ISSUE 12 MARCH 2012 PRICE €6.95
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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