Gold, March Issue

ISSUE 12 MARCH 2012 PRICE €6.95

5 291295 000577

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THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Gold ISSUE 12 MARCH 2012

ALL 4 ONE THE CEOs OF THE ‘BIG FO UR ACCOUNTING ’ FIRMS ARE UNITED ON HO W CYPRUS SHO ULD ADAPT TO TH E NEW SERVICES ECONOMY

+ ELENA AMBROSIADOU, MEGAN GREENE, PRADEEP KUMAR REAL ESTATE

Luxury Properties & Major Projects

cover gold march 2012.indd 1

TRANSPARENCY How it is perceived in Cyprus

OPINION

Nicos Rolandis Theodore Panayotou Joanne Theodorides

PLUS:

MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE

29/02/2012 12:58

issue 12 march 2012

08 EDITORIAL 10 up front 14 FIVE MINUTES WITH

All 4 One

The CEOs of the ‘Big Four’ accounting firms are united on how Cyprus should adapt to its new professional services economy

FEATURE The international business sector is still driving the economy

30 | Investing in Luxury Real Estate in Cyprus Homes in prime coastal locations continue to buck the trend in the local property market

Gas belongs to the future generations too

by Nicos A. Rolandis

16

Stop the Collusion!

by Theodore Panayotou

54

European Commission sets its sights on double taxation

by Joanne Theodorides

64

Feeding the Hungry Beast

by Peter Economides

90

30

30 28 | Growth in the financial and investment services sectors predicted

18

+ opinion

56 | Transparency in Cyprus Changing perceptions on transparency and corruption

60 | Wealth Preservation and Investor Protection The Wealth Management unit of Piraeus Bank (Cyprus)

62 | Hellenism in Crisis Greek society is being asked to evolve and adapt on an unprecedented scale

6 Gold the international investment, finance & professional services magazine of cyprus

62

56 68 72 76 82 86

{money} {business} {economy} {tax&legal} {lifestyle}

{march 2012}

issue

12

+ BOok review

80 68

{money}

68 A Whole New World of Trust and Corporate Solutions IFG Trust (Cyprus) Ltd

72

{business}

72 Shipping Revenues Continue to Rise The results of the Central Bank’s biannual Ship Management Survey 74 A Cohesive Global Organisation Grant Thornton

ECONOMY: Valuing the Future: A Conversation About Investment

By Ben Paton 78

TAX & LEGAL: Political Economy of Corporation Tax: Theory, Values and Law Reform By John Snape 85

LIFESTYLE: Religion for Atheists: A nonbeliever’s guide to the uses of religion

By Alain de Botton 89

76

{economy}

76 Greene Energy Leading eurozone crisis economist Megan Greene has no doubts about where the single currency is heading 80 THe China Conundrum Once Beijing makes its currency convertible and starts to issue sovereign debt, there will be no stopping the Chinese economy.

82

{tax&legal}

82 Holding On Two recent court cases strengthen the status of Cypriot holding companies 84 Tax News Recent changes and amendments to Cypriot tax legislation

86

{lifestyle}

86 Suite Luxury Staying in the world’s most expensive hotels

the international investment, finance & professional services of cyprus

Gold 67