellence and strategic

geography continues to attract both fund structures and

international asset managers seeking a reliable EU base

with global reach.

As of the first quarter of 2025, total assets under

management stood at €10.7 billion, up from €2.7 billion

in 2016 – a nearly fourfold increase in less than a

decade. Today, more than half of those assets are held

by international investors, positioning Cyprus alongside

established fund centres such as Ireland, Luxembourg, and

Malta. This growing global confidence is also reflected in

the diversity of structures being launched on the island.

Fund managers from India, Israel, Japan, and the UK are

choosing Cyprus as their European domicile of choice –

drawn by the island’s flexible frameworks for Alternative

Investment Funds (AIFs) and its proven expertise in fund

administration.

Investment funds are also playing a pivotal role in

the domestic economy, contributing an estimated €2.9

billion to Cyprus’ GDP through targeted investments

in shipping, renewable energy, healthcare, education,

technology, and real estate. Considering that Cyprus’ annual

GDP is just over €30 billion, this is no small achievement.

Through investment funds, Cyprus is gaining wider access

to a more diverse capital pool that includes institutional

investors, pension funds, sovereign wealth funds, and highnet-worth

individuals. These capital inflows have helped

foster innovation and support sustainable growth, turning

Cyprus into not just a funds jurisdiction, but a catalyst for

long-term economic development.

18


Cost Efficiency and Operational Excellence

One of Cyprus’ defining strengths as a fund domicile is its

ability to offer world-class quality at a competitive cost.

For fund managers seeking efficient European market

entry without the expense of larger jurisdictions, Cyprus

provides a compelling value proposition: streamlined

regulation, deep professional expertise, and cost efficiency

across the entire fund lifecycle – from setup to ongoing

administration.

Cyprus provides a compelling

value proposition:

streamlined regulation,

deep professional expertise,

and cost efficiency across

the entire fund lifecycle.

Cyprus’ comprehensive ecosystem of legal, accounting,

banking, and administrative service providers ensures

that every stage of the fund management process – from

licensing and structuring, to reporting, and compliance

– is handled with precision and speed. Collaboration

between CySEC, professional associations, and industry

practitioners allows for fast-track authorisation procedures,

ensuring time-to-market advantages that few

competing EU jurisdictions can match. In addition, with

international fund platforms such as Clearstream’s Vestima,

Refinitiv, and Bloomberg listing Cyprus-domiciled

funds, global visibility and accessibility have never been

higher.

For small to mid-sized fund managers, who make up

roughly 65% of all managers established in Cyprus, this

cost-quality balance is particularly attractive – making it a

strategic choice for managers seeking both scalability and

EU passporting rights within a stable environment based

on English Common Law.

The recent approval of the Investment Fund Administrators

Law in 2025 further enhances the jurisdiction’s operational

appeal. This landmark legislation establishes clear

supervisory standards for fund administrators, strengthening

investor confidence and ensuring consistent service

quality across the sector. Combined with Cyprus’ robust

double tax treaty network covering 69 countries, its competitive

tax regime, and business-friendly environment, the

island stands out as a pragmatic choice for fund promoters

and investors alike.

AIFs and UCITS

Cyprus has firmly positioned itself as a specialist

centre for Alternative Investment Funds (AIFs), offering

sophisticated structures that meet the needs of global

asset managers, family offices, and institutional investors.

While the jurisdiction also supports UCITS – including

funds promoted by international names such as JP

Morgan, Schroder, Pictet, and Julius Baer – its strength

lies in alternative fund innovation, where flexibility and

customisation are key.

As one of the first EU member states to transpose

the Alternative Investment Fund Managers Directive (AIF-

MD) into national law, Cyprus offers a robust and transparent

legal framework for all fund types. This legislative

foresight has allowed the jurisdiction to cultivate a thriving

AIF ecosystem that continues to expand in both diversity

and sophistication.

The Registered Alternative Investment Fund (RAIF) has

become one of Cyprus’ most successful fund vehicles.

Modelled on Luxembourg’s popular Reserved Alternative

Investment Fund, the RAIF combines speed and efficiency:

it requires no separate licensing requirement from

CySEC, registration is processed within a matter of weeks,

and supervision is through an authorised AIFM. Since its

introduction in 2018, the number of RAIFs has grown dramatically,

from just 26 in 2020 to 145 by the first quarter

of 2025, reflecting international demand for streamlined,

institutional-grade fund structures.

Recent success stories, such as the establishment

of MUFG Investor Services – a division of Mitsubishi

UFJ Financial Group (MUFG) which is one of the world’s

largest financial institutions with approximately $3 trillion

in assets – underscores the jurisdiction’s growing appeal

to global institutions. In addition, the 2025 announcement

of Deutsche Bank also eyeing a return to Cyprus as a

US dollar correspondent bank, signifies confidence in

the country’s improved financial sector. This return is

expected to boost the number of international currency

transfer options available to Cypriot banks, potentially

strengthening the overall financial infrastructure also for

investment funds and other businesses operations.

As the global funds industry

enters a new era defined by

technology, sustainability,

and cross-border capital

flows, Cyprus stands ready

to meet the moment.


Expanding Horizons and Global Reach

The Cypriot investment fund industry has evolved into

a diverse ecosystem, accommodating a broad spectrum of

fund types, strategies, and investor profiles. From regional

start-ups and niche alternative funds to established

international managers seeking EU access, Cyprus

offers tailored solutions for every scale of operation.

Fund sizes in Cyprus vary widely – from smaller funds of

From regional start-ups

and niche alternative

funds to established

international managers

seeking EU access, Cyprus

offers tailored solutions for

every scale of operation.

around €10 million to institutional vehicles exceeding €1

billion in assets – reflecting the jurisdiction’s flexibility

and appeal to both boutique managers and large-scale

investors. However, medium-sized funds continue to

dominate the market, a testament to Cyprus’ suitability for

firms seeking scalable operations within a well-regulated

environment.

As the industry matures, the island’s fund cluster has

become increasingly international in scope. Asian, African,

and Middle Eastern fund managers are establishing

structures in Cyprus to gain passportable EU access,

while UK-based managers continue to use Cyprus as

a post-Brexit bridge into the single market. This global

diversification underscores the island’s growing role as

a conduit for cross-border capital, linking investors and

opportunities across continents.

Cyprus has also seen the rise of third-party management

companies and fund platforms, offering ‘plug-and-play’

solutions to international promoters. These platforms

provide a fully compliant UCITS/AIFM entity with European

marketing rights, enabling managers to enter the EU

market without setting up their own local substance.

Structured as umbrella funds, they deliver operational

efficiency, which is a key advantage for managers

prioritising speed and compliance in competitive markets.

The evolution of Cyprus’ fund landscape reflects more

than just growth; it signals a strategic broadening of scope.

The jurisdiction’s ability to serve alternative, private equity,

and specialised sector funds, while attracting managers

from emerging markets, has positioned it as a multifaceted

fund centre with growing international credibility.

Acknowledging the significant potential of the funds

industry, the Ministry of Finance initiates, coordinates

and promotes the implementation of specific policies

for its continuous development. In close cooperation

with the Cyprus Securities and Exchange Commission

and industry stakeholders, we are continuously

implementing a series of legislative measures aimed

at enhancing the attractiveness of the Cypriot funds

market. We intend to achieve this by efficiently aligning

the regulatory framework with EU requirements,

codifying sound business practices pursuant to national

legislative initiatives, and enhancing investor protection

by fostering ongoing supervision.

More specifically, the recently legislated Fund

Administrators Law, aims at regulating the prior

authorisation, governance, and the conduct of business

of fund administrators in the interest of fund managers

and investors. It enhances the specialisation of the

sector, provides guidance, and improves service quality

and professional guarantees.

CySEC is also working towards amending the

Alternative Investment Funds Law, in order to facilitate

the best possible use of partnerships for the set-up of

alternative investment funds. At the same time, Cyprus

as a member state of the European Union, has already

commenced, by means of relevant consultations,

guidance and draft reviews, to transpose the directive

known as AIFMD II.

The government has also established the first equity

fund in Cyprus, which is being managed and monitored

by the EIB. The policy objectives of the government

for the establishment of the fund are, amongst

others, the fostering of economic development and

growth, and more particularly, the enhancement of

the competitiveness of enterprises in Cyprus, and the

contribution to the enhancement of the ecosystem for

equity and venture capital investments.

With strong institutional safeguards, a supportive

business environment, and highly skilled service

providers, Cyprus stands out as an attractive destination,

not only for business but also as a leading hub for

investment funds.

Makis Keravnos, Minister of Finance

20


Evolving Regulation and Strong Oversight

Cyprus continues to refine its legislative and regulatory

framework to ensure that the investment fund sector

remains globally competitive, innovation-driven, and

sustainability-aligned. Over recent years, the jurisdiction

has introduced targeted reforms that enhance both market

integrity and forward-looking governance, under the

supervision of CySEC.

A major milestone was the Investment Fund Administrators

Law, enacted in 2025, which for the first time

establishes a dedicated supervisory regime for all fund

administrators operating in Cyprus. This landmark legislation

strengthens transparency, standardises operational

requirements, and ensures consistent quality

across the industry – a move that has been widely welcomed

by both fund managers and investors.

In parallel, Cyprus continues to deepen its commitment

to sustainable finance. The jurisdiction is actively

implementing the EU Sustainable Finance Disclosure

Regulation (SFDR) and EU Taxonomy Regulation, ensuring

that fund managers disclose environmental, social, and

governance (ESG) metrics in line with European best

practice. CySEC has issued guidance on integrating ESG

factors into risk management and reporting, positioning

Cyprus as a future-focused financial centre aligning capital

flows with long-term environmental and social priorities.

The Mini Manager regime, finalised in 2020, continues

to attract managers who seek an economical structure

under the Alternative Investment Fund Managers Directive

(AIFMD). The regime has proven particularly attractive

to boutique firms and first-time managers seeking to

establish a presence in the EU with minimal operational

overhead.

Meanwhile, CySEC is accelerating its digital transformation,

investing in advanced supervisory technologies.

This ongoing modernisation reflects Cyprus’ broader ambition

to build a tech-enabled and transparent regulatory

ecosystem that supports innovation without compromising

investor protection. By combining strong governance,

digital readiness, and sustainability alignment, Cyprus has

created a regulatory framework that is not only robust and

transparent but also responsive to the evolving priorities

of global capital markets.

Cyprus has created a

regulatory framework

that is not only robust and

transparent but also responsive

to the evolving priorities

of global capital markets.

A Platform for Global Growth

Cyprus’ ascent as a dynamic European funds jurisdiction is

built on a foundation of credibility and quality. The island’s

combination of robust regulation, professional expertise,

and attractive operating conditions continues to draw

international asset managers and investors seeking both

security and scalability.

Continuous investment in digital systems, skilled

personnel, and open dialogue with the industry ensures

that the regulatory environment remains efficient,

responsive, and aligned with global best practice.

Cyprus’ cost advantage remains a defining factor in its

appeal. This balance has made the country particularly

attractive to small and mid-sized managers, who find

in the island a jurisdiction that combines value with

substance – a rare blend in the European landscape.

Equally compelling is Cyprus’ fiscal and legal

environment. The jurisdiction offers one of Europe’s most

favourable tax regimes for funds, fund managers, and

investors alike. Cyprus’ legal system based on Common

Law provides predictability, while its stable political and

macroeconomic environment reinforces its reputation as

a safe and strategic choice for long-term investment.

Complementing its regulatory and tax advantages,

Cyprus has cultivated a world-class professional services

sector. The island hosts a concentration of recognised

fund administrators, auditors, legal advisors, custodians,

and depositaries – including the Big Four accounting

firms, smaller specialised boutique firms, and several

leading international law practices. Global service

standards are now the norm across Cyprus’ fund sector

and fund managers can access all the resources they need

to launch and operate efficiently within the EU.

The Cyprus Investment Funds Association (CIFA) also

plays an important role in maintaining this momentum.

As the collective voice of the industry, CIFA actively collaborates

with CySEC, the government, and international

organisations to ensure continuous improvement and

global visibility.

With its geostrategic location, Cyprus offers investors

and fund managers an unrivalled gateway to regional

and global markets. The jurisdiction’s evolution from a

niche alternative funds centre to a fully-fledged European

hub showcases how adaptability, professionalism, and

innovation can converge to create long-term success.

As the global funds industry enters a new era defined by

technology, sustainability, and cross-border capital flows,

Cyprus stands ready to meet the moment. Its proven

regulatory integrity, efficient operating model, and deep

talent pool make it a jurisdiction where international

managers can not only establish funds but scale them –

efficiently, securely, and with confidence.


Collective

Investment

Schemes

AIFs:

Alternative

investment funds

UCITS:

Undertakings for Collective

Investment in Transferable Securities

22


AIFs Alternative

Investment Funds

Ushering in a new era of regulatory clarity for Cyprus’ burgeoning funds

sector, the Cypriot House of Representatives passed the Investment Funds

Administrators Law (L.101(I)/2025) on 29 May 2025. Published in the Official

Gazette on 18 June 2025, the law establishes a standalone licensing and

supervisory framework for fund administration companies – a sector previously

governed by broader fund manager rules. By aligning Cyprus with leading EU

standards and requiring administrators to meet stringent capital, governance

and compliance obligations, the legislation underscores the jurisdiction’s

commitment to investor protection and operational excellence.

AIF Legal Forms

An AIF can take the following legal forms and may be established with limited or unlimited duration

FCIC

FIXED

CAPITAL

INVESTMENT

COMPANY

VCIC

VARIABLE

CAPITAL

INVESTMENT

COMPANY

LP

LIMITED

PARTNERSHIP*

CF

COMMON

FUND**

*Amendments to the current AIF Law will permit an external manager to act in that capacity without also being the

general partner (GP) in the case of a limited partnership without separate legal personality.

**Only when established as an AIF with unlimited number of persons


Cyprus first modernised its fund framework by enacting

the Alternative Investment Funds (AIF) law in July 2014.

This legislation aligned the country’s legal and regulatory

structure with EU directives on asset management, aiming

to improve transparency and investor protection. Following

on-going efforts to modernise, Cyprus introduced a new

law offering more investment structuring possibilities and

upgraded rules for the authorisation, on-going operations,

transparency requirements and supervision of Cyprus AIFs,

as well as the regulation on the role and responsibilities

of their directors, depositaries and external managers. AIFs

established under domestic Cypriot fund legislation can

be marketed through private placement or to professional

investors across the EU, utilising the Alternative Investment

Fund Managers Directive (AIFMD) passport.

In July 2018, Cyprus further upgraded its legislative

framework with a new AIF regime, replacing the 2014 law,

reflecting the latest market demands and introducing a

new product called the Registered Alternative Investment

Fund (RAIF).

RAIFs are treated as alternative investment funds

in law but do not require authorisation by the Cyprus

Securities and Exchange Commission (CySEC); instead,

they are merely registered in the official RAIF register.

This light‐touch approach allows promoters to launch

a fund quickly and cost‐effectively. Oversight is still

ensured because a RAIF must be externally managed by

a regulated fund manager (AIFM) whose licensing and

supervision indirectly cover the fund. A RAIF must always

appoint an external manager. Acceptable managers

include a full‐scope Alternative Investment Fund Manager

(AIFM) authorised in Cyprus or another EU member state

and, once passporting becomes available, a third‐country

AIFM. Other eligible managers are Cyprus‐authorised

sub‐threshold AIFMs (known as ‘Mini Managers’), MiFID

investment firms, and UCITS management companies –

provided the RAIF is structured as a closed‐ended limited

partnership investing primarily in illiquid assets. RAIF units

can only be marketed to professional or well‐informed

investors. Through its authorised AIFM, a RAIF can use

the EU marketing passport to offer units to professional

investors in other member states without additional local

authorisation.

RAIFs may be constituted as a variable or fixed‐capital

investment company, a limited partnership (with or

without legal personality) or a common fund. They can

be open‐ended or closed‐ended and are permitted to

operate as an umbrella fund with multiple compartments.

Each compartment is ring‐fenced, allowing separate

investment strategies and investor profiles. Additional

compartments can be added over time and may be

dissolved independently of the rest of the fund. RAIFs

must appoint a depositary to monitor cash flows,

safeguard assets, and carry out oversight duties. RAIFs

can invest in any type of asset, there are no investment

concentration limits other than those imposed by the

AIFM’s risk management policy. However, they cannot

be established as money market funds or fund of funds,

and loan origination strategies are permitted only under

specific conditions. CySEC does not directly monitor

RAIFs, instead it relies on the regulated status of the

external manager to ensure compliance with applicable

laws and risk-management standards.

A sub-threshold AIFM can manage the following: AIFs

with limited or unlimited number of persons, Registered

AIFs taking the form of a limited partnership, and non-

Cypriot AIFs (subject to the discretion of competent

authorities in the other jurisdiction). The total assets under

management of the Mini Managers shall not exceed the

threshold of €100 million, with the use of leverage, or €500

million when unleveraged with a lock up of five years. This

regime will appeal to fund managers who need a costeffective

vehicle that will undertake limited investment or

to those fund managers who may wish to use it as a first

step before committing to a more complex set-up. These

developments have been a long-awaited and welcome

evolution offering expanded structuring possibilities for

fund promoters and has further enhanced Cyprus’ status

as an attractive jurisdiction and a rising contender amongst

European fund and asset management hubs.

24


AIF

Regime

Highlights

Broad Investment Scope

Cyprus AIFs generally offer high

flexibility with no investment

restrictions on the asset classes

they can invest in. AIFs can

accommodate a wide range

of alternative investments,

including financial instruments,

private equity, real estate,

shipping, and venture capital.

EU Passporting for Marketing

Cyprus funds managed by an

authorised AIFM can benefit

from the EU passport. This

permits the fund’s units to

be marketed to professional

investors across all EU member

states via a simple regulatorto-regulator

notification.

Flexible Fund Structures

and Categories

Cyprus offers three main AIF

vehicles – AIFs with unlimited

investors, AIFs with a limited

number of persons (AIFLNPs),

and Registered AIFs (RAIFs).

These funds can be established

as variable‐ or fixed‐capital

investment companies, limited

partnerships (with or without legal

personality), or common funds, and

may be open‐ or closed‐ended.

Regulatory Flexibility

The Registered Alternative

Investment Fund (RAIF) is a

special structure that is not

subject to direct authorisation

from the Cyprus Securities

and Exchange Commission

(CySEC) itself. This streamlined

process allows for a much faster,

more cost-effective setup.

Diverse Fund Structures

Cyprus law allows AIFs to be

structured in various legal

forms. All structures can

operate as umbrella funds with

multiple segregated investment

compartments (sub-funds),

allowing for different strategies

under one legal entity.


Investor Safeguards

All AIFs must appoint a

depositary to monitor cash flows,

safeguard assets, and perform

oversight duties. Authorised

AIFs also face periodic reporting

and disclosure requirements,

while RAIFs are indirectly

supervised through their AIFM.

Mini Manager

Introduction of the Mini

Manager regime in June

2020, which governs a new

type of fund manager and

allows for the provision of

fund management services

for fund managers under

the AIFMD thresholds.

AIFMD II Amendments

AIFMD II, adopted in 2024,

aims to harmonise EU rules

on liquidity management, loan

origination, and delegation.

It introduces mandatory

liquidity‐management

tools for open‐ended AIFs

and sets leverage caps

and diversification rules

for loan‐originating funds.

The directive also tightens

substance and delegation

requirements for AIFMs. In

Cyprus, the Ministry of Finance

launched a public consultation

in June 2025 on how to

exercise the member‐state

discretions under the amending

directive; that consultation

closed in August 2025, and

the market is now awaiting

draft legislation to amend

the AIFM and UCI laws.

Tax Law Amendments

Cyprus continues to modernise

its tax framework to stay

competitive and align fully with

evolving international standards. In

December 2024, the government

enacted legislation to implement

the OECD’s Pillar II global minimum

tax in line with the EU’s Minimum

Tax Directive: a qualified income

inclusion rule applies from 1

January 2024, while an undertaxed

profits rule and domestic top‐up

tax take effect from 1 January

2025 for multinational groups with

consolidated revenues of at least

€750 million. These measures show

that Cyprus remains committed

to transparency and compliance,

yet its overall cost base and

business‐friendly environment

continue to outperform many

other EU fund hubs. Together,

the updated tax rules and lower

operating costs ensure Cyprus

remains a compelling, future‐proof

platform for fund sponsors.

26


Types of AIFs

Alternative Investment Fund with

UNLIMITED

Number of Persons (AIF-UNP)

— Investor Base: Units may be marketed to retail,

well-informed, and/or professional investors.

— Transferability: Investor shares/

units are freely transferable.

— Depositary Requirement: An AIF-UNP must always

appoint a depositary/custodian. The depositary

may be a credit institution, an investment firm, or

another company subject to prudential supervision,

established in Cyprus, the EU, or a third country

with which CySEC has a cooperation agreement.

— Listing: Units can be listed on a recognised

stock exchange, and AIFs marketed to

retail investors can be traded.

— Management Structure: The AIF-UNP

may be managed internally (by its board

of directors, subject to CySEC approval) or

externally (by an AIFM or a Mini AIFM).

— Minimum Capital (Self-Managed): The minimum

capital requirement for a self-managed AIF-UNP

is €125,000. If the fund is externally managed,

no minimum share capital is required.

— Minimum Assets Under Management (AuM): The

AIF-UNP must raise a minimum of €500,000 in

investor capital within 12 months of authorisation.

— Investment Restrictions: AIFs addressed to

well-informed and professional investors are

generally not subject to investment restrictions,

except if the AIF is specifically established as

a loan origination fund, money market fund,

venture capital fund, or fund of funds.


Alternative Investment Fund with

LIMITED

Number of Persons (AIF-LNP)

REGISTERED

Alternative Investment Fund

(RAIF)

— Investor Base: Units may be marketed exclusively

to well-informed and professional investors.

— Maximum Investors: The number of

investors (unitholders) shall not exceed 50

natural persons, applying ‘look-through’

provisions to corporate investors.

— Transferability: Shares/units are freely transferable,

provided that the transfer does not result in

the AIF exceeding the 50-person limit.

— AuM Thresholds: The AIF-LNP’s assets under

management must not exceed the AIFMD

thresholds of €100 million (including leverage),

or €500 million (without leverage, and no

redemption rights for at least five years).

— Management Structure: The AIF-LNP may be

managed internally (by its board of directors,

if structured as a company) or externally.

— Minimum Capital (Self-Managed): The minimum

capital requirement for a self-managed AIF-

LNP is €50,000 (in cash or assets readily

convertible into cash). No minimum capital is

required if the fund is externally managed.

— Depositary Exemption (One of Three

Conditions): A depositary may not be required

in specific, limited circumstances, which include

meeting one of the following conditions:

• The AIF-LNP’s total assets (including any

compartments) do not exceed €5 million.

• The instruments of incorporation limit the number

of its unitholders (including compartments) to five

natural persons for the duration of the fund’s life.

• The fund’s portfolio consists of assets where 90%

are not subject to custody, and the number of

investors is limited to 25 natural persons, with each

person having subscribed a minimum of €500,000.

— Investor Base: Units are exclusively addressed to

professional and/or well-informed investors.

— Limitation on Investors: There is no

limitation on the number of investors.

— Transferability: Investor shares/

units are freely transferable.

— Management Structure: The RAIF must always

be externally managed by an authorised

Alternative Investment Fund Manager (AIFM)

based in Cyprus or another EU member state.

— Regulatory Oversight: The RAIF does not require

direct authorisation from CySEC (the fund is

registered, not licensed). Supervision is ensured

indirectly through the mandated external AIFM.

— Minimum Capital: There are no minimum

share capital requirements for a RAIF.

— Minimum Assets Under Management (AuM):

The RAIF must reach a minimum of €500,000

in investor capital (or currency equivalent)

within 12 months of its registration.

— Depositary Requirement: A RAIF must

always appoint a depositary.

— Investment Restrictions: A RAIF is subject to

no general investment restrictions. However,

it cannot be established as a fund of funds, a

money market fund, or a loan origination fund.

— Listing: Units may be listed on a

recognised stock exchange.

28


Fund Service Provider Requirements

The Role and Functions of the Alternative Investment Fund Manager (AIFM)

The Alternative Investment Fund Manager (AIFM) is the central regulated entity responsible for the

management and compliance with the Alternative Investment Fund (AIF). Under the Cyprus AIFM Law, which

transposed the EU’s AIFMD, every AIF must have a single AIFM responsible for ensuring compliance.

The AIFM may be an external manager (a separate legal entity appointed by the AIF) or, if the fund’s legal form

permits and the governing body chooses not to appoint an external entity, the AIF itself can be internally managed

and act as the AIFM. An authorised AIFM benefits from the EU-wide management and marketing passport, allowing

it to offer services and market AIFs to professional investors across the EU. The AIFM’s duties are structured into

core management functions, additional collective management activities, and optional MiFID services.

Core Management

Functions

(Mandatory)

An AIFM must, at a

minimum, perform

the following two

core investment

management functions

for the AIF it manages:

— Portfolio Management:

Making investment

decisions and

managing the

fund’s assets.

— Risk Management:

Implementing risk

identification and

monitoring systems,

conducting

stress testing,

and maintaining

functional and

hierarchical

separation from

the portfolio

management

function.

Collective Management

Activities (Additional

Functions)

The AIFM may also be

authorised to perform a wide

range of additional functions

necessary for the collective

management of an AIF:

— Fund Administration: Including

fund management

accounting services

and the calculation of

the net asset value.

— Valuation and Pricing: Including

the preparation of tax returns

and ensuring consistency in

asset valuation procedures.

— Regulatory Compliance

Monitoring: Including

submitting necessary

regulatory reports to CySEC.

— Marketing Services: Promoting

the AIF to investors.

— Investor Services: Handling

customer inquiries,

maintaining the unit/

shareholder register, and

processing the distribution

of income and the issue/

redemption of units.

— Record-keeping and

contract settlements.

Additional Investment

Services (MiFID)

Subject to compliance

with relevant MiFID

rules, an external AIFM

may also be authorised

to provide the following

investment services

without requiring separate

MiFID authorisation:

— Individual Portfolio

Management:

Managing portfolios

of investments on a

discretionary, clientby-client

basis for

pension funds or

other institutions.

— Investment Advice

— Safe-keeping and

Administration: Related

to shares or units of

collective investment

undertakings.

— Reception and Transmission

of Orders: Related to

financial instruments.

AIFM Delegation and

Oversight Responsibility

The AIFM may delegate certain

functions to third parties (such

as sub-managers or fund

administrators) but retains

the ultimate and complete

liability towards the AIF and its

investors. This liability remains

unaffected by the delegation

arrangement. Key requirements

for delegation include:

— The AIFM must justify the

delegation structure based

on objective reasons.

— The delegation must not

prevent the effectiveness

of supervision by CySEC.

— The AIFM must demonstrate

it is capable of monitoring

the delegated activity and

withdrawing the delegation

immediately if it is in the

interest of investors.

— The AIFM must not delegate

its functions to the extent

that it becomes a ‘letterbox

entity’ and can no

longer be considered the

manager of the AIF.

Recent regulatory emphasis, particularly under AIFMD II, continues to reinforce the need for

AIFMs to maintain substance and effective oversight of all delegated functions.


Key Functions and Requirements of a Cyprus Fund Administrator

The fund administration function for Alternative Investment Funds (AIFs) in

Cyprus is now a dedicated, regulated service. The introduction of the Investment

Funds Administrators Law (L. 101(I)/2025) marks a significant step, closing a

previous regulatory gap, and aligning the Cypriot fund ecosystem with leading EU

jurisdictions. This law requires any entity providing fund administration services

from or within Cyprus to obtain a formal licence from the Cyprus Securities and

Exchange Commission (CySEC). The goal is to ensure professionalism, transparency,

and investor protection across the entire operational lifecycle of an AIF.

Licensing and

Oversight

Any Cyprus‐based firm

providing administrative

services to funds must

be licensed as a fund

administrator (ΚΕΔΟΣΕ)

and is subject to

ongoing supervision

by CySEC. The

administrator must have

its registered office and

central administration

in Cyprus. Licensed

AIFMs established in

Cyprus are typically

exempt from the

separate administrator

licence, as they are

already authorised to

perform administration

functions.

Delegation and Accountability

Governance

and Capital

To obtain and

maintain a licence,

a fund administrator

must demonstrate

appropriate board

composition, robust

internal procedures,

and fit‐and‐proper

management. It must

maintain adequate

own funds and

hold professional

indemnity insurance,

and it is designated

as an obliged entity

under Cyprus’

anti‐money‐laundering

framework.

— Delegation Permitted: Fund administrators are permitted

to delegate specific administrative functions to

third parties (such as legal or IT support).

— Ultimate Responsibility: Even if functions are delegated,

the fund administrator retains full and ultimate

legal responsibility and liability toward the fund

and its investors. The regulatory obligation for

oversight remains with the licensed administrator.

Mandatory Functions of a Licensed

Fund Administrator

The fund administrator is responsible for

performing the core ‘back-office’ and

accounting services essential to the AIF’s

operation. These regulated services include:

• Net Asset Value (NAV) Calculation and Pricing: Calculating

the fund’s NAV and determining the unit/share

price, which is the basis for investor transactions.

• Investor Registry and Transfer Agency:

Maintenance of the register of investors

(unitholders) and processing all subscription,

redemption, and transfer orders.

• Fund Accounting and Reporting: Preparation of

the fund’s financial statements, statutory

accounts, and internal records.

• Regulatory Reporting: Preparation and dissemination

of investor reports and mandatory reports

required by the Regulator (CySEC).

• Compliance and AML Support: Providing legal,

compliance, and accounting support, including

ensuring compliance with mandatory antimoney

laundering (AML) procedures.

• Transaction Processing: Managing

contract settlements and ensuring that

investor-related money movements

are properly matched and verified.

By clarifying licensing requirements and codifying

the permissible services of fund administrators,

the Cyprus Investment Funds Administrators Law

enhances investor protection, bolsters transparency,

and positions Cyprus as a more attractive

domicile for alternative investment funds.

30


Depositary

Under the Alternative Investment Funds Law 124(I)/2018, every Alternative Investment Fund (AIF) in Cyprus must

appoint a single, independent depositary to safeguard its assets, monitor cash flows, and ensure compliance with

both the fund’s constitutional documents and the applicable legislation. The depositary acts as a cornerstone

of investor protection by providing oversight and verifying that the fund manager operates within the agreed

parameters. Only in narrow circumstances – typically for AIFs with a limited number of persons (AIF-LNPs) that

remain below €5 million in assets or have a very small investor base – can the depositary requirement be waived.

Depositaries must be credit institutions, investment firms, or other prudentially regulated entities. For AIFs

subject to the AIFM Law (i.e., most externally or internally managed AIFs and RAIFs), the depositary must

be located in Cyprus. AIF-LNPs and funds outside the AIFM Law can appoint a depositary based in another

EU member state or a third country, provided CySEC has signed a cooperation agreement with the foreign

regulator, and the third‐country institution meets the prudential standards. The depositary’s role is based

on three fundamental duties that ensure the fund’s operational integrity and regulatory compliance.

Key Responsibilities and Rules

— Safekeeping of Assets: The depositary holds financial instruments in

segregated accounts in its own books, ensuring they are clearly identified

as belonging to the AIF. For assets that cannot be held in custody, it verifies

the AIF’s ownership and maintains up‐to‐date records and reconciliations.

— Cash‐Flow Monitoring: It confirms that all subscription payments from

investors are received, that all cash belonging to the fund is booked in

accounts opened in the name of the AIF or its manager, and that any

consideration from transactions involving the AIF’s assets is remitted to the

AIF within the usual time limits. This monitoring helps prevent misuse of

funds and ensures proper segregation.

— Oversight Duties: The oversight function ensures that

the AIF operates in compliance with its instruments

of incorporation and applicable national law:

• Valuation Verification: Ensuring the Net Asset Value

(NAV) of the shares/units is calculated in accordance

with the fund’s rules and legal valuation principles.

• AIFM Instructions: Carrying out the instructions of the AIFM, unless

they conflict with the applicable national law or the AIF’s rules.

• Investor Transaction Compliance: Ensuring the sale,

issue, repurchase, redemption, and cancellation of

the AIF’s units/shares are carried out legally.

• Income Application: Ensuring the AIF’s income is applied in accordance

with the applicable laws and the fund’s constitutive documents.

Liability and Delegation

— Delegation: A depositary may

only delegate safekeeping

duties to a third party (subcustodian)

and must not

delegate its cash monitoring

or core oversight functions.

The depositary must exercise

all due skill, care, and diligence

in the selection and ongoing

monitoring of any delegate.

— Liability: The depositary is subject

to near strict liability for the loss

of financial instruments held

in custody. The depositary is

generally liable to the AIF or its

investors for losses suffered due

to its negligent or intentional

failure to properly fulfil its

obligations. Crucially, the liability

of the depositary is not affected

by any delegation arrangements.


AIFs at a glance

AIF with Limited

number of Persons

(AIFLNP)

AIF with Unlimited

number of Persons

AIFUNP)

Registered AIF

(RAIF)

Regulatory Authority

CySEC

CySEC

CySEC – however no

licensing required

Limitation on number

of Investors

50 (with look through

provisions)

Not applicable

Not applicable

Available Structures*

Variable Capital

Investment Company

(VCIC), Fixed Capital

Investment Company

(FCIC), Limited

Partnership (LP)

Variable Capital Investment

Company (VCIC), Fixed

Capital Investment

Company (FCIC),

Common Fund (CF),

Limited Partnership (LP)

Variable Capital

Investment Company

(VCIC), Fixed Capital

Investment Company

(FCIC), Common

Fund (CF), Limited

Partnership (LP)

Umbrella Funds

Possible for all structures



Minimum Share Capital

Internally managed

funds only €50,000

Internally managed

funds only €125,000

As always externally

managed it does not

require minimum

share capital

External Manager

Licensing Requirement

No, can be internally

managed

No, can be internally

managed

Yes, always externally

managed

Director Requirements

Fit and Proper

Fit and Proper

Fit and Proper

Depositary Requirements

Based in Cyprus, EU or

third country that has

cooperation agreement

with Cyprus; exemption

in specific circumstances

Based in Cyprus, EU or

third country that has

cooperation agreement

with Cyprus. When

managed by AIFM shall

be located in Cyprus

Always based in Cyprus,

except for Limited

Partnerships managed

by a MiFID entity

Reporting **

Audited annual report

and half-yearly unaudited

report to be submitted

to CySEC and made

available to unitholders




to CySEC and made





to CySEC and made


*Amendments to the current AIF Law will permit an external manager to act in that capacity without also being the

general partner (GP) in the case of a limited partnership without separate legal personality.

** Additional reporting requirements apply for AIFs with unlimited number of persons which are subject to the AIFM Law

and for Registered AIFs, the scope and frequency of which depend among others in the type of AIF managed by the AIFM

and the level of AuM

32


UCITS

Undertakings for

Collective Investment in


UCITS remain a cornerstone of the

European asset management framework,

combining a harmonised regulatory

regime with strong investor protection

standards. Within the European Union,

the UCITS framework is primarily

governed by Directive 2009/65/EC,

as amended by Directive 2014/91/EU

(UCITS V), which together establish

common rules for the authorisation,

operation, and supervision of

UCITS and their management

companies across member states.

Since its EU accession in 2004, Cyprus has progressively

aligned its regulatory framework with the evolving

UCITS regime, positioning itself as an increasingly attractive

jurisdiction for the establishment and management of

collective investment undertakings. The cornerstone of

the Cypriot UCITS legal framework is the Open-Ended

Undertakings for Collective Investment Law of 2012

(Law 78(I)/2012), as subsequently amended to transpose

UCITS V in 2016. The law is complemented by secondary

legislation and CySEC directives, which further specify the

operational, organisational, and reporting requirements

applicable to UCITS and UCITS Management Companies.

The Cyprus Securities and Exchange Commission

(CySEC) is the competent authority for the authorisation

and ongoing supervision of UCITS and UCITS Management

Companies in Cyprus. Over the past decade, Cyprus has

seen a steady increase in the establishment and marketing

of both local and cross-border UCITS, including umbrella

structures with multiple sub-funds.

Looking ahead, Cyprus continues to enhance its

regulatory and market ecosystem in line with EU

developments, such as the retail investment strategy

and sustainability-related disclosures under SFDR

(Regulation (EU) 2019/2088). These initiatives, coupled

with Cyprus’ competitive tax framework and expanding

fund administration infrastructure, further strengthen its

position as a dynamic and compliant EU fund domicile.


Authorisation and Licensing of UCITS in Cyprus

The authorisation of a UCITS in Cyprus is governed

by the Open-Ended Undertakings for Collective

Investment Law of 2012 (Law 78(I)/2012), as amended,

and by the Directives and Circulars issued by the

Cyprus Securities and Exchange Commission (CySEC).

A UCITS may be established either as:

— A common fund: mutual fund without legal personality,

managed by a management company.

OR

— An investment company: self-managed or

externally managed, incorporated as a

variable capital investment company).

The authorisation process involves the submission

of an application to CySEC, accompanied by:

— The fund’s constitutional documents (trust deed

or memorandum and articles of association).

— The prospectus and Key Investor

Information Document (KIID).

— Details on the custodian (depositary),

auditor, and administrator.

— Proof that the management company is duly

licensed and meets all regulatory requirements.

CySEC assesses the application based on criteria

such as organisational structure, governance

arrangements, risk management procedures, and

compliance with the UCITS diversification and

liquidity requirements as set out in Articles 49-56

of Directive 2009/65/EC, and the corresponding

provisions of the UCI Law. Once authorised, a UCITS

must maintain continuous compliance, including

periodic reporting and investor disclosure obligations.

UCITS Management Companies

UCITS Management Companies established in Cyprus

are regulated under Part VI of the UCI Law and Directive

DI78-2012-02 issued by CySEC. These entities must

demonstrate robust governance, internal control, and risk

management systems consistent with Annex II of UCITS

IV and ESMA Guidelines on Key Concepts of the UCITS

Directive.

The minimum initial capital requirement is €125,000,

increasing progressively in line with assets under

management. In addition, management companies

must employ persons of good repute and appropriate

experience, maintain effective compliance and internal

audit functions, and ensure segregation of portfolio and

risk management from operational functions.

Management Companies may also apply for a UCITS

passport under Article 20 of Directive 2009/65/EC,

enabling them to manage UCITS established in other EU

member states or market Cypriot UCITS abroad, subject to

notification procedures via CySEC and the host regulator.

Marketing and Passporting

UCITS benefit from a single EU marketing passport,

allowing them to be marketed freely to retail investors

across the European Economic Area (EEA) once

authorised in one member state. In Cyprus, UCITS

marketing is governed by Part XI of the UCI Law, and

CySEC has implemented the notification procedures in

accordance with Articles 91-96 of the UCITS Directive

and ESMA’s guidelines on cross-border marketing and

management.

A Cyprus-authorised UCITS may be marketed in

another EU member state once CySEC transmits the

complete notification file to the host authority. Similarly,

foreign UCITS authorised in another EU member state

may market their units in Cyprus following receipt of the

relevant notification by CySEC. Marketing communications

must be fair, clear, and not misleading, in line with ESMA

Supervisory Briefing on Marketing Communications

(ESMA34-45-1272).

CySEC maintains a public register of authorised

UCITS and UCITS Management Companies, ensuring

transparency and investor confidence in the sector.

34


UCITS Structures and Models

The UCITS regulatory framework allows for a variety of fund structures designed to accommodate

different investment objectives, operational setups, and cross-border distribution strategies.

In Cyprus, these are governed by the Open-Ended Undertakings for Collective Investment

Law of 2012 (Law 78(I)/2012) and the Directives and Circulars issued by CySEC.

1.

Single and

Umbrella UCITS

— Single UCITS

• Operates as a single

investment vehicle with

one portfolio and one

pool of investors.

• Commonly used for focused

investment strategies

or niche markets.

— Umbrella UCITS

Comprises multiple sub-funds

under a single legal entity

and a common management

structure. Each sub-fund:

• Has its own investment

policy, risk profile, and

unit/share classes.

• Is ring-fenced – its assets

and liabilities are legally

segregated from other subfunds

(Article 16, UCI Law)

— Advantages

• Operational and cost

efficiencies through

shared governance and

service providers.

• Flexibility to launch new

sub-funds under an existing

umbrella licence (subject

to CySEC approval).

• Popular among institutional

and cross-border promoters.

2. Master-Feeder

UCITS Structures

— Definition

• A structure where one

UCITS (Feeder) invests at

least 85% of its assets in

another UCITS (Master).

• Introduced by UCITS IV

(Directive 2009/65/EC, Articles

58–66) and transposed

into Cyprus law under

Part IX of the UCI Law.

— Key Features

• The Master and Feeder UCITS

may be established in different

EU member states, provided

both are authorised UCITS.

• Must be governed by a

written agreement outlining:

• Cooperation between

the two funds.

• Information-sharing

arrangements.

• Risk-management and

compliance alignment.

• The Feeder UCITS remains

responsible for:

• Its own investor disclosures

(including the Key Investor

Information Document).

• Ongoing compliance

with CySEC rules.

— Advantages

• Enables economies of

scale and centralised

portfolio management.

• Facilitates cross-border

distribution with consistent

investment strategies.

• Cyprus offers a cost-effective

and efficient environment

for establishing such

structures, particularly for

international promoters.

3.

Cross-Border and

Multi-Manager UCITS

— Cross-Border Management

• A Cyprus-authorised UCITS

may appoint a Management

Company from another EU

member state under Article

20 of the UCITS Directive,

benefiting from the EU

‘management passport’

• Conversely, Cyprus UCITS

Management Companies may

manage UCITS established

elsewhere in the EU.

— Delegation and Multi-Manager Setups

• UCITS may delegate portfolio

or risk management to

third parties, including

specialised investment

managers, subject to:

• Due diligence and oversight

obligations under Articles

13–14 of the UCI Law.

• ESMA guidelines on

outsourcing.

• This structure allows

promoters to:

• Access specialised

expertise.

• Maintain strong governance

and CySEC supervision.

• Enhance operational

flexibility for complex

or global investment

strategies.


Eligible Assets and

Investment Restrictions

UCITS are subject to strict rules on eligible assets to

ensure liquidity, diversification, and investor protection.

These rules are harmonised across the EU under Article

50 of Directive 2009/65/EC and transposed into Cyprus

law through Part VII of the UCI Law 78(I)/2012 and

CySEC Directives DI78-2012-03 and DI78-2012-04.

Eligible Assets

A UCITS may invest only in the following

categories of financial instruments:

• Transferable Securities.

• Money Market Instruments (MMIs).

• Units of other UCITS or other Collective

Investment Undertakings (CIUs).

• Deposits with credit institutions.

• Financial Derivative Instruments (FDIs).

• Ancillary Liquid Assets.

Investment and Risk Diversification Rules

To maintain prudent risk-spreading, UCITS must

comply with the following key limitations:

• Maximum 10% of net assets may be invested in

securities or MMIs issued by a single issuer.

• Total exposure to issuers exceeding 5% of

assets may not exceed 40% of the portfolio

• Investments in deposits or OTC derivatives with a

single counterparty are capped at 20% of net assets.

UCITS may not acquire:

• More than 10% of the non-voting

shares of a single issuer

• More than 10% of the debt securities of a single

issuer (subject to exceptions for public issuers).

• Borrowing is generally prohibited, except on

a temporary basis up to 10% of net assets.

Liquidity and Valuation Requirements

• All assets must be liquid and capable

of being valued at least daily.

• Valuations must reflect the fair value.

• UCITS must ensure ongoing risk monitoring and

stress testing under the ESMA Guidelines on Risk

Measurement and Global Exposure (CESR/10-788).

36


Recent Developments

& 2025 Trends

Regulatory & Supervisory

Intensification

Tax & BEPS / Pillar Two Implementation

Cyprus has rapidly aligned its framework

with global and EU tax initiatives, introducing

two distinct yet interconnected legislative

changes that UCITS funds must navigate:

— Pillar Two Implementation (Global Minimum Tax): The law

transposing the EU Minimum Tax Directive was passed

in December 2024. Cyprus’ Domestic Minimum Top-

Up Tax (DMTT), which acts as the local form of the

Qualified Domestic Minimum Top-Up Tax (QDMTT),

is effective for financial years beginning on or after

31 December 2024 (i.e., effective 2025). This imposes

an effective minimum tax rate of 15% for in-scope

Multinational Enterprise (MNE) and large domestic

groups with consolidated revenues exceeding €750

million. Notably, while most UCITS funds are generally

excluded entities for Pillar Two purposes, the rules

remain highly relevant for UCITS Management

Companies (ManCos) and other corporate service

providers if they are part of a larger MNE Group.

— Defensive Tax Measures: Cyprus has adopted enhanced

defensive tax measures against outbound payments

to non-cooperative and low-tax jurisdictions.

Measures against associated companies in EU

Blacklisted Jurisdictions (BLJs) became effective

in April 2025 (e.g., 17% WHT on dividends/interest,

10% WHT on royalties). Critically, new measures

targeting payments to associated companies in

Low-Tax Jurisdictions (LTJs) are deferred until 1

January 2026. These deferred measures include a

17% WHT on dividends and the denial of corporate

tax deduction for interest and royalty payments.

— Proposed Tax Reform: Alongside enacted laws, the

government has proposed a wider tax reform

package which has not yet been finalised.

Cyprus, through its supervisory authority, continues

to integrate evolving pan-European requirements

into its domestic framework, signalling a clear

intensification of compliance expectations.

— CySEC Supervision and Compliance Focus (Q1 2025): In

Q1 2025, the Cyprus Securities and Exchange

Commission (CySEC) issued approximately 20

circulars impacting UCITS Management Companies

(UCITS ManCos). These circulars reinforced

obligations across critical areas, notably:

• ESG/Transparency: CySEC adopted

ESMA’s Guidelines on fund names using

ESG or sustainability-related terms.

• Governance & Reporting: Continued emphasis on

anti-money laundering (AML/CFT), robust internal

audit functions, and mandatory statistical reporting.

— Digital Operational Resilience Act (DORA): CySEC introduced

on 8 April 2025 details about the reporting obligations

of regulated entities, including UCITS ManCos, under

the Digital Operational Resilience Act (DORA).

— EU-Level Liquidity Management (LMTs): On the EU level,

ESMA published its Final Report and Draft Regulatory

Technical Standards (RTS) on Liquidity Management

Tools (LMTs) on 15 April 2025. These measures stem

from the revised AIFMD and UCITS Directives.

• The guidelines emphasise that UCITS ManCos

must retain primary responsibility for liquidity risk

management, requiring them to select and adopt at

least two appropriate LMTs from a harmonised list.

• These rules provide greater clarity on the

calibration and use of tools like swing pricing

and redemption gates, reinforcing regulatory

consistency ahead of the AIFMD II/UCITS

Directive transposition deadline in April 2026.

In Cyprus, the Ministry of Finance and CySEC

are drafting the amendments and the market

is now awaiting the new draft legislation.

— Scrutiny on UCITS Leverage and Risk Profile: ESMA’s 2025

Risk Review (published in April 2025) included a

dedicated analysis of risks in UCITS funds employing

the absolute Value-at-Risk (VaR) model.


Emerging Trends

The European UCITS framework continues to evolve, driven by regulatory

refinement, technological innovation, and shifting investor expectations.

Cyprus, as an EU-compliant fund jurisdiction, is actively aligning its domestic

regime with these broader European and global developments.

Sustainable Finance and

ESG Integration

A key area of transformation is the

growing emphasis on sustainable

finance. The Sustainable Finance

Disclosure Regulation (SFDR –

Regulation (EU) 2019/2088) and

the EU Taxonomy Regulation

(Regulation (EU) 2020/852)

impose new disclosure and

classification requirements on

UCITS Management Companies.

UCITS must now integrate

environmental, social, and

governance (ESG) factors into their

investment processes and provide

transparency regarding sustainability

risks and impacts. CySEC has

issued a series of Circulars

providing guidance on SFDR

implementation and supervisory

expectations, with an emphasis

on the accuracy and consistency

of ESG-related disclosures. Many

Cyprus-based UCITS have already

begun adapting their investment

strategies, marketing materials, and

governance structures to align with

these sustainability obligations.

Cross-Border Distribution

and Market Efficiency

The Cross-Border Distribution

of Funds (CBDF) legislative

package - comprising Directive

(EU) 2019/1160 and Regulation

(EU) 2019/1156 – has modernised

the EU passporting framework.

The CBDF rules aim to remove

regulatory barriers, harmonise

marketing requirements, and

enhance transparency regarding

fees and pre-marketing activities.

Cyprus has fully transposed

these provisions, allowing UCITS

and Management Companies

to benefit from streamlined

notification procedures and more

efficient cross-border operations.

CySEC’s online notification and

communication systems further

facilitate timely submissions and

regulatory clarity for both domestic

and foreign fund promoters.

Digitalisation and

FinTech Integration

Digital transformation is reshaping

fund distribution and investor

engagement. CySEC has prioritised

digital reporting, electronic

submissions, and enhanced data

governance within its supervisory

model. UCITS Management

Companies are increasingly

exploring digital onboarding,

automated compliance tools, and

data-driven risk management,

in line with EU initiatives such

as the Digital Operational

Resilience Act (DORA – Regulation

(EU) 2022/2554). This shift

toward technology-enhanced

compliance and operations

strengthens transparency and

efficiency, positioning Cyprus

as a modern and innovationfriendly

fund domicile.

38


European Passport

of Distribution Services

The EU’s ‘single passport’ continues to make Cyprus an

efficient base for establishing and operating funds, and for

management companies seeking to manage and/or market

funds across the Union from Cyprus. Under UCITS V and the

AIFMD, authorised managers can passport management and

marketing activities throughout the EU without duplicating

full administrative set-ups in each state – supporting

scale and cost efficiency. Recent EU work has focused

on fine-tuning cross-border processes and disclosures

rather than changing the fundamentals of the passport.

Recent Developments

AIFMD II adopted

(Directive (EU)

2024/927):

Targeted changes on

delegation, liquidity

risk, supervisory

reporting,

depositary/custody,

and loan-origination

AIFs. While it does

not alter the basic

passport, managers

should expect

updates to policies,

disclosures and

reporting as national

transpositions

progress.

Standardised crossborder

notification

content:

The Commission’s

Implementing

Regulation 2024/913

(notified by CySEC in

January 2025) sets

forms/ITS for AIFM

cross-border activity

and information

exchange between

authorities,

supporting more

uniform passporting

workflows.

ESMA consolidation

of national rules

(August 2025):

ESMA published

an 83-page

overview compiling

member-statespecific

rules, fees,

and expectations

on cross-border

distribution, a

practical reference

for UCITS/AIF

marketing teams.

PRIIPs updates

relevant to fund

marketing:

From 1 January

2025, UCITS

and other funds

calculating implicit

transaction costs

under PRIIPs must

now strictly use

the arrival-price

methodology and

ensure the use of

three years of data

for the calculation

of performance

scenarios, impacting

KID preparation

and updates.

Supervision

of marketing

communications:

ESMA continues

to emphasise

that materials be

clearly identified as

marketing, balanced

on risks/rewards,

and clear/fair/not

misleading, including

in digital channels

– building on the

existing marketing

communications

framework.


Distribution of UCITS and AIFs

UCITS Passport

UCITS benefit from an EU-wide passport that permits public marketing in all member

states after a streamlined, regulator-to-regulator notification, with no separate product

authorisation by each host authority. Outside the EU, UCITS typically access markets

via private placement (where available), subject to local rules that are generally more

onerous than the intra-EU notification. EU institutions have also standardised forms and

information flows to make notifications more consistent across member states.

EU Regulator-to-Regulator Notification (overview)

• A Cyprus-authorised UCITS notifies CySEC in advance of

its intention to market in another member state.

• The pack sets out the marketing arrangements in the host state

(including any unit/share classes to be marketed).

• If marketing is conducted by the management company on a cross-border basis

(branch or freedom to provide services), this is indicated in the notification.

Core Documents Typically Included

• Constitutional documents.

• Prospectus.

• Latest annual and, where applicable, half-yearly report.

• Key Information Document (PRIIPs KID) for retail distribution (the

UCITS KIID remains used in limited cases where applicable).

Private Placement Outside the EU

UCITS targeting a small number of large institutional investors in non-EU markets may

use local private-placement routes where available, navigating each jurisdiction’s specific

requirements (no EU harmonisation).

AIFMD Passport

The AIFMD provides a passport for EU AIFMs marketing EU AIFs to professional investors

(and, where permitted by national law, to retail investors) across the EU via regulator-toregulator

notification, avoiding separate host-state permissions. For non-EU AIFMs and

non-EU AIFs, the EU still relies on National Private Placement Regimes (NPPRs), pending

any future extension of the passport to third countries.

Quick Reference

UCITS: Public marketing

across the EU after

notification (no host

product authorisation).

AIFMD (EU AIFMs/EU AIFs):

Professional-investor

marketing via

notification; NPPRs

for non-EU elements

remain in place.

Documents:

Prospectus, reports,

constitutional docs,

and PRIIPs KID for retail

distribution (the UCITS

KIID has been fully

replaced by the PRIIPs

KID for retail offerings

since January 2023).

Outside the EU:

Access typically via

private placement,

adhering to each

jurisdiction’s

local regime.

Cyprus AIFM Marketing an EU AIF in the EU

• Notification by the Cyprus AIFM to CySEC, which transmits the information

to the host authority, the process mirrors UCITS practice.

Cyprus AIFM Marketing a Non-EU AIF in the EU (via NPPRs)

• The AIFM must be authorised and fully compliant with the AIFM Law.

• The third country of the non-EU AIF must not be on the Financial Action

Task Force (FATF) Non-Cooperative Country and Territory (NCCT) list.

• Co-operation agreements (MoUs) must exist between CySEC and the

third-country regulator. Host-state NPPR conditions also apply.

40


Marketing Funds in the EU

Cyprus offers clear advantages to non-EU managers looking to raise

capital in Europe and establish a footprint that enables distribution to

investors across all EU member states. Its practical regulatory environment,

mature service ecosystem, and cost-efficient operating base make

Cyprus a credible hub for EU marketing and management.

Establishing a European

Management Company

A recurring question for many

non-EU sponsors is whether to set

up an EU management company.

Two drivers typically lead to a ‘yes’:

• The limitations and variability

of national private placement

regimes (NPPRs) across the EU.

• The recognition that, even

if cross-border access for

third-country managers

expands, full AIFMD

compliance and supervisory

expectations will still apply.

Against this backdrop, Cyprus

combines a supportive legal

framework with an extensive

network of administrators,

custodians, legal and audit firms,

and a deep pool of qualified

professionals making managementcompany

domiciliation both

feasible and cost-effective.

Management

Company Platforms

An increasingly popular route into

the EU is to join a management

company platform. These

platforms are fully authorised

UCITS ManCos and/or AIFMs and

provide immediate access to the

EU passport without the time and

expense of building an in-house

umbrella or local substance.

Typical Features

• The platform provides risk

management, compliance, and

control functions, along with

middle- and back-office support.

• Portfolio management can be

performed by the investment

manager under delegation.

• Many platforms operate umbrella

fund structures, allowing

managers to launch dedicated

sub-funds/compartments

for their own strategies.

Benefits

• Speed to market and

lower set-up costs.

• Shared infrastructure (processes,

systems, reporting) and

proven operating models.

• Clear regulatory accountability

sits with the platform, allowing

managers to focus on

investment performance.


IT infrastructure

& Support

Risk

Management

Capital

Introductions

Business

Model Review

Platform

Services

Offering

Marketing

in the EU

Advisory

Services

Regulatory

Compliance

Key 2026 Watch-Outs

Passporting remains

the core route for EU

AIFMs/UCITS ManCos;

for non-EU AIFMs and

non-EU AIFs, NPPRs still

apply where available.

Supervisors continue to

emphasise substance,

delegation oversight and

governance – platforms

should demonstrate robust

control of outsourced/

delegated functions.

Operational resilience

expectations have

intensified (e.g., DORA

now applies at EU level),

reinforcing requirements

around ICT risk, incident

response, and thirdparty

oversight.

Ongoing EU work

on marketing

communications and

investor disclosures

underscores the need

for materials that are

clear, balanced, and not

misleading, including

in digital channels.

42


Re-Domiciliation

into Cyprus

Re-domiciliation remains a popular

choice for companies looking to benefit

from Cyprus’ strategic location, businessfriendly

environment, and favourable

tax regime. However, with the recent

changes, effective from 15 March 2024,

the process of re-domiciliation has

been updated to align with new EU

standards under the Mobility Directive.

On 15 March 2024, the Companies Law (Amendment)

(No. 3) of 2024 (L. 26(I)/2024) (the ‘Amendment Law’)

was enacted by the Cyprus Parliament. This law transposed

into domestic legislation the provisions of Directive (EU)

2019/2121 (the ‘Mobility Directive’), amending Directive

(EU) 2017/1132 regarding cross-border conversions,

mergers, and divisions by updating the Cyprus Companies

Law, Cap. 113 (the ‘Companies Law’).

This Amendment Law introduced several key

provisions into the Companies Law:

• Sections 201HA to 201HK establish a new legal

framework for cross-border conversions.

• Sections 201ΛΑ to ΛΑΚ establish a new

legal framework for cross-border divisions

of companies with share capital.

• The existing framework for cross-border mergers,

found in Sections 201Θ to 201KZ, has been

amended to align with the Mobility Directive.

These new procedures on cross-border conversions,

divisions, and mergers adopt a harmonised approach

across the European Union, applying to companies

incorporated or having their registered office, central

management, or principal place of business within the EU.

This ensures an aligned set of safeguards across the EU for

all affected stakeholders.


Re-Domiciliation vs. Cross-Border Conversions

Since 2006, Cyprus has permitted the re-domiciliation of foreign companies into Cyprus

and allowed Cyprus-registered companies to re-domicile abroad under the Companies

Law. With the enactment of the Amendment Law, the concept of ‘cross-border

conversion’ has been introduced by incorporating the Mobility Directive into Cyprus

legislation.

This means that for entities registered within EU member states, the transfer of the

registered seat will follow the process outlined by the Mobility Directive, as transposed

into Cyprus law. While cross-border conversion provisions now govern intra-EU seat

transfers, re-domiciliation provisions will still apply in situations where the cross-border

conversion rules do not. This includes transferring a Cyprus company’s registered seat

to a jurisdiction outside the EU or relocating the registered seat of a non-EU entity into

Cyprus.

Legal Framework

Key Benefits

Re-Domiciliation

into Cyprus

For companies registered in non-EU jurisdictions, the re-domiciliation process remains

unchanged. The company must meet the following requirements: the jurisdiction of

origin must permit re-domiciliation, and the company’s constitutional documents

must allow for it. Once these preconditions are satisfied, the company can apply to the

Registrar of Companies in Cyprus.

After fulfilling all requirements under the Companies Law, the Registrar will issue a

temporary certificate of continuation. Within six months – extendable by an additional

three months from the issuance of this certificate – the company must provide proof to

the Registrar that it is no longer registered in its original jurisdiction to receive the final

certificate of continuation.

For companies registered in EU jurisdictions, a court application is necessary. This

application will review the legality of the cross-border conversion procedures as

governed by the laws of the departure member state. It will also issue a pre-conversion

certificate confirming compliance with all relevant conditions and the proper completion

of procedures.

Additionally, companies involved in licensed activities or those that are public must

meet extra requirements. Cyprus remains an attractive destination for companies looking

to re-domicile, and the updated legal framework ensures that the process is smoother,

more secure, and aligned with the latest EU standards.

Relocation to an

EU Jurisdiction:

Gain the advantages

of EU membership,

including its rights

and protections.

Strategic gateway

to key markets:

Cyprus provides access to

the EU, regional markets in the

Middle East and Africa, and

preferential entry to highgrowth

regions like Eastern

Europe, India and China.

Attractive tax and

regulatory environment:

Benefit from Cyprus’

favourable corporate tax

regime, including exemptions

on dividends and capital

gains, no withholding tax on

income distributions, Notional

Interest Deduction (NID) on new

capital, and a comprehensive

Double Tax Treaty network.

Business-friendly climate:

Enjoy a supportive business

environment with a reliable

legal system based on English

Common Law, competent

authorities, and significant

cost efficiencies.

Business continuity

and legal benefits:

Re-domiciling to Cyprus allows

companies to retain their legal

status, operational history, and

goodwill without disrupting

operations, restructuring,

or liquidating assets.

44


Listing Funds on The

Cyprus Stock Exchange

Listing funds on the Cyprus Stock

Exchange (CSE) offers numerous benefits

for fund managers and investors. A

listed fund is a type of managed fund

whose units or shares are traded on a

stock exchange, making them accessible

for buying and selling stocks during

market hours. This process of listing

requires a fund to meet the exchange’s

specific rules and regulations, such

as those for closed-end funds and

Exchange Traded Funds (ETFs), to

ensure investor protection and market

order. However, at the Cyprus Stock

Exchange listing can also be achieved

without admission to trading.

Competitive EU Listing

Listing on an EU-regulated and recognised exchange, such

as the CSE, provides visibility and transparency to investors.

A price mechanism is provided for fund managers and

investors that require a publicly quoted securities exchange

price for their investments. Competitive pricing policy is

provided for investors and market participants, in addition

to the potential to increase their investor base. Funds can

be more effectively marketed to investors by being listed,

since they become eligible investment opportunities for all

investors, as well as for specific profiles of investors, such

as pension schemes and institutional investors. The fast

and simple listing procedures with minimum bureaucracy,

provide flexibility and effectiveness – underlining the

Exchange’s user-friendly approach.

Investment Visibility

A CSE listing provides visibility and transparency to

investors with the prices of listed funds posted on the

CSE’s website and reported to the market through major

data vendors. Price mechanism is provided, through Net

Asset Value (NAV) postings and market prices, if funds

are tradable. The Cyprus Stock Exchange currently has 11

listed non-tradable Collective Investment Funds – more

specifically, two single scheme UCITS funds and 9 subfunds

of one UCITS umbrella scheme.

Additionally, one single scheme AIFs and two subfunds

of two different AIFs have been listed on the nontradable

Collective Investment Schemes Market. In terms

of the future, the CSE would like to encourage the listing

of funds in general.

Units or Shares of UCITS (Undertakings for Collective

Investments in Transferable Securities), AIFs (Alternative

Investment Funds) and RAIFs (Registered Alternative

Investment Funds) can be very easily and quickly listed on

the Collective Investment Schemes Market of the Cyprus

Stock Exchange.


Options and services offered

by the CSE to funds:

Listing: CSE has implemented relevant provisions in its

legal and regulatory framework for listing UCITS, AIFs,

and RAIFs. Listing can be obtained through a very simple

procedure on two markets:

• Tradable Collective Investment

Schemes Market (except RAIFs)

This is the market where collective investment

schemes are listed and shares or units are admitted

to trading through the automated Trading System

(OASIS) of the Cyprus Stock Exchange.

• Non-Tradable Collective Investment

Schemes (CIS) Market

Through this market, the CSE offers issuers the

possibility to list their funds on the market without

admission to trading. It is designed for issuers

looking for visibility for their shares or units and for

whom admission to trading is not a prerequisite.

In this market, funds are only listed (no trading

takes place) with the obligation to announce prices

and to follow any other obligation arising from

the law of their establishment. For the listing of

CIS on this market, specific listing requirements

should be fulfilled. The listing of CIS offers

transparency to the investors through the relevant

announcements (NAV, financial statements etc.)

and prestige to the issuer since the fund is listed

on a recognised and regulated stock exchange.

Registry Services: The CSE regulatory framework allows

the undertaking and keeping by the Cyprus Securities

Depository/Registry (CSD) of the CSE of the registries of

unitholders of AIFs and UCITS, whose units are not traded

on a stock exchange market but have the option to be

registered/listed without trading.

Quoting: If listing is not a desirable option for a fund,

alternatively funds’ prices may be quoted on the CSE’s

website without any obligation for listing.

Who Can List

The types of Collective Investment Schemes (CIS) that

may be listed after approval by the CSE Council, on the

CIS Market are the following:

• Undertakings for Collective Investments

in Transferable Securities (UCITS)

Common Funds or Variable Capital Investment

Companies, which have obtained an operating

licence by CySEC or have the right for distribution

of units or shares to the public in Cyprus.

• Alternative Investment Funds (AIFs)

Common Funds or Variable or Fixed Capital

Investment Companies or Limited Partnerships,

which have obtained an operating licence

by CySEC or have the right for distribution of

units or shares to the public in Cyprus.

• Registered AIFs (RAIFs)

Registered Alternative Investment Funds can also be

listed on the Cyprus Stock Exchange (on the Non-

Tradable Collective Investment Schemes Market).

Listing Fees

Tradable Collective Investment

Schemes: €2,000

Non-Tradable Collective

Investment Schemes: €1,000

Collective Investment Schemes

with more than one class:

First class: €1,000

Additional class: €200

Annual subscription fee

(single funds): €1,000

Annual subscription fee (umbrella funds):

€1,000 + €400 per class or sub-fund

Annual subscription fee (only sub-fund):

€500 per sub-fund

46


Listing Requirements

Non-Tradable Collective

Investment Scheme Market

Tradable Collective Investment

Schemes Market

An issuer who is interested to list for the first time its

securities on the Non-Tradable Collective Investment

Scheme Market must satisfy the Council that the issuer

also responds to the following special requirements:

An issuer who is interested to list for the first time

its securities on the Tradable Collective Investment

Schemes Market, must satisfy the Council that the issuer

also responds to the following special requirements:

— has an establishment and an operation licence from

the competent authority of the country of origin or

is a Registered Alternative Investment Fund (RAIF)

that is registered at the RAIF’s Registry kept by the

Cyprus Securities and Exchange Commission.

— the assets of the Mutual Fund or the Variable

Capital Investment Company must be at least

€200,000. The Council may, by a decision,

in the case of an index-replicating collective

investment scheme, require a larger minimum

amount of assets, depending on the index.

— the Mutual Fund and the Exchange Traded Fund (ETF)

issuer have an establishment and an operation licence

from the competent authorities of the country of origin.

— the assets of the ETF must be at least €200,000.

The Council may, by a decision, in the case of an

index-replicating ETF require a larger minimum

amount of assets, depending on the index.

— the ETF Issuer should have appointed at least one

Market Maker and ensure its existence during

the listing and trading of the units. A revised

regulation regarding Market Making has been

established and is available at the CSE’s website.

— the ETF is entitled to dispose its units to investors in

Cyprus in accordance with the relevant legislation.

Key Benefits

Listing on

the CSE

— assign the keeping of the Units’ Registry or

Shareholders’ Registry as the case may be,

to the Central Depository Registry.

— the beneficiary-index provider should grant

to the ETF issuer a lawful user licence of

the index at the name of the ETF.

Listing on an

EU-regulated

and recognised

exchange

Visibility and

transparency for

investors, offering

better public

profile and prestige

for the fund

A price mechanism

for fund managers

and investors that

require a publicly

quoted securities

exchange price for

their investments

Competitive

pricing policy

for investors

and market

participants

Potential to

increase

investor

base

Listed funds are

more effectively

marketed as

they are eligible

investment

opportunities for

all investors

Fast and

simple listing

procedures

with minimum

bureaucracy

Registry

services

regulated

by a public

legal entity


Taxation

Cyprus has established itself as a leading hub for corporate

structuring and professional financial services, serving as

a strategic hub in the Eastern Mediterranean. Positioned

between Europe, the Middle East, Africa, and Asia, it offers

attractive tax optimisation opportunities for global businesses.

C

yprus offers one of the most efficient tax regimes in Europe and has an extensive

network of double taxation treaties (DTTs) with 69 countries. A member state of the

European Union since 2004 and of the Eurozone since 2008, Cyprus has a legislative

framework fully compliant with EU directives, OECD BEPS standards, and applicable

transparency requirements.

In addition to being FATCA compliant, Cyprus was an early adopter of the OECD

Common Reporting Standard (CRS), which calls on jurisdictions to obtain information

from their financial institutions and automatically exchange that information with

other jurisdictions on an annual basis. It has also implemented the EU framework on

administrative cooperation and the automatic exchange of information.

The regime combines a broad spectrum of tax efficient provisions, including but

not limited to one of the lowest corporate tax rates in the EU at 12.5%, with legislative

changes in progress to increase to 15% in line with OECD global minimum tax initiatives.

Cyprus has already adopted the global minimum tax of 15% for multinational groups

and large-scale domestic groups, transposing the Pillar Two EU Directive.

Broader tax reforms are also under discussion, aiming to further modernise the

Cyprus framework. While final timing and provisions remain subject to parliamentary

approval, these initiatives underscore Cyprus’ commitment to remain competitive,

transparent, and fully aligned with evolving EU and OECD standards. This combined

with substantially lower operating costs compared to other EU fund centres, Cyprus

offers a compelling, future-proof platform for the structuring, management, and

distribution of investment funds.

48


Advantages for Fund

Managers and Executives

Cyprus is increasingly becoming a destination of choice

within the EU for fund managers and fund management

companies thanks to incentives such as:

• option for fund managers and other key

executives to be taxed at a flat rate of 8% on

variable employment remuneration linked to

carried interest, subject to certain conditions.

• exemptions for up to 50% of taxable income

derived from emoluments exceeding €55,000

for up to 17 years that take on Cyprus-based

employment after 1 January 2022.

• tax residency for individuals based on a 60-

day rule, subject to certain conditions.

• a ‘non-dom’ regime whereby exemptions apply

for dividend, interest or rental income for tax

resident individuals who are not considered

as ‘domiciled’ for tax purposes in Cyprus.

• a general exemption on gains from trading

in a wide range of securities including shares

and units of investment funds, with no holding

period or ownership threshold requirements.

• a notional deduction on corporate equity, the

so-called Notional Interest Deduction (NID).

• tax efficient profit repatriation due to the absence of

withholding taxes on dividend and interest (unless

recipient is in a non-cooperative jurisdiction).

• 12.5% cap on corporate tax, amongst

the lowest in the European Union 1 .

• substantially lower operating costs than

comparable EU fund centres.

Tax-Efficient Solutions for Funds

Within the context of modernising its tax system, the

Cyprus tax regime further provides for specific tax efficient

solutions that facilitate the set up and operation of funds

and fund management companies. These provisions

include:

• interest received by open and closed end

collective investment schemes is considered

‘active’ interest income and taxed only at

12.5% corporate tax (no defence tax) 1 .

• no minimum participation or holding period on

inbound dividends to qualify for tax exemption.

• the liquidation of open and closed end collective

schemes does not create tax implications for unit

holders that are not tax residents of Cyprus.

• no permanent establishment would be created in

Cyprus where a non-Cyprus resident investor invests

in a Cyprus tax-transparent investment fund; and a

non-Cyprus investment fund is managed from Cyprus.

• each compartment of an investment fund

(AIF or UCITS), although legally is not

treated as a separate entity, is treated as a

separate taxpayer for tax purposes.

• certain employees who were non-Cyprus tax

resident prior to their employment in Cyprus with

an investment fund management company or an

internally managed investment fund the option to

be taxed at a flat rate of 8% instead of the normal

personal income tax rates ranging from nil to 35%.

The variable remuneration of these employees, which

is effectively connected to the carried interest of the

fund managing entity, may be taxed at the rate of 8%,

with a minimum tax liability of €10,000 per annum,

subject to certain conditions. Such employees have

the option to be taxed at 8% for a 10-year period,

commencing from the year of employment. For

individuals that are eligible and elect to be taxed

under this option, the personal income tax rates

of up to 35% and the other available exemptions

applying to personal income will not apply.

1. As part of the wider tax reform initiative, the corporate income tax rate would

be increased from 12.5% to 15% for all corporations, expected as of 2026.


Investor Taxation

Non-resident investors

• no withholding tax on dividends 2

• no taxation on redemption of units

• no deemed distribution restrictions

Resident investors – Domiciled

• a withholding tax on dividends of 17% if

the investor is an individual who is both

tax resident and domiciled in Cyprus 3


• no withholding tax if investor is a company

Resident investors – Non-Domiciled

• exemption from withholding tax on dividends of 17%


• no withholding tax if investor is a company

Fund Taxation

• any gains from trading in securities, including

shares and units, are tax exempt.

• Notional Interest Deduction (NID) for new

equity may reduce taxable base for interest

received by up to 80% (for company-type funds)

reducing the effective tax on interest to 2.5%.

• dividends received by Cypriot funds are

generally exempt, without any minimum

ownership or holding period requirement.

• capital gains arising from sale of property abroad

as well as capital gains from sale of shares of

foreign property companies are exempt from tax.

• no subscription tax on the net assets of the fund.

• fund management services provided to

alternative funds are not subject to VAT.

2. Cyprus imposes withholding tax on payments made to associated companies

located in a jurisdiction listed in the EU list of non-cooperative jurisdictions

for tax purposes and as of 1 January 2026 Cyprus will introduce defensive

measures for payments to associated companies in low tax jurisdictions.

3. As part of a wider tax reform initiative, it is expected that the existing

withholding tax rate on dividends would be reduced from 17% to 5% for natural

persons who are tax residents and domiciled in Cyprus, expected as of 2026.

Double Tax Treaties

Cyprus has in place Double Taxation

Treaties (DTTs) with 69 countries,

which may eliminate double taxation

and provide for further tax advantages.

Andorra

Latvia

Armenia

Lebanon

Austria

Lithuania

Azerbaijan

Luxembourg

Barbados

Malta

Belarus

Mauritius

Belgium

Moldova

Bosnia

Montenegro

Bulgaria

Netherlands

Canada

Norway

China

Poland

Czech Republic

Portugal

Croatia

Qatar

Curacao

Romania

Denmark

Russia

Egypt

San Marino

Estonia

Saudi Arabia

Ethiopia

Serbia

Finland

Seychelles

France

Singapore

Georgia

Slovakia

Germany

Slovenia

Greece

South Africa

Hungary

Spain

Iceland

Sweden

India

Swiss Confederation

Iran

Syria

Ireland

Thailand

Italy

The States of Guernsey

Jersey

Ukraine

Jordan

United Arab Emirates

Kazakhstan

United Kingdom

Kingdom of Bahrain USA

Kuwait

Uzbekistan

Kyrgyzstan

50


Who’s Who Cyprus

BUSINESS DIRECTORY

Accounting & Auditing

Baker Tilly South East Europe.............................................. 53

Deloitte Cyprus.......................................................................56

Joannides + Co Ltd................................................................59

KPMG Limited.........................................................................60

PwC Cyprus.............................................................................62

Banking Services

Alpha Bank Cyprus Ltd................................................................51

Bank of Cyprus PLC.....................................................................53

EFG Cyprus Limited.....................................................................57

Eurobank Limited.........................................................................57

Corporate Services

Abacus Ltd......................................................................................51

GCIE Corp Ltd.............................................................................. 58

Depositaries

Athlos Capital................................................................................53

Mega Equity Securities &

Financial Services Public Ltd..............................................61

Executive Education

European Institute of

Management and Finance (EIMF)......................................57

Financial Advisory

MAP S.Platis................................................................................... 60

Fund Administration

Alter Domus (Cyprus) Ltd...........................................................51

Amicorp Fund Services (Cyprus) Ltd.......................................52

ATG Fund Services.......................................................................53

BDO Limited................................................................................. 54

Centaur Trust Group................................................................... 54

CPF Fund Administration Services...........................................55

TMF Group.................................................................................... 63

Trident Trust Company (Cyprus) Limited.............................. 63

Vistra (Cyprus) Ltd....................................................................... 64

Fund Management

AIFM Cayros Capital Investment Management Ltd.............51

Argus Management Ltd..............................................................52

BAO Capital Partners Ltd........................................................... 54

Easternmed Asset Management Services Ltd...................... 56

Eleon Capital Management.......................................................57

Fortified Capital Ltd.................................................................... 58

GMM Fund Management.......................................................... 58

GMM Global Money Managers Ltd......................................... 58

KENDRIS Capital Limited........................................................... 59

Leon MFO Investments Ltd...................................................... 60

Mega Ploutos Fund Management Ltd.....................................61

Numisma Group...........................................................................61

V Plus Plus Ltd.............................................................................. 64

Wealth Fund Services Ltd.......................................................... 64

Industry Associations

Association of Cyprus Banks.....................................................52

Chartered Institute for Securities & Investment (CISI)....... 54

Cyprus Bar Association...............................................................55

Cyprus Fiduciary Association (CYFA).......................................55

Cyprus Investment Funds Association (CIFA)...................... 56

The Institute of Certified

Public Accountants of Cyprus.......................................... 63

Investment Promotion

Invest Cyprus................................................................................ 59

Investment Services

Argus Stockbrokers Ltd..............................................................52

CISCO..............................................................................................55

Law Firms

Haviaras & Philippou LLC.......................................................... 59

Kinanis LLC.................................................................................... 60

Stelios Americanos & Co LLC................................................... 62

Tassos Papadopoulos & Associates LLC................................ 63

Software Solutions

Effect SA........................................................................................ 56

PCS SA.............................................................................................61

Rimes Technologies (Cyprus) Ltd............................................ 62

Systemic......................................................................................... 62


Constantinos Chiotis

CEO

ABACUS LTD

Founded in 2001 following a spin-off from a Big Four firm, Abacus is a

fully independent boutique advisory and corporate services firm, with

offices in London, Athens and Nicosia. Recognized as a leading advisor

across the EMEA region, we specialize in delivering tailored international

business solutions. Our global client base includes multinational

corporations, mid-market specialist enterprises, private equity and

venture capital firms, family offices, and high-net-worth individuals.

Among them are many Fortune 500 companies and some of the world’s

most recognizable names, both corporate and private.

London | Athens | Nicosia

Themistocles Dervis 5, Elenion Building,

Nicosia 1066 - Cyprus

(+357) 22 555 800

Constantinos Chiotis CEO

constantinos.chiotis@abacus.ltd

www.abacus.ltd

Maryna Chernenko

Managing Director

AIFM CAYROS CAPITAL INVESTMENT MANAGEMENT LTD

Being a pioneer among Cyprus-based AIFMs, Cayros Capital works with

private and institutional investors, family offices, and wealth managers

across Europe and globally, providing a comprehensive range of services,

including portfolio management, risk management and regulatory

compliance. Cayros Capital’s leadership team is dedicated to upholding

the highest standards of professionalism and integrity, focusing on

diversifying its funds’ portfolios while ensuring full regulatory compliance

across multiple jurisdictions and investment activities. With a forwardthinking

approach, the company continually seeks new opportunities to

expand its portfolio, refine its investment strategies, and enter new and

emerging markets.

82 Akropoleos Avenue, 1st Floor, 2012

Akropolis, Nicosia - Cyprus

(+357) 22 107 242

Maryna Chernenko Managing Director

mchernenko@cayros.eu

www.cayros.eu

Miltos Michaelas

Managing Director

ALPHA BANK CYPRUS LTD

Alpha Bank Cyprus Ltd has been operating in Cyprus since 1998. It offers

a wide range of high-quality financial products and services, including

Retail Banking, SMEs, Corporate, International Banking and Wealth

Management, as well as Investment and Insurance offerings. As part of the

Alpha Bank Group, a leading financial sector group in Greece, its mission

is to contribute to the Cyprus Economy by continuously developing

and upgrading its products and services to meet the evolving demands

of its individual and business Customers. The Bank takes an active role

in supporting the Cyprus Economy and Society through initiatives that

create value for its Customers, Employees, and the broader Community.

3, Limassol Avenue,

2112 Nicosia - Cyprus

(+357) 22 888 888

Miltos Michaelas

Managing Director

GeneralManagement@alphabank.com.cy

www.alphabank.com.cy

Evdokia Stavraki

Country Executive

Cyprus

ALTER DOMUS (CYPRUS) LTD

Alter Domus is a leading provider of integrated solutions in the

alternatives market, with 6,000 people, who administer more than

$3.5 trillion in assets and 36,000 structures across 23 jurisdictions

globally. We understand that in-house administration requires extensive

knowledge, investment in resources, and the right technology. When

you partner with Alter Domus, you remove those operational burdens.

We’ve got the people, processes, and systems to handle complex

details and communications, ensuring you meet investor demands and

remain compliant across jurisdictions. Our local team in Cyprus works

diligently to help clients meet their growing regulatory obligations and

keep up with increasing investor demands. Offering fund administration,

corporate services, transfer pricing, and domiciliation services, you can

rely on our on-the-ground expertise to help you take advantage of

opportunities as they arise.

11 Limassol Avenue,

Galatariotis Building, 2112,

PO Box 27282, 1643 Nicosia - Cyprus

(+357) 22 465 151

Evdokia Stavraki

Country Executive Cyprus

Evdokia.stavraki@alterdomus.com

www.alterdomus.com

52


Elia Nicolaou

Managing Director

AMICORP FUND SERVICES (CYPRUS) LTD.

Amicorp provides specialized corporate management, financial markets,

and fund administration services that improve efficiencies, simplify

operations, ensure compliance, and open up new opportunities. Our

fund administration services support the diverse and evolving needs of

fund managers and institutional investors across global markets. We add

value at every step, from fund setup, Net Asset Value (“NAV”) calculations,

and Transfer Agency Services to ongoing regulatory compliance support

and back-office operations. Our services are backed by innovative

technology solutions like our AMI-GO platform that brings improved

efficiencies to onboarding and data management, and our own

risk based ‘ratings’ model to help clients make informed investment

decisions. Amicorp Fund Services, as part of Amicorp FS (UK) Plc (“AMIF”),

is a listed business on the London Stock Exchange.

15 Dimitriou Karatasou Str.,

Anastasio Bldg, 6th Floor,

2024 Strovolos, Nicosia - Cyprus

(+357) 22 504 000

Elia Nicolaou

Managing Director

e.nicolaou@amicorp.com

www.amicorp.com

Constantinos

Nicolaides

CEO

ARGUS MANAGEMENT LTD

Argus Management is a Cyprus-based Alternative Investment Fund

Manager that actively manages funds across both alternative and

traditional investments. Since inception, we have achieved consistent

growth in assets under management, driven by our commitment to

performance, compliance, and investor trust. Our team brings together

diverse backgrounds and deep expertise in asset management, risk

management, and regulatory structuring. Beyond fund management,

we also structure funds in Cyprus and abroad, tailored to each fund’s

specific features and objectives. By combining expertise with a clientfocused

approach, we deliver robust portfolio management, regulatory

oversight, and tailored solutions that generate long-term value for our

investors.

25 Demostheni Severi Av. Metropolis Tower,

4th Floor, 1080, Nicosia - Cyprus

(+357) 22 271 686

Constantinos Nicolaides CEO

cnicolaides@argusmanager.com

www.argusmanager.com

Andri Tringidou

Managing Director

ARGUS STOCKBROKERS LTD

Argus Stockbrokers is a fully licensed Cyprus-based investment services

firm offering a wide range of services, including asset management,

global brokerage execution, investment advice and corporate finance

and consulting. Regulated by the Cyprus Securities and Exchange

Commission and as a member of Cyprus Stock Exchange (CSE) and

Athens Stock Exchange (ASE), we bring over 25 years of experience. Our

dedicated team delivers tailored, client-focused solutions, and is wellequipped

to help you achieve your investment objectives. By combining

deep expertise with a personalised approach, we deliver comprehensive

services tailored to generate long-term value for our clients.

25 Demostheni Severi Av.

Metropolis Tower, 1st&2nd Floor,

1080, Nicosia - Cyprus

(+357) 22 271 000

Andri Tringidou

Managing Director

andrit@argus.com.cy

www.argus.com.cy

Dr. Michael Kammas

Director General

ASSOCIATION OF CYPRUS BANKS

Through its representation of nine member banks, that hold more than

90% market share and provide a full range of banking services, the

Association of Cyprus Banks (ACB) is the voice of the Cyprus banking

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

the banking sector and the local economy as a whole. The ACB is a nonprofit

organization through which common positions are formulated

and promoted on banking and financial issues, when local legislative and

governmental policies are determined.

15 Demetriou Karatasou Str, Office 401,

P.O. Box 16113, 2086 Nicosia - Cyprus

(+357) 22 664 293

Dr. Michael Kammas

Director General

info@acb.com.cy

www.acb.com.cy


Andreas Athinodorou

CEO

ATG FUND SERVICES

‘Creating, Protecting and Growing Wealth’. We offer a comprehensive

range of services including initial fund structuring advice, licensing, fund

set up, fund management support, fund administration/back-office,

registrar transfer agent services, NAV and regulatory reporting. As our

clients’ trusted service partner, we act as a single contact 1.4 Logotypepoint for their

Positive and negative versions

structures, centrally coordinating all fund parties including the fund

COLOURS

manager, investors, depositary and the regulator. We offer fund solutions

Our color palette expands on our unique aesthetic and

represents an innovative and smart institution.

in Cyprus, Cayman Islands, BVI, UK, DIFC (Dubai) and ADGM (Abu Dhabi)

Balancing corporate and adaptability Athlos Capitals’

colours are harmonious with innovation, yet chosen for its

and support funds that invest in liquid securities, luminous private quality in the digital equity, world. real

estate, shipping and crypto assets. ATG Fund Services is a member of the

Athina Trust Group offering financial services that include Corporate and

Private Wealth services to high-net-worth individuals and corporates.

Positive

KEMA BLDG, 5th Floor East, 21

Akademias Avenue, 2017, Nicosia - Cyprus

(+357) 22 057 570

Andreas Athinodorou CEO

andreas.athinodorou@atgfunds.com

www.atgfunds.com

Giorgos Theodorou

Head of Depositary

Services

ATHLOS CAPITAL

Athlos Capital is an independent boutique investment firm, regulated by

CySEC, offering prime brokerage, wealth management, and depositary

services. We leverage our vast network of elite investment banks and

execution venues to provide our clients with exceptional execution

services. Our commitment to ethos, reliability, and integrity is reflected in

our superior Depositary Services, ensuring strict adherence to regulatory

guidelines. By partnering with Athlos, funds benefit from access to worldclass

sub-custodians and esteemed banking institutions, including a

reputable AA-rated bank, guaranteeing asset segregation and robust

investor protection. We emphasize efficient, effective service delivery,

fostering client relationships grounded in trust and accountability.

Our team of experienced professionals, equipped with deep industry

expertise, is committed to providing exceptional service to our clients.

Negative

17 Stasinou Avenue, Bedizia Tower

6th & 7th Floor, 1060 Nicosia - Cyprus

(+357) 22 110 791

Giorgos Theodorou

Head of Depositary Services

Depositary@athloscapital.com

www.athloscapital.com

Moisis Aristidou

Partner, Assurance

and Fund Services

BAKER TILLY SOUTH EAST EUROPE

Baker Tilly Southeast Europe is a proud member of Baker Tilly

International, one of the world’s top ten professional services networks,

uniting over 120 independent firms across four global regions. With

offices in Cyprus, Greece, Romania, Bulgaria, and Moldova, our team of

more than 400 professionals and 12 partners deliver a comprehensive

range of tailored solutions spanning audit, tax, advisory, and assurance

services. Our professionals are committed to upholding the highest

standards of integrity and excellence, working closely with clients to

foster trust, confidence, and long-term success. We remain dedicated to

empowering organisations to achieve their ambitions in an ever-evolving

business landscape. We strive to build lasting client relationships rooted

in authenticity, expertise, and innovation, helping businesses navigate

complex challenges and seize new opportunities in a rapidly changing

world.

Corner C. Hatzopoulou & 30

Griva Digeni Avenue, 1066,

Nicosia - Cyprus

(+357) 22 458 500

Moisis Aristidou

Partner, Assurance and Fund Services

m.aristidou@bakertilly.com.cy

www.bakertilly.com.cy

Panicos Nicolaou

Chief Executive

Officer

BANK OF CYPRUS PLC

The Bank of Cyprus Group is the leading banking and financial services

group in Cyprus, providing a wide range of financial products and

services which include retail and commercial banking, finance, factoring,

investment banking, brokerage, fund management, private banking, life

and general insurance. At 31 March 2025, the Bank of Cyprus Group

operated through a total of 56 branches in Cyprus, of which 2 operated as

cash offices. The Bank of Cyprus Group employed 2,857 staff worldwide.

At 31 March 2025, the Group’s Total Assets amounted to €26.8 bn and

Total Equity was €2.9 bn. The Bank of Cyprus Group comprises Bank of

Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus

Public Company Limited and its subsidiaries.

51, Stassinou 2002,

Strovolos Nicosia - Cyprus

(+357) 22 121 731

Christos Ioannou

Head Private & Affluent Banking

priviledge@bankofcyprus.com

www.bankofcyprus.com.cy

54


Nayan Agarwal

Managing Director

BAO CAPITAL PARTNERS LTD

BAO Capital Partners Ltd is a regulated AIFM based in Cyprus, managing

diversified strategies across Private Equity, Public Markets, Real Estate,

and Credit. We structure AIFs and RAIFs tailored for global investors,

leveraging Cyprus’s EU status for passportable access across Europe.

We are also a licensed Category I Foreign Portfolio Investor (FPI) in

India, channeling international capital into the country’s fast-growing

economy. Our strength lies in bespoke investment solutions driven by

independent research, risk discipline, and local expertise. BAO reflects

our ethos—Be Ambitious and Outstanding—and our track record in

cross-border fund structuring, institutional governance, and sustainable

performance reflects this vision. As part of BAO Financial Group, we

deliver institutional-grade access to India through a globally integrated

platform of financial excellence.

Capital Partners Ltd

A BAO Group Company

4th Floor, Unit 406, Kermia Building,

4 Diagorou Street 1097, Nicosia – Cyprus

(+357) 22 021 606

Nayan Agarwal Managing Director

info@baocapital.com

www.baocapital.com

Karlos Zangoulos

Managing Partner

BDO LIMITED

BDO Fund Services is a leader in the provision of fund administration and

advisory services in Cyprus. We provide: Fund advisory and establishment

services, including the drafting of the prospectus and operational

manuals where necessary; Administrative agent services, including

fund accounting and portfolio valuations; Registrar agent services,

including investor risk management, maintaining the investor registers,

performing subscriptions and redemptions; Fund domiciliation and

investor communication services. Our assurance team provides internal

audit and statutory audit services to both funds and fund managers.

BDO International is the fifth largest accountancy network in the world

with over 120,000 people working out of 1,800 offices worldwide and

revenues exceeding US$15 billion.

236 Strovolos Avenue,

Strovolos 2048, Nicosia

PO Box 25277, CY2413,

Nicosia - Cyprus

(+357) 22 495 707

Karlos Zangoulos Managing Partner

kzangoulos@bdo.com.cy

www.bdo.com.cy

Demetris

Papaprodromou

Founder & CEO

CENTAUR TRUST GROUP

In an era of heightened regulatory scrutiny, corporate governance and

economic substance have become essential pillars for businesses, family

offices, and high-net-worth individuals seeking to preserve wealth

and uphold compliance. To thrive, organisations must build robust

governance frameworks, transparent controls, and clear succession

strategies. CENTAUR TRUST®, licensed and regulated by the Cyprus

Securities and Exchange Commission (CySEC), delivers integrated

solutions in governance, fiduciary management, and family office

structuring, empowering clients to navigate complexity with confidence

and ensure enduring sustainability.

2, Apostolos Varnavas Street, 2571

Nisou, Nicosia - Cyprus

(+357) 22 499 994

Ioannis Mikellides

Chief Operating Officer (COO)

ioannis@centaurtrust.com

www.centaurtrustgroup.com

Charles Charalambous

President of the CISI

Cyprus National

Advisory Council

CHARTERED INSTITUTE FOR SECURITIES AND INVESTMENT (CISI)

The Chartered Institute for Securities & Investment is the leading

professional body for securities, investment, wealth and financial

planning professionals. Dedicated to professionalism since it emerged

from the London Stock exchange in 1992, its purpose is to champion

lifelong learning and integrity, raising individual standards of knowledge,

skills and behaviour globally to enhance public trust and confidence in

financial services.

20 Fenchurch Street, London,

EC3M 3BY - UK

(+44) 7935 352 980

Kat Eletskikh

International Manager

kat.eletskikh@cisi.org

www.cisi.org


Christos Kalogeris

General Manager

CISCO

CISCO established in 1982, is the oldest and one of the leading providers

of investment services in Cyprus. It is regulated by CySEC (CIF License

No. 003/03). CISCO is a wholly owned subsidiary of Bank of Cyprus,

a member of the Cyprus Stock Exchange and a remote member of

the Securities Market of Athens Stock Exchange. With professionalism,

discretion and dedication in providing excellent customer service,

CISCO offers a range of financial services including discretionary and

advisory asset management for institutional clients and HNWIs and fund

administration services. CISCO also offers brokerage on the world’s

biggest stock exchanges, access to trading international mutual funds

(UCITS) as well as trading global corporate and government bonds.

Lastly, our Investment Banking services cover listing and capital raising

(debt and equity), M&A, valuation and restructuring advisory, as well as

structuring and registration services for funds and fund managers.

1 Agiou Prokopiou and Posidonos,

2406, Engomi, Nicosia - Cyprus

(+357) 22 121 700

Christos Kalogeris

General Manager

christos.kalogeris@bankofcyprus.com

www.cisco-online.com.cy

Costas Christoforou

Chief Executive

Officer

CPF FUND ADMINISTRATION SERVICES (“CPF”)

CPF has been dedicated to provide comprehensive and full scope fund

administration services to investment funds both in Cyprus and offshore.

We distinct ourselves as we remain a niche service provider with flexible,

technologically innovative and reliable high-quality services, offering a

unique tailored service and attention to all of our clients. Outsourcing

a fund’s administration to CPF gives you peace of mind, knowing

that experts are handling all the details. Our management and staff

have acquired extensive experience in all major functions of a fund’s

operation, including administration and compliance. This allows us to

provide invaluable advice and counsel on all types of operational and

administrative issues that may arise. CPF is a member of CPM group and

member of CIFA.

5 Esperidon Str., 4th floor,


(+357) 22 474 000

Costas Christoforou

Chief Executive Officer

Costas.Christoforou@cpm.com.cy

www.cpf.com.cy

Koulia Vakis

Chief Executive

Officer

CYPRUS BAR ASSOCIATION

The Cyprus Bar Association (CBA) is the regulatory and professional

body representing approximately 4,500 registered practicing advocates

in Cyprus. Established in 1960 under the Advocates Law, Cap. 2, the

CBA has continuously operated as a key institution within the Cypriot

legal system. Its core mission is to represent and support the interests of

its members, safeguard the independence of the legal profession, and

uphold the rule of law. The CBA is a full member of the Council of Bars

and Law Societies of Europe (CCBE), representing more than 1,000,000

practicing lawyers across Europe. It also holds membership in several

other international legal organisations, including the International Bar

Association (IBA), the Commonwealth Lawyers Association (CLA), the

European Lawyers Foundation (ELF), the Mediterranean Bar Association,

and the Union of the Balkan Bar Associations.

11 Florinis Str., City Forum, Off.101,

1st Floor, 1065, Nicosia - Cyprus

(+357) 22 873 300

Koulia Vakis Chief Executive Officer

ceo@cba.org.cy

www.cyprusbarassociation.org

Costas Christoforou

President of the

Board of Directors

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.

6, Emmanuel Roide Street,

Fourth floor, Office 402, 1095,

Nicosia - Cyprus

(+357) 22 256 263

info@cyfa.org.cy

www.cyfa.org.cy

56


Maria Panayiotou

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 400 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 close to €10 billion.

Severis Building, 9 Makarios III Ave.,

4th Floor, Lefkosia 1065 - Cyprus

(+357) 22 441 133

Michalis Vasiliou

Board Secretary

info@cifacyprus.org

www.cifacyprus.org

Pieris Markou

CEO, Deloitte Cyprus

DELOITTE CYPRUS

Deloitte Limited is among the leading professional services firms in

Cyprus, providing audit and assurance, tax and legal, consulting, as well

as a complete range of services to companies operating from Cyprus.

It’s the sub-licenced affiliate for Cyprus of Deloitte NSE LLP, and part of

the Deloitte global network which provides leading professional services

to nearly 90% of the Fortune Global 500® and thousands of private

companies. With the advantage of global sharing of knowledge with

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

over 65 years of successful operations on the island, our people deliver

measurable and lasting results that help reinforce public trust in capital

markets and enable clients to transform and thrive. Deloitte spans more

than 150 countries and territories and approximately 460,000 people

that make an impact that matters.

24 Spyrou Kyprianou Avenue,

CY 1075, Nicosia - Cyprus

(+357) 22 360 300

infonicosia@deloitte.com

www.deloitte.com/cy

Ioannis Papaioannou

CEO/CIO, Head

of UCITS Portfolio

Management

EASTERNMED ASSET MANAGEMENT SERVICES LTD (“EAMS”)

EAMS is a leading UCITS Management Company licensed since 01/2016

by the Cyprus Securities and Exchange Commission (CySEC). The

Company is head-quartered in Nicosia and it is supported by its Athens’

office team of analysts. EAMS’ core business activity is the management

of a Cyprus UCITS and an AIFLNP Funds and the provision of portfolio

management services to a Luxembourg SICAV. The Company also

provides portfolio management services to professional clients on a

discretionary basis. EAMS expertise lies predominately in European (and

certain segments of the US) value-oriented equity markets of traditional,

asset-based industries such as Energy and Materials. The firm employs

high caliber professionals with significant experience and drive in their

respective areas. Easternmed’s team aspires to become a role model

in the rising Cyprus asset management industry for the benefit of its

investors, clients as well as business partners.

48, Themistokli Dervi Avenue,

Athienitis Centennial Building,

Office 104, 1066 Nicosia - Cyprus

(+357) 22 274 400

Ioannis Papaioannou

CEO / CIO, Head of UCITS

Portfolio Management

info@eastmedfin.com

www.eastmedfin.com

George Thomas

President &

Managing Director

EFFECT SA

Founded in 1990, EFFECT is a leading provider of integrated IT solutions

for Investment Management, serving Banks, Asset Managers, Mutual

Funds, and Investment Companies in Greece and Cyprus. Its flagship

platform FIN/S web offers a unified system covering Private Banking,

Wealth & Asset Management, Fund Management, Administration & TA,

Pension Funds, Custody, Brokerage, Family Office, and Robo Advisory.

To further enhance the digital journey, EFFECT provides a state-of-theart

Investor Portal and Mobile App, ensuring secure and seamless client

access anytime, anywhere. Powered by a robust workflow engine and

rich API ecosystem, EFFECT enables institutions to streamline operations,

strengthen relationships, and achieve sustainable growth. With advanced

technology and a highly specialized team, EFFECT consistently drives

innovation, client success, and operational excellence.

70-72 Panormou,

115 23 Athens - Greece

(+30) 211 016 1600

Markos Skandalis

Head of Sales

info@effect.gr

https://effect.gr/


Costas Stylianou

Chief Executive

Officer

EFG CYPRUS LIMITED

EFG Cyprus Limited (“EFG Cyprus”) is an Investment Firm established in

the Republic of Cyprus regulated by the Cyprus Securities and Exchange

Commission, under Licence No. 393/20. EFG Cyprus through its Parent

company EFG Private Bank (UK) Limited is part of EFG International, a

global private banking and asset management group headquartered in

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

EFG International’s registered shares are listed on the SIX Swiss Exchange

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

A rating. EFG Cyprus is authorized to provide Clientele with investment

advice, reception and transmission of orders, and portfolio management

services. By capitalizing on the experience, systems, and processes of

EFG Group is also licensed and provides AIFMD compliant Depositary

services to Cyprus Alternative Investment Funds.

23 John Kennedy Avenue,

Globe House, 1075 Nicosia - Cyprus

(+357) 22 025 900

Costas Stylianou Chief Executive Officer

Constantinos Papanastasiou Deputy CEO

enquiries@efgcy.com

www.cy.efgl.com

Marina Kassianides

Managing Director

ELEON CAPITAL MANAGEMENT

Eleon Capital Management Ltd.(ECM), a CySEC-regulated Alternative

Investment Fund Manager (AIFM), stands at the forefront of European

diversification for investors seeking wealth preservation and strategic

growth. With our unique approach to Fund structuring, Managed Accounts,

and Wealth Management, we offer direct access to regulated alternative

investments across Real Estate, Private Equity, Hedge Funds amongst

others. Our diverse team combines technical precision with relational

insight, delivering hands-on support tailored to the unique needs of Family

Offices and global investors. Our commitment to compliance, and longterm

value creation is reflected in our partnerships with Tier 1 custodians

and alignment with EU directives. For those wanting succession, wealth

management, and asset protection, ECM is more than a financial partner,

it is a bridge between heritage and opportunity.

1 Arch. Makarios III Avenue,

First floor - Office 801, Lakatamia,


(+357) 22 021 634

Christos Kassianides

Portfolio Manager

fundservices@eleoncapital.com

www.eleoncapital.com

Marios Hadjikyriakos

General Manager

Wealth Management

EUROBANK LIMITED

Eurobank Wealth Management leverages the heritage and expertise

of Eurobank Group to offer investment solutions for high-net-worth

individual and institutional investors. Our approach combines flexibility,

innovation, and strategic collaboration, always guided by a strong

commitment to sustainability and social responsibility. With the insight

of experienced professionals, we adopt a client-centric philosophy,

enhanced by digital innovation. Our purpose is to protect and grow

wealth with foresight and integrity, remaining a trusted partner for our

clients across generations. Eurobank is a leading provider for Fund

Depositary services. Our services capitalize on multi-jurisdictional

knowledge and expertise. We work closely with our clients to provide

a comprehensive offering, covering operational, legal, and regulatory

aspects, complemented by a distinct suite of banking, treasury, and

investment services.

28 Spyrou Kyprianou Avenue, 1075 Nicosia

PO Box 27236, 1643 Nicosia, Cyprus

(+357) 22 208 009

George Yemenitzis

Fund Services, Wealth Management

gyemenitzis@eurobank.com.cy

www.eurobank.cy

Marios Siathas

Chief Executive

Officer

EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)

The EIMF, a leading academic and executive education provider,

offers diverse learning opportunities including Academic Degrees,

Global Professional Qualifications, and professional executive courses.

Accredited and licensed by the Cyprus Ministry of Education, the

Human Resource Development Authority of Cyprus, and other global

associations, the EIMF excels in regulatory education, particularly in

the areas of Governance, Risk, and Compliance. With over a decade

of presence in the industry, the EIMF delivers specialised programmes

designed to meet the evolving needs of sectors such as finance, banking,

legal, and professional services. With locations in London, Dubai,

Brussels, Frankfurt, Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, and

Sofia, and serving over 17,000 students annually, the EIMF stands out as

a regional leader in education.

25 Megaron Street,


(+357) 22 274 470

Marios Siathas


msiathas@eimf.eu

www.eimf.eu

58


Omeros Nishiotis

Chief Executive

Officer and Chief

Investment Officer

FORTIFIED CAPITAL LTD

Fortified Capital Ltd is a multi-asset class AIF Management company

(AIFM) specializing in setting-up, administrating and managing AIFs and

RAIFs. Since its inception in 2013, Fortified Capital is at the forefront of the

Cyprus fund industry, offering a one-stop solution for those seeking to

establish and operate Regulated and Registered fund structures through

Cyprus. Fortified Capital also provides Cross-Border Fund Management

services to EU Funds and to Funds authorised in third country jurisdictions.

The Company is authorised and regulated by the Cyprus Securities and

Exchange Commission (License No. AIFM2/56/2013).

36B Griva Dighenis Avenue,

1st Floor, Office 101-102, 1066

Nicosia - Cyprus

(+357) 22 367 610

info@forticap.eu

www.forticap.eu

Isavella Evripidou

Founder / CEO

GCIE CORP LTD

In today’s dynamic financial landscape, launching a successful

investment fund requires more than just a great idea. It demands

expertise in regulatory frameworks, jurisdictional benefits, and a trusted

partner to guide the process seamlessly. At G.C.I.E. Corp., we specialize

in global fund licensing, assisting asset managers, fund promoters, family

offices, and institutional investors to establish and grow their structures

confidently. Whether launching a Private Equity Fund, AIF, AIFM, RAIF,

AIFLNP, Hedge Fund, Venture Capital Fund, or Collective Investment

Scheme, we provide tailored, end-to-end solutions that align with

clients’ strategy and chosen jurisdiction. Our experienced team supports

the clients through every step—from jurisdiction selection and regulatory

approval to operational structuring—ensuring client’s fund is positioned

for long-term success.

Agias Zonis 22A, 1st Floor,

Office 101, 3027, Limassol - Cyprus

(+357) 25 269 400

Isavella Evripidou

Founder/ CEO

evripidou.i@gciecorp.com

www.gciecorp.com

Maria Panayiotou

Managing Director

GMM FUND MANAGEMENT

GMM Fund Management is an AIF Manager authorised and regulated

by CySEC with Company License No. AIFM33/56/2013. GMM operates

in the financial sector, setting up, running and managing Alternative

Investment Funds (AIFs & RAIFs). Our objective is to preserve the capital

we manage and to achieve optimal yields. We establish and manage our

own funds with a focus on renewable energy, shipping, and real estate,

as well as managing third-party funds. The third-party management

solution provides the fund promoter with the regulatory requirements

to operate, without the need to establish a management company

substance in the fund domicile of choice.

43, Agion Omologiton Avenue,


(+357) 22 777 337

Maria Panayiotou

Managing Director

map@gmmfunds.com

www.gmmfunds.com

Alexios Kartalis

General Manager

GMM GLOBAL MONEY MANAGERS LTD

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

Management Company, holding UCITS Manager License No.2/13. It

operates in the financial sector, setting up, running and managing UCITS

Mutual Funds as well as Alternative Investment Funds (AIFs, AIFLNPs). The

Company through an extensive range of potential investment options,

is seeking to provide effective geographical coverage and achieve

diversification of investment risk. GMM’s management team and associates

are well reputed with many years of experience and their primary aim is

to safeguard invested capital and generate optimal yields for the small,

medium and large portfolios of both private individuals and institutional

investors. GMM Global Money Managers Ltd is part of the Global Wealth

Group PLC, which is listed on the Cyprus Stock Exchange (CSE). As of July

2025, we provide Wealth Management services through selected tailormade

portfolios for both private and institutional clients.

26B, Agion Omologiton Avenue,


(+357) 22 205 858

Alexios Kartalis

General Manager

info@global-mm.com

www.global-mm.com


Andreas Haviaras

Managing Partner

HAVIARAS & PHILIPPOU LLC

Haviaras & Philippou L.L.C. is a boutique law firm based in Nicosia, Cyprus,

offering specialized legal services in corporate, financial, and investment

fund law. Established in 2008, the firm is known for its client-centric

approach, regulatory expertise, and commitment to quality, evidenced

by its ISO 9001:2015 certification. The team provides tailored solutions to

fund managers, administrators, and investors, ensuring compliance and

strategic guidance across all stages of fund structuring and operation.

The firm is recognized for its responsiveness and practical, businessoriented

advice.

1 C. Skokou Street,

CAPITAL CHAMBERS,

6th floor, Nicosia 1061

(+357) 22 764 001

Andreas Haviaras

Managing Partner

andreas.haviaras@hphlaw.eu

www.haviarasphilippoullc.com

Evgenios Evgeniou

Chairman

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

(+357) 22 441 133

info@investcyprus.org.cy

www.investcyprus.org.cy

Davinia Joannidou

Director

JOANNIDES + CO LTD

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

consultants established in Cyprus for over 45 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

PO Box 25411, Nicosia 1309 - Cyprus

(+357) 22 556 556

Davinia Joannidou Director

cy@joannides.com.cy

www.joannides.com.cy

Nikolas

Charalambous

Managing Director

KENDRIS CAPITAL LIMITED

KENDRIS Capital Limited is an Alternative Investment Fund Manager,

authorised and supervised by the Cyprus Securities and Exchange

Commission (CySEC) with license number AIFM42/56/2013. Locally

anchored, globally connected – KENDRIS Capital Limited is a wholly

owned subsidiary of KENDRIS AG being the independent and regulated

entity which provides fund solutions. KENDRIS Capital Limited provides

a range of services, including portfolio management, risk management,

administration, fund set-up, and other fund related services. Our

mission is to create value for our investors, clients and associates by

demonstrating principled industry leadership, offering high-quality

services, and innovative solutions.

50 Spyrou Kyprianou Avenue

CY-6057 Larnaca - Cyprus

(+357) 24 205 300

Nikolas Charalambous

Managing Director

n.charalambous@kendris.com

www.kendriscapital.com

60


Andri Michael

Partner

KINANIS LLC

Kinanis LLC is one of the leading business law firms in Cyprus advising

for over 40 years the international investors and private clients on all

aspects of law specializing among others in financial services, collective

investments schemes and regulatory compliance. The firm’s dedicated

Financial Services and Funds Department is equipped to provide advisory

services, set-up and regulatory compliance for collective investment

structures, their managers and other regulated entities as well as legal

support for listings in capital markets. Kinanis LLC is member of CIFA

since 2014.

12 Egypt Street, 1097, Nicosia - Cyprus


(+357) 22 558 888

KinanisLLC@kinanis.com

www.kinanis.com

Petros Mavrommatis

Board Member, Head

of Asset Management

Services, KPMG Limited

KPMG LIMITED

Asset management is rapidly evolving to meet the demands of global

investors, both institutional and retail. For over 20 years, KPMG in Cyprus

remains a leader in the local Asset Management landscape and it has

supported both local and international clients in making informed decisions

to achieve their short- and long-term objectives. Our services span from

fund set up, fund administration, regulatory interpretation and support,

proactive tax advice, investment acquisitions and due diligence, fund

liquidation, re-domiciliation, and restructuring. With extensive experience

auditing international investment funds and providing related risk advisory,

tax, and regulatory services, we deliver added value that simplifies and

streamlines the setup and ongoing management of investment funds

and fund management entities. Through close engagement with evolving

regulatory trends, our Firm remains agile and well-positioned to help

clients navigate the increasingly complex investment environment.

14 Esperidon Street, 1087,

Nicosia - Cyprus

(+357) 22 209 000

Petros Mavrommatis

Board Member, Head of Asset

Management Services, KPMG Limited

petros.mavrommatis@kpmg.com.cy

www.kpmg.com.cy

Andrey Narutskiy

Managing Director,

CEO

LEON MFO INVESTMENTS LTD

Leon MFO Investments Ltd is an Alternative Investment Fund Manager

authorized and regulated by CySEC (license number AIFM 37/56/2013).

In addition to fund management, the company offers discretionary

portfolio management and investment advisory services to high-networth

individuals. With total assets under management exceeding $800

million, Leon is among the leading fund managers in Cyprus. The firm

manages several Registered Alternative Investment Funds (RAIFs) and

currently offers two RAIFs: (i) LEON Income Fund RAIF VCIC PLC and (ii)

LEON Global Hedge Fund RAIF VCIC PLC. Leon has earned numerous

international awards for excellence in the investment management

sector, reflecting its strong performance and commitment to client

success.

Noble Centre, Spyrou Kyprianou Ave.

47, Office 202, Mesa Geitonia 4003,

Limassol, Cyprus

(+357) 25 268 120

Andrey Narutskiy

Managing Director, CEO

leonmfo@leonmfo.com

www.leoninvestments.com.cy

Demetris Taxitaris


MAP S.PLATIS

MAP S.Platis is a leading financial services consulting firm, with clients

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

firms, financial technology firms, insurance firms, and payment and

electronic money institutions. Our expert team, comprising high-calibre

professionals, provides unique and tailored solutions in international

licensing, regulatory compliance, risk management, internal audit,

regulatory technology, information technology, business resilience,

information security, cybersecurity, governance, human resources and

executive training to financial and other firms in the UK, Cyprus, the EU,

and the UAE. As part of the ComplyMAP Group, MAP S.Platis benefits from

being part of a wider global powerhouse in RegTech and Governance,

Risk and Compliance, offering clients an unparalleled breadth and depth

of services worldwide.

82 Archiepiskopou Makariou C’,

1st Floor, Mesa Geitonia,

4003, Limassol, Cyprus

(+357) 25 351 335

Demetris Taxitaris


info@mapsplatis.com

www.mapsplatis.com


Andreas Charidemou

CFA, Chief Operating

Officer (COO)

MEGA EQUITY SECURITIES & FINANCIAL SERVICES PUBLIC LTD

Mega Equity Securities & Financial Services Public Ltd is a Cyprus-based

investment firm licensed and regulated by the Cyprus Securities and

Exchange Commission (CySEC) with licence number 011/03. Established

in 1999, the company offers a comprehensive range of investment and

financial services, including brokerage—featuring a wide selection of

securities such as equities, bonds, ETFs, and derivatives—investment

advisory, as well as full support to Alternative Investment Funds (AIFs)

through investment management, advisory, risk management, and

depositary services. With a client-focused approach and a strong

commitment to regulatory compliance and transparency, Mega Equity

Securities and Financial Services Public Limited serves both individual

and institutional investors, supporting their financial goals through

tailored investment solutions and market expertise.

42-44 Griva Digenis Av,


(+357) 22 711 711

Andreas Charidemou

Chief Operating Officer

a.charidemou@megaequity.com

www.megaequity.com

Charis Assiotis

Managing Director

MEGA PLOUTOS FUND MANAGEMENT LTD

Mega Ploutos Fund Management Ltd is a Cyprus-based Alternative

Investment Fund Manager (AIFM), authorised and regulated by the

Cyprus Securities and Exchange Commission (CySEC) under license

number AIFM52/56/2013. Mega Ploutos Fund Management Ltd

specialises in managing AIFs and RAIFs, offering end-to-end solutions

for fund setup, administration, and management. Our team of certified

experts provides strategic guidance on fund structuring and operations,

ensuring regulatory compliance and investor alignment. Headquartered

in Cyprus, Mega Ploutos Fund Management Ltd operates across the EU

under the AIFM Directive.

Cypress Centre, 5 Chytron Street,

1075 Nicosia, Cyprus

(+357) 22 699 251

Charis Assiotis Managing Director

info@megaploutos.com

www.mpaifm.com

Andreas Karavias

Executive Director

NUMISMA GROUP

Numisma Group is a privately owned independent group of companies,

offering Fund Management, Wealth Management and Advisory Services.

Within our group we operate a fully licensed Alternative Investment Fund

Manager and a MiFID Investment Firm. Our highly experienced team

encompasses PhDs in mathematical finance, qualified Actuaries and

Accountants with extensive expertise and an established track record in

fund management in the main EU fund jurisdictions.

132 Kyrenias Avenue, 2nd Floor,

Aglantzia, 2113 Nicosia - Cyprus

(+357) 22 455 677

Andreas Karavias Executive Director

a.karavias@numismagroup.com

www.numismagroup.com

George Xenofos

CEO

PCS SA

A proud member of the Epsilon Net Group, PCS SA has been delivering

cutting-edge software solutions to the financial services industry for

over three decades. With a strong presence in Wealth Management,

Fund Administration, Private Banking, Distribution of Funds, Custody,

and Group Pensions, PCS has successfully completed dozens of major

implementations across Europe and Africa. Leveraging deep domain

expertise and advanced technology, PCS enables financial institutions

to enhance operational efficiency, agility, and innovation. The company

has earned notable recognition, including Fintech of the Year at the

Digital Finance Awards 2022, and ranked among Europe’s Best Places

to Work. PCS is also ISO 9001:2015 certified and has been a committed

member of CIFA since 2017.

Lochagou Dedousi 1, Cholargos

GR -15562 - Greece

(+30) 216 20 20 400

George Xenofos CEO

info@pcs.gr

www.pcs.gr

62


Andreas Yiasemides

Clients & Markets

Leader, In charge

of Funds Services

PWC CYPRUS

In a rapidly changing world, where Al, climate change and geopolitical

shifts transform global economy, businesses encounter new challenges

and priorities. At PwC Cyprus, we blend deep industry knowledge and

technological expertise to help you build, accelerate and sustain the

momentum you need to thrive. We stand by your side, while we support

you in creating value both today and in the future. Collaboration and

teamwork are at our core. By committing to quality and integrity, we

develop strong relationships built on trust to turn vision into value so you

can set the future in motion. Our 1,100 professionals in Cyprus work with

284,000 global colleagues across 155 countries, combining experience

and innovation to empower your next business step. PwC Cyprus also

assists in Fund and Fund Manager setups, covering all aspects from

licensing to compliance.

PwC Central, 43 Demostheni

Severi Avenue, CY-1080, PO Box 21612,

CY-1591 Nicosia - Cyprus

(+357) 22 555 000

Andreas Yiasemides

Clients & Markets Leader,

In charge of Funds Services

andreas.yiasemides@pwc.com

www.pwc.com.cy

Brad Hunt

Chief Executive

Officer

RIMES TECHNOLOGIES (CYPRUS) LTD

Rimes provides enterprise data management solutions to the global

investment community. Driven by our passion for solving the most

complex data problems, we provide our clients with investment

intelligence that powers more than 50 trillion in AUM annually. The

world’s leading institutional investors, asset managers and service

providers rely on Rimes to help them make better investment decisions

using accurate information and industry-leading technology.

Karyatides Business Center

3 Markasikas, 4th Floor,

2034, Strovolos, Nicosia - Cyprus

(+357) 22 029 706

Marios Ioannou

Head of RIMES Cyprus

cyinfo@rimes.com

www.rimes.com

Andreas Michaelides

Partner

STELIOS AMERICANOS & CO LLC

Stelios Americanos & Co LLC is one of the largest, full service, law firms

in Cyprus, with extensive experience in the broader area of financial and

investment regulatory compliance. Our team of legal professionals, tax

advisors and financial industry experts provide a full spectrum of services

to local and international investment firms and AIFs, including licensing

and daily administration support to meet all compliance and reporting

obligations from the Regulators. It Is also worth mentioning, our team’s

extensive experience in the Renewable energy projects covering the

needs of licencing, structuring, financing and operating. At Stelios

Americanos & Co LLC, we aim to provide high quality legal services with

integrity, professionalism and respect for our clients and the law.

12 Demostheni Severi Ave.

Office 601, 6th floor



(+357) 22 465 500

Andreas Michaelides Partner

andreas.michaelides@americanoslaw.com

www.americanoslaw.com

Aristides

Protopapadakis

Managing Director

SYSTEMIC

Since 1999, Systemic has been a leading developer of innovative financial

software and specialized services for investment and risk management.

Renowned for its strong financial expertise combined with cuttingedge

technology, Systemic offers sophisticated yet practical solutions

through its flagship product, the RiskValue️ investment management

platform. This platform uniquely integrates back, middle, and front

office operations, financial risk management, regulatory reporting, and

compliance requirements, enabling professionals to enhance their

understanding and management of investment portfolios. Trusted by

financial institutions, fund managers, insurance companies, wealth

managers, broker-dealers, asset servicers, and regulators, Systemic

is committed to delivering quality, teamwork, and customer-centric

solutions, continually evolving to meet the dynamic needs of both local

and multinational organizations.

31, Tsakalof str.,

Athens, 10673, Greece

(+357) 22 022 623

(+30) 210 3389 250

Konstantinos Hanzaras

General Manager

k.hanzaras@systemic-rm.com

www.systemic-rm.com


Nicos Papaefstathiou

Managing Partner

TASSOS PAPADOPOULOS & ASSOCIATES LLC

Tassos Papadopoulos & Associates LLC is a leading Cyprus-based law firm

with strong capabilities in financial services law, fintech, and investment

structures. We provide multifaceted legal support to institutional

clients, investment firms, investment funds and fund managers, fintech

companies, and high-net-worth individuals, offering practical, businessoriented

solutions tailored to complex regulatory environments. Our

Financial Services & Regulation team specialise in the sphere of financial

and payment services, with strong experience in cross-border services,

advising on licensing, structuring, and compliance under both Cypriot

and EU law. We support clients at every stage of their business journey;

whether establishing a new presence in Cyprus, expanding operations,

or navigating evolving legal frameworks.

10 Iasonos Street, Jason Building,


(+357) 22 889 999

Maria Clappa Partner

mclappa@tplaw.com.cy

www.tplaw.com.cy

Kyriakos Iordanou

General Manager

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 6.100 professional accountants

as members and 2.800 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

(+357) 22 870 030

Kyriakos Iordanou General Manager

info@icpac.org.cy

www.icpac.org.cy

Andreas

Constantinides

Managing Director

TMF GROUP

TMF Group is your global partner for fund administration services,

providing fund administration, investor reporting and special purpose

vehicle administration tailored to private equity, real estate, infrastructure,

private debt and venture capital managers. We make a complex world

simple by offering international alignment with control frameworks

(ISAE3402/SOC1 and ISO27001), a comprehensive end-to-end fund

services offering, full coverage of leading fund destinations and crossborder

collaboration for fund structuring. We work with the majority of

the Fortune Global 500 and FTSE 100, covering sectors as diverse as

capital markets, private equity, real estate, pharmaceuticals, energy and

technology. With over 11,000 employees, we operate from 125 offices in

87 jurisdictions worldwide, covering more than 94% of world GDP and

95% of net FDI inflows.

10-12 Florinis Street,

STADYL Building, 4th Floor, 1065,

Nicosia, Cyprus - Cyprus

(+357) 22 451 327

Andreas Constantinides Managing Director

Andreas.Constantinides@tmf-group.com

www.tmf-group.com

Andreas Mercouri

Managing Director

TRIDENT TRUST COMPANY (CYPRUS) LIMITED

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

global providers of corporate, trust, fund, marine and fiduciary services.

Our presence in more than 25 jurisdictions ensures access to a range of

services that extends from traditional corporate domicile representation

to the administration of complex trust and fund structures. Trident Trust

Cyprus established its presence close to 30 years ago, is regulated by the

Cyprus Securities and Exchange Commission, and is today one of the

largest members of the local financial services industry, employing just

over 100 professionally qualified staff.

Griva Digeni 115

Trident Centre

3101 Limassol - Cyprus

(+357) 25 820 650

Andreas Mercouri

Managing Director

cyprus@tridenttrust.com

www.tridenttrust.com

64


Tadashi Tsukaguchi

Executive Director

V PLUS PLUS LTD

V PLUS PLUS LTD is a Japanese-owned private fund manager established

in Cyprus since 2018, CySEC authorized (AIFM 22/56/2013). Exclusively

serving institutional investors, we offer: 1) EMEA property with multi-type

assets as our flagship fund, 2) ESG-focused smart property investment

through “V property II”, 3) Eastern European property investment via “V

property”, 4) Multipolar era strategies through V macro and V macro

II funds. We operate through two investment platforms: Victorix AIF

Variable Capital Investment Company Limited and V macro II RAIF.

Led by a professional team with funds sector expertise, we provide

sophisticated investment solutions for only institutional investors.

Nicocreontos, 2, NICE DREAM, Floor 2,

Apt / Office 201, 1066, Nicosia - Cyprus

(+357) 22 053 620

Tadashi Tsukaguchi

Executive Director

tt@plusplus-group.com

www.v-plusplus.com

Richard Melton

Executive Director

VISTRA (CYPRUS) LTD

Private capital investment is evolving rapidly, with new asset classes,

investor types, regulations, and reporting demands placing increasing

pressure on global fund and SPV operations. With decades of experience,

a global reach, and deep local insight— backed by technology — Vistra

offers fund solutions designed to simplify, accelerate, and reduce risk

throughout the entire investment process. Our team of world-class

experts is dedicated to helping clients deploy capital more quickly,

manage investment relationships effectively, and build robust global

operations. We handle the establishment of your funds, manage middle

and back-office functions, and ensure regulatory compliance. Whether

your fund is domiciled in Cyprus or overseas, Vistra can remove friction,

enabling you make more informed decisions, and enhance your investor

experience with comprehensive and effective solutions.

2nd Floor, Sotiri Tofini 4

Agios Athanasios

Limassol 4102 - Cyprus

(+357) 25 817 411

Richard Melton

Executive Director

richard.melton@vistra.com

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

(+357) 22 755 506-07

George Sams CEO

info@wealthfs.com.cy

www.wealthfs.com.cy

Severis Building, 9 Makarios III Ave.,

4th Floor, Lefkosia 1065 - Cyprus

T: (+357) 22 441 133

E: info@cifacyprus.org

W: www.cifacyprus.org

Published by The Profiler Group - October 2025

CIFA Investment Funds Guide 2025-2026

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