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76 | GOLD | The Business Magazine of Cyprus

ISSUE 74 MAY 21, 2017

T H E

B U S I N E S S

M A G A Z I N E

O F

C Y P R U S

CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the past month.

COVER

STORY

28 | 32:(5)8/ $1' ,1)/8(17,$/

:20(1 ,1 &<3586 It is generally accepted that the young women of today are in a much better position than their mothers and grandmothers were. Cyprus is no exception and progress has been made, especially over the past 30 years, but there is still a long way to go in many areas where women are seriously under-represented. We pay tribute to more than 120 women who lead the way PU [OLPY WHY[PJ\SHY Ă„LSK

12 | MY WAY

Theodore Loizou’s’ management style.

14 | FIVE MINUTES WITH‌ Nicolas Karoullas

14| THEY SAID WHAT?

Some of the most memorable remarks made by and about Cypriots over the past month.

OPINION 20 | Why Companies Need Profes-

sional Asset Portfolio Management By Michalis Economides

72 | Creativity Unleashed or Innovation with a Purpose? By Dimis Michaelides

FEATURES 18 | Encouraging Economic Growth in Cyprus Interview with Enzo Quattrociocche, Secretary General of the European Bank for Reconstruction and Development.

18

22 | The Comeback Kid of the Eu-

24

rozone By Constantinos Petrides, Minister of Interior

24| Promoting the Noble Profession

SPECIAL PROMOTIONAL FEATURE 73 | Cypriot Citizenship: The Government’s Investment Scheme In 2015, Cyprus granted citizenship to 3,322 individuals in the context of its policy to attract foreign investment in return for citizenship and a passport. Fifteen companies involved in promoting the scheme in their own particular capacity give details of their services.

SPECIAL PROMOTIONAL FEATURE 53 | '2,1* %86,1(66 :,7+ 8.5$,1( Interviews and articles on the challenges and opportunities facing Ukraine and its trading partners.

Interview with the award-winning Cypriot civil engineer, Joseph Maltezos.

52 | 10th CIM Summit

Photos from last month’s event.

68

110

66 | Nicosia Economic Congress th

Photos from the 7 edition of the successful conference.

104 | BOOKSHELF Six of the latest business titles.

68| A Boardroom Culture of Honesty

103 | BUSINESS CLASS Panayiotis Othonos

An organisation which has robust and appropriate policies, processes and systems PU WSHJL PZ TVYL SPRLS` [V VWLYH[L LMĂ„JPLU[S` says Simon Osborne.

70 | AstroBank Launch Event

Photos from the event that marked the end of Piraeus Bank Cyprus and the start of AstroBank.

4 | GOLD | The Business Magazine of Cyprus

106 | IN GOOD COMPANY

114 | LUNCH WITH H GOLD George Mountis

How IQ Option Europe’s employee development and happiness levels go hand in hand with company growth.

118 | WHAT’S ON GOLD’s guide to the best cultural events of the coming g month.

110 | TIME OFF Travels with Loizos.

122 | A DAY IN THEE LIFE Yangos Hadjiyannis

122

| EDITORIAL |

Celebrating Women

ISSUE 74 MAY 21, 2017 PRICE €2.00

120 PLUS

POWERFUL AND INFLUENTIAL

5 291295 000577

00001 >

WOMEN IN CYPRUS

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

I

n Cyprus in 2017, most people would probably claim to believe in equality between men and women and to support the principle of equal pay for equal work. But while men might be likely to suggest that the situation is already ideal, few women would agree. There can be little doubt that women in Cyprus today are subject to fewer restrictions and prejudices than their mothers and grandmothers were and there is no shortage of examples of successful women in virtually every walk of life and in every profession. Indeed, three years ago, female lawyers surpassed their male counterparts in terms of the number registered with the Cyprus Bar Association for the first time. But we all know the saying about the exception that proves the rule and when someone like Hillary Clinton describes the rights of women and girls as “the unfinished business of the 21st century”, it is clear that our small island is not the only place where 50% of the population is not being treated fairly. For this issue’s cover story, we have drawn up a list of almost 130 women, each of whom has proved to be more than capable in her chosen field, and many of them make the point that, while considerable progress has been made in recent years, much remains to be done before women are allowed the representation that their numbers merit, particularly in positions of power and influence. Nonetheless, we decided to take the advice of Sophie Michaelides, Director of the Press & Information Office, who says (page 50) “Let’s stop nagging about the positions not earned or filled by women and start setting the example for the younger generations by congratulating the individual women who have actually succeeded in their goals. And there are many.” So we do indeed congratulate every one of them and we express the wish that they will be seen as role models by today’s young women who will hopefully have even greater opportunities to make the most of their talents and abilities in the future. This issue of GOLD also features interviews with some interesting men, including the award-winning UK-based Cypriot civil engineer Joseph Maltezos (page 24), the Secretary General of the European Bank for Reconstruction and Development, Enzo Quattrociocche (page 18), Simon Osborne, Chief Executive of the Institute of Chartered Secretaries and Administrators (ICSA) (page 68), Oleksandr Danyliuk, the Minister of Finance of Ukraine (page 60) and the country’s Ambassador to Cyprus, Borys Humeniuk (page 56). John Vickers, I am pleased to point out that this is only the second time that a 124-page issue of GOLD has been published. Thank you for Chief Editor your consistent support. It’s good to know that our efforts are john@imhbusiness.com appreciated. 6 | GOLD | The Business Magazine of Cyprus

George Michail

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Antonis Antoniou

EDITOR-IN-CHIEF

John Vickers

JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Michalis Economides, Charalambos Michael, Dimis Michaelides, Constantinos Petrides ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou, Marios Kouroufexis PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras, Helena Georgiou MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Neofytos Constantinou SALES EXECUTIVE

Erika Phylakti

OPERATIONS MANAGER

Voulla Nicolaou

SUBSCRIPTIONS

Myria Neophytou PRINTERS

Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com

26

ACCOUNTANCY CYPRUS

Building a strategy today can empower your tomorrow

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Multi-Employer Aon Hewitt Provident Fund

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BUSINESS BRIEFING

AVIATION Aarhus Charter

Cyprus Airways

Danish travel company Aarhus Charter began Ă…PNO[Z MYVT 7HWOVZ [V +LUTHYR VU 4H` Aarhus Charter celebrates its 20th anniversary this year and, coincidentally, both Aarhus and Paphos are European Capitals of Culture [OPZ `LHY 0UP[PHSS` [OLYL ^PSS IL VUL Ă…PNO[ L]LY` Saturday.

Cyprus Airways has announced that it will Z[HY[ ZJOLK\SLK Ă…PNO[Z [V /LYHRSPVU 9OVKLZ and Tel Aviv in June. It will operate its Airbus A319 aircraft. “We are very excited as we get closer to the start of our operations,â€? said Chief *VTTLYJPHS 6MĂ„JLY 5H[HSPH 7VWV]H

Orion Airways ;OL Ă„YZ[ HPYJYHM[ VM [OL 6YPVU (PY^H`Z Ă…LL[ [V\JOLK KV^U H[ Larnaca International Airport on May 11. The airline announced that it has built a strong team of people experienced in aviation and with “the right culture and work ethic to make the company unique.â€?

Larnaca is Europe’s 3rd fastest growing Airport Larnaca is ranked third in an Airports Council International (ACI) Europe listing of O\IZ ^P[O [OL TVZ[ ZPNUPÄJHU[ NYV^[O PU HPY [YHUZWVY[ K\YPUN [OL ÄYZ[ X\HY[LY VM Larnaca Airport came behind Iceland’s 2LÅH]PR 0U[LYUH[PVUHS HUK <RYHPULZ )VY`ZWPS International (KBP).

TO NEWRUS P CY

LAIKO COSMOS TRADING ANNOUNCES NEW PARTNERSHIPS Laiko Cosmos Trading has announced the launch of its partnership with Bacardi Limited and William Grant & Sons, two of the world’s largest suppliers of alcoholic beverages. The agreement concerns the exclusive distribution and promotion of the brands in the Cypriot market. Bacardi’s portfolio includes more than 200 brands worldwide in all categories including Bacardi, Gray Goose, Bombay Sapphire, Dewar’s, Aberfeldy and Martini’s OPNO WYVÄSL PTHNL HUK ZHSLZ :PTPSHYS` well-known, successful and rapidly growing global brands include the William Grant & :VUZ WVY[MVSPV ^P[O .SLUÄKKPJO .YHU[Z ;OL Balvenie, Hendrick’s, Monkey Shoulder, Tullamore D.E.W. Vassilis Petridis, CEO of Laiko Cosmos Trading Ltd, said: We are very pleased about the two new partnerships and the addition of such powerful brands that will complement and develop the existing portfolio of the company. >L HYL JVUÄKLU[ [OH[ [OLZL strategic partnerships will bring all the new products to our entire network and we are determined to invest in their further development in the Cypriot market.�

AWARDS METROPOLIS MALL FOR LARNACA IN 2018

DESPINA PANAYIOTOU THEODOSIOU

Despina Panayiotou Theodosiou, CEO of Tototheo Group, received the prestigious “Woman of the Decade in Innovation and Leadership� Award at the Annual Women Economic -VY\T >,- PU 5L^ Delhi, India on 8 May. She is President of WISTA Cyprus and Secretary of WISTA International.

ANNA KOUKKIDESPROCOPIOU

Anna KoukkidesProcopiou, President of AIPFE Cyprus-Women of Europe, won the “Iconic Women Creating a Better World for All� Award at the Annual Women Economic Forum (WEF) PU 5L^ +LSOP 0UKPH VU 8 May. She spoke at the Forum on Creating a Better World for our Children.’

8 | GOLD | The Business Magazine of Cyprus

ATLANTICA HOTELS & RESORTS

Atlantica Hotels & 9LZVY[Z ^VU THQVY awards at the Annual ;<0 5VYKPJ (^HYKZ Ceremony which took place at the ;<0 :LUZH[VYP 9LZVY[ Aphrodite Hills by Atlantica in Paphos. The resort itself won four of the awards, while Atlantica Golden beach won three.

Plans are currently in the pipeline to construct a new â‚Ź60million mall close to the GSZ Stadium in Larnaca, which will be unveiled next year. The new MetropolisMall@Larnaca will be located on a 33,000sq.m. plot belonging to the Bishopric of Kition and constructed by Acsion Ltd, a South African property development and management company. The company claims that the new mall promises “to become the shopping and lifestyle destination of choice in Cyprus. With over 100 shops and 1,400 parking bays, it will be home to all the leading international and local fashion brands and the ultimate shopping and leisure destination. With a full retail offering, including a supermarket, major fashion retailers, branded and independent shops, services, cinemas, entertainment, modern restaurants and cafes, kids play areas and free WiFi, it will be Larnaca’s ultimate lifestyle and shopping metropolis! With excellent access, location and visibility, MetropolisMall@Larnaca is well suited to cater for the entire catchment area within a 30km radiusâ€?.

APPOINTMENTS

Queen Mary 2 calls at Limassol Port

IN THE NEWS

T

he Queen Mary 2, one of the largest cruise ships in the world, arrived at DP World Limassol port on April 28 for a one-day transit call. The ocean liner berthed for the day, giving its 2,500 passengers a chance to enjoy sights ashore. Passengers boarded 50 buses from the passenger terminal to visit attractions including Kolossi, Kourion, Paphos, Omodhos, Limassol and Nicosia. Charles Meaby, General Manager, DP World Limassol, said, “It was a privilege to service the Queen Mary 2. DP World’s multi-purpose terminal at Limassol port is well positioned to effectively handle the diverse size and scale of operations that our clients require�.

EBRD ANNUAL MEETING

INVESTME NT

F

ollowing the resignation of Interior Minister Socrates Hasikos for MHTPS` YLHZVUZ 7YLZPKLU[ 5PJVZ Anastasiades appointed Constantinos Petrides, Deputy Minister to the President, as his replacement. Petrides was, in turn, replaced by Vasilis Palmas, while Michalis Sophocleous was made +PYLJ[VY VM [OL 6MĂ„JL VM [OL 7YLZPKLU[

T

he Annual Meeting and Business Forum of the ,\YVWLHU )HUR VM 9LJVUZ[Y\J[PVU HUK +L]LSVWTLU[ ,)9+ ^HZ OLSK PU 5PJVZPH MYVT 4H` 0[ ^HZ [OL Ă„YZ[ HUU\HS JVUMLYLUJL VM HU PU[LYUH[PVUHS Ă„UHUJPHS PUZ[P[\[PVU [V IL OLSK U *`WY\Z ,)9+ 7YLZPKLU[ Suma Chakrabarti described it as “a great opportunity to showcase the wonderful economic recovery which is taking place in Cyprus and the M\[\YL WYVZWLJ[Z š (M[LY H TLL[PUN ^P[O 7YLZPKLU[ 5PJVZ (UHZ[HZPHKLZ OL ZHPK [OH[ [OL Bank “had a really strong start in Cyprus in the last three years with â‚Ź225 million plus VM PU]LZ[TLU[Z PU Ă„UHUJPHS PUZ[P[\[PVUZ :4,Z [OL 3PTHZZVS 7VY[ HUK SV[Z VM KPMMLYLU[ things. We have some more years of good investment ahead of us so we think the prospects are greatâ€?.

POLITICS

N

PAPADOPOULOS AND LILLIKAS TO STAND FOR PRESIDENT

icholas Papadopoulos and Giorgos Lillikas are the first two confirmed candidates for next year’s presidential election, with the Democratic Party leader having secured the support of the Socialist Party EDEK and the Solidarity Movement. All three parties are determined to remove President Nicos Anastasiades from power, claiming that his handling of the Cyprus Problem has led to too many concessions. Citizens’ Alliance chairman Giorgos Lillikas, meanwhile, has also announced his own candidacy, despite the fact that his policies are virtually identical to those of the so-called centre parties. AKEL has yet to choose a candidate and President Anastasiades has not yet confirmed his intention to stand for re-election.

Constantinos Petrides

T

Ioannis Matsis

he European Central Bank has approved the appointment of Ioannis Matsis as Chief Executive 6MÄJLY VM /LSSLUPJ )HUR .YV\W HUK Executive Member of the Bank’s Board of Directors. Matsis was appointed by Hellenic Bank in December 2016 to replace Bert Pijls, who resigned for family reasons.

Maria Stylianou-Lottides

T

he new Ombudsman, Maria Stylianou-Lottides, was sworn PU VU (WYPS 7YLZPKLU[ 5PJVZ Anastasiades said that she had been chosen for her “her personality, morality and sensitivity to the rights and obligations of the public towards the state and the state towards the public.�

₏896,000,000 REVENUES FROM CYPRUS’ SHIP MANAGEMENT INDUSTRY IN 2016, ACCORDING TO DATA RELEASED BY THE CENTRAL BANK OF CYPRUS. CYPRUS IS THE LARGEST THIRD-PARTY SHIP MANAGEMENT CENTRE IN EUROPE

www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

-2% 9$&$1&,(6 )$// ,1 4 The number of job vacancies in Cyprus in the 4th quarter of 2016 was 6% lower than in the same me period in 2015, according to ďŹ gures from the Statistical Service of Cyprus. The number of vacancies es fell from 2,049 to 1,926, which was a massive fall of 61.4% (3,063) on the 3rd quarter ďŹ gure. The job vacancy rate (JVR)* for the 4th quarter of 2016 was 0.6%, while for the previous quarter it was 1.5% and for the 4th quarter of 2015 it was 0.7%.

1,6%

2.000

The largest decrease in job vacancies was in the Mining and Quarrying Sector (-100.0%) while the largest increase was in the Public Administration and Defence, Compulsory Social Security Sector (439.2%). The highest job vacancy rates for the 4th quarter of 2016 were in Professional, ScientiďŹ c and Technical Activities (1.0%) and in Other Service Activities (1.0%).

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10 | GOLD | The Business Magazine of Cyprus

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According to Eurostat, among the EU Member States, the highest job vacancy rates in the fourth quarter of 2016 were recorded in the Czech Republic (3.0%), Belgium (2.9%), Germany (2.6%) and the United Kingdom (2.5%), and the lowest in Greece (0.3%), Cyprus (0.6%), Spain, Poland and Portugal (all 0.7%) and Bulgaria (0.8%). Compared with a year ago, the job vacancy rate in the fourth quarter of 2016 rose in twenty-three Member States, remained stable in four and fell in Cyprus (-0.1%). The largest increases were registered in Belgium and Croatia (both +0.7%), the Czech Republic (+0.6%), Latvia and Slovenia (both +0.5 %).

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MY WAY

Theodore Loizou

Managing Director, A. Th. Loizou & Son Ltd

HE CITES RICHARD BRANSON AS A BUSINESS LEADER HE ADMIRES AND HE HAS TRIED TO INCORPORATE MANY OF THE VIRGIN GROUP FOUNDER’S BELIEFS AND BUSINESS PRACTICES INTO HIS OWN MANAGEMENT STYLE. AVOIDING COMMON MANAGERIAL TRAPS BY DELEGATING AUTHORITY AND ENABLING OTHERS TO SHOW THEIR ABILITIES, HE HAS GROWN THE FAMILY BUSINESS, GUIDED BY THE PRINCIPLES LEARNT FROM HIS LATE FATHER, SINCE BECOMING MANAGING DIRECTOR MORE THAN A QUARTER OF AS CENTURY AGO.

“M

y management style involves delegating authority as much as possible. I try to give clear directions but not to get involved in executing them. However, I am always available for advice if needed.”

“T

he biggest/ most frequent mistake that managers make is that they overestimate their capabilities. They think they have all the answers!”

“H “T “M he two things that have influenced my leadership style the most are common sense and the belief that people should be given the opportunity to demonstrate their abilities.”

ow do I relax? I enjoy listening to good music or watching a nice film.”

y favourite pastimes are travelling as much as possible and enjoying good food!”

“I “I have been helped throughout the course of my career by my father’s guiding principles: Acting with honesty and daring to take calculated risks.”

am very proud of the fact that, when I took over the family business, we were only five people and now we are 30. I think this is probably my greatest professional achievement. It shows that I must be doing something right!”

12 | GOLD | The Business Magazine of Cyprus

“I

f asked to name one person who has my professional admiration, I would say Richard Branson. In various interviews, he has mentioned the following, in no particular order: ‘Rules were meant to be broken’; ‘I hire people who have my weaknesses’; ‘Personality counts more than CVs’; ‘Many of our services come about because we pay attention to what is not being done well in the market’; ‘Listening is one of the most important skills anyone can have’; ‘Learning and leadership go together’; ‘Enjoy what you do’. I agree with all of the above and I try to practise them.”

“I

spend most of the day at work so the way I manage to achieve a healthy balance between Theodore Loizou life at work and graduated in Electrical & at home is stop Electronic Engineering from 7LIJÁIPH 9RMZIVWMX] ,I EPWS LSPHW thinking about an M.A. in Business Administrawork as much tion. After working for one year with as possible when FEREX S.A., a steel trading company I am at home! I in Antwerp and lecturing in Business prefer to try and Administration at the Higher Technical leave work for Institute in Cyprus, he joined the family the workplace so business as Sales Director in 1977. as not to interFollowing the death of his father in fere with home LI XSSO SZIV EW 1EREKMRK Director of the company, life.” a post he still holds today. www.goldnews.com.cy www goldnews com cy | GOLD | 12

FIVE

MINUTES WITH NICOLAS KAROULLAS

H

ow would you describe the current state of the local property market? I would say that the property market is again doing very well. We have witnessed stead-ily increasing sales since 2014, with an increase almost every month. Demand is mainly from foreigners seeking seaside properties and sometimes from those interested in taking advantage of the country’s permanent residency and Citizenship through Investment programmes.. The real estate sector is way ahead of the experts’ forecasts. What are the main factors attracting individual investors and businesses to Cyprus? Cyprus has been an international business centre for the past 30 years, attracting businesses and individual investors from around the world. The state of continuous economic growth was disrupted by the global financial crisis for a short period but, not surprisingly, the economy has recovered. The factors attracting individual investors and businesses are many, including the country’s natural beauty, its safe family and business environment – Cyprus is considered the safest country in the world among those with a population less than 5 million, including visitors – the excellent weather conditions, its world-class professionals and its legal system. Do you believe that the Government’s Residency and Citizenship through Investment programmes have supported the real estate sector? Definitely yes and I would say that the programmes have supported not only the real estate industry but the professional services sector and the whole economy. 14 | GOLD | The Business Magazine of Cyprus

ccrisis, our expertise and the values we had developed over so many years guided the d ccompany during the tough times. Our motto ‘Building Relationships’, which we m aadopted when the company was establlished, guided us every single day and our cclients will confirm that. In addition, I cconsider that the main thing we did correctly was to adapt and change our business model to fit current trends. So, as well as maintaining our traditional values, w we became involved in technology, studw iied statistics and found new markets.

CEO, Karma Developers Cyprus has managed to attract numerous High Net Worth Individuals and I have established personal relationships with many of them. As a company we have also benefited from these programmes, having gained a reputation as a reliable provider of a full spectrum of services, including real estate and investment management, litigation estate planning, retirement planning and more. I am also very optimistic about our forthcoming new residential and commercial packages. During the financial crisis, few property developers managed to survive in Cyprus and internationally. How did Karma Developers succeed where others did not? It wasn’t so much a battle for survival as a battle for success. We have always striven not only to meet our clients’ expectations but to exceed them. Despite the many difficulties we faced during the financial

What are Karma Developers’ future W plans? p IIn the coming months we are planning to announce some new seaside projects since such properties are always in demand. We want to take full advantage of Cyprus’ coastal beauty by continuing to build in the best locations. These projects will put Karma on the map as they will be some of the most beautiful, ergonomic, green and energy-efficient homes available. We are ready to proceed with a mixed development project and a set of luxury villas in an area dedicated to leisure and sharing with friends and family. More details are coming soon! How does it feel to be running a Group of Companies at a relatively young age? At first, it appeared to be overwhelmingly difficult, especially during the global financial crisis. I hadn’t realised that, when running a real estate company, you had to wear so many hats! I was managing, training, selling, coordinating and answering phones every single minute... Thankfully I managed to create a strong team and everything now looks easier and more achievable. Without a good team and the right people to support you, the way forward is much more difficult. Learning to delegate is an effective choice.

GLJLWDO HGLWLRQ GOLD MAGAZINE IS UPGRADED AND WILL NOW PROVIDE YOU WITH REGULAR UPDATES DIRECTLY, EASILY AND INTERACTIVELY. THROUGH A NEW AND MODERN APPLICATION, YOU CAN NOW ENJOY YOUR FAVOURITE BUSINESS MAGAZINE AT ALL TIMES, ON ANY DEVICE.

12 DIGITAL

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MY WAY

Frixos Savvides

Managing Director Hive Management Services Ltd

HAVING FOUNDED HIS OWN ACCOUNTANCY FIRM IN THE PRIVATE SECTOR AS WELL AS SERVING AS A GOVERNMENT MINISTER, FRIXOS SAVVIDES KNOWS ALL ABOUT GOOD MANAGEMENT AND EFFECTIVE LEADERSHIP. HE BELIEVES IN LISTENING TO THE OPINIONS OF OTHERS, WHILE TAKING ULTIMATE RESPONSIBILITY FOR CRUCIAL DECISIONS, AND IN LEADING BY EXAMPLE, A PRINCIPLE HE SAW IN PRACTICE DURING HIS CLOSE WORKING RELATIONSHIP WITH FORMER PRESIDENT GLAFCOS CLERIDES. HE ALSO RECOGNISES AND APPRECIATES THE VALUE OF HAVING THE SUPPORT OF COLLEAGUES AT WORK AND FAMILY AT HOME.

I

would describe my management style as democratic – after discussion and, perhaps, arguments to formulate principles. But in the end, the decision must be taken by the person who has ultimate responsibility.

M

y leadership style has been influenced most by the principle “The higher you climb, the more humble you should become�. Anyone who doesn’t follow this principle will lose touch with the environment and, invariably, end up alone.

I

have been helped throughout my career by the fact that I had good people around me, on whom I could rely to carry on the business, and my wife and children to support me at home.

TA The object of my professional admiration is the late President of Cyprus, Glafcos Clerides. I consider myself fortunate – almost blessed – to have been given the opportunity to serve such a great man, who was the personification of the principle “lead by example�.

chieving a healthy balance between life at work and at home is very difficult. It is very important to have the support of your family and to feel that your home provides relaxation and peace of mind, serving as a sanctuary of sanity, away from the hectic business life.

M

y greatest professional achievement was addressing the United Nations General Assembly in New York in 2002. It was an unbelievable experience which will stay with me for life.

T

he biggest mistake that managers make is to think that they are infallible. I call it “the sickness of the chair� – where you are convinced that you cannot make mistakes and that whatever you do is right. In other words, you don’t listen to anybody and eventually you pay the price.

I

relax over coffee and playing the card game Pilotta with my friends. It’s a game that re-laxes me, tests ts my memory and gives me an opportunity to let offf steam. I also enjoy good football and a good film. Good food and good wine always help too!

Frixos Savvides is a Fellow of the Institute of Chartered Accountants in England and Wales. He set up his S[R EYHMXMRK Ă VQ 4/* 7EZZMHIW

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10 | GOLD | The Business Magazine of Cyprus

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QUOTES OF THE MONTH

They Said What? Some of the most memorable remarks made by and about Cypriots over the past month.

“WE’RE FROM IRELAND. WE DON’T LIKE NATIONALISM – IT KILLS PEOPLE! HOW LONG DOES IT TAKE TO GET FROM LARNACA TO FAMAGUSTA? 40 YEARS!” COSTAS CLERIDES

“THIS INTERPRETATION OF THE LAW WOULD LEAD TO THE MOST PERVERSE OF RESULTS, THE COMPLETE INABILITY TO EFFECTIVELY IMPLEMENT THE LAW, AND THE REWARDING AND LEGALISATION OF ILLEGALITY.” Attorney-General Costas Clerides doesn’t mince his words when telling the Finance Minister, Harris Georgiades, to launch a disciplinary investigation into why a ministry employee had violated the law on civil servants holding political party posts.

“THE ONLY SUCCESSFUL STRATEGY IS TO HAVE POLICY DRIVEN BY REASON INSTEAD OF POPULISM, A CURSE FOR WHICH THE COUNTRY HAS PAID A HUGE PRICE AND NOT JUST IN THE SPHERE OF THE ECONOMY.” Newly appointed Interior Minister Constantinos Petrides continues to be a lone voice of rea ason but is anyone liste reason listening? CONSTANTINOS PETRIDES

16 6 | GOLD GOL G OL O LD | T The hee Business h B siness Bu siiness M Magazine aga ga g azin z e of Cyprus

Sir Bob Geldof has never been afraid of saying what he thinks, and the audience at his recent show in the occupied north of the island was treated to his outspoken views as well as his excellent music.

BOB GELDOF

NICOS CHRISTODOULIDES

NIKOS KOTZIAS

“THE UN’S SPECIAL ADVISER IS ACTING TO PROMOTE TURKEY’S DEMAND FOR THE IMPLEMENTATION OF THE EU’S FOUR FREEDOMS FOR TURKISH CITIZENS IN CYPRUS.”

Not surprisingly, Greece’s Foreign Minister, Nikos Kotzias, joins a long line of politicians [V KLUV\UJL <5 VɉJPHSZ MVY HSSLNLKS` ILPUN secret supporters of Turkey.

“THE SPECIAL ADVISER, MR ESPEN BARTH EIDE, HAS THE SECRETARY GENERAL’S FULL CONFIDENCE IN THE EXERCISE OF HIS MANDATE AT THIS CRITICAL TIME IN THE PEACE TALKS.” Also not surprisingly, Stephane ephane Dujarric, Spokesman forr the UN Secretary General, makes his boss’s views clear after ter STEPHANE reading Kotzias’ letter. DUJARRIC

“WHAT IS IMPORTANT TO NOTE, CONSIDERING C THAT THIS IS THE 27TH SPECIAL ADVISER T OF THE SECRETARY-GENERAL, O IS THAT THERE HAS NEVER BEEN A SPECIAL ADVISER THAT BE HAS H COMPLETELY SATISFIED ONE SIDE OR THE OTHER.” Extremely surprisingly, Government Spokesman Extre Nicos Christodoulides states what the UN and all Cyp Cyprus-watchers have known for over 50 years.

“NO GENTLEMEN, THE PARTY IS OVER. ER. IF YOU WANT TO BE HEARD AND HAVE AVE THE COURAGE OF YOUR CONVICTIONS, ONS, COME TO PARLIAMENT SO THAT THE HE PEOPLE CAN HEAR YOU.” Health Minister George Pamboridis tells state KVJ[VYZ [OH[ [OL` ÄUHSS` ULLK [V KYVW [OLPY KLSH`PUN tactics, after they asked MPs to again postpone discussions about the long-delayed National GEORGE PAMBORIDES Health Scheme.

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Με ταχύτητες SUV

Δέστε τις ζώνες σας. Πετάμε!

126

Μέχρι το τέλος του χρόνου, ο συνεργατισμός δεν θα ανήκει κατά 99,9% στο κράτος. Στόχος είναι μεγάλο μέρος του μετοχικού κεφαλαίου να επιστραφεί στους πολίτες.

The dream teams

154

Φωτογραφική περιδιάβαση στο Aviator Flight Center.

More than business

120

Ο CFO της Ιεράς Αρχιεπισκοπής Κύπρου, Δήμος Δήμου, αναλύει όλα όσα έγιναν την τελευταία τριετία, μιλά για τα πλάνα του για συνετή και αποδοτική διαχείριση της εκκλησιαστικής περιουσίας, καθώς και για επενδύσεις που θα ακολουθήσουν.

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Οι βραβευθέντες στα IN Business Awards 2016 μιλούν για τη σημασία της διάκρισής τους, για τις δραστηριότητες των εταιρειών τους, τα πλάνα και τις προκλήσεις που έρχονται. Επιχειρήσεις, επιχειρηματικές πρακτικές, επαγγελματίες, υπηρεσίες και προϊόντα που ξεχώρισαν. Για ένατη συνεχή χρονιά ο θεσμός των IN Business Awards επιβράβευσε επιχειρήσεις, πρακτικές, ανθρώπων έργα και ημέρες, στελέχη και εμπνευστές που ξεχώρισαν στο επιχειρηματικό γίγνεσθαι.

«Καθοδηγούμενο» από την τάση για τα sport utility vehicles (SUV), που αντιπροσωπεύει το 45% του συνόλου των επιβατηγών αυτοκινήτων, το IN Business παρουσιάζει τα βασικά μοντέλα SUV, καταγράφοντας δυνατότητες και χαρακτηριστικά που προσφέρουν.

Το οικονομικό turn around

2016

157

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Μοnthly Briefing 10| Μοnthly Briefing 12| Newsbrief Γιάννος άννος Λακκοτρύπης: Νέο Νέος CEO και νέα πλάνα στη VTS Imarcomms: Δίπλωμα στο digital marketing Α/φοί Λανίτη και Coca-Cola: Πάφος 2017: Στηρίζουν τους εθελοντές IN Brand: Katerina Home Made Sweets 16| Όμιλος Σιακόλα: Διαδοχή διά τέσσερα 18| Κύπρος: Τι χρωστάμε 20| Ξένες τράπεζες: Ποιες δραστηριοποιούνται με υποκαταστήματα στην Κύπρο 22| Αγορά ποδηλάτου: Ρόδα είναι και γυρίζει 26| Business Gossip: The whistleblower 32| Λουκάς Α. Μαυροκορδάτος: Τα παράπονά σας στον διαμεσολαβητή 36| Around the Globe

146

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IN BUSINESS Τεύχος 132, Φεβρουάριος 2017

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Οι βραβευθέντες στα IN Business Awards 2016 μιλούν για τη σημασία της διάκρισής τους, για τις δραστηριότητες των εταιρειών τους, τα πλάνα και τις προκλήσεις που έρχονται. Επιχειρήσεις, επιχειρηματικές πρακτικές, επαγγελματίες, υπηρεσίες και προϊόντα που ξεχώρισαν. Για ένατη συνεχή χρονιά ο θεσμός των IN Business Awards επιβράβευσε επιχειρήσεις, πρακτικές, ανθρώπων έργα και ημέρες, στελέχη και εμπνευστές που ξεχώρισαν στο επιχειρηματικό γίγνεσθαι.

Δέστε τις ζώνες σας. Πετάμε!

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| INVESTMENT |

The European Bank for Reconstruction and Development (EBRD) held the 26th annual meeting of its Governors in Nicosia earlier this month. The Bank’s Secretary General Enzo Quattrociocche spoke to GOLD about its current and future investments in Cyprus. By Charalambos Michael

ENCOURAGING

ECONOMIC

GROWTH

IN CYPRUS 18 | GOLD | The Business Magazine of Cyprus

WE ARE E STRO ONGLY ENC COUR RAG GED BY CYPRU US’ ETUR RN TO O GR ROWTH AN ND STA AND READ DY TO HELP RE Gold: How important is the EBRD’s presence in Cyprus? Enzo Quattrociocche: Cyprus was a founding member of the EBRD in 1991 and has supported the Bank and our countries where we invest throughout our existence. So it was also a question of solidarity when Cyprus itself needed support during the severe economic and financial crisis that followed the global downturn in the late 2000s. Our shareholders decided in May 2014 to give the Bank a temporary mandate to invest in Cyprus until the end of 2020 to support the recovery of the island. We moved very quickly and, within months, became a shareholder in Bank of Cyprus, thus contributing to the stabilisation of the financial sector. From there, we built a strong presence in support of trade finance, recognising the crucial importance of trade for the island. Identifying another key challenge for Cyprus, we have become pioneers in the development of renewables. We see significant potential in solar energy to reduce the island’s dependence on external sources of energy and such a change will be hugely beneficial for the environment as well as for the balance of payments. Gold: How would you evaluate the investments made by the EBRD in Cyprus so far? Do you believe that they have had a major impact on the economy? E.Q.: I believe our balance to date is quite impressive: we have made investments of €223 million in 2 years in an economy with a total GDP of €17 billion, all our projects are in the private sector and they include the acquisition of equity stakes in the two largest local private banks, financing for the maritime sector, financing of solar power generation and a highly active trade finance programme. We assess the success of our investments rigorously through strict monitoring and we have an independent Evaluation Department in the Bank which very carefully assesses our activities and publishes its findings. The other permanent control function that we have is, if I may say so, the reality check by the market: the EBRD acts in a mar-

ket environment like any other commercial competitor and what we experience in this environment gives us a very clear understanding of where we can have the strongest impact. Gold: Are you planning any investments in Cyprus in 2017, and what are your plans for the next 3-5 years? E.Q.: A major goal where we are hoping for more movement is privatisation, where a substantial amount of work remains to be done. The EBRD is not promoting privatisation for privatisation’s sake; on the contrary, one of the lessons of the financial crisis for us was that we need a better state, not the abolishment of the state. But there is ample evidence from all over the world that the state is not always the best businessman and that sectors which were languishing under state control flourish under private ownership. Telecoms is the most frequently mentioned example but is not the only one. What is key is not ideology but finding those pragmatic and practical solutions that are the most effective and efficient for customers as much as for companies. Other key areas where more support is still needed are workouts of non-performing loans and the return of the Cypriot private sector to the capital markets. The Cyprus economy has made a strong recovery in recent years. Companies’ access to finance is, however, still restricted by the need to progress with the restructuring of many overleveraged local corporates. This would allow local financial institutions to increase new lending to healthy, growing companies rather than focusing on recovering unpaid loans. This requires not only deep restructuring and change in corporate control but also the introduction of new forms of financing, including private equity, corporate bonds, and other financial instruments currently not used in Cyprus. Gold: What are your criteria when deciding for a new investment? E.Q.: We have very clear set of criteria. Every EBRD investment must make

economic sense, our financing must not compete with or crowd out the private sector and, with our projects, we aim to transform the economy in line with our transition mandate. This year alone, we introduced an updated concept and we defined competitiveness, resilience, integration, green, inclusion and governance as the key elements of successful and sustainable economies. It sounds complicated but it works! The EBRD is a strong and successful bank. Last year alone, we delivered €9.4 million of new investment in 378 projects in the 36 countries where we currently work. Gold: In which sector(s) in Cyprus, do you believe there are growth opportunities, and will EBRD be investing in it in the future? E.Q.: Our clear priorities are support for the private sector and strengthening the local economy, for instance by financing renewable energy sources. One of the EBRD’s core competencies undoubtedly lies in the financial sector and we remain available. We are strongly encouraged by Cyprus’ return to growth and stand ready to help converting the green sprouts of growth into a long-lasting and, crucially, sustainable upward development. Cyprus has a small, open, dynamic economy and it is expected that most opportunities will continue to arise in tourism, the maritime sector and professional services. SMEs are a core segment of the Cypriot economy and we will continue to support their growth with our small business advisory services as well as trade finance, to encourage their exports to wider regional markets. Gold: What might be the role of EBRD after the possible reunification of Cyprus? E.Q.: Under the current agreement with our shareholders, our mandate in Cyprus ends by the end of 2020. Should circumstances change dramatically – for instance, in the event of unification – we stand ready to extend our activities. However, any change would be a question for our shareholders.

www.goldnews.com.cy | GOLD | 19

Opinion

WHY COMPANIES NEED PROFESSIONAL ASSET PORTFOLIO MANAGEMENT

A

By Michalis Economides

sset management is esferently to economic/financial fluctuations sential if a company is to and specific market events. maximize the return on As an International firm, with a physical investment (ROI) to its presence in more than eight countries, proshareholders and stakeholddviding legal, corporate, fiduciary and investers. Despite its importance, e, ment consultancy services in more than 21 however, numerous companies and entrepreejurisdictions (including London, New York, neurs neglect it and fail to provide the neces-Hong Kong, Beijing, Dubai, the Bahamas, sary attention to the procedures required for Barbados, Belize, BVI, Cayman, Cyprus, an efficient asset management strategy. This Seychelles, Singapore, St Vincent & the can lead to their investments underperformGrenadines), we propose that entrepreneurs ing and they may find themselves exposed and individuals should adopt a broader apand vulnerable to significant risks, due to proach to their asset portfolio management, financial fluctuations and the constantly in order to secure applicability on a global changing market environment. level. Multi-jurisdictional corporate transacThere are various examples of promising tions, wealth management, portfolio manassets that have not reached their potential agement, trusts, private equity funds, acquisitions, Info: Michalis Economides is CEO ultimate maximum return value due to the imrestructuring, real estate investments and citizenship and Founder of Chambersfield Economides Kranos, Advocates & plementation of mistaken strategies. Similarly, investments are just some of the investment-related Legal Consultants there are examples of entrepreneurs and indiservices for which demand has been increasing over viduals failing to cooperate with professional the last few years. investment and finance-related experts, leading to a catastrophic Our expertise in the international financial investment arena devaluation of their assets and even, in some instances, to bankhas shown us that the present era is characterized by traditional ruptcy or liquidation. Such risks can be greatly reduced through investment via the acquisition of immovable property which is proper consultation and using professional services related to seen as the most trusted, stable and profitable avenue. the best exploitation of the company’s assets. However, investments in physical commodities (e.g. gold), Asset management takes a range of investments, allocated private equity funds, trusts and joint ventures are also considered into various financial types and categories in order to spread, to be very attractive nowadays, since they provide investors with control and mitigate risk against potential losses. The aim, an opportunity to invest through pooled funds in high-value protherefore, is to diversify the investments so as to minimize the jects that promise a high ROI. The “pool of funds” mechanism exposure of assets to an actual risk, as well as to protect the volaindirectly ensures that the performance of the project will have a tility of the asset portfolio. lower risk, if many powerful and reputable partners are involved. Diversification is a risk management technique that focuses Moreover, we also recommend various citizenship plans to on the allocation of investments to a variety of areas and instruinvestors as an additional and very valuable intangible asset in ments (e.g. immovable property, government bonds, shares, their portfolio. The acquisition of additional citizenship at and trust funds), with the aim of once offers an immediate return with maximizing ROI by implementing respect to investment opportunities, DIVERSIFICATION IS mitigation parameters of risk and instant mobility for investors and VERY IMPORTANT differentiating the performance of their family, visa-free travel to many assets in order to protect them from countries (depending on the chosen BECAUSE IT CAN a specific event or action. DiversiPROTECT AND ENHANCE jurisdiction), financial freedom, sefication is very important because curity and stability. Citizenship by ASSET PORTFOLIO it can protect and enhance asset investment can be considered a longportfolio performance through risk PERFORMANCE THROUGH term and never-ending investment RISK WEIGHTING weighting. It is important to note since it can be transferred to the next that each investment type reacts difgeneration.

20 | GOLD | The Business Magazine of Cyprus

ACCOUNTANCY CYPRUS

77

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| REFORM |

THE COMEBACK KID OF THE EUROZONE By Constantinos Petrides

C

yprus is currently in a state of economic transition and the target of this transformation is to turn the country into a modern economy that will be able to generate real and sustainable growth through competitiveness, as opposed to the bubble-led growth which comes more easily but, most of the time, ends with a crisis. We know that fiscal and monetary expansion have dictated both European and Cypriot economic policy over the past two decades in the name of “development”. But it seems that there is a general realisation now that we should return to price stability, fiscal consolidation and structural change – a difficult but rather necessary return to basics and to the fundamentals of growth. This is the lesson learnt from the recent Cypriot experience; After a couple of decades of being what was considered to be one of the most dynamic and fastest-grow-

22 | GOLD | The Business Magazine of Cyprus

ing economies in Europe, by 2013 Cyprus was faced with an unprecedented crisis – a crisis that came about as a result of policies being driven mainly by public and private over-consumption, which was financed by public and private debt, until both became unsustainable. Excessive credit-led growth steered an unsustainable increase of private debt and inevitably led to a very severe banking crisis. Continuous and excessive public borrowing, paradoxically even in the years of high growth, led the public debt to soar and, inevitably, confidence was lost in Cyprus, which found itself cut off from the international markets. The recession followed, unemployment

Info: Constantinos Petrides is Minister of Interior. This article is adapted from his address to the 7th Nicosia Economic Congress on 25 April 2017

quadrupled within 5 years and our EU and eurozone membership was put at stake. Three years on, Cyprus is rightly considered by foreign analysts as “the comeback kid of the eurozone”. This early transformation is attributed to the fact we followed the correct policy prescription, based on a three-pillar programme: The first pillar had to do with the “painful” restructuring of the banking sector. We now have a smaller but well-capitalised, better managed and better supervised banking sector. The second pillar dealt with the fiscal situation. Successive excessive deficits have been replaced by balanced budgets and primary surpluses. Focusing on the expenditure-side allowed us to retain our status as one of the lowest tax-burden economies in the EU, thus maintaining a stable and competitive tax regime, which is a key element for attracting investments.

IN THE PAST THREE YEARS WE HAVE SEEN FOREIGN INVESTMENTS IN THE BANKING SECTOR EQUAL TO 10% OF OUR GDP The third but very important pillar had to do with the implementation of structural reforms. There can be no sustainable growth without structural reforms that increase competitiveness, reforms that place emphasis on the tradeable sectors of the economy as an engine for growth and include, amongst others: • The creation of an enabling business environment. • Public administration reform. • Cutting down red tape and advancing on e-government and the digital agenda. • Reforms to tackle tax evasion. • Privatisation, which should be seen as a reform for boosting competitiveness and attracting foreign investment in key sectors of the economy. • Institutional reform for strengthening and modernising governance in selected sectors such as tourism and shipping, and the management of the microeconomy. • Reforms in education, tourism, Research and Innovation and other sectors where large unrealized potential and distortions have been identified. It is this third reform pillar, which is now the catalyst for the future transformation of the economy of Cyprus. I have to admit that, despite the significant progress made, this third pillar, is far from being completed. Unavoidably, reform in the first two pillars had to precede. Moreover, structural reform requires difficult, many times unpopular decisions, which are hard to implement or even transpose into law in a difficult political environment like ours. Structural reform also takes time and often requires a change of mentality and culture, within government or the civil service as well as broader society. In the case of Cyprus, it often meets constraints arising from a rigid constitution,

the main aim of which at the time it was drafted, was to safeguard bicomunal balances rather than to allow flexibility for change. But economic transformation and growth is a structural issue and, so far, we have done much more than just plant the seed of this structural change. We will not abandon our reform agenda and we will continue with the same determination because our programme has delivered and continues to do so. We are steadily improving our competitiveness indicators, our economic performance has rebounded quickly and Cyprus is currently one of the fastest-growing economies in Europe. It is the recognition of progress made in all these areas in such a short time that has brought successive rating upgrades and an impressive improvement of our bond yields. In turn, it is this strategy that has led international investors to give Cyprus a vote of confidence and to pour fresh money into the economy. In the past three years we have seen foreign investments in the banking sector equal to 10% of our GDP. We have seen a major international investor winning the tender for the privatisation of the country’s main port, opening up new horizons for Cyprus as a transport hub. We have seen sizeable foreign investment in the tourist, energy and commercial sectors. New sectors with huge potential are also on the rise, including the investment funds industry and the gaming sector, with the first-ever American type of Integrated Casino Resort in Europe about to get underway in Limassol. Our policy has restored confidence in the Cypriot economy and, as we all know, the economy is all about confidence. Any loss of confidence on the part of domestic or international investors means that they will invest somewhere else. We live in a competitive world. Cyprus has what it takes to be transformed into a real regional ‘hub’. It has diverse comparative advantages that allow it not to be “monothematic” when it comes to investments; it now has a stable economy, an effective legal system and an attractive tax regime. The puzzle of transformation can only be completed through further advances regarding the structural reform agenda. I will only indicatively refer to the huge prospects of the tourist sector. International

analysts estimate that real revenues will triple over the coming years if we implement our new tourism strategy and the reforms that come with it Reform is always politically difficult and demanding in any part of the world and, perhaps, even more difficult in the Mediterranean region. But there are no easy answers to the ‘growth-question’. The only effective strategy is economic transformation, dictated by economic orthodoxy; this means economic freedom, a healthy banking sector, sound public finances and structural reforms to enhance competitiveness. The only successful strategy is to have policy driven by reason instead of populism, a curse for which the country has paid a huge price; and not just in the sphere of the economy. We have achieved a lot, but we must also acknowledge that we still have some way to go, especially as regards the structural reform agenda. We are determined to continue the effort, as it is bearing results. I would like to conclude by addressing the regional dimension, which is also very important for the country’s transformation. In the past years we have built political bridges with almost all our neighbours – bridges that reinforce Cyprus’ role as a regional hub in the Mediterranean. Geopolitical stability and economic cooperation are a win-win situation for enhancing inter-industry trade, for reducing geopolitical risks to investments, for expanding markets for foreign investors, for reaping the benefits and economies of scale, for all those parameters that determine prosperity. And it is within that transformational context that the the solution of the Cyprus Problem should be seen. The country cannot exploit its full potential as long as the Cyprus issue remains unresolved.

THERE CAN BE NO SUSTAINABLE GROWTH WITHOUT STRUCTURAL REFORMS THAT INCREASE COMPETITIVENESS www.goldnews.com.cy | GOLD | 23

| PROFILE |

Promoting the Noble Profession By Voula Loizou | Photo by Helena Georgiou

“AT ITS HEART, ENGINEERING IS ABOUT USING SCIENCE TO FIND CREATIVE, PRACTICAL SOLUTIONS. IT IS A NOBLE PROFESSION.” HM Queen Elizabeth II

24 | GOLD | The Business Magazine of Cyprus

B

orn into a family that was involved in the construction industry in Cyprus, Joseph Maltezos was fascinated from an early age by the process of creating buildings. Today he works in the UK as a Senior Civil Engineer at Laing O’Rourke, with whom he has been involved in several major construction projects, including the Crossrail Tottenham Court Road project in London. His hard work and commitment to the profession helped him achieve Chartered Engineer status only four years after graduating, while he recently won the prestigious James Rennie Medal for 2017, awarded to the best Chartered Professional Review Candidate. Maltezos spoke to GOLD during a recent visit to Cyprus. Gold: When did you first realize that you wanted to take up Civil Engineering? Joseph Maltezos: I was born and raised in a family orientated within the construction industry in Cyprus. Both my grandfather and my father owned a construction company that undertook projects in the public and private sectors. From a young age I was working with my father on site, undertaking simple dayto-day tasks and then eventually supervising works. I was fascinated by the satisfaction gained from creating something tangible (i.e. a building) and I eventually realized that Civil Engineering was a profession that would suit my personality and give me a fulfilling career. Starting as a worker on site with my father provided me with the firm foundations for a successful career by enabling me to develop my problem-solving skills and teaching me to respect the members of the workforce who, in most instances, have more practical experience than any qualified engineer. Gold: Since graduating from Imperial College London five years ago, you have worked on a number of major projects in the UK. Which ones are you most proud of and why? J.M.: With Laing O’Rourke over the past 5 years, I have had the opportunity to work on projects of national and international importance in the UK. It’s very hard to identify a single project that I am most proud of as they were all technically challenging world-class projects which, once completed, improved the lives of local residents. If I had to choose

one, though, it would be the A453 Widening Project in Nottingham. I was involved in the widening of a 2.4km road in an urban area, aiming to improve the traffic flow and to make the road safer for users. After two and a half years of hard work, the project was completed 2 months ahead of schedule. At the opening ceremony, one of the locals who had lost his son in a road accident, expressed his thanks for making the road safer and the hope that it would save lives that might otherwise have been lost with the previous road alignment. This was the most emotional day of my career to date and one of the reasons why I will never regret my decision to become a Civil Engineer. It is a profession that is continuously improving people’s lives. Gold: You have been involved in the construction of the Crossrail Tottenham Court Road Station in London. How did you get involved in this project? J.M.: Once the A453 Widening Project was successfully completed and opened to the public, I was transferred to the Crossrail Tottenham Court Road project to construct two of the largest Crossrail superstructures. They had significant technical complexity and their location adjacent to Oxford Street imposed a myriad of other non-technical challenges that required innovation to resolve them. During my 18 months of hard work at Tottenham Court Road, I led the construction of these superstructures and I needed to challenge existing practices to improve health, safety and environmental issues, productivity and efficiency and also to reduce the impact on local stakeholders. Proposals for improvement to the existing practices by a young engineer like myself were not easily accepted! It required a lot of work to ensure the approval of both the client and the architect. But through small steps in the right direction, I managed to improve the way these structures were built with significant programme and cost savings. This was recognized by Crossrail and I was honoured with the Inspiration Award in recognition of my leadership role in achieving these outstanding results. Gold: You have become a Chartered Civil Engineer with the Institution of Civil Engineers (ICE). How important is this professional qualification in terms of your career? J.M.: Becoming professionally qualified is a www.goldnews.com.cy | GOLD | 25

| PROFILE |

milestone in every engineer’s career. It represents a recognition of excellence in several core areas which give a holistic view of the construction industry in terms of technical, health, safety, environmental, sustainability, commercial and contractual aspects of construction. The industry in the UK and across the globe has started to recognize the importance of Civil Engineers being Chartered and in major government projects, certain positions of responsibility can only be taken by Chartered Civil Engineers. This is an indication of the merits of being professionally qualified and it encourages more engineers to achieve it. Through continuous hard work and my commitment to become professionally qualified, I achieved the Chartered status with the ICE only four years after my graduation, which is considered exceptional. Gold: What projects are you currently involved in? J.M.: I am currently working on the construction of the Thames Tideway Tunnel, which is the new £4.2 billion super-sewer of London. It is a 25km tunnel, 7.2m in diameter and up to 65m below the River Thames aiming to increase the capacity of the capital’s sewerage system and reduce the volume of untreated waste that is currently discharge into the River Thames. This a very technically challenging project as the tunnel will run below the river and the connection points will be along the river, next to some of the most notable London landmarks i.e. Westminster and London Bridge. Gold: This year you were the winner of the James Rennie Medal, awarded to the best Chartered Professional Review Candidate. How important do you consider this award to be, both to you personally and to Cyprus? J.M.: Wining the ICE’s most prestigious award after competing against over 1,660 candidates across the world is certainly the greatest possible form of recognition and acknowledgement of my hard work and my commitment to excel in the construction industry. Winning the award at this early stage of my career as a Civil Engineer is a milestone. And it is certainly not just a personal achievement but it also promotes Cyprus on the global map of the Civil Engineering profession, as a Cypriot is the winner of this 26 | GOLD | The Business Magazine of Cyprus

PROPERTY PRICES IN LONDON HAVE ALREADY BEEN IMPACTED DUE TO BREXIT year’s award. I hope that this achievement will act as inspiration to all young engineers to work towards their professional qualification and excel in their career. Gold: You have been actively involved in promoting the construction industry. How and why did you decide to do this? J.M.: The public perception of the construction industry does not reflect the importance and the benefits that it provides to the society we live in. We take the existence of all the infrastructures we have today as a given, without appreciating the important role of Civil Engineers in designing and delivering them. I therefore believe that it is the duty of every professional Civil Engineer to raise awareness of the importance of our profession in an attempt to change this public perception and also to attract new young talent into the industry. Raising public awareness is as important as projecting the right image of construction through all our sites and activities. I have been heavily involved in this aspect by delivering presentations and talks to schools and universities about Civil Engineering and also by supporting local communities around the projects I work. Gold: What are your projections for the construction industry in Cyprus over the next 3-5 years? Has it recovered from the downturn of the past few years? J.M.: The construction industry has shown tremendous improvement since the economic recession that hit Cyprus in recent years. Foreign investment in luxury resorts and residential towers in the coastal cities have helped the industry to recover at a much faster pace than anticipated. In the next 3-5 years I believe more high-rise buildings and luxury resort will be constructed as Cyprus attracts more investors from across the globe. The possible reunification of the island will

generate a massive boost to the construction industry if and when a solution to the Cyprus Problem is found. As the country is now entering an era of economic growth, it is critical for the Government to take strategic decisions on infrastructural improvements to ensure continuous economic growth. Gold: Does the boom in luxury property construction on the island hide a more general problem of over-supply in the middle and low end of the property market? J.M.: Over the last couple of years there has indeed been a boom in the construction of luxury properties in Cyprus and particularly in the coastal cities. In my opinion, luxury properties are generally targeting foreign investors and not locals. The middle and low property market is in crisis at the moment. Between 2000 and 2010 there was a huge increase in the number of properties built on the island (more than the needs of the country until 2020). The over-supply of these properties, together with the recession, resulted in a significant drop in prices, which, in turn, had a negative impact on businesses and individuals alike. I believe that the market will self-heal in the coming years with the predicted economic growth. To prevent similar issues in the future, it is important that the Government and the banks control the growth and avoid an oversaturation of the property market, which is always a sign of a forthcoming economic recession. Gold: What are your plans in the future? Do you see yourself returning to Cyprus or will you stay in the UK? J.M.: My recent achievements and the recognition of my contribution to the industry in the UK has resulted in some very attractive opportunities for me both in the UK and other countries. However, I would like to return to Cyprus when the right opportunity arises. I strongly believe that there is a lot I can bring with me in order to improve the industry and the way we build things. My vision is to return to Cyprus with the experience I have gained in world-class projects and to try and improve this industry. I don’t think it will be easy but, at the same time, I don’t think it’s impossible.

0 12

PLUS POWERFUL AND INFLUENTIAL

WOMEN IN CYPRUS

By Artemis Constantinidou, Voula Loizou & John Vickers | Full-page photos by Emma Louise Charalambous

A

ngela Merkel, Oprah Winfrey, Christine Lagarde, J.K. Rowling, Adele, Theresa May… All women and all in their own way influential and powerful. The world is changing and although we can go back many years and find similar examples, there can be no doubt that, in 2017, women in the developed world are better represented in every walk of life than they ever were in the past. That is not to say that gender bias has disappeared or that equality prevails in the workplace in every modern country but it is generally accepted that the young women of today are in a much better position than their mothers and grandmothers were. What about Cyprus? Is the country still male-dominated when it comes to power and influence? Regrettably, the answer is yes, despite the fact that,

in the early days of the Republic, a woman was appointed as Minister of Justice and later Attorney-General. As the first woman lawyer in Cyprus, Stella Soulioti may have shattered the glass ceiling hampering professional women at the time but, in many ways, she was the exception to the rule. That is not to say that things have been going backwards but, as many of the women on the following pages have told us, progress has been made but there is still a long way to go. According to the World Population Review, women make up 48.944% of the total population of Cyprus and as everyone knows, there are very few sectors of the economy in which they are represented with anything close to this percentage. Interestingly, in 2014, women finally outnumbered men in the profession that Stella Soulioti practised – Law – but while the numbers may be rising, there is still a huge difference when it comes

to men and women in positions of power and influence and to women’s representation in company boardrooms. On the following pages we present over 120 women who have proved to be a match and more for their male counterparts, in the areas of business, politics and institutions, academia, the arts and the media. They include the present First Lady (Andri Anastasiades) and a former one (Androulla Vassiliou), the only woman Minister in the present government (Zeta Emilianidou) and a former Minister (Erato KozakoMarcoullis), and scores of successful professional women who, thanks to their perseverance and success, now act as role models for the next generation. We recognise their achievements and pay tribute to them all are proud to provide a platform for their views.

They are listed in random order.

www.goldnews.com.cy | GOLD | 29

| COVER STORY |

ACADEMIA

ARTS

01 CHRYSO CHRISTODOULOU

03 EVE MAKIS

Founder, FUNecole Research Institute & Co-founder, Digipro Computer Consultants

Author

W

ith an academic background is in Computer Science and Education, she is the designer and author of the FUNecole for Cambridge ICT Starters Initial Steps, endorsed by University of Cambridge International Examinations and recognized best practice educational approach by the European Commission. An external educational expert for the Institute of Prospective Technological Studies (IPTS) on various educational research projects, she is one of 350 European Ambassadors of Entrepreneurship.

S

he worked as a journalist and radio presenter in the UK and Cyprus before writing her first book, Eat, Drink and Be Married, which was published in 2005. She has since published three more novels and recently co-wrote the screen adaptation of her third book, which has already won several international awards as Boy on the Bridge. She is married with two children.

05 RITA C. SEVERIS Executive Director, Centre of Visual Arts & Research (CVAR)

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he is the co-founder of the Costas and Rita Severis Foundation and Executive Director of the Centre of Visual Arts and Research, the home of the Foundation. The CVAR won the 2017 Europa Nostra Award for education, training and awareness-raising. Rita C. Severis is the author and co-author of 14 books on Cyprus. In 2000, Travelling Artists in Cyprus was shortlisted for the Runciman Award.

02

04

06

PROF. MARY KOUTSELINI

NORA NADJARIAN

YVONNE GEORGIADOU

Chairwoman, Cyprus Agency of Quality Assurance & Accreditation in Higher Education

Poet and short story writer

Artistic Director, Pharos Arts Foundation

he has published three collections of poetry and two books of short stories as well as work published online and in journals in the UK, the US and elsewhere. She has also won prizes and commendations in international competitions, including the Commonwealth Short Story Competition.

he spent twelve years in London, obtained two degrees in Music and gave up a promising career in opera to return to Cyprus in 2005 to work for the leading exponent of chamber music in Cyprus, organising hundreds of concerts by some of the world’s most important musicians.

W

ith an M.Sc. in Curriculum Planning, Development and Evaluation and a Ph.D in Educational Policy and Curriculum Development, she taught at the Pedagogical Institute of Cyprus from 1980 until 1994, when she joined the University of Cyprus. She has coordinated many national and European research projects and was recently appointed Chairwoman of the Cyprus Agency of Quality Assurance and Accreditation in Higher Education.

30 | GOLD | The Business Magazine of Cyprus

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“My acceptance speech at the Madame Figaro awards WAS ON THE NON-EXISTENCE STATUS OF ARTISTS (MALE OR FEMALE) IN CYPRUS.

The profession is not recognized in Cyprus. AFTER MY SPEECH I DEDICATED MY AWARD TO

women

feminists.

I believe in the F-word: Feminism. For me it’s about women looking out for each other. My work revolves around female gender issues.

It always has been and always will be. WOMEN ARE MY PROTAGONISTS, AND THROUGH MY WORK

I send positive messages that we women can –

AND WILL ONE DAY – RE-WRITE HISTORY/HER-STORY.”

07 LIA LAPITHI

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he has a BA in Art and Environmental Design (UCSC, California, USA), an MPhil in Art (Lancaster University, UK) and a Diploma of Architecture (Canterbury Institute of Art & Design). Her first solo exhibition was in Santa Cruz, California in 1983 and since then her work has been presented around the world. She was named Artist of the Year for the second time in the 2016 Madame Figaro Awards.

www.goldnews.com.cy | GOLD | 31

| COVER STORY |

BUSINESS

ARTEMIS ANTONIADOU

Managing Director, Voici La Mode Group

08

She runs Marks & Spencer stores in Nicosia, the French men’s fashion franchise Celio in three towns, the Café la Mode chain of cafe/restaurantsin Nicosia and Limassol, and other smaller enterprises. She holds a B.A. in Economics and an MBA in Marketing.

DEMETRA KAKOPIEROU

09

Director, Marketing and Development, BoConcept, Kare Design and Lifetime Kids Rooms She studied marketing but her passion for furniture led her to introduce BoConcept to Cyprus. She is actively involved in the development of the Lifetime Kids Rooms franchise in Europe, the Middle East, Asia and the USA.

10

The Karantokis Group comprises the civil engineering HUK JVU[YHJ[PUN ÄYT 4LKJVU Construction Ltd, Churchill Hotel Management and a number of real estate entities. One of the founding members of the Cyprus Federation of Business and Professional Women (BPW), she has long been a role model for younger female entrepreneurs.

Managing CEO, DeLeMa McCann

11

She began her career in Greece, working for the family petroleum business Petrolina S.A. On returning to Cyprus in 1985, she MV\UKLK [OL ÄYZ[ JVTWHU` VM what was to become the DeLeMa creative JVTT\UPJH[PVU .YV\W HMÄSPH[LK ^P[O 4JCann-Erickson. She is President of the Cyprus Advertising Standards Organisation.

ELENA ANDREOU

Deputy Managing Director, McDonald’s

12

Born in Germany where her parents had

32 | GOLD | The Business Magazine of Cyprus

13

Senior Partner & Co-founder, Chrysostomides Advocates & Legal Consultants

Executive Chairwoman & Managing Director, Karantokis Group

DESPO LEFKARITI

“From being mainly mothers and house^P]LZ TVZ[ ^VTLU PU *`WY\Z UV^ OH]L [OL HKKLK YLZWVUZPIPSP[` VM ILPUN M\SS` PU]VS]LK PU [OL ^VYRMVYJL ^P[O ZVTL VM [OLT ILPUN Z\WLY Z\JJLZZM\S HUK OVSKPUN OPNO WVZP[PVUZ PU [OL W\ISPJ VY WYP]H[L ZLJ[VY )\[ ^OLU P[ JVTLZ [V NLUKLY LX\HSP[` [OLYL PZ Z[PSS H SVUN way to go.”

ELENI CHRYSOSTOMIDES

“Women by nature are game-changers and ^L ]PL^ [OL ^VYSK MYVT H KPɈLYLU[ WLYZWLJ[P]L *VYWVYH[L *`WY\Z HUK [OL PUUV]H[PVU LJV Z`Z[LT HYL HSYLHK` ZLLPUN [OL ILULÄ[ VM WYVMLZZPVUHS ^VTLU»Z PU]VS]LTLU[ PU[\Ption and thinking.”

DEMETRA KARANTOKIS

become McDonald’s franchisees, she was involved in the family business from a very young age. In 1996, her parents were made exclusive Developmental Licensees for Cyprus and she has gradually made her way up the management ladder to her present position.

She studied Law at University College London and is now a recognised specialist in matters of Intellectual Property law, OLHKPUN [OL ÄYT»Z 07 +LWHY[TLU[

Vice President, Top Kinisis Travel PLC

14

¸0 \YNL TLU [V YLZWLJ[ ^VTLU HZ LX\HSZ and give them the chances they deserve HUK 0 \YNL ^VTLU [V WLYZL]LYL ^P[O [OLPY RUV^SLKNL HUK WLYZVUHSP[` [V NL[ [V ^OLYL the decisions are taken.”

CEO Hermes Airports She studied Economics at Cambridge and later X\HSPÄLK HZ H *OHY[LYLK Accountant. Her 30-year professional experience has been mainly in

EMILY YIOLITIS

Partner, Harneys, Aristodemou Loizides Yiolitis LLC

16

She is a founding partner of the *`WY\Z VMÄJL HUK NSVIHS OLHK of Harneys’ Tax and Regulatory practice and heads the Cyprus Fiduciary practice. She was a founder member of STEP Cyprus and served as its Chairwoman for three years.

17

Director, Global Treasury, Amdocs Development Ltd

She studied Travel & Tourism Management in Switzerland before building her own publicly listed international travel business. She is a highly respected activist on matters of commercial transparency and entrepreneurship.

ELENI KALOYIROU

¸*YLH[PUN LX\HS VWWVY[\UP[PLZ MVY ^VTLU PZ not only a question of gender equality but HSZV HU LJVUVTPJ WYPVYP[` >L ZOV\SK LUJV\YHNL ^VTLU PU *`WY\Z [V WHY[PJPWH[L more actively in the work environment HUK PU W\ISPJ SPML ;V HJOPL]L P[ ^L ULLK [V WYV]PKL [OL ULJLZZHY` MHJPSP[PLZ [OH[ enable women to combine a career and MHTPS` SPML LZWLJPHSS` HM[LY OH]PUN JOPSdren.”

ELENI SMILA

¸;OL HWWVPU[TLU[ VM ^VTLU PU RL` YVSLZ IV[O PU WVSP[PJZ HUK [OL ^VYRWSHJL OHZ shown not only that they are more than JHWHISL VM NL[[PUN [OL QVI KVUL I\[ OHZ also created role models for other women [V MVSSV^ PU [OLPY MVV[Z[LWZ ¹

ELENA TANOU

the aviation industry, as CFO and later as deputy CEO of Cyprus Airways.

15

She holds a degree in Economics and has been with Amdocs since 1998, working across both operational and ÄUHUJL HYLHZ HUK YPZPUN MYVT Accounts Assistant to Global Treasury Director. ¸*`WYPV[ ^VTLU HYL Z[PSS \UKLY YLWYLZLU[LK PU SLHKLYZOPW YVSLZ HUK JVTWHUPLZ should lead the way in redressing this PTIHSHUJL I` VɈLYPUN JVTWL[P[P]L ^HNLZ HUK ILULÄ[Z [V Z\WWVY[ [OLT PU [OLPY SPML JOVPJLZ 4\S[PUH[PVUHS JVTWHUPLZ IHZLK PU *`WY\Z HYL TVYL MH]V\YHISL [V ^VTLU ¹

EVANGELIA ELIADOU

Executive Director, Paȶlia

18

She holds an LLB and a Master’s Degree in Commercial and Corporate Law HUK PZ H X\HSPÄLK )HYYPZ[LY She worked as a lawyer until 2001 when she joined the family real estate development business. ¸;OV\NO ^VTLU OH]L [HRLU THU` Z[LWZ MVY^HYK ^L Z[PSS OH]L H SVUN ^H` [V NV ;OL *`WY\Z I\ZPULZZ LU]PYVUTLU[ T\JO SPRL [OL NSVIHS VUL PZ THSL KVTPUH[LK I\[ 0 HT JVUÄKLU[ [OH[ [OPZ Z[LHK` WYVNYLZZ ^PSS JVU[PU\L HUK ^VTLU ^PSS [HRL \W [OL YVSL [OL` HYL K\L PU W\ISPJ SPML HUK [OL JVYWVYH[L world.”

19

MONICA PAPAELLINA

3HUIXPHV &RVPHWLFV 0DQDJHU &RVWDV 3DSDHOOLQDV 2UJDQL]DWLRQ

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fter obtaining her BSc in Economics and an MBA at City University, London, she spent 7 years working at the Ministry of Commerce, Industry & Tourism before joining the Costas Papaellinas Organization as Brand Manager. She now manages the company’s entire Perfumes & Cosmetics Department .

“In recent years, MORE AND MORE

women have taken over important POSITIONS IN THE BUSINESS SECTOR UT THE FACT THAT CAREER WOMEN IN CYPRUS HAVE TO FOLLOW

the traditional culture and values

OF SOCIETY MAKES IT MORE DIFFICULT THAN IT IS IN OTHER EUROPEAN COUNTRIES OR THE UNITED STATES.

Being a mother, wife and a successful businesswoman is difficult but it is still possible. However, from my personal experience, I would say that you should be very well organised and ready to

sacrifice all your personal free time." www.goldnews.com.cy | GOLD | 33

| COVER STORY |

BUSINESS

EVI PANTELIDOU

20

General Manager, Hellenic Tzilalis (Cyprus) Ltd.

She started her career as an auditor with Coopers & Lybrand. In 1998 she became CFO of Hellenic Mining Group, in 2005 she was appointed Deputy Manager of Hellenic Mining and in 2006 General Manager of its subsidiary, Hellenic Tzilalis. ¸0U [OL SHZ[ JV\WSL VM KLJHKLZ ^L OH]L witnessed a shift towards more women PU SLHKLYZOPW WVZP[PVUZ ZVTL[OPUN MYVT ^OPJO ZVJPL[` JHU VUS` ILULĂ„[ 0 OVWL [OH[ NYHK\HSS` [OL WH` NHW IL[^LLU ^VTLU HUK TLU ^PSS IL YLK\JLK HUK [OL WLYJLU[age of women managers will increase.â€?

IRENA GEORGIADOU

Chairwoman, Hellenic Bank Public Co. Ltd.

21

After obtaining a BSc in Politics and Economics in the UK, ZOL X\HSPĂ„LK HZ H *OHY[LYLK Accountant and Corporate Financier before taking up managerial positions in various public and private companies. She became Chairwoman of the Board of Hellenic Bank in 2014.

ELIZA LIVADIOTOU

Finance Director, Bank of Cyprus

22

She obtained her (MA Hons) in Economics at the University of Cambridge before qualifying as a Chartered Accountant. In 1999 she joined Bank of Cyprus. She later became Manager Group Finance and Tax Planning, then Chief -PUHUJPHS 6MĂ„JLY HUK PU (WYPS -PUHUJL Director.

KIKI PAPADOPOULOU

Group General Manager, Arrears Management Division, Hellenic Bank Public Co. Ltd.

23

She studied Engineering and Management at Cambridge before becoming a Chartered Accountant, starting her professional career with Deloitte Touche in London. She subsequently worked for sixteen years at Bank of Cyprus and, since April 2016, has headed the bank’s crucial Arrears Management Division.

LEDA KOURSOUMBA

24

Law Commissioner & Commissioner for Children’s Rights She studied law in England and later represented Cyprus before the European Court of Human Rights, the United Nations and the

34 | GOLD | The Business Magazine of Cyprus

Council of Europe. In 2002 she was appointed as Law Commissioner and in 2007 became the JV\U[Y`ÂťZ Ă„YZ[ *VTTPZZPVULY MVY Children’s Rights. ¸>VTLU PU *`WY\Z OH]L WYV]LK [OLPY LMĂ„JPLUJ` KLKPJH[PVU HUK WV[LU[PHS .P]PUN [OLT HU VWWVY[\UP[` [V WHY[PJPWH[L LX\HSS` at all levels is not only a matter of human rights but also of economics: the “other OHSMš VM [OL WVW\SH[PVU ZOV\SK HSZV JVU[YPI\[L [V [OL KL]LSVWTLU[ VM ZVJPL[` š

LIA PAPAIACOVOU

General Manager, Shiphold Ltd.

25

After studying Business Management & Legal Practice, she moved to Cyprus from South Africa and began a 23-year career in shipping. She set up the 6:4 .YV\W VMĂ„JL PU 3PTHZZVS in 2007, which she headed for 7 years before taking over as General Manager of the Group’s holding company. ¸,K\JH[PVU PZ H THQVY JH[HS`Z[ MVY Ă„UHUJPHS PUKLWLUKLUJL HUK [OPZ PZ WVZP[P]LS` HɈLJ[PUN ^VTLUÂťZ Z[H[\Z 0 ILSPL]L [OH[ NLUKLY equality is now being taken very seriously I\[ ^VTLU Z[PSS ULLK [V IL IL[[LY YLWYLZLU[LK PU WVSP[PJZ HUK PU [VW THUHNLYPHS WVZP[PVUZ š

MARIANNA PANTELIDOU

26

Head, Publishing General Management, Wargaming. Net After obtaining a degree in Economics and qualifying as a Chartered Accountant, she worked for Arthur Andersen, Thomson Financial Bankwatch and Bank of Cyprus. She joined Wargaming in 2013.

Chief Operations Oȸcer, Aspen Trust Group

MELINA PYRGOU

Managing Director, Pyrgou Vakis Law Firm

“/H]PUN NYV^U \W ^P[O H mother who was considered a femiUPZ[ PU OLY [PTL P[ PZ X\P[L KPZHWWVPU[PUN [V ZLL [OH[ ZVJPL[` OHZ UV[ THQVYS` JOHUNLK HUK Z[LYLV[`WPUN JVU[PU\LZ Even though we do see more women WHY[PJPWH[PUN H[ OPNOLY SL]LSZ P[ PZ Z[PSS UV[ H U\TILY [OH[ JHU IL JVTWHYLK [V [OL WVZP[PVUZ OLSK I` TLU š

POPI TANTA

She studied Economics, Accounting & Finance and worked as a Chartered Accountant in London, Athens and Nicosia before co-founding the Aspen Trust Group of Companies in 1998. ¸>VTLU HYL [OL :\WLYOLYVLZ VM [OPZ TVK-

29

General Manager Sales and Marketing at Louis Hotels Following her studies in Switzerland in Tourism, Hotel Administration & Management, he joined the Louis Group. She was promoted to General Manager Sales & marketing in 1996, a post she still holds.

CEO, ForexTime Ltd

27

28

:OL LZ[HISPZOLK [OL 7`YNV\ 3H^ Ă„YT PU HUK YLUHTLK P[ PU [V YLĂ…LJ[ her partnership with Demetris Vakis. She has been a country expert for various European Commission projects for over 10 years.

OLGA RYBALKINA

¸;OL H[[P[\KLZ HUK HZWPYH[PVUZ VM LHJO WLYZVU HYL KPɈLYLU[ ( ^VTHU TH` JOVVZL to be a full-time caregiving mother or a ‘37 OV\YZ H ^LLRÂť LTWSV`LL VY IV[O ;V H NYLH[ L_[LU[ ^VTLU PU *`WY\Z IL[^LLU [OL HNLZ VM JHU UV^ KLĂ„UL [OLPY V^U YVSL HUK status.â€?

MARINA ZEVEDEOU

LYU HNL HUK P[ PZ Z\JO H WSLHZ\YL [V ZLL so many young women not fearing [OL JOHSSLUNL HUK [OVYV\NOS` LUQV`ing the ride. It is also admirable that ZV THU` ^VTLU UV^ OVSK WVZP[PVUZ [OH[ OH]L H YLHS PTWHJ[ VU [OL ^VYSK š

30

With a degree in Financial Management and a PhD in Economics, she started her career in 1998, joining Alpari Russia shortly after the company’s formation. In 2007, she was made CEO of Alpari US and three years later she relocated to Cyprus as CEO of Alpari Financial Services Ltd. In 2012 she was made CEO of ForexTime. ¸>VTLU HYL [OYP]PUN HJYVZZ HSS WYVMLZZPVUZ PU *`WY\Z ^P[O THU` JVTWHUPLZ THRPUN LX\HS VWWVY[\UP[` MVY ^VTLU H WYPVYP[` I believe the future is bright and the glass ceiling is breaking for women everywhere.â€?

31

HELENA KAPAKIOTIS

S

0DQDJLQJ 'LUHFWRU 0DUDWKRQ 7UDGLQJ

he holds a BSc in Politics & Modern History and an MSc in International Business & Management and has worked in marketing since 2002. Today she manages one of her family’s businesses, Marathon Trading, which was established in 1960 and is one of Cyprus’ leading importers and distributors of pharmaceuticals and health care brands. She is a mother of two and, reflecting the company name, completed her first marathon this year.

“Passion‚ dedication‚

commitment

AND AN OPEN MIND ARE ESSENTIAL QUALITIES

if you want to survive in today's

very competitive

BUSINESS ENVIRONMENT. I HAVE NEVER REALLY FELT GENDER DISCRIMINATION

and I’ve had excellent

professional relations

with both men and women. I recognise the qualities of all, irrespective of gender. Quality, talent and intellect, as opposed to gender, are playing a more decisive role in recruitment trends and this is surely a positive development.

Equal employment opportunities must be available to all‚ irrespective of gender � .

www.goldnews.com.cy | GOLD | 35

| COVER STORY |

BUSINESS

SIMONE KAPAKIOTIS

32

Managing Director, Marathon Distributors Ltd

She obtained a BSc in Retail Management and an MSc in Marketing Management before joining the family business, Marathon Trading, as Marketing Manager. In 2002 she was made Operations Manager of Marathon Distributors Ltd and, in 2010, Managing Director.

SOPHIE PAPAKYRIAKOU

Managing Director, AM Papakyriakou

33

She studied Economics at Leicester University and Business Studies at the London School of Economics before working in the family business, AM Papakyriakou Ltd, which she joined in 1994. “I believe that women need to work OHYKLY [OHU TLU [V NL[ [V [OL [VW I\[ PM `V\ YLHSS` ^HU[ [V IL H WV^LYM\S HUK PUÅ\LU[PHS ^VTHU `V\ JHU IL 0M `V\ HYL WYVMLZZPVUHS HUK NVVK H[ ^OH[ `V\ KV T` WLYZVUHS L_WLYPLUJL PZ [OH[ `V\ ^PSS IL treated the same as a man.”

STAVRIANA A. KOFTEROS Cofounder, Startup Cyprus

34

She studied Business Administration and Political Science in the US and has since had over 17 years’ experience in senior management positions in telecoms, startup support and incubation.

Head of Audit, KPMG Cyprus

Director-General, Insurance Association of Cyprus

35

¸>VTLU PU SLHKLYZOPW WVZP[PVUZ ^P[OPU VYganisations serve as strong role models for

36

¸;OL NV]LYUTLU[ ZOV\SK ZL[ HU L_HTWSL by forming a gender-balanced Cabinet and [OL WVSP[PJHS WHY[PLZ T\Z[ KV ZPNUPÄJHU[S` TVYL [V PTWYV]L WHY[PJPWH[PVU YH[LZ 0 OH]L no doubt that it is only a matter of time beMVYL [OL YLWYLZLU[H[PVU VM ^VTLU JLHZLZ [V be an issue worth mentioning in a modern ,\YVWLHU JV\U[Y` SPRL *`WY\Z ¹

TASIA YIANNARA YIALLOURIDES

37

Co-founder & Managing Director, Partners - Y&R, pr:partners & Byte Digital Agency She studied English, German and Italian before co-founding Partners in 1995. It ILJHTL HU VMÄJPHS HMÄSPH[L and member of the Y&R network in 2004.

38

She has been with the ÖL Shipping Group since 2004 and General Manager for the past 4 years. She is Secretary General of WISTA Cyprus, Vice Chairwoman of the PR Committee of the Cyprus Shipping Chamber and of the Nautical Institute, as well as Secretary General of the Cyprus Marine Club. ¸>VTLU PU *`WY\Z OH]L THKL YLTHYRHble advances and achievements and will JVU[PU\L [V KV ZV ;OL WYP]H[L HUK W\ISPJ ZLJ[VYZ ZOV\SK WSH` [OLPY YVSL PU HJOPL]PUN the United Nations target of ‘50-50 by » WHY[PJ\SHYS` YLNHYKPUN ^VTLU H[ )VHYK SL]LS HUK LX\HS WH` ¹

ANDREA ANTONIOU CEO, Fileminders

partments. As Chief Operations 6MÄJLY ZOL WSH`LK HU PTWVYtant role in the company’s strategic development. She was appointed CEO in 2016.

CHARIS KYNIGOU

She studied Law and was later Director-General of Laiki Insurance Co. until her appointment in 2007. She is a founder member of the Insurance Institute of Cyprus, of which she also served as chairwoman.

General Manager, ÖL Shipping Group

She studied Economics & Econometrics before qualifying as a Chartered Accountant and she has over 20 years of experience in the Audit and Tax departments of KPMG in Cyprus and the UK. :OL OLHKZ [OL ÄYT»Z :OPWWPUN :LY]PJLZ SPUL

36 | GOLD | The Business Magazine of Cyprus

STEPHIE DRACOS

YVONNE TSANOS

¸*`WYPV[ ^VTLU HYL H WV^LYOV\ZL 9LZPSPLU[ ^P[O WLYZL]LYHUJL (UK ^OPSL Z\WWVY[PUN WVSPJPLZ YH[PVZ VY M\SS KH`JHYL ^V\SK HSZV OLSW [OL` HYL Q\Z[ H MHJ[VY 7VSPJPLZ KVU»[ THRL OHWW` WLVWSL 6\Y JOVPJLZ HUK HJ[PVUZ KV :V Q\Z[ KV 1\Z[ be whatever you want to be.”

SYLVIA LOIZIDES

[OL `V\UNLY NLULYH[PVU HUK OLSW [OLT ZLL [OH[ [OL WVZZPIPSP[PLZ MVY [OLPY V^U HJOPL]Lments are real.”

39

She studied Social and Political Science in Greece and began her career with Fileminders eight years ago, holding posts in various de-

Head of Private Banking, AstroBank

40

With a Degree in Economics and an MSc in Financial Economics, she joined Citibank International and, later, the Piraeus Bank Group. In 2010, the Bank formed a Joint Venture with BNP Paribas Wealth Management S.A and she joined BNP Paribas Suisse S.A as the Head of International Partnership Desk in Zurich. In February 2015 she moved back to Cyprus as Head of Piraeus Private Banking. Earlier this year, Piraeus Bank Cyprus became AstroBank.

ZOE KOKONI

Director, Eurofast Taxand Ltd

41

She deals extensively with [OL ÄYT»Z WH`YVSS HUK LTWSV`er services division, offering services to multinationals as well as to regional companies in South East Europe and the Eastern Mediterranean. ¸4VYL HUK TVYL ^VTLU HYL Z[LWWPUN \W [OL JVYWVYH[L SHKKLY VWLUPUN \W their own businesses and holding more WVZP[PVUZ VM WV^LY /V^L]LY [OLYL PZ still a lot to be done in terms of gender LX\HSP[` *`WYPV[ 4LU ZOV\SK HJ[P]LS` QVPU ^VTLU [V [HJRSL [OL WYVISLT VM NLUKLY inequality and achieve the desired cul[\YHS JOHUNL ^OPJO PZ ]P[HS MVY *`WYPV[ society.”

ANASTASIA TSOKKOU

Managing Director, . Tsokkos Hotels Public Ltd

42

She studied at the Athens University of Economics and Business before joining the business, of which her husband is Chairman. A. Tsokkos Hotels Public Ltd runs a chain of 27 hotels, mainly in Protaras and Ayia Napa.

ANNA SOFRONIOU VAFEADES

43

Director, Real Estate Management Unit, Bank of Cyprus She was appointed in 2016, after more than 20 years at the Cyprus Investment and Securities Corporation (CISCO) of Bank of Cyprus, where she was General Manager. She has a BSc in Mathematics and Management and an MBA in Finance.

“Women in Cyprus ARE NOW FOUND IN,

OCCUPATIONS THAT ONCE

were male_dominated

and are in better

position

career_ wise UT WE MUST NOT E COMPLACENT;

there are still many things to be done to

reach equality

IN THE WORKPLACE. EVERY GENERATION OF WOMEN PROFESSIONALS RIDGES THE GAP LITTLE Y LITTLE

and I belive that, for the younger generation, it is very encouraging to know that other businesswomen before them took risks and achieved success. This is proof that they can also do it, if they are ambitious and have a strategy on

how to pursue their goals." 44 DESPINA PANAYIOTOU THEODOSIOU

-RLQW &(2 7RWRWKHR *URXS 3UHVLGHQW :,67$ &\SUXV

S

he studied Economics in Athens and later obtained an Executive MBA in Shipping and Logistics and a Postgraduate Diploma in Financial Strategy. In 2011 she founded WISTA Cyprus and in 2015 she was elected Secretary of WISTA International. She was the first woman elected to the Board of the Cyprus Shipping Chamber. www.goldnews.com.cy | GOLD | 37

| COVER STORY |

BUSINESS

ARTEMIS PANTELIDOU

General Manager, EuroLife

45

She studied Computer Science & Accounting and joined Deloitte Touche in the UK in :OL ^HZ VUL VM [OL ÄYZ[ 10 Cypriot women to qualify as a Chartered Accountant HUK [OL ÄYZ[ [V IL LTWSV`LK I` )HUR VM *`prus Group. ¸9LHSPZPUN [OL M\SS WV[LU[PHS VM [OL MLTHSL [HSLU[ WVVS PZ JYP[PJHS MVY [OL NYV^[O JVTWL[P[P]LULZZ HUK M\[\YL YLHKPULZZ VM V\Y economy and businesses. Progress has been achieved and we have women in key roles in industry but we have a long way to go before achieving the full integration of ^VTLU PU[V [OL LJVUVT` HUK WVSP[PJHS LU]Pronment.”

EVI ROSSIDOU ANTONIADOU

Head, Corporate & Commercial Banking, AstroBank

46

She studied Accounting & Finance at the University of Manchester and from 2007 was Head Corporate & Commercial Banking Piraeus Bank Cyprus Ltd. She now holds the same post, following this year’s renaming of the bank as AstroBank.

CHRISTINA PARASKEVAIDOU

47

Executive Chairwoman, A&P (Andreou & Paraskevaides) Enterprises PLC

She holds a degree in Business Administration from the University of London. She is a Director of G. Paraskevaides (1966) Ltd, J&P (Joannou and Paraskevaides) Ltd and ASTY SA. Until 2008, she was Deputy Chairwoman of A&P.

CHRYSOULA SHACOLA Director, NKS Group

48

She studied Social Sciences and Management in London and, since 1981, has been a Director of the NKS Group and Executive Director of the Cyprus Trading Corporation Plc, Woolworth (Cyprus) Properties Plc, Ermes Department Stores Plc, Cyprus Limni Resorts & Golfcourses Plc and NK Shacolas (Holdings) Ltd.

EFI PAPAIOANNOU Fashion Designer

Although she studied logotherapy in New York, she had always had a passion for fashion design and, 10 years ago, went to study at Central St. Martin’s College of Art & Design in Lon-

38 | GOLD | The Business Magazine of Cyprus

49

KVU ILMVYL VWLUPUN OLY ÄYZ[ IV\[PX\L HUK launching her own LÄ label.

ELENI N. SHACOLA

SUSANA POYIADJIS

50

Deputy Executive Chairwoman, Ermes Department Stores Plc

She holds a BA in Business Administration and, from 1978 to 1985, was HR Manager at NK Shacolas (Holdings) Ltd. In addition to her present position, she is Executive Director of Woolworth (Cyprus) Properties Plc, and has been a Director at FW Woolworth & Co. (Cyprus) Ltd. since June 2005.

EVGENIA CHRISTODOULOU

51

Deputy CEO & Business Development Manager, Ancoria Bank She obtained her BSc in Economics before becoming a Chartered Accountant with Coopers & Lybrand International in London. She worked for Bank of Cyprus from 1994 to 2013 and, in 2014, joined Ancoria Insurance Public Ltd.

“Women should not consider their gender an obstacle. It is evident that women have and will continue to have a significantly increased role in business and I L_WLJ[ [V ZLL H T\JO NYLH[LY YLWYLZLU[H[PVU VM ^VTLU VU )VHYKZ HUK PU *OPLM ,_LJ\[P]L YVSLZ PU *`WY\Z ¹

GEORGIA LEFKARITI

52

Director & Head of Public Relations, Petrolina Public Ltd After obtaining her LLB, she QVPULK [OL SH^ ÄYT VM ;HZZVZ Papadopoulos & Co. before playing an active role in Communications and Public Relations at Lefkaritis Bros. In 2002, she was appointed Director of Public Relations at Petrolina (Holdings) Public Ltd and, in 2010, took over as Deputy Marketing Director.

MARINA SHACOLA Photographer

53

She studied Law, Sociology and History of Art and began her career as a photographer for leading lifestyle magazines in Cyprus. More recently, she has focused on international humanitarian and social issues. She is the co-founder and president of the Sophia Foundation for *OPSKYLU H UVU WYVÄ[ VYNHUPZH[PVU JYLH[LK [V help children in need in Kenya and Cyprus.

Senior Partner, Nexia Poyiadjis

54

After obtaining her LLB she began her career in the UK in 1999, when she joined Smith & Williamson and, later, Morgan Stanley, as an analyst in the internal audit department. She became a Fellow Chartered Accountant in December 2012.

NATALIA KARDASH

Director, Vestnik Kipra Communications Group

55

A resident of Cyprus for 18 years, she is Editor-in-chief of the Russian-language weekly newspaper Vestnik Kipra. She is Vice-President of the Association of Russian-speaking Residents of Cyprus, a Board Member of the European Russian Alliance (Brussels) and Founder and Chairwoman of the Cyprus-Russian Festival.

MARIA PASCHALIS Partner, Deloitte

56

She is a partner in the Audit & Assurance department PU [OL 5PJVZPH VMÄJL :PUJL 2010 she has also been National Professional Practice Director (NPPD) for Deloitte Cyprus.

ARETI CHARIDEMOU

Managing Director, Areti Charidemou & Associates LLC

57

After obtaining her LLB from the University of Athens, she founded her own law VMÄJL PU 0[ OHZ NYV^U over the years into one of [OL IPNNLZ[ SH^ ÄYTZ PU Cyprus.

MYRIA MERCOURIS-SYMEONIDES

58

CEO, Symeonides Fashion House Ltd & Symeonides Coȵee Cyprus Ltd

Since becoming CEO of Symeonides Fashion House in 1986, she has almost doubled the number of the company’s Marks & Spencer stores of the company in Cyprus (except in Nicosia). In 2005 she founded Symeonides Coffee Cyprus – franchisee of Costa Coffee – and has now expanded the brand to 21 stores across Cyprus. Together, the two companies employee more than 400 people.

“I was a young woman IN A FOREIGN COUNTRY

with a big dream AND ONLY MY VISION, WILL AND DETERMINATION AS WEAPONS

I wanted to be a, designer A SUCCESSFUL PROFESSIONAL

a women and a mother. Despite the obstacles,

I REMAINED FOCUSED and never gave up. I hope that the new generation of women in my sector will find inspiration in my will and determination to succeed. If you have a vision, offer something unique, are creative and willing to work hard to achieve your dream, you can do it.

Nothing is impossible. HARD WORK

PAYS OFF.

Never forget to stay true to yourself on the way.”

59 RAMONA FILIP

B

)DVKLRQ 'HVLJQHU orn in Romania, she has lived in Cyprus since 1999. She presented her first haute couture collection in 2002, simultaneously launching her Ramon Filip label. A leading figure in the local fashion world, she has since staged fashion shows in London and Athens as well as in Nicosia.

www.goldnews.com.cy | GOLD | 39

| COVER STORY |

BUSINESS

60

BARBARA LILLIKAS

CEO, Marketway/Publicis

She studied Economics and Political Science in New York, before obtaining an MBA and a Ph.D in Strategic Planning and Entrepreneurship. On returning to Cyprus, she joined Universal Life where she developed the Unimaster insurance package. In 1991, she founded Marketway.

61

DORA ONOUFRIOU

Managing Director, Kanika Hotels Plc

She studied Economics before working in the City of London and, later, with a major HJJV\U[PUN ÄYT PU 3PTHZZVS She has since served in several managerial positions in the private sector. She is a member of the Cyprus Human Resource Management Association.

CLEO PAPADOPOULOU Partner, PwC

62

She studied and worked in the UK before returning to Cyprus, specialising in tax from an early stage in her career. She is now a Tax advisory partner and tax shipping leader at PwC Cyprus.

Partner, PwC

Partner,KPMG

63

64

She joined KPMG in 2000 as an auditor and became a partner in 2011. She currently heads the Global Compliance Management Services Department at KPMG Cyprus. “I have been fortunate enough to be in a WYVMLZZPVU HUK H JVTWHU` [OH[ NP]LZ LX\HS VWWVY[\UP[PLZ [V IV[O NLUKLYZ MVY JHYLLY WYVNYLZZPVU 0[ PZ L]PKLU[ OV^L]LY [OH[ [OL YVSL and status of women in the business world PU V\Y JV\U[Y` YLX\PYLZ ZPNUPÄJHU[ LUOHUJLment.”

40 | GOLD | The Business Magazine of Cyprus

:OL X\HSPÄLK HZ H Chartered Accountant in Dublin and, before relocating to Cyprus, spent several years working in 3VUKVU PU H )PN -V\Y H\KP[ ÄYT and an investment bank. She joined Deloitte in 2000 and became an audit partner in 2008. ¸0 ILSPL]L [OH[ [OL YVSL VM ^VTLU PU *`WY\Z PZ HZ PTWVY[HU[ HZ L]LY ILMVYL HUK [OLYL HYL THU` YLHZVUZ [V IL VW[PTPZ[PJ [OH[ P[ ^PSS JVU[PU\L [V L]VS]L H[ H MHZ[LY WHJL [OHU L]LY ILMVYL (M[LY HSS ^O` UV[&¹

MARIA ZAVROU Partner, KPMG

66

She joined KPMG in June 1996 and became an Audit Partner PU [OL ÄYT»Z 5PJVZPH 6MÄJL PU 2010. She is President of the Cyprus-South Africa Business Association.

Partner, Deloitte

She holds an MA (Hons) in Economics from King’s College, Cambridge and is a Chartered Accountant. She started her career with PwC in 1999 and is a member of PwC’s Global Accounting Consulting Services (ACS) community.

MARIA KARANTONI

Partner, Deloitte

65

PANAYIOTA VAYIANOU

“Young women (and young men) should be LUJV\YHNLK [V NV V\[ HUK [Y` UL^ [OPUNZ L_WLYPLUJL [OL ^VYSK V\[ZPKL *`WY\Z KPZJV]LY ^OH[ THRLZ [OLT OHWW` ÄUK ^OH[ [OLPY WHZZPVUZ HYL ;OH[ PZ V\Y YVSL ¹

ANNA LOIZOU

KERRY WHYTE

67

She worked for more than 25 years in the Tax DepartmentShe is now a Tax partner at +LSVP[[L IHZLK PU [OL ÄYT»Z 3HYUHJH VMÄJL

ANDROULLA PITTAS Partner, PwC

68

She graduated with a BA (Hons) in Economics before qualifyPUN HZ H *OHY[LYLK *LY[PÄLK Accountant (ACCA). She joined the Audit Department at KPMG in 1995, prior to moving to Tax Services. ¸>VTLU PU *`WY\Z HYL K`UHTPJHSS` PU-

Partner, KPMG

She started her career at KPMG Cyprus in 1995 and became a Board Member in 2007. She heads her own Audit Team and is a member of the IFRS Technical Support team. She is a registered auditor. ¸>VTLU IYPUN H KPɈLYLU[ WLYZWLJ[P]L [V [OL HYLUH Z\JJLZZM\SS` IHSHUJPUN [OLPY JHYLLYZ ^P[O [OL L]LY TVYL KLTHUKPUN \WIYPUNPUN VM H MHTPS` >VTLU PU *`WY\Z OH]L NYHK\HSS` HJOPL]LK NYLH[ HK]HUJLTLU[Z PU ZVJPL[` [OL SHIV\Y THYRL[ HUK [OL JVYWVYH[L IVHYKYVVT HZ ^LSS HZ OVSKPUN WVSP[PJHS VɉJL ¹

71

ANDREANI CALLIMACHOU

General Manager, CNP Cyprialife She studied Mathematics & Statistics at UMIST and obtained her Master’s Degree from the LSE. She worked in the UK for four years before joining Laiki Cyprialife where she was Manager Insurance Operations and Actuarial Services and then *-6 VM *57 4HYÄU 0UZ\YHUJL /VSKPUNZ

Executive Director, EY Cyprus

72

She joined EY in 2014 and currently leads the Financial Accounting Advisory Service line in Cyprus. She became an Executive Director in 2016.

“Women have come a long way in the last [OPY[` `LHYZ 0 HT VW[PTPZ[PJ PU HUK IL`VUK [OH[ *`WY\Z ^PSS OH]L H Z[YVUNLY and better society by bringing the new younger generation of women even more to the forefront.”

Board Member, KPMG

70

MARIA A. PAPACOSTA ORPHANIDES

CHRISTINA AGATHANGELOU

After graduating with a BSc in Economics she became a Chartered Accountant and today she is an Assurance Partner in PwC’s Financial Services Division. She is also President of the Cyprus-UK Business Association.

KATERINA PAPANICOLAOU

volved on both the social and work front. Their role is continuously evolving through [OLPY WHY[PJPWH[PVU PU KLJPZPVU THRPUN WVZP[PVUZ 5L]LY[OLSLZZ [OLYL PZ H SVUN ^H` to achieving gender equality.”

69

¸>VTLU PU *`WY\Z OH]L MV\NO[ OHYK [V LZ[HISPZO [OLPY WVZP[PVU PU [OL WYVMLZZPVUHS and business world but there is still some ^H` [V NV ;VKH`»Z ^VTLU OV^L]LY HYL TVYL WV^LYM\S HUK JVUÄKLU[ TVYL KL[LYmined to defend their beliefs and want to leave their mark on society.”

CRYSTAL MICHAEL

Managing Director, Michaels Automotive Ltd

73

After obtaining a Master’s in Business Management from Queen Mary University, London, she joined Michaels Automotive Ltd, representatives of Ford cars in Cyprus, in 2013. She has been Managing Director since 2016.

| COVER STORY |

CYPRIOTS ABROAD

74

ADA NICODEMOU Actress

T

he Greek Cypriot-born Australian actress is best known for her role as Leah Patterson-Baker in the daily drama series Home and Away, which she has played for 17 years. She began her acting career in 1994, where she played the role of Katerina in Heartbreak High for four seasons. In 2005 she won the Australian version of Dancing with the Stars. She is well-known for her charity work.

76 ANNA VISSI Singer

F

orty years after winning the Thessaloniki Song Festival, she remains the most successful and popular singer from Cyprus, selling out concerts in Greece and elsewhere and still making hit records, most of them written and produced by her now ex-husband Nikos Karvelas. She has demonstrated impressive acting skills in two musicals, had US chart success and continues to gain new generations of fans in Greece and Cyprus.

78 CHRISTINA KARAPATAKI Venture Principal, Schlumberger Technology Corporation

W

ith Bachelor and Masters of Engineering degrees from the University of Cambridge, she worked for ExxonMobil Gas & Power Marketing in its European and North America offices, and with Venrock Management LLC. Today, she specializes in early stage investments in energy, advanced materials and sustainability technologies. She was named as one of this year’s Forbes 30 Under 30 in the energy category.

79

LINDA PAPADOPOULOS Psychologist

75 PERLA ELEFTHERIOU RIOU

O

77

Consultant Haematologist, University College Hospital, London

A

fter completing her medical studies in Germany in 2000, she was awarded the A.G Leventis Foundation Scholarship for young scientists for three consecutive years, followed by a scholarship for young researchers into Haemoglobinopathies by the European School of Genetics. She is clinical/ scientific adviser to the Thalassaemia International Federation.

“The gradual empowerment of Cypriot women over the years is obvious, through their stronger representation across all sectors. My vision as a Cypriot woman is to see more women in leading positions in politics, science and education.�

42 | GOLD | The Business Magazine of Cyprus

DAPHNE ALEXANDER Actress

T

rained at Oxford University and LAMDA, she came to prominence playing nurse Nadia Talianos on the BBC’s long-running medical drama Casualty. She has since worked internationally, including roles in Roman Polanski’s The Ghost Writer, HBO’s House of Saddam and the multi award-winning The Palace. She divides her time between London and Los Angeles.

ne of the best-known and most respected psychologists working in the UK today, she has OHK H OPNO WYVĂ„SL TLKPH JHYLLY L]LY since being part of the original Channel [LHT VU [OL Ă„YZ[ ZLYPLZ VM [OL YLHSP[` TV phenomenon Big Brother. She later hosted her own programmes and her expert opinions are regularly featured on CNN, Sky News, ITN and BBC news programmes.

“Equality of opportunity AND EQUAL WOMEN’S PARTICIPATION

in all areas is not only about

WOMEN'S RIGHTS. IT IS ABOUT DEMOCRACY AND

ALLOWING 50% OF THE POPULATION TO

BE REPRESENTED AND HAVE A VOICE.

The role and status of women is changing but, I feel, not quickly enough. As a Member of Parliament, I firmly believe that I can show the way to encourage more young women to engage in political life. It is still a very maleoriented environment but this is slowly changing.

Being

active

IN POLITICAL LIFE

is being active in everyday life and women should be encouraged to do so.

WE CAN MAKE A DIFFERENCE."

80 STELLA KYRIAKIDES

Member of the House of Representatives

S

he studied psychology and worked in the Mental Health Services from 1979 until 2006 when she was elected to Parliament for the Democratic Rally (DISY) in Nicosia. She was a founder member and President of Europa Donna and, in 2016, she was made President of the National Cancer Strategy Committee.

www.goldnews.com.cy | GOLD | 43

| COVER STORY |

POLITICS GOVERNMENT INSTITUTIONS

ANASTASIA PAPADOPOULOU

81

Special Advisor to the Ad-Hoc Ministerial Committee for the combating of child sexual abuse and exploitation & Partner, Tassos Papadopoulos & Associates LLC & She is active in efforts to combat child sexual abuse, including being a member of the Steering Committee of the Council of Europe to combat child sexual abuse, sexual exploitation and child pornography. “There is no system in place to provide MVY ÅL_PISL ^VYRPUN OV\YZ KH` JHYL VY V[OLY PUJLU[P]LZ HUK \U[PS Z\JO TLHZ\YLZ are in place and society realises that it is [V V\Y ILULÄ[ [V RLLW ^VTLU HZ WHY[ VM [OL ^VYRMVYJL 0 ILSPL]L ^L ^PSS UV[ ZLL HU` ZPNUPÄJHU[ JOHUNL [V [OLPY YVSL PU *`WY\Z ¹

ANDROULLA VASSILIOU

Former EU Commissioner for Health & Commissioner for Education, Culture, Multilingualism and Youth

82

She studied Law and International Affairs in London and then practised Law for 27 years. The wife of President George Vassiliou, she was First Lady from19881993 and was later elected a Member of the House of Representatives for two consecutive terms (1996-2006). She currently holds various posts in Cyprus and abroad. ¸;VKH` ^VTLU [HRL HU HJ[P]L WHY[ PU [OL WVSP[PJHS LJVUVTPJ ZVJPHS HUK J\S[\YHS SPML VM *`WY\Z I\[ WYVNYLZZ OHZ ILLU ]LY` ZSV^ HUK [OLYL HYL Z[PSS THU` VIZ[HJSLZ VU [OL YVHK [V LX\HSP[` ;OL NSHZZ JLPSPUN WYL]LU[Z ^VTLU MYVT YLHJOPUN [OL [VW WYLQ\KPJL HUK [YHKP[PVUHS Z[LYLV[`WLZ Z[PSS WLYZPZ[ HUK ^L ULLK [V Z[YLUN[OLU V\Y LɈVY[Z IV[O ^P[OPU [OL MHTPS` HUK PU ZJOVVSZ [V JOHUNL [OLT ¹

ANNA THEOLOGOU

Member of the House of Representatives

83

She studied Economics and later gained an MSc in Monetary & Financial Economics and an MBA in Oil & Gas Management. She was elected to Parliament in 2016 as the candidate of the Citizens’ Alliance for Famagusta.

ANNA KOUKKIDES-PROCOPIOU

President , AIPFE Cyprus- Women of Europe

84

She holds First Class degrees in History and

44 | GOLD | The Business Magazine of Cyprus

Economics and an MSc in International Relations, she trained as a certified political risk analyst and has held various managerial and consultancy positions. An outspoken activist and prominent member of civil society, she was recently awarded the ‘Iconic Women Creating a Better World for All’ award by the Women Economic Forum.

YV\NOS` VM [OL WYVMLZZPVUHS ^VYR MVYJL ^L HYL Z\IZ[HU[PHSS` ILSV^ [OPZ WLYJLU[HNL ^OLU P[ JVTLZ [V SLHKLY ZOPW YVSLZ 0 ILSPL]L [OH[ PU [OL `LHYZ [V JVTL TVYL HUK TVYL ^VTLU ^PSS LTIYHJL [OLPY HIPSP[PLZ ZL[ OPNOLY NVHSZ HUK ^VYR OHYK [V HJOPL]L [OLT 0[ ^PSS ILJVTL JSLHY [OH[ Z\JJLZZ OHZ UV[OPUN [V KV ^P[O NLUKLY ¹

¸5\TILYZ [LSS H KPZHWWVPU[PUN Z[VY` VM ^VTLU»Z YVSL HUK Z[H[\Z PU *`WY\Z [VKH` >VTLU HYL \UKLY YLWYLZLU[LK PU KLJP ZPVU THRPUN JLU[YLZ PU I\ZPULZZ HUK WVS P[PJZ L]LU [OV\NO YLZLHYJO WYV]LZ [OH[ P[ WH`Z [V WYVTV[L NLUKLY LX\HSP[` [OYV\NO KP]LYZP[` HUK PUJS\ZPVU (Z ^VTLU ^L ZOV\SK YLM\ZL [V YLTHPU ZPSLU[" [OPUNZ ^PSS ZPTWS` UV[ JOHUNL VU [OLPY V^U ¹

DESPO MICHAELIDOU

ANNITA DEMETRIOU

Member of the House of Representatives

85

She studied Social and Political Sciences and has an MA in International Relations and European Studies. She was elected to Parliament in 2016 as the Larnaca candidate of the Democratic Rally (DISY) and is Clerk of the House.

ANTONELLA MANTOVANI

Member of the House of Representatives

86

After her studies at the University of Cambridge and the College of Europe in Bruges, Belgium, she joined the family business, A.L Mantovani & Sons Ltd, managing its Travel & Tourism departments. In 2016, she was elected to parliament as the Representative of the Latin Religious Group. ¸0 HS^H`Z ILSPL]LK [OH[ 0 JV\SK JOVVZL T` WYVMLZZPVUHS HUK W\ISPJ HPTZ \UML[[LYLK I` T` NLUKLY 0 ILSPL]L TVYL ^VTLU ULLK [V LTWV^LY HUK JOHSSLUNL [OLT ZLS]LZ [V [HRL [OL WS\UNL HUK PU [PTL [OPZ ^PSS P[ZLSM YLKYLZZ [OL J\YYLU[ \UKLY YLWYLZLU[H[PVU VM ^VTLU PU *`WY\Z ¹

CHRISTIANA EROTOKRITOU

Member of the House of Representatives

87

After gaining her LLB, she was elected to the Executive Committee of the Democratic Party (DIKO) in 2003. She became party Spokesperson in 2013 and was elected to Parliament for Nicosia in 2016. ¸+LZWP[L [OL MHJ[ [OH[ ^VTLU THRL \W

Supreme Court Judge

88

Having studied Law in Athens, she practiced as a lawyer in Limassol until 1989, when she was appointed as a Judge in the District Court of Nicosia. In 1997, she was promoted to Senior District Judge and in 2003 to President of the District Court. She was appointed to the Supreme Court in 2012. She is married with three children.

EGLY PANTELAKIS

Permanent Secretary, Ministry of Education & Culture

89

With a BSc. in Economics and an MSc. in Administrative Sciences, she started her career at the Planning Bureau. She was appointed Permanent Secretary of the Ministry of Education & Culture in 2014. She is Chairwoman of the Cyprus Symphony Orchestra Foundation. ¸>VTLU PU *`WY\Z HYL YLWYLZLU[LK PU WVSP[PJHS ZVJPHS HUK LJVUVTPJ KL JPZPVU THRPUN WVZP[PVUZ PU [OL W\ISPJ HUK [OL WYP]H[L ZLJ[VYZ I\[ [OLPY YLW YLZLU[H[PVU PZ MHY ILSV^ [OL HWWYVWYPH[L WLYJLU[HNL :[LWZ OH]L ILLU [HRLU PU YLJLU[ `LHYZ VU NLUKLY LX\HSP[` I\[ [OLYL PZ Z[PSS H SVUN ^H` [V NV ¹

ELIZABETH SPEHAR

Special Representative of the UN Secretary-General & Head of the United Nations Peacekeeping Force in Cyprus (UNFICYP)

90

Prior to joining the United Nations, she was a senior official with the Organization of American States for more than 12 years, working to promote democracy and develop that Organization’s dialogue and conflict-resolution instruments. She has a Master’s degree in International Affairs. Like her predecessors, she plays a crucial role in hosting the negotiations on the reunification of Cyprus.

91 CHRYSTALLA GEORGHADJI

Governor, Central Bank of Cyprus

S

he studied Economics in Greece, the UK and the US before joining the Ministry of Finance in 1981 where she held various posts until 1998 when she was made Auditor-General. In 2014 she was appointed Governor of the Central Bank.

“ Caring for people

AND WORKING FOR THE GOOD OF ONE’S COUNTRY IS A LESSON I LEARNED FROM OTH THE MEN and the women in my family, and this is what I have tried to

INSTIL IN MY OWN CHILDREN.

Women have the inherent understanding that people need

to go to work and feel

inspired„ trusted and valued.

That is one of the reasons why women in senior positions tend to create environments in which people work harmoniously together and individuals thrive. Closing the gender

LEADERSHIP GAP IS IMPERATIVE IN ORDER TO LEVERAGE THE

full talents of the whole population” .

www.goldnews.com.cy | GOLD | 45

| COVER STORY |

POLITICS GOVERNMENT INSTITUTIONS

ERATO KOZAKOU-MARCOULLIS

Former Ambassador and Government Minister

92

She served as Minister of Foreign Affairs and Minister of Transport, Communications & Works and was Cyprus’ Ambassador to Sweden, the United States, Lebanon and Jordan. She is currently a member of the Negotiating Team in the ongoing talks to resolve the Cyprus Problem. ¸(S[OV\NO THU` ^VTLU OH]L KPZ[PUN\PZOLK [OLTZLS]LZ V]LY [OL `LHYZ VUS` UPUL OH]L ILLU HWWVPU[LK 4PUPZ[LYZ PU [OL `LHYZ ZPUJL [OL LZ[HISPZOTLU[ VM [OL 9LW\ISPJ HUK VUS` ^VTLU OH]L ILLU LSLJ[LK [V 7HYSPHTLU[ ZPUJL >VTLU ZOV\SK IL LX\HSS` YLWYLZLU[LK PU WVZP[PVUZ VM SLHKLY ZOPW ;OPZ PZ H TH[[LY VM Q\Z[PJL HUK HIV]L HSS KLTVJYHJ` 9LWYLZLU[H[P]L IVKPLZ ZOV\SK YLÅLJ[ [OL JVTWVZP[PVU HUK KP]LYZP [` VM [OL LSLJ[VYH[L ^OPJO JVUZPZ[Z VM ^VTLU ¹

IOANNA PANAYIOTOU

93

Commissioner for the Environment & Owner, I.P Gaia Oenotechniki Ltd

Trained as a biologist, she is a wine producer, a member of the Cyprus Organic Farmers Association and the Cyprus Wineries Association. An active member of various environmental and ecological organisations, she was one of the founder members of the Cyprus Green Party and was elected Secretary General of the party in 2009. In 2013, President Nicos Anastasiades appointed her as Commissioner for the Environment.

KATERINA STAMATIOU Supreme Court Judge

94

She read law in London and practiced law in Limassol before being appointed as a District Judge in 1993. In 2000 she was promoted to Senior District Judge and later District Court President. She served as President of the Assize Court of Paphos and Limassol and Administrative President of the Paphos and Limassol District Courts. She was made a Supreme Court Judge in 2013.

KATHLEEN ANN DOHERTY

95

Ambassador of the United States of America to Cyprus

Before her appointment as US Ambassador to Cyprus, she served, among other roles, as Deputy Chief of Mission in Rome and Economic Counsellor in the US Embassy in

46 | GOLD | The Business Magazine of Cyprus

Moscow. She speaks Italian, Spanish, Portuguese, Russian, and has a M.Sc from the London School of Economics. Like any US Ambassador, she wields considerable power wherever she goes.

MARIA KRAMBIA-KAPARDIS

OLYMPIA STYLIANOU

96

Executive Chair, Transparency International-Cyprus, Associate Professor of Accounting, Cyprus University of Technology

She studied Economics and Business in Australia where she qualified as a Fellow Chartered Accountant. A founder member of Transparency International Cyprus and EBEN Cyprus, she has authored and edited books on financial crime. In 2015 she received two awards for her articles on fraud prevention and anticorruption. ¸:V MHY ^VTLU PU *`WY\Z OH]L UV[ PTWHJ[LK HZ T\JO HZ [OL` JV\SK OH]L KVUL VU [OL PZSHUK»Z WVSP[PJZ LJVUVT` HUK ^LSSILPUN 0 LUJV\YHNL T` Z[\KLU[Z [V ]PZ\HSPZL [OLPY SPML PU [LYTZ VM T\S[PKPTLUZPVUHS YVSLZ HUK NVHSZ )LPUN H NVVK TV[OLY KVLZ UV[ L_JS\KL ILPUN JVTTP[[LK [V VUL»Z VJJ\WH[PVU VY KL[YHJ[ MYVT VUL»Z HIPSP[` [V WYVTV[L JOHUNL ¹

MARIELLA ARISTIDOU

Member of the House of Representatives

97

She studied French Literature and Journalism in Athens. She was a Member of Limassol Municipal Council from 2011 to 2016, when she was elected as Democratic Rally (DISY) MP for Kyrenia. She is Deputy Chairwoman of the House Standing Committee on Human Rights and Equal Opportunities for Men and Women.

NATASA PILIDES

99

Permanent Secretary, Ministry of Agriculture, Rural Development and Environment

98

Director General, Cyprus Investment Promotion Agency (CIPA) She holds a first-class honours degree in Modern Languages and Literature from Oxford University and is also a Chartered Accountant. She spent 9 years with PwC in Cyprus, Milan and London and was Regional COO at Baker Tilly South East Europe. In 2016 she was appointed Director General of CIPA

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After obtaining her BSc and MSc in Economics, she worked for 12 years at the Planning Bureau. She then spent a further 12 years as Director of Commerce and Industry, at the Ministry of Energy, Commerce, Industry and Tourism. In 2004 she was appointed as Permanent Secretary of the Ministry of Education & Culture, a post she held for 10 years until moving to her present Ministry.

PERSEFONI PANAYI

Supreme Court Judge

100

British-born Persefoni Panayi Cleanthous read Law at the London School of Economics before moving to Cyprus where she practised law for 10 years. She was appointed a District Court Judge in 1988, a Senior District Judge in 1996 and President of the District Court in 2000. She also served as Administrative President of the District Court of Larnaca-Famagusta and President of the Assize Court. She was appointed to the Supreme Court in 2012.

REA GEORGIOU

Accountant General of the Republic

101

She is a Chartered Accountant with more than 30 years of experience in the public and private sectors. She joined the Treasury in 1987, serving in various posts. She is Chairwoman of the Cyprus Public Audit Oversight Board and is the first woman to hold the post of Accountant General. ¸>VTLU PU *`WY\Z OH]L THKL NYLH[ Z[YPKLZ I\[ [OLYL HYL Z[PSS HYLHZ PU ^OPJO TVYL WYV NYLZZ PZ ULLKLK @V\UN ^VTLU ZOV\SK IL LTWV^LYLK ^P[O [OL KLZPYL [V [HRL HU PUÅ\ LU[PHS YVSL PU V\Y MHZ[ JOHUNPUN ZVJPL[` ¹

RENA ROUVITHA PANOU Chairwoman, Cyta

102

She studied Economics at the LSE and the University of Cambridge and obtained her MBA from MIT. She then served as a Senior Executive in financial services organisations in Boston, USA from 1984 to 1991. She subsequently served as General Manager at the Cyprus Popular Bank and as Managing Director of its Greek operation. She was Chairman of cdbbank between 2012 and 2014 and was appointed as Chairman of Cyta in 2016.

103

DEMETRA KALOGEROU

Chairwoman, Cyprus Securities and Exchange Commission

S

he has more than 15 years of experience in the financial sector, having served as a Senior Officer of the Cyprus Stock Exchange before her appointment as Chairwoman of Cy SEC in 2011. She wields considerable power through her responsibility for supervising Cyprus Investment Firms and the securities market .

“In view of the fact that supervision

of the Financial Sector

is currently in the hands of three women,

I believe there has been notable progress. HOWEVER, ACCORDING TO THE EUROPEAN Commission, only 10.8% of Board Members, Chairs and CEOs of large listed companies in Cyprus are women. I hope that, by my example,

I can convey the

message that a woman can attain her dreams.

SUCCESSFULLY MANAGING TO BALANCE FAMILY AND PROFESSIONAL OBLIGATIONS, WITHOUT FEELING THAT HER GENDER IS A DETERRENT. AS EUROPEAN COMMISSION PRESIDENT JEAN-CLAUDE JUNCKER SAID RECENTLY: “GENDER EQUALITY IS NOT AN ASPIRATIONAL GOAL.

It is a fundamental right. "

www.goldnews.com.cy | GOLD | 47

| COVER STORY |

POLITICS GOVERNMENT INSTITUTIONS

SUSANA PAVLOU

104

Director, Mediterranean Institute of Gender Studies

She studied Political Science and International Relations and, in 2005, started her career at the Mediterranean Institute of Gender Studies. She has served as Director of the Institute since 2008. She is President of the Advisory Committee for the Prevention and Combating of Violence in the Family. ¸;OL YVSL VM ^VTLU PU *`WY\Z JHU VUS` IL \UKLYZ[VVK ^P[OPU [OL MYHTL^VYR VM H WH[YPHYJOHS Z`Z[LT [OH[ PZ IHZLK VU NLUKLY PULX\HSP[` 7H[YPHYJO` WLYWL[\H[LZ ]PVSLUJL WV]LY[` ZVJPHS L_JS\ZPVU HUK V[OLY JYPZLZ MHJPUN ^VTLU 6US` PM [OL` JOHSSLUNL [YHKP[PVUHS JVUJLW[Z VM WV^LY ^PSS ^VTLU IL HISL [V JSHPT [OLPY YPNO[M\S WSHJL PU ZVJPL[` ¹

105

TASIA PSARA MILTIADOU Supreme Court Judge

She studied Law in Athens and then practised from 1982 until 1995, when she was appointed District Judge at the Paphos District Court and later at the Limassol District Court. In 2003 she was promoted to Senior District Judge and in 2008 to President of the District Court. She became a member of the Supreme Court in 2015. She is married with two daughters.

106

PROF. TOULA ONOUFRIOU

Chairwoman, Cyprus Hydrocarbons Company & Professor, Department of Civil Engineering & Geomatics, Cyprus University of Technology

With a degree in Civil Engineering and a PhD in Offshore Structures, she has a unique combination of experience from academia and the international offshore oil and gas industry where she has held several positions of high responsibility (Vice Rector, President, Head of Department, Director of Research, Head of Research Centre and Senior Consultant). She has received numerous International professional distinctions and awards.

YAEL RAVIA-ZADOK

Ambassador of Israel to Cyprus

107

She joined the Israeli Ministry of Foreign Affairs in 1988. From 2008, she headed the Bureau for Middle East Economic Affairs, working

48 | GOLD | The Business Magazine of Cyprus

to advance Israel’s economic relations with the Middle East countries. She was appointed Ambassador to Cyprus in 2015. She is married with three children. ¸:PUJL T` HYYP]HS PU *`WY\Z 0 OH]L TL[ ^P[O ZV THU` PUZWPYPUN ^VTLU ^P[O IYPS SPHU[ TPUKZ ^OV JHYL KLLWS` HIV\[ [OLPY JV\U[Y` HUK HYL WHZZPVUH[L HIV\[ HZZ\Y PUN H IL[[LY M\[\YL MVY *`WY\Z ¹

ZETA EMILIANIDOU

Minister of Labour & Social Insurance

108

She studied law in Thessaloniki before joining the Department of Customs & Excise in 1979, eventually becoming Director General of the Department as well as VAT Commissioner. She was appointed as Minister of Labour & Social Insurance in 2013. The Guaranteed Minimum Income is seen as one of her major achievements. ¸)LJH\ZL VM [OL ULNH[P]L Z[LYLV[`WLZ [OH[ L_PZ[ H ^VTHU OHZ [V [Y` T\JO OHYKLY [OHU H THU [V WYV]L OLY HIPSP[PLZ +LZWP[L [OLZL KPɉJ\S[PLZ H SV[ VM ^VTLU Z[PSS THUHNL [V NL[ [OL YVSL HUK Z[H[\Z [OL` KLZLY]L 4` 4PUPZ[Y` HJ[P]LS` WYVTV[LZ LX\HSP[` IL[^LLU TLU HUK ^VTLU H[ ^VYR ^OPSL TVUP[VYPUN LX\HS WH` MVY LX\HS ]HS\L ^VYR PZ HTVUN V\Y WYPVYP[PLZ ¹

EVA ROSSIDOU-PAPAKYRIACOU

Head, Cyprus Anti-Money Laundering Unit (MOKAS)

109

A qualified lawyer, she worked for a number of years in the private sector before joining the Office of the Attorney General in 1990. She has been Head of the Cyprus Financial Intelligence Unit since its establishment in 1997 and is Head of the Cyprus Delegation to the Moneyval Committee of the Council of Europe.

ELENI MAVROU

Member of the House of Representatives

110

In 2016, she was elected to Parliament as the AKEL candidate for Kyrenia and is Chairwoman of the House Standing Committee on Internal Affairs. Previously she was Mayor of Nicosia (20072011) and Minister of Interior (2012-2013). She has a BSc in Politics and International Relations.

ELENI STAVROU

Member of the House of Representatives

111

She studied English Literature in Athens and obtained her MA in War and Mediterranean Studies at King’s College London, where she completed her PhD. She was elected to Parliament as the Democratic Rally (DISY) candidate for Limassol.

ELENI THEOCHAROUS

112

Member of the European Parliament, Leader of the Solidarity movement A paediatric surgeon by profession, she was elected to the European Parliament in 2009 and re-elected in 2014 but she left the Democratic Rally and, in 2016, formed the Solidarity movement. Despite being elected to the House of Representatives the same year, she chose to remain in Brussels as an MEP.

EVANTHIA SAVVA

Member of the House of Representatives

113

She studied Law in Greece and was elected to Parliament in 2016 as the AKEL candidate for Larnaca.

FOTINI PAPADOPOULOU

President, Cyprus Red Cross Society

114

Born in Paris, she is the daughter of the Cypriot businessman and philanthropist Anastasios G. Leventis and the widow of former President Tassos Papadopoulos. She became an active member of the Cyprus Red Cross Society in 1973 and is still President of the organisation.

IOSIFINA ANTONIOU

Commissioner for Gender Equality She studied Law in Athens and is Managing Director of J.A. Frangiorgio Ltd. She is the Chairwoman of the Women’s section of DISY and a member of the European Union of Women (EUW). In 2013, she was appointed Commissioner for Gender Equality.

115

116 ANDRI ANASTASIADES

First Lady, Republic of Cyprus

S

he studied Civil Engineering in Athens and worked in the Civil Service for several years on returning to Cyprus. Throughout her life she has been actively involved in multifaceted social and philanthropic activities and, as First Lady, her involvement in charitable foundations and associations has been even greater. She married Nicos Anastasiades in 1971. They have two daughters and four grandchildren.

“From the very first

DAY IN MY NEW POSITION, IT WAS MY VISION AND GOAL

to serve as both an inspiration

and a role model for a new generation of women.

I KNEW AND STILL DO THAT IT WAS A VERY DIFFICULT TASK.

Being First Lady COMES WITH

A GREAT NUM ER OF responsibilities. I have always tried to conduct myself in the right manner and set an example. Young women need female role models to inspire them, and I really hope that I have fulfilled

the role successfully." www.goldnews.com.cy | GOLD | 49

| COVER STORY |

POLITICS GOVERNMENT INSTITUTIONS

IRENE CHARALAMBIDES

Member of the House of Representatives

117

She studied Psychology and Journalism and had a successful career as a TV presenter and journalist before being elected to Parliament in 2011 and again in 2016 as AKEL candidate for Nicosia.

MARIA STYLIANOU-LOTTIDES

Commissioner for Administration (Ombudsman)

118

She studied Law in Athens and later joined the Law Office of the Republic where she worked as a State Attorney. She was appointed as the new Commissioner for Administration (Ombudsman) in March 2017. She is the third woman to be appointed to the post, following Iliana Nicolaou (1999) and Eliza Savvidou (2006).

SKEVI KOUKOUMA KOUTRA

Member of the House of Representatives

119

She has represented Famagusta for AKEL in Parliament since 2008 and has been Vice President of the Bureau of the Standing Committee on Democracy and Human Rights of the Inter-Par-

liamentary Union since 2016. She is Head of the delegation of the House to the Parliamentary Assembly of the Organisation for Security and Co-operation in Europe (OSCE).

120

IRENE LOIZIDOU NIKOLAIDOU

Commissioner for Data Protection

She studied Law and Journalism in Athens and ran her own Law Office until her appointment in 2015.She has an MBA and is an accredited CEDR mediator. She was previously elected as a Municipal Councillor for Engomi for three 5-year terms.

121

VICTORIA NATAR

Superintendent of Insurance

After obtaining her BSc in Economics and an MSc in Business Administration, she joined the Ministry of Finance where she worked in various positions, mainly in the Finance and Investments division. In 1999 she was appointed Superintendent of Insurance. As such she is Head of the Insurance Companies Control Service and the competent supervisory authority of the insurance sector in Cyprus.

122

FOTOULA HADJIPAPA Mayor of Lakatamia

A General Practitioner by profession, she

worked as a doctor for 18 years and, before her election as Mayor, at the Lakatamia Health Centre. She has been involved in local politics for many years as a representative of AKEL.

CHRISTINA YIANNAKI

Permanent Secretary, Ministry of Health

123

A dental surgeon by profession, she studied in Cairo and Athens before joining the Ministry of Health. She was Head of the State Dental Services from 2009 until 2015 when she was made Permanent Secretary of the Ministry.

VASSILIKI ANASTASSIADOU

Secretary General, House of Representatives

124

She studied Law in Athens and qualified as an advocate. In 1983 she was appointed as Parliamentary Committees Secretary at the House of Representatives, eventually becoming. First Secretary. In 2002 she was appointed as a Director of the newly established European Affairs Service and, five years later, Director of the Parliamentary Committees Service. In 2013, she became Secretary General.

MEDIA

MYRTO SELIPA MARKIDOU

CEO, Phileleſtheros Public Company Limited

125

The grand-daughter of Nicos. Chr. Pattichis, founder of Philelftheros newspaper, she studied Economics and Business Administration before obtaining a Master’s degree in print journalism. She began her career in 1987 as a financial journalist on Phileleftheros, later becoming Deputy Editor and, in 2007, was appointed CEO of the company. Under her leadership, it has grown into the biggest media group in Cyprus.

SOPHIE A. MICHAELIDES

Director, Press and Information Office

Journalist

One of the best-known radio voices in Cyprus, she co-presents the CyBC’s most popular morning news programme on which she has a well-earned reputation for her pointed questioning of interviewees, with whom she does not hesitate to disagree.

128

CHRISTIANA ARISTOTELOUS

126

She studied Rhetoric & Communication in New York and Mass Media in political communication in Paris before working in various large commercial organisations. ¸3L[»Z Z[VW UHNNPUN HIV\[ [OL WVZP[PVUZ UV[ LHYULK VY ÄSSLK I` ^VTLU HUK Z[HY[ ZL[[PUN [OL L_HTWSL MVY [OL `V\UNLY NLU LYH[PVUZ I` JVUNYH[\SH[PUN [OL PUKP]PK\HS ^VTLU ^OV OH]L HJ[\HSS` Z\JJLLKLK PU [OLPY NVHSZ (UK [OLYL HYL THU` ¹

50 | GOLD | The Business Magazine of Cyprus

ELENI VRETTOU

TV Presenter

A

fter being elected Miss Cyprus in 2001, she worked in Athens before returning to Cyprus and presenting her own afternoon show on Mega TV. Her success led her to be the default choice as presenter of many of the channel’s other prime time programmes. In 2016, she moved to the newly-launched Alpha Cyprus where she tops the afternoon ratings.

127

“The prison service is a FAIRLY MALE-DOMINATED

ENVIRONMENT UT WOMEN LEADERS

are good at what they do.

First of all,

WE HAVE TO OVERCOME THE

perception

THAT A WOMAN SHOULDN'T E DOING "THAT TYPE OF JO "!

I don't expect

EVERY WOMAN TO THNINK A OUT JOINING the prison service but my one piece of advice is this: think about your skills and what you’re really, really good at. Simply reframing what you do and how you do it can be a real boost of confidence and you can prove to yourself that actually,

you can do any job you wish!"

129 ANNA ARISTOTELOUS

S

Director of Prisons

he holds an LLB in Law, an LLM in International and European Law, and an MBA. She was responsible for the reorganisation of the Police and the Prison service and, in 2016, was appointed Director of Prisons. www.goldnews.com.cy | GOLD | 51

Cyprus Institute of Marketing presents the

Yangos Hadjiyannis, CIM

10th CIM SUMMIT

M

ore than 300 participants attended the CIM Summit 2017, organised by the Cyprus Institute of Marketing (CIM) on April 8 at the Bank of Cyprus headquarters in Nicosia. At this year’s highly successful 10th Summit, the four guest speakers were: Anastasia Leng (CEO, Picasso Labs, San Francisco), Dr. Jochen Menges (Lecturer in Organisational Behaviour, Judge Business School, University of Cambridge), Dr. Nancy Puccinelli (Associate Fellow, Green Templeton College, Oxford) and Riley Newman (Former Head of Analytics, Airbnb). The Summit was held under the auspices of the Speaker of the House of Representatives, Demetris Syllouris, who gave the opening address.

GOLD SPONSORS: GDL Green Energy Group, MetLife Europe. SILVER SPONSORS: Elytronic, Gan Direct Insurance, /`\UKHP 1HJVIZ *VɈLL BRONZE SPONSORS: Air France/KLM, C. A. Papaellinas Group, Stella Artois, Cablenet Business, Columbia Shipmanagement, KPMG, McDonald’s, Supernova Consulting. SPECIAL PARTNER: Bank of Cyprus SUPPORTERS: Activia, Cassoulides Masterpinters, CIBA, DHL, Landas Colour Printing, Lightblack, Panayiotides .PM[Z 7. [PWZ 7OVLUP_7YV ;P[HU 6ɉJL MEDIA SPONSORS: Alpha Cyprus, IN Business magazine, Kathimerini. ORGANISATION: Cyprus Institute of Marketing COORDINATOR: IIMH.

John Vickers (Chairman) - IMH

Dr. Christos Hadjiyannis, CIM

Ioannis Mavrides, Florentia Kyprizoglou & Menelaos Manentzos, METLIFE

2UJDQL]DWLRQ &RRUGLQDWRU LQDWRU

Panos Danos, Danos Valuations L.L.C

Michael Ierides, CYMEPA

Riley Newman, Airbnb, Dr. Nancy Puccinelli, Green Templeton College, Yangos Hadjiyannis, CIM, Anastasia Leng, Picasso Labs, Dr. Jochen Menges, University of Cambridge

Yangos Hadjiyannis, CIM

Ioannis Chaniotis, PwC

Irene Nicolaou, Senaga Trading Ltd

Demetris Syllouris, Speaker of the House of Representatives

www.goldnews.com.cy | GOLD | 53

SPECIAL PROMOTIONAL FEATURE UKRAINE espite the immense challenges it faces, Ukraine remains firmly committed to its chosen course towards Europe and the West. This distinct trajectory is embodied in the spirit of openness and transparency at all levels of society, in the core principles underpinning the reform agenda pursued by the Ukrainian Government and in the deepening trade relations between Ukraine and the West. The Free Trade Agreement with the European Union that took full effect on January 1, 2016, and the anticipated lifting of visa requirements for Ukrainian citizens visiting the European Union, are significant elements in the strong foundations being built to support enhanced trade and cooperation between Ukraine and its partners throughout the world, including Cyprus. Customs reform has been implemented to improve the efficiency and ease of cross-border trade. In particular, the “single window” system during customs clearance of goods and vehicles has simplified and accelerated customs clearance and the interaction between enterprises and the public authorities exercising customs, sanitary and epidemiological, veterinary and sanitary, phytosanitary, environmental, radiological and other types of control. The mandatory introduction of the “ProZorro” public e-procurement system for all government agencies, local authorities and state enterprises has opened up a huge market for business. Since 1 January 2017, budget savings have already amounted to about UAH 8.3 billion or 10.2 % of the total amount of procurement. In order to improve regulation and compliance, the Government has carried out a comprehensive review of regulatory acts, which now over the key areas of agriculture and food safety, construction, energy, transport and infrastructure, information technology and telecommunications.

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Doing business has been simplified through technical regulation and the adoption of European standards and specifications for thousands of products and services. Regarding the improvement of public administration and the quality of public services, the Government of Ukraine adopted the Public Administration Reform Strategy developed in close cooperation with the experts of SIGMA Programme (Support for Improvement in Governance and Management), the European Commission and civil society, and approved an action plan for its implementation. A Coordination Council for Public Administration Reform was established to coordinate the Strategy’s implementation and an Agreement with the European Commission on financing of the “Support for Comprehensive Public Administration Reform in Ukraine” Programme was signed. The EU-Ukraine Association Agreement remains a point of reference for political and economic reform. Ukraine has now met all the requirements necessary for granting a visafree regime for travel of Ukraine citizens to Schengen area countries. This involved the successful completion of more than 140 tasks, in particular the adoption and implementation of the necessary laws in such areas as border management, migration, document security, non-discrimination and protection of human rights, combating human trafficking, money laundering and the fight against corruption. Ukraine’s legislation and practices in all those areas now meet the EU standards, meaning that there are no obstacles to the functioning of the visa-free regime between the parties. The introduction of such a travel regime for Ukrainian citizens is now a political decision of the EU. Following the second review of a joint programme with the IMF under the Extended Fund Facility (EFF), on 16 September 2016 Ukraine received the third tranche of funding (US$1 billion), allocated to boosting the reserves of the National Bank of Ukraine. The last mission of the IMF’s European Department in 2016 noted recent positive changes, including reduced inflation, increased international reserves, the clean-up of the banking system and gradual economic recovery.

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Interview with H.E. Borys Humeniuk, Ambassador of Ukraine to Cyprus The Free Trade Agreement with the European Union took full effect on January 1, 2016. How would you describe the effects of this agreement on Ukraine’s trade and other relations with the EU member states? One year after the entry into force of the UkraineEU Association Agreement, the trade statistics released by the State Statistical Service of Ukraine report an increase in exports to the EU in 2016 compared with 2015. While this increase is still modest, constituting only 3.7%, it demonstrates that the Agreement and, more particularly, the establishment of a Deep and Comprehensive Free Trade Area between Ukraine and the EU, is proving to be beneficial for Ukraine. Following two years of declining trade, due to external aggression from Russia, a global decrease in commodity prices and severe economic crises, exports from Ukraine to the EU began to increase again in 2016 to a total of US$13.5 billion. As a result, the EU is now by far the largest

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export partner of Ukraine, representing 37.1% of the country’s total exports in 2016. Taking imports into account, total trade between Ukraine and the EU has increased by 8.1%. It has to be noted that the Ukraine-EU Deep and Comprehensive Free Trade Area will not be implemented in full until 2024. The cooperation between the Government and Parliament on fulfilling obligations arising from the Free Trade Agreement has been impressive. How much new legislation has been introduced in this context? You are totally right. The EU-Ukraine Association Agreement remains a point of reference for political and economic reforms in Ukraine and implementation of the provisions of this Agreement had become a priority. Thanks to the cooperation between the Government and Parliament, over 30 laws were adopted in 2016, aimed at fulfilling obligations under the Association Agreement and the Action Plan on Visa Liberalization for Ukraine, associated with Ukraine’s membership of the Energy Community. Additionally,

more than 70 draft laws associated with the implementation of European integration policy are currently under consideration in the Parliament of Ukraine.

Ukraine to implement the laws on Standardization, Metrology and Metrological Activity and Technical Regulations and Conformity Assessment. In 2016 alone, 1,466 national standards were adopted, 1,320 of which are identical to international and European standards. In total, 6,749 standards were adopted during 2014-2016, 6,388 of which are identical to international and European standards. Furthermore, 49 technical regulations were adopted, 46 of which were developed based on European directives. The list of products subject to mandatory certification in Ukraine was reduced by 87.6%; state test measuring instruments were abolished and replaced with the assessment of conformity with technical regulations.

Last year, your Government focused on measures aimed at ensuring economic growth and the development of a better business and investment climate. What were the most important measures? Were they successful? In 2016 the Government of Ukraine paid special attention to measures aimed at ensuring economic growth and the development of a better business and investment climate, as well as infrastructure. In particular, the Ukrainian Parliament adopted legislative changes to tax administration reform – the outcome of joint work of the Government, Last year, you told GOLD that “Fighting Parliament, expert community and busicorruption is a priority of the Governness representatives. This reform has solved ment of Ukraine”. What kind of results a number of important tax administration have you seen from the “Together against problems. The changes that had the greatest Corruption” initiative? impact include the introduction of a single Undoubtedly, the most important antipublic register for VAT refunds, legislative corruption measure was a large-scale elecsupport for the taxpayer’s electronic cabinet, tronic declaration issued in Septemberthe transfer of control functions to the level October, 2016. Besides, the Cabinet of of Ukrainian districts and tax reform. To Ministers of Ukraine approved specific enhance the Government’s capacity for work measures to prevent corruption in the with the business sector, a number of institu- ministries and other central executive tions have been created, such as the Investbodies, which have been developed under ment Support Office, the Export Promotion the above-mentioned government-public Office, the High-tech Office, the National initiative “Together against Corruption”. Committee for Industrial Development and The initiative is the coordination centre, the Expert Board of the which provides sysAS OF 1 JANUARY Committee. The focus tematic cooperation of these institutions is on 2017, INTERNATIONAL between experts and FINANCIAL key areas for the further ministries with the asINSTITUTIONS economic development sistance of the Cabinet, ARE FUNDING 34 of the country: attracting in order to overcome MAJOR PROJECTS IN corruption in cominvestment, increasing UKRAINE, WORTH monly identified areas. exports and developing ABOUT US$3.1 high-tech industries. As a result, 83 anti-corBILLION AND €4.8 ruption measures were BILLION Over the past three approved by the Cabiyears, there has been a net, 150 public experts major effort to implement EU standards were involved in the working groups of 16 for thousands of Ukrainian products. ministries and 4 central executive bodies, What has been the impact of this project and regular meetings at ministerial level on cross-trade and the export market? were held in 2016. It is well-known that the simplification of conditions for doing business is ensured This year, the number and size of proby means of technical regulations. In parjects in Ukraine that are being funded or ticular, over 76 subordinate regulatory acts co-funded by the IBRD and EBRD in have been adopted by the Government of particular are enormous. What areas do

they cover? Cooperation with the IMF, IBRD, EBRD and other international financial organizations is a Government priority. Not long ago, the IMF Executive Board completed its Third review of Ukraine’s Extended Fund Facility (EFF) and approved the fourth tranche disbursement of US$ 1 billion. The mission made particular note of the recent positive changes taking place in Ukraine, especially those concerning the fall in the rate of inflation, the increase in international reserves, the clean-up of the banking system and gradual economic recovery. Since March, 2015, when the EFF program started, Ukraine has received four tranches of funding from the IMF under the EFF arrangement, totaling US$ 8.5 billion. Moreover, we are expecting three more tranches with a total amount of about US$4.5 billion in 2017. Receipt of all four tranches is a vital prerequisite for raising Ukraine’s international reserves to nearly US$ 21 billion. As of 1 January 2017, international financial institutions are funding 34 major projects in Ukraine, worth about US$3.1 billion and €4.8 billion. The portfolio comprises 8 IBRD projects amounting to US$ 2.7 billion, 9 EBRD projects amounting to €1.6 billion and US$420 million, 12 EIB projects amounting to €2.8 billion, 1 Euratom project of €300 million and 4 KfW projects amounting to €217.5 million. These projects are aimed at the development of roads and railways, the energy sector, municipal infrastructure, and support for SMEs, including those in the agricultural sector, and at restoring the infrastructure of Donbas. In April, 2017 the EU disbursed its second tranche of €600 million in macrofinancial support to Ukraine. What was the thinking behind the decision to nationalize PrivatBank, the country’s largest bank? In 2016, the Government responded quickly and decisively to various challenges that required urgent solutions. Ukraine’s biggest commercial bank, PrivatBank, was nationalized in 2016 in a move aimed at protecting its 20 million customers, including 3.2 million pensioners, more than half a million students and 1.6 million socially vulnerable households, and at preserving financial stability in the country. The problems faced www.goldnews.com.cy | GOLD | 57

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by PrivatBank were mainly caused by its imprudent lending policy which led to capital losses. As a result of nationalization, practically all deposits were safeguarded, small businesses were able to continue trading and 3.2 million public and private sector employees continued to be paid. The World Bank officially noted that state participation in the recapitalization of PrivatBank by transferring full ownership to the State was an important step to preserve Ukraine’s financial stability, one which increased confidence in the banking system and provided equal treatment for all banks requiring recapitalization. How much of the 2016 Priority Action Plan was achieved and what are the plans for 2017-2018? As a result of a well-balanced policy and the implementation of priority reforms under the Priority Action Plan for 2016, the Government of Ukraine contributed to ensuring GDP growth, which exceeded the forecasts of Ukrainian experts and international organizations. In the first quarter of 2016, it was just 0.1% higher than in the corresponding quarter of the previous year, subsequently rising by 1.4% in the second quarter, 2% in the third quarter and 4.7% in the fourth quarter compared to the same period in 2015. Overall, for 2016 there was GDP growth of 2.2%. In April, 2017, the Cabinet approved a draft of the Government’s medium-term Priority Action Plan until 2020 and the Priority Action Plan for 2017. The goals of this year’s Priority Action Plan are to build a competitive economy and ensure annual sustainable economic growth of 4-5% of GDP, to create a strong public service, to develop human capital, to increase the life expectancy of Ukrainians, minimize poverty, to ensure the rule of law and fight corruption. Another main priority is to ensure security and defence, both external and internal, firstly from military aggression towards Ukraine and ending with internal food safety and the security of citizens on the streets. Are there any visible signs of economic recovery at this moment? What do you

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THE RECAPITALIZATION OF PRIVATBANK BY TRANSFERRING FULL OWNERSHIP TO THE STATE WAS AN IMPORTANT STEP TO PRESERVE UKRAINE’S FINANCIAL STABILITY

expect to see in 2017? In 2017, according to the majority of forecasts by analysts, Ukraine’s economy will continue to recover after reaching a positive turning point in 2016. Leading Ukrainian economists expect that in the coming year, GDP growth may accelerate to 2.1%, industrial output will grow by 2.5%, while inflation will slow down to 10% from 12-13% in 2016 The experts predict growth of Ukraine’s international reserves in 2017 from US$15.5 billion at the end of 2016 to US$21 billion. At the same time, the average annual exchange rate of the Ukrainian hryvnia should not go beyond the range of UAH 27-30 to the US dollar. So in 2017, Ukraine, which is undergoing a process of reforming while dealing with external aggression, will not show explosive growth but the pace of recovery will accelerate. This should inspire moderate optimism.

Do you see any reason for optimism as far as Ukraine-Russia relations are concerned? I will provide you with a simple answer. Historically, as a friendly country, Ukraine tries to develop mutually beneficial relations with all the states. Ukraine is not a state that has annexed part of the territory of the other country. Ukraine is not a state that has destabilized the situation and supported separatism in the territory of another country. It is Russia and the results of its unfriendly and aggressive policy towards Ukraine. So, relations between Ukraine and Russia can be restored only after restoring of Ukraine’s territorial integrity, the withdrawal of Russian military forces from Ukraine, an end to interference in our domestic affairs and a resolution of the Crimea Problem. This is practically the same number of problems that Cyprus is trying to resolve with its northern neighbour. Without a resolution of these issues, it will be impossible to compensate for the political, economic and moral damage inflicted by Russia on Ukraine. In this context, I would like to underline the

position of the Government of Cyprus on the issue, which stands firmly for the respect of principles of sovereignty, territorial integrity, and the political independence of Ukraine. Cyprus was among that vast majority of countries which voted in favour of the relevant UN General Assembly resolution on “Territorial Integrity of Ukraine” on 27 March, 2014. In addition to Crimea, there are still major problems in Eastern Ukraine. Are you hopeful of a peace agreement there in the near future? Longstanding Russian aggression on the territory of Ukraine as well as its support of illegal military formations in Donbass from the very beginning of the conflict, have severely violated international law and bilateral agreements between Ukraine and the Russian Federation. According to UN data, 31,700 people were victims of Russian aggression in Donbass as of the end 2016: more than 9,700 were killed and 22,800 wounded. The Government of Ukraine spends approximately US$6 million per day on combating Russian aggression in Eastern Ukraine. All this, as we can see, has had a very negative impact on the development of economic relations between Ukraine and the EU member states, including Cyprus. At the same time, and I would like to stress that temporary economic losses for Ukraine are not so high, compared to the resources needed to deal with this direct aggression. Political pressure and the economic sanctions imposed by the EU should be reinforced until Russia stops undermining Ukraine’s territorial integrity, sovereignty and independence and promotes a peaceful settlement of the crisis in accordance with the provisions of the well-known Minsk Agreements. I take this opportunity to warn Cypriot business people to abstain from visiting the occupied areas of Donbass and Crimea which, for the moment, would be a violation of both Ukrainian and international law.

ince its formation in April 2016, the key objectives of the current Government of Ukraine have been to preserve macroeconomic stability and create conditions for the rapid recovery of economic growth. Ensuring such growth is considered essential for building a successful, prosperous country that provides an adequate standard of living for its citizens. Following approval by the parliament of Ukraine of the Government’s Action Programme, the Government drew up its Priority Action Plan, which focused on the most pressing economic issues. The Action Plan set out five strategic priorities: (1) macroeconomic stabilisation, (2) the creation of favourable conditions for business development, (3) strengthening the rule of law and combating corruption, (4) improving the quality of public administration and public services, and (5) restoring the security of the state and its citizens. Major reform measures and ways to implement them were implemented with a view to achieving these strategic priorities. These reforms contributed to GDP growth that exceeded the forecasts of Ukrainian experts and those of international organisations. In 2016, the Government managed to improve the dynamics of domestic prices in the consumer market, despite some relaxation of the National Bank’s monetary policy and the growing influence of inflation. At year-end, as expected, inflation was within the target included in the 2016 budget for 2016 – 12.4% vs. 43.3% in 2015. The slowdown in inflation now enables an adequate degree of price control in the domestic market and it has also had a positive impact on the long-term expectations of financial entities. Restored confidence in the economy has resulting in a 5% decrease

in the level of the shadow economy – the biggest reduction since monitoring began (from 40% of GDP at the end of the first 9 months of 2015 to 35% for the same period of 2016). In addition, as of 1 January 2017, the number of registered legal entities had increased by 5.7% compared to 1 January 2016. According to the National Bank, in the fourth quarter of 2016 the Business Expectation Index reached 108.7%, one of its highest values over the last two and a half years. This is the result of expectations if further growth in sales, investment in equipment and the recovery of enterprises. In the context of activities aimed at ensuring the full functioning of the free trade area and development of trade and economic cooperation under the EU-Ukraine Association Agreement, the geographical focus of Ukrainian exports has changed in favour of EU countries, which has partly offset losses in the CIS markets, including the Russian Federation. According to preliminary National Bank data, the share of exports of goods to EU countries in 2016 rose to 31.9% compared to 29.5% in 2015, with a simultaneous increase in volume of 2.4% compared to a decrease of 26.2% in 2015. The share of exports to Russian Federation fell from 11.9% in 2015 to 9.3% in 2016 with a simultaneous decrease in volume of 25.8%. As a result of increased domestic investment and consumer demand, and the geographical reorientation in foreign

trade, every type of activity in the real economy grew in 2016. Industrial production notably increased by 2.4% (as engineering goods production rose for the first time since 2011, against the background of a significant increase in the production of computers, electronic and optical products for the needs of the Defence Industry). Agricultural production also increased by 6.1% (thanks in part to the largest grain, sunflower and soya crop ever recorded) and construction was up by 13.1%, due to house building and upgraded production facilities and infrastructure. Retail trade turnover rose by 4%, cargo turnover by 2.4% and passenger turnover by 5.4%, against a background of passenger air transport development. At the same time, as a result of increased production, the slowdown in inflation and a higher minimum wage (up by 13.1% in 2016), in May 2016 growth of 9% in real wages was recorded for the first time in the past two years. Moreover, the average monthly salary of full-time employees in 2016 increased by 23.5%. In 2016, wages in socially important areas of activity such as education and healthcare were increasing fast – by 20.3% and 20.2% respectively. Against this background of increased wages and productivity, competitiveness is expected to improve and, despite the presence of significant problems and risks, it is possible to ascertain the gradual laying of the foundations of further sustainable growth.

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Intervew with Oleksandr Danyliuk, Minister of Finance, Ukraine When you were appointed in April 2016, you set out a list of your priorities. Two of them concerned foreign investment – improving the investment climate and putting in place transparent rules for doing business, for both Ukrainian businessmen and foreign investors. One year on, would you say that you have succeeded in implementing these aims? These are medium-term goals and we are working towards achieving them. There are no fast solutions as many rules need to be changed, simplified or cancelled. We are a business-oriented government – we constantly target our actions at improving the investment climate in Ukraine. For example, it has been made much easier to open a business and hundreds of old regulations – left-overs of the Soviet system – have been revoked. We have recently launched the reform of the State Fiscal Service (the agency that consists of the Tax Administration Service and the Customs Service). This is a major reform, which aims to improve the business climate by making tax administration simpler and more efficient and making customs clearance faster and less cumbersome. At the end of 2016, Parliament adopted an anticor-

ruption tax law prepared by the Ministry of Finance together with MPs, experts and civil society groups. This law fundamentally changes the nature of the State Fiscal Service. This agency has been corrupt and was a major impediment to the improvement of the investment climate in Ukraine. We are changing this. I cannot say that it is easy, but we are steadily moving ahead. We have also set key performance indicators for the State Fiscal Service. This is a common practice in the world which is, however, new to Ukraine. Now, fulfilling KPIs and reporting on this are among the key tasks of the acting leadership of the Service. Also, the procedures for appealing against decisions of the tax administration agencies have been streamlined. The repressive tax police has been abolished. A draft law on the analytical Financial Investigations Service has been developed and will soon be submitted to Parliament. What else has been targeted in these reforms? We have launched an online register for automatic VAT refunds. This means that the process will become transparent and not be manually managed by the State Fiscal Service as it used to be. This is one of the most

impactful anticorruption and investment climate improvement initiatives so far. Additionally, the Single Window system was put in place in Customs offices at the border. This means that businesses do not have to run around various state agencies and can submit all the necessary documents in one place. Customs clearance procedures should now be recorded, which helps prevent corruption. These changes and others are already making doing business in Ukraine easier. Furthermore, we shall soon launch agricultural land market reform and restart privatization. These moves will definitely unleash Ukraine’s underutilized potential and present opportunities for foreign and Ukrainian investors. Our ambition is to completely transform Ukraine’s economy into a self-sufficient one which can deliver long-term growth. We still have a way to go but we are moving quickly in the right direction and the results can already be seen. Another key priority was public finance reform. How is that process progressing? Two months ago, the new Strategy for Public Finance Management for 2017-2021 was adopted by the Government. This is our map for a modern and effective system of public finance management. It can deliver proper public services and effectively allocate resources. We have already reached our first milestone on this map – mid-term budgeting. The budget will now be based on a 3-year projection so that all state agencies will know what will happen to their funding not only next year but also over the next three years and they can plan accordingly. Comprehensive reforms usually require more than one year, so longer-term budget funding is essential for their success. We are also changing the requirements for budget passports submitted by state agen-

cies asking for budget funding. Priority for financing will be given to reforms. The agencies will be obliged to provide a detailed plan of their reform activity for the funding period with Key Performance Indicators stipulated there. Later they will have to report on the results achieved. The new public finance management strategy helps us move away from financing agencies to financing the services provided by these agencies. The strategy also introduces a spending review, which aims to discover and eliminate ineffective or irrelevant spending. Now society will be able to monitor how public money is spent at every step of the process. How optimistic are you about the medium- to long-term prospects for the Ukrainian economy? I am quite optimistic. Despite Russian aggression in Crimea and Donbass and the deterioration of the situation in the external markets, Ukraine has developed a resilience to external shocks and achieved financial stability and economic growth. Last year we grew by 2.2%. This year, GDP growth is projected at 2%. And this is only the beginning. I see possibilities of growth of 6-7% in two years, perhaps even in one year. But to achieve such growth, it is necessary to accelerate reform efforts, in particular, to implement pension and land reform, to launch privatization and to complete tax administration reform. I am confident that all decision-makers realize that these reforms are crucial for Ukraine’s economic success. I therefore expect these reforms to be supported by Parliament and to show results in the near future. One of the key issues, specifically regarding business and trade between Ukraine and Cyprus, is the ratification of the new Double Tax Treaty. Are you confident

that this will be done by the Ukrainian parliament in the near future? Revision of the double taxation between Ukraine and the Republic of Cyprus is an important step in development of economic relations between our countries. The Republic of Cyprus was the first of the countries which agreed to make changes to acting Conventions on the reduction of double taxation, which became a trigger for the modification of similar conventions with Luxembourg, Austria, Great Britain and the Netherlands. There has been a delay with ratification in the Ukrainian Parliament but I hope it will happen soon. I think that in the case of implementation of all inter-state procedures, changes to acting Conventions will become effective in the near future. Cyprus has one of the lowest rates of Corporation Tax in the EU (12.5%) and, as a result of the low-tax regime, the country is on a list of 65 countries whose corporation tax rate is more than 5% lower than that of Ukraine (18%). Companies from these countries are therefore subject to higher taxes. Doesn’t this go against your government’s desire to attract more foreign business? Operations with residents from low-tax jurisdictions are subject to special transferpricing control (if some additional criteria are met). And only if such operations do not comply with the “arm’s length” principle, special restrictions may be applied. I stress that no higher tax rates will be applied but there will be a slightly different procedure. Transfer pricing is a special type of control which is implemented in all developed countries. So we consider that the implementation of an additional type of control on operations with residents of low-tax jurisdictions has the aim of preventing tax avoidance and should not be considered as a barrier for attracting foreign investors.

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ne of the areas in which UkraineCyprus cooperation may be expanded in a mutually beneficial way is firefighting. The country’s long, hot and dry summers, frequent strong winds, the configuration of the ground and the inflammability of the vegetation all favour the outbreak and rapid spread of forest fires. Increased numbers of visitors to the mountain areas in summer inevitably increase the risk of fires.

Aerial firefighting has been shown to be extremely effective and, for this purpose, Ukraine is ready to deliver its very successful AN32P aircraft to Cyprus. This aircraft has been specially designed for firefighting by dropping extinguishing liquids as well as delivering and airdropping special fire extinguishing equipment to fire sites. For the rapid detection of forest fires in Cyprus, unmanned aerial vehicles (UAV) can be used and these, too, are available from Ukrainian manufacturers

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as well. The UAVs can operate day and night and in conditions of limited visibility (fog and cloud). Ukraine can deliver the Spectator UAV system to Cyprus, which consists of 1-3 drones, a ground station, radio control panel, plug-in battery kit, antennas and backpack. The competitive advantages of the UAV are its low noise and visibility, high aerodynamic qualities and ease of transportation. It has a flight time is up to 120 minutes and an operating range is 20 km. Cooperation between

Ukraine and Cyprus could also be extended to national sea border protection. In this regard, Ukraine can provide Cyprus with a wide range of fast and multipurpose patrol boats to assist Cyprus in protecting its interests in its exclusive economic zone and to deal with the issue of illegal migration to the island. Additional information on all the above products is available from the Embassy of Ukraine (Tel: 22464737) and directly from Ukroboronprom, Tel: (+380) 444584681.

Interview with Michalis Michael, President, Cyprus-Ukraine Business Association How would you describe Cyprus-Ukraine business and trade relations? I would say that our business and trade relations with Ukraine are excellent and have been increasing steadily since the conflict with Russia in 2014. Cyprus used to have many direct business relationships with Donetsk and Lugansk, which are the Eastern parts of Ukraine now proclaimed as separate republics. Despite the fact that today no communication exists between these parts and the rest of Ukraine, we continue to have increased relations with Ukraine. What can be done to enhance and increase business cooperation between the two countries? We are trying to maintain our excellent relations in various ways as follows: • By having regular meetings with Ukrainians living in Cyprus, especially though the Ukrainian Embassy in Cyprus and HE the Ambassador Mr. Borys Humeniuk. • By promoting business forums in both Ukraine and Cyprus and giving our members the chance to visit business people from various parts of Ukraine (not only Kiev) and also by inviting delegations from various Chambers in Ukraine to Cyprus. • By establishing new policies which assist Ukrainian business people – and not only – to choose Cyprus as their destina-

Ukraine due to the great interest of Ukrainian businesses in investing in the rest of the world through Cyprus. After solving the issues of the Double Tax Treaty and Visas, our attention is now on promoting the other areas described above. tion, either for business or tourist activities, e.g. the new online procedure for obtaining a visa, which has helped increase tourism from Ukraine. • By signing a new Double Tax Treaty, which will assist the business communities in both countries to move forward in a better structured environment. What is the main aim of the Cyprus-Ukraine Business Association? The main aim is to promote the good business practices and interests between the business communities of the two countries. How many members do you have? We currently have 53 members, all of them business people active in a variety of sectors, mainly in services. What are the main areas in which Cyprus and Ukraine have business ties? The main area of activity is the services industry – particularly the banking and auditing/tax/ advisory sectors. But there are also increasing business inter-

ests in tourism (general, religious, sports and rehabilitation). Are there other potential sectors that could be mutually beneficial for the two countries? Apart from those mentioned above regarding tourism, there is also a lot of interest from Ukrainian citizens in obtaining residency and a Cypriot passport, which places a focus on the acquisition of real estate. Additionally, agriculture and farming (we now export halloumi to Ukraine) are other potentially interesting sectors, as is education and the possibility of attracting students from Ukraine to our Universities. Are the governments of Cyprus and Ukraine doing enough to encourage greater business cooperation? How could they do more? Yes, the two governments provide great support to our efforts, and they have done a lot to promote the measures described above, especially in the fields of taxation and tourism. Our Government pays a lot of attention to our business cooperation with

Has the political situation between Ukraine and Russia and the clashes over Crimea and Eastern Ukraine had a tangible effect on trade relations with Cyprus? Yes it has, due to the heavy capital controls that have been in effect in Ukraine since the war started. As I mentioned earlier, there was a a great deal of business activity with Donestk and Lugansk before the war, which now does not exist. It took some time to find ways to continue business operations under such circumstances but we have succeeded. Do Cypriot businessmen feel forced to choose between Ukraine and Russia due to the present relations between those two countries? No, there is no such pressure because they are two different markets and our business people continue to do business with both countries. My personal obligation, as the President of Cyprus - Ukraine Business Association, is to do my utmost to promote and upgrade economic cooperation between the business societies of these two countries.

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n February 2017, Ukraine concluded its month-long role as rotating president of the United Nations Security Council, during which it pledged to use the high-level international forum to confront Russia over its aggression and to seek reimbursement for the damages incurred by Russia’s annexation of Crimea and the subsequent war in Donbas. Indeed, the question of how to legally pursue damages using international and multinational courts has gained momentum recently, due to a case being heard before the UN International Court of Justice in The Hague. In October 2016, Ukrainian energy company Naftogaz and six of its oil and natural gas subsidiaries officially filed an action against the Russian authorities, who seized the company’s assets after Russia’s occupation of Crimea in March 2014. Ukrainian firms previously operating in the Crimean peninsula have never received any material compensation from Moscow and damages are estimated at US$2.6 billion. Naftogaz, in particular, lost 15 oil and gas field-connected facilities in Crimea and offshore, 3 potential oil and gas extraction areas, the underground storage facility in Glebovskoe, over 1,200 kilometres of gas pipelines, 43 gas distribution stations, 29 extrac-

tion facilities, and several other assets. Six lawsuits relating to the energy sector have been initiated against the Russian Federation by Privatbank, Ukrnafta, Belbek Airport, Stabil, Everest Estate and Oschadbank. Naftogaz and several other companies are also in the process of preparing legal action. The Government continues to strive unrelentingly to protect Ukraine’s sovereign rights and those of its citizens but its actions are somewhat limited by various binding multilateral and bilateral agreements. A key problem is that there are few tribunals whose jurisdiction is recognized by both Ukraine and Russia. One such prominent institution, however, is the International Court of Justice, which is why, on January 16, 2017, Ukraine instituted proceedings against the Russian Federation with regard to alleged violations of the International Convention for the Suppression of the Financing of Terrorism of 9 December 1999 and the International Convention on the Elimination of All Forms of Racial Discrimination of 21 December 1965. In particular, Ukraine contends that, following the Orange Revolution of 2004, it has been subjected to increasing degrees of Russian pressure and intimidation. Since 2014, the Russian Federation has escalated its interference in

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Ukrainian affairs to dangerous new levels, “intervening militarily in Ukraine, financing acts of terrorism, and violating the human rights of millions of Ukraine’s citizens, including, for all too many, their right to life”. It states that, in Eastern Ukraine, the Russian Federation has instigated and sustained an armed insurrection against the authority of the Ukrainian State. Ukraine considers that, by its actions, the Russian Federation is in violation of fundamental principles of international law, including those enshrined in the International Convention for the Suppression of the Financing of Terrorism. Furthermore, in its Application, Ukraine contends that, in the Autonomous Republic of Crimea and City of Sevastopol, the Russian Federation has “brazenly defied the UN Charter, seizing a part of Ukraine’s sovereign territory by military force”. Ukraine also states that, “in an attempt to legitimize its act of aggression, the Russian Federation engineered an illegal ‘referendum’ which it rushed to implement amid a climate of violence and intimidation against non-Russian ethnic groups”. According to Ukraine, this “deliberate campaign of cultural erasure, beginning with the invasion and referendum and continuing to this day”, violates the International Convention on the Elimi-

nation of All Forms of Racial Discrimination (“CERD”). Ukraine has also instituted arbitration proceedings against the Russian Federation under the 1982 United Nations Convention on the Law of the Sea (UNCLOS) to vindicate its rights in the maritime zones adjacent to Crimea in the Black Sea, the Sea of Azov, and the Kerch Strait. Ukraine has asked UNCLOS to enforce its maritime rights by ordering the Russian Federation to cease actions in the relevant waters, to provide Ukraine with appropriate guarantees that it will respect Ukraine’s rights under UNCLOS, and to make full reparation to Ukraine for the injuries the Russian Federation has caused. On 14 September 2016, the Ministry of Foreign Affairs of Ukraine officially served the Ministry of Foreign Affairs of the Russian Federation with a notification of arbitration and statement of claim, instituting ad hoc arbitral proceedings under Annex VII of UNCLOS. Notwithstanding its pending cases in the International Court of Justice, the Ukrainian Ministry of Justice has stated that the economic losses suffered by the state following the occupation of Crimea will be reimbursed as part of the claim presented by Ukraine against Russia at the European Court of Human Rights (ECHR).

26 | GOLD | The Business Magazine of Cyprus

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Kyriakos Iordanou, ICPAC

Harris Georgiades, Minister of Finance

7th NICOSIA ECONOMIC CONGRESS

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he 7th Nicosia Economic Congress, presented by Alpha Bank Cyprus Ltd, d, was held on Tuesday, 25 April 2017 at the Hilton Park Hotel in Nicosia. Once again, the Congress aimed to provide the he broader business world with comprehensive broa information on the latest economic trends and infor d developments, in Cyprus and across the world, deve ld, and their impact on the island’s economy. Christodoulos Christodoulou & Galatia Loizou, Trust Insurance Cyprus

Constantino Constantinos Petrides, Minister of Interior

Demetris Vakis, ICPAC

Haris Koureas, MM Makronisos Marina na Ltd

George Pamboridis, Minister of Health

(UKYLHZ *OYPZ[VÄKLZ 274. .LVYNL :`YPJOHZ Central Bank of Cyprus & Kyriakos Iordanou, ICPAC

Lysandr Ioannou, PHC Franchised Restaurants, Pantelis Leptos, Leptos Estates, Lysandros :[H]YVZ :[H]YVZ *HYHTVUKHUPZ 4 4 4HRYVUPZVZ 4HYPUH 3[K 2`YPHRVZ 0VYKHUV\ 0*7(*

Loucas Marangos, TFI Markets

Michael Yiangou, CIM

Irene Loizidou, ICPAC

Maria Zavrou, Elena Mouzouri and Myro Michael, KPMG

6SLZPH *LHPJV]ZJOP :LHS\_ 3[K :`Svia Theologidou, GAP Vassilopoulos

Isabella Pericleous & Evangelia Tsianakka, GAP Vassilopoulos Maria Kyriacou, CIM

0DLQ 6SRQVRU

Marios Loucaides, CTC & Tony Antoniou, Vassiliko Cement Works Ltd

Vicenzo Guzzo, IMF

6SRQVRUV Yangos Hajdiyannis, CIM

Gene Kornegay, Noble Energy International Ltd

Thomas Kazakos, *`WY\Z :OPWWPUN Chamber

2UJDQL]HUV Anna Theologou MP

Kyriakos Kokkinos, IBM Constantinos Koutentakis, Alpha Bank Mehran Eftekhar, WTC (Cyprus) Ltd

Christodoulos Papalambrianou & Tryfonas Christodoulou, Alpha Bank Cyprus Christos Tsikouris, BDO Ltd

| CORPORATE GOVERNANCE |

A BOARDROOM CULTURE OF HONESTY

AN ORGANISATION WHICH HAS ROBUST AND APPROPRIATE POLICIES, PROCESSES AND SYSTEMS IN PLACE IS MORE LIKELY TO OPERATE EFFICIENTLY, SAYS SIMON OSBORNE, CHIEF EXECUTIVE OF ICSA. By Voula Loizou

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he Institute of Chartered Secretaries and Administrators (ICSA) helps Boards and organisations achieve their goals by developing and communicating good practice, training governance professionals and providing resources and expert guidance. Simon Osborne, Chief Executive and a Fellow of ICSA, was in Cyprus earlier this month to address the Corporate Governance Conference organised by Infocredit Group on May 5. He later spoke exclusively to GOLD about ICSA and changing attitudes to corporate governance. 68 | GOLD | The Business Magazine of Cyprus

Gold: Many organisations have been seen to fail due to a lack of proper corporate governance. What, in your view, are the main characteristics of effective corporate governance? Simon Osborne: The first thing to say is

BOARDS

HAVE A COLLECTIVE RESPONSIBILITY TO MAKE BETTER LONG-TERM

DECISIONS FOR ALL THEIR STAKEHOLDERS

that governance failures are relatively few and far between. The best way to prevent them is to develop a boardroom culture of honesty. Even the most accomplished governance professional cannot stop a person who is determined to be dishonest. What our members can do, however, is prevent someone from doing something wrong through ignorance. A well-governed organisation makes considered decisions and deploys the structures that the Board and Management need to deal effectively with the specific challenges it faces. An organisation which has robust and appropriate policies, processes and systems in place is more likely to operate efficiently. Everyone knows what they should be doing and where

their authority starts and finishes. The main characteristics are: • A well-articulated business purpose • A set of values agreed by the Board as to how the purpose will be accomplished • A governance framework which reflects the above purpose and values • A clear, consistent strategy which meets objectives • Clear and appropriate communication • Robust processes and controls • Good, open relationships with stakeholders • A Board with a good balance of skills, experience and diversity • Sufficiently independent directors • A transparent appointments process • Good succession planning • Clear delegations of authority • A clear distinction between the roles of Chairman and CEO • A constructive Chairman/CEO relationship Gold: Is there a greater awareness today of the need for strong corporate governance in companies and organisations than there was, say, a decade ago? Is corporate governance going to gain even more importance in the future? S.O.: Absolutely. I think that people have woken up to the fact that the way an organisation is directed and controlled – who has power and accountability and who makes decisions – is extremely important. Things like the banking crisis have shown what can happen when things go wrong. Governance is the toolkit that enables management and the board to deal more effectively with challenges. It matters because it provides the infrastructure to improve the quality of the decisions made by those who manage businesses and other organisations. The need for sound corporate governance will grow even more important in the future as it has already been shown that good quality decision making builds businesses and enables them to create value more effectively. Increasingly, people are seeing a good governance framework as one important way to try to rebuild trust among stakeholders (employees, investors, suppliers, customers, etc).

Simon Osborne

GOVERNANCE IS THE TOOLKIT THAT ENABLES MANAGEMENT AND THE BOARD TO DEAL MORE

EFFECTIVELY WITH CHALLENGES

Gold: Corporations have to be able to balance the many interests of their different stakeholders. Can this be achieved without compromising on corporate governance? S.O.: Yes. ICSA is doing some work with the Investment Association on this very subject. We are helping Boards discover how they can consider the views of all stakeholders during the decision-making process. The project tackles concerns that the voices of key groups such as employees, customers and suppliers are not being heard at the highest levels of British business. We are working to identify existing good practice and produce practical guidance to enhance understanding of the interests of employees and other stakeholders, in accordance with Board duties under section 172 of the UK’s Companies Act 2006. The guidance will identify different approaches to stakeholder engagement for companies to consider, summarising the issues to be addressed and the practical steps to be taken. It will cover the ways in which companies can identify non-executive directors with relevant stakeholder experience, the processes by which Boards can receive the views of their key stakeholders and how training and induction can be used to enhance Directors’ understanding of their duties and the interest of, and impact on,

different stakeholders. Boards have a collective responsibility to make better long-term decisions for all their stakeholders. Our joint guidance will be designed to ensure that the broadest range of views and perspectives are heard around the boardroom table. Gold: How can an external evaluation of a Board help Directors focus on areas of improvement for the ultimate decision-making procedure within an organisation? S.O.: Externally facilitated evaluation provides an independent assessment of the strengths and capabilities of a Board, its committees and its Directors or trustees. An evaluation will assess the balance of skills within the Board and is an important, impartial way of reviewing the practices and procedures of the Board’s decision-making processes. It will also identify attributes required for new appointments, review practices and procedures to improve efficiency and effectiveness and recognise the Board’s outputs and achievements. It helps Directors to focus on areas of improvement by encouraging them to question the status quo and by focusing the mind. Gold: You were the Keynote Speaker at the Corporate Governance Conference that took place in Nicosia on May 5. What do you think the professionals from a variety of sectors who attended the conference gained from it? S.O.: No one sector exists in a bubble and can claim that it has got everything perfectly right. Standards of governance can be improved in all sectors, which is why it is important to take lessons from others. Governance professionals working in different fields within the business community can learn from each other in the same way that the charity, sporting and health sector, for example, can learn from the corporate sector. Attendees at the conference heard about topical governance issues, best practice, new regulation such as the General Data Protection Regulation (GDPR) and the importance of good corporate culture. This is just as relevant if you are a corporate lawyer, a fiduciary service provider, a banker or a compliance consultant. www.goldnews.com.cy | GOLD | 69

ASTROBANK LAUNCH EVENT

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t a special event held on March 29, in the presence of Finance Minister Harris Georgiades and other guests, the new name of Piraeus Bank Cyprus was revealed as AstroBank. Piraeus Bank Cyprus was acquired last December by a group of international investors headed by the well-known banker and former Lebanese Energy Minister Maurice Sehnaoui. Piraeus Bank has a 17.6% share in the new bank. With the changes to its ownership structure and the acquisition of â‚Ź40 million worth of new funds from international investors represented by Maurice Sehnaoui, AstroBank is looking to a bright future.

Dr. Shady Karam, Astro Bank

Spyros Spyrou, Human Resource Development Authority

Harris Georgiades, Minister of Finance, Cyprus

Maurice Sehnaoui’s special gift to President Nicos Anastasiades

Stelios Kiliaris, Alliott Partellas Kiliaris

Christiana Diogenous & Pandora Tserioti, Unicars

Maurice Sehnaoui

Demetra Onoufriou, Astro Bank Maurice Sehnaoui, Harris Georgiades, Minister of Finance & Dr. Shady Karam, AstroBank

Constantinos Loizides, Astro Bank

Harris Georgiades, Minister of Finance and Dr. Kypros Chrysostomides, Dr.K.C.Chrysostomides & Co.

Constantinos and Marios Kapodistria, Chr.Kapodistrias & Sons Ltd Nicolas K. Shacolas, NKS Group

Stella Kyriakidou

Charis Kynigou, AstroBank

Stella Kyriakides, Niki Ioannou MP and Akis Kyratzis, Arton Capital Ltd

Opinion

CREATIVITY UNLEASHED OR INNOVATION WITH A PURPOSE? TWO ORGANISATIONAL APPROACHES By Dimis Michaelides

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ore and more compeople will master methods they can gainpanies are beginfully use in all circumstances of their work ning to appreciate and life. It will, however, be a frustrating the importance of experience for a company if all that hapinnovation and the pens is a buzz of ideas left, right and centre, value of a creative due to a lack of organization and the mindworkforce. More and more CEOs are takset to exploit that buzz. ing a personal interest in leading innova“Develop a purpose and a foundation for intion and the key question arises: How? It novation!” advises the corporate consultant. is not very useful to tell people, “Be creThe second approach is grounded in the ative” and expect things to happen. Even experience of weak systems and cynical befor a company which may have grown, haviours that execute (literally) many great improved and changed over the years, ideas. It recognizes that some organisations making creativity and innovation a way are more innovative than others. That they of life calls for new types of thinking and innovate in many different ways. That they action. The world of consulting abounds have different appetites for change. That Info: Dimis Michaelides is a business consultant, university with formulas and models to achieve this. effective innovation needs a clearly articulated purlecturer and author of “The Art of They usually fall into one of two categories. pose and a strategy. That the purpose needs strucInnovation – Integrating Creativity in Organizations”. www.dimis.org “Unleash your people’s creativity!” cries the traintures and cultures to make it happen and that many er in creative problem-solving. hard decisions must be made along the way. The first approach recognizes that all human beings are creOrganisations which have such structures and cultures in place ative. That creative skills are teachable, learnable and develwill have a steady flow of new products, processes and business opable. That people use their creative skills in different ways. models from which to choose plus a roadmap to implement the That creative ideas are generated and implemented by people best ones. working alone and by people working in teams. Clearly articulating a purpose for innovation within an organiIt has taken a long time for most organisations to recognize sation is no mean task. Making the targets clear and establishing the benefits of creativity and to appreciate that they can tap systems to achieve them is the strategic responsibility of the top into the immense creative potential of their people. That all team. Setting up processes, incentives, accountabilities, expectaorganisations have not recognized it yet is either due to ignotions and metrics are crucial steps for innovation to happen. In rance or deep feelings of insecurity at leadership level. Organidoing so, an organisation will strengthen its capacity to transform sations offering opportunities for the exploration and developitself. But without incorporating a boost in the quest for those ment of creative skills will be rewarded with enthusiasm and new, original ideas, which can ultimately only come from peoa constant buzz of new ideas, some of which have value in the ple’s creative powers, innovation will be little more than planned, market. Unleashing people’s crecontinuous improvement. ativity is good business. Both approaches are, of course, right. Training in creative thinking and Your progressive CEO would do well IT IS NOT techniques of new idea generation to ensure that the organisation uses VERY USEFUL and evaluation is highly value-addthe creativity of all its people for an TO TELL PEOPLE, ‘BE ing. Even if most creative solutions purpose to be achieved CREATIVE’ AND EXPECT innovation are not, in fact, implemented, in an organised way and within an THINGS TO HAPPEN some of them will be. In addition, open culture.

72 | GOLD | The Business Magazine of Cyprus

SPECIAL PROMOTIONAL FEATURE

CYPRIOT

I THE GOVERNMENT’S CITIZENSHIP

INVESTMENT SCHEME ANTONIS ZENIOS DEVELOPMENTS LTD

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EUROFAST

ARISTO DEVELOPERS

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LIMASSOL DEL MAR

M.M. MAKRONISOS MARINA LTD

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CHRISTOS PATSALIDES CORPORATE MANAGEMENT LTD

CONNECTED SKY, LEGAL & CORPORATE CONSULTANTS

ELIAS NEOCLEOUS & CO LLC

FIRST NAMES GROUP

GIOVANI GROUP

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KARMA DEVELOPERS

OIKOS PROPERTY & INVESTMENTS GROUP

PAFILIA

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n 2014, in the context of its policy to attract foreign investment to Cyprus, the Government established UL^ ÄUHUJPHS criteria, based on which foreign entrepreneurs/investors could acquire citizenship and a Cypriot passport. It was extremely successful – in 2015, Cyprus granted citizenship to 3,322 individuals, 34.3% of whom were of Russian origin, and Chinese property investment soared by 350% that year – but last year the criteria were amended to make the scheme even more attractive. The country is one of 25 around the world offering citizenship in return for investment and offers the fastest route to an EU passport, provided that aspiring Cypriot citizens are prepared to invest at least €2 million, including the purchase of a €500,000 home. Attracting foreign direct investment lies at the heart of Cyprus’ economic growth strategy and its citizenship scheme has proved to be a lucrative and popular one. On the following pages, 15 companies involved in promoting the scheme in their own particular capacity give details of their services.

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SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

ANTONIS ZENIOS DEVELOPMENTS LTD

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ntonis Zenios Developments Ltd was founded in 1978 and specialises in the development of commercial and residential property, offering a wide range of properties including apartments, houses and villas, JVTTLYJPHS HUK VMÄJL I\PSKings. Over the years, Antonis Zenios Developments Ltd has LZ[HISPZOLK P[ZLSM HZ VUL VM [OL SLHKPUN UHTLZ PU [OL ÄLSK VM property development, offering products of top quality and exceptional architectural design PU [OL ILZ[ SVJH[PVUZ ;OL JVTWHU` OHZ HS^H`Z ILLU HZZVJPated with the highest degree of quality, precision, trust, service and professionalism.

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he company’s projects are distinguished for their unique architectural style and superior construction, for their spacious functional spaces, the careful selection of materials with the best technical specifications, giving the highest returns. he company’s highly skilled team of civil engineers, architects, surveyors and property valuators, as well as the 40-year experience of the company in property issues, makes the company one of the leaders in the market. Members of the company are also members in many propertyrelated organisations and prestigious institutions, such

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as the Royal Institution of Chartered Surveyors (RICS) UK, the Royal Institute of British Architects (RIBA), the Architects Registration Board (UK), the Scientific & Technical Chamber of Cyprus (ETEK), the Cyprus Architects Association and the Cyprus Real Estate Agents Association (CREAA). ntonis Zenios Developments Ltd is a member of the Cyprus Employers & Industrialists Federation (OEB), the Cyprus Land & Building Developers Association, the Cyprus Chamber of Commerce and Industry and the Cyprus Building Contractors Association. ntonis Zenios Developments Ltd is currently one of the leading property development companies in Cyprus. It skills, long experience and technical infrastructure, as well as the academic knowledge and passion for excellence of the company’s team, together with its clientele, professionalism and consistency have all contributed to the creation of the company’s excellent reputation and are the greatest guarantee for the company’s services and properties. ver the years, the company has sold a number

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74 | GOLD | The Business Magazine of Cyprus

of properties to foreign buyers and has carried through the necessary procedure for the successful issue of immigration permits/citizenship for its clients. The company provides property manage-

ment services, following the delivery of the properties – this includes renting the apartments with the best possible income return, managing lease contracts and properties, etc.

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he company also owns a number of residential and commercial buildings for rental purposes. ntonis Zenios Developments Ltd currently offers for sale residential and commercial properties in the most exclusive areas of Nicosia.

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PROJECTS FOR SALE ENGOMI CENTRAL residential Development located in a strictly residential area consisting of 9 apartments of 1 & 2 bedrooms. The building provides great opportunities for private home and investment purposes.

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SKYLINE n exclusive residential development located in the heart of Engomi, Nicosia. The building consists of 1 & 2 bedroom apartments, with high-end specifications that are associated with the contemporary feel of the development.

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ENGOMI GARDENS our unique luxury residences in the most exclusive residential area of Engomi, Nicosia – Hilton Park area. The residences enjoy private gardens and roof terraces and are characterized by the high-end specifications. ll three projects, located in prime locations in Engomi, offer great opportunities for private home or investment purposes, with the highest, all - year rental returns due to their close proximity to the University campus, Embassies, commercial arteries, etc. ngomi is one of the most exclusive, high-demand areas for real estate in Nicosia. The area accommodates Universities, Embassies, commercial and leisure centres and, at the same time, it is considered one of the most exclusive residential areas of Nicosia.

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CITY VIEW luxury residential development in the heart of Acropolis, Nicosia, consisting of 2 bedroom apartments. The apartments are characterized by clear internal spaces and large private terraces. The building’s central location also provides for private home or investment purposes, giving the highest rental and after-sale returns.

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ANTONIS ZENIOS DEVELOPMENTS LTD Address: 2, Prodromou & Demetracopoulou Street, 1090 Nicosia, Cyprus Tel: (+357) 22352242 (+357) 22352788 Fax: (+357) 22352611 e-mail: zenios.antonis@cytanet.com.cy Website: www.antoniszenios.com

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SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

ARISTO DEVELOPERS

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risto Developers IVHZ[Z an impressive land portfolio in excess of six million square metres. ;OL *VTWHU` KLZPNUZ HUK constructs projects which JVU[YPI\[L ZPNUPÄJHU[S` [V [OL economic development of the island of Cyprus.

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risto Developers prides itself on being one of Cyprus’ leading construction and development companies. Established in the early 1980s by Theodoros Aristodemou, Aristo Developers continues today to thrive under the direction of its founder, who serves as Chairman and CEO of the Aristo Developers Group. Boasting an impressive land portfolio in excess of six million square metres in the most exclusive locations, the Group continues to develop projects which contribute significantly to the economic development of the island of Cyprus. he Company’s success story is supported by an extensive, multi-cultural client base of 12,000 satisfied homeowners over the last twenty years, who have trusted Aristo Developers with

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their property investments, largely due to: • High quality construction and design for which Aristo Developers is renowned • Unique and select locations for its island wide developments • A wide range of developments suitable for Cyprus EU Citizenship and Permanent Residency • Years of experience and international accolades from credible organisations across the world (Aristo Developers was the first property developer in Cyprus to be accredited with the ISO 9001 verification for quality construction) • A network of 1,500 global partners • A firm presence in Russia, China, Vietnam, Egypt, Greece, United Kingdom, Dubai and Cyprus he Company has completed landmark developments in Cyprus such as: a) Signature golf courses, including the renowned Secret Valley Golf Club at the prestigious Venus Rock Golf Resort b) Educational institutions such as the International School of Paphos c) Theme Parks such as the Aphrodite Waterpark d) Commercial develop-

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76 | GOLD | The Business Magazine of Cyprus

ments, including the Kings Avenue Mall – the largest and most contemporary shopping mall in Cyprus. risto Developers’ focus is on developing projects that incorporate innovative, environmentally-friendly construction and design, which are fully compatible with the highest quality standards, thereby providing optimal housing solutions to its customers. hrough its history, the Company has been instrumental in the growth and prosperity of Cyprus, having encouraged the employment of over 250 people in its organisation. n essential component of client trust, which is enjoyed by Aristo Developers, is undoubtedly its excellent reputation for guaranteeing and delivering title deeds to its property buyers.

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uring the course of 2015 and 2016, the Company issued over 1,080 title deeds to existing Aristo Developers home owners, with 1,440 title deeds available for immediate transfer in 2017; this impressive number makes the Company as a leader in its field. aving delivered over 265 projects in Cyprus and Greece over a span of three decades, Aristo Developers currently has 50 new projects on the market, such as the Venus Rock Golf Resort – the largest beachfront golf integrated resort in the south eastern Mediterranean – and a plethora of other developments in the most exclusive locations around the island. New developments include Hillcrest Residences and Spectrum Boutique Residences – an opulent collection of state-of-the-art residences

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located in sought-after areas of Limassol, Pearl Park Residences, in the heart of Paphos, and other coastal developments such as Plage Residences – less than 100 metres from the beach and adjacent to the Paphos Tourist Area. s a reputable property developer, Aristo Developers has been recognised for its high-level, quality product by a plethora of local and international organisations. Having been acknowledged by the International Finance Magazine as “Best Real Estate Cyprus Developer 2016”, in terms of innovation and performance, and “Best Cyprus Property 2017” by the European Property Awards, Aristo Developers was also the first “CLASS A” property and construction developer in Cyprus to be endorsed by the International Standards

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Organisation (ISO 9001) for quality. he Company is moving ahead into 2017 with new, awe-inspiring developments. Driven by the same values and principles on which it was founded, Aristo Developers continues to evolve and succeed dynamically.

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ARISTO DEVELOPERS Headquarters address: Aristo Centre, 8, April 1st Street, CY-8011 Paphos, Cyprus Postal Address: P.O. Box 60269, CY-8011, Paphos, Cyprus Tel: (+357) 26841800 Call Free: 8000 2747 Fax: (+357) 26938290 e-mail: info@aristodevelopers.com Website: www.aristodevelopers.com

www.goldnews.com.cy | GOLD | 77

SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

CHRISTOS PATSALIDES CORPORATE MANAGEMENT LTD

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n 2014, the Council of Ministers of the Republic introduced a scheme for the naturalization of investors in Cyprus by exception, on the basis of subsection 2 of section 111A of the Civil Registry laws 2002-2015. The terms of the scheme have recently been revised and provide for the granting of Citizenship to any applicant, his/her spouse and any dependents including adults up to the age of 28, provided that an amount of at least €2 million (+VAT if applicable) is invested in the following areas: 1. Real Estate. This may include any residential, commercial, income yielding and/or under construction property. 2. Participation in a Cypriot company by its equity. 3. Investing in a Cyprus Alternative Investment Fund (AIF) or in a Cypriot Organization licensed by Cyprus Securities and Exchange Committee (CySec). 4. A Combination of the above. Any combination of the above and/or including an Investment in Government Bonds for a maximum amount of €500,000 (+VAT).

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s a prerequisite, the applicant must have a permanent residence in Cyprus valued at least €500,000 (+VAT ) and have a clean criminal record from his country of birth and residence. he parents of an applicant may also obtain Citizenship provided they Invest €500,000 (+VAT) in a permanent Residence in Cyprus.

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BENEFITS OF CITIZENSHIP ny Citizen of Cyprus (an EU member State) automatically enjoys the following benefits: • Free movement anywhere within the EU • Free movement of capital, enabling them to Invest wherever they want in the EU • Free movement of services and goods

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CYPRUS AS A PLACE OF RESIDENCE ven though there is no requirement for the Investor to physically reside in Cyprus, either before or after obtaining Citizenship, anyone who chooses to do so will benefit from Cyprus’: • Constantly growing economy • Being a safe place with a

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78 | GOLD | The Business Magazine of Cyprus

very low crime rate • Temperate climate throughout the year • Stable political environment • Excellent infrastructure • High standard of healthcare facilities • Rich history and culture • High Human development index (HDI) with regard to living and quality of life STAGES n order to protect his interests, potential Investors and prospective applicants need to approach the whole process with due care and diligence. The aim should be to safeguard the capital invested, obtaining the best return possible whilst achieving the goal of obtaining Cypriot Citizenship. Our company can assist them through all the stages that need to be followed, namely the design and structuring, execution and follow-up. Specifically:

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DESIGN AND STRUCTURING ny Investor needs to decide upon the combination of his investment and how he plans on completing it. Where we may assist: • Searching for potential

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investments to suit his particular interests • Providing financial and legal due diligence of the proposed investment • Seeking and obtaining a market valuation for comparable projects or investments • Designing the proposed investment in a way that ensures the capital invested until the application for Citizenship is granted. • Structuring the investment in the most tax-efficient manner whilst ensuring that any outlays are as costeffective as possible. • Run a pre-clearance check with the relevant Ministries. IMPLEMENTATION ith regard to this stage, our aim is to complete the process with as little hassle as possible to the investor whilst obtaining Citizenship as swiftly as possible. Our Team of Experts will: • Draw up the legal documents for the investment • Set up the companies that may invest in the proposed projects whilst providing any accounting and audit support services required • Open up any and all necessary bank accounts, including escrow accounts

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complete and totally value adding to any interested investor. AS A COMPANY WE FOCUS ON INDIVIDUALS AND THEIR CONCERNS AND WE PROVIDE THE NECESSARY SUPPORT WHATEVER THE NEED. ver since the introduction of the scheme, our team has successfully completed several applications. We handle all applications with the necessary confidentiality by ensuring that only the relevant personnel deals with the application process.

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Antis Kaplanis, CEO

• Register the investment with the Land Registrar, the Registrar of Companies and/ or CySEC • Assist the applicant/ investor through the application process by collecting all the required documentation and reviewing it so as to comply with all the relevant legal and statutory requirements • Assist clients in obtaining their permanent Residency Permit • During the process, the applicant will be fully apprised of the status of his

application and what needs to be done until completion • Once the applicant and his dependents are granted Citizenship, we will assist them in the process of obtaining their Passports and ID’s FOLLOW-UP nce Citizenship is granted, the investor needs to focus on securing the proposed income through his investment. We can provide any accounting and management services required. We can assist in

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finding suitable managers which will ensure that the property is properly maintained, thus ensuring that any potential resale value is not reduced. OUR TEAM ur associate firm, Christos Patsalides L.L.C., includes lawyers, accounting and tax professionals, whilst our network of associates includes professionals in the real estate and financial sectors, thus ensuring that the advice received is

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For any additional information you may require concerning the process or clarification with regard to the above please contact us.

CHRISTOS PATSALIDES CORPORATE MANAGEMENT LTD Address: 31, Evagoras Avenue, Evagoras Building, 4th Floor, 1066 Nicosia Tel: (+357) 22677677 Fax: (+357) 22674422 e-mail: antis.kaplanis@patsalides. com.cy Website: www.patsalides.com.cy www.goldnews.com.cy | GOLD | 79

SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

CONNECTEDSKY

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ith the implementation of new regulations such as the OECD Common ReportPUN :[HUKHYK HUK -(;*( VU [OL one hand, and tax authorities applying increasingly stringent measures on the other, clients MHJL JVUZPKLYHISL KPMÄJ\S[PLZ while trying to manoeuvre in [VKH`»Z JOHSSLUNPUN ÄUHUJPHS LU]PYVUTLU[ ;O\Z Z\IZ[HUJL ZVS\[PVUZ OH]L ILJVTL RL` [V HSS [OL LUKLH]V\YZ VM IV[O PUKPvidual and corporate investors, with Cyprus clearly paving the way as a preferred jurisdiction.

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n this respect two Cypriot governmental schemes stand out: Cypriot Ctizenship and Permanent Residency through Investment. he Cypriot citizenship programme by way of investment is now easier to achieve as the required investment has been reduced from €5 million (if applied individually) or €2.5 million (if going through a collective investment scheme) to €2 million for all applicants. Allowing a variety of investments for a minimum of three years, without any element of donation, and by acquiring a house of €500,000, the Cyprus citizenship programme stands out as one of the most attractive in the EU.

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INCENTIVES FOR CYPRUS CITIZENSHIP BY INVESTMENT • EU citizenship • No language requirement, medical test or interview • Visa-free travel to more than 150 countries in the world, including all the member states of the European Union, Canada and Australia among others • Protection through EU legislation and regulations • Dual citizenship is allowed • Combination of tax incentives for investors who were granted the citizenship. imilar to the above, but applying lower investment thresholds, the Permanent Residency scheme has seen increased interest from foreign investors. The main requirements include the purchase of property in Cyprus with a minimum value of €300,000 and proof of payment of at least €200,000 and the deposit of a minimum of €30,000 in a 3-year Fixed Deposit Account. Once all the relevant criteria are fulfilled, applicants have the right to permanent residence in Cyprus and a lifetime of visa-free travel to Cyprus, both of which include spouses, parents, underage children and adult dependent children up

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80 | GOLD | The Business Magazine of Cyprus

*OHYHSHTIVZ :HTPY Founder & CEO

to 25 years old, if applicable. ully EU-approved and at competitive prices, Cypriot Citizenship and Residency have been on the rise as they provide an effective investment gateway to the

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European Union and other high-growth markets. WHY CYPRUS EU MEMBERSHIP s a member of the wider EU and eurozone

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community, Cyprus offers a fully EU-approved regime in which investors can benefit from economic and political stability and safety, while accessing a high-growth market of more than 500 million EU citizens. LOCATION n addition to the above, the Island’s unique geographical location at the crossroads of three continents creates a distinct logistical centre in the region, which facilitates the conduct of business between Europe, Asia, the Middle East and Africa.

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SHIPPING yprus successfully stands out with its robust and diversified maritime industry that accounts for over 7% of the country’s GDP (including auxiliary services). Thanks to its location at the crossroads of the main sea trade routes and a highly attractive fiscal legislative framework, the island

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proudly represents the 3rd largest merchant fleet in the EU and is the largest third party Ship Management Centre in the EU. LEGAL SYSTEM yprus’ legal system, which is based on English Common Law principles, provides a transparent, effective and user-friendly framework for foreign investors to manoeuvre within. It is, furthermore, fully compliant with all EU AML directives, OECD, FATCA, the Financial Action Task Force on Money Laundering (FATF), the Financial Stability Forum laws and regulations and EU AML directives.

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TAXATION ombined with the aforementioned schemes, Cyprus is highly ranked on the list of preferential tax jurisdictions for international tax planners to decrease their overall tax burden and increase their com-

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petitiveness by structuring their investments through Cyprus. Whilst maintaining a corporate tax rate of 12,5% alongside with an extensive network of more than 45 Double Tax Treaties, Cyprus offers international investors a highly attractive regime fully compliant with EU, OECD and international laws and regulations. As such there are several tax advantages for holding companies such as the full participation exemption (dividends and capital gains) and zero withholding taxes on dividends, interests and royalties. ithin an increasingly demanding regulatory and legal environment Cyprus clearly stands out with a vast array of investment opportunities for both individuals and corporate entities. onnectedSky translates such a multi-faced matter into an integrated global service. We thoroughly understand the need for cost efficiency, strategic commercial guidance, and most

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importantly, mindfulness throughout.

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s such, and given the “one-stop-shop� experience that ConnectedSky offers, we pride ourselves on becoming the sole point of reference for various private (ultra) HNWIs and for public and private companies that operate internationally. We make it our business to simplify our clients’ often complex international requirements, while mitigating risk in a timely and tax-efficient manner.

CONNECTEDSKY Address: ConnectedSky House, 12, 0NV\TLUP[ZHZ :[YLL[ Strovolos, Nicosia, Cyprus Tel: (+357) 70003517 (in Cyprus) MYVT HIYVHK e-mail: info@connectedsky.com Website: http://www.connectedsky.com

www.goldnews.com.cy | GOLD | 81

SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

ELIAS NEOCLEOUS & CO LLC

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lias Neocleous & Co LLC is the largest SH^ ÄYT in Cyprus I` H JVUZPKLYHISL margin and is generally recognised as [OL SLHKPUN ÄYT PU ZV\[O LHZ[ Europe and the eastern Medi[LYYHULHU YLNPVU 0U *`WY\Z ^L have more than 130 fee-earners operating out of three VMÄJLZ HUK HU PU[LYUH[PVUHS UL[^VYR VM VMÄJLZ PU )Y\ZZLSZ Budapest, Kiev, Moscow and Prague.

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e are the only Cyprus firm to achieve a top-tier rating in every practice area from Legal 500, a distinction achieved by only a handful of firms worldwide. Our real estate and immigration department is ranked alone in the top tier of the Legal 500 rankings for Cyprus. We are the only Cyprus firm to achieve a top-tier ranking from IFLR 1000. ur legacy firm pioneered the development of business links with Russia and Eastern Europe two decades ago and, more recently, widened its geographic horizons to include clients in Asia, particularly in China and India, the Middle East and South America. Our people have unmatched

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experience of assisting clients from these rapidly-developing economies. ur partners and staff are proud of the part they played in the success of Andreas Neocleous & Co LLC. Our aim is not to merely replicate the old firm but, instead, to build on its legacy and develop Elias Neocleous & Co LLC into a new breed of law firm, with an even stronger focus on innovation, quality and client service. ur strategy of specialisation, supported by investment in technology, knowledge infrastructure and an international network, enables our people to keep at the forefront of developments in their respective fields and to develop a depth of expertise that is not possible for a general practitioner, given the complexity of modern business. Our people are experts in their field, and get things right first time. e are the only firm in Cyprus with the necessary information technology and knowledge management infrastructure to deal with the needs of today’s multinational work, allowing us to match the levels of service offered by the

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82 | GOLD | The Business Magazine of Cyprus

Elias Neocleous

world’s major legal centres. More than half our clients in number (and a much greater proportion in value terms) are based overseas. All our staff speak English and we have staff speaking almost every European language, as well as Arabic, Bengali, Hebrew, Hindi and Urdu. e have specialist teams focussing on each category of work, including a partner, Christos Vezouvios, and three other staff dealing with real estate and immigration matters. They have an excellent track record in handling applications for residence permits and for Cyprus citizenship for investors, having successfully obtained citizenship through the government’s economic citizenship program for individuals and their families from a diverse range of counties ranging from Afghanistan to Ukraine. Our immigration specialists work in collaboration with other specialists in the firm to provide the client and his or

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Christos Vezouvios

her family with an integrated package of services, tailored to their specific requirements. For example, our tax and wealth management specialists will work with the client’s home-country advisers to establish efficient and effective asset-holding structures that provide maximum security and flexibility in the most tax-efficient way.

ELIAS NEOCLEOUS & CO LLC Headquarters address: Neocleous House, Makarios Avenue, 3030 Limassol, Cyprus Postal address: P O Box 50613, 3608 Limassol, Cyprus Tel.: (+357) 25 110110 Fax: (+357) 25 110001 E-mail address: info@neo.law Website: www.neo.law

Putting clients first Expert, professional and dependable

www.neo.law info@neo.law www.goldnews.com.cy | GOLD | 83

info@eurofast.eu | www.eurofast.eu

Your Regional Business Advisory Organisation

Time to upgrade your lifestyle. Choose the sunny economy of Cyprus! Cyprus provides an exceptional possibility of granting Cypriot citizenship by naturalization to foreign investors and businessmen as well as their family members.

Criteria

What we can do for you:

1. Real estate development and infrastructure projects;

8 Overall optimum structuring of the investment;

* Cypriot business/company (under conditions); * Units from Cypriot Alternative Investment Funds (under conditions); * Financial assets of Cypriot companies or organisations licensed by Securities and Exchange Commission; 8 Any combination of the above provided that total investments are at least EUR 2 million. The investor may also invest into Cypriot government bonds in the amount of up to EUR 500,000 provided that such bonds are held for at least 3 (three) years. 2. A high-ranking company executive may apply for citizenship, provided that i. the Cyprus tax revenue arising from his/her salary is at least EUR 100,000 for at least 3 years, and ii. such tax revenue has already been paid or prepaid. 3. The applicant must have made the necessary investments during 3 years preceding the date of application for naturalization and maintain the investment for at least 3 years following the date of naturalization.

8 Preparation of necessary forms and documentation and submission to authorities; 8 Representation of the applicant with state authorities during all stages of the process; 8 Assistance with finding and investing in immovable property and/or Cyprus company; 8 Opening of bank accounts; and 8 Assistance with VAT refund.

Please contact us to seek professional advice from our experts.

info@eurofast.eu | www.eurofast.eu

Your Regional Business Advisory Organisation

8+1 things you MUST know about Eurofast c Eurofast is a regional advisory organisation d Operates in 21 cities in South East Europe and Middle East (SEEME)

e One stop shop for investors and companies f Over 28 years of history g Our competitive advantage is our ability to serve clients

promptly, efficiently and effectively in one single meeting in any part of the region.

h Our dream team consists of professionals with

diverse backgrounds. We are truly local experts with global knowledge

i All offices are interconnected via state of the art technology,

while we have implemented critical security controls and data loss prevention measures, ensuring our clients data are safe.

j We offer the following services: 8 8 8 8 8 8 8 8 8 8

Fund Registration & Administration Payroll & Employment Solutions Transfer Pricing International Tax M&A and Corporate Finance Accounting & Tax Compliance Corporate & Trustee Services Citizenship & Residency Market Entry Services Intellectual Property

We do not seek merely to satisfy our clients, we seek to delight them. Please contact us to seek professional advice from our experts.

Destination Cyprus Cypriot citizenship for foreign investors

;qhjmk ak \jYoaf_ egj] afl]jfYlagfYd Yll]flagf Yf\ Z][geaf_ Yf ]e]j_af_ \]klafYlagf ^gj Zmkaf]kk$ afn]klaf_ Yf\ danaf_& Lhe Kcheee for FYtmrYdisYtion of Anvestors in Cyprms Zy =pception is cmrrentdy one of the eost YttrYctive nYtmrYdisYtion progrYes \me to its cdeYr Yn\ strYightforoYr\ reimireeents$ Y redYtivedy imicc processing perio\$ Yn\ the Zenefits of hYving Yn =mropeYn pYssport coeZine\ oith the Y\vYntYge of diving Yn\ \oing Zmsiness in Cyprms& Oith proper Y\vice Y potentiYd investor cYn ensmre not ondy seooth Yn\ hYssde%free process Zmt Ydso Y goo\ retmrn on his'her investeent& Lhe progrYe hYs prove\ its effectiveness Yn\ \edivere\ Zenefits to Zoth governeent Ymthorities Yn\ the foreign investors since its first dYmnch ZYcc in *()+& Gmr eppertise on the Cyprms citizenship progrYe oYs initiYddy triggere\ Ys Y response to the nee\s of episting cdients of the =Q gdoZYd netoorc Ç @FOAÌs$ oho dooce\ for Y eore ZeneficiYd environeent for their Zmsiness Yn\ fYeidies Yn\ oere fYeidiYr oith the high imYdity services provi\e\ Zy omr fire& Gver the dYst compde of yeYrs oe Zmidt omr eppertise in the fied\$ \edivering )(( smccess rYte$ hYn\s on epperience$ Yn\ Y \e\icYte\ teYe of epperts coeZining \evote\ness to the internYtionYd stYn\Yr\s oith cnoode\ge of docYd eYrcets&

L`] afngdn]e]fl g^ afl]jfYlagfYddq j][g_far]\ hjg^]kkagfYd ^ajek$ km[` Yk =Q$ hjgna\]k l`] j]d]nYfl Yml`gjala]k oal` ]pljY YkkmjYf[] af j]dYlagf lg l`] [gehd]l]f]kk Yf\ imYdalq g^ Yhhda[Ylagfk& =Q is one of the dYrgest singde%ZrYn\ gdoZYd ieeigrYtion services netoorc$ covering eore thYn ))( bmris\ictions& Lhe =Q ieeigrYtion teYes provi\e personYd YpproYch to ieeigrYtion oith on ongoing investeent in cdient redYtions& Oe recognise thYt Ydd omr cdients Yre on Y mniime dife chYnging bomrney Yn\ oe oorc oith thee to creYte Y tYidore\ cdient epperience oith high deved of responsiveness$ confi\entiYdity$ Yn\ responsiZidity& An Cyprms oe hYve Yn estYZdishe\ prYctice thYt enYZdes ms to smpport omr cdients thromghomt their ohode bomrney$ Ycting Ys Y Éone stop shopÊ& Gmr teYe cYn provi\e Y vYriety of services respon\ing to Zoth their personYd Yn\ Zmsiness nee\s in redYtion to the YppdicYtion for the citizenship progrYe$ smch Ys Yn estYZdisheent Yn\ set mp of degYd entities oith fmdd set of operYtionYd smpport$ incdm\ing Yccomnting$ Ym\it$ teeporYry stYff$ ieeigrYtion ' oorc pereit YssistYnce$ tYpYtion Yn\ \me \idigence services& Lhe =Q teYe is \e\icYte\ to eYcing omr cdientsÌ bomrney

“Cyprus is an attractive to Cyprms Y dong stYn\ing smccess oith omr continmoms destination for the development of presence Yn\ smpport& entrepreneurship and a distribution Gmj l]Ye hub and gateway to investment in Kl]dagk <]e]ljagm HYjlf]j$ LjYfkY[lagf 9\nakgjq K]jna[]k D]Y\]j the European Union, Eastern L]d2 #+-/ ** *(1 /,. =eYad2 Kl]dagk&<]e]ljagm8[q&]q&[ge Europe, Asia and Africa." >af\ gml `go o] [Yf `]dh qgm j]Y[` qgmj \]klafYlagf&

]q&[ge'[q 86 | GOLD | The Business Magazine of Cyprus

9f\j]Yk 9fYklYkagm K]fagj EYfY_]j$ LjYfkY[lagf 9\nakgjq K]jna[]k L]d2 #+-/ ** *(1 /-( =eYad2 9f\j]Yk&9fYklYkagm8[q&]q&[ge 9afmj 9alZYq]nY EYfY_]j$ LjYfkY[lagf 9\nakgjq K]jna[]k L]d2 #+-/ ** *(1 /*, =eYad2 9afmj&9alZYq]nY8[q&]q&[ge

O`q =Q7 We provide exceptional client services by experienced professionals with in-depth knowledge of the relevant legislation and procedures EY Cyprus’ well-established and longstanding relationships with local government bodies ensure close collaboration with relevant authorities for a punctual and stress free process Team’s successful track record in the area ;gfÕ\]flaYdalq Our experienced team of handpicked staff will tailor their service to your needs and concerns to ensure that all relevant requirements are met for a successful completion.

@go o] [Yf `]dh Guidance on necessary steps, requirements, and economic criteria for obtaining citizenship ;gfka\]j kh][aÕ[ \]lYadk g^ Yhhda[Yfl Yf\ lYadgj a successful strategy to meet the criteria including the examinations of alternative investment options Support in the preparation of the documents required for the submission Check application(s) prepared to ensure completeness and that they meet the required standards Assistance in setting up investment vehicles if applicable Thorough due diligence processes on proposed investment Advice on the tax implications of citizenship as well as the proposed investments Continuous monitoring and follow-up of the application with regular status updates to applicants Following approval, assistance in obtaining a Cyprus Passport and Identity card for all family members

© 2017 2017 E Ernstt & You Y ung ng Cyp yprus r Lt rus Ltd. d. All R Right ghtss Res eserve ved. d.

www.goldnews.com.cy | GOLD | 87

SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

FIRST NAMES (CYPRUS) LTD

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ur ability to operate on a global scale via a network of strategically located VMÄJLZ PZ M\UKHTLU[HS [V V\Y success. Our presence in and knowledge of the regulatory SHUKZJHWL PU ZV THU` VM [OL ^VYSK»Z RL` ÄUHUJPHS Q\YPZKPJ[PVUZ TLHUZ ^L JHU YLZWVUK [V [OL ]HYPLK HUK ZWLJPÄJ ULLKZ of our clients, either directly or via their trusted advisers.

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e have over 700 ‘First Names’ with offices in Jersey, Guernsey, Isle of Man, Cyprus, Switzerland, Luxembourg, The Netherlands, Ireland, UK, the British Virgin Islands, Hong Kong, Singapore and Japan. We have a clear focus on professional qualifications among employees, with many accountants, lawyers, trust and estate practitioners and chartered secretaries providing the necessary experience. We are committed to all of our staff, investing in their professional development to ensure they are always equipped to deal with the ever changing and complex corporate environment ur experienced and well-qualified teams of in-house professionals provide advice on, and dayto-day management of, simple and complex structures

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established for both private and corporate clients. Often, these structures are established for the purposes of the mitigation and neutralisation of tax and for the protection and preservation of wealth within a secure environment. The uses of such structures are broad and almost limitless. In many cases, a bespoke approach and interpretation is required in order to ensure that clients’ objectives are met. We have dedicated teams specialising in the following: TRUST ESTABLISHMENT AND ADMINISTRATION e have significant experience in establishing trust arrangements for a wide variety of private and corporate clients. We will advise on the set-up of a trust in conjunction with the client’s professional advisers and will act as corporate trustee, ensuring continuity of management and administration.

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COMPANY INCORPORATION AND MANAGEMENT e provide centralised and coordinated management and administration of companies incorporated in a wide variety of jurisdictions

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88 | GOLD | The Business Magazine of Cyprus

with regular reporting tailored to a client’s individual requirements. Our directors and senior staff will be directors of client companies, adding real substance. We also provide all secretarial, administration, banking and accounting related services. TRANSACTION SUPPORT SERVICES ur experienced accountants and in-house lawyers are well-suited to provide support on a wide range of M&A transactions undertaken by our clients, such as mergers, acquisitions or disposals, including drafting or reviewing of relevant agreements, financial or legal due diligence and other necessary M&A support work.

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FUND ADMINISTRATION SERVICES e have had a specialist fund administration offering since 2007, which was expanded in 2013 with the acquisition of Moore Management, a provider of independent fund services for institutional and corporate clients, ranging from major investment banks to boutique, alternative asset managers in major financial centres. Our core fund administration services are supported by a multi-jurisdictional

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coverage, the latest technology and a relationship management team that is able to apply a bespoke approach that meets client objectives and exceeds expectations

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e take the time to understand our clients’ individual needs, either working with them directly or through their advisers. And we take pride in our ability to tailor the right solutions, drawing from an extensive, integrated platform of expertise and processes spread across multiple strategic locations. e’re proud of the service we offer. And we’re proud of the people who make it happen: our First Names. irst Names Group is all about the people who have made us what we are. Most professional services organisations recognise that it’s their people who make the difference; at First Names Group we have taken this a step further by embedding that philosophy into the brand itself. ur name symbolizes the value we place on relationships; being on First Name terms with clients and colleagues is a privilege we both value and enjoy. It is

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people who are at the heart of our success, from the experienced professionals within our company to the clients and intermediaries who repeatedly put their trust in us. The name also represents our commitment to being the ‘First Name’ in the services we offer, in existing and new markets. SCHEME FOR NATURALIZATION BY EXCEPTION OF INVESTORS IN CYPRUS. OUR SERVICES INCLUDE: · Advising on the required financial criteria and condi-

tions as well as the required steps (approval process) and application requirements. · Liaising with Investment advisors to identify suitable investment options to meet the required investment criteria. · Liaising with property developers to identify a suitable property/house to be held as a permanent privately-owned residence in the Republic of Cyprus of at least €500,000 (plus vat) · Running a pre-clearance check with the responsible Ministries · Preparing the application pack(s) with all necessary

information/documentation/ certificates to support the above application(s) · On-going monitoring of the status of the application and continuous follow up with personal interventions · Providing feedback to the client on the progress of the application · Assisting with the process of obtaining Cyprus citizenship and a passport.

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e understand that all of our clients, from single individuals to major corporations, ultimately want the same simple thing: peace of mind. They want

to rest easy in the knowledge that structures are being administered by experienced professionals motivated to deliver the highest standards of service and corporate governance. FIRST NAMES (CYPRUS) LTD Address: Chapo Central, 3rd Floor, 20, Spyros Kyprianou Avenue, 1075 Nicosia. Cyprus Tel: (+357) 22749000 Fax: (+357) 22749100 e-mail: J`WY\Z'ÄYZ[UHTLZ JVT Website: ^^^ ÄYZ[UHTLZ JVT SVJH[PVUZ J`WY\Z

www.goldnews.com.cy | GOLD | 89

SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

SUN CITY SPA RESORT & RESIDENCES ( UL^ ¸KPHTVUK¹ ZWHYRSLZ VU [OL ILHJO H[ (`PH ;OLRSH

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ith the participation of Chinese investors, [OL Á TPSSPVU WYVQLJ[ [HRLZ [V\YPZT [V H ^OVSL UL^ KPTLUZPVU

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he Sun City Spa Resort & Residences project by the Giovani Group, the first of its kind in the area, has been described as the new “diamond” of the Famagusta District. The mixed development of hotel units and apartments on Ayis Thekla Beach at Sotira, very close to Ayia Napa Marina, bears the stamp of an experienced developer and the investment of the Chinese-owned Jimchang Cyprus Developing Company Ltd. The project will cost more than €50 million to build and is expected to be completed within two years. un City Spa Resort & Residences is one of the most ambitious projects of its kind. It includes a five-star hotel with more than 200 luxury rooms, a gym, a spa and 41 private residences with 24-hour service. All the hotel rooms

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have balconies with sliding glass doors and sea access and views. The rooms will be built with natural materials, modern and functional, with luxurious furnishings and state-ofthe-art equipment and entertainment systems. he building will include 40 selfcontained apartments, with a kitchen and bedroom, for long-stay visitors who will be able to take advantage of all the services provided by the hotel. There will also be 11 deluxe residences at

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90 | GOLD | The Business Magazine of Cyprus

the front of the hotel with uninterrupted sea views. The project is the second biggest private investment ever undertaken by foreign investors in the Famagusta district after Ayia Napa Marina and it represents a vote of confidence in Cyprus, its economy and its tourism industry. INNOVATION IN DEVELOPMENT ntonis Antoniou, CEO of Giovani Developers, says, “The project will not only be the newest, most

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modern five-star hotel but also the first mixed development in the area since it will be combined with private residences.” Mr. Antoniou further notes that, “For Sotira, there could be no better project since it will be part of the tourist municipalities and

will bring massive revenues that can then be allocated to various projects. Most important is the creation of at least 150 jobs, which will benefit the local community,� he adds. n addition to the fivestar hotel, there will also be the residential part with villas. Construction

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work on both the hotel and the residential part will be undertaken simultaneously,� he explains. Mr. Antoniou notes that, “after our efforts of many years, we have succeeded in attracting to the island the necessary funds for the building of Sun City Spa & Residences. This new

project will change the way people view Famagusta, by providing not only many jobs but quality hospitality. We consider the project to be much more than a hotel complex. It is an innovative project that takes tourism, real estate and Cyprus in general to a whole new dimension.�

SUN CITY SPA RESORT & RESIDENCES Address: 436, Protaras-Cavo Greco (]LU\L 7 6 )V_ 7HYHSPTUP *`WY\Z Tel: PU *`WY\Z MYVT HIYVHK e-mail: ZHSLZ'NPV]HUP JVT J` Website: O[[W! NPV]HUP JVT J`

www.goldnews.com.cy | GOLD | 91

KARMA GROUP

The Finest Seafront Properties in Ayia Napa and Protaras EU Cyprus Citizenship through an Ideal Investment MILOS Villas

Karma Developers was established in 1985 and is now a part of the fastgrowing property devel¬opment, construction, and wealth man¬agement industries. Karma Developers was the ęrst member of Karma Group, which consists of several other companies, including Karma Hellas, TLC Property Management, Kar¬ma Rentals, Export Cy and the multiplex night-out choice Eden Square, which comprises restaurants and bars.

Experience and International Recognition The Company has extensive experience in the real estate industry. Since its establish¬ment, more than 100 projects have been completed and more than 3,000 units have been successfully delivered to their own¬ers. Karma Developers enjoys internation¬al recognition from many prominent compa-nies, associations, and people all over the world. The Company’s clients, from many diěerent countries, act as the best ambassadors in every market and for every potential client.

Architecture

Karma’s Property Portfolio

Karma Developers oěers custom-made dream homes that are as unique as their owners: structures that are in perfect harmony with nature; architec¬tural designs inspired by the traditional Cypriot style or villas of cuĴing-edge design, enabling the owner may bring to life the home that he/she has always envisioned. Karma Developers collaborates with some of the country’s best architects while, at the same time, it has its own talented inhouse team.

Properties €2 million+

ICON SIGNATURE, a unique high-tech development seĴing new standards in luxury living. It is located in a premium sea side location between Ayia Napa and Liopetri Harbour, just 2km away from the stunning Ayia Napa Marina. Delivery 2018. ATOPETRA, a modern, sleek, and elegant 5-bedroom mansion. In its three spacious levels, Atopetra delivers all the innovation technology can aěord. Construction Located on a hill between Ayia Napa and For more than three decades, our own Protaras and close to the popular Konnos construction team has focused on buildBay. Delivery 2018. ing excellence for our clients. Even today, MALAMA, a new and upcoming seafront we can present with pride and pleasure development consisting of four elegant the holiday homes that we delivered to mansions. This development is designed our clients 30 years ago. with the latest technology trends in mind The quality assurance and personal and, in combination with its seafront aĴention we provide have become Karloca¬tion, promises elegance and luxury ma’s hallmark over the years. The strong to the maximum. Located right next to bond of trust built with our clients is not Malama Beach. Delivery 2018. limited just to the construction process but has extended to the care and maintenance of their homes. A set of commercial packages with a The existence of a quality construc¬tion promising return on investment will team oěers us the precious advantage of be announced soon. being able to custom-build residences, according to the client’s personal preferences. Properties €500,000+ Citizenship through Investment MILOS, an elite complex of 36 stunning detached villas in spacious plots. Mi-los Karma Developers, with the support of is situated only 200m from the beach. its strategic partners, has created packages which, over the last few years, have 70% of the project has been sold already. Delivery 2017. aĴracted clients from a diverse range of KAPPARIS VILLAS, only 100m from the back¬grounds. Karma’s distinguished popular Kapparis each. It consists of ęve residential packages have been chosen for their architectural style and top quali- spacious and luxurious villas. Delivery 2018. ty construction. IONION, a very exclusive development The Company is planning to announce between Ayia Napa and Liopetri Harsome aĴractive commercial pack¬ages bour. It consists of 70 villas of modern with a promising return on investment design. 80% of the project has already soon. been sold. Delivery 2017.

IONION Villas

In a premium location between Ayia Napa and Liopetri harbour, lies the unique 70-unit seafront site known as I NI N ILLA . It was the ęrst of its kind in the area, oěering crystal clear waters and beautiful sunsets. It is located only 2km away from Ayia Napa Marina.

SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

LIMASSOL DEL MAR

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Strong Sales Success at Limassol Del Mar

imassol Del Mar is underway in the cosmopolitan city of Limassol. With Phase I due to be completed in summer 2019, the highly anticipated project comprises a selection of two- to six-bedroom properties with generous living spaces. In addition to an enviable location, residents will enjoy an HYYH` VM Ä]L Z[HY MHJPSP[PLZ PUJS\King a spa, gym, residents’ lounge, concierge, clubhouse and an outdoor and indoor swimming pool.

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imassol is the new hotspot for real estate investment in the Mediterranean. International buyers and investors alike are being drawn to the cosmopolitan city due to recent price growth and the revised Citizenship Through Investment programme which was introduced late last year. he iconic new development, Limassol Del Mar, has had excellent sales success since its launch last year, with apartments in Buildings A and B nearly sold out and the launch of Building C on the horizon the upcoming months. Located on Limassol’s coveted coastline, the landmark development will stretch across an impressive 170 metres of sea frontage, allowing unobstructed sea views from the ground to the top floor apartments.

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he Citizenship Through Investment scheme is particularly appealing to global butterflies who spend their time between various destinations, as it not only grants the buyer citizenship to Cyprus but also the right of the whole family to obtain citizenship and therefore travel to 157+ countries. Cyprus also benefits from zero inheritance, wealth, gift and immovable property taxes. he project demonstrates architectural originality and modern design. Located in the heart of the popular 17km promenade along the coastline, will be built on a large plot of 34.000 sq.m. Limassol Del Mar was designed by internationally acclaimed architects Benoy, with the subtle wave forms from the sea defining the residents’ living spaces. Full height glazing glides will open up, linking the interior

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space to the exterior terraces in each apartment, with glass balustrades ensuring continuous uninterrupted views of the sea and beyond. Unlike any other destination in this fast-evolving city, Limassol Del Mar is soon to become the byword for the ultimate shopping experience in Limassol and a destination in its own right for local and foreign visitors. Le Plaza Del Mar, a commercial offering within the ground floor of the development, is envisaged to host a signature restaurant, cigar lounge, wine bar and an exclusive collection of high end boutiques. s the area is most exclusive address on Limassol’s coastline, purchasing a residence at Limassol Del Mar is a once-in-a-lifetime opportunity. Offering the perfect ‘lock up and leave’ home, the residents can enjoy the security of after-sales service and property

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management, including maintenance and rental services in a gated and secure environment. y purchasing a residence at Limassol Del Mar, the opportunity to obtain EU citizenship with a Cyprus passport is possible. Based on the scheme for the naturalisation of investors in Cyprus, citizenship has countless benefits. partments in Buildings A and B are nearly sold out at Limassol Del Mar and the new tower is due to launch soon. For more information, see below.

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If you would like to know more about Limassol Del Mar, the unique lifestyle HUK ILULÄ[Z P[ VMMLYZ please get in touch: +357 25 510888 or info@ limassoldelmar.com www.limassoldelmar.com

EXCLUSIVE SEAFRONT LIVING

A world-class seafront development, in ultra-desirable coastal Limassol

For more information or to arrange

in Cyprus, with unobstructed sea views from all apartments. Residents will

a private appointment contact:

enjoy luxurious interiors with impeccable specification as well as five star

Limassol, Cyprus

facilities including a spa, gym, residents lounge, concierge, club house and

T +357 25 510 888

a unique high-end shopping and dining plaza.

E info@limassoldelmar.com

TWO TO SIX BEDROOM RESIDENCES AVAILABLE FOR SALE

limassoldelmar.com

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SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

OIKOS GROUP

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are a leading Property Services Provider with a comprehensive range of property-related services across Cyprus, which include the complete construction or renovation of buildings, hotels and residences, property management, the sale of a variety of properties and land and also short-term rentals.

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ur team of property experts possess the critical know-how required to understand the property market in Cyprus and can assist you with all manner of real estate matters, delivering solutions that cater to the intrinsic requirements of every client. CYPRUS CITIZENSHIP & RESIDENCY THROUGH INVESTMENT ur immigration specialists are on hand to assist you with all your immigration needs, including the collation of all necessary documents and the completion of the required forms, so to ensure that all statutory requirements are met and that the process of acquiring residence in Cyprus is seamless and stress-free. Below we present two of the most practical options for obtaining EU/Cyprus citizenship

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or permanent residence rights: CITIZENSHIP THROUGH INVESTMENT he Cyprus government has implemented various incentives so as to encourage foreign investment into the country. One of the most popular is the Citizenship Through Investment programme whereby an applicant can acquire Cypriot citizenship and receive a Cyprus (EU) passport through naturalisation if they make a â‚Ź2 million investment in real estate and meet certain other criteria. f the principal applicant wishes to include his/her parents in the application, an additional â‚Ź500,000 plus VAT should be invested in the purchase of a private residence in Cyprus. he application for Cypriot Citizenship through Naturalisation by Exception may be made by a non-Cypriot national, provided that he/ she meets one of the following investment criteria: 1. An investment of at least â‚Ź2 million in real estate or land development/construction. 2. An investment of at least â‚Ź2 million in the purchase or establishment of a business or company based and operating in Cyprus, which can demon-

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The Luxury Villas pictured above are part of our latest award winning project "BlueWaves" consisting of 7 beach front smart houses. With its sought after posiWLRQ RQ WKH VDQGV RI D SLFWXUHVTXH ED\ WKLV RQH OLQH OX[XU\ 9LOODV RĎƒHUV UHVLGHQWV personal access to one of the most tranquil beaches on the island.

strate its presence in the country and which employs at least 5 Cypriot citizens. 3. Other investments: • The purchase of units from Alternative Investment Funds (AIFs) amounting to at least ₏2 million. • Investment in the financial

assets of a Cypriot business or enterprise of at least ₏2 million in the form of bonds, securities and/or debt securities. • Investment in CySEC regulated Cypriot business entities of at least ₏2 million in the form of bonds, securities and/ or debt securities.

RESIDENCY THROUGH INVESTMENT s part of its continuous efforts to attract foreign investment into Cyprus, the Government has amended Regulation 6(2) of the Aliens and Immigration Regulations so that Residence Permits may be issued to nonEuropean applicants. he approval rate of the relevant residence applications is high if all criteria are met, with fast-track applications taking only 2 months to be processed. Residence applies to the entire family, i.e. the applicant, his/ her spouse, parents and any dependent children up to the age of 25. or a residence permit to be issued, the following criteria must be met: 1. The purchase of new immovable property with a market value of no less than €300,000 plus VAT. The

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property can be purchased by a company if the company is registered in the name of the applicant (alone or together with a spouse) and if they are the sole shareholders. An application form must be submitted, together with a sales contract and proof of payment of a minimum of €200,000 plus VAT. The sales contract must also have been submitted to the Department of Land and Surveys. 2. A minimum capital of €30,000 must be transferred from abroad and deposited into a Cypriot bank account, which will be locked for a three year period. Proof thereof (i.e. a letter of confirmation issued by the Cypriot bank), needs to be submitted. The money will be released awwree-year period without restrictions. 3. The applicant must prove that he/she earns an annual income of a minimum

of €30,000 originating from abroad. For every additional child, the income needs to increase by €5,000 and by €8,000 for each dependent parent. The source of income may be employment, pensions, rents, dividends and shares, among others. or more information or to arrange a free consultation with an expert, please contact us via e-mail at info@oikos-cy. com or by telephone on (+ 357) 23814330

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OIKOS GROUP Address: 295, Cape Greco Avenue, 5296 Protaras, Cyprus Tel: (+ 357) 23814330 e-mail: info@oikos-cy.com Website: www.oikos-cy.com

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SPECIAL PROMOTIONAL FEATURE

CYPRIOT CITIZENSHIP - THE GOVERNMENT’S INVESTMENT SCHEME

PAFILIA

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t the forefront of cuttingedge property development, 7HÄSPH enjoys a longstanding reputation for excellence, recognised in Cyprus and beyond as the largest, privately-owned residential developer in the country. Founded in 1977 and owner-managed by ,SPHZ ,SPHKLZ HUK MHTPS` 7HÄSPH caters to the varying needs of luxury property buyers from around the world.

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afilia’s extensive experience, personal service and proven track record, along with its vast property portfolio, have made it a market leader for Citizenship and Residency in Cyprus. Through its offices around the world, the company offers excellent support to clients, whatever their needs and wherever they may be. Experienced professionals are on hand to manage each investor’s case with confidence and care, while a highly secure process assures peace of mind. afilia holds a significant market share of Cyprus’

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citizenship and PR applications and, to date, has achieved a 100% approval rate. The company is so confident in its process that it offers a full money-back guarantee if an investor does not receive his/ her permits. ost importantly, Pafilia’s property portfolio is unparalleled in quality, design and location of property types and styles across the island, ranging from contemporary apartments and townhouses to spacious modern residences and exclusive resorts with the benefits of a luxury hotel. Additionally, Pafilia has two landmark developments, Cyprus’ largest and most innovative projects: ONE and Minthis Hills Resort. he tallest seafront tower in Europe, ONE, will transform the Limassol skyline and set new standards for luxury real estate on the island. ONE claimed first place in the European round of the prestigious International Property Awards just two months after winning the five-star award in the country round in the ‘Best

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Residential High-Rise Development’ category. With 37 storeys of design intelligence, the pioneering development will be more than double the height of any other building in Cyprus and offers 82 ultra-luxurious residences and a three-storey penthouse, all with uninterrupted sea views. Within its walls, residents have access to exceptional private amenities, facilities and services that make ONE the ultimate iconic address. inthis Hills Resort is another unique development, which focuses on quality of design and lifestyle, offering natural authenticity. Situated in Paphos, the resort takes the meaning of contemporary and elegant modern day living to a whole new level. In addition to its exquisite homes, Minthis Hills Resort offers an array of excellent lifestyle facilities, including an 18-hole championship golf course, encircling a 12th-century monastery, a stunning clubhouse and restaurant – open to the public – nature trails and, upon comple-

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tion of the second phase, will also feature a unique wellness centre, a village square with a range of shops, an equestrian centre and a tennis academy. ith integrity, commitment to excellence and a long-term strategic plan set in motion, Pafilia has earned its position at the forefront of the industry and is a true pioneer in today’s real estate sector in the region. The company’s high standards, progressive nature, dedication and vision will enable it to realise its long-term goals as it fast becomes the largest residential developer in the Eastern Mediterranean.

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PAFILIA Address: 33, Nicodemou Mylona Street, 8101 Paphos, Cyprus Tel: (+357) 26848800 Fax: (+357) 26934910 e-mail: PUMV'WHÄSPH JVT Website: ^^^ WHÄSPH JVT

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BOOK SHELF

BOOKS of the month 1

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A leading economist shows why current economic thinking GRHVQ·W ZRUN

The voice of experience on how to succeed in business.

Memoirs of the CEO of Virgin Money.

1.

2.

3.

Economics has failed to prevent financial crises and its outdated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich grows. Raworth identifies where mainstream economics has gone wrong and highlights the dangers of ignoring the role of energy and nature’s resources – and the implications for economic growth when we take them into account.

Timpson, Chairman of the eponymous British high street chain, knows about running a successful business. Over many years he revolutionised how his firm worked, developing his philosophy of upsidedown management and reaping the rewards. From encouraging flexible working to the importance of planning for disaster scenarios and never taking decisions at meetings, his tips for success are valuable for any business.

It’s not a saucy title. Gadhia is the CEO of Virgin Money and she looks back at the events that have influenced and inspired her to become one of the most powerful women in banking. With anecdotes from her life before banking to steering Virgin Money to become a listed business, she looks at the role of women in banking and the alpha-male dinosaurs that dominate the industry.

DOUGHNUT ECONOMICS: SEVEN WAYS TO THINK LIKE A 21ST-CENTURY ECONOMIST By Kate Raworth (Random House Business, 2017) RRP: £20.00 (£13.60 FROM AMAZON.CO.UK)

KEYS TO SUCCESS: 50 SECRETS FROM A BUSINESS MAVERICK By John Timpson (Icon Books Ltd, 2017) RRP: £12.99 (£12.08 FROM AMAZON.CO.UK)

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THE VIRGIN BANKER By Jayne-Anne Gadhia (Virgin Books, 2017) RRP: £20.00 (£16.00 FROM AMAZON.CO.UK)

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Economics that takes into account that we are humans.

Thousands of wealthy business people are turning to philanthropy.

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The economy may have recovered from the recession but not our economics. Bookstaber argues for a new approach (“agent-based economics”), which takes as a starting point the fact that we are humans, not the automatons that standard economics assumes we are, a novel perspective that may prevent today’s financial system from blowing up again.

Media attention focuses on famous philanthropists such as Bill Gates and Charles Koch but thousands of donors are at work below the radar. Callahan shows how they work and notes that that their influence is only just beginning, as new waves of billionaires like Mark Zuckerberg turn to philanthropy. A fascinating investigation of a power shift in American society.

THE END OF THEORY: FINANCIAL CRISES, THE FAILURE OF ECONOMICS, AND THE SWEEP OF HUMAN INTERACTION By Richard Bookstaber (Princeton University Press, 2017) RRP: £24.95 (£24.95 FROM AMAZON.CO.UK)

THE GIVERS: WEALTH, POWER, AND PHILANTHROPY IN A NEW GILDED AGE By David Callahan (Knopf Publishing Group, 2017) RRP: £25.00 (£25.00 FROM AMAZON.CO.UK)

BUSINESS CLASS How often do you travel, whether for business or pleasure? 6UJL H TVU[O VU H]LYHNL and twice a month VU ]LY` ZWLJPHS VJJHZPVUZ

What is the most exciting destination you have visited for work? And for pleasure? (M[LY ^VYRPUN ^P[O (SWOH .YLLJL HUK NVPUN ( H^H` VU THU` ^VYR YLSH[LK [YPWZ 0 ^V\SK KLĂ„ H^H UP[LS` ZH` ([OLUZ 0[ PZ H O\NL JP[` ^P[O O\UKYLKZ VM UP[LS` OPKKLU ILH\[PLZ 0U [OL WHZ[ 0 ^HZ UV[ WHY[PJ\SHYS` OPKKL PTWYLZZLK ^P[O P[ I\[ UV^ VUL [YPW HM[LY [OL UL_[ 0 PTWYL HT MHSSPUN PU SV]L ^P[O P[ ( [`WPJHS I\ZPULZZ [YPW [V ([OLUZ HSZV PUJS\KLZ UPNO[Z V\[ MVY KYPURZ HUK MVVK PU PU[LYLZ[PUN ULPNOIV\YOVVKZ SPRL 2PĂ„ZPH 4HYV\ZZP HUK 7ZPYYP HUK VM JV\YZL NVPUN [V JVUJLY[Z VY [OL [OLH[YL

Tell us a about your co el best corporate travel ex experience. ;OL ILZ[ I\ZPULZZ [YPWZ HYL KLĂ„UP[LS` ;OL ILZ[ I\ZPU P[LS` JVTIPULK ^P[O S\ JVTIPULK ^P[O S\JR HUK NVVK JVTWHU` ( ML^ `LHYZ HNV 0 MV ML^ `LHYZ HNV 0 MV\UK T`ZLSM VU H I\ZPULZZ [YPW MVY [OL PUH\N\Y [YPW MVY [OL PUH\N\YH[PVU VM H SHYNL JY\PZL ZOPW 0[ ^HZ H NSHTVYV\Z 0[ ^HZ H NSHTVYV\Z WHY[` ^P[O H MHTV\Z IHUK HUK VM JV\YZL ^ HUK VM JV\YZL ^LSS RUV^U I\ZPULZZTLU HUK JLSLIYP[PLZ ; HUK JLSLIYP[PLZ ;OL WHY[` ^HZ VYNHUPaLK MVY JOHYP[` I\ MVY JOHYP[` I\[ ^OH[ 0 YLHSS` LUQV`LK ^LYL [OL Y ^LYL [OL YVJR IHUK HUK [OL OL wine!

Panayiotis Othonos For the Corporate Communication & Public Relations Manager at Alpha Cyprus, Athens is a place LI MW WXMPP HMWGSZIVMRK ERH LI MW LETT] XS Ă‚] PS[ GSWX [LIRIZIV LI XVEZIPW XLIVI &IVPMR VIQEMRW E Ă VQ JEZSYVMXI .ETER MW SR LMW ¡TPEGIW XS WII¸ PMWX FYX YPXMQEXIP] XLIVI¸W RS TPEGI PMOI LSQI What is your favourite airline, favou and why? -VY I\ZPULZZ [YPWZ 0 JVUZJPV\ZS` VW[ [V [ [V What HS[ Ă…` ^P[O [OL UL^ *`WYPV[ (PYSPUL *VIHS[ is the most 0 JOVVZL [V Ă…` SV^ JVZ[ ILJH\ZL MVY H Y H impressive hotel VUÂť[ VUL OV\Y HUK TPU\[L Ă…PNO[ `V\ KVUÂť[ you have ever stayed YLX\PYL I\ZPULZZ JSHZZ SV\UNLZ L[J J at and why? (SS `V\ YLHSS` ULLK PZ [V HYYP]L VU ( YLHSS` ZWLJPHS OV[LS VUL PZ [OL -HSRLUZ[LPU [PTL HUK LUQV` H ZHML Ă…PNO[ .YHUK 2LTWPUZRP PU -YHURM\Y[ )\PS[ I` [OL .LYTHU ,TWLYVY >PSOLST 00 PU P[ SLH]LZ H SHZ[PUN PTWYLZZPVU ^P[O P[Z \UPX\L ISLUK VM [YHKP[PVU HUK TVKLYUP[` ;OL OV[LS PZ SVJH[ LK PU [OL ^VVKZ TPU\[LZ MYVT [OL JP[` Z\YYV\UKLK I` SHRLZÂŻ P[ J YLHSS` PZ KYLHT`

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What is your favourite international destination and why? 0 KVUÂť[ YLHSS` OH]L H MH]V\YP[L KLZ[PUH [PVU 0 SPRL [V NV VU H [YPW HUK [OLU L_WSVYL ^OLYL 0 Ă„UK T`ZLSM HZ ^OH[ 0ÂťT SVVRPUN MVY HYL \UMVYNL[[HISL Z\YWYPZLZ 0M 0 OHK [V JOVVZL VUL KLZ[PUH[PVU P[ ^V\SK IL )LYSPU ^OPJO VɈLYZ ZV THU` [OPUNZ SPRL X\HSP[` Z[H`Z PU [OL JLU[YL VM [OL JP[` HUK L_[YLTLS` NVVK VW[PVUZ ^OLU P[ JVTLZ [V J\S[\YHS L]LU[Z .LVNYHWOPJHSS` P[ VɈLYZ JV\U[SLZZ JOVPJLZ MVY V[OLY trips inside and outside the JV\U[Y`

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IN GOOD COMPANY

WORK AND PLAY +2: ,4 237,21 (8523(¶6 (03/2<(( '(9(/230(17 $1' +$33,1(66 /(9(/6 *2 +$1' ,1 +$1' :,7+ &203$1< *52:7+ By Voula Loizou |Photos by Christos Tsekouras

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Q Option Europe Ltd was established in Cyprus at the beginning of 2014, just one year after being set up in Russia. It is an online trading company whose clients trade binary options, Forex, Futures, classical options, ETFs, etc. The business currently employs around 115 people but it is growing rapidly – since September 2016 alone it has tripled in size.

According to HR Manager Sergey Astakhov, employee satisfaction at IQ Option Europe Ltd is evaluated on the basis of their enjoyment. “We would say that our employees enjoy working in the company a lot and this is evident from their involvement in work as well as in corporate events, trips and parties.” In order to ensure that its employees enjoy their work, the company has adopted a corporate culture which is unusual for Cyprus. The overall philosophy involves a number of measures that enhance a ‘fun’ environment. One example: There is no dress code. Employees are free to dress as they wish. “We do have formal Mondays,” says Astakhov, “but

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IN GOOD COMPANY

the aim is not to create a serious environment but rather to give an energetic push for a productive week. We have lots of activities in the office, such as a library, darts, gym, table tennis, a climbing wall, a slide, skateboards, bicycles, etc. All our employees can use them at any time they wish and there are no time restrictions. Of course, they have to reach their targets but, at the same time, they can enjoy all the benefits that the company offers.” Even though the team is growing every day, Astakhov says that employees at IQ Option Europe are still like a family. “They enjoy one another’s company at the weekend or outside working hours and we organise many activities around the island,” he notes. The HR Manager says that employees are told about the company values during induction. These values are ‘Challenge’, ‘Quality’, ‘Integrity’, ‘Belonging’ and ‘Enjoyment’ and he analyses each one: “We strive to take on complex tasks and resolve them (Challenge). We work not only for financial reasons – a lot of other things play a huge role for us. We work conscientiously and do not tolerate mediocre products (Quality). Then, we respect honesty, openness and modesty – people with these are capable of doing great things (Integrity). We honour our champs and always share a positive outlook with our colleagues who have achieved outstanding results in our business and have built it up together (Belonging). And, of course, we do not forget about having a good time at work and after (Enjoyment)!” Each employee and each department plays a key role in providing the ultimate trading experience, Astakhov says, because even with a perfectly crafted app, if support responds slowly or inaccurately, that overall experience will break down and the company’s goal of overall success will not be accomplished. IQ Option Europe firmly believes that company development goes hand in hand with the development of its employees and their level of happiness at work. “That is why we strive to give our employees all the perks of Silicon Valley,” Astakhov explains. “Participation in sports

108 | GOLD | The Business Magazine of Cyprus

:( +$9( :+$7 ,6 352%$%/< 7+( 0267 (;&,7,1* 2)),&( ,1 &<3586 competitions (marathons, triathlons), educational courses, a corporate library and lots of other facilities are at your disposal. All of it is designed to encourage our employees to uncover their maximum potential as professionals and to achieve success alongside the company”. Employees also have a plenty of traditional benefits (medical insurance, 13th salary) as well as many not-so common ones (free Russian and English lessons, weekly football and basketball training and corporate trips all over Europe to take part in Marathons and Triathlons), corporate parties every couple of months and free trips to Russia for employees to meet their colleagues and get to know more about Russian culture.

The key to the company’s high level of employee retention, says Sergey Astakhov, is the sense of belonging and mutual support: “When a new employee joins the company, he or she gets acquainted with the entire department and has a chance to meet everyone. The company is growing fast and we are constantly opening new vacancies and new departments. Employees have the opportunity to transfer to other departments and we promote internally those employees who prove they are the best in their team.” IQ Option Europe’s HR Manager believes that the company stands out from most Cyprus-based online trading firms because of what he calls its “soft sales strategy. Our sales department is not basically selling anything; it is providing customer care to our clients; our sales department employees are great service people, not aggressive sales people. Besides that,” he adds, “we have what is probably the most exciting office in Cyprus, the team is young, energetic and dedicated, and all our employees’ cool initiatives are implemented.” Astakhov explains that, ultimately, the company’s success comes down to its recruitment strategy. “We select and hire only the best people who are true

professionals in their fields,” he says. “If we need developers, they should be the top developers; if they are service people, they need to prove that they can provide our clients with the best ever service. So the company hires the top specialists and provides them with the top working conditions. In addition to this, we are continuously taking new initiatives to keep our employees happy working with us”.

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TIME

OFF

110 | GOLD | The Business Magazine of Cyprus

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BESIDES BEING A MANAGER IN KPMG’S ADVISORY SERVICES DEPARTMENT, LOIZOS VASILIOU ENJOYS SPENDING HIS FREE TIME DOING WHAT MOST PEOPLE CAN ONLY DREAM OF – TRAVELLING THE WORLD. HE INHERITED THE TRAVEL ‘BUG’, AS HE CALLS IT, FROM HIS PARENTS AT THE AGE OF SIX WHEN HE FIRST STARTED DISCOVERING THE GREEK ISLANDS AND, TO THIS DAY, HE STILL MANAGES TO TRAVEL ONCE OR TWICE A MONTH, EITHER FOR BUSINESS OR PLEASURE.

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By Artemis Constantinidou | Photos by Emma Louise Charalambous

ollowing his childhood summer holidays on cruise ships travelling to the Greek islands and Europe, Loizos Vasiliou admits that the travel ‘bug’ grew into a ‘virus’ when the Erasmus+ programme came into his life. “Making friends all over Europe through the training courses and youth

WITH LOIZOS

v a e tr l exchanges simply meant that I had a place to sleep as well as a smile in every city I went to,” he says, adding that this made travelling itself more interesting: “You get to explore the history of a place through the eyes of a local person.” When asked about his best travel experience so far, he does not hesitate to say that Austria is definitely a winner, leaving behind other beautiful places such as Singapore, Dubai and the Croatian seaside. “Nothing can compete with a weekend at a national park hidden away in Austrian mountains. The breathtaking scenery, as you hike up 1,800 metres to jump into an ice cold lake and then enjoy a

warm shot of Schnapps and a delicious Austrian desert makes the experience truly unique,” he says, adding that “Waking up in the wild forest with nothing but a lake and mountain in front of you is the ultimate relaxation.” On the other hand, he admits to having had a few relatively bad travel experiences, often related to the cold weather and missing trains. “In Salamanca for example, during the train ride to the airport, the combination of the broken heating of the train, the snow outside and a broken window in our wagon meant that we almost froze to death! And then in Helsinki and Liverpool” he continues, www.goldnews.com.cy | GOLD | 111

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OFF TRAVELLING MEANS LEARNING NEW CULTURES AND OPENING UP YOUR MIND

“I lost track of time while partying with friends and ended up waiting at stations for hours in the middle of the night in order to catch the next train.” When travelling with friends though, all the difficult situations encountered during trips appear trivial and part of the fun. He explains that this is why he prefers travelling with a friend and does not like organised trips. And even when he decides to travel alone, he has friends all over the world, who are always happy to join him for a walk or a coffee. As regards airlines, Vasiliou says that even though the Gulf airlines such as Qatar Airways and Emirates have the ‘coolest’ airplanes, Aegean is his favourite, mainly due to the friendly staff who show genuine interest in their passengers. He reveals that his favourite international destination is Thailand, mainly due to “the happiness on people’s faces” while he also shares

with GOLD his experience of staying at a very impressive hotel: “What I enjoyed most when I stayed at a luxury 50-floor hotel was the infinity pool overlooking the city. I was so overwhelmed by the

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view that I decided to go for a swim with friends at three in the morning. Let’s just say that the security guards were not very happy about that!” Explaining how he manages to keep a balance at work

when travelling so often, he says, “Travelling relaxes me and gives me the push I need to get on with the projects I have at work and get them done. Everyone’s mind needs some rest, especially in the dynamic and demanding environment we work in so I tend to take that rest on small breaks. Taking three days’ annual leave combined with a weekend can get you a good five days travelling, rather than taking two full weeks in the summer. I manage my projects in order to be punctual at work so I can travel when I want.” According to Loizos Vasiliou, travel lets you discover life. “Travelling means learning new cultures and opening up your mind, exploring new lands and places that belong to humanity and not countries” which is why he never stops dreaming of his next possible destinations. “I would love to visit Victoria Falls one day,” he concludes, “a waterfall in southern Africa on the Zambezi River at the border between Zambia and Zimbabwe, ideal for bungee jumping!”

Lunc Lunch with GEORGE MOUNTIS

THE MANAGING PARTNER AT DELFI PARTNERS & COMPANY IS ENTHUSIASTIC ABOUT HIS WORK WITH THE COUNTRY’S BANKS, ARRANGING DEBT-TO-ASSET SWAPS WITH PROBLEMATIC BORROWERS AND MANAGING A GROWING VOLUME OF REAL ESTATE ASSETS. HE IS ALSO AN AVID READER, A CLASSICAL MUSIC BUFF AND – WHO WOULD HAVE THOUGHT IT? – A HUGE FAN OF LONDON’S FAMOUS DEPARTMENT STORE, FORTNUM & MASON.

Gold

By John Vickers

A OMANTIC GIORNO R des St. IL O T T U T ri ras Pallika 13, Evago sia o ic N , s o it Lykav

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s a journalist and editor, I meet and interview scores and possibly hundredss of people every year. While many of them are soon forgotten, others become me friends and keep cropping up in my lifee at irregular intervals. One such person is George Mountis, Managing Partner at Delfi Partners & Company, whom I vividly recall sitting opposite me at the Hilton Cyprus four years ago and telling me, with a certain degree of embarrassment, how his company was doing fantastic business helping people to restructure the loans that they could no longer afford to service properly. The discomfort was about the fact that his work might be construed as taking advantage of other people’s misfortune.

SALAD VILLAGE S N A E B N ITH LEMO RABBIT W OLIVES PICKLES TUNA WATER MINERAL G WATER IN L K R SPA TS AL SWEE N IO TRADIT TIRAMISU COFFEE O ESPRESS DOUBLE

€10.00 €8.00 €14.00 €2.25 €1.25 €3.75 €2.50 €3.00 €3.00 €7.00 €0.00 €0.00 €54.75

TOTAL

There is no such consideration now and, truth be told, business is booming. “When you interviewed me the first time, our focus was on helping distressed companies restructure their loans,” he recalls. “Today, we are still involved in that same specific area but we are advising and helping the banks and the only restructuring we do concerns debtto-asset and debt-to-equity swaps. The

most important aspect of our day-to-day work is helping the banks acquire assets from problematic borrowers and then managing these assets.” We order a salad and various starters, followed by beans for my guest and rabbit for me and Delfi’s Managing Partner tells me that the firm is now working with almost every bank in Cyprus and things are going exceptionally well. “We’re selling assets in excess of €120 million a year and that figure is growing,” he says, noting that what he describes as prime assets can be sold easily. “The secondary and tertiary ones are the tricky ones,” he explains, “but we’re getting mandates from big funds that are interested in buying €0.5 billion or €1billion worth, though obviously not at market value. Some pieces of land with no particular appeal to specific investors will inevitably be sold at a discount, in some cases a huge one, in order to be marketable.” Mountis admits to being very optimistic about the way the banks are going about resolving the enormous problem of their Non-Performing Loan portfolios. “The banks are going to be the biggest landowners and the biggest players and they will reshape the real estate picture in Cyprus,” he enthuses, noting that they have a vested interest in maintaining a buoyant market and, consequently, they have no intention of flooding the market with discounted property. “That would be like shooting themselves in the foot,” says

Mountis. “The banks that we advise take the disposal of real estate very seriously. They do things in stages, they always test the waters and we provide them with various means and tools to help them.” The company is growing, having recently established an office in Beirut which deals exclusively in selling banks’ real estate assets, and another in Greece, with a number of projects are underway, plus a small serviced office in London that George Mountis wants to expand into a head office. A team of 27 currently works in the Nicosia office and the office in Cyprus is growing. The team is now 27 people strong and there are employees who are “seconded” to work in the banks’ own offices. “We want to continue this practice,” Mountis says, “because we add value and we can train the banks’ own teams. This is how I see our future in both Cyprus and Greece. The next 5-7 years are going to be a very busy time for us.” The firm has already set up a dedicated Real Estate Econometrics & Analytics department, offering valu-

NAI Global, the third largest US commercial real estate brand, in Cyprus, something of which George Mountis is extremely proud. “It took us six months to convince them to establish a presence here,” he says. “These companies, especially beyond the EU in a country like the United States, form their opinions from what they read and Cyprus has not always done itself a lot of favours as far as its reputation is concerned.” Given the amount of property that the banks own as collateral on loans and now as part of the loan restructuring plans of numerous real estate developers, how does Mountis view the real estate sector? “I believe that the real estate sector has a future,” he states confidently. “The luxury property sector is doing exceptionally well, especially for naturalisation purposes. Things are probably going to become

in many ways, revived the economy and not only the real estate sector.” Linking his two areas of activity, he notes also that, “The banks have started granting loans, they’ve reduced interested rates, they are dealing with their Non-

UNFORTUNATELY, READING IS NOT A BIG PART OF CYPRIOT CULTURE BUT I LOVE MY BOOKS able strategic insights into real estate development and related investment decisions, and it now also represents

tougher and stricter due to pressure from the EU but the Government implemented a very good scheme, which has,

Performing Loans and, most importantly, deposits are increasing, which is pretty amazing, given the level of

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| LUNCH WITH GOLD |

those NPLs. Things are clearly moving in the right direction. The big ‘if’ is the political situation. Depending on whether a solution is reached or not, it can go either way but it is going to affect the real estate sector.” Inevitably, talk moves onto the subject of the Cyprus Problem, the country’s politicians, the energy sector and what may or may not happen over the coming months. Whatever happens, it is going to affect the banks’ bottom line, says Mountis, who does not hide his disappointment and frustration with the island’s political life. “Politics is dangerous”, he says and we leave it at that in order to discuss much more pleasant thinks and, specifically, family matters. “When we first met I was married with no children,” he remembers, before adding, “Now I’m a father of two – Constantine and Artemis, who are aged four and almost three years old respectively. Do you remember what I told you about my future plans?” I tell him that I recall being surprised when he said that he wanted to have four children, something that sounded quite unusual for an ambitious young ex-banker. He laughs. “You’re not the only one who thought that!” he says. “For some reason, as I was becoming more and more busy and working longer hours at the office, I told my wife that we should have four children so that she could be a full-time mother and I would be a full-

time working dad! Needless to say, she didn’t agree with my brilliant idea so I have now revised the number to three children!” Mountis also reveals that he has become “a bit more philosophical” about business, having realised that it possible to fall into the trap of simply having too much to do pro-

common with mine – music and books. He tells me that he is sorry that he didn’t go the May Day concert in Paphos by the Berlin Philharmonic (his disappointment only slightly lessened by the fact that he gave his invitation to his mother), professing a great love of classical music. “When I first came back to

tying all my boxes full of books and re-reading a lot of them.” His tastes are eclectic, ranging from business titles to alternative medicine, biology and lots of fiction. He is currently making his way through The Lord of The Rings, having seen and enjoyed the big-screen adaptations. “When I have a book, that’s my relaxing moment,” he says,

THE NEXT 5-7 YEARS ARE GOING TO BE A VERY BUSY TIME FOR US fessionally, to the detriment of more essential things. “At some point you have to draw the line,” he says, and he links this realisation to his determination to ensure that weekends are for the family, even though he admits that he usually still manages to grab some time to work in between playing with the children. The demands of family are also one of the reasons why he has not been able to spend as much time on his big passion – sailing – as he would have liked, though he is already looking forward to spending time on an impressive 80-foot sailing yacht that belongs to one of his clients. I knew about George Mountis’ love of sailing but as we order a dessert (he goes for traditional Cypriot spoon sweets, despite claiming not to have a sweet tooth, while I can never resist the tiramisu here), I discover that he has two other great loves that are more in

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Cyprus, it was one of the few things that made me feel good,” he says and he speaks with enormous pride about his sister who has just won a full scholarship to to study piano performance at Berklee College of Music in Boston, USA. And then there is his love of reading. He describes books as “the only material things to which I am emotionally attached” and he nods in agreement when I mention that I am still surprised when I go to people’s homes and there are no books to be seen. “Even more worrying is that fact that I have friends who buy those rows of fake covers so that it appears that they have a library,” he says. “Unfortunately, reading is not a big part of Cypriot culture but I love my books. We’re moving into a new house soon and I have made sure that there is a big room with bookshelves on all the walls. I’m looking forward to emp-

visibly savouring the image. “I try to read every day and it’s not always possible but in the summer I’ve promised myself that I’m going to do some serious reading. And I already have my wife’s permission!” I have mentioned two great loves, apart from his family and sailing, but I discover that there is a third, though this one is more or a guilty pleasure: every month George Mountis treats himself to a parcel from the London department store Fortnum & Mason. “I love all that stuff,” he says, “especially their teas and things like jam, chocolate and honey. At Christmas, I ordered two hampers. I’m their best customer in Cyprus! They told me so!” Business must indeed be good these days, I tell him. He replies with a big smile: “I told you. I’m expecting another 5-10 busy years. Then I’ll be able to read my books, listen to my music and enjoy being a father. Of at least three kids!”

ENERGY NEWS www.energynews.com.cy

Energy News Portal EnergyNews.com.cy is the online portal for up-to-date energy-related news from Cyprus and the rest of the world. Well-rounded and objective information on all energy-related issues for businesses, professionals and consumers in Cyprus is presented and all organizations, bodies and companies active in the broader energy sector are promoted.

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Collaboration

WHAT’S WHAT H ’S

ON

THINGS

to do GREEK MUSIC PRESIDENTIAL PALACE, NICOSIA TUESDAY, MAY 23, 8PM

PANOS MOUZOURAKIS hanks to his appearances p as a coach SKALI on The AGLANDJIA, Voice, he is NICOSIA at the peak of SUNDAY, MAY 28, his popularity 8PM these days.

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One of the biggest stars in Greece, whose latest album just went TPEXMRYQ

MUNICIPAL STADIUM, LATSIA *6-(%= .92) Ä 41

VISUAL ARTS GIDEON RUBIN: ONCE REMOVED orks by the acclaimed Israeli artist Gideon Rubin

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PHAROS CENTRE FOR CONTEMPORARY ART, NICOSIA OPENS WEDNESDAY, 17 MAY, 7.30PM UNTIL WEDNESDAY, JULY 5

KYRIAKI PHILI: SPECULUM MUNDI he first solo exhibition by Cypriot artist Kyriaki Phili. Loukia & Michael Zampelas Art Museum, Nicosia Until Saturday, May 27

COSTAS MAKEDONAS he Greek singer performs in aid of the Karaiskakio Foundation

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NATASSA BOFILIOU abel 2 features the Greek singer with Themis KaramouratidSkali Aglandjia, Nicosia is and Gerasimos Evaggelatos

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Friday, May 26, 8.30pm Pattichion Municipal Amphitheatre, Larnaca Saturday, May 27, 8.30pm

KOSTAS HATZIS wo rescheduled shows by the veteran Greek singer-songwriter.

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DOWNTOWN LIVE, NICOSIA FRIDAY, MAY 26, 10.30PM RAVENS, LIMASSOL SATURDAY, MAY 27, 10PM 118 | GOLD | The Business Magazine of Cyprus

ALKINOOS IOANNIDES he Athens-based Cypriot singer-songwriter plays two major concerts.

BANK OF CYPRUS CULTURAL FOUNDATION, NICOSIA UNTIL SUNDAY, DECEMBER 31

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Lakatamia Municipal Amphitheatre, Nicosia Friday, June 16, 9pm Ancient Curium Amphitheatre, Limassol Saturday, June 17, 9pm

ROOMS R ROO MS TO CONTEMP CONTEMPLATE E LATE orks by 37 contemporary artists from the most significant and richest private collection in Cyprus.

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STELIOS KALLINIKOU: WHERE ARE YOU GOING YOUNG MAN... orks by the eminent Cypriot photographer Stelios Kallinikou.

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POINT CENTRE FOR CONTEMPORARY ART, NICOSIA UNTIL: FRIDAY, JUNE 9

DANCE SWAN LAKE chaikovsky’s masterpiece, featuring leading soloists of the Bolshoi Theatre, PATTICHION ION Moscow THEATRE, RE,, LIMASSOL OL and the SUNDAY, Y, MariinJUNE 4, 8PM sky Theatre, St. Petersburg.

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THE ROYAL BALLET: JEWELS alanchine’s timeless evocation of the sparkle of emeralds, rubies and diamonds ds to the music of Fauré, Stravinsky and Tchaikovsky.

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RIALTO ALTO EATRE, THEATRE, MASSOL L LIMASSOL UNDA DAY, SUNDAY, AY 28, A MAY 30PM 6.30PM

TODES ES

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odern dance from Russia featuring a unique fusion of ballet, modern dance, hip-hop, funky costumes, high-tech lighting and dozens of dancers.

MUNICIPAL GARDEN THEATRE, LIMASSOL SATURDAY, MAY 27, 8PM

THEATRE THE SAINT JO S JOAN osie Ro Rourke directs Gemma Arterton as Joan of Arc in this electrifying elec masterpiece, recorded in London for National T Theatre Live.

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Rialto Theatre, Limassol & THOC New Theatre, Nicosia Tuesday, May 23, 8.30pm

PAPHOS 2017 Mediterranean Musical Traditions CYPRIOT CYP Y RIO KALEIDOSCOPE our-piece band performs original our-p and ttraditional Cypriot music. F FA FAWAZ AWAZ BAKER ENSEMBLE xiled Syrian musicians play music from the Middle East. KATO VRISI, Kato Vrisi, EXILE Yeroskipou, YEROSKIPOU, n enchanting Paphos PAPHOS fusion of Friday, SUNDAY, eastern and May 26, MAY Ć western music under 8pm Ć41 Kyriakos Kalaitzides, composer and artistic director of En Chordais.

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ORCHESTRA POPOLARE ITALIANA traditional Italian folk orchestra in an evening of song and d dance.

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FLAMENCO ROOTS OTS performance of sensitivity, emotional intensity, KATO VRISI, mastery, YEROSKIPOU, PAPHOS exaltaSATURDAY, tion and extraordiMAY 27, 8P nary energy.

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ANCIENT ODEON, PAPHOS SATURDAY, JUNE 10, 8.30PM

VLA VLADIMIR V & VOVKA ASHKENAZY usic for two pianos by the legendary Vladimir Ashkenazy and his son Vovka. Undoubtedly the musical highlight of the month and one of the year’s best.

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www.goldnews.com.cy | GOLD | 119

WHAT’S

ON

17th International Pharos Chamber Music Festival 2017

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ince its inception 17 years ago, the International Pharos Chamber Music Festival has established itself as the most important annual classical music event in Cyprus and is recognised as one of Europe’s preeminent music festivals. This year’s 17th International Pharos Chamber Music Festival welcomes to Cyprus some of the most remarkable artists on the international music scene for an extensive week of

music-making in two unique venues: the Royal Manor House in Kouklia and The Shoe Factory in Nicosia. It encompasses an impressive array of instrumental combinations and repertoire, ranging from Baroque to the 20th Century, including a number of rarely performed masterpieces. Among the world-class performers are the renowned Danish coloratura soprano Susanne Elmark, pianists Vitaly Pisarenko, Sergei Babayan, Vadym Kholodenko and Yevgeny Sudbin

VOICE & PIANO RECITAL usanne Elmark (soprano) & Christian Westergaard (piano) in works by The Shoe Debussy, Factory, Berg, Grieg, Nicosia *VMHE] .YRI R. Strauss and ProkofĆ ā TQ iev.

Vadym Vad Kholodenko Kho pi ( piano), Ale Baeva Alena (vi (violin), Jen Jennifer St Stumm ( (viola) ROYAL MANOR & Marc HOUSE, C Coppey KOUKLIA THURSDAY (cello) JUNE ă Piano Ć ā PM Quartet No.1 in G minor, Op.25 by Brahms

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PIANO RECITAL italy Pisarenko The Shoe performs Factory, works by Nicosia Schubert, *VMHE] .YRI Schumann Ć ā TQ & Liszt.

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MOZART, MELDELSSOHN, BRAHMS lara-Jumi Kang (violin) & Diemut Poppen (viola) Duo for Violin & Viola No.1, K.423 by Mozart Ser Sergei Babayan (pi (piano), Tim Pa Park (cello) & Clara-Jumi Kang K (violin) Piano Trio P No.1 in D minor, Op.49 by Mendelssohn

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120 | GOLD | The Business Magazine of Cyprus uss

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(described by The Telegraph as ‘potentially one of the greatest pianists of the 21st century’), the exceptional violinists Alena Baeva, Nicolas Dautricourt (voted “Classical Discovery of the Year” in Cannes), Clara-Jumi Kang and violist Jennifer Stumm, French cellist Marc Coppey, the reUV^ULK 0[HSPHU ÅH\[PZ[ 4HZZPTV 4LYJLSSP HUK [OL newly founded Cyprus Guitar Trio comprising =HZPSPVZ (]YHHT .LVYNL *OYPZ[VÄ HUK :VJYH[LZ Leptos.

Poppen & David Abrahamyan (violas), Marc Coppey & Tim Park (cellos) String Octet in E-flat major, Op.20 by Mendelssohn ROYAL MANOR HOUSE, KOUKLIA FRIDAY JUNE 16, 8.30PM

CHAUSSON, GLASS, SHOSTAKOVICH adym Kholodenko (piano), Alena Baeva, Boris Brovtsyn & Al Clara-Jumi Kang (violins), David C Abrahamyan ( viola) & Tim Park Ab (cello) (ce Concerto for Violin, Piano & Co String Stri Quartet in D major, Op.21 by Chausson C Massimo Mas Mercelli (flute) & Alexander Chaushian C (cello) Chaotic Harmony by Philip Glass Chao Sergei Babayan (piano), Boris Brovtsyn & Alen Alena Baeva (violins), Diemut Poppen (viola) & Alexander ROYAL Chaushian (cello) MANOR Quintet for Piano & Strings HOUSE, KOUKLIA in G minor, Op.57 by Shos- SATURDAY JUNE , takovich

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A DAY IN THE LIFE

Yangos Hadjiyannis

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always try to get as much sleep as possible, especially now that we have a child of 16 months, so I wake up around 8am but within 20 minutes I’m out of the house. My first coffee of the day is at the office. When I was younger, I didn’t like the idea of simply being an employee in an office. I saw myself more as a leader than a follower and I was interested in the media, marketing and advertising. At the same time, I wanted to be part of CIM, which was founded by my father so it was already part of my life and I was 99% sure that I would join the school after my studies. I chose Law (at the University of Nottingham) because I wanted to gain skills that I wouldn’t get from marketing. I later did my Master’s degree in Marketing and

Management at Cambridge, followed by a second Master’s in International Law, which was an aspect of my law studies that I really enjoyed. I was then offered a job with a top law firm in London but I knew what I wanted to do in Cyprus so I came back and I have no regrets about my decision. Ten years ago, the Institute was successful but it needed a boost to meet the challenges of today’s market so I drew up a strategic plan, recruited new people, set up a proper team and today I am pleased to say that we have managed to fulfil around 95% of the goals we set back then. I met a lot of resistance at first, especially from my father and others who thought that I was rushing things, but it’s not my style to wait until tomorrow to do something if I can do it today! That has become something like a motto for me. I love my job. The greatest satisfaction is meeting former students who thank me for giving them the chance to

The Deputy Director of the Cyprus Institute of Marketing (CIM) on why his NSF MW WS JYPÁPPMRK LMW ZMWMSR JSV '-1 his passion for football and the annual reunion that he enjoys so much.

study and get a job. We call ourselves a ‘second chance’ institution, giving opportunities to people who perhaps couldn’t study at 18 or may now be in their 30s and stuck in a career they don’t like. It’s a very stressful job, of course, especially when, for example, students are struggling to pay. What do we do? Stop them or let them continue in the hope that we’ll be paid later? Our decision can determine someone’s future and it can be a big challenge to balance the human element and the business reality. Before we became parents, we would go out almost every night for a drink or dinner. Now life is different so we may watch an American TV series like Narcos or a movie on TV The last film I saw on the big screen was Spectre. I listen to music in the car – bands like The Killers and Kings of Leon – but I wouldn’t say that music plays a huge part in my life. I’ve always been more interested in physical and outdoor activities. I play football twice a week and I like watching football too, especially my team (AEK Larnaca) and Barcelona, who I’ve seen at the Camp Nou a few times. Lionel Messi is definitely the best footballer

in the world! I love travel and I manOne of my age one trip favourite TV per month, shows mainly for work. I love big cities like New York and San There is no-one like Messi Francisco and one day I would love to go to Australia. I have friends all over the world and I love hearing I am very them in the car proud of the fact that I am still in touch with a group of them from university. We have a reunion once a year when we behave as if we’re 18 again! I have a clear strategy in mind for the Institute and its future. We are very close to the maximum number of students we want and in five years we’ll be there. I intend to ensure that our brand name is served well and we don’t jeopardise our quality standards. After 40 years, it’s our moist valuable asset so we have to make sure that everything we do matches and serves the brand.”

IT’S NOT MY STYLE TO WAIT UNTIL TOMORROW TO DO

SOMETHING IF I CAN DO IT TODAY! 122 | GOLD | The Business Magazine of Cyprus

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ru v 0;m;C|v =uol -7 -m1;7 -m7 lo7;um bm=u-v|u 1| u;ķ -v ;ѴѴ -v -m ; |;mvb ; |;Ѵ;1oll mb1-ঞomv m;| ouhķ b7;-ѴѴ v b|;7 =ou 0 vbm;vv r;orѴ; b|_ 7;l-m7bm] v1_;7 Ѵ;vĺ $_-mhv |o b|v vor_bvঞ1-|;7 uo-7 v v|;lķ 0 v|Ѵbm] rou| =-1bѴbঞ;v -m7 | o bm|;um-ঞom-Ѵ -burou|vķ |u- ;Ѵ -m7 |u-mvrou| bm -m7 0; om7 ru v bv =-v|ķ ;L1b;m| -m7 1ov| ;@;1ঞ ;ĺ

b]_ -Ѵb| o= b=;

ru v u;vb7;m|v ;mfo -m ;m b-0Ѵ; Ѵb=;v| Ѵ; bm - v-=;ķ 1Ѵ;-m -m7 _;-Ѵ|_ ;m buoml;m| b|_ _b]_ Ѵb bm] v|-m7-u7v -m7 - v mm 1Ѵbl-|; -ѴѴ ;-u uo m7ĺ o 1ubl; Ѵ; ;Ѵvķ 1;m| ub;v o= -u| -m7 1 Ѵ| u;ķ -m7 ; 1;ѴѴ;m| ]-v|uomol -ѴѴ 1om|ub0 |; |o - _b]_ t -Ѵb| o= Ѵb=;ĺ $_; bvѴ-m7 bv u-mh;7 |_; v-=;v| vl-ѴѴ 1o m|u bm (-Ѵ ; ;m] bmĽv "-=;v| o m|ub;v bm |_; ouѴ7 ŐƑƏƐƔő -m7 Ɣ|_ ]Ѵo0-ѴѴ ĺ

0o | m ;v| ru v

vbm;vv;v -m7 bm7b b7 -Ѵv 1omvb7;ubm] bm ;v|l;m| bm|o ru v _- ; - r-u|m;u om |_; ]uo m7 -| -ѴѴ v|-];v o= |_; bm ;v|l;m| 1 1Ѵ;ĺ m ;v| ru v bv - momŊruoC| m-ঞom-Ѵ 0o7 ķ _b1_ķ bm 1Ѵov; 1oѴѴ-0ou-ঞom b|_ |_; r 0Ѵb1 -m7 |_; rub -|; v;1|ouķ |-h;v |_; Ѵ;-7 bm - u-1ঞm] =ou;b]m 7bu;1| bm ;v|l;m| bm h; ;1omolb1 v;1|ouvĺ ;7b1-|;7 |o 1omঞm o vѴ blruo bm] |_; 0 vbm;vv -m7 u;] Ѵ-|ou ;m buoml;m|ķ m ;v| ru v -7 o1-|;v u;=oul _bѴ; -Ѵvo ruo b7bm] bm ;v|ou v rrou| -m7 -[;u1-u; v;u b1;vĺ )ouhbm] b|_ |_; bm ;v|ouķ =ou |_; bm ;v|ouķ m ;v| ru v bv |_; bm ;v|ouĽv vbm]Ѵ; robm| o= 1om|-1|ĺ

ru v m ;v|l;m| uoloঞom ];m1 T +357 22 441133, F +357 22 441134 bm=oŠbm ;v|1 ru vĺou]ĺ1 ĺbm ;v|1 ru vĺou]ĺ1

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