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GOLD ISSUE 53 AUGUST 14 SEPTEMBER 13, 2015 PRICE €4.95
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PRIVATISATION Transport Minister Marios Demetriades on Limassol Port
INTERVIEWS
Bruno Pepermans Jameel Ahmad Bert Pijls
INSEAD
‘The Business School for the World’ now has an alumni club
WHAT’S ON Opera, Film, Dance, Art, Music & More
SPECIAL PROMOTIONAL FEATURE
info@eurofast.eu | www.eurofast.eu
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RECENT AND PROPOSED CHANGES IN THE TAX LEGISLATION OF CYPRUS By Neofytos Neofytou
I
n July 2015, Cyprus introduced part of the proposed changes to its tax legislation for the purpose, amongst others, of introducing incentives to encourage new investments in Cyprus and the setting up of regional headquarters on the island by international groups, including those in the shipping industry. The remaining changes are expected to be introduced in September-October 2015. The most important amendments to the previous laws are summarized below.
6 | GOLD | www.goldnews.com.cy
A. NEW INVESTMENT OPPORTUNITIES IN CYPRUS 1. Notional interest deduction on equity Cyprus has introduced provisions to allow the notional deduction of interest in cases where funds are introduced to the company in the form of equity instead of interest- bearing loans. The main provisions are: • Deemed interest deduction will be allowed
on “new equityâ€? funds introduced into a company after 1 January 2015. • The deemed interest will be calculated on the basis of a “reference interest rateâ€?. This rate is equal to the yield on the 10-year government bonds, plus 3%. • The notional interest to be deducted cannot exceed 80% of the taxable income of the company. 2. New capital expenditure Under existing rules, capital expenditure incurred during the years 2012, 2013 and 2014 qualifies for increased wear and tear allowances. It is proposed that this benefit be extended for capital expenditure incurred in the years 2015 and 2016.
B. ESTABLISHING OFFICES AND RELOCATING SENIOR STAFF IN CYPRUS A number of incentives for encouraging the setting up of regional headquarters in Cyprus by international groups, including those in the shipping industry are introduced. 1. Employment incentives Under current law, 50% of the income from employment in Cyprus which commences after 1 January 2012 of a person who was not tax resident of Cyprus during the previous tax year is exempt from taxation for a period of five years, provided the income from employment in Cyprus exceeds â‚Ź100.000 per annum. It is now proposed that the period of the incentive be extended to 10 years. 2. Introduction of the “non-dom conceptâ€? for defence tax purposes Currently, the defence levy is payable only by Cyprus tax resident individuals and is payable on dividends, interest and rental income earned by the tax resident individual both from sources within Cyprus and outside Cyprus. The law has been amended so that Cyprus tax resident individuals who are not considered to be “domiciledâ€? in Cyprus would be exempt from payment of the defence levy on dividends, interest and rents, even if they are considered to be tax residents of Cyprus.
C. OTHER CHANGES • Extending the group loss relief provisions to cover losses of overseas subsidiaries. • Exchange differences will no longer be taxable/tax deductible (except in the case of companies trading in foreign). • In the case of transactions with related parties when an adjustment in the income of the one party, a corresponding deduction should be given to the other party to the transaction.
CONTACT INFORMATION
Taxatelier Ltd (KKYLZZ! +LSMVU :[YLL[ [O Ă…VVY 5PJVZPH *`WY\Z 7VZ[HS (KKYLZZ! 7 6 )V_ 5PJVZPH *`WY\Z Tel: (+357) 22875720 Fax: (+357) 22875721 L THPS! PUMV'[H_H[LSPLY JVT J` >LIZP[L! ^^^ [H_H[LSPLY JVT J`
www.goldnews.com.cy | GOLD | 7
ISSUE 53 AUGUST 14 - SEPTEMBER 13, 2015
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| COVER STORY |
W
e all know that Cyprus has worked hard over the years to gain a reputation as an international business centre, attracting foreign companies to set up branches and even headquarters here so as to take advantage of the island’s favourable tax regime. But there has always been much more than tax planning to this arrangement. Companies are, after all, made up of individuals and while XLSWI XLEX HIGMHI XS MRZIWX MR SJÁGIW ERH IUYMTQIRX MRZEVMEFP] take advantage of the country’s talent pool and employ local professionals, many of them have a non-Cypriot CEO or Managing Director in place. On the following pages we list 40 such senior executives, who represent no fewer than 20 different nationalities, including those one might expect (British, Russian, German) as well as others that may surprise (Latvian, Indian, Palestinian). In fact, in addition to these, our list includes Dutch, Norwegian, Israeli, Slovakian, Finnish, American, Belarusian, Jordanian, Lebanese, Greek, French, Czech, Irish and South African citizens. There are doubtless others whom we were unable to discover and, of course, there are many more foreign CEOs working and living in Cyprus, some of whom simply didn’t want to be included in our list for reasons of their own. We are happy to feature the 40 who responded positively to our request for information, and especially those who explained in some detail why they enjoy the professional and personal lifestyle that Cyprus offers them.
+
FOREIGN
CEOS IN CYPRUS By John Vickers
CONTENTS 10 | EDITORIAL 12 | BUSINESS BRIEFING
Economic & Business Highlights of the past month
16 | MY WAY
Bert Pijls’ management style
17 | FIVE MINUTES WITH… Jameel Ahmad
18 | THEY SAID WHAT?
A selection of memorable recent quotes
COVER
STORY
OPINION 41 | The Day After
By Kyriakos Iordanou
20 | Foreign CEOs
48 | What if...
in Cyprus Why they like Cyprus as a place to work and live.
By Savia Orphanidou
FEATURES 34 | The Future Is Now
Interview with Bruno Pepermans, Business Development Director Europe, RICS
37 | The Cyprus Funds Summit
Promoting Cyprus as an Investment Fund Hub
38 | Spreading the Word
The formation of an INSEAD Alumni Club in Cyprus.
42 | Yes We Cannes!
50
Stelios Anastasiades at the Cannes Lions International Festival of Creativity
46| Lord Lamont to Address the
6th Limassol Economic Forum Big names are lined up for the year’s most prestigious conference
34
50 | First Port of Call
Limassol will soon have what it takes to become a regional hub
54 | Investing in a Global Marketplace
Emergo Wealth presents the Investment Expert Conference
90 | Dream Team
100
Roman Nikitin, Alexis Tsielepis and Constantinos Adamides
SPECIAL PROMOTIONAL FEATURE 55 | Leading Law Firms in Cyprus 56 | 50
Biggest Law Firms
42 SPECIAL OFFER Subscribe today for just €90
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8 | GOLD | The Business Magazine of Cyprus
92 | Bringing People Together
Last month’s International Cooperative Conference
94 | BOOKSHELF
Five of the best new business titles
96 | IN GOOD COMPANY
Exploring the professional journey of employees at Hermes Airports
98 | MY COLLECTION
Demetris Fessas on his collection of vintage toys
100 | LUNCH WITH GOLD Evan Gavas, former Country Director of Barclays in Cyprus 103 | BUSINESS CLASS Captain Eberhard Koch, Chairman, CEO and Managing Partner of Österreichischer Lloyd Seereederei (Cyprus) Ltd
104 | WHAT’S ON Gold’s guide to the best cultural events 106 | A DAY IN THE LIFE George Theocharides
A great cup of coffee.
1. Engomi 2. Strovolos (Aretaieio) 3. Strovolos (Athinon) 4. The Mall of Cyprus 5. Pallouriotissa (Kantaras) 6. Larnaca (Finikoudes) 7. Limassol (Makariou Aven.) 8. Ayia Napa (Makariou Aven.)
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| EDITORIAL |
GOLD
Island Life
ISSUE 53 AUGUST 14 SEPTEMBER 13, 2015 PRICE €4.95
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Transport Minister Marios Demetriades on Limassol Port
INTERVIEWS
Bruno Pepermans Jameel Ahmad Bert Pijls
INSEAD
‘The Business School for the World’ now has an alumni club
WHAT’S ON Opera, Film, Dance, Art, Music & More
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
t’s easy to take k things hi for f granted d when h you are a permanent resident of a place like Cyprus, enjoying for free the things for which several million visitors every year are willing to pay – sunshine, good food, friendly people, low crime, a relaxed way of life and much more. But people who are here because of their business obligations, and may well be on the island for a finite period, tend to be far more appreciative of what Cyprus has to offer than those of us who have had the good fortune to call this place home. I mention this after being struck by the responses to questions we asked some of the foreign CEOs who feature in this month’s cover story and, in particular, how certain issues were cited by more than one of them as being among Cyprus’ advantages as a place to live. We all know about the usual ‘selling points’ that the Cyprus Tourism Organisation has used in countless advertising campaigns but living and working here is not the same as being on holiday, whatever our jealous friends and family elsewhere may claim. So I found it interesting that several CEOs noted, for example, the fact that they can get to work in a matter of minutes or that they can arrange on the spur of the moment to go out with friends – something they evidently cannot do at home. The country’s small size is actually viewed in a positive light when, for many residents, it is unfavourably compared with bigger places where there is so much more going on. It’s all relative, of course, and while the lack of long distances for commuting and time-consuming traffic jams are not really a feature of life in Cyprus (with the notable exception of the capital at 8am) because it is a small place, there are even smaller ones, as Evan Gavas, my lunch guest for this issue’s Lunch with Gold feature (page 100) realized when he was posted to Jersey, an island of 100,000 people. “In comparison with Jersey, Cyprus is New York!” he told me. Having lived here for 43 years, I recognise that I no longer see the country through the same lens that I did when I arrived in 1972. Like many of you, I’m sure, I have been grumbling about the 40°+ temperatures with which August began and I am still shocked by some of the examples of bad driving I see on a daily basis, not to mention the more outrageous statements by politicians and state officials who should know better. But when my newsagent makes a point of saving me a new magazine that he thinks I might like, or the parcel from Amazon with a guaranteed delivery date actually arrives on time, I remember, like many of our featured foreign CEOs, that there is a lot more to Cyprus John Vickers, than sun, sea, sand and souvla. Chief Editor See you in September! john@imhbusiness.com
10 | GOLD | The Business Magazine of Cyprus
PRIVATISATION
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou
EDITOR-IN-CHIEF
John Vickers
JOURNALISTS
Effy Pafitis, Artemis Constantinidou CONTRIBUTORS TO THIS ISSUE
Stelios Anastasiades, Kyriakos Iordanou, Neofytos Neofytou, Savia Orphanidou ART DIRECTION
Anna Theodosiou SENIOR DESIGNER
Alexia Petrou
PHOTOGRAPHY
Jo Michaelides
MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Irene Georgiou
SALES EXECUTIVE
Stavros Epifaniou
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
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&\SUXV DV DQ ,QYHVWPHQW )XQGV +XE *OREDO 7UHQGV DQG /RFDO 'HYHORSPHQWV ([SHUW 6SHDNHUV ,QFOXGH Christopher Stuart-Sinclair, Director - Strategy & Corporate Finance, Deloitte, Luxembourg
Robert Brimeyer, Group Head, Fund Services, Alter Domus, Luxembourg
Roy Stockell Partner - EMEIA Wealth and Asset Management Leader, EY, UK
Agathi Pafili, Senior Policy Advisor, EFAMA, Belgium
Kevin Mudd, CEO of KMG Capital Markets, Member of the Executive Board of CIFSA, Cyprus
Dr. Markus Lange, Partner, Head of Financial Services Legal, KPMG, Germany
Maria Shaw-Barragan, Head of the Strategy Division, European Investment Bank, Luxembourg
Simon Thomas, Partner, Investment Management Group, Macfarlanes LLP, UK
Muneer Khan, Partner, Simmons & Simmons, UAE
Olwyn Alexander, FCA, CFA, PwC EMEA Alternatives Asset Management Leader, Ireland
Aki Corsoni-Husain, Partner, Investment Funds and Regulatory, Harney Westwood & Riegels, Cyprus
Nilesh Ashar, Partner, International Tax, KPMG, UAE
Tamasin Little, Partner, King & Wood Mallesons, UK
Neophytos Neophytou, Managing Director, Taxatelier, Cyprus
Plus panel discussion with
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Alternative Investment Funds The European fundraising market The Cyprus Investment Funds Industry and the outlook for the future
• Investment Funds and Asset Management Companies • Fund Managers • Custodians • Fund Administrators • Investment Managers and Consultants • Legal Advisors Specialised in the Funds Industry • Accounting, Audit and Tax Advisory firms • Investment Banks, Credit Institutions and Financial Services Companies • Family Offices
ZZZ F\SUXVIXQGVVXPPLW FRP For further information contact IMH: Tel.: 22505555, Fax: 22679820, E-mail: events@imhbusiness.com, Website: www.imhbusiness.com Coordination
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AXIA VENTURES GROUP
Germania Nova at Limassol Marina
IN THE NEWS
The stunning Germania Nova sailed into Limassol Marina at the beginning of July, bringing tradition and history to the city. The 59.6m sailing yacht was designed using identical hull lines as the original 1908 schooner “Germaniaâ€?, as well as the same sail and deck-plan. Germania Nova sleeps up to ten N\LZ[Z PU Ă„]L Z[H[LYVVTZ PUJS\KPUN H THZ[LY Z\P[L HUK MV\Y KV\ISL JHIPUZ ^P[O HSS TVKLYU JVTMVY[Z She is also capable of carrying up to thirteen crew onboard to ensure a relaxed luxury yacht experience. Impressive leisure and entertainment facilities make her the ideal charter yacht for socialising and entertaining with family and friends.
BANKING
ARY OBITU
CHRIS LAZARI Self-made property billionaire Chris Lazari died from a heart attack in his London home last month. He was 69. His funeral took place in London on 1 August. According to the 2015 Rich List published by The Sunday Times, Lazari’s estimated wealth amounted to £1.45 billion, making him the second richest Cypriot in Britain behind Sir Stelios Haji-Ioannou and 65th overall in the UK. Last year he undertook to pay for the use of a private jet by President Anastasiades, whenever this was considered necessary. Lazari and Anastasiades were former schoolfriends.
BARCLAYS SHUTS DOWN EXPAT ACCOUNTS
Barclays bank has announced that the accounts of UK expatriates living in Cyprus and Malta will be closed by September 11 unless they hold a minimum balance of ÂŁ100,000. Barclays stated that, “In 2013, we announced our priority to cut complexity and said that the business would focus on a core set of 70 marRL[Z NSVIHSS` (Z H result, Barclays has introduced a new minimum threshold for customers resident in Cyprus.â€?
12 | GOLD | The Business Magazine of Cyprus
BANK OF CYPRUS STEPS IN
Hundreds of British expatriates in Cyprus have moved their bank accounts from Barclays to Bank of Cyprus, following the former’s decision to close most of its accounts in the country in September. Bank of Cyprus is an obvious alternative choice for those HɈLJ[LK HZ P[ OHZ a UK subsidiary, regulated in Britain. More than10,000 expats can now have their pensions paid directly into Cypriot bank accounts, something which was suspended in 2013.
RCB BANK OPENS NEW BRANCHES RCB Bank Ltd has opened two new branches in Nicosia and Limassol respectively, in the context of its local expansion strategy. Located on 28th 6J[VILY (]LU\L in Engomi, Nicosia and on Kolonakiou Street in the Linopetra area of Limassol, the two new branches are now fully operational. The new branches enhance RCB’s physical presence in Cyprus, through four branches island-wide while another two are to open by the end of the summer.
The Nicosia-headquartered In]LZ[TLU[ )HURPUN Ă„YT (?0( Ventures Group was named “Best Investment Bank – Greeceâ€? at the ,\YVTVUL` (^HYKZ MVY ,_JLSSLUJL The award was presented to the Ă„YT IHZLK VU P[Z WLYMVYTHUJL PU the investment banking sector throughout 2014. The July 2015 issue of Euromoney magazine notes: ¸(TPK Z\JO THJYVLJVUVTPJ Z[YPML it is encouraging to see an investment bank focused on Greece and Cyprus that has made new hires over the past year among the deep pool of Greek and Greek-Cypriot banking talent.â€?
FOREXTIME
International forex broker -VYL_;PTL -?;4 ^VU [OL ¸)LZ[ )YVRLY Âś ,HZ[LYU (ZPH PUJS\KPUN *OPUHš HUK ¸)LZ[ (ɉSPH[L Programmeâ€? Forex Report 2015 (^HYKZ ;OL` JVTL VU [OL IHJR of a host of recent accolades, with -?;4 OH]PUN ILLU UHTLK ¸4VZ[ Trusted Brokerâ€? at the recent 14th 4,5( -VYL_ (^HYKZ HUK “Best Educational Broker 2014â€? by -?,TWPYL 6SNH 9`IHSRPUH *,6 VM -?;4 ZHPK! ¸9LJLP]PUN H KV\ISL award is an excellent achievement and highlights our commitment both to our clients and our partners’’.
ALPEN INVEST
(SWLU 0U]LZ[ [OL PU]LZ[TLU[ ÄYT that presented its portfolio and strategy in Nicosia this June, has been named as the Best Fund Management Team in South Eastern Europe for 2015 by Capital Finance International. In February, (SWLU 0U]LZ[ ^HZ HSZV WYVJSHPTLK as the best Slovenian fund manHNLTLU[ JVTWHU` MVY (SWLU 0U]LZ[ PZ HU HɉSPH[L VM ,SLTLU[Z Capital Partners, a Cyprus registered company that specializes in the purchase of distressed assets and private equity opportunities in South East Europe.
VISITORS
DEALS
Benjamin Netanyahu
Shacolas sells Malls for €193 million
The Shacolas Group has agreed the sale of the Mall of Cyprus and Mall of Engomi to the South Africa-based Atterbury Group for a cash consideration of €193 million. The deal concerns the entire Mall of Cyprus complex which includes the mall itself, IKEA, Annexes 3 and 4, as well as the Mall of Engomi. In addition, the agreement includes a provision for the sale of a plot of land next to the Mall of Cyprus for €8 million. The Atterbury Group, established in 1994 in Pretoria, South Africa, has developed prime commercial, retail and residential property across the country, the rest of the African continent and more recently, Europe. The Group’s main focus is on developing retail centres and commercial buildings throughout Europe and Africa.
iGuana announces partnership with Cosine Consultants
Enterprise content management firm iGuana has announced its partnership with Cosine Consultants, a prominent software development and IT consulting company in Cyprus. Leveraging its local market knowledge and technical expertise, Cosine Consultants will act as an authorized reseller of the iGuana iDM electronic document management and digital archiving solutions in the Cyprus market. With offices in Belgium, Netherlands, Luxembourg and Cyprus, iGuana provides electronic document management and document archiving solutions and services.
sraeli Prime Minister Benjamin Netanyahu visited Cyprus on July 28, for a meeting with President Nicos Anastasiades. It was Netanyahu’s first foreign trip since his re-election in March. The two leaders talked about energy and gas matters, bilateral and regional issues concerning the Middle East.
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Philip Hammond
T
he British Secretary of State for Foreign and Commonwealth Affairs Philip Hammond visited the island on July 17. On the Cyprus Problem, Hammond said that “it will be hugely to the benefit of all Cypriots and of the region to have this particular issue resolved”
Jean-Claude Juncker
T
he President of the European Commission, JeanClaude Juncker, visited Cyprus on July 16. Following a working lunch with President Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci, he announced a “common understanding as far as the geographical protection of halloumi/hellim cheese under EU law is concerned”.
Contact our Nicosia -k!# 2-" 7; T +357 22 767 294 E info@jordans.com.cy
www.jordanstrustcompany.com www.goldnews.com.cy | GOLD | 13
BUSINESS BRIEFING APPOINTMENTS
Christiana Kyriacou
Christiana Kyriacou has been made Country Manager for Cyprus by Pedersen & Partners, a leading international executive ZLHYJO ÄYT ^P[O VɉJLZ in 50 countries. Kyriacou previously worked as a Recruitment Manager for a global Human ResourcLZ *VUZ\S[PUN HUK (K]Psory company. She was also responsible for establishing the Cyprus Branch of a leading international Recruitment Group.
Anastasia Papadopoulou
(UHZ[HZPH 7HWHKVWV\lou has been appointed by the Cabinet as a SpeJPHS (K]PZVY [V [OL (K hoc Ministerial Committee which will draft the National Strategy for the protection of children from sexual exploitation, sexual abuse, and child pornography. ( SH^`LY ZOL PZ H TLTILY VM [OL :LUPVY (K]Psory Board of “Hope For Children� UNCRC Policy Center.
PROFE SIO A SL SERVN ICES
Reanda Cyprus establishes China Desk
R
eanda Cyprus has launched P[Z Ă„YZ[ L]LY *OPUH +LZR providing a comprehensive range of professional services to Chinese-speaking professionals. The development comes in the context of the Ă„YTÂťZ VIQLJ[P]L VM MHJPSP[H[PUN MVYLPNU KPYLJ[ PU]LZ[TLU[ MYVT [OL (ZPHU YLNPVU ¸>L have noted considerable investor interest from China in Europe in general, and particularly in Cyprus. Having detected this trend, we decided to establish the China Desk at Reanda Cyprus so as to turn this interest into substantial investment into the JV\U[Y` š (KVUPZ ;OLVJOHYPKLZ +PYLJ[VY VM Reanda Cyprus said. The many services that Chinese-speaking clients may access through the specialized facility include asset management services, permanent residency and citizenship assistance. “China is a new and promising market for Cyprus. Further to the establishment of the China Desk, we also plan to create a Cyprus Desk in Reanda China to further enhance the investment relations between the states,â€? Theocharides added.
14 | GOLD | The Business Magazine of Cyprus
George Pamboridis
Lawyer George Pamboridis was sworn in as Minister of Health on July 27, following the resignation of Philippos Patsalis. 7YLZPKLU[ (UHZ[HZPHKLZ told him that he expects progress on the implementation of the National Health Scheme and warned him that he may need to confront “vested interests� as he attempts to carry out his duties
Delia Velculescu
Delia Velculescu, who served as Mission Chief for Cyprus during [OL Ă„YZ[ [^V `LHYZ VM [OL PZSHUKÂťZ Ă„UHUJPHS JYPZPZ is the new International Monetary Fund Mission Chief for Greece. :OL ^PSS IL H RL` Ă„N\YL in gathering information from the Greek Government and making recommendations to the IMF on disbursing more money to the country.
UNIVERSITY OF CYPRUS MOVES UP WORLD RANKINGS
T
he University of Cyprus (UCY) has moved up the latest list of 1,000 top universities worldwide, published by the Centre for World University Rankings (CWUR). For 2015, UCY is in 928th position compared with 953rd last year. It is the only Cypriot university on the list. Universities are evaluated in eight categories: the quality of education, graduate employment, the quality of personnel, publications, influence, references, broad impact and patents. HEALTH
NEW INSTITUTE OF ROBOTIC SURGERY AT MEDITERRANEAN HOSPITAL
Demetris S. Vakis
Demetris S. Vakis, a Board member of KPMG, has been appointed as President of [OL 0UZ[P[\[L VM *LY[PÄLK 7\ISPJ (JJV\U[HU[Z VM *`WY\Z 0*7(* MVY [OL period 2015-2017. The appointment was deJPKLK I` [OL UL^ 0*7(* Council. Vakis, who heads KPMG’s IT and Markets Departments, is responsible for a major portfolio of audit and other clients.
EDUCATION
UCY noted that it has a strong presence on the international and European research scene, participating in 128 EU research projects and other externally funded projects, with total funds amounting to ₏ 7.57 million for 2014. University of Cyprus Rector Constantinos Christofides said that UCY’s goal is to be ranked among the top 500 in the world by 2020.
T
he Mediterranean Hospital of Cyprus (MHOC) has announced the establishment of the new Institute of Robotic Surgery and the hospital’s cooperation with world renowned robotic prostate surgeon Dr. David B. Samadi. Dr. Samadi was in Cyprus from July 20-27 and will be visiting the MHOC regularly in order to perform KPɈLYLU[ [`WLZ VM YVIV[PJ Z\YNLYPLZ including urologic, gynaecological, colorectal and ENT cases. The Institute’s aim is to educate and improve the surgical skills of medical students and doctors from all over the world while working directly with Dr. Samadi on his advanced SMART prostate cancer surgery technique. He has performed over 6,000 successful robotic prostate surgeries.
NEW PROJECTS
Improvement Works
for Larnaca and Famagusta
P
resident Anastasiades announced a series of new infrastructure and development projects in the Larnaca and Famagusta districts last month. The Larnaca projects, worth â‚Ź64 million, include the construction of new elementary schools, medical centres, a traditional municipal market, a multicultural and sports centre, flood barriers, improvement works on main roads, works for the Larnaca Fishing Shelter and for beach protection and other projects in the framework of the Solid Waste Management programme. The oil and gas storage facilities will be removed from Larnaca by the end of 2017
and a national park will be created. The President also announced infrastructure projects worth ₏95 million for the government-controlled area of Famagusta which include utility works related to water supply in the area (₏17 million) and solid waste management (₏6.5 million). They also include road works, the construction of new police headquarters in Paralimni (₏4.3 million) and the construction of a new Famagusta District Court (₏6 million). In addition, improvements will be made to the Ayia Napa beachfront (₏6.5 million) and to the cycle paths along Nissi Avenue (₏300,000). Projects also include the restoration of the mediaeval monastery, the improvement of access to Ayia Napa’s centre and the construction of a multifunctional park (₏3.5 million).
SHIPPING
MARITIME ACADEMY FOR LARNACA
A
Maritime (JHKLT` will open its doors in Larnaca from September 2015 onwards which ^PSS VɈLY ZOPWWPUN YLlated courses taught in English to Cypriot and foreign students. The courses include Shipping & Logistics Management, Maritime Transport, Marine Engineering and Marine Electrical Technology. The agreement for the
(JHKLT`GZ LZ[HISPZOment was signed on (\N\Z[ PU 3HYUHJH between the University VM 5PJVZPH [OL (YHI (JHKLT` VM :JPLUJLZ Technology and Maritime Transport and the Eastern Mediterranean 0UZ[P[\[L VM 4HYP[PTL (Mfairs, with the support of Intercollege Larnaca, on the premises of which [OL UL^ (JHKLT` ^PSS operate. In the context of the event, Minister of Trans-
TOURIS M
CYPRUS HOTEL PRICES Fall With Euro
With the pound at an eight-year high against the euro, hotel search website trivago.co.uk has analysed the average cost of a hotel room in both euros and pounds. Based on the 12 most popular countries with British tourists, prices in July 2015 compared to July 2014 have increased in euros and decreased in pounds. The country with the largest decrease in pounds is Cyprus, where hotel prices are an average of ÂŁ22 per night cheaper compared to last year (ÂŁ82 compared to ÂŁ104). This translates to an average saving of ÂŁ154 during a week-long holiday. Although prices in Cyprus are also cheaper in euros, this only translates to an average savings of â‚Ź98 (ÂŁ69) during a 7-night stay. In general, there is a difference of 12%13% between the percentage difference in pounds and the percentage difference in euros, when comparing July 2015 to July 2014. This means that UK holidaymakers are paying 12%-13% less than their European counterparts compared to last year.
6% INCREASE port, Communications & >VYRZ 4HYPVZ +LTL[YPHdes emphasised that the creation of a Maritime (JHKLT` PZ H ¸TPSLZ[VUL on our roadmap towards a vision which has existed for the last twenty years.� ;OL 4HYP[PTL (JHKLT` ^PSS HSZV VɈLY ZLJ\YP[` courses, courses on safety for the hydrocarIVUZ PUK\Z[Y` 670;6 port management and for captains of small vessels.
in Tourist Arrivals in 2015
The Cyprus Tourism Organisation (CTO) has announced a 6% increase in tourist arrivals in the first six months of 2015. Arrivals exceeded one million and were not influenced by the reduction in number of Russian tourists as the gap was covered by traditional markets. The CTO has also reported a decrease in prices at several food and beverage establishments in Cyprus due to competition. CTO Quality Assurance Department Deputy Director, Giorgos Pericleous, used iced coffee as an example of price reductions and underlined that its price in the tourist area of Protaras has fallen from â‚Ź5 in previous years to â‚Ź2 in 2015. www.goldnews.com.cy | GOLD | 15
MY WAY
Bert Pijls
CEO, Hellenic Bank
THOUGH MANY INGREDIENTS ARE REQUIRED TO ESTABLISH EFFECTIVE CORPORATE LEADERSHIP, THE MOST SIGNIFICANT OF THESE – ACCORDING BERT PIJLS, CEO OF HELLENIC BANK – IS THE ABILITY TO ESTABLISH OPEN CHANNELS OF COMMUNICATION AND EMPOWER AN ORGANISATION’S PEOPLE BY DOING SO. HERE, HE SHARES HIS UNIQUE PROFESSIONAL AND PERSONAL INSIGHTS INTO THE INSTRUMENTAL ROLE THAT CORPORATE LEADERS PLAY, DESCRIBING HIS OWN MANAGEMENT STYLE ALONG THE WAY.
“T
wo things have helped me most throughout my career: grit and a positive attitude. Work, and life I guess, is about overcoming obstacles. If you cannot dust yourself off after every time something goes wrong, cannot see the positive around you even in failure and cannot keep going despite the odds, you will neither succeed nor be happy.”
“T
he biggest and most frequent mistake managers make is that they are too taskfocused. Focusing on what needs to get done rather than on the people that are doing it manifests itself in an inability to delegate and tendency to create a control and command environment. They manage every detail themselves and complain that they cannot delegate more because their people are not good enough. Well, who is responsible for those people and their performance…?”
“I
t’s not easy to describe one’s own style but I think mine is more informal and less hierarchical than you would expect in Cyprus or in Banking. I like to have relaxed and open relationships at work so that employees feel free to express themselves, at all levels in the organisation. I appreciate it when people give their own opinion but for that to happen they have to feel comfortable around you. However, we do have a business to run so at the same time I can be demanding and impatient, maybe even unreasonable at times!”
“I “T The object of my professional admiration is one of my former bosses, Richard Duvall, who sadly passed away aged 43. He was one of the founders of the Internet bank Egg in the UK as well as the founder of the world’s first peer-2-peer lender, ZOPA. He was brilliant and the reason I admired him was that he was able, more than anyone else I have ever met, to change how people felt, thought and related to things. He was a relentless optimist and he influenced all people around him a lot, including me. He changed people, for the better.”
“I
achieve a healthy balance between life at work and at home by keeping work at work and not taking it home mentally. You have to be able to let go or the stress will get at you. Everybody may have a different way of achieving that but for me it means expressing myself freely. Every day I say exactly what I want, to whomever I want – hopefully in a constructive manner – and as a result I don’t bottle things up and I can switch off when I get home.”
relax in many ways and there are many things I like doing. I enjoy the outdoors, food, sea, sun and luckily in Cyprus you can do many of those things very well! My big passion, however, is cycling. It is probably because I am Dutch, but I really enjoy going out on a road or mountain bike. It blows out the cobwebs, keeps me fit and I can do it with other people.”
16 | GOLD | The Business Magazine of Cyprus
Bert Pijls holds a Bachelor Degree in Business Administration from Nijenrode University and a Master of International Management from The American Graduate School of International Management. With over 20 years of banking experience in the ÁRERGMEP WIVZMGIW WIGXSV MR XLI England, USA, Germany, Czech Republic and Belgium, he was appointed CEO of Hellenic Bank in November 2014.
FIVE
MINUTES WITH JAMEEL AHMAD
In
the role of Vice President of Corporate Development at FXTM, you are charged with leading the implementation of the company’s internal and external communications strategy. What does this strategy comprise, and how does it fit in with – or indeed facilitate – the company’s overall growth strategy? Communicating with our traders and the wider financial community is key to FXTM’s successful growth. At FXTM we place the client and the client’s trading experience at the centre of everything we do, so communication is a key part of our strategy. It’s important not only to communicate the products and services we offer, which are tailored to our clients’ needs, but also to listen to what traders want from their Forex broker, and respond and adapt accordingly. You will also continue to develop FXTM’s market research team. What does this involve? This is an exciting time for FXTM’s market research team which is constantly expanding, enabling us to offer even more insight into the currency and commodity markets. Providing timely
market analysis is an important part of the service we offer, so that our clients have the necessary information to plan their trading strategy accordingly. The fact that our analysis is often quoted in top publications such as Reuters, MarketWatch and NASDAQ, is a testament
Vice President of Corporate Development, ForexTime (FXTM)
to the energy we put into delivering top quality market commentary. It would appear that the present time is right for the Forex industry, with many leading firms such as FXTM racking up achievement after achievement. Do you expect the industry to continue gaining momentum? Yes, we definitely expect to see the pre-
sent boom in the industry continuing, as Forex provides an attractive option for those looking for new ways to invest their funds. This is down to a number of factors, such as the flexibility that the currency markets offer traders. With the markets open for trading 24 hours a day, ffive days a week, and easily accessible from home, work or on mobile devices and tablets, even someone who has a fu full-time job can trade in his/her spare time. Furthermore, with just a sm small starting fund it is possible to open an online trading account. op T This differentiates Forex trading from other traditional investment options such as the stock market which, for the ordinary investor, are comparatively hardeer to access. Wh What do you believe the future hold holds for FXTM? the outset, FXTM aimed to be an From th industry leader and, as a dynamic company, w we are well on our way to achieving this. During the next year we look forward to expanding our reach within Asia and the Middle East. These are areas in which we already have a strong foothold and where Forex trading is seeing a rapid rise in popularity. We will also continue to invest significantly in our educational programme by providing additional resources, such as webinars and local training events. As Vice President of Corporate Development, I look forward to playing a key role in the growth of the business and encouraging successful trading among our clients.
www.goldnews.com.cy | GOLD | 17
QUOTES OF THE MONTH
They Said What? Some of the more interesting utterances made by well-known Cypriots over of the past month.
NICOS ANASTASIADES
“THE NAME I AM HOPING FOR FROM MY HEART IS THE UNITED STATES OF CYPRUS.â€? President Nicos Anastasiades claims that he was joking when he suggested that a reunited Cyprus would be a twin superpower with WKH 86$ EXW WKDW GLGQ¡W VWRS WKH local press from reporting his SURSRVDO IRU WKH FRXQWU\¡V QHZ name as a serious comment.
“THE SYMPTOMS DISPLAYED BY DIKO’S CURRENT DISEASE HAVE BEEN CAUSED BY A VERY RECENT VIRUS. A VIRUS WHICH SURELY THE DIKO PEOPLE WILL NOT ALLOW TO CAUSE IRREPARABLE DAMAGE TO THEIR PARTY.� Former Democratic Party leader Marios Garoyian reveals his medical knowledge while talking about his successor, Nicholas Papadopoulos. MARIOS GAROYIAN
“FOR THE CHANGES YOU ENVISION TO HAPPEN, YOU MAY NEED TO CLASH WITH VESTED INTERESTS, SOMETHING THAT SEVERAL OF YOUR PREDECESSORS HAVE EXPERIENCED.�
.LNLV .D]DPLDV ZKRVH ³WLPH DV ¿QDQFH PLQLVWHU´ ODVWHG DOO RI VHYHQ PRQWKV EHIRUH KH TXLW VKRZV RII DERXW KRZ SRSXODU KLV PHDVXUHV ZHUH
KIKIS KAZAMIAS
President Anastasiades lets the new Health Minister, George Pamboridis, know that he understands why Cyprus VWLOO GRHVQ¡W KDYH D 1DWLRQDO Health Scheme. GEORGE PAMBORIDES
“ESSENTIALLY, WE VOTED FOR THE TWO PACKAGES WITH A GUN TO OUR HEAD.�
ELECTRICITY AUTHORITY
HARRIS GEORGIADES
Current Finance Minister Harris Georgiades recalls that the then main opposition party (DISY) only voted LQ IDYRXU RI SDVVLQJ .D]DPLDV¡ WD[ SDFNDJHV ZKHQ the Government said that it was essential “in order to avoid a defaultâ€?.
“ACKNOWLEDGING THE FACT WE ARE NOW IN THE TOURIST SEASON, WHICH IS IMPORTANT TO THE COUNTRY’S ECONOMY, WE HAVE DECIDED TO SUSPEND OUR MEASURES.� A statement by the four main EAC unions, which actually meant to say, “Acknowledging the fact we are now all going on holiday...�
18 | GOLD | The Business Magazine of Cyprus
“DURING MY TIME AS FINANCE MINISTER I TABLED TWO TAXATION PACKAGES, WHICH WERE APPROVED UNANIMOUSLY IN PARLIAMENT.�
GEORGE PERDIKIS
THE PARTY LEADERS CAN READ MORE AND BETTER INFORMATION IN THE NEWSPAPERS OR ASK A JOURNALIST TO GIVE US SOME OFF-THE-RECORD INFORMATION AND WE’RE DONE, SO WHY DO WE NEED TO COME TO THE PRESIDENT?�
Green Party leader George Perdikis asks the question that party leaders attending the National Council have been wanting to for the past 40 years but never dared to.
www.goldnews.com.cy | GOLD | 131
| COVER STORY |
+
FOREIGN
CEOS IN CYPRUS By John Vickers
20 | GOLD | The Business Magazine of Cyprus
W
e all know that Cyprus has worked hard over the years to gain a reputation as an international business centre, attracting foreign companies to set up branches and even headquarters here so as to take advantage of the island’s favourable tax regime. But there has always been much more than tax planning to this arrangement. Companies are, after all, made up of individuals and while XLSWI XLEX HIGMHI XS MRZIWX MR SJÁGIW ERH IUYMTQIRX MRZEVMEFP] take advantage of the country’s talent pool and employ local professionals, many of them have a non-Cypriot CEO or Managing Director in place. On the following pages we list 43 such senior executives, who represent no fewer than 23 different nationalities, including those one might expect (British, Russian, German) as well as others that may surprise (Latvian, Indian, Palestinian). In fact, in addition to these, our list includes Dutch, Norwegian, Israeli, Slovakian, Finnish, American, Belarusian, Jordanian, Lebanese, Greek, French, Czech, Irish and South African citizens. There are doubtless others whom we were unable to discover and, of course, there are many more foreign CEOs working and living in Cyprus, some of whom simply didn’t want to be included in our list for reasons of their own. We are happy to feature the 43 who responded positively to our request for information, and especially those who explained in some detail why they enjoy the professional and personal lifestyle that Cyprus offers them.
www.goldnews.com.cy | GOLD | 21
| COVER STORY |
01 Ole Henrik Werring Chairman
Nationality: Norwegian
03 Capt. Eberhard Koch Chairman, CEO & Partner Nationality: German
Sunil Kapoor
WERRING CYPRUS LTD
Director & General Manager
W
Nationality: Indian
ith its Cyprus Living brand, the company markets and sells Cyprus property, primarily in Scandinavia, in association with West Coast Property Ltd, licensed and registered real estate brokers in the Paphos district. ADDRESS: 51, Kamares Avenue, 8577 Tala, Paphos TEL: (+357) 26654276 MOB: (+357) 96392680 E-MAIL: ole@cyprusliving.no WEBSITE: www.cyprusliving.no
02
FML SHIP MANAGEMENT LTD
04
OESTERREICHISCHER LLOYD SEEREEDEREI (CYPRUS) LTD
W
ith a history dating back to 1836, this family-owned company owns and manages a small fleet of 7 vessels flying the Cyprus flag from its premises close to Limassol Port. ADDRESS: 3rd Floor, 67, Franklin Roosevelt Avenue, P. O. Box 57280, 3314 Limassol TEL: (+357)25662555 FAX: (+357) 25662666 E-MAIL: capt.ekoch@ cy.oelsm.com WEBSITE: www.oelsm. com
05 Richard Wildsmith Principal
Nationality: British
22 | GOLD | The Business Magazine of Cyprus
Tomas Valasik Founder and CEO
Nationality: Slovakian
FINMAPS LTD
T
hrough its online Financial Services Directory, the company provides trusted and verified financial services on the map with information, client ratings and reviews, business and financial news, events and promotions. ADDRESS: 1, Siafi Street, Porto Bello, 3042 Limassol TEL: (+357) 95585595 E-MAIL: info@finmaps.com WEBSITE: http://finmaps. com/
THE AMERICAN ACADEMY NICOSIA LTD
F
ounded in 1922, the American Academy Nicosia is a private English Language school. Students from all over the world make it a truly international environment that offers a broad range of global perspectives. ADDRESS: 3A, Michael Prides Street, Ayios Andreas, 1095 Nicosia TEL: (+357) 22664266 FAX: (+357) 22669290 E-MAIL: info@aan.ac.cy WEBSITE: aan.ac.cy
F
leet Management Limited is one of the world’s largest independent third-party ship management firms over 10,000 qualified seafarers and over 350 vessels under management. It is a subsidiary of The Caravel Group Limited. ADDRESS: 58-60, Dighenis Akritas Avenue, Ghinis Building, Flat 601, 1061, Nicosia TEL: (+357) 22817177 FAX: (+357) 22769277 E-MAIL: sunil@fleetship.com WEBSITE: www.fleetship.com
‘‘W
e are involved in shipping, which is a speciality sector, and we get world-class support to run our business from here. Moreover, thanks to its ideal location at the crossroads of Europe, Africa and Middle ,HZ[ *`WY\Z JH[LYZ MVY H KP]LYZPÄLK THYRL[ of ship owners and provides easy access to vessels trading through these busy reNPVUZ 0U ZWP[L VM I\YLH\JYHJ` VɉJPHSZ HYL willing to listen and assist so that business JHU IL JVUK\J[LK X\PJRS` HUK LɉJPLU[S` I worked in Hong Kong for eleven years with all the modern facilities available, but Cyprus provides a very healthy living environment. There is no hustle and bustle or OLH]` [YHɉJ [V IV[OLY HIV\[ ^OPSL NVPUN [V [OL VɉJL [OL PZSHUK PZ JSLHU P[ OHZ NVVK weather, it’s scenic and safe with practically no crime. Even during the banking crisis the problems were contained and nothing spilled out onto the streets and we managed to carry out our business as usual. -VY V\Y L_WH[YPH[L Z[HɈ *`WY\Z PZ HɈVYKHble and provides a good English-language education for their children. People get adjusted to the island very quickly and very soon it is a home away from home.”
IBL BANK S.A.L.
A
06 Ghada Shami !EOFPQLȶBCP Limassol Branch Manager Nationality: 3LIHULZL *`WYPV[
08
Glen Richards Managing Partner
Nationality: British
PEMBRIDGE INTERNATIONAL
Khalil Letayf General Manager
Nationality: -YLUJO 3LIHULZL
Dionisis Pirovolisianos Country Manager
Nationality: Greek
I
07
branch of one of the top 10 Lebanese banks, it has been operating in Cyprus since 2009, offering a wide range of banking services to resident and non-resident individual and corporate customers. ADDRESS: Ideal Building, 1st Floor, 214, Archbishop Makarios III Avenue, 3030 Limassol TEL: (+357) 25504444 FAX: (+357) 25504450 E-MAIL: IBL.Limassol@ibl. com.lb WEBSITE: www.ibl.com.lb
IKEA - H.M. HOUSEMARKET (CYPRUS) LTD
t has operated in Cyprus since September 2007 through its sole franchisee H.M. Housemarket (Cyprus) Ltd. In its 8 years of operations, the IKEA store has welcomed more than 12 million visitors. ADDRESS: 1, Vergina Street, 2025 Strovolos, Nicosia TEL: (+357) 22502500 FAX: (+357) 22502599 E-MAIL: dionysis.pirovolisianos@ikea.com.cy WEBSITE: www.ikea.com.cy/
SOCIÉTÉ GÉNÉRALE BANK CYPRUS LIMITED
W
ith a presence in Cyprus for over 20 years, it has organised its activities around retail, private, corporate banking and international businesses, encompassing a wide range of diversified, standard and tailor-made services. ADDRESS: 20, Ayias Paraskevis Street, 2002 Strovolos, Nicosia TEL: (+357) 80007777 FAX: (+357) 22399700 E-MAIL: khalil.letayf@socgen.com WEBSITE: www.sgbcy.com
09
I
t is a global company providing UK qualified, experienced, and locally regulated financial consultancy services through the highest levels of personal service to clients across the globe. ADDRESS: PO Box 52481, CY4064, Limassol TEL: (+357) 70000273 E-MAIL: info@pembridge-international.com WEBSITE: www.pembridge-international.com
“G
eographical location is extremely convenient for a global company. Travel links to the business centres of Europe, ME, and onwards to the Far East are very convenient in Cyprus. Tax rates for both business and individuals are advantageous, and the time zone enables one to run an international company with YLSH[P]L LɉJPLUJ` 3PTHZZVS PZ H NYLH[ WSHJL MVY I\ZPULZZ TLL[PUNZ ^P[O NYLH[ VɈLYPUNZ of good quality hotels and restaurants in which to accommodate guests (and their families) and conduct business. The quality of life is superior to many other business centres. Time between cities is not excessive and the pace of life, whilst getting MHZ[LY VɈLYZ H TVYL YLSH_LK LU]PYVUTLU[ than other European cities. For British citizens, driving is of course familiar, and YLN\SHY ÅPNO[Z [V THU` WHY[Z VM [OL <2 LUable one to travel ‘home’ for the weekend very easily to visit family or attend events. Activities for family members, whether relocating or visiting, are plentiful too, and education is of a good quality and if one chooses private education the cost is often much lower than other cities.” www.goldnews.com.cy | GOLD | 23
| COVER STORY |
Serhei Kostevitch
10
CEO and Chairman
Nationality: )LSHY\ZPHU *`WYPV[
I
t specializes in the distribution of information and communications technology products and solutions from Samsung, Apple, Microsoft, Intel, and others. It employs more than 1,400 people and has customers in over 75 countries. ADDRESS: 43, Kolonakiou Street, 4103, Limassol TEL: (+357) 25857000 FAX: (+357) 25857288 E-MAIL: ks@asbis.com WEBSITE: www.asbis.com.cy
Baiba Saldovere
12
Managing Director
Nationality: 3H[]PHU
SOVEREIGN TRUST (CYPRUS) LTD
A
member of the Sovereign Group, an Offshore Service Provider and International Tax Planning Organisation with more than 25 offices worldwide, the Cyprus office handles a diverse portfolio of clients and professional intermediaries. ADDRESS: 120, Gladstone Street, Foloune House, 4th Floor, Office D1, 3032 Limassol TEL: (+357) 25733440 FAX: (+357) 25733401 E-MAIL: cy@sovereigngroup.com WEBSITE: www.SovereignGroup.com/cyprus
13
Martina Meinders Michael
14
Managing Director
Nationality: German
MARIN SHIPMANAGEMENT LTD
T
he company was founded in February 2007 as a member of the NSC Group of Companies, Germany. Its core activity is the provision of crew Management services to the group and to third parties. ADDRESS: 1, Vassilis Vryonides Street, 3095 Limassol TEL: (+357) 25871355 FAX:(+357) 25871357
24 | GOLD | The Business Magazine of Cyprus
11
ASBIS ENTERPRISES PLC
CEO
Nationality: Dutch
MTN CYPRUS LTD
O
ne of the largest telecommunications providers in Cyprus, offering integrated telecommunications solutions for mobile, fixed telephony and broadband services, it was the first to introduce the 4G network to Cyprus. ADDRESS: 87, Kennedy Avenue, 1077 Nicosia TEL: (+357) 96222222 FAX: (+357) 96222000 E-MAIL: info@mtn.com.cy WEBSITE: www.mtn.com.cy
“C Ghazi Abu Nahl Group Chairman & CEO
Nationality: Jordanian
NEST INVESTMENTS (HOLDINGS) LTD.
O
Philip van Dalsen
perating in the fields of Insurance, Reinsurance, Reinsurance Broking, selected Real Estate Developments, Banking and World Trade Center operations in more than 23 countries, its annual turnover is in excess of US$700 million. ADDRESS: Ariadne House, 2nd Floor, 333, 28th October Street, 3106 Limassol TEL: (+357) 25588811 FAX: (+357) 25587300 EMAIL: nest@nestco.org WEBSITE: www.nestco.org
yprus is located in a strategic position, it has an excellent infrastructure, a friendly business climate and legislation, and government agencies interested in solving problems. It has plenty of young scientists eager to work and intelligent consumers who know exactly what they are looking for. The question is why wouldn’t you do business in Cyprus! What I like about Cyprus as a place to live is the way it combines the natural charms of a Mediterranean country with a high standard of living and the infrastructure of a modern European state. It ensures a good, healthy and prosperous family life with at least nine months of sunshine. No wonder people from all over the world choose to buy property and become residents of the country. I am happy to be here!”
Dmitry Popov
15
Managing Director
Dieter Rohdenburg CEO
Nationality: German
Nationality: Russian
16
INTERSHIP NAVIGATION CO. LTD.
F
ounded in 1988, primarily as a ship owning company, it expanded into full management and presently manages a fleet of 84 vessels and is crew manager for a further 100 vessels, employing some 5,000 seafarers. ADDRESS: Hartmann House, 32, Miltonos Street, 3050 Limassol TEL: (+357) 25584000 FAX: (+357) 25585756 E-MAIL: www.mail@ intership-cyprus.com WEBSITE: www.intership-cyprus.com
I
KORPUS PRAVA (CYPRUS)
ts Cyprus office was established in 2006. From Russia, Hong Kong, Malta and Latvia, it offers a full range of legal, tax consulting & planning, corporate, real estate and IP services. ADDRESS: 84, Grivas Dighenis Avenue, Office 102, 3101 Limassol TEL: (+357) 25582848 FAX: (+357) 25582868 E-MAIL: cyprus@korpusprava.com WEBSITE: www.korpusprava.com
“C
yprus is an attractive business hub due to its favourable tax regime and, among other factors, a well-developed banking Z`Z[LT 0U]LZ[VYZ ÄUK JVTfort in the sound European standards of regulation and in the extensive network of double tax treaties. Furthermore, businesses like to choose a location with a good track record and use existing business relations. The English legal system and widespread use of the English language, the ease of start-up and a highly X\HSPÄLK WLYZVUULS THYRL[ add value to international business owners. Cyprus is a good place to live because European standards of life blend uniquely with the welcoming Mediterranean lifestyle. Such fundamentals as safety, a low crime level, the comfortable climate and compact locations make the island a safe and sound option.”
www.goldnews.com.cy | GOLD | 25
| COVER STORY |
COLUMBIA SHIPMANAGEMENT LTD
Chairman
Nationality: German
19 General Management & President
Nationality: 3LIHULZL
CEO
18
HELLENIC BANK PUBLIC COMPANY LTD
GROME MARKETING (CYPRUS) LTD
Simon G. Shaya
Nationality: Italian
Nationality: Dutch
stablished in Limassol in 1978, it has more than 360 vessels under management contracts and over 14,500 employees worldwide. Its other core shipmanagement offices are located in Hamburg, Shanghai and Singapore. ADDRESS: 21, Spyrou Kyprianou Avenue, Yermasoyia, 4042 Limassol TEL: (+357) 25843100 FAX: (+357) 25320325 E-MAIL: shipmanagement@csmcy. com WEBSITE: www.columbia-shipmanagement.com
Heinrich Schoeller
Manuela Mazzacco
%OLRMÑ!EFCDÑ#UCARQFSCÑ-ȸACO
E
17
21
Bert Pijls
20
T
he world’s leading provider of sanitary fittings was taken over by the LIXIL Group and the Development Bank of Japan in 2014 and, since April 2015, has been part of LIXIL Water Technology. ADDRESS: 195B, Old Nicosia-Limassol Road, Dhali Industrial Zone, 2550 Nicosia TEL: (+357) 22465000 FAX: (+357) 22379188 E-MAIL: shaya@grome.com WEBSITE: www.grohe.com
AFX CAPITAL MARKETS LTD
A
FX Capital Markets Ltd (AFX Capital) offers trading and investment services in multiple languages throughout the world, allowing investors to access a range of currency markets and trade various financial instruments. Address: 116, Gladstone Street, Kyprianou House, 1st Floor, 3032 Limassol, Cyprus TEL: (+357) 25262710 FAX: (+357) 25727442 E-MAIL: info@afxcapital.com WEBSITE: www.afxcapital.com
26 | GOLD | The Business Magazine of Cyprus
Kevin Mudd CEO
Nationality: British
KMG CAPITAL MARKETS LTD
I
t enables entrepreneurs to establish their own funds and investment managers to convert their fund structures into fully compliant AIFMD and UCITS funds. It currently has Assets Under Management of €500 million. ADDRESS: Harmony House, 1st Floor, 4, Theklas Lyssioti Street, 3030 Limassol TEL: (+357) 25818412 FAX: (+357) 25749755 E-MAIL: info@kmgcapitalmarkets.com WEBSITE: www.kmgcapitalmarkets.com
S
ince its establishment in 1976, Hellenic Bank has been steadily developing its local and international clientele to become one of the largest commercial banks in Cyprus, operating a network of 60 branches. ADDRESS: Corner Limassol & 200, Athalassa Ave., 2025 Strovolos, Nicosia TEL: (+357) 22500845 FAX: (+357) 22500052 E-MAIL: B.Pijls@hellenicbank.com WEBSITE: www.hellenicbank.com
“C
yprus is a good place to be doing business because it has so much opportunity. The JV\U[Y` OHZ H SV[ [V VɈLY PU [LYTZ VM P[Z skilled workforce, geographical location, legal and tax framework, entrepreneurial spirit and international relations, just to name some of the country’s key strengths. It is turning that opportunity into reality that makes it an exciting place to do business. That will not always be easy to accomplish, but the opportunity for the country to do more is most certainly there. It is a very positive motivation to come to work for in the morning and because of the country’s relatively small size we should be able to achieve it faster than many other markets as well. As for living here, what is there not to like? The country has everything: sun, sea, mountains, a rich history, great food, and most importantly, Cypriots are some of the most warm and hospitable people I have ever met. The fact that everybody speaks English also makes it very easy for a foreigner to get integrated here. Cyprus is the 7th country that I have lived in so I think I am able to compare, and it really is up there in terms of overall quality of life.”
| COVER STORY |
22
Alex Halavins General Manager
V.SHIPS LTD
S
ince its establishment in Cyprus in 1991, it has provided a broad range of services to ship owners, ship managers, shipyards, oil & gas majors, marine equipment suppliers, governments and their agencies. ADDRESS: V.Ships House, 13, Omonia Avenue, P.O. Box 57115, 3312 Limassol TEL: (+357) 25848400 FAX: (+357) 25560170 E-MAIL: alex.halavins@vships.com WEBSITE: www.vships.com
Nationality: 3H[]PHU
E
Emmanouil Manolis Lemonakis Executive Director, Head of MENA & Central Eastern Europe Region
“I
ÄUK *`WY\Z H NVVK WSHJL [V IL KVPUN I\ZPULZZ MVY [^V THPU YLHZVUZ ;OL ÄYZ[ PZ LTV[PVUHS 6]LY [PTL *`WY\Z NYL^ VU TL HUK 0 L]LU[\HSS` MLSS PU SV]L ^P[O [OL PZSHUK ;OL ZLJVUK PZ *`WY\Z» L_JLSSLU[ [H_ HUK JVYWVYH[L YLNPTL [OL H[[YHJ[P]L PU]LZ[TLU[ VWWVY[\UP[PLZ OLYL HUK [OL SL]LS VM WYVMLZZPVUHS ZLY]PJLZ VU VɈLY >OH[ 0 SPRL HIV\[ *`WY\Z HZ H WSHJL [V SP]L PZ [OL Z\U [OL ZLH [OL ZHUK HUK P[Z HTHaPUN WLVWSL ¹
Nationality: .YLLR
Apostolos-Evangelos Vakakis
25
Representative
Nationality: 9\ZZPHU
merald Coast Properties Ltd was formed in 2006 by prominent Russian investors, whose involvement in Cyprus culminated with the purchase and ongoing renovation of Le Meridien Limassol Spa & Resort in 2013. ADDRESS: 221, Chr. Chatzipavlou Street., Helios Court, 1st Floor, 3036 Limassol TEL: (+357) 25873000 FAX: (+357) 25373200 E-MAIL: Roman.Nikitin@lemeridienlimassol.com
SAXO BANK A/S
I
Roman Nikitin EMERALD COAST PROPERTIES LTD
24 t is a fully licensed and regulated European bank, which enables clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives on its award-winning SaxoTrader and newly launched SaxoTraderGO platforms. ADDRESS: 1, Agias Fylaxeos Street, Floor 1, 3025 Limassol TEL: (+357) 25021121 FAX: (+453) 9774200 E-MAIL: CyprusDesk@saxobank.com WEBSITE: www.saxobank.com
23
26
Managing Director
Nationality: .YLLR
JUMBO TRADING LIMITED
T
he Cyprus subsidiary of Jumbo S.A., the biggest toy store chain in Greece, was founded in 1991, selling toys, stationery, seasonal products and decorative items. It operates 5 superstores in Cyprus, employing 500 people. ADDRESS: 9, Avraam Antoniou Street, 2330 Kato Lakatamia, Nicosia TEL: (+357) 22468110 FAX: (+357) 22468117 E-MAIL: jb@jumbo.gr WEBSITE: www.jumbocyprus.com
28 | GOLD | The Business Magazine of Cyprus
T
Viktor Dokucajev Co- Founder/Director Nationality: *aLJO
GLM ADVERTISING LTD
he company operates the comprehensive Russian-language information portal, www.RuCy.com.cy that provides the Russian-speaking community with everything they need to know about Cyprus. From next month it will be available in an English-language version. ADDRESS: 249, 28th October Avenue, Lophitis Business Center, Office 402, 3035 Limassol TEL: (+357) 25100600 FAX: (+357) 25100670 E-MAIL: info@RuCy.com.cy WEBSITE: www.RuCy.com.cy
27
Johny Stavrinou OSOTSPA EUROPE LTD
T
he company is one of two international subsidiaries of Osotspa Co., Ltd, based in Bangkok Thailand, the manufacturer and owner of SHARK Energy Drink and M-150 Energy Drink, and other brands. ADDRESS: 15, Piliou Street, Matheous Court No. 3, 6037 Larnaca TEL: (+357) 24816817 FAX: (+357) 24365022 E-MAIL: info@shark.ag WEBSITE: www.sharkenergy.com
BARCLAYS WEALTH AND INVESTMENT MANAGEMENT
Director/ Country Manager Cyprus
Nationality: +\[JO
29
W
ealth and Investment Management is a division of Barclays, a major global financial services provider with operations in more than 50 countries. Barclays provides Wealth and Investment Management across 20 offices worldwide. ADDRESS: Ground Floor, Globe House, 23, Kennedy Avenue, 1075 Nicosia TEL: (+357) 22654400 FAX: (+357) 22756247 E-MAIL: cyprus.enquiries@barclays.com WEBSITE: https://wealth.barclays.com/en_gb/ home/others/contactus/global/ europe/cyprus/nicosia.html
“B
HYJSH`Z PZ JVTTP[[LK [V P[Z IYHUJOLZ PU 5PJVZPH HUK 3PTHZZVS HUK V\Y MVJ\Z PZ VU RL` ÄK\JPHYPLZ HUK RL` SHYNL KPYLJ[ JVYWVYH[LZ (Z L]PKLUJLK I` .VSK THNHaPUL»Z WLYLUUPHS SPZ[Z VM [VW SH^ ÄYTZ HJJV\U[HU[Z HUK JVYWVYH[L ZLY]PJL WYV]PKLYZ *`WY\Z OHZ HU L_JLSSLU[ UL[^VYR VM WYVMLZZPVUHS ZLY]PJLZ ÄYTZ HUK ^L SVVR MVY^HYK [V Z[YLUN[OLUPUN V\Y YLSH[PVUZOPWZ ^P[O [OLT (Z MVY SPML PU *`WY\Z [OL *`WYPV[Z HYL ZV MYPLUKS` HUK MHTPS` VYPLU[LK ^OPJO THRLZ `V\ MLLS ºH[ OVTL» 0 SV]L [OL MVVK WHY[PJ\SHYS` TLaL HUK ZV\]SHRP (UK [OL PZSHUK PZ ILH\[PM\S HUK ]HYPLK ;OL `LHY YV\UK Z\ZOPUL PZ HU HKKLK IVU\Z ¹
I
CEO
Nationality: 7HSLZ[PUPHU
CEO
Nationality: :V\[O (MYPJHU
&?KPÑ5LIȵ
Johny Abuaitah
EASY-IMMI
t is a consulting agency specializing in citizenship by investment and residence programmes, working with wealthy individuals, entrepreneurs, global citizens and their families, who wish to find the ideal scheme for their circumstances. ADDRESS: Office 4C, Roussos Limassol Tower, 3, Kyriakou Matsi Street, Limassol 3040, Cyprus TEL: (+357) 25316119 E-MAIL: hello@easy-immi.com WEBSITE: www.easy-immi.com
30 Natalia Rudakova Managing Director
Nationality: 9\ZZPHU
28
I
WINDSOR BROKERS LTD
t has been active in the financial markets for over 27 years, offering FX, CFDs, Futures OTC, Binary Options and GWAZY trading to investors in over 80 countries from its Limassol headquarters. Address: 53, Spyros Kyprianou Avenue, 4004 MesaYeitonia, Limassol TEL: (+357) 25500505 FAX: +357) 25500515 E-MAIL: customerservices@windsorbrokers.com WEBSITE: www.windsorbrokers.com
¸*
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32
| COVER STORY |
John Patrick Hourican %OLRMÑ!EFCDÑ#UCARQFSCÑ-ȸACOÑ Nationality: 0YPZO
31 Jens A. Wilhelmsen Managing Director
Nationality: 5VY^LNPHU
ANCHOR CAPITAL GROUP
I
t is involved in the investment and management of International secondary private equity transactions. It is investing in Cyprus to create a regional hub for oil service activities for the Eastern Mediterranean region. ADDRESS: 23, Kennedy Street, 4th floor, 1075 Nicosia TEL: (+357) 22460800 FAX: (+357) 22460860 E-MAIL: jaw@anchorcapital.co.uk WEBSITE: www.anchorcapital.co.uk
¸*
`WY\Z» ,UNSPZO ZWLHRPUN HKTPUPZ[YH[P]L ZLY]PJL Z[Y\J[\YL PZ L_JLSSLU[S` HKHW[LK [V PU[LYUH[PVUHS I\ZPULZZ HJ[P]P[PLZ HUK [OL 9LW\ISPJ»Z JVYWVYH[L [H_ Z[Y\J[\YL PZ ^LSS KLZPNULK MVY NSVIHS PU]LZ[TLU[Z PU]VS]PUN ZOHYLOVSKLYZ MYVT T\S[PWSL Q\YPZKPJ[PVUZ ;OL PZSHUK VɈLYZ JVU]LUPLU[ PU[LYUH[PVUHS PUMYHZ[Y\J[\YL ^P[O THU` KLZ[PUH[PVUZ PU HSS KPYLJ[PVUZ MYVT P[Z [^V PU[LYUH[PVUHS HPYWVY[Z ;OL YVHKZ HYL HSZV ]LY` NVVK HUK P[ PZ LHZ` [V TV]L HYV\UK HUK LUQV` SLPZ\YL HJ[P]P[PLZ Z\JO HZ OPSS ^HSRPUN NVSM HUK ^H[LY ZWVY[Z 0[ NVLZ ^P[OV\[ ZH`PUN [OH[ [OL Z\U HUK [OL JSPTH[L VɈLY HU LHZ` HUK WSLHZHU[ SP]PUN LU]PYVUTLU[ TVZ[ VM [OL `LHY ¹
34
Martin Treanor Group Managing Director Nationality: )YP[PZO
FELICITAS MANAGEMENT GROUP
A
n international financial advisory business, the group includes CySEC and ICCS licensed businesses and conducts business in Cyprus, Europe and Africa. It specialises in the provision of investment advice and international pension transfers. ADDRESS: IDE Ioannou Court, 13 & 15 GregorisAfxentiou Street, Office 301, Mesa Yeitonia, 4003, Limassol TEL: (+357) 25258700 E-MAIL: admin@fmgroupinternational.com WEBSITE: www.fmgroupinternational.com
30 | GOLD | The Business Magazine of Cyprus
B
BANK OF CYPRUS
ank of Cyprus is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, fund management and private banking. ADDRESS: 51, Stasinou Avenue, Strovolos, Nicosia TEL: (+357) 22122723 FAX: (+357) 22379655 E-MAIL: john.hourican@bankofcyprus.com WEBSITE: www.bankofcyprus.com
DIPLOMAT CYPRUS (D.D.) CYPRUS LTD
D
33 Yaron Bloom !#-Ñ Ñ%OLRMÑ1?ICPÑ-ȸACO Nationality: 0ZYHLSP
“I
iplomat is a global distribution company representing leading brands in Israel, Georgia, South Africa & Cyprus. Diplomat Cyprus has gained a reputation for superior end-to-end supply chain solutions. ADDRESS: P.O. Box 12845, 2253 Latsia, Nicosia, Cyprus TEL: (+357) 22210900 FAX: (+357) 22375092 E-MAIL: Info_ddc@diplomat-global.com WEBSITE: www.diplomat-global.com
ÄUK *`WY\Z H NVVK WSHJL MVY KVPUN I\ZPULZZ THPUS` ILJH\ZL VM V\Y OPNOS` ZRPSSLK SVJHS [LHT ¶ 0»T [OL VUS` UVU UH[P]L LTWSV`LL PU [OL JVTWHU` ¶ ^OPJO OHZ LUHISLK \Z [V Z\JJLZZM\SS` LZ[HISPZO H OLHS[O` I\ZPULZZ PU H ZOVY[ WLYPVK VM [PTL HUK PZ JVUZPZ[LU[S` NYV^PUN [OL I\ZPULZZ `LHY HM[LY `LHY KLZWP[L H JOHSSLUNPUN LJVUVTPJ LU]PYVUTLU[ HZ ^LSS HZ H ]LY` K`UHTPJ THYRL[ LU]PYVUTLU[ (Z MVY SP]PUN OLYL [V ILNPU ^P[O 0 ]LY` T\JO LUQV` *`WYPV[ OVZWP[HSP[` HUK J\S[\YL" WLVWSL HYL HS^H`Z ^PSSPUN [V Z\WWVY[ `V\ HUK OLSW `V\ ^OLU ULLKLK 0U HKKP[PVU [V [OH[ [OL PZSHUK PZ X\PL[ ]LY` ZLJ\YL HUK KPZ[HUJLZ HYL ZV ZOVY[ [OH[ MYVT ^OLYL]LY `V\ ZL[ VɈ `V\ JHU LUQV` [OL ZLH PU H YLSH[P]LS` ZOVY[ [PTL ¹
Gene Kornegay
35
Country Manager, Cyprus Nationality: (TLYPJHU
NOBLE ENERGY INTERNATIONAL LTD
W
ith operations extending across the globe, it began exploring the Eastern Mediterranean in 1998 and in 2011 it made the first ever natural gas discovery in Block 12 of Cyprus’ Exclusive Economic Zone. ADDRESS: 73, Metochiou Street, 2407 Engomi, Nicosia TEL: (+357) 22449190 FAX: (+357) 22449208 WEBSITE: www.nobleenergyinc.com
UNIQUE. COMMITMENT. Noble Energy is driven by a unique purpose – Energizing the World, Bettering People’s Lives. We are honoured to receive the CIPA International Investment Award in 2012 and again in 2015. We look forward to continued work with the government and people of Cyprus to help the country and the region realize the economic benefits and energy security the country’s natural gas resources can provide.
nobleenergyinc.com
| COVER STORY |
36
TSYS INTERNATIONAL
(?ȵ?OÑ ÐE? (?ȵ?OÑ
ne of the world’s largest companies for processing and licensing payment solutions, it supports financial institutions, businesses and governments in more than 80 countries, including more than half of the top 20 international banks. ADDRESS: 1st Floor, 4, Verginas Street, 2025 Strovolos, Nicosia P.O Box 12691, Nicosia, Cyprus TEL: (+357) 22882600 FAX: (+357) 22882981 E-MAIL: primesales@tsys.com WEBSITE: www.tsys.com /www.tsysprime.com
Managing Director, PRIME Licensing and Group Executive
O
Nationality: British
Stephane Horta CEO
Nationality: Belgian
Managing Director
MARINETEK CYPRUS LTD AND STONEEXPERT.
I
E
stablished in 1985, it has many years of expertise in scanning and indexing huge volumes of documents. With offices in Belgium, Netherlands, Luxembourg and Cyprus, it is a market leading document service provider. ADDRESS: 4, Sotiri Tsangari Street, 1095 Nicosia, Cyprus TEL: (+357) 22119476 FAX: (+32) 27090115 E-MAIL: iguana@iguana-dms.com WEBSITE: http://iguana-idm.com/
Wes Porter CEO
Nationality: Canadian
39
“W
I
HERMES AIRPORTS
t is the consortium that won the international tender for a 650m upgrade of Larnaca and Paphos airports, building new passenger terminals and extend the runways at both airports under a 25-year concession. ADDRESS: Larnaca International Airport, P.O. Box 43027, 6650 Larnaca TEL: (+357) 77778833 FAX: (+357) 24643633 E-MAIL: info@hermesairports.com WEBSITE: www.hermesairports.com
ith a well-developed economy, investment opportunities, a high level of services, stability, security and trust, plus the determination and industriousness of its people, Cyprus stands out as a good place to do business. Its forward-thinking Government is at the ready to encourage growth as it Z\JJLZZM\SS` [YHUZMVYTZ [OL JV\U[Y` PU [OL HM[LYTH[O VM [OL ÄUHUJPHS JYPZPZ 0UUV]H[P]L [OPURPUN ÅL_PIPSP[` HUK H ^PSSPUNULZZ [V JVSSHIVYH[L JV\WSLK ^P[O H Z[YVUN KLZPYL MVY NYV^[O HUK WYVZWLYP[` HYL NYLH[ H[[YPI\[LZ [OH[ HYL THRPUN H KPɈLYLUJL 0UK\Z[Y` HUK Z[HRLOVSKLYZ HSPRL ^VYR together looking for ways to help Cyprus grow, knowing that the growth is good for the economy, the people of Cyprus and business. Personally, I love being and working here. I see the strength, the intelligence and the determination of people. It inspires me every day to work my hardest on their behalf, to help achieve the promise of Cyprus. I enjoy living on an island that provides all-year sunshine with an enviable climate. The options are endless to enjoy beaches, breathtaking views from the mountains and incredible food from any traditional Cypriot restauYHU[ ;YHKP[PVUHS ]PSSHNLZ HUK JVU[LTWVYHY` TVKLYU JP[PLZ WYV]PKL KP]LYZL J\S[\YHS L_WLYPLUJLZ but what I like most is the warm Cypriot hospitality.”
32 | GOLD | The Business Magazine of Cyprus
Erik Malinen Nationality: Finnish
IGUANA
38
37
t is one of the world’s leading manufacturers of marinas and floating solutions. Stoneexpert is a major supplier of granite products for exterior architecture, specializing in kerbs, cubes, slabs and other special products. ADDRESS: P.O.Box 40997, 6308 Larnaca TEL: (+357) 24815595 FAX: (+357) 24815592 MOB: (+357) 99640090 E-MAIL: erik.malinen@ marinetek. net WEBSITE: www.marinetek.net
“C
ompanies in Cyprus can engage in local or international activities without any special authorisation and this freedom makes it an ideal country for foreign investors, entrepreneurs and individuals managing operations around the world, since P[ VɈLYZ TPUPTHS L_WLUZLZ VU HSS ÄUHUcial and professional services for comWHUPLZ ;OL *`WY\Z [H_ H\[OVYP[PLZ HUK .V]LYUTLU[ ZLY]PJLZ HYL LɉJPLU[ WYVfessional and approachable. Cyprus is also a good choice for business as, ILZPKLZ P[Z Z[YH[LNPJ SVJH[PVU P[ VɈLYZ a sophisticated infrastructure, fast telecommunications, a modern banking UL[^VYR HUK H MH]V\YHISL [H_ Z`Z[LT Perfect sunny weather, beautiful scenery, a long history, quality hotels and L_JLSSLU[ HTLUP[PLZ THRL *`WY\Z HU ideal place to combine business and home. Cyprus is one of the safest EU countries and the majority of Cypriots HYL Å\LU[ PU ,UNSPZO ;OL PZSHUK»Z JSPmate, stress-free lifestyle and minimal pollution make it one of the healthiest HUK TVZ[ YLSH_PUN JV\U[YPLZ [V SP]L PU Because of the small size of the island, almost everything is reachable within one hour and it is great to travel to work in only 10 minutes. Cyprus has up-to-date healthcare facilities and a good educational system, especially in the private sector”.
Olga Rybalkina Nationality: Russian
F
FOREXTIME
ounded by the renowned Russian businessman Andrey Dashin, it is an award-winning international online Forex broker, providing financial services and a vast amount of trading instruments, programmes, platforms and accounts. ADDRESS: FXTM Tower, 35, Lambrou Konstantara, Kato Polemidia, 4156 Limassol TEL: (+357) 25558777 E-MAIL: info@forextime.com WEBSITE: www.forextime.com
“H
istorically, Cyprus has always been of great strategic importance due to its position at the crossroads of Europe, Africa, the Middle East and Asia.
+FHCÑ$OCBÑ ?IJ CEO
Nationality: Dutch
41
40
CEO
Bjorn Tore Larsen
It provides lots of opportuni[PLZ [V -VYL_;PTL K\L [V P[Z location, very well-developed infrastructure, labour market HUK [H_ YLNPTL ;OL NYLH[ advantage is that the GovernTLU[ HUK ÄUHUJPHS H\[OVYP[PLZ are business-oriented, which greatly supports further development of Cyprus as an international business centre. I like the comfort which Cyprus provides to people who live here. In addition to the warm climate and stunning scenery, I value the clean environment, high levels of safety, the modern and well-developed infrastructure and, of course, the friendliness and warmth of the Cypriot people. All of that provides a perfect place for a comfortable life.”
Founder
Nationality: Norwegian
T
OSM MARITIME GROUP
he Group provides reliable, safe and efficient marine services to the global maritime and oil and gas industry. It offers clients a one-stop-shop with long-term, profitable solutions for their business. ADDRESS: 319, 28th October Street, Kanika Business Centre, Office 401, 3105 Limassol TEL: (+357) 25335501 FAX: (+357) 25335536 E-MAIL: lia.papaiacovou@ads.no WEBSITE: www.osm.no
43
42
EMERGO WEALTH LTD.
I
t is a fully-fledged financial services and investment advisory company, committed to providing investment management and administrative services that enable clients to rely on turnkey solutions to manage and grow their wealth. ADDRESS: 2, Demetrakopoulou Street, 1090, Nicosia TEL: (+357) 22449122 FAX: (+357) 22780589 E-MAIL: info@emergowealth.net WEBSITE: www.emergowealth.net
“T
OL H[[YHJ[P]L [H_ Z`Z[LT HUK Z[YVUN RUV^ OV^ VM [OL ^VYRMVYJL THRL *`WY\Z H ZPNUPÄJHU[ ÄUHUJPHS HUK I\ZPness centre. At Emergo Wealth, we have always been paying attention to and embracing two of the strongest qualities that characterise the Cypriot business landscape: trust and YLZWLJ[ 0U [OPZ JVU[L_[ ^L OH]L MV\UK PU *`WY\Z [OL PKLHS LU]PYVUment and sophisticated infrastructure to achieve our goals and stand V\[ PU V\Y HYLHZ VM L_WLY[PZL ,TLYNV OHZ ILLU PU *`WY\Z ZPUJL and we have been very successful in building and growing companies internationally, having our headquarters here. So we know from L_WLYPLUJL [OH[ *`WY\Z PZ H NYLH[ WSHJL [V KV I\ZPULZZ 0U T` VWPUPVU P[ PZ [OL OHYK ^VYRPUN HUK NLU\PUL WLVWSL [OH[ THRL [OL KPɈLYLUJL PU *`WY\Z ;OPZ MLLSPUN VM OVZWP[HSP[` ^OPJO PZ ZV YHYL [V ÄUK nowadays in the world, is what makes Cyprus feel like OVTL (M[LY HSS ,TLYNV .YV\W»Z SVUNZ[HUKPUN WYLZLUJL PU Cyprus is indicative of the strong entrepreneurial as well as personal bonds that we have established here.”
!?MQ Ñ#RÐCK &CKKFKÐÑ B?JF Managing Director
Nationality: German/Cypriot
MASTERMIND SHIPMANAGEMENT LTD.
F
ounded in 1999, it is principally a shipowning company which has expanded into ship management. MSM technically manages a fleet of more than 14 vessels, which consist of dry bulk, break-bulk and multipurpose vessels. ADDRESS: MSM House, 63, Christaki Kranou Street, 4042 Limassol, Cyprus TEL: (+357) 25256000 FAX: (+357) 25256007 E-MAIL: mail@mastermind-cyprus.com WEBSITE: www.mastermind-cyprus.com
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| ENTERPRISE |
THE IS HERE 34 | GOLD | The Business Magazine of Cyprus
THE ROYAL INSTITUTION FOR CHARTERED SURVEYORS (RICS) WAS CREATED IN 1868 IN THE UNITED KINGDOM. IT RECEIVED A ROYAL CHARTER IN 1881, WHICH IS WHY ITS MEMBERS ARE KNOWN AS CHARTERED SURVEYORS AND RECOGNISED BY THE DESIGNATION AFTER THEIR NAME - FRICS (FOR FELLOW OF RICS) OR MRICS (FOR MEMBER OF RICS). TODAY RICS IS A GLOBAL PROPERTY PROFESSIONAL BODY WITH ITS INTERNATIONAL HEADQUARTERS IN LONDON AND WORLD REGIONAL OFFICES IN BRUSSELS, DUBAI, HONG KONG, NEW YORK AND SYDNEY. BRUNO PEPERMANS, BUSINESS DEVELOPMENT DIRECTOR EUROPE OF RICS, WAS IN CYPRUS RECENTLY, FOLLOWING THE PUBLICATION OF A NEW REPORT. HE SPOKE EXCLUSIVELY TO GOLD ABOUT THE REPORT AND HOW ITS FINDINGS APPLY TO A MUCH BROADER AUDIENCE THAN THE ORGANISATION’S MEMBERS.
G
old: How significant is the new RICS report Our Changing World: Let’s be ready? Bruno Pepermans: It’s very significant. The report has taken 2-3 years to prepare and it targets what our particular profession should be doing in order to be ready for 2030. We’ve organised many round tables, we’ve conducted surveys, we’ve had one-to-one conversations with captains of industry within the real estate industry, we’ve been at all the big fairs and engaged with people within the profession. We asked them what they think will be required in terms of skills and education in 2030. The result of all our investigations is this report which is a kind of wake-up call. It’s clear that the world is changing and the pace of change is extremely fast so we need to step back and think about how the future is likely to be. Gold: It’s interesting that the insights gathered apply to many other sec-
BY JOHN VICKERS
tors, such as the need for employers to maintain and retain a talent pool that has the skills required for their sector or having ethics at the heart of an organisation. Who does the Institution want to read this report? B.P.: Well, the report is not only for our profession. The impact of technology on our day-to-day lives and on our current and previous business models means that things are changing enormously for everyone. One example that everyone can understand concerns taxis and Uber. All of a sudden there are strikes everywhere
ETHICS, IN MY VIEW, LIES AT THE HEART OF EVERY SUCCESSFUL BUSINESS because the taxi firms are afraid that their business model is finished. They have been investing in their licences and their cars and suddenly along comes a smart guy who thinks about the Internet of Things, creates an app since everyone has a smartphone, and the old model is gone.
There’s a new business being created. Uber is just one of many examples that are taking over some existing – and I guess very old – business models that have always worked very well. If taxi drivers around the world had seen and discussed the new trends and the likely impact of technology on their business five years ago, perhaps the present situation could have been avoided. Gold: The music industry is an even more obvious example of how technology changed the business model. B.P.: That’s absolutely right. There was vinyl, then CDs appeared, and now we have 10,000 songs on our iPhone and, at the same time, we can do so many other things with this device. Where did all the big record companies go? They’ve vanished. As a professional body, RICS has a responsibility, first to our more than 100,000 members around the world and with this report, we wanted to reach out and say, “Hey guys, don’t just think about today and tomorrow but think about the longer-term future.” Gold: How will the rise of technology affect chartered surveyors specifically? B.P.: That’s the million dollar question. But, for example, suppose I’m an estate agent and I’ve got a property I want to sell or rent to someone. I will look at the market to see who’s searching for what I have so as to match supply and demand and today that job is being done transac-
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| ENTERPRISE |
tionally by an individual. However, with property auction platforms where buyers can put in their own bids, will I still need the same number of people in the letting and sales department in 15 years’ time? Possibly not. There are other platforms being created too, which combine data from the various people involved in a new development: the architect, the technical engineer, the quantity surveyor and all the different contractors can all feed back into one system so that any change being made by any one of them is seen by all the others. This is another instance of technology creating greater efficiency, reducing costs and generally making things much better. Gold: Isn’t there a danger of new technology working against the older generation who have valuable expertise? B.P.: There is no doubt that everyone needs to consider whether what they are doing now will be done differently in the future, because of new technology. However, it is still a challenge to find the right people with the right skills and expertise and to persuade them to come and work for you. An organisation needs to stay attractive while keeping up with the times and possibly reinventing itself. And we have three generations working now: those like my father, who learned to work with a calculator as there were no PCs and laptops around; my generation, which adapted to computers, and our kids who are used to the Internet and smartphones and technology. So there might be a clash of three generations on one workfloor, which is a challenge for any organisation because they all have different needs and desires and they all want to work in different ways. So if you want to recruit those youngsters, you need to make sure that your business is no longer only fit for purpose for the older generation but for the new one too. That’s a massive challenge.
36 | GOLD | The Business Magazine of Cyprus
THE PACE OF CHANGE IS EXTREMELY FAST SO WE NEED TO STEP BACK AND THINK ABOUT HOW THE FUTURE IS LIKELY TO BE Gold: In the end, are all businesses and sectors built on the same foundations? B.P.: In all honesty there are two crucial topics that affect all businesses. One is finding people with the right skills, which requires synchronising what is demanded by the market and what is being generated by the education system. The other concerns ethics which, in my view, lies at the heart of every successful business. Maybe it’s just a question of transparency and saying, “this is how we do business” rather than questioning what is right or wrong in one country or another. In RICS we believe in transparency and consistency. We have ethical rules. If you want to have a sustainable business, meaning that it lasts over several generations, ethics needs to be at its heart. Gold: Is the current climate regarding real estate in Cyprus something that RICS has seen in so many other countries that you can be fairly confident that there will eventually be an upturn? B.P.: The Cyprus cycle may be longer
or shorter than others but I have to say that, outside the country, there is no negativity linked to Cyprus. The island found itself in deep trouble a couple of years ago but people obviously got their act together, organised themselves and put together a plan and, from what I can see, you can now see the finish line. So yes, I’m confident. Look at Spain, which went through a massive crisis, properties were incorrectly valued and a massive bubble was created. Today, we can see that things are picking up again and the market is recovering. Cyprus is clearly no longer in the emergency room and is growing stronger every day. Gold: As a Belgian living and working in Brussels, do you think a bizonal federation like Belgium can work in Cyprus? B.P.: Belgium is still doing OK as a federation, despite the fact that there are occasional calls for the two sides to split. It takes two to tango, as they say, so there is a lot of give and take to ensure a win-win situation for the Flemish and the French parts of the country. We are one united country, even though each part has its own parliament, plus Brussels is a third entity. As for Cyprus, I would say that if both parties have the courage and willingness to resolve issues that have existed for the past 40 years – and it will take a few very courageous individuals to come up with a well-balanced solution in which all the people feel that they are equals – there is no reason why a federal solution can’t work. The biggest issue in Belgium has always been that the Flemish part is economically more healthy than the French part and so people in the Flemish-speaking part perceive an inequality and they sometimes get upset by it. If there is a common goal and both sides gain from the federal model, it can certainly succeed. The status quo is not an option for a prosperous future.
| CONFERENCE |
D\ )ULGHU E 2FWRLOR[HQLDFH ) HUHQ I &RQ HQWUH & RVLD 1LF
THE CYPRUS Funds Summit PROMOTING CYPRUS AS AN INVESTMENT FUND HUB
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he global investment fund industry has witnessed significant growth in recent years, a trend that is strongly anticipated to continue. This growth is fuelled by changes in the demand for regulated products offering greater investor protection. The European Union has responded with enhanced regulatory measures while, at the same time, aiming to strengthen the competitiveness of the European Fund Industry. The Investment Fund sector in Cyprus is also growing. The modernisation of the legal and regulatory framework and prompt transposition of the UCITS IV and AIFM Directives has increased Cyprusâ&#x20AC;&#x2122; competitive offering. In addition, experienced and established service providers, together with favourable conditions, mean that Cyprusâ&#x20AC;&#x2122; Investment Fund sector has the potential of developing into a competitive fund jurisdiction. The Cyprus Funds Summit takes place at the Filoxenia Conference Centre, Nicosia on 9 October 2015. Organised by the Cyprus Investment Funds Association (CIFA) and endorsed by the European Fund and Asset Management Associ-
ation (EFAMA), it is being held under the auspices of the Ministry of Finance and the Cyprus Investment Promotion Agency (CIPA). The main objective of the Summit is to inform local participants about the current EU regulatory framework, identify the latest global trends and opportunities, and highlight the advantages of Cyprus as an Investment Funds hub. The Cyprus Funds Summit under the main title â&#x20AC;&#x153;Cyprus as an Investment Funds Hubâ&#x20AC;? is divided into three sessions: Alternative Investment Funds, the European Fundraising Market, and the outlook for the Cyprus Investment Funds Industry. Among the presentations in Session 1 are The AIFMD and its implementation (Markus Lange, Head of Practice Group Financial Services, KPMG, Germany), The overall health of the Alternative Investment Fund industry (Christopher StuartSinclair, Director â&#x20AC;&#x201C; Strategy & Corporate Finance, Deloitte, Luxembourg), and Alternative asset management 2020 (Olwyn Alexander, Head of Alternative Funds of PwC Central Cluster, President of Alternative Investment Managers Association, Ireland). There will be a panel discussion on Funds distribution: adapting to an increasingly complex regulatory environment
chaired by Kevin Mudd, Director, KMG Capital Markets, Cyprus and featuring Johannes Muschik (Chairman, AFPA, Austria), Matthias Leidt (Head of Business Relations and Business Consultant, VOTUM, Germany), Paul Stanfield (Chief Executive, FEIFA, UK) and Vincent Derudder (Member of the Board, ALPP, Luxembourg). An additional speaker at this session is Roy Stockell (Partner - EMEIA Wealth and Asset Management Leader EY, UK). Speakers in Session 2 include Agathi Pafili, Senior Policy Advisor, EFAMA, Belgium who will address the issue of The role of investment funds in supporting capital raising for financing of the real economy, Maria Shaw-Barragan, Head of the Strategy Division, European Investment Bank, Luxembourg on The Juncker Plan - an investment plan for Europe for financing SMEs and start-ups and many more sectors, and Simon Thomas, Partner, Macfarlanes, UK on Alternative financing: The role of Private Equity and Hedge Funds in providing credit. Finally, Session 3 will include presentations on Cyprus and its Strategic Position for emerging market asset managers and investments into Middle
East, CE Europe and Russia (Muneer Khan, Partner, Simmons & Simmons, UAE), The impact of the fund setup on fundraising - How can Cyprus position itself? (Robert Brimeyer, Group Head, Fund Services, Alter Domus, Luxembourg) and Setting up and redomiciling investment funds in Cyprus (Aki CorsoniHusain, Partner, Investment Funds and Regulatory, Harney Westwood & Riegels, Cyprus). The organiser of the Summit is the Cyprus Investment Funds Association (CIFA), which was established in February 2013 and registered as an Association in April of the same year with the purpose and aspiration of becoming the collective voice and reference point for all professionals and legal entities offering services or engaged in the Investment Funds Industry in Cyprus. THE CYPRUS FUNDS SUMMIT Venue: Filoxenia Conference Centre, Nicosia, Cyprus Date: Friday 9 October 2015 Cordinator: IMH Communication Sponsors: IN Business magazine and Gold magazine For further information: Tel: 22505555 Fax: 22679820 email: events@imhbusiness.com Event website: www.cyprusfundssummit.com www.goldnews.com.cy | GOLD | 37
SPREADING THE WORD Michalis Makris runs his own boutique consultPUN Ã&#x201E;YT *SV]LY (K]PJL ^OPJO ZWLJPHSPZLZ PU Ã&#x201E;UHUJL PU [OL OVZWP[HSP[` healthcare and LU[LY[HPUTLU[ ZLJ[VYZ (M[LY Z[\K`PUN 4H[OLTH[PJZ H[ )YPZ[VS <UP]LYZP[` he worked in the banking sector in London where he obtained the *OHY[LYLK )HURPUN X\HSPÃ&#x201E;JH[PVU OPZ MBA at INSEAD and then he also studied acting H[ [OL (TLYPJHU (JHKLT` VM +YHTH[PJ (Y[Z PU 5L^ York. He was at INSEAD in 1998.
38 | GOLD | The Business Magazine of Cyprus
Andreas *OYPZ[VÃ&#x201E;KLZ returned to *`WY\Z SHZ[ `LHY after working for `LHYZ PU 0[HS` and Switzerland where he was a ZLUPVY THUHNLY H[ *YLKP[ :\PZZL YLZWVUZPISL MVY WYP]H[L IHURPUN VWLYH[PVUZ PU Poland and ,HZ[LYU ,\YVWL He now runs his own boutique ^LHS[O THUHNLTLU[ Ã&#x201E;YT Granfeld Wealth 4HUHNLTLU[ and is a non-exLJ\[P]L KPYLJ[VY on the Board of Hellenic Bank. He was at INSEAD in 2005.
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| EDUCATION |
THREE CYPRIOT MBA GRADUATES OF INSEAD RECENTLY ANNOUNCED THE FORMATION OF AN ALUMNI CLUB IN CYPRUS. )@ 16/5 =0*2,9: )@ 16/5 =0*2,9:
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NSEAD, one of the world’s leading and largest graduate business schools, became a pioneer in international business education with the graduation of the first MBA class from its Fontainebleau campus in Europe in 1960. Forty years later, it opened an Asia campus in Singapore and an Abu Dhabi campus in 2010. The initial concept of INSEAD (originally an acronym for the French Institut Européen d’Administration des Affaires, or European Institute of Business Administration) was for a business school in Europe offering the same high level academic curriculum as Harvard in the US. Today, it promotes itself as “The Business School for the World”, a description that is both justified and accurate, as three of its Cypriot MBA graduates assured Gold recently when they announced Eric Shukuroglou Y\UZ [OL MHTPS` the formation of the I\ZPULZZ 7YLTPLY INSEAD National :O\R\YVNS\ *`WY\Z Ltd with his brother. Alumni Club of 0[ PZ HJ[P]L PU [OL JYVW Cyprus. WYV[LJ[PVU U\[YP[PVU Eric Shukuroglou HUK HUPTHS OLHS[O WYVK\J[Z I\ZPULZZ (1986), Michalis HUK MVY [OL SHZ[ Makris (1998) and [OYLL `LHYZ OHZ HSZV ILLU PU]VS]LK PU [OL Andreas Christofides ^HZ[L THUHNLTLU[ (2005) had all chosen I\ZPULZZ WYVK\JPUN the school, despite JVTWVZ[ V\[ VM NYLLU ^HZ[L HUK YLHK` the fact that most WV[[PUN ZVPSZ MYVT of their compatriots JVTWVZ[ /L ^HZ H[ INSEAD in 1986. who study for a postgraduate qualification abroad tend to go to the UK and the US. Eric Shukuroglou studied in Lausanne and then took a marketing job at Dow Chemical in
Zurich, where he was first told about INSEAD by people who had obtained their MBA there. “I had never heard of it until then but I was impressed by what I was told so I applied,” he recalled. “When I was there in 1986, it was clear that a great effort had been made to make it as international as possible. At that time, the American business schools were not like that – it was only later on that they realized the importance of being as international as possible. Much of the teaching was done in groups, which were extremely well designed, mixing people with different backgrounds, nationalities, cultures and ways of thinking.” Michalis Makris was there in 1998. “For me, the choice was between Harvard and INSEAD, which I considered as the two best business schools globally,” he said. “Harvard told me they thought I was too young and suggested that I apply the following year but INSEAD accepted me so I went there. It was one of the best decisions I’ve made.”
WE’RE PART OF A BIG FAMILY AND WE HAVE TO TAKE AN ACTIVE ROLE IN PROMOTING OUR SCHOOL www.goldnews.com.cy | GOLD | 39
| EDUCATION |
Andreas Christofides, who was there in 2005, wanted to do an MBA because, as he explained, “With a background in finance and economics, I felt that in order for my career to advance I needed to have exposure to other fields: strategy, management, entrepreneurship, organisational behaviour, etc.” He chose INSEAD predominantly because it was – and still is – considered the best European business school and one of the top ones globally. With around 50,000 graduates from 173 countries and 157 nationalities, it has obviously gained a remarkable international reputation. Eric Shukuroglou believes that one of the reasons why INSEAD is not so well-known in Cyprus is that “we have always had, by default, greater access to the UK and USA and there was the question of awareness. People here started discovering INSEAD after seeing official business school rankings in which it consistently featured near the top.” INSEAD likes to call itself ‘The Business School for the World’ because of all the nationalities represented there and the three co-founders of the INSEAD National Alumni Club of Cyprus have all appreciated the role that the international aspect plays on the MBA course. “What’s interesting is that you can subconsciously categorise people, see certain trends that French or Dutch or American people have and you end up with a kind of summary of the whole world,” said Michalis Makris. “And another element is that, in addition to their academic background and promising careers, many of the candidates who are accepted on the course are strong personalities and if you have several such people in a group, it can be very difficult to get
40 | GOLD | The Business Magazine of Cyprus
PEOPLE HERE STARTED DISCOVERING INSEAD AFTER SEEING OFFICIAL BUSINESS SCHOOL RANKINGS IN WHICH IT CONSISTENTLY FEATURED NEAR THE TOP them to agree!” Eric Shukuroglou agreed. “The dynamics within the groups were exactly as Michalis is describing them when I was there too: strong personalities and different points of view due to cultural differences.” “In addition to the international aspect, a second pillar of the school was its approach to teamwork,” added Andreas Christofides. “Part of the concept of the MBA there is to teach someone how to be part of a group or team and to function in this collective environment. I think we would all agree that, at INSEAD, only half of the learning is done inside the classroom. The other half comes through this experience of being part of a group going through a case and trying to find a solution.” Three people at the same business school in three different decades and yet sharing not only the same pride and gratitude for all they have learned there but wanting to encourage others to follow in their footsteps. What made them get together to form an alumni association? “We have to capitalize on everything
we have done in our lives, especially when it’s something worthwhile that involves a lot of hard work and commitment, which was the case at INSEAD,” explained Michalis Makris. ”Just because you graduate from INSEAD doesn’t mean that it stops there. We’re part of a big family and we have to take an active role in promoting our school.” Makris and the others would regularly bump into each other and they came to realize that they shared a great deal. “The feeling I would get from everybody was that we needed to do something as a club, as an association. We all consider INSEAD as one of the most important experiences of our lives and we shouldn’t just leave it at that. We should organise ourselves. So we took this initiative and here we are.” There are around 40 Cypriot graduates of INSEAD and a number of non-Cypriots living in Cyprus, as well as other Cypriot graduates who live and work abroad. It is hoped that they will all join the alumni club, which the three co-founders intend to be a vehicle for promoting the school in Cyprus. “The goals of the association include arranging for professors from INSEAD to participate as speakers at conferences in Cyprus, and having professors or alumni writing articles in business magazines such as Gold,” explained Michalis Makris. “We also want to increase communication among our members so that we can help each other wherever this is requested and feasible.” “We believe it is good for the country and the economy to have people choosing INSEAD for their MBA,” said Eric Shukuroglu. “And I am sure that the candidates themselves will certainly not regret their choice of school.”
Opinion
THE DAY AFTER
THERE IS NO POINT IN PLAYING THE BLAME GAME FOR PAST MISTAKES By Kyriakos Iordanou
A
prominent place on the Governkey message ment’s agenda. that we all need Embarking on a mission to to receive and boost compliance and transparassimiliate is that ency should be a common goal. responsibility for The economy has started to show the economy lies signs of stability and potential. with all of us and not only of those There is no room for complacenin Government at any given time. cy or any return to the bad habits Major issues and reforms can only of the past. be addressed through collaboration, The rationalisation of public fia collective effort and the effective nances, coupled with the prompt use of experts. We all have a duty payment and collection of taxes, to work diligently in order to bring is another major task for which Cyprus back onto a development the Tax Authorities require a lot and growth trajectory. This is a two of support in order to carry it tier-task, entailing efforts that foster out properly. Tax reforms such economic growth on the one hand as those recently approved by and efforts to reform and re-engineer the House of Representatives the public sector on the other. will undoubtedly make Cyprus The first tier may be realised by w more efficient and render it strengthening the country’s credibilimore attractive to international ty as an international business centre investors. I believe, however, that and by achieving new, significant MPs would be wise to lend an ear to the professionforeign direct investment (FDI). The self-explanaInfo: Kyriakos Iordanou is General Manager of the Institute of Certified als on specific and difficult issues. The preparation tory second tier is involves enormous political will Public Accountants of Cyprus of the above legislation is a vivid example of how, and commitment. by working together, the public sector and the In order to successfully achieve the goals of the relevant stakeholders of the private sector can produce superb first tier, a two-pillar strategy is essential: focusing on investment results. It should pave the way for similar collaboration on other matters and defining the priorities of the state, and enriching and critical matters. improving the range of services and products provided. Attaining a sustainable course for the economy and society in FDI is the most reliable source of fresh money in the economy, general is everybody’s concern. A strategic plan, a clear vision and inevitably boosting the overall “thirst” for liquidity and business mission, and precise goals and objectives represent the only way activity. It is thus imperative to maintain Cyprus’ status as an forward. At the same time, it is a sine international business jurisdiction qua non that we be creative, innovative of repute. This calls for a lot of and outward-looking to exploit the serious and structured work by THE ECONOMY HAS country’s comparative advantages and all stakeholders. The state has to STARTED TO SHOW retain Cyprus’ differentiation and combecome more responsive, agile SIGNS OF STABILITY petitiveness versus other jurisdictions. and flexible with businesses and AND POTENTIAL. THERE There is no need to look back and people, as well as more efficient try to allocate responsibility and blame. and effective in various areas. The IS NO ROOM FOR must learn from past mistakes and application of an e-government COMPLACENCY OR ANY We refrain from repeating them. What environment throughout the civil RETURN TO THE BAD matters now is the day after. Let’s conservice is not a far-fetched aim; HABITS OF THE PAST centrate on that. on the contrary, it should have a
www.goldnews.com.cy | GOLD | 41
| CREATIVITY |
S E YCANN WE
By Stelios Anastasiades
In June, I was fortunate to attend the Cannes Lions International Festival of Creativity (formerly the Cannes Advertising Festival) – the Holy Grail of advertising awards for creativity that takes place every year at the famed Palais Des Festivals – as the special representative of the Young Lions of Cyprus. 42 | GOLD | The Business Magazine of Cyprus
ES!
T
he Cannes Young Lions com petition is about fostering and challen ging young creative, media and marketing professionals. The aim of the competition is to identify the hottest young talents, wh o then represent their country in the wo rldwide Lions Competition. This is the first year that Cy prus has been represented in Cannes and it followed a local com petition, held under the aus pices of The Cyprus Communicatio ns Agency Association (SD EK). In three categories (for Cyprus these were print, cyber and film). In each category, teams of two people under the age of 28 work to a specific brief provided by the Cannes Festival jurors. Once the brief is received, each team has a strict deadline of 24 hou rs (for print and cyber) or 48 hou rs (for film) by which to sub mit their work. As Chairman of SDEK, I had the honour of chairing the local competition, which was a gre at success. The fact that it attr acted more than 150 entries was considered an outstanding feat by the Cannes jurors. Three teams (one for each category) were selected to go to Cannes and compet e with a new brief, this tim e against hundreds of teams from aro und the world. This was not my first time in Cannes but it was my firs t time at the advertising festival and I was feeling incredibly excited .I can only imagine the pride and enthusiasm that our six Young Lions felt to be actually com peting as the first-ever group from Cyprus to show their work at the world’s most renowned event for advertising creativity.
Tools and methodologies alone are not what make marketers and creative strategists great
the quality of In the event, the competition was fierce and ng Lions came You our of e non ly, copywriters, cinematographers, social media and digital specialnate work amazing. Unfortu ories mem with away e com did they ists shared their ‘trade secrets’ which, in the end, proved not to but away with an award in with rema edly oubt und will that e be so secret after all. In fact, presentations and strategies from rienc expe of an incredible . lives nal essio just about any agency and on virtually any topic, product or prof their ut them througho 00 entries 40,0 than e mor al, festiv g brand are online for anyone to see. rtisin adve main In the ion all of them on dispetit com in After a few days of this, it became obvious that in the real were d worl the nd arou from provoking. In addition world, in the big markets, these “tools” are obvious and ubiqplay, all of them impactful and thoughtates were also privy uitous; they are revealed and learned by the competition in no to seeing this massive amount of work, deleg and workshops s tion enta pres tes, time. So why bother hiding them? Plus, tools and methodoloto seminars, speeches, deba cewere re The al. festiv g -lon week the gies alone are not what make marketers and creative strategists ut taking place througho Pharstry. indu our ide outs and in with great. Tools are there to help a master forge his ideas. Just as a from s lebrities and guru ie Oliver were Jam and agh Bran neth carpenter’s tool in the hands of an apprentice will not help the Ken e, Gor Al , rell Williams ell, Jean-Marie Sorr tin Mar Sir ! there was novice make extraordinary furniture, so too, in our field, the n ashia Kard there. Kim world were there – all the of ds min ive big idea will always be bigger than the tool that helps bring it creat top r othe and Dru their vision of the futo light. sharing their knowledge, their work and who recently conductBy the final day of the Festival, a persistent and repetitive ture. Yonathan Dominitz of Mindscapes, Cyprus for members of message pervaded the atmosphere throughout the Palais, ed a series of seminars and workshops in organisers to conduct haunting all those in attendance: “Anyone can win a Lion”. SDEK, was among them, invited by the . -how know ue uniq Subconsciously, the organisers wanted us to believe that we all his e shar workshops and g that stands out thin one the aps perh is had a chance to win the big prize. Consciously, during the fiept conc ” ring The “sha the hoarding of and ecy Secr ival. Fest the nal ceremony, it became glaringly clear that the idea is bigger, from d min my most in to be the norm in our seem es niqu tech much bigger and more important than a lavish production. and tools ary” priet “pro so it was surprising – Agencies from countries like Pakistan, Tunisia, Egypt and industry (at least in our part of the world), -Marie Dru, the man Kuwait were winning Gold Lions for the first time since the even shocking – to witness TBWA’s Jean ”, discussing in front Festival began. Tunisia won Platinum and India won its first who coined the term “Disruption strategies ready now was ciple prin n ptio disru the Grand Prix. In each of these cases, it was not an extravagant how of his competitors how, after rate onst dem and ain expl to on TVC production that brought them the most coveted prize t wen for a facelift. He and ging chan , king twea be ld for creativity, but a simple, moving and highly wou A TBW 25 years, a new, Info: Stelios Anastasiades is Chairman engaging idea that touched the hearts of the auwith s work cy agen the way the g adin upgr of the Cyprus Communications ” The dience, changed their perspective, and ultimately Agency Association (SDEK). revised form of “disruption methodology. cers who their behaviour. It certainly changed mine. same was true of the Chief Marketing Offi ds in I am certain that Cyprus will one day win discussed not only the success of their bran ally showed work which a Cannes Lion. And I want to be there, again, on that day! recent campaigns but some of them actu ctors demonstrated Cannes Lions? Yes we Cannes! had not yet been launched. Creative Dire ifestos; man and s ough kthr brea ive creat d lope how they deve www.goldnews.com.cy | GOLD | 43
SPECIAL PROMOTIONAL FEATURE
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| CONFERENCE |
LORD LAMONT
TO ADDRESS THE 6th LIMASSOL
ECONOMIC
FORUM
T
he Limassol Economic Forum, now in its 6th year, is a prestigious and major platform of debate on political, economic and business issues in Europe and the Eastern Mediterranean. The Forum engages political, academic and business leaders in a wide-ranging discussion that aspires to improve the state of the broader region and contribute to the worldwide economic debate. Chairman of this year’s Forum, and one of the speakers, is the BBC’s Chief Correspondent, Gavin Hewitt, one of the world’s most distinguished television journalists. Other speakers include Dr. Thomas Mayer, former Chief Economist
46 | GOLD | The Business Magazine of Cyprus
at Deutsche Bank, Henk Potts, Director, Global Research & Investments, Barclays Bank, UK, who spoke at the Limassol Economic Forum in 2012 and 2014, and Ian Stewart, Partner and Chief UK Economist, Deloitte, who previously addressed the 4th Forum in 2013. With the US economic recovery still fragile and the threat of stagnation and deflation looming in Europe, decision makers and economists are still debating the effectiveness of government responses to the crisis of 2008 and in many countries the burning issue of the sustainability of government debt is still unresolved. Europe still faces the question of a possible “Grexit” and even a later “Brexit”, as well as a number of other issues. Should Europe follow a more austere and fiscally responsible attitude or more ‘relaxed’ policies? The Limassol Economic Forum aims to touch upon the main issues affecting the European economic agenda and come up with reliable forecasts about the economic outlook. This year’s Forum will focus on the broader economy, the Greek debt crisis, the future of the euro and the broader issue of government debt.
LORD LAMONT OF LERWICK, BETTER KNOWN AS NORMAN LAMONT, FORMER CHANCELLOR OF THE EXCHEQUER AND A MEMBER OF THE CABINETS OF MARGARET THATCHER AND JOHN MAJOR, IS ONE OF THE KEYNOTE SPEAKERS AT THIS YEAR’S LIMASSOL ECONOMIC FORUM, WHICH TAKES PLACE ON 21 OCTOBER 2015 AT THE FOUR SEASONS HOTEL, LIMASSOL.
LORD LAMONT OF LERWICK
Norman Lamont, a stalwart of British politics for decades, was made a Life Peer in 1998. He read Economics at Cambridge and went on to become a Merchant Banker at NM Rothschild and Sons. Margaret Thatcher and John Major both employed him as a cabinet member, and he was Chancellor of the Exchequer from 1990-9993. After introducing three budgets as Chancellor, Lamont inherited the policy of membership of the Ex-
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change Rate Mechanism (ERM), which invited a barrage of criticism, although today economists praise the regime of inflation targeting and the budget constraints he put in place after the UK left the ERM. In 1998 he published a self-deprecating testimony of his time as Chancellor, called In Office.
DR. THOMAS MAYER
Dr. Thomas Mayer, Founding Director of the Flossbach von Storch Research Institute, was Chief Economist of the Deutsche Bank Group and Head of DB Research. He previously held positions at Goldman Sachs, Salomon Brothers and, before entering the private sector, at the International Monetary Fund and the Kiel Institute. In 2012 he became a Senior Fellow at the Center for Financial Studies at Goethe University, Frankfurt.
CNBC, Channel 4, CNN and Fox News. In addition to television appearances, he has numerous radio commitments as in-house stock market expert, with regular slots in the UK on Talksport and LBC, as well as in important European markets through Riviera Radio (Monaco) and World Radio Switzerland. He also writes regular columns for national UK newspapers and personal finance magazines.
IAN STEWART
Ian Stewart is a Partner and Chief Economist at Deloitte where he advises Boards and companies on macroeconomics. He devised the Deloitte Survey of Chief Financial Officers and writes a popular weekly economics blog, the Monday Briefing. His previous roles include Chief Economist for Europe at Merrill Lynch, Head of Economics in the Conservative Research Department and Special Adviser to the Secretary of State for Work and Pensions. He studied at the London School of Economics.
HENK POTTS
Henk Potts, Director, Global Research & Investments, Barclays Bank, UK is a well-known media figure, regularly appearing on Sky News, BBC, Bloomberg,
GAVIN HEWITT
This year’s Forum Chairman, Gavin Hewitt, is one of the BBC’s most dis-
A
ttendance of the Limassol Economic Forum is by invitation only and is designed for CEOs, Managing Directors, Chairmen and Board Members and other Senior Management of major corporations in Cyprus and abroad, as well as GovernTLU[ VɉJPHSZ KPWSVTH[Z WVSP[PJPHUZ HUK other decision makers. Additional applicants will be considered for a fee, subject to the availability of places and meeting the above criteria Organisers: IN Business Magazine and IMH, In association with the Cyprus LSE Alumni Association Sponsors: Andreas Neocleous & Co. LLC, Barclays and Deloitte Communication Sponsors: Gold Magazine, Sigma Television and Dias Publishing House For further information and registration cost contact: IMH Tel: 22505555, Fax: 22679820, e-mail: events@imhbusiness.com Website: www.imhbusiness.com
tinguished television journalists, widely acclaimed for his breadth of knowledge and expertise. As the corporation’s Europe Editor from 2009 until earlier this year, he has covered the tensions between the EU and the UK and the eurozone crisis. As the BBC’s Chief Correspondent, he is at the forefront of all flagship programmes, bringing analysis and insight to a wide range of topics. He has won a string of awards for his documentary and news reports, including an RTS, a BAFTA and a Broadcast award. He is known for his effortless interweaving of the stories of ordinary people with the high drama of European politics and his blog was voted one of the most influential in Brussels. He has written three books, the latest being The Lost Continent (2013).
www.goldnews.com.cy | GOLD | 47
Opinion
WHAT IF…
A WINDOW OF OPPORTUNITY HAS BEEN OPENED, WHICH NEITHER COMMUNITY HAS THE LUXURY TO MISS By Savia Orphanidou
I
solution will create conditions of n 2013, the Cyprus security and peace in the Eastern Chamber of Commerce Mediterranean, further boosting & Industry (CCCI) and the confidence of foreign investhe Turkish Cypriot tors in our economy. Chamber, produced a In my view, there are two preshort film entitled What conditions for both communities If…, presenting the economic to exploit the economic benefits benefits of a viable solution of the of reunification. Firstly, the ecoCyprus problem for both communomic aspect of the solution must nities. comply fully with the principle The business community has of freedom of movement of laalways been ahead of our politibour, capital, goods and services, cians, cooperating on various policy and with policies that lead to the areas that benefit both sides. With safeguarding of fiscal consolidathe resumption of negotiations and tion, sustainability of the public the positive climate created, the debt and the viable management film presents an excellent opportuof public finances. Also, stricter nity for all Cypriots to consider the supervisory policies must be promost important factor of our times moted in the banking sector. If – the economic factor – as part of these principles are adhered to, a the equation for a solution. significant number of controverI fully acknowledge the tremensial economic issues, which predous efforts made by the Governviously existed between the two ment and the Greek Cypriots to Info: Savia Orphanidou communities, will become redundant. exit the financial crisis and put our economy back on is an economist. The second precondition has to do with the managetrack. However, I strongly believe that the reunificament of our natural gas and the upgrading of Cyprus’ tion of the country will speed up economic prospects and lead to the re-engineering of the Cyprus economy as a whole. geopolitical role in the region. We should exploit the discovery of natural gas in Cyprus’ Exclusive Economic Zone, by pointing The development of economic, commercial, trading and tourism out that, in the energy sphere, our national interests fully coincide activities between the two communities, the exploitation of the large Turkish market by both communities and the new opportu- with those of the key players in the region, including Turkey. Our natural gas, if managed in a prudent manner, can be a catalyst nities created for the Cyprus economy via new markets will facilifor creating conditions of peace and stability in the area and can tate efforts to accelerate economic growth. be used as a tool for the solution which, in turn, will enable a reFurthermore, a solution will strengthen our shipping industry unified Cyprus to exploit its natural wealth to the benefit of both by allowing the Cypriot fleet access to Turkish ports. It will lead communities. I have no doubt that a window of opportunity has to further financial support from European Structural and Cobeen opened, which neither community has the luxury to miss. hesion Funds and the European Investment Bank for the impleThe economic prospects created through mentation of large development a solution will help speed up our exit projects, especially in the north, THE REUNIFICATION from the financial crisis and the re-engiwhich will lead to the creation of new jobs, thus increasing OF THE COUNTRY WILL neering of the economy. Any adjustment problems that may arise will quickly be employment and the competSPEED UP ECONOMIC overcome if both sides show the necitiveness of the economy. The reconstruction of the closed part PROSPECTS AND LEAD TO essary willingness to make the solution THE RE-ENGINEERING OF work. At the end of the day, it is up to of Famagusta and its port will also enhance growth opportuniTHE CYPRUS ECONOMY the Cypriot people to make the right choice for the benefit of our country. ties. Most importantly, a viable
48 | GOLD | The Business Magazine of Cyprus
18 | GOLD | The Business Magazine of Cyprus
| PRIVATISATION |
T R O R S FI T P
OF CALL
Limassol will soon soo have what it takes to become a regional hub By John Vickers V
50 | GOLD | The Business Magazine of Cyprus
L
AST MONTH IT WAS REVEALED THAT 33 OPERATORS HAVE SUBMITTED WRITTEN EXPRESSIONS OF INTEREST REGARDING THE LIMASSOL PORT CONCESSIONS. AS THE MINISTER OF TRANSPORT, COMMUNICATIONS & WORKS, MARIOS DEMETRIADES, TOLD GOLD, HE IS VERY OPTIMISTIC ABOUT THE PORT’S FUTURE DEVELOPMENT.
Gold: Why was the Cyprus Ports Authority selected as one of the first semi-government organisations for privatisation? Marios Demetriades: For an island, ports are among the most important pieces of infrastructure and should be
Gold: Why privatise rather than, as the Government’s critics argue, improve the situation and operate the Port more efficiently? M.D.: Because the Government cannot and should not be a businessman. It’s as simple as that. The Government’s role is
Port. By the end of the year we should have the preferred bidders ready and we’ll start drawing up the concession agreement. The objective is to finish the whole process by the middle of February 2016. Gold: What kind of response has there been? M.D.: I am very encouraged. There has been very strong interest and, having seen the standard of the companies contacting us, I am very optimistic. There are some really serious operators showing interest and, I believe, this shows the true potential of the Port. They
THE PRESENT PLAN SHOULD HAVE BEEN IMPLEMENTED 10-15 YEARS RS AGO areas of economic development for the whole of the island. Unfortunately, we have never managed to exploit the potential of Limassol Port, mainly because of the working practices and inefficiencies that have been in place for a number of years. Over the years we have missed a lot of opportunities to develop Cyprus as a transshipment hub; nobody wanted to take the ‘tough’ decisions, probably because they would have affected various other interests. So we preferred to let our ports operate with a limited scope instead of doing what other countries did. The present plan should have been implemented 10-15 years ago. The Eastern Mediterranean is a very busy area and so many ports are investing in infrastructure and modernizing. It’s a very competitive region and if we don’t do what others are doing now, we’re not only going to miss yet another opportunity but I am afraid that it may be our last chance.
to regulate, supervise, undertake strategic planning of the country’s long-term infrastructure needs but it isn’t –and can’t be – a good operator. Even with the best intentions, we can’t be as efficient as the private sector. That’s a fact. And this is the model that everybody in the European Union is following: keeping the ownership of the infrastructure and giving out its operation to the private sector. Gold: So what’s happening with the process right now? M.D.: The pre-qualification phase finished on 17 July. Next comes the bidding and the due diligence process for the companies that get through the first stage. The criteria that we put in place will ensure that any firm that progresses to the second stage already knows how to run ports. We are not looking for a financial investor but an operator, for somebody with the experience, the ability and the connections to run Limassol
rested if they didn’t see wouldn’t be interested it. Limassol isn’t the only port in a good location in the Eastern Mediterranean, so it’s encouraging that they want to operate this one. Gold: What is your ultimate vision for Limassol Port? How do you see it developing once a new operator has been chosen? M.D.: Our vision is for it to become a truly international port, a very important pillar of economic activity for the city and the whole country, and a point of reference for the entire area. The only way to achieve that is through this process and I believe that it will happen. Gold: How difficult has it been to convince other people of this? M.D.: Apart from the people who will be directly affected in some way, I think everybody realizes that this procedure needs to go forward and they under-
www.goldnews.com.cy | GOLD | 51
| PRIVATISATION |
TH THE HE GOVERNMENT CANNOT AND SHOULD NOT BE A BUSINESSMAN. IT S AS SIMPLE AS THAT A IT’S stand the value of bringing in an experienced operator to run the Port. I can’t deny that we have faced a lot of difficulties, especially from the unions, and I am under no illusions: I believe we will have to deal with problems of one kind or another until the very last moment. Even the people who are already working for the Cyprus Ports Authority, whose rights, jobs and salaries are safeguarded, are afraid of change even though there is no reason for it. Then there are the porters, who have had a kind of monopoly for years and it’s not easy to change this in the space of a few months. We have had some tough negotiations with them but I believe we have now reached a fair deal in which everyone wins. In the end, it all comes down to the fact that people fear change, whatever it may be. There have been so few changes in the public sector over the past 55 years that so when change does appear, people are reluctant to accept it. I believe that the Memorandum of Understanding that we signed with the Troika was good in the sense that it made us see the changes we needed to implement. The reality is that we did not see them – or we didn’t want to see them – until they were forced upon us. The privatisation process should have taken place 10-15 years ago but there was clearly a lack of political will to proceed with it. The current Government is determined to implement those changes that are necessary for the good of the country. Gold: How will the role of the Cyprus Ports Authority change? M.D.: Its role will be upgraded. It will be converted from being an operator into being a regulator/supervisor and its supervisory powers will be enhanced since it will be looking after a professional operator. It will be able to focus on its real duties instead of running the port, which means, for example, placing greater emphasis on the environmental aspect,
52 | GOLD | The Business Magazine of Cyprus
which is of great importance to the European Union these days. The transformation will happen gradually because the original plan was to include Larnaca, too, but following the breakdown of negotiations with the Zenon consortium, that process has to start again. Hopefully within a couple of years we’ll have an operator in place there but the ultimate vision for the Cyprus Ports Authority is for it be a regulator/supervisor. Gold: So the plan remains for Limassol to be the island’s commercial port and Larnaca will be more passenger/ yachting oriented? M.D.: It’s back to the drawing board as far as Larnaca Port is concerned. The original plan was drawn up in 2004-5, there were many delays and then it became a victim of the financial crisis. But things have changed so we need to come up with a concept that is attractive in the current environment. Such projects need to be completed within a maximum of two years, otherwise things change. The whole world is changing fast so we need to be fast too. As I said before, if we had gone through this process some years ago, Cyprus could have become a transshipment hub like Malta. Now those chances are fewer and we need to exploit them before it’s too late. Limassol will have a container terminal and a multi-purpose terminal, including the passenger terminal. Whatever happens to Larnaca, I believe that passenger ships will still use Limassol and I am sure the new operator will contribute a great deal to bringing more cruise ships to Cyprus. Gold: So in the end, everyone iss going to benefit? ocess M.D.: Yes, the benefits of this process will affect everyone involved: the Government will gain by retainingg ownership of the infrastructure while not having to make its own investment in new cranes,
for instance, something that the financial crisis affected. There probably needs to be €50 million worth of investment in superstructure, which the Government won’t need to pay, so we’ll save some money, we will also get a percentage of the operator’s turnover and an upfront fee. The operator will gain access to a great piece of infrastructure situated in the Eastern Mediterranean and maximize profitability by utilizing our existing base of activities, build on it and increase it. At present, only 25% of the port area is in use so there is tremendous potential. In addition, there will be benefits for the whole of society from our improved connectivity, as it will be cheaper to bring containers. At present our costs are the highest in the region and this cost is passed on to consumers so any reduction will benefit them. A more successful port will help bring about an enlargement of the shipping cluster too. So for many reasons I am very excited by this process and I believe that everyone in Cyprus should be excited. It is going to open up so many new prospects for us.
IT’S BACK TO THE DRAWING BOARD AS FAR AS LARNACA PORT IS CONCERNED
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Emergo Wealth presents
| CONFERENCE |
7KH
INVESTMENT
Mike Balm CEO Emergo Wealth
E
Expert Conference
Investing in a Global Marketplace
mergo Wealth presents the half-day Investment Expert Conference on Friday 18 September 2015 at the Hilton Park Hotel, Nicosia. It will bring together influential individuals from the investment world, institutional and retail investors, investment professionals, fund managers, administrators and regulators, to debate, discuss and share their views on the most pressing issues in the world of finance and investing, together with and the latest trends and developments in the investment management industry. The conference aims to provide investors with accurate information on the current state of international markets and investment products, with an emphasis on the retirement savings industry perspective, presenting solutions, best practices and investment proposals through practical examples and expert analyses. A world-class group of investment professionals will address, inter alia, quan-
titative and qualitative aspects of investing, strategic and tactical asset allocation, regulatory and tax issues. Given the volatile nature of global financial markets, the investment management sector is facing new and constantly evolving challenges, including increased reliance on technology, stricter regulation and sterner competition. Gradually exiting a long period of recession, Cypriot investors are searching for opportunities for investment diversification and sustainable growth. What are the key factors for effective risk management and which are the investment opportunities presented in Cyprus and internationally? Emergo Wealth Ltd. is a fully-fledged financial services company, built on world-class professional expertise, integrity and transparency. It provides investment advisory, asset and portfolio management, research, brokerage and administrative services that enable clients to rely on turnkey, total solutions to manage their business and grow their wealth. With a deliberate focus on asset management, the company embraces new and emerging opportunities and technologies to place its clients on the cutting edge of finance. From corporate finance to research and
54 | GOLD | The Business Magazine of Cyprus
consulting, the company has the breadth and depth of expertise to add value to its clients through turnkey solutions in an ever-changing investment landscape. The company recently launched the LifeGoals Fund, the first horizontal MultiEmployer Provident Fund in Cyprus, as an example how the company brings innovative and cost-effective professional solutions to the Cyprus marketplace and beyond. The Conference, which will be introduced by Mike Balm, CEO, Emergo Wealth, is divided into two main sessions, followed by a panel discussion. The first, “Global Investment Outlook 2016” includes presentations on Alternative Investments (Ernesto Prado, CIO, Ayaltis AG, Switzerland), Fixed Income Investments (Frederick Dubignon, CEO, Byron Capital Partners, UK and Cyprus), and Global Investment Outlook (Andrew Tinney, Partner, KPMG Singapore, Singapore). The second session, “Developments in the Fund Industry” features presentations on Developments in the Retirement Savings Sector (Michalis Hadjihannas, Director, Client Services, Emergo Wealth, Cyprus) and The Future of Cyprus as an International Fund Administration Centre (Yiannis Matsis, CEO, Point Nine Ltd, Cyprus).
During the Panel Discussion on “Retirement savings plans – Local and international perspectives”, investment managers, fund administrators and regulators will look at the challenges and opportunities that lie ahead for the Cypriot retirement savings industry. The panelists will address, inter alia, the opportunities presented by the Alternative Investment Fund framework and the requirement for professional and transparent management and sustainable solutions that will meet the retirement needs of individuals in the ever-changing industry. The four members of the panel are Andreas Andreou, Vice-Chairman, Cyprus Securities and Exchange Commission, Cyprus, Dimitris Dimitriou, Director, Lux Actuaries and Consultants, Cyprus, Savvas Orphanides, Non-executive Director, Emergo Wealth, Cyprus, and Dr. Constantinos Neophytou, Director, Investment Strategy, Emergo Wealth, Cyprus. THE INVESTMENT EXPERT CONFERENCE 2015 Organiser: Emergo Wealth Coordinator: IMH Supporter: LifeGoals MultiEmployer Provident Fund Communication Sponsors: Gold Magazine and Goldnews.com.cy IMH: Tel.: 22505555 e-mail: events@imhbusiness.com Website: www.imhbusiness.com
SPECIAL PROMOTIONAL FEATURE
UCLan Cyprus PRESENTS
LEADING LAW FIRMS IN CYPRUS THE 50 BIGGEST LAW FIRMS IN CYPRUS, PLUS A PRESENTATION OF 14 LEADING PRACTICES, THEIR COMPANY HISTORY/PROFILE, RANGE OF SERVICES, SPECIALIST AREAS OF EXPERTISE AND MORE.
CONTENTS _ ,QWURGXFWLRQ
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UCLan Cyprus, The Only British University Experience in Cyprus
www.goldnews.com.cy | GOLD | 55
SPECIAL promotional feature
LEADING LAW FIRMS IN CYPRUS
T
he study of Law has always been one of the most popular choices with young Cypriots, who mainly graduate from British and Greek universities, and the legal profession has not lost any of its lustre, despite the difficulties that the country has experienced in recent years. There are approximately 3,000 qualified lawyers in Cyprus, according to figures from the Cyprus Bar Association,
No
NAME
and the legal profession is unique in at least two ways: (1) it is more or less equally divided in number between men and women and (2) many Cypriot lawyers continue to work long after the â&#x20AC;&#x2DC;normalâ&#x20AC;&#x2122; retirement age. Active octogenarians are by no means rare here! The transformation of the country into a regional business centre over the past 30 years has created a major need for legal professionals and many law firms deal exclusively with international companies and issues of corporate and commercial law. Indeed, a large number of lawyers in Cyprus do not fit the stereotype of the courtroom dra-
HEAD OF FIRM
1
ANDREAS NEOCLEOUS & CO LLC
Andreas Neocleous
2
CHRYSSES DEMETRIADES & CO LLC
Chris Georghiades
3
CHRISTODOULOS G. VASSILIADES & CO LLC
Christodoulos G. Vassilades
4
L. PAPAPHILIPPOU & CO LLC
Leandros Papaphilippou
5
MICHAEL KYPRIANOU & CO. LLC
Menelaos Kyprianou
6
DR. K. CHRYSOSTOMIDES & CO LLC
Dr.Kypros Chrysostomides
7
ANTIS TRIANTAFYYLIDES & SONS LLC
Antis A. Triantafyllides
NUMBER OF LAWYERS
133 51 47 43 34 31 28
ma protagonist and many firms are not involved in litigation at all. With increasing foreign investment and new economic sectors emerging (such as oil & gas services), lawyers in Cyprus will continue to have an important role to play in the expanding business arena. The Cyprus Bar Association (CBA), which is the official professional body for advocates, was established in 1960. It is a member of the International Bar Association, the Commonwealth Lawyers Association, the Councils and Bars of the European Union (CCBE) and the Balkan Bar Association.
NUMBER OF PARTNERS
From time to time, Gold compiles lists of the leading law firms in Cyprus. Exactly 12 months ago, our cover story featured one such list and we have updated it on the following pages. This time, the firms are listed according to the number of lawyers they employ and we have limited the number to 50. There are a few instances of firms not wishing to be included in the list for reasons of their own and we have respected their request, although this means that it is not a definitive guide to the 50 biggest law firms on the island. All the information included was correct at the time that Gold went to press.
CONTACT DETAILS
17
+HDG 2IĂ&#x20AC;FH $GGUHVV Neocleous House, 195, Archbishop Makarios III Avenue, 3030 Limassol | 7HO (+357) 25110000 | )D[ (+357) 25110001 | :HEVLWH www.neocleous.com | &RQWDFW H PDLO info@neocleous.com
14
+HDG 2IĂ&#x20AC;FH $GGUHVV 13, Karaiskakis Street, 3032 Limassol | 7HO (+357) 25800000 | )D[ (+357) 25588055 | :HEVLWH www.demetriades.com | &RQWDFW H PDLO info@demetriades.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV Ledra House, 15, Agiou Pavlou Street, Agios Andreas, 1105 Nicosia | 7HO (+357) 22556677 | )D[ (+357) 22556688 | :HEVLWH www.vasslaw.com | &RQWDFW H PDLO vasslaw.net
16 4 14 3
+HDG 2IĂ&#x20AC;FH $GGUHVV ,Ă&#x20AC;JHQLDV 6WUHHW 6WURYRORV Nicosia | 7HO (+357) 22271000 | )D[ (+357) 22271111 | :HEVLWH www.papaphilippou.eu | &RQWDFW H PDLO info@papaphilippou.eu +HDG 2IĂ&#x20AC;FH $GGUHVV 2, Agias Elenis Street, 6th & 7th Floor, 1060 Nicosia | 7HO (+357) 22447777 | )D[ (+357) 22767880 | :HEVLWH www.kyprianou.com.cy | &RQWDFW H PDLO info@kyprianou.com.cy +HDG 2IĂ&#x20AC;FH $GGUHVV 1, Lampousas Street, 1095 Nicosia | 7HO (+357) 22777000 | )D[ (+357) 22779939 | :HEVLWH www.chrysostomides.com | &RQWDFW H PDLO info@chrysostomides.com.cy +HDG 2IĂ&#x20AC;FH $GGUHVV 2-4, Archbishop Makarios III Avenue, Capital Center, 9th Floor, 1065 Nicosia | 7HO (+357) 22360000 | )D[ (+357) 22670670 | :HEVLWH www.triantafyllides.com | &RQWDFW H PDLO trianta@triantafyllides.com
UCLan Cyprus, The Only British University Experience in Cyprus 56 | GOLD | The Business Magazine of Cyprus
No
NAME
HEAD OF FIRM
NUMBER OF LAWYERS
NUMBER OF PARTNERS
CONTACT DETAILS
5
+HDG 2IĂ&#x20AC;FH $GGUHVV Patrician Chambers, 332 Agiou Andreou Street, 3035 Limassol | 7HO (+357) 25871599 | )D[ (+357) 25344548 | :HEVLWH www.pavlaw.com | &RQWDFW H PDLO info@pavlaw.com
8
PATRIKIOS PAVLOU & ASSOCIATES LLC
Stavros Pavlou
9
SCORDIS PAPAPETROU & CO
Kyriacos Scordis
10
CHRYSSAFINIS AND POLYVIOU LLC
Polyvios G. Polyviou
25
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 8, Michalaki Karaoli Street, Anemomylos Building, 4th Floor, 1095, Nicosia | 7HO (+352) 22361100 | )D[ (+357) 22678011 | :HEVLWH www.cplaw.com.cy | &RQWDFW H PDLO FKU\VVDĂ&#x20AC;QLV SRO\YLRX#FSODZ FRP F\
11
GEORGE Z. GEORGIOU & ASSOCIATES LLC
George Z. Georgiou
20
3
+HDG 2IĂ&#x20AC;FH $GGUHVV (UDV 6WUHHW VW Ă RRU 1LFRVLD _ 7HO (+357) 22763340 | )D[ (+357) 22763343 | :HEVLWH www. gzg.com.cy | &RQWDFW H PDLO admin@gzg.com.cy
12
MONTANIOS & MONTANIOS LLC
Eric Montanios (Senior Partner), Acis Montanios (Managing Partner)
8
+HDG 2IĂ&#x20AC;FH $GGUHVV Diagoras House, 16,Pantelis Catelaris Street, 1097 Nicosia | 7HO (+357) 22660766 | )D[ (+357) 22678777 | :HEVLWH www.montanioslaw.com.cy | &RQWDFW H PDLO montanios@montanioslaw.com.cy
13
TASSOS PAPADOPOULOS & ASSOCIATES LLC
Nikos Papaefstathiou
8
+HDG 2IĂ&#x20AC;FH $GGUHVV 2, Sofouli Street, Chanteclair Building, 2nd Floor, 1096 Nicosia | 7HO (+357) 22889999 | )D[ (+357) 22889988 | :HEVLWH www.tplaw.com.cy | &RQWDFW H PDLO info@tplaw.com.cy
14
IOANNIDES DEMETRIOU LLC
Pambos Ioannides
19
15
ARETI CHARIDEMOU & ASSOCIATES LLC
Areti Charidemou
17
16
PAPADOPOULOS LYCOURGOS & CO LLC
Dimitris Papadopoulos & Doros Lycourgos (Managing Partners)
17
HARRIS KYRIAKIDES LLC
Harris Kyriakides
18
PAMBORIDIS LLC
Electra Papadopoulou Makedona
15
19
HARNEYS
Demetris Loizides
13
(+ 1 Trainee)
5
+HDG 2IĂ&#x20AC;FH $GGUHVV 313, 28th October Ave, 2nd & 3rd Floor, 3105 Limassol | 7HO (+357) 25820020 | )D[ (+357) 25820021 | &RQWDFW H PDLO cyprus@harneys.com | :HEVLWH www.harneys.com
20
GEORGIADES & PELIDES LLC
Marcos Georgiades
13
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 16, Kyriakos Matsis Avenue, Eagle House, 10th Floor 1082 Ayii Omoloyites, Nicosia | 7HO (+357) 22889000 | )D[ (+357) 22889001 | :HEVLWH www.cypruslaw.com.cy | &RQWDFW H PDLO info@cypruslaw.com.cy
21
CLERIDES ANASTASSIOU NEOPHYTOU LLC
Stavros Clerides
12
3
+HDG 2IĂ&#x20AC;FH $GGUHVV 6,Kolokotroni Street, 3032 Limassol | 7HO (+357) 25274050 | )D[ (+357) 25370704 | :HEVLWH www.cyplaw.com | CRQWDFW H PDLO info@cyplaw.com
22
Ń&#x2C6; )5$1*26 ASSOCIATES LLC
Iosif Frangos
3
+HDG 2IĂ&#x20AC;FH $GGUHVV 10, Patron Street, 6051 Larnaca | 7HO (+357) 24812581 | )D[ (+357) 24812583 | :HEVLWH www.frangoslaw.com | &RQWDFW H PDLO info@frangoslaw.com
27 27
(3 consultants)
20 20
17 15
12
10
4
(+1 for Nobel Trust Ltd)
+HDG 2IĂ&#x20AC;FH $GGUHVV 30, Karpenisi Street, 1077 Nicosia | 7HO (+357) 22843000 | )D[ (+357) 22843444 | :HEVLWH www.scordispapapetrou.com | &RQWDFW H PDLO info@scordispapapetrou.com
+HDG 2IĂ&#x20AC;FH $GGUHVV 2, Diagoras Street, Era House, Floors 7-12, 1097 Nicosia | 7HO (+357) 22022999 | )D[ (+357) 22022900 | :HEVLWH www.idlaw.com.cy | &RQWDFW H PDLO info@idlaw.com.cy
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 21 Vasili Michailidi Street, Limassol, 3026 | 7HO (+357) 25508000 | )D[ (+357) 25508032 | :HEVLWH www.aretilaw.com &RQWDFW H PDLO info@aretilaw.com
3
+HDG 2IĂ&#x20AC;FH $GGUHVV 2-4 Archbishop Makarios III Avenue, Capital Centre, 7th Floor, 1065 Nicosia | 7HO (+357) 22676126 | )D[ (+357) 22674201 | :HEVLWH www.paplyclaw.com | &RQWDFW H PDLO RIĂ&#x20AC;FH#SDSO\FODZ FRP
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 115, Faneromenis Avenue, Antouanettas Building, 6031 Larnaca | 7HO (+357) 24201600 | )D[ (+357) 24201600 | :HEVLWH www.harriskyriakides.com | &RQWDFW H PDLO info@harriskyriakides.com
5
(not including Mr. Pamboridis)
+HDG 2IĂ&#x20AC;FH $GGUHVV Pamboridis House, 45, Digenis Akritas Avenue, 1070 Nicosia | 7HO (+357) 22752525 | )D[ (+357) 22752800 | :HEVLWH www.pamboridis.com | &RQWDFW H PDLO info@pamboridis.com
UCLan Cyprus, The Only British University Experience in Cyprus
www.goldnews.com.cy | GOLD | 57
SPECIAL promotional feature
LEADING LAW FIRMS IN CYPRUS
No
NAME
HEAD OF FIRM
23
KINANIS LLC
Christos P. Kinanis
24
NASOS A. KYRIAKIDES & PARTNERS LLC
Nasos Kyriakides
25
P. ANGELIDES & CO LLC
Pavlos Angelides
26
STELIOS AMERICANOS & CO LLC
Stelios Americanos
27
MARKIDES & MARKIDES LAW FIRM
Alecos Markides & Hermione Markides (Managing Partners)
28
A.G.PAPHITIS & CO. LLC (AGP LAW FIRM)
Angelos G. Paphitis
29
COSTAS TSIRIDES & CO LLC
Alexandros Tsirides LLB, LL.M. Barrister
30
C.D. MESSIOS LLC
Constantinos D. Messios
31
C.P. EROTOCRITOU & CO LLC
Costas P. Erotocritou
32
GEORGIADES & ASSOCIATES LLC
Yiannos G. Georgiades
33
KANNAVA, KITROMILIDOU & CO LLC
Maria Kitromilidou
34
POLAKIS SARRIS & CO., LLC
Polakis Sarris
35
SOTERIS PITTAS & CO LLC
Soteris Pittas
36
ANTONIS PASCHALIDES & CO LLC
Antonis Paschalides
NUMBER OF LAWYERS
NUMBER OF PARTNERS
CONTACT DETAILS
12
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 12, Egypt Street, 1097 Nicosia | 7HO (+357) 22558888 | )D[ (+357) 22762808 | :HEVLWH www.kinanis.com | &RQWDFW H PDLO kinanisllc@kinanis.com
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 67, Spyros Kyprianou Avenue, Kyriakides Business Centre, 4003 Limassol | 7HO (+357) 25352352 | )D[ (+357) 25352353 | :HEVLWH www.naklaw.com.cy | &RQWDFW H PDLO info@naklaw.com
3
+HDG 2IĂ&#x20AC;FH $GGUHVV 12, Themistocles Dervis Street, 1st Floor, 1066 Nicosia | 7HO (+357) 22673300 | )D[ (+357) 22673301 | :HEVLWH www.pavlaw.com.cy | &RQWDFW H PDLO RIĂ&#x20AC;FH#SDYODZ FRP F\
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 12th Demostheni Severi Avenue, WK )ORRU 2IĂ&#x20AC;FH 1LFRVLD _ 7HO (+357) 22465500 | )D[ (+357) 22338500 | :HEVLWH www.americanoslaw.com | &RQWDFW H PDLO info@americanoslaw.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV Markides House,1-1A Heroes Street, 1703 Nicosia | 7HO (+357) 22779900 | )D[ (+357) 22778787 | :HEVLWH www.markides.com.cy | &RQWDFW H PDLO info@markides.com.cy
n/a
+HDG 2IĂ&#x20AC;FH $GGUHVV AGP Chambers, 84, Spyros Kyprianou Avenue, 4004 Limassol | 7HO (+357) 25731000 | )D[ (+357) 25761004 | :HEVLWH www.agplaw.com | &RQWDFW H PDLO agp@agplaw.com
12 12 12 11 10 10 10 10 10 10 10 10 9
2
+HDG 2IĂ&#x20AC;FH $GGUHVV Grivas Dighenis Avenue, Panayides %OGJ QG Ă RRU /LPDVVRO _ 7HO (+357) 25820810 | )D[ (+357) 25359772 | :HEVLWH www.tsirides.com | &RQWDFW H PDLO alexandros@tsirides.com
1
+HDG 2IĂ&#x20AC;FH $GGUHVV 36, AgiasElenis Street, Galaxias &RPPHUFLDO &HQWUH WK )ORRU 2IĂ&#x20AC;FH 1LFRVLD _ 7HO (+357) 22460446 | )D[ (+357) 22761176 | :HEVLWH www.messios.com | &RQWDFW H PDLO messios@messios.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 23, Olympion Street, Libra Tower, 4th Floor, 3605 Limassol | 7HO (+357) 25363665 | )D[ (+357) 25341500 | :HEVLWH www.erotocritou.com | &RQWDFW H PDLO themis@cperotocritou.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 2. Ayios Pavlos & Kadmos Street, Wisdom Tower, 3rd Floor, 1105 Nicosia | 7HO (+357) 22819292 | )D[ (+357) 22778444 | :HEVLWH www.gmadvocates.com | &RQWDFW H PDLO enquiries@gmadvocates.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 3, Markou Botsari Street, 2nd & 3rd Floors, 3040 Limassol | 7HO (+357) 25585583 | )D[ (+357) 25585582 | :HEVLWH www.kpklegal.com | &RQWDFW H PDLO m.kitromilidou@kpklegal.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 36, Byron Avenue, Nicosia Tower &HQWUH WK Ă RRU 1LFRVLD _ 7HO (+357) 22456000 | )D[ (+357) 22670040 | :HEVLWH www.polakissarris.com | &RQWDFW H PDLO info@polakissarris.com
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 10, Chrysanthou Mylona Street, Magnum House, 3030 Limassol | 7HO (+357) 25028460 | )D[ (+357) 25028461 | :HEVLWH www.pittaslegal.com | &RQWDFW H PDLO info@pittaslegal.com
3
+HDG 2IĂ&#x20AC;FH $GGUHVV Corner of Archbishop Makarios III $YHQXH $JLDV (OHQLV *DOD[LDV %XLOGLQJ WK Ă RRU 2IĂ&#x20AC;FH 502, 1061 Nicosia | 7HO (+357) 22661661 | )D[ (+357) 22672333 | :HEVLWH www.paschalides.com | &RQWDFW H PDLO info@paschalides.com
UCLan Cyprus, The Only British University Experience in Cyprus 58 | GOLD | The Business Magazine of Cyprus
No
NAME
HEAD OF FIRM
NUMBER OF LAWYERS
NUMBER OF PARTNERS
CONTACT DETAILS
3
+HDG 2IĂ&#x20AC;FH $GGUHVV 31, Evagorou Street, Evagoras Building, 4th Floor, 41-42, 1066, Nicosia | 7HO (+357) 22677677 | )D[ (+357) 22674422 | :HEVLWH www.patsalides.com.cy | &RQWDFW H PDLO info@patsalides.com.cy
6
+HDG 2IĂ&#x20AC;FH $GGUHVV 20, Costi Palama Street, Aspelia Court, VW QG Ă RRU 1LFRVLD _ 7HO (+357) 22664555 | )D[ (+357) 22677485 | :HEVLWH www.kklaw.com.cy | &RQWDFW H PDLO info@kklaw.com.cy
37
CHRISTOS PATSALIDES LLC
Christos Patsalides
38
KOUSHOS & KORFIOTIS ADVOCATES & LEGAL CONSULTANTS
Kyriacos J. Koushos & George 7K .RUĂ&#x20AC;RWLV
39
PELAGHIAS CHRISTODOULOU VRACHAS LLC
Alexandra PelaghiasChristodoulou & Petros Vrachas (Managing Partners)
9
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 41, Themistocles Dervis Street, Hawaii Nicosia Tower, 8th Floor, 1512 Nicosia | 7HO (+357) 22764216 | )D[ (+357) 22768277 | :HEVLWH www.pelaghiaslaw.com | &RQWDFW H PDLO info@pelaghiaslaw.com
40
TORNARITIS LAW FIRM
CritonTornaritis
9
3
+HDG 2IĂ&#x20AC;FH $GGUHVV 16, Stasikratous Street, 1065 Nicosia | 7HO (+357) 22456056 | )D[ (+357) 22664056 | :HEVLWH www.tornaritislaw.com | &RQWDFW H PDLO Criton@tornaritislaw.com
41
A&E C. EMILIANIDES, C. KATSAROS & ASSOCIATES LLC
Prof. Dr. Achilles C. Emilianides
8
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 192, Ledra Street, 3rd Floor, 1011, Nicosia | 7HO (+357) 22676752 | )D[ (+357) 22676754 | :HEVLWH www.ekllc.eu | &RQWDFW H PDLO info@ekllc.eu
42
A. C. HADJIOANNOU & CO
Costas A. Hadjioannou
4
+HDG 2IĂ&#x20AC;FH $GGUHVV 4, Alkaiou Street, 1060 Nicosia | 7HO (+357) 22759170 | )D[ (+357) 22752950 | :HEVLWH www.achadjioannoulaw.com | &RQWDFW H PDLO RIĂ&#x20AC;FH DGPLQ# achadjioannoulaw.com
43
D.SIZINOS & ASSOCIATES LLC
Demetris Syzinos
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 50, Inomenon Ethnon Street, 4thFloor, 2IĂ&#x20AC;FH /DUQDFD _ 7HO (+357) 24828333 | )D[ (+357) 24364111 | :HEVLWH www.sizinos.com | &RQWDFW H PDLO info@sizinos.com
44
DEMETRIOU MAVRONICOLA LLC
Athos Demetriou & Christina Mavronicola
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 4, Diagorou Street, Kermia Building 1st Floor, 1097 Nicosia | 7HO (+357) 22872330 | )D[ (+357) 22675533 | :HEVLWH www.dmlaw.com | &RQWDFW H PDLO athos@dmlaw.com.cy
45
L.G. ZAMBARTAS LLC
Louise Zambartas & George Zambartas (Directors)
46
LELLOS P. DEMETRIADES LAW OFFICE LLC
Lellos P Demetriades
47
L. LOUCAIDESTHEOPHANOUS LLC
Liza LoucaidesTheophanous
48
M.ELIADES & PARTNERS LLC
Marios Eliades
49
PHC TSANGARIDES LLC
Photos Tsangarides
50
SYMEOU & KONNARIS LLC (SK LAW FIRM)
Panikos Symeou & Christakis Konnaris
9 9
8 8 8 8 8 8 8 8 8
n/a
+HDG 2IĂ&#x20AC;FH $GGUHVV 82, Spyros Kyprianou Avenue, Eurohouse, 1st Floor, Germasogeia, 4042 Limassol | 7HO (+357) 25373734 | )D[ (+357) 25725502 | :HEVLWH ZZZ ]DPEDUWDVODZRIĂ&#x20AC;FHV FRP _ &RQWDFW H PDLO lz.law@zambartaslaw.com.cy
4
+HDG 2IĂ&#x20AC;FH $GGUHVV Chanteclair House, 2, Sophoulis Street, 9th Floor, 1096 Nicosia | 7HO (+357) 22676060 | )D[ (+357) 22676061 | :HEVLWH www.ldlaw.com.cy | &RQWDFW H PDLO info@ldlaw.com.cy
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 3, Marathonos Street, Mali House, P.O. Box 60324, 8102 Paphos | 7HO (+357) 26811844 | )D[ (+357) 26811840 | H PDLO lizalaw@cytanet.com.cy | :HEVLWH www.loucaides-theophanous.com
4
+HDG 2IĂ&#x20AC;FH $GGUHVV Corner Evagorou & 1, Menandrou Street, Frosia House, 4th Floor, 1066 Nicosia | 7HO (+357) 22667730 | )D[ (+357) 22667740 | :HEVLWH www.eliades.eu | &RQWDFW H PDLO info@eliades.eu
3
+HDG 2IĂ&#x20AC;FH $GGUHVV Omerou & Arachovas Corner, Alasia House, 3096 Limassol | 7HO (+357) 25814054 | )D[ (+357)25014170 | :HEVLWH www.phclaw.eu | &RQWDFW H PDLO info@phclaw.eu
2
+HDG 2IĂ&#x20AC;FH $GGUHVV 61 Spyrou Kyprianou, SK House, 4003 Limassol | 7HO (+357) 25818400 | )D[ (+357) 25355559 | :HEVLWH ZZZ VNODZ Ă&#x20AC;UP FRP _ &RQWDFW H PDLO LQIR#VNODZ Ă&#x20AC;UP FRP
UCLan Cyprus, The Only British University Experience in Cyprus
www.goldnews.com.cy | GOLD | 59
SPECIAL promotional feature
LEADING LAW FIRMS IN CYPRUS
CYPRUS’ ELITE LAW SCHOOL UCLAN CYPRUS’ LAW SCHOOL IS THE HIGHEST-RANKED LAW SCHOOL /LAW DEPARTMENT IN CYPRUS. ITS LLB COURSE IS UNIQUE IN CYPRUS THROUGH ITS COMBINATION OF ENGLISH LAW AND CYPRUS LAW. THE LLB COURSE IS THE ONLY COURSE AT UCLAN CYPRUS WHICH TEACHES IN BOTH ENGLISH AND GREEK.
A
ll the exam papers of the Cyprus Legal Council are taught on the LLB course. For those wishing to focus on Cyprus Law, around 30% of the instruction is in Greek and the remaining 70% in English. This, therefore, means that our LLB students graduate with the ability to switch effortlessly from Greek to English (and back again) on account of their fluency in both languages, as well as having a command of all the legal terminology in both Greek and English. The LLB course has been designed in such a way, however, that a student can choose not to study any Cy-
60 | GOLD | The Business Magazine of Cyprus
prus Law in the Greek language and, therefore, follow the LLB course entirely in English. The blending of both English and Cyprus Law is of vital importance for a country like Cyprus, with its longstanding reputation as a commercial hub in the wider region. A successful and economically prosperous Cyprus requires that its professionals (including its lawyers) have fluency in English as well as Greek, maximising not only the future employability of our LLB graduates, but also helping Cyprus attract investment into the country; and thus rendering UCLan Cyprus’ law
graduates a first choice amongst local firms. The LLM course at UCLan Cyprus has four areas of specialisation: International Energy Law, International Business Law, European Union Law, and Law and International Security. The modules on the course have been specially designed, over the past two years, in order to address the needs of the legal community in Cyprus and beyond. An LLB course should cover the foundations of legal knowledge. The LLM at UCLan Cyprus supplements this knowledge with modules in areas such as Interna-
tional Commercial Arbitration, Banking and Financial Services Regulation, and Peacebuilding and the Law. This coming academic year (2015-16) the Law School will be offering all 22 modules available on the course. The Law School understands the disappointment of students who enrol on a Master’s course only then to discover that modules they wanted to study are not offered. The Law School at UCLan Cyprus has a world-class blend of academics and professionals teaching on its four courses. University courses have to be
taught by academics, who can supply the necessary theory, accompanied by experience of practice that only professionals (including legal professionals) can supply. No Law School can rely on the one without the other. The Law School at UCLan Cyprus also has outstanding students. This is on account of the Law School’s strict entrance requirements, which are adhered to and exist not only on paper. Only those students who have gained very good academic attainment at school are admitted. The Law School is desperately proud of its students, whom it regards as its first ambassadors. Herein lies another important area where the Law School at UCLan Cyprus is unique. The School places considerable emphasis on character development through the organisation of a range of extra-curricular activities. All students in the Law School are taught Savoir Vivre. We believe that our students expect not only a world-class education, but should be educated in how to conduct themselves in public: (that is) how they should dress (according to the occasion), walk, hold a conversation; learn to be confident, respond polite-
ly when someone is rude and short space of time, as the most never compromise the level of prestigious Master’s course on responsibility required of them. the island. Also from October 2015, the Graduate Diploma in To accompany their command of Savoir Vivre, Law School stu- Law will offer an opportunity for those with a non-law backdents are taken on wine-tasting ground to convert to a possible courses (not only at elementary and intermediate levels, but also future career as a lawyer either in Cyprus, the UK or beyond. a range of advanced courses are If the Law School at UCLan offered), they are given an opportunity to go on overseas trips Cyprus were located in the UK, it would be amongst the (a group of Law students are top 10 Law Schools in the going on a trip to Luxembourg country. It has the best LLB in September) and undertake course for any Greek Cypriot a summer placement at presin the world. Its LLM offers tigious Law firms in Cyprus and abroad. The Law School’s the specialist modules that LLB students are given the oppostgraduates studying in Cyportunity to test their practical prus require. Its GDL has an skills in three competitions (in international outlook. Its MA Mooting, Debating and Client in Security and Diplomacy Counselling) conducted in the Studies cannot be rivalled by Moot Court Room each acaany Master’s course in Cyprus. demic year. UCLan has global ambitions The Law School is expanding and its Law School is at the into new and related areas. Its forefront of these. MA in Security and Diplomacy Thus, quietly, something Studies will be headed by the very special is being constructformer Permanent Secretary ed: a Law School in Cyprus at the Cyprus Foreign Minisalready rubbing shoulders with try, Mr Petros the best Law Eftychiou, and Schools in the CONTACT DETAILS will, on account world. 12 -14 University Avenue, Pyla 7080 Larnaka of those teaching Dr Tim Potier T. +357 24 69 40 00 on the course, Head, School F. +357 24 81 21 20 E. info@uclancyprus.ac.cy come to be of Law, UCLan W. www.uclancyprus.ac.cy regarded, in a Cyprus
www.goldnews.com.cy | GOLD | 61
SPECIAL promotional feature
LEADING LAW FIRMS IN CYPRUS
A. & E. C. EMILIANIDES, C. KATSAROS & ASSOCIATES LLC A. & E. C. EMILIANIDES, C. KATSAROS & ASSOCIATES LLC IS A LAW FIRM LOCATED IN NICOSIA PROVIDING A WIDE SPECTRUM OF LEGAL SERVICES AND ADVOCACY.
O
ur firm specializes in all aspects of civil and commercial litigation and counselling, as well as public law. Its parent company, the Law Firm of Achilles & Emile C. Emilianides has excelled in providing legal services for more than a century, having
62 | GOLD | The Business Magazine of Cyprus
been founded in 1896. Led by Professor Achilles Emilianides and Costas Katsaros, the Firm engages in both complex litigation and extra-judicial advice. Its clientele includes public and semi-public institutions and major national and multi-national companies.
< Managing Partner Prof. Dr. Achilles C. Emilianides is a practicing advocate, Professor of Law and Head of the Law Department of the University of Nicosia. He holds a PhD in Law from the Aristotle University of Thessaloniki. He has acted as consultant to public,
semi-public institutions and multi-national companies and has acted in complex and high-profile cases before Cypriot, UK and European courts and arbitral tribunals. < Partner and Director Costas Katsaros is an advocate in both Greece and Cyprus. He has worked as an investment broker and has succeeded in exams specified in derivatives and has acted in the fields of advertising and marketing. Prior to becoming an independent advocate, he acted as the legal advisor of the Holy Archbishopric of Cyprus and head of the legal activities of its legal entities with significant experience in various sectors of its financial and other activities. He has further served as the Chairman
of the Board of Mega TV and as a member of the Board of the Bank of Cyprus. < The Firmâ&#x20AC;&#x2122;s advocates in civil and commercial litigation include Hera Ioannou, Anna Charalambous, Leonidas Psychakis, Yiannis Petrallis and Salome Yiallourou, while Dr. Costas Stratilatis specializes in regulatory issues, public procurement, media and internet law and all areas of public law and human rights. The team includes also various experienced consultants. OUR SERVICES A & E. C. Emilianides, C. Katsaros and Associates LLC is a full service firm with a main focus on all aspects of Civil, Commercial Law, as
well as European Union Law, required legal advice with Human Rights, Constitution- respect to the incorporation and management of al and Administrative Law companies, drafting and and Media and internet Law. registration, legal opinions, The Firm is active in litigaregulatory issues, opening tion matters in Cyprus in all fields of civil, commercial and bank accounts, secretarial public law, including contrac- and directorships services, setting up of trusts, winding tual relations, torts, family, succession, land law, banking, up/liquidation, as well as commercial law, employment legal representation in all commercial law matters. law, competition, insurance, public procurement, EU law, The Firm further engages in sports law etc. Our expericomplex private international enced litigation team regulaw disputes, such as disputes larly handles complex cases relating to international conbefore all District Courts of tractual or non-contractual the Republic, relations, interas well as the national family CONTACT DETAILS Address: 192, Ledra Street, Supreme Court and succession 3rd Floor, 1011, Nicosia law cases, and of Cyprus. The Postal Address: P.O. Box 22520, 1522, Nicosia loan agreeFirm further Tel: (+357) 22676752 / ments or land provides to 22676753 Fax: (+357) 22676754 transactions by its corporate e-mail: info@ekllc.eu non-Cypriots. clients all the Website: www.ekllc.eu
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LEADING LAW FIRMS IN CYPRUS
A.A. GEORGHIOU LLC A.A.GEORGHIOU LLC OPERATES A LEADING BOUTIQUE LAW FIRM WHICH IS HEADQUARTERED IN LARNACA, CYPRUS, AND HAS REPRESENTATIVE AND ASSOCIATED OFFICES, AGENTS AND ALLIES IN BELARUS, BELIZE, BRITISH VIRGIN ISLANDS, BRUNEI, BULGARIA, CHINA, GREECE, HONG KONG, ISRAEL, LEBANON, MARSHALL ISLANDS, MAURITIUS, NEW ZEALAND, POLAND, ROMANIA, RUSSIA, SEYCHELLES, SINGAPORE, SWITZERLAND, UKRAINE, UNITED KINGDOM AND UNITED ARAB EMIRATES.
educated, talented and creative young individuals, and headed by its founder, the advocate and legal consultant Mr Andreas Afxentiou Georghiou, who has 35 years experience and leads the practice of the Firm, are widely appreciated for their integrity, reliability, discretion, know-how and expertise and are recognised as the preferred partners by the Firm’s worldwide clientele, associates, agents and allies.
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Mr Andreas Afxentiou Georghiou Founder – CEO
ased on an individualistic approach to ensure strict confidentiality, high quality and service excellence, the Firm’s dynamic team of hard working professional and perfectionist advocates and legal consultants, together with experienced and skilled specialists, supported with well
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CLIENTELE The Firm’s clientele consists of commercial banks, investment companies and funds, trusts, local and international companies (with activities in trading, commerce, business, aviation, manufacturing, construction, real estate, mining, hotels, travel and tours, investments, stock trading, intellectual property, information technology, electronics, telecommunication, engineering, energy, project management and advisory services), as well as High Net Worth Individuals, business persons and investors.
lectual Property Law, Real Estate Law, Immigration Law, Family Law, Wills and Succession Law, Bankruptcy Law, Insolvency Practitioners Law, Litigation, Arbitration, Dispute Resolution and Debt Collection. MAIN PRACTICE AREAS On a departmental basis, the Firm provides one–stop–legal and paralegal services to its international corporate and individual clients, mainly in the following practice areas:
CORPORATE & COMMERCIAL The Firm provides the full range of corporate and commercial services, ranging from the incorporation of international business companies in Cyprus and in other jurisdictions to the day-to-day management and administration, and the provision of opinions and advices on corporate and other legal issues, the drafting of all corporate agreements and other legal documents. The services extend to providing directorship, nominee shareholders, corporate FIELDS OF SPECIALIZATION secretarial, registered office, reThe specialization fields in which domiciliation and due diligence the Firm is acknowledged as services. having expertise are Corporate Law, Trust Law, Tax Law, Com- INTERNATIONAL TRUSTS mercial Law, Business Law, InThe Firm provides the full range ternational Trade Law, Contract of services related to the setting Law, Banking and Finance Law, up, management and administraAviation Law, Energy Law, Intel-
tion of international trusts in Cyprus and in other jurisdictions, including but not limited to the drafting of trust deeds, provision of trustee and trust protector services, family planning, wealth protection and assets distribution. TAXATION & TAX PLANNING The Firm provides the full range of taxation and tax planning consultancy and related services. Taking into account the clientsâ&#x20AC;&#x2122; opportunities and all aspects of taxation and associated legislation, as well as the applicable Double Tax Treaties, the Firm provides tax planning and consultancy on the international business and investments activities for the setting up of optimal, tax effective and tax minimization international business and investment corporate structures and special purpose vehicles. BANKING & FINANCE The Firm is an authorised introducer of clients to Cypriot and foreign banks and provides services from opening and administration of bank accounts to handling bankerâ&#x20AC;&#x201C;client disputes and litigation issues involved. Also, the Firm provides legal services related to the drafting and reviewing facility and security documentation, the
undertaking of the requisite due diligence and advising on the capacity of the obligors. PROPERTY & CONVEYANCING The Firm provides all kinds of legal and paralegal propertyrelated services to occupiers, investors and developers, on issues related to acquisition or sale, leasing, donation or in any other way disposal of all types of properties from residences to large scale development projects. The Firmâ&#x20AC;&#x2122;s services extend to the conducting of the requisite due diligence and the advising on property tax planning and protection, capital gains tax, property tax, stamp duties, transfer fees, conveyance and property related disputes and litigation. INTELLECTUAL PROPERTY The Firm provides the full services in relation to the national, EUâ&#x20AC;&#x201C;community and international registration, protection from and remedies for infringement, acquisition and disposal of registrable and protectable trademarks, trade names, service names, copyrights, patents, designs, trade secrets and domain names. The Firmâ&#x20AC;&#x2122;s services extend to advising and drafting agreements on licensing, royalities
franchising and transfer of technology. WILLS & SUCCESSION The Firm provides the full services ranging from drafting of wills to probate and estate administration, including acting as executors of wills or administrators of estates, advise on contested wills, probate litigation and resealing of foreign probate court orders and grants. IMMIGRATION & MIGRATION The Firm provides the full range of immigration and migration services which include the acquisition of temporary residence permits, longâ&#x20AC;&#x201C;term residence permits, permanent residence permits, family reunification permits, employment permits and citizenship/ passport. CIVIL LITIGATION The Firm has been and is handling complicated and highâ&#x20AC;&#x201C;value civil law disputes involving complex legal, substantial and procedural issues. The Firm
handles and conducts cases in all District Courts, the Family Court, the Labour Disputes Court, the Commission for the Protection of Competition, the industrial Dispute Tribunal and the Supreme Court of Cyprus. ARBITRATION & MEDIATION The founder of the Firm has gained experience in handling civil law disputes before the London International Court of Arbitration, the Arbitration Institute of the Stockholm Chamber of Commerce and before arbitration tribunals in Cyprus. Also, he has gained experience in the alternative disputes resolution through mediation in the United Kingdom and in Cyprus.
DEBT COLLECTION & RECOVERY The Firm provides the full range of services for the collection CONTACT DETAILS and recovery of Address: debts of indi83, Spyros Kyprianou Avenue, Elenion Building, 4th Floor, Ofviduals and legal Ă&#x201E;JL 3HYUHJH *`WY\Z entities domiPostal Address: ciled or owning P. O. Box 40602, 6306 Larnaca, Cyprus property or other Telephone: assets or having (+357) 24813980 / 24813981 Telefax: bank accounts (+357) 24813982 in Cyprus or e-mail: Greece or Russia LawFirm@AAGeorghiouLLC.com Website: or Poland. www.AAGeorghiouLLC.com
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LEADING LAW FIRMS IN CYPRUS
AGP LAW FIRM A.G. PAPHITIS & CO. LLC CLIENTS FROM ALL OVER THE WORLD, INCLUDING PRIVATE INDIVIDUALS AND CORPORATIONS, BANKS, MULTI-MILLION AND MULTI-BILLION GROUPS AND FOUNDATIONS, RELY ON OUR LAWYERS AND CONSULTANTS FOR TAILOR-MADE ADVICE. WHY DO THEY CHOOSE US?
legal landscape on a daily basis, providing them with the most appropriate solution for their circumstances or helping them achieve a competitive advantage.
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OUR SERVICES Headquartered in Limassol at AGP Chambers on Spyros Kyprianou Avenue, AGP was initially founded as a company & commercial boutique Law firm, which very shortly afterwards expanded to become a full-service Firm. It is currently divided into three main departments, as follows: LITIGATION DEPARTMENT Our litigation department has a long track of achievements in complex and high stakes cases and disputes. We are able to succeed in their objectives. There solicit and combine specialist are several differentiators that expertise on a variety of areas set us apart, among which are in order to provide the most the following: our hard work appropriate solution to our and expertise, personal attention clientsâ&#x20AC;&#x2122; cases and requests. We and immediate response to undertake among others the our clientsâ&#x20AC;&#x2122; needs. These key following: elements are underpinned < Advocacy, pleading and by our commitment to trust, drafting work professionalism, clarity, talent < Commercial and company and passion. For instance, in Law advisory order to ensure that our clients < Corporate Law cases have access to the latest legal < Intellectual Property matters developments, we monitor the < Contractual disputes
Our lawyers and legal consultants practicing in Cyprus (left to right) Standing: Angelos Paphitis, Margarita Sofokleous, Seated: Evangelia Hadjineophytou, Niki Liassidou, Stella Georgiadou, Xenia Kalogirou, Marilyn Terpsopoulou.
GP Law Firm | A.G. Paphitis & Co. LLC is one of the fastestgrowing, full-service, multiawarded international Law Firms in Cyprus with an invaluable grasp of the legal and business realities. Since its establishment in 2006, the Firm has achieved impressive growth and built an impeccable reputation. We combine exceptional legal expertise with business acumen and refreshingly creative thinking, aiming to help them
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< Real estate advisory < Employment Law cases < Immigration issues < Shipping Law cases < Family and matrimonial disputes < Personal injuries, insurance and road traffic accident claims < Landlord and tenant disputes < General civil litigation disputes in Cyprus and abroad AGP Law Firm has been recognised for the fourth consecutive year as a Leading Law Firm in Dispute Resolution in Cyprus by The Legal 500, the world’s largest referral guide for law firms. COMMERCIAL & CORPORATE DEPARTMENT AGP initially focused exclusively on company Law advisory before its expansion to a full-service firm. The fast growth is due to our unconditionally high standards and to our team members’ solid academic background and experience among others in: < Consulting corporate organisations and international groups on their company Law matters < Company Formation in Cyprus and in other jurisdictions
< Group structuring < Corporate governance matters < International Tax Planning We have taken over the representation of international groups, including some of the biggest groups in the CIS countries. In addition to company Law advisory, our Corporate & Fiduciary Services Department represents a significant number of companies for their dayto-day management and administration, their AGMs and EGMs, providing all the necessary minutes and resolutions in order to ensure full compliance with Company Law requirements. Since our foundation, we have been consistently highly rated in the main legal directories. Furthermore, from 2010 to 2015, we were honoured by multiple organisations as the Corporate Governance Law Firm of the Year in Cyprus. Furthermore, The Legal 500 EMEA (2015 edition) recognized our “deep, thorough and constructive” approach in Corporate and M&A matters. However, please note, that our awards and rankings are just one indication of the value of
our Firm and the commitment of our team.
< Anti-Money Laundering < Risk Management Advisory < Forex and Binary Options Licensing in Cyprus (by CySEC) and in other jurisdictions. Our comprehensive package includes the preparation of business plans, financial forecasting, drafting of operations manuals, compliance manuals, AML and Risk Management manuals etc < Wealth management advisory (Our team comprises two former high-ranking private banking professional employees, who offer highstandard banking advisory to our clients.)
FINANCIAL SERVICES ADVISORY, PRIVATE BANKING AND PORTFOLIO MANAGEMENT DEPARTMENT Headed by Angelos Paphitis, the Firm represents a significant number of investment firms on getting their investment services licences in Cyprus and abroad. Our broad exposure to the market through clients and associates and knowledge of the key trends enable us to facilitate B2B introductions, adding thereby significant value to our clients. We assist the companies applying for Investment Firm licences to overcome any kind AGP Law Firm has been of legal or regulatory challenges awarded in the area of that may arise, by offering Banking & Finance for its them a comprehensive one“expertise in banking, asset stop-shop package. We provide management, regulatory among others the following compliance and money services: laundering matters” (The Legal < Financial & Banking 500 EMEA, 2015 edition) and Advisory we believe that our long track < Asset of achievements Management CONTACT DETAILS in this field is Address: AGP Chambers, & Portfolio a result of our 84, Spyros Kyprianou AveManagement nue, 4004 Limassol, Cyprus proactive and Tel: (+357) 25731000 Advisory client-focused Fax: (+357) 25761004 < Regulatory e-mail: agp@agplaw.com approach. Website: www.agplaw.com Compliance
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LEADING LAW FIRMS IN CYPRUS
C. SAMIR & CO. LLC C. SAMIR & CO. LLC IS A FIRM OF ADVOCATES AND LEGAL CONSULTANTS DULY INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF CYPRUS UNDER REGISTRATION NUMBER HE284796, LICENSED TO PRACTICE LAW UNDER LICENSE NUMBER 323 AND REGULATED BY THE CYPRUS BAR ASSOCIATION.
C.
Samir & Co. LLC was founded in 2011 and consists of high calibre lawyers, legal advisors, tax consultants, corporate administrators, accountants and other professionals, who are dedicated to providing clients with the most practical, transparent and cost-effective services while maintaining high standards of professionalism and
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C. SAMIR & CO. LLC IS A MEMBER OF SILFA (STAUBACH INTERNATIONAL LAW FIRM ALLIANCE) WITH OFFICES IN: < BEIJING < BERLIN < BRUSSELS < BUDAPEST < DUBAI < FRANKFURT < HAMBURG < KONING- WUSTERHAUSEN < LONDON < LUGANO < MILAN < MOSCOW < MUNICH < NICOSIA < PALMA DE MALLORCA < PRAGUE < VIENNA < WARSAW < WIESBADEN Charalambos Samir, Founder & CEO
ethics. Today, the firm is recognized as one of the fastest-growing, full-service International Law Firms, Corporate and Tax Consultants in Cyprus. C. Samir & Co. LLC is entirely owned by Mr Charalambos Samir and is therefore free from any ownership or control by any banking, financial or insurance organisation.
Our law firm has built its reputation and strong presence by being fully dedicated to its model of Prosperity, Integrity and Proficiency. Consequently, we ensure that our clientele receives the best possible quality of service while enjoying guaranteed confidentiality, transparency and a personal touch.
We value our clientsâ&#x20AC;&#x2122; accomplishments in the same way we value our own. We have great respect for their aims and ambitions and we never compromise on issues such as safeguarding their interests, promoting what is best for them and their company. At C. Samir & Co. LLC, we pay great attention to the details and this is one of the things which distinguishes us from other firms. We also know how important is for our clients to have their personal professional consultant instead of a distant and impersonal advisor. Consequently, all of our clients receive specialized individual services that have been tailored to their particular needs and we value in the same way each and every individual relationship we build with our clients. Clients from all over the world, such as private individuals and corporations, major banks and other financial institutions, Forex companies, multi-million and multi-billion groups of companies, trusts and foundations rely on C. Samir & Co. LLC for a tailor-made and targeted advice, assisting them to successfully manage their businesses. We are pleased to say that we have recently relocated to
our headquarters in central Nicosia, the capital of Cyprus. Specifically, in May 2013 we acquired the residence of the ambassador of Portugal, which we converted into the new offices of ConnectedSky Legal and Corporate Consultants Ltd and C. Samir & Co. LLC. Located in one of the most prime areas of Nicosia and with a total area in excess of 1,500 square metres, spacious working spaces, conference rooms, presentation rooms, state-ofthe-art technology, a lounge, fireplace, large reception area, swimming pool, large garden area, and large parking spaces, our new premises are characterized as the ideal workplace as well as the perfect place for meeting our clients. SPECIALIST AREAS OF PRACTICE We are proud to say that C. Samir & Co. LLC offers all types of professional services to a clientele coming from over 35 countries and from a variety of business and industry backgrounds such as: Oil & Gas / Power & Utilities / Pharmaceutical & Chemicals / Insurance / Telecommunications / Real Estate and Construction / Banking & Capital Markets / Asset Management
/ Technology / Electronics & Fiduciary, Trustee and AdSoftware / Consumer Products ministrative Services, Opening / Government & Public Sector and Maintenance of Bank Accounts Worldwide, Legal Due / Media and Entertainment / Diligence and Compliance, Biotechnology / Automotive Immigration, Residency and We handle a wide spectrum Citizenship Services, Internaof cases ranging from commertional Corporate Intelligence cial and corporate to multi-juServices, International Debt risdictional disputes, freezing of Collection Services, Informaassets and international Mareva tion Technology, Accounting, injunctions, banking, tort, acciBookkeeping and VAT Servicdents as well as family disputes. Moreover, our Litigation De- es, HR and Payroll Services), the main focus is on the folpartment offers effective advice on dispute resolution, internalowing areas of practice: tional commercial litigation and Commercial & Corporate Law procedural issues on interna/ Contract Law / European tional civil litigation and arbitra- Law / Admiralty & Shipping tion, as well as representation of Law / Competition Law / its clients in Court proceedings Aviation Law / Energy Law and to out-of-court negotiations / Mergers & Acquisitions / and settlements. Employment Law / Litigation, Although C. Samir & Co. Arbitration and Dispute ResoLLC is dealing with all types of lution / Aliens & Immigration services offered by its affiliated Law / Sports Law / Torts Law company ConnectedSky Legal / Human Rights / Data Proand Corporate Consultants tection / Industrial Design / Limited (such as company forInsurance Law / Patents Law mations in over 60 jurisdictions, / Banking Law / Border ConFormation of Foundations trol Law / Trade Marks Law / and Trusts, Copyright Law/ Provision of Trade & BusiInternational ness Names CONTACT DETAILS Address: 12, IgoumenitLaw/ Domain Tax Planning sas Street, ConnectedSky Name RegisServices, House, 2027 Strovolos, Nicosia, Cyprus. tration Law / Formation of Tel: (+357) 22258800 Cyprus ICIS & Family Law/ Fax: (+357) 22258801 Trusts Law / Foreign Funds, e-mail: info@csamir.com Website: www.csamir.com Wills Law. Provision of
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LEADING LAW FIRMS IN CYPRUS
CHRISTOS PATSALIDES LLC THE LAW FIRM CHRISTOS PATSALIDES LLC WAS ESTABLISHED IN 1996 IN NICOSIA, CYPRUS BY THE MANAGING PARTNER OF THE FIRM, CHRISTOS PATSALIDES.
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ur Law firmâ&#x20AC;&#x2122;s goal is to provide only top quality services. It is made up of experienced and reputable advocates as well as highly-educated and excellently- trained staff in all specialised legal fields. At Christos Patsalides LLC, our values are professionalism, consistency, integrity, and efficiency. SERVICES Christos Patsalides LLC offers a wide range of services covering all aspects of law.
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for shareholders, directors, secretary and registered office of the company. A very important part of our services relates to advisory support concerning various tax matters, tax planning restructuring, consultation for investment funds, dividend distributions, tax differences, capital gains tax, stamp duties, Value Added Tax and much more. A new Scheme has been introduced in Cyprus, the Scheme for Naturalization of Investors in Cyprus by exception for which we offer a comprehensive one-stop package service. Together with our affiliate CORPORATE SERVICES company, Christos Patsalides With the lowest corporate Corporate Management, and tax (12.5%) in the European our selected external team assoUnion, Cyprus is considered a ciates, we undertake all the revery attractive jurisdiction for quired legal and administration doing business. Our corporate services from beginning to end, services include the formation guaranteeing a smooth settling and incorporation of compadown for the client and his nies, the voluntary liquidation family in their new country of of a company, the establishresidence. ment and management of Citizenship by Investment is trusts and related services such a process whereby a country, by as the establishment, manageway of exception, grants citizenment and representation of Cy- ship to eligible applicants that priot and offshore companies, make a certain significant investthe provision of trustee services ment into its local economy.
“With its requirement of €2.5 million to invest in immovable property and €500,000 to invest in a residential property, Cyprus compares well with competing jurisdictions such as Malta (Collective Scheme). In our experience the Citizenship Through Investment Scheme has been very successful from the outset. Particularly strong interest in it has been expressed by clients from the Middle East, Russia and China. In general, we are very pleased from the level of service of the Ministry of Interior’s staff, their guidance and prompt responses to correspondence. We are confident that Citizenship through Investment was a brilliant way to help the economy kick start from a two years jammed engine. Linking Citizenship with economic investment is a first for Cyprus and it is opening the doors wider to foreign investors.” With the granting of citizenship you can immediately travel freely, reside and work with the European Union,
freely transfer any amount of money from any EU Member State to another, purchase property in any EU Member State and invest in any activities of your choice. By choosing Cyprus, you choose mild winters and warm-to-hot summers, English-speaking private schools, a thriving tourism destination and a rich history and culture. Another very important service provided by Christos Patsalides LLC is the Redomiciliation of a company to and from Cyprus. Cyprus’ redomiciliation legislation was enacted on July 28, 2006, as an amendment to the Companies Law Cap.113, to permit: < Foreign (non-Cypriot) companies to redomicile to Cyprus; and < Registered Cyprus companies to be redomiciled abroad. The existing business of a foreign company continues, without interruption, as a Cyprus company since the first company is not dissolved, but simply ‘moves’ to
patents, national, European and international patent registration and validation. A few of the advantages why choosing Cyprus are the following: < Cyprus has adopted the EU directives enabling it to recognize CTM and CD registrations, due to Cyprus accession to the European Union. < Cyprus is a party to the Madrid Agreement and Protocol and PCT through which international patent or trademark applications are recorded in Cyprus. < Cyprus is a member of the Office for Harmonization in the Internal Market (OHIM) for the registration and proINTELLECTUAL tection of Trademarks and PROPERTY Industrial Designs within We provide services including the European Community. the search and registration of < Commercial activity on trademarks, national, comthe island creates the necesmunity and sity to offer international protection to CONTACT DETAILS 31 Evagoras Avenue, trademarking the IP rights Evagoras Building, together with of physical Suites 41 - 43, 1066 Nicosia, Cyprus the provision of and legal enTel: (+357) 22677677 the registration tities in order Fax: (+357) 22674422 e-mail: of tradenames, to validate info@patsalides.com.cy the validation of such activity. Website: Cyprus. Existing companies can choose to change their seat of incorporation to Cyprus without going through a liquidation and recontribution process in the current jurisdiction so it is not necessary to wind up their activities and restart under a new company shell and it is lesstime consuming and more cost-effective for the clients. The ability to redomicile companies to and from Cyprus opens up a new planning dimension for investors and traders. Foreign companies can now easily benefit from the Cypriot corporate tax regime, an option that many clients currently prefer.
www.patsalides.com.cy
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LEADING LAW FIRMS IN CYPRUS
COSTAS TSIRIDES & CO LLC COSTAS TSIRIDES & CO. LLC WAS FOUNDED IN 1970 AND, SINCE THEN, HAS BECOME ESTABLISHED AS ONE OF THE MOST REPUTABLE AND RESPECTED LAW FIRMS IN CYPRUS. THE FIRM SPECIALISES IN CIVIL, COMMERCIAL AND CROSS-BORDER LITIGATION, AMONG OTHER AREAS.
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Alexandros Tsirides, Managing Director
anaging Director Alexandros Tsirides has been active in the area of civil and commercial law for more than 15 years. He is a member of the Cyprus Bar Association. According to Mr. Tsirides, the use of Cypriot compa-
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nies in international business structures and the countryâ&#x20AC;&#x2122;s reliable legal system make Cyprus an attractive place to litigate. Mr Tsirides is personally seeing an increase in commercial and cross-border litigation in Cyprus.
One of our primary targets and concerns in dealing with clients has been to respect their bespoke needs, offering a personalised service that is tailored to their specific circumstances. Moreover, the firm is committed to handling each case with respect and discretion, aiming to develop a personal relationship with clients, based on mutual trust. This philosophy has always helped us offer our expertise by understanding the true needs of our clients, and we pride ourselves on the fact that each client, private or commercial, individual or corporate, receives the same personal service and care. The aforementioned values are fundamental to our approach, and will always remain so. Our typical clients are currently High Net Worth Individuals and international corporations; however, we aim to strengthen our litigation team by recruiting experienced litigation lawyers. Our cooperation with international law firms in handling the Cyprus aspect of international litigation is testament to our strength in the litigation field and has significantly improved our market position.
We believe that our expertise in this area and the positive results we achieve for our clients, give us an advantage in the international litigation field. This is demonstrated by the cooperation we have established with international law firms and large international corporate clients as well as High Net Worth Individuals. Costas Tsirides & Co. LLC has been heavily involved in international business and has established a strong dedicated department dealing exclusively with corporate formation and administration. This department consists of lawyers, paralegals, accountants and client managers. We have succeeded in attracting and maintaining a strong client portfolio, including major industrial and financial groups from Central Europe, Russia, Ukraine and other CIS countries and the Middle East. In the fast-moving world of business, it is paramount to respond to clients’ needs with speed and efficiency. We pride ourselves in being able to offer both. It has always been our aim to respect our
clients’ individual needs and offer them tailor-made personal services. The personal service and attention to each client’s needs and the speed and efficiency with which we respond give us the edge in the competitive area of corporate services. Costas Tsirides & Co. LLC also specializes in takeovers, mergers and acquisitions and has acted as legal consultant in transactions where Cyprus Law is involved. Furthermore, our firm has extensive experience in IPOs and listings of Cyprus companies on various stock exchanges worldwide. Other areas in which the firm specialises are shareholder agreements, partnership agreements, partnership formation and dissolution, agency and distributorship agreements and joint venture agreements. ARBITRATION COSTAS TSIRIDES & CO LLC is in a position to provide its clients with services in the field of arbitration as required. Members of the firm have substantial experience in arbitral proceedings of commercial disputes, acting both
AWARDS as counsel and arbitrators. Costas Tsirides & Co. LLC We have a broad experience has received the following in a variety of commercial awards: areas and cases involving dis< 2010-2015 Business Forputes ranging from breach of mation Law Firm of the Year contract to fraud and breach in Cyprus Award (Corporate of fiduciary duty. INTL legal awards) The firm has experience in < 2010 Boutique Law Firm advising clients on all aspects of the year in Cyprus Award of arbitration law and pro(Corporate INTL Global ceedings, from the drafting awards) of the necessary arbitration < 2011 Litigation Law Firm agreements to referring disputes to arbitration, the hear- of the year in Cyprus (Corporate INTL legal awards) ing of the matter in dispute and dealing with the enforce- < 2011 &2013 Business Formation Law Firm of ment of arbitral awards, both the Year in Cyprus Award local and foreign. (Global Law Experts Practice Members of the firm have Awards) been appointed as members < 2014 Business Formation of the Chartered Institute of Law Firm of the Year in Arbitrators. Cyprus Award (Corporate Costas Tsirides & Co. LLC INTL Global awards) is also one of the leading law < 2015 Litigation Law Firm firms in Cyprus, with a vast of the year in Cyprus award experience of Real Estate and Property Law, offering a wide (Corporate INTL Legal Awards) range of services. < 2015 Global Law ExOur firm also provides the full range of construction law perts-Business Formation Law Firm of the Year in advice and assistance. Cyprus The firm is a member of < 2015 B.G.I. a worldGlobal Law wide associaCONTACT DETAILS Experts-Litigation of indeTel: (+357) 25820810 e-mail: tion Law Firm pendent law alexandros@tsirides.com of the Year in firms (www. Website: Cyprus bgi-law.com). www.tsirides.com
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LEADING LAW FIRMS IN CYPRUS
HARNEYS ARISTODEMOU LOIZIDES YIOLITIS (HARNEYS CYPRUS), A CYPRUS LAW FIRM FOUNDED IN 2006, MERGED WITH HARNEY WESTWOOD & RIEGELS (HARNEYS) A MEMBER OF THE OFFSHORE MAGIC CIRCLE GROUP OF LAW FIRMS IN 2009, TO BECOME THE ONLY INTERNATIONAL LAW FIRM WITH AN ON THE GROUND PRESENCE IN CYPRUS.
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The firm is known for delivering commercially pragmatic advice to its clients and providing efficient solutions to their legal needs. Since the day of its establishment, the firm has ensured that its philosophy captures the essence of the international trend of investment into and via Cyprus driven by the favourable Cyprus tax regime by providing seamless service to clients wishing to take advantage of Cyprus’ extensive network of double tax treaties.
Demetris Loizides, Managing Partner
s a part of the international Harneys network with offices in the British Virgin Islands, Cayman Islands, Hong Kong, London, Singapore and Uruguay, Harneys Cyprus is well-equipped to provide legal service built around professionalism, personal service and rapid response.
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PRACTICE AREAS CORPORATE & COMMERCIAL The Corporate department is well-known for providing commercially astute advice and practical solutions to legal obstacles, drawing on a deep understanding of corporate law and the intricacies of the local legal market. The department has a wealth of experience in dealing with high-level deals and regularly assisting international clients with complex corporate issues, including IPOs on foreign regulated markets (e.g. London Stock Exchange, NASDAQ, Warsaw Stock Exchange);
cross-border transactions of any size and complexity; mergers and acquisitions; joint ventures; corporate governance matters and shareholder issues; due diligence in connection with acquisitions involving private and public Cyprus companies. Recent deals include acting for one of the world’s largest publicly traded companies in a joint venture in the South Caucasus region, which was led by Demetris Loizides, as well as acting for an oil and gas company listed on the London Stock Exchange in a due diligence and acquisition of portfolio licenses in South East Asia, which was led by partners Emily Yiolitis and Margarita Hadjitofi. Chambers and Partners has described Emily Yiolitis as “well known for corporate and commercial matters” and Margarita Hadjitofi as “available and practical and always providing advice beyond the standard Cypriot corporate law”. Managing Partner Demetris Loizides described as “deeply knowledgeable” by The Legal 500. BANKING & FINANCE The Banking & Finance department is recommended as
a Top Tier firm for Banking & Finance in a variety of leading independent international legal directories. Recently the department represented Songa Offshore SE in its multi-billion dollar financing of the new Cat D drilling rigs and its comprehensive recapitalization and the banks on the successful placement of €500 million secured convertible bonds by Grand City Properties (Grandcity is listed on the Frankfurt SE with a market cap of € 1.7 billion).The firm won an award for its role in the High Yield Deal of the Year category of IFLR’s 2014 European Awards. Chambers and Partners has described Pavlos Aristodemou as “able to identify problems and offers feasible and effective solutions to clients” and Nancy Erotocritou as “very capable and knowledgeable”. Sonia Hamshaw has also been applauded for her responsiveness and for being “to the point and commercial”.
ASSET MANAGEMENT AND INVESTMENT FUNDS As a part of the Harneys family, Harneys Cyprus is the only law firm in Cyprus that can offer consolidated cross-jurisdictional advice on AIFMD matters involving offshore funds and/ or offshore fund managers. We regularly advise on the impact in Cyprus of the Foreign Account Tax Compliance Act (FATCA), a U.S. federal law that requires United States persons to report their financial accounts held outside of the United States. Harneys Cyprus has been appointed by the Cypriot government to draft Guidance Notes for the Cyprus implementation of FATCA, this project is led by partner Emily Yiolitis and assisted by partners Margarita Hadjitofi and Aki Corsoni-Husain. LITIGATION The department handles highlevel commercial and corporate disputes for international businesses, appearing before the district courts and the Supreme Court in proceedings such as shareholders’ disputes, corporate
fraud, injunctive reliefs and recognition and enforcement proceedings of foreign judgments/arbitral awards. The Harneys Cyprus litigation department is particularly well-versed in dealing with and is able to assist clients with contentious issues relating to the March 2013 banking crisis. TAX & REGULATORY PRACTICE The work of Harneys Cyprus Tax & Regulatory Practice revolves around providing essential tax support for the firm’s most complex corporate and financing transactions. Partner Emily Yiolitis is the driving force behind our Tax & Regulatory practice, and takes the lead on all of our deals where top-level tax advice is required.
individuals and businesses on complex schemes and tax optimisation. Partner Emily Yiolitis, was elected to the position of Chair of the Society of Trust and Estate Practitioners in Cyprus (STEP Cyprus) for three consecutive years and has been described by Chambers & Partners as “well versed in family succession planning, double taxation treaties and cross-border tax matters”.
TESTIMONIALS Harneys Cyprus is committed to providing fast, reliable and commercially relevant legal advice and as a result the high quality legal services in a range of corporate and private client practice areas that the lawyers of the firm provide are consistently highly rated and recommended by leading independent international BESPOKE PRIVATE legal directories such as The CLIENT Legal 500, SERVICES Chambers CONTACT DETAILS Harneys 313, 28th October Ave, and Partners, 2nd & 3rd Floor Cyprus’ IFLR1000, 3105 Limassol | P.O.Box 50264 private client 3036 Limassol Citywealth and Tel. 25-820020 department Who’s Who Fax. 25-820021 offers support to Email: cyprus@harneys.com among others. Website: www.harneys.com high net worth
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LEADING LAW FIRMS IN CYPRUS
I. FRANGOS & ASSOCIATES LLC I. FRANGOS & ASSOCIATES LLC IS A LEADING CYPRUS LAW FIRM PROVIDING A COMPREHENSIVE RANGE OF LEGAL SERVICES FROM ITS OWN FREEHOLD PREMISES IN LARNACA, LOCATED JUST MINUTES AWAY FROM THE INTERNATIONAL AIRPORT.
Maria Raphael (LLB,LLM) Head of Legal and Litigation Department (maria@frangoslaw.com) DIVERSE CLIENTELE Over the years, we have created a large and diversified client base, comprising individuals and corporations ranging from local and international entities to financial institutions, public authorities and all the major Cypriot commercial banks. They represent a broad spectrum of sectors, including finance, banking, real estate, industry, trade, information technology, telecommunications and sports. Our staff is multilingual, hence efficient communication with our international clients is easily achieved.
O
AREAS OF PRACTICE Our versatile law firm operates in a departmental basis, covering the following areas of practice: Iosif Frangos, Managing Partner
ur team comprises lawyers, tax advisors, administrators and staff with specific expertise in their field. Founded in 2000 by Mr. Iosif Frangos, it has rapidly expanded to become the largest law firm in Larnaca. MANAGEMENT Iosif Frangos (LLB, LLM) Managing Partner (joseph@frangoslaw. com, joseph@bybloserve.com )
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LITIGATION < Accident and Personal Injury < Administrative Law < Banking and Finance < Company Law < Competition Law < Construction Law < Corporate Litigation < Cross-Border Litigation < Criminal Law < Debt recovery < Employment and Pensions < Enforcement of court and arbitration decisions in Cyprus and abroad
< European Law < Family Law < Insurance Law < International Law ( Private and Public) < Intellectual Property Law < Sports Law < Tax Law < Torts < Wills and Estate Administration INTERNATIONAL DEBT COLLECTION AND RECOVERY Our professional debt collection team provides our clients with worldwide collection services aiming at the collection and recovery of debts of individuals or entities located or owning property abroad. ARBITRATION AND MEDIATION We frequently engage in domestic and international arbitration, both as acting counsels and as members of arbitration boards. Members of our firm are also accredited to serve as mediators. TRANSACTIONAL PRACTICE We engage daily in transactional practice outside the courtroom, which may include: < Negotiating and planning business and other transactions < Reviewing, structuring and
drafting contracts and legal documents, interpreting and analysing legal documents and contracts < Out-of-court settlement attempts and negotiating disputes < Extensive legal research into nearly every field of law < Drafting legal opinions on complex issues < Conducting complex due diligence reports CORPORATE, ACCOUNTANCY AND TAX
Bybloserve Management Ltd is an affiliate of I. Frangos & Associates LLC, which provides specialised corporate management, trust ,fiduciary and financial services to a respectable volume of High Net Worth Corporations and Individuals around the globe. Services: Worldwide Corporate Services We register, manage and administer companies in all major jurisdictions Banking Services Our close links and cooperation with the banking sector in Cyprus allow us to provide a vast range of banking services with any of the major banks in Cyprus.
Management & Administration Services Our firm is in a position to provide the A-Z of corporate management and administration. Accounting Our office operates a complete accountancy department with qualified and experienced accountancy personnel. Corporate and Personal Taxation Our tax specialists can provide advice and assistance in the areas of Personal Taxation, Corporate Taxation, International Tax Planning and Structuring, V.A.T and other indirect taxation. International Tax Planning Our firm has extensive experience in advising clients on changes to domiciliary, corporate restructures, tax minimization strategies, taking advantage of double tax agreements arrangement and the use of Special Purpose Vehicles (SPVs) for tax optimization For more information, visit www.bybloserve.com REAL ESTATE AND CONSTRUCTION Our Real Estate and Construction Department is mainly engaged in legal work for foreign individuals and entities purchasing property in Cyprus for residential or
investment purposes. Having built a large international clientele over the years, we can now offer our clients a ‘one stop shop’ including but not limited to the following services: < Contract Drafting < Land Registry registrations /transfers/searches < All matters affecting and/ or related to the acquisition of immovable property by foreigners including permits, residence permits etc. < Property Management < Estate and Tax Planning WILLS AND PROBATE Over the years we have dealt with many estate administration cases. We are also well equipped to act as will executors or estate administrators. Main services: < Trusts < Drafting of Wills < Probate and Estate Administration < Advice on contested wills < Resealing foreign grants < Probate Litigation
clients of different nationalities, is able to identify and advise you on the most viable solution which meets your needs, based on your specific circumstances. The department deals with: < Employment permits < Temporary Residence permits < Permanent Residence permits < Family Reunification permits < Cyprus Citizenship applications < Long-term Residence permits < Property Acquisition permits
SPORTS Our firm has represented a number of Cypriot First Division football clubs and individual football players over the years. We have tremendous experience in this aspect of law, comprising, inter alia, drafting and legally analysing contracts with players, players’ agents and football clubs. Our firm has litigated in IMMIGRATION front of football adjudicating (RESIDENCE bodies includAND CITIing the Cyprus ZENSHIP) Football AssoCONTACT DETAILS Our Immi10, PatronStr, 6051 Larnaca ciation (CFA), gration Law P.O. Box 40665, 6306 Larnaca FIFA and the Tel: (+357) 24812581 team, thanks to Fax: (+357) 24812583 Court of Armany years of e-mail: info@frangoslaw.com bitration for Website: experience with www.frangoslaw.com Sport (CAS).
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LEADING LAW FIRMS IN CYPRUS
L. LOUCAIDESTHEOPHANOUS LLC L. LOUCAIDES-THEOPHANOUS LLC IS A FULL SERVICE LAW FIRM WITH OVER 25 YEARS’ EXPERIENCE. WE OFFER A WIDE RANGE OF BOTH PERSONAL LEGAL SERVICES AS WELL AS CUTTING-EDGE COMMERCIAL SERVICES FOR OUR BUSINESS CLIENTS.
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ur clients include international funds, High Net Worth In-
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Liza Loucaides – Theophanous
dividuals and international corporate organisations. We are strongly committed to
personal service on a costeffective and time-saving basis. We provide legal expertise to assist our clients in Cyprus and around the world with the support of our associate offices worldwide in making key decisions about corporate and personal legal matters. L. Loucaides-Theophanous LLC, as an exclusive commercial law member in Cyprus of International Referral – the world’s largest exclusive network of advisers in over 140 jurisdictions – is able to help its clients deliver their global strategies. What sets us apart is the highest quality of legal work and commercial services which has earned the respect and confidence of all of our clients. Our firm comprises leading practitioners who provide a direct focus on the client for expert advice. We pride ourselves on our ability to give practical advice and have long-lasting relationships with our clients. AWARDS Liza Loucaides-Theophanous,
the founder and managing partner of L. Loucaides-Theophanous LLC, won the IFC Power Women award 2014 and the Citywealth IFC Power Women award 2013. Mariella Theophanous, a partner of L. LoucaidesTheophanous LLC, has been selected in the Legal’s Finest 200 which is a collection of the Best 200 lawyers in the world, and has won the Commercial Law award in Cyprus. SERVICES Below is an outline of our legal services: COMMERCIAL AND CORPORATE SERVICES < Registration and acquisition of companies in Cyprus and abroad. < Provision of shelf companies registered in a number of international jurisdictions including Cyprus, Belize, British Virgin Islands < Corporate reorganisation and reconstruction. < Advice on corporate governance issues.
< Mergers and acquisitions. < Corporate management and governance. < Domiciliation services. < Partnership formation and dissolution. < Joint ventures and cooperation agreements. < Insolvency and restructures. < Agency and distributorship agreements. < Formation and use of Trusts. < International Tax Planning. < Provision of nominee services, secretarial services and registered office services. < Advice on all aspects of contractual issues. < Assessment and negotiation of contracts. < Share Purchase Agreements < Shareholder’s Agreements < Confidentiality Agreements < Employment Contracts < Loan and Financing Agreements < Production of certificates of Double Taxation
COMMERCIAL SHIPPING SERVICES LITIGATION & We can assist you with any DISPUTE RESOLUTION shipping-related issue. Our We act for businesses of all services include among othsizes, providing advice and ers: representation in relation to < Charterparty disputes various disputes, including: < Bills of lading and cargo < Freezing Injunctions and claims Interim Orders < Collision disputes < Commercial Contract < Marine Insurance Disputes < Ship arrest and release < Breach of directors’ du< Sale and Purchase of ties, shareholder and partShips nership disputes < Flag Registration < Civil fraud claims, freezing orders and asset recovery < We deal with all relevant maritime law litigation dis< Competition and cartel claims putes < Construction Disputes < Arbitration < Defamation and privacy < Shipping company formalaw tion < Financial services disputes < Ship registration and ad< Insurance disputes ministration < Intellectual property < International disputes IMMIGRATION < M&A and warranty disSERVICES putes < Citizenship applications < Product liability claims < Permanent < Professional Residence perCONTACT DETAILS Negligence Address: 3, Marathonos mits claims Street, Mali House, P.O. Box < Visas Entry < Prop60324, 8102 Paphos, Cyprus Tel: (+357) 26811844 erty litigation < Expert legal Fax: (+357) 26811840 claims advice on all e-mail: lizalaw@cytanet.com.cy < Trust and immigration Website: pension issues matters www.loucaides-theophanous.com www.goldnews.com.cy | GOLD | 79
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LEADING LAW FIRMS IN CYPRUS
L PAPAPHILIPPOU & CO LLC L PAPAPHILIPPOU & CO LLC WAS FOUNDED IN 1963 BY LOUKIS PAPAPHILIPPOU. AFTER THREE MERGERS, AND ON THE BASIS OF THE FIRM’S HOMEGROWN PARTNER TRADITION, L PAPAPHILIPPOU & CO LLC HAS GROWN TO BECOME ONE OF THE LEADING INTERNATIONAL FIRMS IN CYPRUS IN TERMS OF SIZE, LINKS AND TRUSTED AFFILIATIONS, CLIENTELE AND QUALITY OF SERVICE OFFERED.
Papaphilippou & Co LLC offers legal services to businesses, individuals, public organisations and governments. The firm has a strong litigation team, handling all forms of commercial dispute resolution, and has considerable experience in arbitrations and litigation. At the firm’s disposal are a number of professional contacts in North America, Europe, the Middle East and the Far East and, accordingly, the firm is equipped to provide comprehensive support to clients active in cross border business, via its multijurisdictional and multidiscipline packages. L Papaphilippou & Co LCC comprises lawyers and advocates of both common law and continental law backgrounds who are totally committed to excellence in the services that they provide. The firm constantly deals with clients based abroad and has the opportunity to interact with professional teams of different vocational backgrounds, e.g. lawyers, accountants and actuaries, all of whom
L Loukis Papaphilippou Senior and Founding Partner
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are based in different jurisdictions and represent a common reference point of analysis of the tasks undertaken. Moreover, the firm liaises with regulatory officials, domestic and foreign, concerning pending litigation as well as administrative matters. The firm’s main strength is its multifaceted experience over a wide range of disciplines, such as language skills, accounting and office administration and organisation. Specifically, the firm advises on matters of cross-border mergers, acquisitions of companies, international liquidations, international civil and criminal litigation, establishment and protection of brands and intellectual property (IP), admiralty and shipping, banking and finance, competition as well as international tax planning corporate and commercial and real estate. IMMIGRATION DEPARTMENT AND CHINA DESK In 2012, L Papaphilippou & Co LLC created a bou-
tique China Desk and a specialised Immigration Department in response to the increased demand for provision of services to foreign High Net Worth Individuals. The China Desk team has a proven interest and presence in the Chinese market, complemented further by its continuous participation and delivery of presentations in renowned wealth conferences, fairs and summits organized on Chinese soil. Additionally, the China Desk team is contributing and giving back legal knowledge by authoring articles in monthly leading local, international and Chinese legal journals that can be found on our bilingual website. The China Desk is building strong foundations with, and constantly supporting by way of membership, public and private organizations, including Cyprus-China Business Association, the Embassy of The People’s Republic of China in the Republic of Cyprus, The Cyprus Investment Promotion Agency (CIPA), etc. The firm’s China Desk has a proven reputation for the unmatched achievements in
the immigration field for securing and delivering Cyprus (EU) passports/citizenship and other immigration permits to Chinese clients and their dependents. A plethora of international awards, such as the 2013 and 2014 Immigration Law Firm
of the Year Award, come as recognition of the firm’s dedicated efforts and combined achievements in every field. The China Desk team encourages and invites any interested person to find out further information about services offered, activities
and achievements in both dertakings originating from English and Chinese on the China, Asia and CIS counCompany’s website or by tries and delivers cross-border contacting directly the firm’s legal and wealth management Chinese speaking personnel solutions as well as coordion +35722271122. nates international business Moreover, the firm offers structures, trusts and private legal advice and assistance in banking matters. At the same relation to wealth managetime, the firm’s tax experts ment and wealth planning, offer advice on benefits and promoting economic growth risks in relation to ownership through short-term or longand management of immovterm investment solutions. able and movable assets in Established collaborations Cyprus and abroad. with professionals of the highL Papaphilippou & Co est standards in renowned LLC thinks and means reoffshore and onshore jurisdic- tention and thus capitalises tions facilitate the optimizaconstantly and heavily in the tion of holding structures for legal professional developbusiness or family assets. ment of each member of staff L Papaphilippou & Co joining the team at any seat. LLC provides clients with Associates and trainees structured and sound legal are seconded to, and closely advice in relation to the supervised by, the firm’s acquisition, sale or lease of partners thus promoting residential or commercial teamwork mentality and property advising private efficiency, delivering high investors, private and public quality blended results to its companies, clients. major propL PapaphilipCONTACT DETAILS erty developers pou & Co LLC Address: 0ÄNLUPHZ :[YLL[ and real estate operates from 2007 Strovolos, Nicosia P.O. Box 28541, funds. its modern, 2080 Nicosia, Cyprus The firm state-of-the-art Tel: (+357) 22271000 advises major offices in NicoFax: (+357) 22271111 e-mail: investment corsia, reflecting info@papaphilippou.eu porations and its confidence Website: www.papaphilippou.eu represents unin the future. www.goldnews.com.cy | GOLD | 81
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LEADING LAW FIRMS IN CYPRUS
MICHAEL KYPRIANOU & CO. LLC MICHAEL KYPRIANOU & CO. LLC HAS ESTABLISHED AN ENVIABLE REPUTATION AS A BROAD BASED LEGAL PRACTICE. THE CALIBRE OF ITS LAWYERS AND THEIR DEDICATION TO PROVIDING CLIENTS WITH THE MOST PRACTICAL AND COST EFFECTIVE SERVICES IS THE CORNERSTONE OF THE FIRM’S SUCCESS.
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he firm maintains three offices in Cyprus: in Nicosia, headed by Menelaos Kyprianou; in Limassol, headed by Tonia Antoniou and Lambros Soteriou; and in Paphos, headed by Savvas Savvides. It also maintains two offices in Greece (in Athens and Thessaloniki), headed by Ilias Tsintavis, and an office in Malta headed by David Meli. OUR INTERNATIONAL NETWORKS The firm is a member of Mul-
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tilaw and Word Link for Lawyers, both of which are leading global networks of international law firms. The firm is also a member of the International Fraud Group, the International Tax Planning Association, the International Trademark Association, the Chartered Institute of Patent Attorneys, the International Association for the Protection of Intellectual Property and the International Association of Commercial Collectors.
ACCOLADES The firm is consistently recommended by reputable international legal directories such as The Legal 500 and Chambers & Partners. In the latest edition of The Legal 500 it has been praised for providing advice that is “practical and of a high standard” and for being “responsive with an indepth business understanding.” The directory describes the law firm as the “go-to firm for matters requiring Cyprus law expertise” and notes that “the value for money is impressive”. Individual lawyers of the firm have also been commended. The founder of the firm, Michael Kyprianou, has been described as an “eminent practitioner” and a “highly influential lawyer.” In the practice area of Banking and Finance, which is headed by Tonia Antoniou, the firm was placed in the top tier of Cyprus law firms. In the litigation field, Menelaos Kyprianou has been described as “an outstanding lawyer who is very prompt in integrating the clients’ objectives in case strategy.” Finally, the newly-released 2015 Chambers & Partners Directory states that the firm’s lawyers are “prompt and flexible and pay close attention to detail”. BANKING AND FINANCE: The firm is recognized as a lead-
CONTACT DETAILS
Nicosia Address: 2, Agias Elenis th Street, 6 & 7th Floor, 1060 Nicosia, Cyprus Tel: (+357) 22447777 Fax: (+357) 22767880 e-mail: info@kyprianou.com.cy Limassol Address: Michael Kyprianou House, 116, Gladstone Street, 3032 Limassol, Cyprus Tel: (+357) 25363685 Fax: (+357) 25363698 e-mail: limassol@kyprianou.com.cy
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ing adviser of banks, financial institutions, borrowers and security providers in multi-jurisdictional as well as domestic financing transactions involving Cyprus vehicles. Among others, the team specializes in international leveraged finance, asset and project finance, financial restructurings, security enforcement and distressed debt. CORPORATE AND COMMERCIAL: The corporate and commercial team has extensive experience across the spectrum of corporate and mergers and acquisitions law. The work undertaken includes the incorporation and acquisition of Cyprus and offshore companies, corporate reorganisations and restructurings, cross-border and domestic mergers, corporate governance issues, joint ventures and re-domiciliation.
DISPUTE RESOLUTION AND ARBITRATION: The firm advises clients on all aspects of corporate and commercial disputes and has extensive experience in cross border litigation. INTERNATIONAL TAX PLANNING: The firmâ&#x20AC;&#x2122;s tax experts provide advice on tax structures, holding companies and trust settlements in Cyprus and abroad. They also represent their clients before the tax authorities and negotiate tax disputes on their behalf. CAPITAL MARKETS: The firm specializes in the incorporation, set-up and assistance in the regulation of Cyprus Investment Firms and in compliance matters. It also assists investors in relation to the formation, licensing and regulation of funds such as closed-ended
funds, mutual funds, UCITS, Alternative Investment Funds and the respective set-up and assistance in their management and control. INTELLECTUAL PROPERTY: The Intellectual Property team specializes in all aspects of the area, including the filing of national applications for Cyprus trademarks and patents, as well as European and International applications. IMMOVABLE PROPERTY: The firm assists clients in all matters regarding Cyprus Immovable Property Law and represents clients before the land registry, the tax authorities and the stamp duty authority. It provides legal advice in all aspects of a Cyprus property purchase up until the closing of the transaction.
Paphos Address: Michael Kyprianou House, 19, Kinyra Street, 8011 Paphos, Cyprus Tel: (+357) 26930800 Fax: (+357) 26930808 e-mail: paphos@kyprianou.com.cy Athens Address: 7, Zalokosta Street, 3rd Floor, Syntagma, 10671 Athens, Greece. Tel: (+30) 2103387060 Fax: (+30) 2117150149 e-mail: info@kyprianou.gr Thessaloniki Address: 44, Tsimiski Avenue & Karolou Diehl, Thessaloniki 54623, Greece. Tel: (+30) 2310222267 Fax: (+30) 2310222269 e-mail: thessaloniki@kyprianou.gr Birkirkara Address: 115A, Valley Road, Level 5, Birkirkara, BKR 9024, Malta. Tel: (+356) 21331810 Fax: (+356) 21331810 e-mail: info@kyprianou.mt Website: www.kyprianou.com.cy
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LEADING LAW FIRMS IN CYPRUS
PAMBORIDIS LLC PAMBORIDIS LLC WAS FOUNDED IN 2003 BY DR. GEORGE PAMBORIDIS AND IS A GENERAL COMMERCIAL AND CORPORATE LAW FIRM WITH OFFICES IN CYPRUS (NICOSIA) AND GREECE (ATHENS). SINCE 2003, THE FIRM HAS GROWN RAPIDLY AND IS CURRENTLY MADE UP OF A TOTAL OF 14 LAWYERS, FIVE OF WHOM ARE PARTNERS AND THE REST ASSOCIATES. FURTHERMORE, THE FIRM CONSISTS OF A NUMBER OF OTHER MEMBERS SUCH AS ACCOUNTANTS, CORPORATE MANAGEMENT OFFICERS AND OTHER SUPPORT PERSONNEL.
T hrough our two offices, we aspire to meet all the legal needs of our clients, corporations and individuals, not only in Cyprus and Greece but also in the region of South East Europe and the Near and Middle East. We aim to offer full legal support to our clients and to offer our international clientele a local insight into the markets of the jurisdictions where we operate offices. The firm is committed to a very strict Anti-Money-Laundering policy and strives to fully comply with all relevant laws and regulations of the EU, the Republic of Cyprus and the European and Cyprus Bar Association. We regularly run internal seminars updating our
staff on any developments in this area and we work closely with our clients to secure their interests through strict KYC procedures. In 2008, the firm introduced a new policy under which members are encouraged to undertake work for and on behalf of NGOs, Non-Profit Organisations and charities on a pro bono basis. AREAS OF PRACTICE The firm strives to provide full and high level support to all its clients, whether corporations or individuals. We aspire to cater for all types of contentious and non-contentious matters and to add value to the business of our clientele. With the exception of criminal law, Pamboridis LLC engages in all the main fields of law, with particular focus on all the aspects of modern corporate and commercial law. Should any of our clients require advice on matters of white collar crime, we maintain a network of expert criminal law offices with whom we are happy to liaise on behalf of our clients. MERGERS AND ACQUISITIONS Members of the team have
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been involved in significant mergers and acquisitions transactions either locally, within Cyprus and Greece, or regionally, extending beyond the boundaries of the jurisdiction where we operate offices. The firm has expertise in all stages of mergers and acquisitions, including negotiations and drafting of agreements and supporting instruments, tax advice on the specific transactions (including group re-structuring), legal due diligence and HR matters as well as on matters of Competition and Anti-trust law. PUBLIC PROCUREMENT The firm provides comprehensive legal support services on national and international public procurement and advises public authorities. Our firm is involved in cases pertaining to matters of administrative law, it has extensive experience and has assisted clients participating in public tender procedures and other public procurement procedures. Members of our team have also worked on the side of the government for the issuance of public tenders. Furthermore, our litigation department engages in administrative procedures challenging public tenders and public procure-
ment procedures and members of our litigation department have a track record of appearances before the Supreme Court for the judicial review of awards of public tenders. TELECOMMUNICATIONS Having advised on some of the most high-profile mandates in the area of telecommunications in Cyprus, the firm has significant experience of Cyprus telecommunications laws and regulations, the EU’s regulatory framework for electronic communications, and liaising with the Office of the Commissioner of Telecommunications and Postal Services. The firm’s team has in-depth experience of advising in the telecoms sector and can offer specialized expertise in relation to the local markets. Our expertise covers Internet and mobile telecommunications technologies. CORPORATE AND COMMERCIAL The firm advises on corporate matters, capital raising, structuring and re-structuring, and public listings. It has extensive experience in negotiating, drafting and concluding complex commercial contracts. The firm’s mergers and acquisitions team advises on the full range of deal structures, ranging from public
takeovers/tender offers to divestments, auctions and de-mergers, in Cyprus and abroad. FUND STRUCTURING The firm prides itself on its dedicated team of experts in fund structuring and support. It has assisted and supported clients and investors in their efforts to set up, operate, manage and administer funds. The firm provides fiduciary services to all forms of structured funds in jurisdictions such as Cyprus, the Cayman Islands and Singapore. TAX PLANNING The firm established a specialised tax planning department in Nicosia, with a strong presence in Athens, in response to Cyprus’s status as one of the most reputable low-tax jurisdictions in the EU. The firm advises individuals and corporations on international tax planning and has an extensive network of high-quality affiliates in most reputable low-tax jurisdictions, including Malta, Luxembourg, Ireland, the Cayman Islands, Panama and the BVI. INTERNATIONAL SHIPPING The firm’s maritime practice
has a long history of representing major shipping multinationals. It provides regional and international support to ship owners, cargo interests, insurers and P&I clubs, as well as bankers dealing with the shipping industry. It also provides ship registration services and flagging advice, and engages in all aspects of S&P, including related financial matters. LITIGATION The firm specialises in commercial litigation but also handles banking and finance disputes, debt collection, family law matters, labour law matters, personal injury claims, property disputes, cases relating to hire purchase agreements, and bankruptcy and insolvency. The department also conducts domestic and international arbitrations, mediations and other forms of ADR. BANKING AND FINANCE The firm advises arranging banks, lenders, credit institutions, sponsors and borrowers on international financing transactions across a wide range of businesses in the commercial, financial and governmental sectors.
PROJECT FINANCE The firm’s project finance lawyers can offer market leading experience on matters related to project structuring, financing and regulation across a wide range of industry sectors. The firm’s clients include sponsors, commercial lenders and businesses.
tation on the Cyprus Stock Exchange and has acted on behalf of companies during their IPOs both in Cyprus and abroad. Members of the firm have carried out independent legal due diligence on companies seeking to list financial instruments on capital market.
ENERGY PEOPLE The firm represents clients The firm values its people as throughout the energy sector, its most significant asset and from major international is committed to investing in and national oil companies their continuous education and through to independent juntraining, aiming to add subiors, funders, investors, statestantive value to the business owned companies and the of our clients. The members of government. In preparation our team are well qualified and for this major development, trained to work at the highest the firm moved proactively level of professionalism and are and teamed up with one of well accustomed to both the the biggest common law global firms in and the contiCONTACT DETAILS order to pronental law sys5PJVZPH 6ɉJL Pamboridis House vide its clients tems. Our team 45, Digeni Akrita Ave. with expert enof Advocates 1070 Nicosia, Cyprus ergy law advice. and Legal AdviTel.: +357 22 75 25 25 Fax: +357 22 75 28 00 sors are trained e-mail: info@pamboridis.com CAPITAL to work in an ([OLUZ 6ɉJL MARKETS efficient and 32, Anagnostopoulou AND PUBLIC speedy manner, rd 3 Floor, Kolonaki LISTINGS 106 73 Athens, Greece providing full Tel.: +30 210 36 36 836 The firm has legal support to Fax: +30 210 36 39 590 been engaged the demanding e-mail: info@pamboridis.com by companies client operating For further information to act as their YLNHYKPUN [OL ÄYT VY [OL in a competitive ZLY]PJLZ ^L VɈLY legal advisors corporate enviplease visit our website: in their flowww.pamboridis.com ronment.
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LEADING LAW FIRMS IN CYPRUS
POLAKIS SARRIS & CO LLC POLAKIS SARRIS & CO LLC IS A NICOSIA-BASED LAW FIRM AIMED AT OPERATING AS A ONE-STOP SHOP; WE OFFER A FULL RANGE OF CONSULTING TO INTERNATIONAL AND LOCAL CLIENTS.
performed in the areas of: < Registration of Companies < Banking & Finance < Mergers & Acquisitions < Vessel Registration, Purchase & Sale of Ships < Trade Marks & Passing off < Real Estate < Corporate & Individual Migration < Employment < All areas of Litigation & Dispute Resolution
T
Polakis Sarris, Managing Partner
he lawyers and the administrative staff of the firm are allocated in the three main sectors of the firm namely: Corporate & Commercial, Shipping & Admiralty and Litigation & Dispute Resolution. In the above departments a variety of legal services is being
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Established in 1970, Polakis Sarris & Co LLC has grown over the years into a sizeable and versatile law firm. The company started off as a “one-man show”, run by the founder Polakis K. Sarris, the current Managing Partner of the firm. Today, the company consists of over 30 employees, including lawyers, accountants, corporate managers, paralegal secretaries, assistants and supporting staff. Polakis Sarris & Co LLC has become one of Cyprus’ leading firms in the corporate, tax, trust and shipping industry as well as litigation. Polakis Sarris & Co LLC was presented in 1997 the First Prize for Business Performance, Financial Achievement and Quality and for Service by the President of the
Republic of Cyprus on behalf of the Employers’ Federation and Industry. The firm was also presented by the President of the Republic of Cyprus with the 1999 Cyprus Export Award for Services (First Prize) by the Ministry of Commerce, Tourism and Industry and by the Cyprus Chamber of Commerce. The firm is also the winner of the 2014 Corporate Intl Magazine Global Award in the category “Tax Investigations Law Firm of the Year in Cyprus”. The success of the office, its rapid expansion and the awards won are the direct result of the personal attention, quick response and high standards of excellence reflected in the services carried out. CORPORATE & COMMERCIAL The Department consists of a highly qualified team of lawyers and administrators of a solid academic background and international experience. The proficiency and commitment of the team have been appreciated by local and international bodies which have praised the firm with accolades in the Commercial, Corporate and Tax field. The members of our team are also
members of recognized international associations. We provide an acrossthe-spectrum company law and administration services, including: the formation and administration of private, public, European and/or non-for-profit companies, branches and associations and/or other legal entities; conversion of private companies to the stock exchange in Cyprus and /or abroad; creation of Societas European (SE); joint ventures, local and cross border; mergers and acquisitions; due diligence and risk identification as well as corporate governance issues. Polakis Sarris & Co LLC provides a complete range of tax law related services. We are also highly qualified and experienced in relation to the establishment, registration and administration of local and international trusts. SHIPPING & ADMIRALTY An established international maritime centre for nearly half a century, Cyprus is getting all the more attractive over the years. Effective administration, robust infrastructure and an unambigu-
ous legislative framework lay the foundations for the island to become one of the world’s leading countries in registered merchant fleet and a global magnet for renowned ship management companies. Of course, no factor is more decisive to this success story than the knowhow of the people in the industry. We take pride in the fact that our firm has a long tradition and a lasting experience in this domain. Polakis Sarris & Co LLC offers a complete range of shipping services to a respectable clientele of ship owners, ship managers and ship charterers from around the world. Our firm has been – for the past 40 years – continuously engaged in an all-embracing maritime activity; from incorporating shipping companies to registry transactions and from ship financing to admiraltyrelated disputes. Coupling the thorough knowledge of the domestic tax system with the clear grasp of the local shipping environment we are fit to advise, assist and deliver on matters both of vital substance and of inevitable formalities.
LITIGATION & intrastate and international ALTERNATIVE DISPUTE sources as a pro-active and RESOLUTION hands-on firm, the litigation Our firm confides in the department of Polakis Sarris strength of an experienced & Co LLC maintains a heavyand enthusiastic litigation weight fighting spirit along team which is handling court with a levelheaded approach and arbitration cases quite and is always determined to dissimilar in scope and scale; deliver good results. from high-value, multiGreat attention is given to jurisdictional, cross-border client-lawyer relationship. The conflicts to lesser, yet perclient can be assured that the sonal and delicate disputes. litigator assigned to the case We counsel and advocate on will keep them in the loop via all major fields of litigation, timely, straightforward and ilmediation and arbitration lustrative updates throughout and, when necessary, we pull and, -what is, perhaps, moretogether and supervise teams is always willing to go the of experts. extra mile in order to attend Whereas the importance of to the client’s inquiries. negotiation and mediation is never neglected, sometimes TESTIMONIALS the call for an emergency rem- “Polakis Sarris & Co specializes in company registration edy is imperative; in fact, it could be the only real remedy. and accompanying matters” The Legal 500, 2004 Our commercial litigators liaise regularly and thoroughly “Polakis Sarris & Co has a solid reputation for litigawith the corporate and shiption.” The Legal 500, 2007 ping lawyers of our firm so “Polakis Sarris & Co is paras to ensure that clients are ticularly visible been given an in ship registraall-around and CONTACT DETAILS tion work and meticulous asAddress: 36, Byron Avenue, also handles Nicosia Tower Center, 8th sessment that ship finance ÅVVY 1096 Nicosia, Cyprus fits their needs Tel: (+357) 22456000 and admiralty and serves their Fax: (+357) 22670040 claims.” The e-mail: purposes. Legal 500, info@polakissarris.com Recognized by Website: www.sarris.com.cy 2012
www.goldnews.com.cy | GOLD | 87
SPECIAL promotional feature
LEADING LAW FIRMS IN CYPRUS
PYRGOU VAKIS LAW FIRM PYRGOU VAKIS LAW FIRM IN NICOSIA, CYPRUS, HAS AN EXPLICIT AND FOCUSED GOAL: TO OFFER LARGE LOCAL, INTERNATIONAL AND MULTINATIONAL FIRMS THE BENEFITS OF ITS EXPERTISE IN CORPORATE LAW, INSOLVENCY LAW, TAXATION LAW, ESTATE-PLANNING, COMMERCIAL LAW AND LITIGATION.
O
Demetris Vakis, Advocate Director
ur aim is to make Clients business more fluid, more fruitful. Aiming to serve clients in every respect, we will tap into our international network of associated professionals to deliver allround legal guidance and action that will meet the company's and individual needs. An impeccable track record demonstrates our compliance with the Lawyers’ Code of Conduct, while respecting the professional codes of associated professionals.
88 | GOLD | The Business Magazine of Cyprus
Melina Pyrgou, Advocate Director
OUR SERVICES CORPORATE < Advisory: Based on our extensive expertise in this field we provide advice to clients in setting up corporate structures, reviewing existing structures and providing solutions, providing assistance in instances of disputes between shareholders and other complex corporate law issues. < Due diligence reports: In the world of international transactions it is all the more necessary to carry out due diligence reports.
Despo Andreou, Advocate Director
Our firm has the knowledge and ability to provide reports of a high standard according to the clients’ requests in order to assist providing a full picture of the Cyprus companies involved in the transactions. < Formal Legal Opinions on corporate issues: We provide formal legal opinions on corporate issues that require the comfort of such opinions in transactions after reviewing the relevant documentation and bringing to the attention of the parties any issues that arise.
< Insolvency law: Our partners Demetris Vakis and Melina Pyrgou are both licensed insolvency practitioners and have handled large insolvencies over the years of their practice. < Mergers and acquisitions •We provide transaction support to our clients through drafting and reviewing transaction documents, assisting in any necessary due diligence, providing legal opinions and assisting in the closing procedures. • We can assist clients in the preparation stage of a merge and assist in seeing the merge through by drafting the merger plan and obtaining the necessary court order for the implementation. • Company registrations: We assist clients in setting up the most appropriate tax structure through our tax advisors to take advantage of opportunities through double tax treaties and local legislation to minimize tax exposure by incorporating legal entities not only in Cyprus but also in other jurisdictions. ENVIRONMENTAL LAW This is an area of law which is specialized and in which we have experience through
acting as sub-contractors to EU funded studies as Cyprus experts, regarding transposition and implementation of the EU legislation into the Cyprus legislation and we have provided opinions in this field which we are actively developing. LITIGATION The firm’s partner Despo Andreou heads the litigation department. We undertake litigation cases in the field of corporate banking and commercial law. We act as lawyers for banking institutions and commercial companies. We also undertake liquidation cases and we utilize a variety of dispute resolution tools including mediation to assist our clients in resolving disputes that arise in their business dealings. The firm has also extensive experience in the enforcement of foreign judgments in Cyprus. PROPERTY LAW We have the knowledge and expertise to review and draft sale and purchase agreements and assist clients during their property transactions including obtaining permits for acquisition of property by
non-Europeans. We also undertake the drafting, review and renegotiation of rental agreements and through our network can assist foreign clients in managing their Cyprus properties. TRUSTS Trusts are well-known in the Common Law world. The continental systems do not have similar set ups and some countries may not recognize their existence. However trusts have traditionally been used successfully for asset protection and inheritance. They can also be used as part of tax structures for the asset protection. In Cyprus we have local and international trusts. The international trusts attract the interest of the international community for the benefits that they could provide.
IMMIGRATION LAW The requirement for Cyprus companies to show substance and presence in Cyprus has increased our work in the field of immigration law where we undertake the application procedure for immigration permits into Cyprus. The incentive given by the Cyprus government to grant citizenship by exception in the event that a person invests in Cyprus has also attracted persons from abroad. EMPLOYMENT LAW Our clients seek our advice for drafting and review of employment agreements and dismissal matters as well as disputes that require appearance in the Employment Tribunal.
VIRTUAL OFFICE WILLS AND ESTATE Our clients can benefit from We advise clients on inherfacilities offered for use of itance planning through our office space, conference rooms tax consultants and draft wills and telephone answering and or create trusts as necessary. secretarial servicWe also underes. The offices take the proceare fully serviced. dure of probate CONTACT DETAILS Address: 9, Lampousas Conference and and may act Street, 1095 Nicosia, Cyprus seminar organas executors Tel: (+357) 22466611 Fax: (+357) 22466612, ization are also of wills or ade-mail: undertaken on ministrators of info@pyrgouvakis.com Website: request. estates. www.pyrgouvakis.com
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| INVESTMENT |
‘‘I BELIEVE THAT CYPRUS IS NOW BECOMING A ‘WOW’ DESTINATION’’ Roman Nikitin
‘‘THE 2013 BAIL-IN ACTUALLY HAPPENED DURING THE NEGOTIATIONS BUT THERE WAS NEVER ANY QUESTION OF PULLING BACK’’ Alexis Tsielepis
‘‘THERE ARE STILL MANY THINGS TO BE DONE, SUCH AS THE NEED TO COMBAT CORRUPTION AND UNNECESSARY BUREAUCRACY’’ Constantinos Adamides
90 | GOLD | The Business Magazine of Cyprus
DREAM
TEAM
R
oman Nikitin, Alexis Tsielepis and Constantinos Adamides speak about the purchase by the CIPA International Investment Award winner Emerald Coast Properties of Le Meridien Limassol Spa and Resort, Cyprus, its rebranding as a business and leisure destination, and what can be done to attract and facilitate more foreign investment. By John Vickers
What started as a summer holiday 16 years ago eventually brought Roman Nikitin, Alexis Tsielepis and Constantinos Adamides together, creating the ‘dream team’ that was to orchestrate one of the biggest tourism and real estate investments in Cyprus’ history: the acquisition of a controlling stake in Le Meridien Limassol Spa and Resort and its ongoing transformation into something – so they say – that the world has never seen. Nikitin, a Russian national turned Cypriot, represents Emerald Coast Properties Ltd, the company that acquired control of the hotel in 2013-2014. Tsielepis is the Director and Head of Taxation of Limassol auditors and business consultants, Costas Tsielepis & Co Ltd, and Adamides is a Partner in the law firm, Scordis, Papapetrou & Co LLC. Nikitin brought to the team the vision and financial brawn, Tsielepis the business sense and handling of the logistics and Adamides the technical excellence in handling the deal’s painstaking legal work. Roman Nikitin first visited Cyprus in 1999 with his family as a 17-year-old. They stayed at Le Meridien and, over the years, became repeat guests. The Nikitin family’s friendship with the owners of Le Meridien quickly evolved into a business one and initial thoughts of a joint venture of sorts to develop land next to the hotel ultimately evolved into the multi-million euro acquisition of the hotel itself, with its current ren-
ovation, literally from the ground up, being currently one of the largest construction projects on the island. “In the beginning, I felt Cyprus was ‘kind of good’. Over time, though, it grew on me and I eventually fell in love with both the island and Le Meridien. I believe that Cyprus is now becoming a ‘wow’ destination,” Nikitin says. The hotel will become like nothing anyone has ever seen on a beach, he says, revealing that, when finished, it will likely take on a premium luxury status, with an expected opening date set for early 2017. “Guests will be coming to Cyprus, not because of Cyprus but because of the hotel which, by the way, will be open to the public at large to visit and enjoy,” Nikitin adds. Tsielepis adds: “It’s almost an experiment on a global scale. People would expect to see this in the centre of a metropolis, not on the beach. It will be truly unique, spectacular.” On the history of the deal, Roman Nikitin explains that his family’s – and his own – involvement in Le Meridien was an emotional decision at first. Then, when numbers were brought into play, they were considered unrealistic. In 2013, the financial crisis hit the island and the figures became more reasonable. In a sense, the crisis did not discourage their plans but, on the contrary, actually helped materialize them. “So, emotional factors and attractive numbers were the ingredients that made
this cake really tasty indeed and I dug into it,” Nikitin says. Alexis Tsielepis steps in: “The 2013 bail-in actually happened during the negotiations but there was never any question of pulling back. Talks continued even as the banks in Cyprus were closed,” he says, adding that when it became evident that the hotel’s business was going to be impaired by everything that was happening, “for Roman, the cake remained tasty.” “At a time when even the Cypriots started losing faith in their own country, here comes Roman, more Cypriot than the Cypriots,” he adds with a smile. Asked why very few of a large number of announced foreign investments have materialized, especially over the last past couple of years, Tsielepis says, “I think there is a willingness to invest in Cyprus but I think the problem is more from the Cypriot side.” He then explains: “There seems to be a general feeling in Cyprus that it’s all about getting rich quick. Cypriots almost believe it is their prerogative to become rich quickly and effortlessly.” Roman Nikitin agrees with a sigh, recalling how, when he tried to buy a plot of land in the mountains, he discovered that the price mentioned to him was actually triple the one that was being advertised to Cypriots. To add insult to injury, he adds, there is also what he calls “a false sense of worth” on the part of some people and in some sectors. “There is popular belief that the quality of construction and the standard of workmanship on the island is high. Not true!” he stresses. When required to produce something out of the ordinary, most contractors and other related professionals in Cyprus are stumped, he says, adding, “Construction companies need to keep up with the latest trends in high quality and luxury that demanding visitors come to expect.” Tsielepis continues in the same vein, noting that unrealistic price demands and surprise renegotiations ward off serious investors. He adds that if people here were more in touch with what is happening around them, there would be more investment. Constantinos Adamides joins the discussion, noting that “The private services sector is not without blame. It’s about time that we
all remembered what the situation was 3040 years ago when everybody was diligently and honestly working for the common good.” Tsielepis takes this as his cue to touch on the subject of how the public sector has frequently hindered foreign investment rather than facilitating it. “The private sector, if left alone, can work wonders,” he says. There are a lot of logistics involved with orchestrating and completing an investment such as permits, licences, certificates, etc., a lot of red tape involved, “and for that we naturally need the public sector, but it is tremendously inefficient on the whole,” Tsielepis points out,and adds: “What the private sector needs from the public sector and the Government is support. Not weight. We don’t want to carry them on our backs like stones. We need them to give us wings.” Constantinos Adamides is more diplomatic. There should be a collaboration between the private and the public sectors, he says. “While the state should formulate the relevant policies to facilitate, recognize and protect foreign investments, the private sector should be asked and be ready to assist in the formulation of such polices.” He goes on to point out that, even though some government departments are indeed improving, “there are still many things to be done such as the need to combat corruption and unnecessary bureaucracy while, at the same time, simplifying certain formalities and procedures.” Alexis Tsielepis notes the problem of interventions in the running of the civil service from within, from political parties and even local authorities. “These manifest in a ‘trade off’ mentality: we understand that you need something from us, and as chance has it, we also need from you certain things you might provide,” he says. He does not stop there. “A person’s mission is to work and create, with wealth being a by-product. Yet others, whom I call ‘looters’, want a part of this wealth for nothing, otherwise they will punish the visionary, hardworking and clever ones for being just that.” Adamides is equally critical, albeit in a more subdued fashion: “The absence of legally acceptable flexibil-
ity by some officials and some government departments hinders foreign investment,” he assesses. “Sometimes they can’t see the wood for the trees,” he says, and goes on to suggest the establishment of a “one-stop shop” for foreign investment similar to the Maltese model. “The co-existence under one roof of at least a unit from the Cyprus Registrar of Companies, an international tax unit from the Inland Revenue Department, one from the Ministry of Interior specializing in immigration and other related matters and a unit from the Cyprus Securities and Exchange Commission to cover regulated financial and fiduciary activities would bring about better and faster results.” He adds optimistically, that, “with the anticipated return to growth, more investments in and via Cyprus can be expected in the near future.” On that note, Roman Nikitin is asked to comment on whether he would be interested in securing the licence for a casino in Cyprus. He states unhesitatingly that he is not interested but adds he would be more than willing to cooperate with the successful bidder on the accommodation side. Constantinos Adamides explains that his personal vision of the casino goes against the politics behind the recently approved law. Rather than providing for a main casino resort and four “satellite” casino units, he says, “I would instead envision the development of a Las Vegas-style mini strip, called the Strip of the Mediterranean.” Roman Nikitin ends our conversation by telling Gold about his best and worst experiences in Cyprus. The best, he says, was working with his dream team, headed by Alexis and Constantinos, in materialising his vision. “Professionally done, with a high level of expertise. I am really proud of this team,” he says. His worst experience, he says, was announcing to the staff of Le Meridien that the hotel would be closed for almost two years. “There were people that have worked there for 15, 20, 30 years. It was heartbreaking,” he says. “But when the hotel reopens I’ll be waiting for them. It would be great to see the same faces working there again.”
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B | CONFERENCE |
THE THEME OF LAST MONTH’S INTERNATIONAL COOPERATIVE CONFERENCE
T
he economic and banking crisis of the past few years has highlighted the need for a new economic growth model. Recognizing that the model now under development meets their principles and values, cooperative members from around Europe are forging a new cooperative strategy that brings people back into the centre of economic growth. The cooperative movement of Cyprus, as part of a strong and modern network of European Cooperatives, hosted last month’s International Cooperative Conference entitled Coops for you, Bringing People Together
at the Evagoras Lanitis Centre in Limassol. The conference provided the opportunity for representatives of cooperative businesses and organisations from Europe to discuss and exchange views on key issues, such as the cooperative movement’s prospects and potential growth, ways of enhancing the movement in the new financial environment and its importance to economic and social growth. The event’s first panel discussion, which featured presentations by Dirk Vansintjan (REScoop, Ecopower, Belgium), Agnes Mathis (Cooperatives Europe, Belgium), Loucas Mprechas (KAPA Network, Greece) and Costas Nicolaou (Bios Coop, Greece), focused on Cooperatives as the innovators of sustainability. The panelists explained how Cooperatives have been relying on a unique value-based model of business which benefits –and
92 | GOLD | The Business Magazine of Cyprus
RINGING PEOPLE TOGETHER
operates on behalf of – its members and contributes to greater economic, social and environmental sustainability. As communities struggle to keep up with a rapidly changing world, they stressed, it is crucial for citizens to become more resourceful, enterprising and cooperative. The second panel discussion centred on youth as the future of the Cooperative initiative. Speakers Enrico de Sanso (BEES Coop, Belgium), Anna Fiscale (Deputy Progetto Quid, Italy), Sebastien Chaillou (Solidarité Étudiante, France) and Konstantinos Vrachimis (Cooperative Central Bank, Cyprus), agreed that young people constitute a valuable partner of the cooperative movement. Their motivation and tools, they said, enable them to expand their entrepreneurship through the cooperative model and it is thus very important to promote cooperative values in
an attractive way to young people so as to raise their awareness of the movement. The final panel of Marios Clerides (Cooperative Central Bank Cyprus), Andreas Mouskallis (Pancyprian Cooperative Confederation), Kypros Protopapas (Deputy Commissioner of Authority for Cooperative Societies Cyprus) and Panayiotis Andreou (Cyprus University of Technology) highlighted the impact of Cooperatives in Cyprus. The speakers explained how the movement had been established as society’s response to economic and social oppression. The people-centred values and principles of the movement, they said, had played an important role both in the economic growth and the social progress of Cyprus. The members of the local cooperative movement outlined recent efforts to re-establish the cooperative model as a business model of choice.
Coop-funded enterprise
George Nishiotis, moderator with the panel: Marios Clerides, Andreas Mouskallis, Kypros Protopapas & Panayiotis Andreou Coop-funded enterprise
Pambis Kyritsis, PEO Trade Union
Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry & Tourism, Yiannos Stavrinides & Nicholas Hadjiyiannis, Cooperative Central Bank Aliki Alkaiou, Christos Alexandrou, Chrystalla Kakopsitou, Onisiforos Iordanous, Troodos Cooperative Credit Society & Andreas Mouskallis, Co-operative Central Holding Company
Coop-funded enterprise
Elias Eliades, Evangelia Evangelou, Limassol Cooperative Savings Society & Costas Yiallouros, Civil Servants Cooperative Building and Savings Society Nicholas Hadjiyiannis, Cooperative Central Bank
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Nicole Paraschou & Nitsa Ralli, Cooperative Central Bank
&RPPXQLFDWLRQ 6SRQVRUV Charis Florides, George Georgiou Cooperatrive Central Bank
Evanthia Charalambous, Cooperative Central Bank ciety & George Samuel, Cooperative Computer Society www.goldnews.com.cy | GOLD | 93
BOOK SHELF
BOOKS of the month 1
How IT can take us beyond capitalism
1.
POSTCAPITALISM: A GUIDE TO OUR FUTURE By Paul Mason (Allen Lane, 2015) R.R.P. £16.99 (£11.89 FROM AMAZON.CO.UK)
Capitalism has undergone change over the past two centuries, always emerging transformed and strengthened. In this groundbreaking book Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy. Moving beyond capitalism is no longer a utopian dream and at the heart of this change is the revolution brought about by IT.
2
3
Varoufakis on why robust global growth is impossible
Dealing with the overwhelming demands of our times
2.
THE GLOBAL MINOTAUR: AMERICA, EUROPE AND THE FUTURE OF THE GLOBAL ECONOMY By Yanis Varoufakis (Zed Books Ltd, 2015) R.R.P. £8.99 (£6.29 FROM AMAZON.CO.UK)
This is the third edition of the book by the flamboyant former Greek Finance Minister and SYRIZA MP in which he argues that neither the US nor the EU nor any other nation can now restore robust global growth. Whether you agree or disagree with his politics, the book’s lively and impassioned prose on economics is extremely engaging.
94 | GOLD | The Business Magazine of Cyprus
3.
BUSY: HOW TO THRIVE IN A WORLD OF TOO MUCH By Tony Crabbe (Grand Central Publishing, 2015) R.R.P. £18.49 (£17.94 FROM AMAZON.CO.UK)
Tony Crabbe addresses one of the great problems of modern life: we’re too busy and we feel overwhelmed by the excessive demands on our time. In the book he sets out four key strategies for thriving despite of the overload of too much: regaining a sense of mastery over your life, making an impact, re-engaging with your work and moving to a less busy life.
4
How to adapt business strategies to a personal level
5
Taking things back to a human scale to become PRUH IXOÀOOHG
4.
DISRUPT YOU! MASTER PERSONAL TRANSFORMATION, SEIZE OPPORTUNITY, AND THRIVE IN THE ERA OF ENDLESS INNOVATION By Jay Samit (Flatiron Books, 2015)
R.R.P. £18.48 (£18.04 from amazon.co.uk)
In today’s business landscape, adaptability and creativity are more crucial than ever. Samit describes how specific strategies that help companies flourish can also be applied at a personal level. Incorporating stories from his own experience and anecdotes from other innovators and disruptive businesses, he demystifies the mechanics of disruption for individuals and businesses alike.
5.
MORE HUMAN: DESIGNING A WORLD WHERE PEOPLE COME FIRST By Steve Hilton (WH Allen, 2015)
R.R.P. £18.99 (£12.91from amazon.co.uk)
Hilton believes that people’s frustration with government, politics, their economic circumstances and their daily lives are caused by deep structural problems in the systems that dominate our modern world, systems that have grown too far from the human scale. This book is a call to action for a more local, accountable and human way of living that will make us more fulfilled and ultimately happier.
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Τετάρτη 23 Σεπτεμβρίου 2015 | 15.30-19.00 | Ξενοδοχείο Hilton Park | Λευκωσία Για πληροφορίες: IMH, Τηλ: +357 22 505555, Φαξ: +357 22 679820, e-mail: events@imhbusiness.com, website: www.imhbusiness.com
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96 | GOLD | The Business Magazine of Cyprus
T
hough industry professionals tend to evaluate their firms and those of their competitors in terms of figures – profit margins, market shares, efficiency statistics and customer satisfaction data – they should be aware that their most valuable asset and the true source of their success is their workforce. Hermes Airports Ltd certainly knows and acknowledges this. An international consortium comprising nine shareholders, featuring a combination of Cypriot and international partners, Hermes assumed the management and control of the Larnaca International and Paphos International Airports in May 2006, under a 25-year Build-Operate-Transfer (BOT) concession agreement with the Government. Currently serving over 7 million passengers per year and contributing more than €500 million to the island’s economy – corresponding to some 3% of GDP – the airports are among the major drivers of economic growth in the country and are acknowledged as key generators of thousands of jobs. In such a people-centric industry, there is no doubt that the excellence of
the company’s staff – comprising 168 permanent employees and 10 seasonals – has played an instrumental role in the company’s success. But how is this high level of professionalism secured? It all begins with exemplary employee satisfaction, Hermes Airports’ Senior HR Manager, Natasa Iacovides, confides in Gold. “Our employees’ satisfaction and engagement levels are high. We are in no way complacent and constantly strive to achieve improvement,” she says of the source of Hermes’ positive staff atmosphere. In order to maintain this optimal working environment, employees are encouraged each year to provide feedback to the company by participating in the annual Attitude Survey and indicate their satisfaction on a number of factors. They are also prompted to participate in focus groups in order to express and discuss their views, concerns and ideas. Turning to the company’s corporate culture, Iacovides reveals that Hermes’ primary objective is to cultivate a strong, healthy organisational culture which supports trust, respect and commitment. The core values are incorporated within Hermes’ strategic priorities and HR
practices, she stresses: “As one, we achieve customer service excellence. We care about our colleagues, customers, society and the environment; we always strive to achieve the desired results; we are proud of our achievements; we are considered a trustworthy organisation”. Other than the pleasant working conditions, Hermes’ employees enjoy a number of benefits such as a specialised provident fund, medical and life insurance schemes, discounts on various products and services, overtime, mileage and telephone allowances as well as additional paid annual leave. Further to these advantages, the company also periodically launches additional initiatives to encourage employees’ sense of belonging and purpose within the workplace. “We have introduced a number of working groups in order to enhance employees’ participation in the decisionmaking process, as well as to give them the opportunity to gain a better understanding of the business through their involvement in areas outside their job responsibilities.” In this context, the company has also introduced the Recognition programme, whereby employees may nominate their colleagues who “go the extra mile” on a specific project or issue and promote positive behaviour that supports individual, team and company goals and objectives. Continuous learning is also part of Hermes’ culture and is implemented through a variety of means, such as classroom courses, e-learning, on-the-job training, shadowing and exchange of job roles. Indeed, according to Iacovides, leadership effectiveness is one of the company’s key priorities. With so many commendable features, what is it that makes Hermes Airports stand out as an employer of choice in Cyprus? “Our culture,” Iacovides affirms confidently. “We have created a culture which values, respects and invests in its human capital – a workplace where people enjoy coming to work.” And in turn, all 178 employees of Hermes Airports have made the organisation a success, through their loyalty, dedicated customer care, professionalism and teamwork – the fundamental qualities which make it a company which is flying high.
www.goldnews.com.cy | GOLD | 97
MY
COLLECTION
LET’S HEAR IT FOR 98 | GOLD | The Business Magazine of Cyprus
In spiring sweet memories of childhood, cherished hours of companionship with siblings and playmates, a youthful excitement… There is just one item which may conjure the juxtaposition of such emotions: the vintage toy. It is this same sentiment which has led Demetris Fessas, Director of the Commercial Office of the Embassy of Israel, to amass a remarkable collection of several hundred vintage toys, capturing the essence of childhood joy. Fessas began his collection in the mid-1990s when, on a trip to Paphos, he stopped at a quaint village store in Geroskipou to buy some chewing gum and a disorderly pile of old toys in the corner caught his eye. “They were rather old toy cars,” Fessas recalls, “and as soon as I saw them, I thought, ‘I remember those!’” With an early affinity for toy cars, trains and the like, he felt an immediate emotional connection. “It took me back to toys I had a child
that I hadn’t seen for many years. I asked if they were for sale and sure enough they were – and that was the beginning of my collection.” Following this experience, Fessas couldn’t help but begin looking for more vintage toys,
minding him of the days when such things were painstakingly hand-crafted, with each item almost possessing a unique identity. “Toys have changed dramatically; back then there was a lot of work put into their production. They were hand-made in tin, which later evolved into plastic. They had something special about them… It’s like old cars. We often say ‘they just don’t make them like that anymore,’ and this is also true of toys.” Fessas is not alone in this passion. Indeed, in recent years the market has increased as collectors the world over comb through the decreasing supply of these magnificent objects in
find many high-quality items, even though others who began their search in the ‘80s would have found many more untouched toys in old local stores. All collections require a certain amount of dedication to create and maintain; has Fessas invested greatly in his own? “Yes, I’ve spent a lot of time on this. Not so much money… I’ve built a collection with a small monetary investment which I am proud of, because the idea was not to pour money into the collection but to have this hobby for the pleasure it brings me. Money can buy almost anything but it cannot provide you with that particular feeling.” His collection comprises mostly of transport toys. He
;OL ^OVSL L_WLYPLUJL MVY TL PZ ÄUKPUN [OL [V` T`ZLSM PU ZVTL JVYULY VM HU VSK Z[VYL ZVTL^OLYL MVYNV[[LU K\Z[` HUK KPZJHYKLK
a race against time to obtain the most coveted items. Although he began to casually seek vintage toys whenever he found himself abroad for either business or pleasure, and also dabbled in purchasing items online, Fessas is a great fan of what he calls the ‘organic’ collector’s experience. “The whole experience for me is finding the toy myself, in some corner of an old store somewhere, forgotten, dusty and discarded, in its original packaging and condiTHE DIRECTOR OF THE COMMERCIAL tion. The pleasure that this gives you is immense.” OFFICE OF THE EMBASSY OF ISRAEL Though these old toys IN NICOSIA TALKS TO GOLD ABOUT have now disappeared HIS COLLECTION OF – AND PASSION from the island’s sellers – a result, no doubt, of both FOR – VINTAGE TOYS. local and foreign enthusiBy Effy Pafitis | Photography by Jo Michaelides astic collectors – Demetris Fessas knows that he was among the last collectors to experience this and considers himself fortunate in that he has been able to and not only those he had once owned as a boy. “There were always those toys you wanted as a child but couldn’t have, either because they were expensive or someone didn’t buy them for you!” he laughs. In addition to the emotional and sentimental elements which drove Demetris Fessas’ interest in toys, the aesthetic appeal of these beautiful items led him to collect even more, re-
THE TOYS
focuses particularly on tin toys produced in the ‘60s or ‘70s and on those from Japan. The country, he says, had a huge industry during the period and was known to produce the best, most expensive toys. Indeed, vintage Japanese toys continue to increase in value even today. German toys are also on Fessas’ agenda, as are – though they are very difficult to find – English and Chinese ones (“early Chinese, because they soon became mass produced and lost their appeal,” he says). He has kept everything he’s ever found and refuses to consider selling them on. Indeed, he doesn’t even know how many toys he has in total, nor if his collection is worth a considerable amount. This, he tells me, was not the objective of the collection. “It was, and still is, merely to bring me pleasure.” www.goldnews.com.cy | GOLD | 99
Lunc Lunch with EVAN GAVAS
THE FORMER COUNTRY DIRECTOR OF BARCLAYS IN CYPRUS TALKS ABOUT WHY HE IS BACK ON THE ISLAND, WHAT HE MIGHT DO NEXT AND HOW HE VIEWS THE POSSIBILITY OF THE COUNTRY’S REUNIFICATION.
Gold
W
hen I received an e-mail from Evan an Gavas last month, h, I was surprised to discover that he had returned to Cyprus exactly two years after receiving a promotion and leaving the island for the UK. Was the former Country Director at Barclays back for a holiday? No, he told me. He had resigned from the bank and intends to make Cyprus the base for his next venture. We decided to talk about it over lunch in the
100 | GOLD | The Business Magazine of Cyprus
By John Vickers
ANT RESTAUR FONTANA s ru Hilton Cyp III Ave., Makarios 98, Arch. Nicosia
€48.00 S LUNCH 2 BUSINES E €16.00 TRITIS WIN 2 15CL PE €4.00 WATER 1 AGROS €68.00 TOTAL
cool and quiet atmosphere of the Fontana Restaurant at the Hilton Cyprus, where we quickly decided to enjoy the expansive buffet, accompanied by a glass of Petritis white wine. I have always been grateful to Gavas for inspiring what I still consider one of Gold’s best titles. When I interviewed him for the October 2012 issue of the magazine, I called the piece “Knocking on Evan’s Door” (well, I liked it...) and
before we met again I took another look at the article. I was surprised and impressed by the fact that a good six months before the Eurogroup set out its conditions for a €10 million bailout package, he said this: “[The crisis] will be resolved because others will impose actions and solutions on us but Cyprus will go through a period of pain and recession for the next two years. But if we follow the advice and take the actions proposed and we demonstrate to the market that we can do what is needed, then I think we can come out of the situation quite quickly. Everything will depend on how efficient we are in taking the action required of us.” Here is a man who knows what he’s talking about, and yet he is not shy about admitting that he, too, makes mistakes. One of the main reasons for his return to Cyprus is his family and, on reflection, he says that he got his priorities wrong when he left: “It’s wonderful to be back from a family perspective and I probably made a major mistake when I went to Jersey and left my pregnant wife in Cyprus because of the promotion and having the chance of a larger professional role dangled in front of me. When I accepted, the career lens was my main driver but I think I should have looked at the bigger picture.” He left in August 2013 (“I was offered the next job before the crisis but I chose to stay and see it through”)
and was made responsible for Barclays’ core offshore banking, which was mainly in the those small islands off the UK coast – Jersey, Guernsey, the Isle of Man. “I had to move to Jersey because I was a director of the offshore subsidiary and although it is quite a beautiful and picturesque island, it’s very small with a population of just 100,000. It’s booming from an offshore financial services perspective but, quite frankly, it was a bit
boring for me and my wife. In comparison with Jersey, Cyprus is New York!” Not surprisingly, Mrs Gavas approved of his decision to resign. “I’ve lived most of my life abroad, having been born in Africa and worked in the UK and US but she’s really happy to be back. And as we all know, a happy wife often makes for a happy husband!” So, two years after leaving this small island for a much smaller one, the Gavas family (all three of them) are now back.
Does he have big plans for his next professional move? Surprisingly, perhaps, he says no. “For the first time in my life – and I’ve been working for 15 years and I’ve always had a plan about where I’m going – the future is a blank sheet of paper. I am rethinking everything I thought I would be doing in the next 5 years.” That’s quite a brave decision, I say. “Some people might say it’s stupid!” he counters, “but it’s not as risky as it sounds. I’ve developed a network and I have a track record, so the options are always there. I had a couple of job offers immediately after resigning but I’m not rushing into anything.” After more than seven years with Barclays, was it difficult to leave? “From a purely financial/ opportunity cost perspective, it was. As you rise up the ladder you get paid more, etc. and I had achieved a certain status career-wise. On the other hand, there has been a lot of contraction by banks all over the world so it’s probably not the most exciting time to be in banking anymore. I’m quite excited about having a new challenge.” For all that, he doesn’t
IN COMPARISON WITH JERSEY, CYPRUS IS NEW YORK! www.goldnews.com.cy | GOLD | 101
| LUNCH WITH GOLD |
hesitate to describe the four years he spent professionally in Cyprus as some of the most rewarding and interesting of his career. “I was given the opportunity to lead a business here, to define the strategy, build a team, go into the market, and that ticked a lot of the boxes for me. What drives me is building businesses, creating something sustainable, so it was really exciting.” Having reached what he calls “a pretty high level in a global bank”, he is unlikely to be applying for a similar job but he is very aware of how the business world has developed in recent years: “As an entrepreneur, you can be based anywhere – there are businesses in Cyprus that are operating globally – and that’s exciting because it removes any barriers that might previously have prevented someone from achieving his or her ambitions on a global scale. The Internet has gone beyond information. If you look at work, more and more people are offering their services online. You can hire people anywhere in the world to perform certain types of task so it’s opening up global talent pools and you can sell your products anywhere.” It sounds as if he is thinking of setting up something of his own, I suggest. “Yes, there is certainly the possibility,” he admits. “My first business in Africa was my own and although I didn’t achieve the ambitions I had for it, the idea is very attractive and it’s one of the main avenues that I want to explore. I find the idea of building something sustainable, putting together a team and executing my own vision very attractive.” No-one disputes the fact that technology is enabling a lot of startups to disrupt bigger corporations and Evan Gavas has seen this very clearly in the banking sector: “Payments is one area that I’m familiar with and people have started asking themselves whether they really need banks if they can do their work faster online. Those banks that have become more automated are being driven by customer demand, which reduces
102 | GOLD | The Business Magazine of Cyprus
costs too. Then there is peer-to-peer lending, which is especially wellestablished in the US and UK but it’s spread to China and elsewhere. It’s an easy way of matching investors with borrowers and it’s worked particularly well in recent years when the banks have been cramped by greater regulation. If you’re an investor looking for a decent return, you have an opportunity to do it via peer-to-peer lending. The interesting thing is that institutional investors – including banks! – are now starting to participate as investors in that sector too.” After making our selection of the dessert section of the buffet (I fill my plate with sweets, while his is laden with fruit, though he insists that he is not on a healthy food kick), we talk about the recent crisis in Greece and the likelihood of the country being able to implement the dramatic changes
still works relatively well,” says Gavas, adding that he has been quite impressed by the way the Government has gone about implementing the things it was asked to by the Troika. ‘But there needs to be a post-bailout vision,” he warns. “There are still difficulties and tough decisions ahead.” There is also the fact that we appear to be close to a moment in Cyprus’ history which may be defining. “There are going to be huge opportunities with reunification and I believe that a solution is inevitable. It needs to be one that works in everyone’s favour, obviously, but a lot of people I’ve been talking to are very optimistic that something is finally going to be agreed. Being bold and visionary means taking risks. That’s what leadership is all about: putting your wholehearted support behind an idea and putting your head on the block.” Have those bold and visionary leaders
I FIND THE IDEA OF BUILDING SOMETHING SUSTAINABLE, PUTTING TOGETHER A TEAM AND EXECUTING MY OWN VISION VERY ATTRACTIVE required of it by the Troika. “I think it is extremely low,” he says. “During the first bailout there was an opportunity to make structural changes and I would never have considered the concept of an exit from the eurozone but today I can see more merit in the idea. People in Greece have seen a lot of pain but, unfortunately, the reforms that previous governments signed up to were never carried out. If the politicians had done what they should have done five years ago, Greece would never have reached the present situation.” We agree that the case of Cyprus is very different. “It’s smaller and has a more flexible economy and, for all the inefficiency and waste, the public sector
finally appeared? “From everything I’ve seen and heard since I returned, that may well be the case,” he says. “Let’s hope so.” He is currently organising a reunion with the people he used to work with in Nicosia and Limassol. “We had a really good team,” he says. “Very committed and motivated people. Had it not been for supporting one another, it would have been a lot more difficult to make it through the crisis.” And then Evan Gavas intends to spend some quality time with his wife and two-year-old daughter before, as he puts it, “clearing my head, taking a decision, focusing on one thing and going for it. That’s the plan. I’m collecting ideas. So if you have any, let me know!”
BUSINESS CLASS
How often do you travel, whether for business or pleasure?
I travel very frequently, for both business and pleasure. For work, I would say I travel between 3 and 4 times a month, while for pleasure it is 3 or 4 times a year.
Wh is the most What exciting iti destination d ti ti you have visited for work? And for pleasure?
For work, it has to be Singapore; the city’s culture is extremely fascinating and, as an added bonus, the residents’ business environment and approach are both very European. For pleasure, =PL[UHT PZ KLÄUP[LS` [OL TVZ[ [OYPSSPUN destination I have visited! This is because of its rich history and beautiful natural surroundings.
Captain Eberhard Koch The Chairman, CEO and Managing Partner of Österreichischer Lloyd Seereederei (Cyprus) s) Ltd on his corporate travel experiences, why the Far East is his favo favourite region and more. By Effy Pafitis What is your favourite airline? 0 TVZ[ MYLX\LU[S` Å` ^P[O 3\M[OHUZH HUZH – which is why I am a member of the Senator Status programme and OH]L HJJLZZ [V [OL :LUH[VY 3V\UNes available worldwide – but Qatar and Etihad are also great airlines and knocking hard on the door.
What is the most impressive hotel you have ever stayed at?
Although I have stayed at many incredible hotels around the world, the Burjal Arab Hotel in Dubai made a lasting impression on me when I stayed there in 2004 and 2006, for a work-related event and pleasure respectively.
What is your favourite international destination?
The Far East is – by far – my international destination of choice. Among the exciting countries in the region that I most admire and enjoy are Singapore, Hong Kong and Shanghai. The culture, style of living and history are truly captivating, making this my favourite region.
How does Cyprus compare to this location?
Cyprus is my ‘home sweet home’! Despite this, I must unfortunately admit that, with the exception of sunZOPUL ÄSSLK KH`Z HUK H NYLH[ ZLUZL VM security, the island doesn’t have much LSZL [V VɈLY H[ [OL TVTLU[ WHY[PJ\SHYS` in comparison to the developed countries of the Far East.
Tell us about your best corporate travel experience.
I particularly enjoyed my hands-on participation in the newbuilding experience some years ago now, as well as taking delivery of my own ships in China during 2008, 2009 and 2010. Actually, my only daughter, Nicole Madelaine, became Godmother to the last of the ladies to d be delivered, and our time together for this ceremony was very special.
If you c could travel any anywhere tomorrow tomorrow, where w would you go?
I have just returned from Istanbul HUK PU H ML^ KH`Z 0 HT Å`PUN V\[ again to New Zealand for busin ness; for this reason I would love tto take a trip – just for pleasure – to the US west coast or Mexico.
www.goldnews.com.cy | GOLD | 103
WHAT’S
ON
THINGS
to do MUSIC
Alkinoos Ioannidis
F
ollowing his successful concerts in June, the Athens-based Cypriot singer-songwriter Alkinoos Ioannides returns to the island with his band for two performances in September. Saturday, 5 September: Ancient Curium, 9pm Sunday, 6 September: Skali Aglandjias Amphitheatre, Nicosia, 9pm
Thanasis Papakonstantinou
G
reek singersongwriter Thanasis Papakonstantinou has been recording and performing for more than 20 years.
EXHIBITION
Sunday, 23 August, Lympia Community Park, 9pm.
Kreator
SATURDAY, AUGUST 29, PAVILION, NICOSIA, 8PM
G
erman thrash metal legends Kreator will be in Cyprus for their first-ever show, performing at the Pavilion in Nicosia. The band have been going for over 30 years and have released 13 albums to date. A new one is expected from the four-piece next year.
A Journey to the Mediterranean Islands
T
he latest exhibition by the Bank of Cyprus Cultural Foundation entitled A Journey to the Mediterranean Islands features a selection of maps of Cyprus, the Greek and other Mediterranean islands, reproduced on a larger scale. The original maps date from the 16th to the 19th centuries and are part of the Cultural Foundation’s own collection. The exhibition will be on until 31 October 2015, 10am-7pm. Bank of Cyprus Cultural Foundation, 86-90 Phaneromenis St, Nicosia
Cinderella Goes to Paphos
OPERA
104 | GOLD | The Business Magazine of Cyprus
O
ne of the island’s annual cultural highlights is the opera staged during the first week of September at Paphos harbour, using the mediaeval fort as a backdrop or as an integral part of the stage setting. All three performances (Friday 4, Saturday 5, Sunday 6 September, 8pm) are invariably sold out – a total of 7,500 spectators. This year’s production (the 17th in the Paphos Aphrodite Festival series) is of Gioachino Rossini’s La Cenerentola (Cinderella) by Ramfis Productions of Avignon, France with the Cyprus Symphony Orchestra. There is simultaneous translation in Greek and English via surtitles.
CINEMA
Stars under the Stars
M
any years ago, long before the advent of airconditioning systems, the cinemas in Cyprus would hold open-air screenings during the hot summer months. This year you can try this enjoyable summer cinema experience and see some good movies that are never going to turn up at your local K- Cineplex. All the following films are being shown at the Constantia Open-Air Cinema (15, Solonos Michaelides Street, Pallouriotissa, Nicosia) at 9pm, unless stated otherwise. FRIDAY, AUGUST 14 The Limousine Nikos Panagiotopoulos, Greece (2013) MONDAY, AUGUST 17 Timbuktu Abderrahmane Sissako, France/Mauritania (2014) (House of the Volunteer, Larnaca)
Kypria International Festival
T
he Kypria International Festival, which began in 1993, has always presented Cypriot and foreign artists, ensembles and productions of international acclaim. It starts in September with three performances of Valentina Shuklina’s Stabat Mater, a one-hour spectacle that combines opera, acrobatics and mime by the Tichá Opera from the Czech Republic. Wednesday, 2 & Thursday, 3 September, Thoc Theatre, Nicosia, 8.30pm Sunday, 6 September, Rialto Theatre, Limassol, 8.30pm It is followed by three concerts entitled The violin of Cyprus meets the violin of the
THURSDAY, AUGUST 20 Three Windows and a Hanging Isa Qosja, Kossovo/Germany (2014)
SUNDAY, SEPTEMBER 6 Mommy Xavier Dolan, Canada (2014)
SATURDAY, AUGUST 29 The Boy and the World (O Menino e o Mundo) Alê Abreu, Brazil (2013)
MONDAY, SEPTEMBER 7 The Congress Ari Folman, Israel/Germany/Poland/Luxembourg/Belgium/France (2013) Rialto Theatre, Limassol, 8.30pm
SUNDAY, AUGUST 30 Potiche François Ozon, France (2010) MONDAY, AUGUST 31 Wild Tales (Relatos salvajes) Damián Szifrón, Argentina (2014) Pierides Museum, Larnaca, 8.30pm Chinese Puzzle (Casse-tête chinois) Cédric Klapisch, France (2013) Rialto Theatre, Limassol, 8.30pm
FRIDAY, SEPTEMBER 11 Timbuktu Abderrahmane Sissako, France/Mauritania (2014) SATURDAY, SEPTEMBER 12 Ida Pawel Pawlikowski, Poland (2013) SUNDAY, SEPTEMBER 13 Wild Tales (Relatos salvajes) Damián Szifrón, Argentina (2014) g
THURSDAY, SEPTEMBER 3 Little England Pantelis Voulgaris, Greece/France/ Belgium (2013) FRIDAY, SEPTEMBER 4 The Angels’ Share Ken Loach, UK (2012) THE FIRST HALF OF THE FESTIVAL ENDS WITH TWO SHOWS BY LOCAL JAZZ BAND, THE ERMIS MICHAIL QUINTET. THURSDAY, 10 SEPTEMBER, PHINIKOUDES, LARNACA, 8.30PM FRIDAY, 11 SEPTEMBER, HEROES SQUARE, LIMASSOL, 8.30PM
West featuring four young musicians from the Czech Republic and Cyprus, members of the Philokallia ensemble, performing music by Dvorak, Bartok, Brahms and traditional songs and dances of Cyprus. Sunday, 6 September, University of Cyprus, Nicosia, 8.30pm Monday, 7 September, Alsos, Paphos, 8.30pm Tuesday, 8 September, Phinikoudes, Larnaca, 8.30pm Next up is the Batsheva Dance Ensemble from Israel performing Deca Dance, a celebration of the 10 years of choreographer Ohad Naharin’s work with the Company. Tuesday, 8 September, Strovolos Municipal Theatre, Nicosia, 8.30pm Thursday, 10 September, Municipal Garden Theatre, Limassol, 8.30pm
Cyprus Comic Con 2015
COMICS
F
ans of comic books and their movie spinoffs finally get to enjoy their very own celebration of the ninth art. The organisers promise “a day full of geeky wonder (warning: may contain large chunks of comics, board games, trading card games, video games, cosplay, anime/manga etc.)”. There will be tournaments, live music, stores, artists, special guests, talks/panels, short film festival, workshops and more.
Saturday, August 29, Filoxenia Conference Centre, Nicosia 9am-9pm.
www.goldnews.com.cy | GOLD | 105
A DAY IN THE LIFE
George Theocharides
The Director of the MSc in Financial Services Course at the Cyprus International Institute of Management (CIIM) on life in the US, life as an academic and...football
“I live alone in Nicosia but I ought to admit that live in the same apartment block as my parents so I go to ‘Mum’s café’ for breakfast and lunch! I usually get up at 7.30-8am and I’m at my desk around 9am. I read a lot for my job – reports, research papers – and as director of the CIIM finance programme, I have to deal with everything related to the course. Half of my day is taken up with administrative duties and the other half with reading, writing and researching. Mondays tend to be dedicated to CySEC as I’m on the Board. As a kid, my dream was to become a footballer and I still play
for an amateur team. On the advice of family and friends, I studied electrical engineering, which I never really liked but I graduated from the University of Manchester Institute of Science & Technology. I later obtained a Masters in Business in San Diego and worked for a small computer reseller in Los Angeles until the dot-com crash in 2000, when a friend persuaded me to apply to do a Ph.D. I ended up in Tucson Arizona for five years and, having decided to stay in academia, I joined a newly established global business school in the oldest university in South Korea. It was a great
experience and a challenge to live in a country that was very different from anything I had been used to. I was there for four years and I got to travel a lot, so I’ve seen most of Asia. In fact, I’ve been to every continent except Africa. Eventually I decided it was time to come home so I moved back and since then I’ve been here as Director of the Finance programme. I leave the office between 6pm and 7pm and go straight to the gym almost every night. Later I might stay at home and watch TV or go out for a drink with friends but it’s difficult to ‘switch off’, especially these days. I try to find time for reading things outside economics. One book I can recommend is Walter Isaacson’s biography of Steve Jobs who I think is someone that everyone should admire for what he achieved. The other one is Start-up Nation: The Story of Israel’s Economic Miracle by Dan Senor and Saul Singer, which is very interesting too. I watch a lot of sport on TV, especially football, but I tend to listen to music when I’m driving but not at home or work. I lived in the US for ten years and I like American pop/rock bands
like One Republic but I also enjoy British bands like Oasis and My favourite Coldplay. For band many reasons, I am contented with my life. Although the US offers many opportunities, I took Teaching here was a great experience my decision to come back to my home country and my family, despite the recent difficulties. The quality of life My current here is very reading for pleasure good and the advantages of a small country are often not appreciated until you’ve lived in a big one; things like being able to get home in 10 minutes or arranging with friends to go out on the spur of the moment and, of course, the weather! And professionally, I like the fact that I can combine my academic work with involvement in the industry. Cyprus is not America but it’s a good place to be.”
THE ADVANTAGES OF A SMALL COUNTRY ARE OFTEN NOT APPRECIATED UNTIL
YOU’VE LIVED IN A BIG ONE 106 | GOLD | The Business Magazine of Cyprus
www.pwc.com.cy
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