ISSUE 48 MARCH 14 - APRIL 13, 2015 PRICE €4.95
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HARRIS GEORGIADES
ls a s o p o rus r p yp nal io e t a ntr
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the international investment, finance & professional services magazine of cyprus
‘The Worst Is Now Behind Us’
+ YARON BLOOM, GEORGE MOUSKIDES, EMILY YIOLITIS
GREECE
Why the ‘Grexit’ won’t happen
INTERVIEWS
Marc de Panafieu Constantinos Herodotou Theo Paphitis
SURVEY
CEO confidence grows in Cyprus
Plus:
MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / OPINION
Issue 48 March 14- April 13, 2015
52
6 EDITORIAL 8 UP FRONT 14 FIVE MINUTES WITH...
68 | NO REGRETS
HARRIS GEORGIADES
“THE WORST
IS NOW BEHIND US” Harris Georgiades looks back over his 23 months as Finance Minister and confirms his optimism about the country’s future.
16
George Mouskides, Director of FOX Smart Estate Agency, has been through both the good and the bad times of the real estate sector but, he says, he has no regrets or complaints about his career choices.
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33 | CYPRUS CITIZENSHIP GUIDE
7 companies present their services and express their views on the success of the ‘Citizenship Through Investment’ scheme.
57 | OIL & GAS SERVICES IN CYPRUS 5 companies present their services.
71 | RE-PROFESSIONALISING BANKING TOGETHER
Globaltraining is the exclusive education partner for the Chartered Banker MBA in Cyprus, Greece, Russia, Romania and Eastern Europe.
FEATURES
26 30
22| ACTIONS SPEAK LOUDER THAN WORDS Constantinos Herodotou, Commissioner for Privatisations, on why he took the job and why he is absolutely determined to see it through.
25 | NICOSIA ECONOMIC CONGRESS 2015 A preview of the biggest annual financial/ economic event to be held in the capital.
26 | WHY THE ‘GREXIT’ WON’T HAPPEN Those who think that Greece should be ‘allowed to fail’ do not realise the extent of the geopolitical shocks and the unfavourable social and economic consequences of such an event on the rest of the eurozone, says Dr. Savvas Savouri.
30 | THE MULTIMILLIONAIRE SHOPKEEPER Theo Paphitis returns to Cyprus with a
57
22
few words for his homeland’s politicians
33
48 | EY CYPRUS INAUGURATES NEW NICOSIA OFFICES Photos of the event.
50 | GOING IT ALONE The partners in a relatively new legal firm have some fascinating suggestions regarding what can be done to revive the economy and allow Cyprus to regain its favoured position as an international finance centre of choice.
52 | OIL PRODUCERS OVER A BARREL What caused last year’s dramatic decline in oil prices and when – if ever – may we see a return to 2013 levels?
54 | CEO CONFIDENCE GROWS IN CYPRUS The results of PwC Cyprus’ fourth countryspecific survey, which sets out the views of more than 80 CEOs.
4 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
74 78 82 84 86
{money} {business} {economy} {tax & legal} {lifestyle}
PEOPLE & CHANGE SERVICES
2014 KPMG Compensation and Benefits Survey KPMG’s People and Change Services successfully published for the fourth time since 2008 the results of the 2014 KPMG Compensation and Benefits Survey. The 2014 KPMG Compensation and Benefits Report presents compensation and benefits policies and data of 90 prominent companies. The information refers to 104 generic positions and 77 industry specific positions and presents data from 6522 professionals. The Survey’s results provide companies with insight to design their compensation strategy with a competitive edge. The 2014 KPMG Compensation and Benefits has been established as the best known and most comprehensive Survey in Cyprus due to its excellent sample and the fieldwork methodology implemented. For more information, and to purchase a copy of the Report, please contact us: Marios Papalazarou Associate People & Change Services E: mpapalazarou@kpmg.com T: 22 209107 Elli Foulli Assistant Manager People & Change Services Ε: efoulli@kpmg.com T: 22 209107 www.kpmg.com.cy
©2015 KPMG Limited, a Cyprus limited liability company and member of the KPMG network of independent member firms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity. All rights reserved.
MANAGEMENT CONSULTING
EDITORIAL
Back to the Future
I
t’s often said that everything has to do with timing and here at Gold, we discovered the truth of this exactly two years ago when we published our March 14, 2013 issue. Containing the first interview with newly elected President Nicos Anastasiades, the cover bore his photo and the optimistic title “Cyprus Means Business”. Twentyfour hours later, the Eurogroup proposed the infamous bail-in to save the island’s
banks… I mention this simply to make the point that the timing of that particular cover story was somewhat unfortunate. I cannot help wondering, however, what excuse the island’s political establishment and most of the Greek-language media have for obsessing with the same story virtually every day for the past two weeks. Supposedly ‘secret’ documents are being presented by various parties that allegedly prove that the idea of bailing-in depositors in the country’s banks was first brought up months before the fateful Eurogroup meeting, as if this is actually going to change anything. The only thing it achieves is to enable so many of the island’s publicity-seekers to get another 15 minutes of fame instead of having to behave sensibly and contribute to the efforts being made to stabilise the economy. You can be sure that, one year from now, the subject will still be monopolising the media as the parliamentary election campaign reaches its climax. One is tempted to imagine that there is some kind of informal code of practice that all would-be politicians in Cyprus have to sign before they are allowed to address the media. It means that they constantly have to revisit past events in an effort to lay the blame on the shoulders of their opponents, while at the same time, failing to come up with any proposals whatsoever that might contribute positively to moving the island forward. We saw it when President Anastasiades decided to restart reunification talks after insisting on having a joint declaration of intent by both sides, and we saw it when he decided to halt those very same talks in the face of Turkey’s decision to send a seismic exploration vessel into Cyprus’ Exclusive Economic Zone. Eleven years have passed since the twin referenda on the UN Plan to reunite the island and still barely a week goes by without some MP or media columnist bringing it up. Whatever our political affiliations, we should all be grateful to President Anastasiades for appointing Harris Georgiades as Minister of Finance two years ago. A real breath of fresh air in our past-obsessed political establishment, he is a straight talker who recognises the mistakes of the past but understands the futility of blaming whoever may have been responsible and shows remarkable (for Cyprus) self-control in not attacking previous administrations with anything like the acrimony they deserve. Faced with a House of Representatives that has frequently appeared to be bent on destroying the country’s chances of recovery for its own petty interests, he chooses to focus on the occasions when opposition MPs have sided with the Government and even thanks them for their support and cooperation (see this issue’s Cover Story). Above all, Georgiades stands out from many of his colleagues because he has his sights fixed firmly on the future, not on the past, refusing to let populism and rhetoric deflect him from his mission to do what is best for Cyprus. This is why we decided that, as everyone else tries to take advantage of the second anniversary of Cyprus’ very own ‘Black Friday’ (15 March 2013), we would make the Minister of Finance only the second politician ever, apart from the President, to feature on the cover of Gold. Read his interview and you’ll understand why. We are not suggesting that the mistakes and sins of the past should be buried or ignored. On the contrary. But we do believe that, for the sake of the country and coming generations, we urgently need to get back to the future in our discussions.
John Vickers, Chief Editor john@imhbusiness.com
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Alexia Petrou PHOTOGRAPHY
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ISSUE 45 DECEMBER 14, 2014 - JANUARY 13, 2015 PRICE €4.95
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THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
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INTERVIEWS
INVESTMENT
Bank of Cyprus launches Premier Club
Michael Dobbs Tim Potier Colin Wright
Record-breaking sales for alternative assets
6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
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UP FRONT
NEW BOOK ABOUT EX-PRESIDENT
I
VASSILIOU
n ¸.LVYNL =HZZPSPV\! 9LÅLJ[PVUZ VU [OL 7HZ[ HUK [OL -\[\YL¹ a new book by the Turkish Cypriot academic Niyazi Kizilyurek, the former President of Cyprus discusses a host of subjects, including his early life, studies and employment, his decision to run for the presidency in OPZ Ä]L `LHYZ PU VɉJL MV\UKPUN [OL <UP]LYZP[` VM *`WY\Z [OL HWWSPJH[PVU [V QVPU the EU and subsequent membership of the
\UPVU HUK ^O` OL ]PL^Z H ZVS\[PVU [V [OL longstanding Cyprus Problem as essential if the island is to make use of its full potential to grow and prosper. The book, which has also been published in Greek and ;\YRPZO [HRLZ [OL MVYT VM [LU PU[LY]PL^Z ^OPJO MYLX\LU[S` ILJVTL SP]LS` L_JOHUNLZ VM ]PL^Z ;OPZ ,UNSPZO SHUN\HNL ]LYZPVU was translated by John Vickers, Chief Editor of Gold.
CIM SUMMIT 2015 SATURDAY 28 MARCH, 8:30-14:00, 0, BANK OF CYPRUS HEADQUARTERS (AYIA PARASKEVI), NICOSIA ADMISSION IS FREE (REGISTRATION ESSENTIAL)
T
he 2015 CIM Summit takes place at the Bank of Cyprus HQ in Nicosia at 9am on Saturday 28 March. The Summit is being organised for the 8th consecutive year (admission is free) and the purpose is to inform local executives about the latest trends affecting the way they run their businesses. Every year, worldrenowned academics and professionals are invited to share their knowledge
and experience; this year, Prof. Jack Lang (University of Cambridge), David Chaffey (CEO, SmartInsights) and Jonathan Gabay (acclaimed consultant and author) will address the theme The Digital Era for Business, shedding light on new technologies that affect the business world and provide opportunities for growth. “The Summit is highly on-hands and case studyfocused,” Yangos Hadjiyannis, Deputy
CORRECTION
In last month’s cover story, a number of the figures quoted were incorrect, due to printing errors. With regard to cdbbank, the figure for deposits should have been €395 million (not billion), for net loans €345 million (not billion), and assets €531.7 million (not billion). For Hellenic Bank, the the figure for deposits should have been €6.1 billion (not €61), for net loans €3.3 billion (not €33) and for assets €6.9 billion (not €69). For USB Bank, the figure for deposits should have been €621 million (not billion) and in the case of Piraeus Bank the corresponding figure should have been 1.2 billion (not million). We apologise for any confusion and inconvenience caused.
CYPRUS-SOUTH Director of CIM, told Gold. “It is Cyprus’ leading Marketing & Management event, attracting a highcalibre audience from Cyprus, the Middle East and Russia. In the past 7 years, more than 2,000 executives have attended the Summit, which is growing every year.” CIM has been Cyprus’ leading Business School since 1978 and, Hadjiyiannis said, it considers the annual Summit as a way of ‘giving back’ to the Cyprus business world which has supported its operations over the past 37 years.
8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
“Apart from interactive sessions with the acclaimed speakers, the Summit provides an excellent platform for networking and for maintaining relationships with CIM alumni and associates. The fact that, on a Saturday morning, more than 300 senior executives choose to attend and 15 leading firms support the event through sponsorships, is sound evidence of the recognition that it enjoys. The CIM Summit is being upgraded every year and I can assure you that it’s here to stay!”
AFRICA
BUSINESS ASSOCIATION
HOLDS FIRST NETWORKING
EVENT
T
he recently-founded Cyprus-South Africa Business Association will hold its first nnetworking event on March 18. Speakers M include Association in President Maria ZavPr rou, Antonis Mavrides, rou Trade de Officer at the Sout South African Embassy in Cyprus, yprus AAngelos Gregoriades, President of the Cyprus Investment Funds Association, and Bert Pijls, CEO of Hellenic Bank. The Cyprus-South Africa Business Association operates under the auspices of the Cyprus Chamber of Commerce and Industry, which supports it in its efforts to reinforce commercial and economic relationships between the two countries.
UP FRONT
Aristo Unveils New China Head Office
P
rominent Cyprus real estate and development firm Aristo Developers has further expanded its global reach through the establishment of a new Head Office in Zhujiang New Town, Guangzhou, China, marking another milestone in its broadening Asian operations. Tony Antoniades will be heading the company’s new China office, along with an established network of Satellite Offices in Beijing, Shanghai and Chengdu. “The new office, which has been established in line with our customer-oriented strategy, is bolstered with experienced professionals to meet customer needs,” commented Theodoros Aristodemou, CEO and Managing Director of Aristo Developers. “We believe there is still tremendous opportunity to be tapped. Our enhanced presence will further enable us to position ourselves as a leader in the Cyprus property industry, bringing us closer to our existing and potential clients, and our network of associates across China and beyond,” he concluded.
Cyprus Institute Secures €2.5m European Research Area Grant
T
he Cyprus Institute (CyI) has been awarded a European Research Area (ERA) Chair grant of €2.5 million in the field of Solar Thermal Energy (STE). Following what is described as a highly competitive process, CyI secured one of the 13 grants awarded out of the 88 proposals submitted from 15 countries. The grant – which constitutes recognition for the successful research work being pursued at the Institute – is intended to allow CyI to develop excellence on a European level in the relevant field.
Part of the European Commission’s Horizon 2020 research funding programme, the ERA Chairs are intended to support research organisations in countries with low research and development investment, such as Cyprus, to attract and maintain high quality scientists from across the European Union and implement the structural changes necessary to achieve excellence in specific fields of research. The secured European funding will enhance and upgrade the Institute’s existing substantial activity in solar energy, aidingg its strategic objective of becoming an innovation ation hub for Cyprus, the Eastern Mediterranean n and and th thee Middl Middle le E East.
CYPRUS- RUSSIA AGREEMENTS
P
resident Anastasiades an d Russian President Vladimir Putin met in Moscow last month for private talks and, later, the signing of a number of agreements. The two leaders signed the Joint Action Programme between the Republic of Cyprus and the Russian Federation for 2015-2017, which constitutes an umbrella document, covering
numerous areas of cooperation between the two countries. A Memorandum of Understanding (MoU) was signed between the Cypriot Ministry of Finance and the Russian Ministry of Education and Sciences on cooperation in the fields of research and technology. The Protocol of the 8th CyprusRussia Intergovernmental Committee for Economic Cooperation was
also signed, as was an MoU between the Ministries of Defence of the two countries for cooperation in the naval field. An agreement on military cooperation was also signed by the countries’ Foreign Ministers. Moreover, the two countries agreed to cooperate in the fight against drugs smuggling and on combating terrorism.
CIPA SIGNS MoU WITH RUSSIAN INVESTMENT AGENCY
W
ithin the framework of President Nicos Anastasiades’ VɉJPHS ]PZP[ to Moscow on February 24-25, [OL *`WY\Z 0U]LZ[TLU[ 7YVTV[PVU Agency (CIPA) signed a Memorandum of Understanding (MoU) with [OL 9\ZZPHU 0U]LZ[TLU[ (NLUJ` ;OL HNYLLTLU[ ^HZ YH[PÄLK MVSSV^-
PUN TLL[PUNZ OLSK IL[^LLU *`WYPV[ President Nicos Anastasiades, his 9\ZZPHU JV\U[LYWHY[ =SHKPTPY 7\[PU 7YPTL 4PUPZ[LY +TP[Y` 4LK]LKL] *07( *OHPYTHU *OYPZ[VKV\SVZ Angastiniotis and the Chairman of [OL 9\ZZPHU 0U]LZ[TLU[ (NLUJ` @\Y` = :WPYPKVUV] ;OL 4V< WYV]PKLZ MVY JSVZLY cooperation and the exchange of information between the two JV\U[YPLZ YLNHYKPUN PU]LZ[TLU[
10 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
PZZ\LZ [OL OVSKPUN VM PU]LZ[TLU[ L]LU[Z PU IV[O JV\U[YPLZ HZ ^LSS HZ [HYNL[LK L]LU[Z VU WYPVYP[` ZLJ[VYZ During the signing ceremony, Angastiniotis referred to the strong economic ties between Cyprus HUK 9\ZZPH HUK [OL L_LTWSHY` cooperation between businessTLU VM [OL Q\YPZKPJ[PVUZ “The signing of the Memorandum of Understanding sends a Z[YVUN TLZZHNL HIV\[ [OL JSVZL
ties between Cyprus and Russia and the deep friendship between [OL [^V WLVWSLZ ¹ OL JVTTLU[LK ¸0[ PZ L_WLJ[LK [V ZPNUPÄJHU[S` IVVZ[ [OL LɈVY[ [V H[[YHJ[ 9\ZZPHU PU]LZ[TLU[Z [V *`WY\Z ¹ ,UOHUJPUN [OL PZSHUK»Z JVVWeration with strategic partners Z\JO HZ 9\ZZPH PZ VM NYLH[ ZPNUPÄJHUJL [V [OL VUNVPUN YLJV]LY` of the country, Angastiniotis JVUJS\KLK
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UP FRONT
THE 10 HIGHEST-EARNING
T
FOOTBALL CLUBS
he 18th edition of the Deloitte Football
Money League, which looks at the highest earning clubs in the world’s most popular sport, is the most contemporary and reliable analysis of the clubs’ relative financial performance. It reveals that Manchester United and Real Madrid are currently the only
1. REAL MADRID
2014 REVENUE: €549.5M 2013 REVENUE: €518.9M DOMESTIC LEAGUE POSITION 2013-14: 3RD AVERAGE LEAGUE MATCH ATTENDANCE: 70,739
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2014 REVENUE: €518M 2013 REVENUE: €423.8M DOMESTIC LEAGUE POSITION 2013-14: 7TH AVERAGE LEAGUE MATCH ATTENDANCE: 75,203
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clubs to earn over €500m in a season but notes that “such is the pace of growth seen at the largest clubs, it is possible that in next year’s edition, all of the top five Money League clubs will be generating in excess of half a billion euros for the 2014/15 season.” Below are the Ten Highest-Earning Football Clubs in the world.
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6. MANCHESTER CITY
4. FC BARCELONA
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7. CHELSEA
2014 REVENUE: €387.9M 2013 REVENUE: €303.4M DOMESTIC LEAGUE POSITION 2013-14: 3RD AVERAGE LEAGUE MATCH ATTENDANCE: 41,474
5. PARIS SAINT-GERMAIN
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8. ARSENAL
2014 REVENUE: €474.2M 2013 REVENUE: €398.8M DOMESTIC LEAGUE POSITION 2013-14: 1ST AVERAGE LEAGUE MATCH ATTENDANCE: 45,420
2014 REVENUE: €359.3M 2013 REVENUE: €284.3M DOMESTIC LEAGUE POSITION 2013-14: 4TH AVERAGE LEAGUE MATCH ATTENDANCE: 60,014
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