ISSUE 69 DECEMBER-JANUARY

Page 1

Gold ISSUE 69 christmas, 2016 PRICE €2.00

t h e

b u s i n e s s

m a g a z i n e

o f

✪

Interviews

with

• Jacqueline Anastasiades

• Nicholas Hadjiyiannis

• Hillik Nissani

• Marios Eliades

• Valentina Kislaya

• Simos Symeou

• Ioannis Demetriades

• George Ioulianos

• Avi Peeri

c y p r u s

Gold ISSUE 69 | christmas 2016 |celebrating leadership excellence

celebrating leadership excellence The 3rd CCCi Business Leader Awards

Award EY Honorary

17 pages

3rd CCCI Business

Leader Awards

THE WINNERS

for Overall Contribution to Entrepreneurship

THE CEREMONY

Takis Lefkaritis Founder Lefkaritis Group of Companies

Season’s Greetings and a Happy New Year

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© 2016 PricewaterhouseCoopers Ltd. All rights reserved

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Stavros Pantzaris

Phidias Pilides

Kyriacos Kokkinos

Dr. Photos Photiades

Charalambos Pattihis

Eric (Eleftherios) Montanios

Vasilis Nicolaides

Dimitris Nicolaides

Adonis Papadopoulos

EY Cyprus (Sponsor)

CCCI (Organiser)

Executive Director & Partner IBM Europe Services

Chairman Photos Photiades Group

CEO & Chairman Remedica Manufacturing

Chairman Montanios & Montanios LLC Financial and Professional Services

Joint CEO Atlantica Hotels & Resorts Tourism, Hospitality and Leisure

Joint CEO Atlantica Hotels & Resorts Tourism, Hospitality and Leisure

Chairman Interorient Navigation Co. Shipping

-

INTERVIEWS

WITH

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THE WINNERS

FOR OVERALL CONTRIBUTION TO ENTREPRENEURSHIP

THE CEREMONY

TAKIS LEFKARITIS FOUNDER LEFKARITIS GROUP OF COMPANIES

CHARALAMBOS PATTIHIS

ERIC (ELEFTHERIOS) MONTANIOS

VASILIS NICOLAIDES

DIMITRIS NICOLAIDES

ADONIS PAPADOPOULOS

CEO & CHAIRMAN REMEDICA MANUFACTURING

CHAIRMAN MONTANIOS & MONTANIOS LLC FINANCIAL AND PROFESSIONAL SERVICES

JOINT CEO ATLANTICA HOTELS & RESORTS TOURISM, HOSPITALITY AND LEISURE

JOINT CEO ATLANTICA HOTELS & RESORTS TOURISM, HOSPITALITY AND LEISURE

CHAIRMAN INTERORIENT NAVIGATION CO. SHIPPING

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3rd CCCI

BUSINESS LEADER

AWARDS

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IMH & GOLD CONGRATULATEÍ

All the winners of the 3rd CCCI Business Leader Awards

Main Sponsor

Silver Sponsor

Organisers ΚΥΠΡΙΑΚΟ ΕΜΠΟΡΙΚΟ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΟ ΕΠΙΜΕΛΗΤΗΡΙΟ

Gold Sponsors

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ISSUE 69 CHRISTMAS 2016

T H E

B U S I N E S S

3RD CCCI BUSINESS LEADER AWARDS

THE 3rd CCCI BUSINESS LEADER AWARDS

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COVER

THIS YEAR, AWARDS WERE PRESENTED TO THE WINNERS IN SEVEN CATEGORIES, AS FOLLOWS: )\ZPULZZ 3LHKLY PU [OL -PUHUJPHS HUK 7YVMLZZPVUHS :LY]PJLZ :LJ[VY ,YPJ ,SLM[OLYPVZ 4VU[HUP VZ *OHPYTHU 4VU[HUPVZ 4VU[HUPVZ 33* )\ZPULZZ 3LHKLY PU [OL 4HU\MHJ[\YPUN :LJ[VY *OHYHSHTIVZ 7H[[POPZ *,6 *OHPYTHU 9LTLKPJH )\ZPULZZ 3LHKLY PU [OL :LY]PJLZ :LJ[VY 2`YPHJVZ 2VRRPUVZ ,_LJ\ [P]L +PYLJ[VY 7HY[ULY 0)4 ,\YVWL )\ZPULZZ 3LHKLY PU [OL :OPWWPUN :LJ[VY (KVUPZ 7HWHKVWV\SVZ *OHPYTHU 0U[LYVYPLU[ 5H]P NH[PVU *V )\ZPULZZ 3LHKLYZ PU [OL ;V\YPZT /VZWP[HSP[` HUK 3LPZ\YL :LJ[VY +PTP[YPZ 5PJVSHPKLZ =HZPSPZ 5PJVSHPKLZ 1VPU[ *,6Z ([SHU[PJH /V[LSZ 9LZVY[Z :WLJPHS (^HYK MVY )\ZPULZZ ,_JLSSLUJL +Y 7OV[VZ 7OV[PHKLZ *OHPYTHU 7OV[VZ 7OV[PH KLZ .YV\W ,@ /VUVYHY` (^HYK MVY 6]LYHSS *VU[YPI\[PVU [V ,U[YLWYLUL\YZOPW ;HRPZ 3LMRHYP[PZ -V\UKLY 3LMRHYP[PZ .YV\W VM *VT WHUPLZ 6U [OL MVSSV^PUN WHNLZ ^L WYLZLU[ KL[HPSZ VM [OL ^PU ULYZ HUK WOV[VZ MYVT [OL H^HYK JLYLTVU`

STORY

Î’y John Vickers, Photography by Jo Michaelides

/($'(56+,3 (;&(//(1&( The 3rd annual Business Leader Awards, organised by the Cyprus Chamber of Commerce & Industry (CCCI) were presented on Tuesday, 13 December. Interviews with the winners plus biographical details and photos from the prestigious event.

O F

C Y P R U S

CONTENTS 8 | (',725,$/ 10 | %86,1(66 %5,(),1*

Economic & Business Highlights of the past month.

14 | 5' &<3586 ),'8&,$5< $662&,$7,21 )2580 Photos from the event.

CHARLES MAURICE DE TALLEYRAND-PÉRIGORD (1754-1838)

22 | &(/(%5$7,1*

M A G A Z I N E

GOLD

16 | 0< :$<

Avi Peeri’s management style.

18 | ),9( 0,187(6 :,7+ÂŞ Hillik Nissani.

20| 7+(< 6$,' :+$7"

Some notable statements made by Cypriots in the public eye over the past month.

OPINION 58 | 6:,66 )5$1& 0257*$*(6 By Savvas Savvides

118 | 3$5,6 )5$1.)857 '8%/,1 :$17 :+$7 /21'21 +$6 By Dr. Savvas Savouri

SPECIAL PROMOTIONAL FEATURE 63 | Professional Services in Cyprus 277 leading firms present their services.

FEATURES 40 | 21 7+( 83

52 2

Interview with Symeon Symeou, Head of IBU, Piraeus Bank (Cyprus) Ltd.

46 4

43 | $1 ,1'8675< 2) 3$66,21 .12:/('*( $1' (;3(5,(1&( By Muriel Matta 44 | <($56 2) +(/3,1* 7+(

:25/' %( :(// Jacqueline Anastassiades, Managing Director of MSD in Cyprus, on the history of the leading global pharmaceutical company.

48

132 46 | %,* (128*+ 72 0$77(5 60$// (128*+ 72 &$5( Horwath DSP gears up to celebrate its 30th anniversary. 48 | 2) 7+( 3(23/( %< 7+( 3(23/( )25 7+( 3(23/( Exclusive interview with Cooperative Central Bank CEO Nicholas Hadjiyiannis.

52 | 6(77,1* 1(: 67$1'$5'6 Valentina Kislaya, founder of Leaders and Image, talks to Gold.

138

54 | &200(025$7,1*

/,0$662/Âś6 )25*277(1 3$67 The longstanding Enaerios Obelisk WYVQLJ[ PZ Ă„UHSS` ZL[ [V NV HOLHK

122 | ,1 *22' &203$1< How Ă–l Shipping Group achieves a competitive advantage by investing in is employees.

56 | $ *22' <($5 )25

125 | %86,1(66 &/$66

(/,$'(6 3$571(56 Legal consultant Marios Eliades looks back over the past 12 months.

60 | 21( 3/$1 21( 9,6,21 George Ioulianos on the way forward for the Administrative Services sector.

6 | GOLD | The Business Magazine of Cyprus

Stelios Odysseos

126 | %22.6+(/)

Books of the Year. Ten of the big award winners.

128| 7,0( 2)) Spyros Goes To Hollywood.

132 32 | /81&+ /81&+ :,7+ *2/' :,7+ *2/' Christodoulos Angastiniotis

136 13 6 | :+$ :+$7Âś6 21 :+$7Âś6 7 6 21

Gold’s guide to the best cultural events of the coming month.

138 | $ '$< ,1 7+( /,)( Petros Petrou

Geophysic Universal Time watch Philippe Jordan, Chief Conductor and Music Director in Paris and Vienna

Open a whole new world

| EDITORIAL |

In Search of Excellence

Cover Photography: Jo Michaelides

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

C

yprus may not have an ‘Awards Season’ in the US film industry sense of the term but there is no shortage of awards of all kinds that are presented throughout the year to companies and individuals active in virtually every field. Earlier this month the 3rd annual Business Leader Awards, organised by the Cyprus Chamber of Commerce & Industry (CCCI) and IMH, were presented during a Gala Dinner at the Carob Mill complex in Limassol. Unlike most business awards in Cyprus, they focus on individuals rather than companies, with the recipients being selected for much more than their ability to manage a successful firm or organisation. The CCCI Business Leader Awards show recognition and appreciation to these outstanding members of the Cypriot business community for their long-lasting commitment to business excellence and leadership and, as CCCI President Phidias Pilides has noted, the objective is for the awards to “act as illuminating examples to prompt new generations of entrepreneurs to follow similar responsible and serious business behaviour and actions.” Our cover story (page 22) profiles this year’s winners and features photos of the recipients themselves, as well as photos from the ceremony and The Gala Dinner. The theme of excellence is one that crops up throughout this issue, in interviews with people from the whole spectrum of the professional services sector: Nicholas Hadjiyiannis, Cooperative Central Bank (page 48), Symeon Symeou, Piraeus Bank Cyprus (page 40), Ioannis Demetriades , Horwath DSP (page 46), Marios Eliades, Eliades & Partners (page 56), and George Ioulianos, Cyprus Fiduciary Association (page 60), and others such as Jacqueline Anastassiades of the pharmaceutical company MSD in Cyprus (page 44) and Valentina Kislaya, founder of Leaders & Image (page 52). And continuing the twin themes of awards and excellence, our selection of the Books of the Year for 2016 comprises the winners of 10 of the world’s most respected literary prizes. As this is the last issue of Gold for 2016, we are already looking to 2017 with what diplomats call ‘cautious optimism’. It could be the most momentous year in the country’s history if the January talks end in agreement and the people vote to accept and implement it. On the other hand, those of us who have been close observers of the Cyprus Problem over the past four decades have seen hopes dashed at the last minute on more than one occasion, so there is also a touch of fear of disappointment once John Vickers, more. If the two leaders and their respective teams find the required Chief Editor level of excellence, we should be in for a very exciting time. Happy holidays! john@imhbusiness.com 8 | GOLD | The Business Magazine of Cyprus

GENERAL MANAGER

Daphne Roditou Tang MEDIA MANAGER

Antonis Antoniou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Muriel Matta, Savvas Savouri, Savvas Savvides ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Neofytos Constantinou 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

BUSINESS BRIEFING ENTERTA IN MENT -

APPOINTMENTS NEW BOARD FOR CIPA

Cyprus Casino to be the Largest In Europe Cyprus` casino will be the largest in Europe, according to the Minister of Energy, Commerce, Industry &Tourism, Yiorgos Lakkotrypis, who told journalists that the casino resort to be built in Limassol will enhance Cyprus` tourism product as the only casino in Europe to be based on US and Asian models. At present there are no casinos in the government-held area of Cyprus, but some 20 operate in the occupied north of the island, including one (at the Jasmine Court Hotel in Kyrenia) that claims to be the biggest in Eastern Europe and the Middle East

IN THE NEWS

Cyprus Assumes Council of Europe INTTIOENRANLAPresidency

O

n November 22, Cyprus took over the Presidency of the Council of Europe for the fifth time in its history , with Foreign Minister Ioannis Kasoulides chairing all sessions of the CoE Committee of Ministers until May 19, 2017. Issues on the agenda for the next six months include the situation in Turkey, Ukraine and Georgia, the rise of populism, xenophobia and extremism, hate speech and the curtailment of rights due to austerity. Regular sessions will be held in Strasbourg but the Presidency will also organize a number of activities in Nicosia, reflecting its three priorities: the promotion of rights and freedoms for all people without discrimination, democratic citizenship and the supremacy of the rule of law.

CYPRUS TALKS

The Cyprus Investment and Promotion Agency (CIPA) has appointed a new Board of Directors. Christodoulos Angastiniotis, Managing Director of Vitatrace Nutrition, was reappointed as Chairman while Angelos Gregoriades, Chairman of KPMG, was appointed as ViceChairman and George Kampanellas asTreasurer. The other members of the Board are: Kikis Athinodorou (Kikis Athinodorou & Associates LLC), Giorgos Demetriou (Positive Audit Ltd & Positive Consulting Ltd), Yiannakis Hadjihannas (Yiannakis M. Hadjihannas FCCA), Michael Ioannides (Angelides, Ioannides, Leonidou, LLC), Kyriacos Kakouris (Ministry of Finance), Thomas Kazakos (Cyprus Shipping Chamber), Kyriacos Kokkinos (IBM Spa Italia Cyprus Branch), Elias Neocleous (Andreas Neocleous & Co LLC), Irene Piki (Administrative Reform Unit), Michalis Pilikos (ex-OEB), Melina Pyrgou (Pyrgou Vakis Law Firm), Nicolas Theocharides (UPM)

NICOLAS PAPAPANAYIOTOU

Costas Tsielepis & Co Ltd has announced the appointment of its Senior Manager, Nicolas 7HWHWHUH`PV[V\ ):J 4)( -**( [V [OL ÄYT»Z Board of Directors as of 1 December 2016. Papapanayiotou has over 10 years of experiLUJL PU [OL ÄLSKZ VM UH[PVUHS HUK PU[LYUH[PVUHS tax advisory and compliance. Alexis Tsielepis, Director and Head of Taxation at Costas Tsielepis *V JVTTLU[LK [OH[ ¸5PJVSHZ»Z WYVTV[PVU ^HZ the result of his impeccable technical and interpersonal skills, hard work, dedication and outstanding work ethics,” adding that “in joining the Taxation Department of Costas Tsielepis & Co a year and a half ago, he has worked diligently to promote the type of high quality services and client orientation for which we proud ourselves.”

RESUME Following their failure to reach agreement on the issue of territory during their second round of talks in Switzerland, President Nicos Anastasiades and the Turkish Cypriot leader Mustafa Akinci agreed to resume [HSRZ ÄYZ[ PU *`WY\Z HUK HNHPU PU Geneva (in January) where, following further negotiations on the territorial aspect and an exchange of maps, an international conference will be held with the participation of the three guarantor powers under the 1960 constitution – the UK, Greece and Turkey.

10 | GOLD | The Business Magazine of Cyprus

STELIOS AMERICANOS & CO LLC :[LSPVZ (TLYPJHUVZ *V 33* 3H^ ÄYT OHZ HUnounced the appointment of four new lawyers as it strengthens its litigation and corporate practices. Akis Koumas (University of ShefÄLSK PZ HU L_WLYPLUJLK SP[PNH[VY ZWLJPHSPZLK PU banking litigation, interim injunctions and liquiKH[PVUZ 0ÄNLUPH 0HJV]V\ (University of Surrey) is currently involved in corporate, compliance HUK IHURPUN ÄUHUJL SH^ ;OHUVZ -PHRHZ LHYULK OPZ 3H^ KLNYLL HUK 4HZ[LY»Z KLNYLL PU International Commercial Law in London, after graduating from the University of Leicester. He is currently dealing with corporate and general consultancy work. Andreas Parpas (University of Leicester and University of Law, Bloomsbury) specialized in Environmental Law at the Queen Mary University, London. He is currently dealing with civil litigation matters.

AVIATION

CYPRUS AIRWAYS RETURNS

T

he new Cyprus Airways took delivery of its first aircraft this month, with an Airbus A319 in the new company’s livery landing at Larnaca International Airport on December 1.. The airline’s original logo, a stylised mouflon, has been incorporated into the design, which also features the olive branch from the island’s national flag. Cyprus Airways’ Chief Commercial Officer, Natalya Popova, said,“We hope that our livery will appeal to our passengers and will make the company’s fleet recognisable in any airport across the world thanks to the selected colours and the symbols of Cyprus.” In July, Charlie Airlines, co-owned by Russia’s S7 Group, won the tender for the right to use the Cyprus Airways trademark for a decade. Cyprus Airways will be based at Larnaca International Airport and operate regular flights to Europe and the Middle East using Airbus A319 aircraft.

REAL EESTATE

OPERTY SALES S SOA OA AR PROPERTY SOAR IN NOVEMBER Property sales in Cyprus recorded an increase of 46% in November compared with the same period last year, according to the latest official figures published by the Department of Lands and Surveys. The largest increase was recorded in Limassol (up 82%) and Paphos (74%). Property sales to foreign buyers also saw a significant rise to 36%. Meanwhile, in the period January-November 2016, sales increased by 34% compared with the first 11 months of 2015. FIRST PRIZE FOR ONE ONE, the flagship development of Pafilia Property Developers, received the prestigious Five Star award in the Best Residential High-Rise Development category at the European Property Awards 2016-2017. The building in Limassol, which will be the tallest residential seafront tower in Europe, was conceived and designed by Pafilia with the world-renowned master planning, architecture, engineering and interior design firms Atkins, WKK, Burohappold and HBA. The European Property Awards reward excellence in all sectors of the real estate industry.

MEDIA

IN BUSINESS CELEBRATES

10TH ANNIVERSARY

T

OL +LJLTILY PZZ\L VM 05 )\ZPULZZ THNHaPUL THYRZ [OL W\ISPJH[PVU»Z [O HUUP]LYZHY` with a celebratory 300-page issue, its biggest-ever. In addition to its usual features, covering the whole spectrum of business in Cyprus, the Greek-language magazine, which, with GOLD PZ W\ISPZOLK I` 04/ [OPZ TVU[O»Z PZZ\L SVVRZ IHJR V]LY [OL `LHY OPZ[VY` VM [OL JVTWHU`»Z TLKPH KLWHY[TLU[ ^P[O WOV[VZ VM L]LY`VUL PU]VS]LK UV[HISL HY[PJSLZ HUK WOV[Vshoots, messages from local business people on the anniversary and much more. www.goldnews.com.cy | GOLD | 11

BUSINESS BRIEFING PARTNERSHIPS

WTCCY AND DELFI PARTNERS >VYSK ;YHKL *LU[LY *`WY\Z >;**` HUK +LSĂ„ 7HY[ULYZ +7 OH]L HUUV\UJLK H Z[YH[LNPJ HNYLLTLU[ to stimulate interest in the investment potential of Cyprus and explore investment opportunities. WTCCy and DP will organise conferences under the “Cyprus Business Hubâ€? brand on sectors such as real estate, asset & wealth management, economy and banking. 4\Ă„K :\RRHY +PYLJ[VY VM >;* *`WY\Z ZHPK ¸>L ILSPL]L [OH[ [OYV\NO [OPZ JVSSHIVYH[PVU ^L JHU facilitate trade and business activities between the business community of Cyprus and the rest of the world.â€? Dr. George Mountis, Managing Partner of DP, stated, “We are very proud to be working with WTC. Our goal is to build long-lasting relationships that will foster domestic and foreign investments.â€?

RISE HOTEL AND EREVMAX

Rise Hotel in Larnaca, Cyprus, has selected eRevMax, a travel technology company, to boost its online bookings and raise awareness of its hospitality offering. The hotel has been utilising LIVE OS by eRevMax a hospitality operating system that integrates with any service provider to offer a single point of access for multiple solutions. “LIVE OS is a revolutionary new platform and we are glad to be using it for our property,� said Rise Hotel Manager Olga Peppas. Alin Lazar, eRevMax Sales Manager Europe, commented: “With the help of LIVE OS, Rise Hotel is better positioned to manage its online business with direct visibility into demand sources and recommendations for attracting more bookings.�

INFOCREDIT GROUP AND ICSA

Infocredit Group has signed an agreement with ICSA: The Governance Institute, a leading chartered membership and qualifying body specialising in Governance, Risk and Compliance. The agreement will lead to an exclusive partnership between the two organisations, whereby Infocredit Group will IL [OL YLWYLZLU[H[P]L VM 0*:( PU *`WY\Z HUK VMMLY [OL PUZ[P[\[LÂťZ KP]LYZL YHUNL VM WYVK\J[Z HUK services to students and governance professionals. These will include membership opportunities, ZWLJPHSPZ[ NV]LYUHUJL X\HSPĂ„JH[PVUZ [YHPUPUN HUK N\PKHUJL ¸>L HYL WYV\K [V JHSS V\YZLS]LZ L_JS\sive representatives of such a renowned professional body. This represents a powerful opportunity for Infocredit Group to enhance its position as a provider of corporate governance solutions,â€? said 0UMVJYLKP[ .YV\WÂťZ 4HUHNPUN +PYLJ[VY ;OLVKVYVZ 2YPUNV\

ACKERMANN

US-CYPRUS

CONGRATULATES ROSS

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OLHK VM JVUĂ„YTH[PVU [OH[ [OL <UP[LK :[H[LZ President-Elect, Donald Trump, had appointed [OL )HUR VM *`WY\Z .YV\WÂťZ Vice-Chairman, Wilbur Ross, to the position of US Secretary of Commerce, Dr. Josef Ackermann, Chairman of Bank of Cyprus Group, said, “We congratulate Wilbur Ross on his nomination to the post of United States Secretary of Commerce. Having worked closely with Wilbur on the Board of the Bank of Cyprus Group over [OL WHZ[ JV\WSL VM `LHYZ HUK ZLLU Ă„YZ[ OHUK OPZ [YLmendous contribution to the successful turnaround VM [OL .YV\W 0 HT JVUĂ„KLU[ [OH[ 7YLZPKLU[ LSLJ[ Trump has made an excellent choice.â€? The billionaire businessman invested over â‚Ź400 million in Bank of Cyprus in 2014.

TAXATION

CYPRUS AND INDIA SIGN DOUBLE TAX TREATY

Cyprus and India signed an agreement for the avoidance of double taxation avoidance last TVU[O SLHKPUN [V *`WY\ZÂť YLTV]HS MYVT [OL Âş5V[PĂ„LK 1\YPZKPJ[PVUHS (YLHÂť SPZ[ ;OL HNYLLTLU[ ZL[[SLZ H number of issues that have been pending for several `LHYZ Ă„UHSS` VMMLYPUN NYLH[LY Z[HIPSP[` [V PU]LZ[VYZ and contributing to the further development of trade and economic relations between Cyprus and India. ;OL L_WHUZPVU VM *`WY\ZÂť UL[^VYR VM HNYLLTLU[Z ;OL L_W on D Double Taxation Avoidance is seen as being Do of great g economic and political importance p po portance, and aims to enhance and a tttract fo attract foreign investments and promote th m the country as an international b usines centre. u business

12 1 2 | GOL GOLD LD | The B Busin Bu Business Magazine of Cyprus

VISITORS

FRANÇOIS HOLLANDE French President François Hollande paid a brief working visit to Cyprus on December 9. He met President Nicos Anastasiades at the Presidential Palace where the two men discussed, among other things, the latest developments in the ongoing efforts to resolve the Cyprus issue.

BORIS JOHNSON UK Foreign Secretary Boris Johnson spent two days in Cyprus last month, meeting President Anastasiades, Foreign Minister Ioannis Kasoulides and Turkish Cypriot leader, Mustafa Akinci. He said that the UK stands ready to help in any way to bring lasting peace to Cyprus.

â‚Ź1,962,700,000 THE ESTIMATED REVENUE FROM TOURISM FOR THE PERIOD JANUARY -SEPTEMBER 2016. IT REPRESENTS AN INCREASE 6- 65 3(:; @,(9Âť: *699,:765+05. -0.<9, :64, â‚Ź337.1 MILLION WAS GENERATED IN SEPTEMBER, UP 5% ON 3(:; @,(9Âť: -0.<9,

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| CONFERENCE |

T

he 3rd Cyprus Fiduciary Association Forum took place at the Carob Mill, Limassol, on 25 November 2016. Entitled “Cyprus International Business Sector - The Way Forward�, it aimed to indentify recent international and local developments in the Fiduciary and International Business sectors and examine how these developments affect Cyprus. The Forum was attended by CFA members, Accounting, Audit and Tax firms, Law firms, Administrative Services Providers (ASPs), Trust Services, Jurisdictional Representatives Banks and other financial institutions, Wealth Management Experts Consultants as well as Government leaders and officials.

Panel of speakers (l-r): Stella Kammitsi, *OY`ZZHĂ„UPZ HUK 7VS`]PV\ 33* (UKYLHZ @PHZLTPKLZ *`WY\Z 0U]LZ[TLU[ -\UKZ Association, Cleo Papadopoulou, PwC Cyprus, .LVYNL :H]]PKLZ -VY\T *OHPYTHU -PK\JLU[LY Cyprus Ltd, Christos Michael, First Names Cyprus Ltd, Petros P. Krasaris, EY Cyprus, Christos =LaV\]PVZ (UKYLHZ 5LVJSLV\Z *V 33*

Maria Cosma & Elena Hadjiroussou, Consulco Ltd, Ritsa Pektri, Michael Kyprianou LLC

Anthony Indianos, Costas Indianos & Co

*VUZ[HU[PUVZ 4LP]H[aPZ -PYZ[ 5HTLZ Cyprus Ltd, George Mouskas, Zela Shipping Group, Spyros Droussiotis, Opus Group/S. Droussiotis

Charalambos /HKQPZH]]HZ ,SLUP Korelidou, Proteas Management Ltd

:LYNLP = (SPTPYaVL] (SPTPYaVL] ;YVĂ„TV] 3H^ -PYT

Richard Melton, Jordan’s Trust Company, Lia Iordanou Theodoulou, 7H[YPRPVZ 7H]SV\ (ZZVJPH[LZ @]VUUL :VSLH 7HNLZLY]L 3[K

Alexis Stefani Christodoulou & Isabella Pericleous, G.A.P Vassilopoulos Group

Olga Prodromou & Fani Pedoulou TFI Markets

*OYPZ[VZ =LaV\]PVZ 4PJOHSPZ 3VPaV\ (UKYLHZ Neocleous Trust Company Ltd), George Indianos (Cyprus Fiduciary Association), .LVYNL :H]]PKLZ -PK\JLU[LY *`WY\Z 3[K Cocktail reception

Yiannis Fanidis, Maria Ioannou & Kyriacos Constantinou, Michael Kyprianou & Co LLC

Christiana Pericleous & Katerina Katsiami, Nicos Chr. Anastassiades (UKYLHZ 4LYRV\YP 4HRPZ 3P]LYHZ & Partners, Cleo Papadopoulou, Trident Trust Company Ltd PwC Cyprus 14 | GOLD | The Business Magazine of Cyprus rus ru

Stefanos Andreou & Maria Georgiou, Primetel Plc 4HYPLSSH 3P]LYH (UKYLHZ Kyriacou, infocredit Group

MY WAY

Avi Peeri

CEO, Diplomat Cyprus

PERSISTENCE, INTEGRITY, MANNERS AND RESPECT FOR OTHERS ARE KEY PILLARS OF HIS MANAGEMENT STYLE AND HE IS GRATEFUL TO ALL THOSE HE HAS WORKED WITH FOR THE WAYS IN WHICH THEY HAVE INFLUENCED HIM. OUTSIDE THE OFFICE, HE ENJOYS SPENDING TIME WITH HIS FAMILY, PLAYING AND LISTENING TO MUSIC

“I

believe in an inclusive and respectful style of management: behave with your employees in the way you expect others to treat you and treat everyone with respect. I recommend having your own personal style, related to the values and principles you believe in and feel comfortable with.”

“M

y family is my “fortress”, enabling me to invest the necessary time and effort in succeeding throughout my career. My parents taught me persistence, integrity, manners and respect for other people. My motto is: Stick to your values and hard work in order to be professional in whatever you do, with no shortcuts.”

“I

have been lucky to work with managers who allowed me to make mistakes and to experience taking decisions I believed in, even if they were wrong at times, and “paying the price”. These experiences taught me a lot about how to deal with disappointment and learn from my mistakes as well as the joy of owning a success.”

“C

oming to another country/company and thinking that you can use the same management tools you were using before, without learning the culture and the mentality of your new team, is a classic mistake that many managers make. Another one is to think that you should know everything or do everything. Recognizing the areas where you are not so strong and asking for support is the recommended approach.”

“I

relax by playing saxophone which I started 12 years ago. When I’m playing, I forget everything else. I find many similarities between the business world and playing music – the need for hours of hard work and practice to be perfect on stage or at work. Success lies in the “small details”, such as keeping harmony in the band or the work team.”

16 | GOLD | The Business Magazine of Cyprus

“M

y greatest professional achievement is establishing – together with a great team of people – the food division of Diplomat Israel. Until 2003, Diplomat distributed only P&G brands. When I left the company, in 2015, it represented 24 suppliers and a €230 million turnover.”

“I

enjoy spending quality time with my wife and my three sons most of all but I like watching my football team in Israel as well as taking trips with my wife and friends, listening to music – especially jazz – and reading Avi Peeri business artijoined Diplomat in 2002. With more than 20 years’ cles to keep experience in the FMCG sector, up with he has undertaken almost every the latest sales role in other distribution trends companies in Israel besides around Diplomat. As Head of Sales of the Diplomat until 2015, he led the world.” company’s food division, expanding the business WMKRMÁGERXP] XS VITVIWIRX 24 different suppliers.

QUOTES OF THE MONTH

They Said What? Some notable statements made by Cypriots in the public eye over the past month.

IONAS NICOLAOU

“THIS SITUATION IS AN INSULT TO OUR FOOTBALL LEAGUE AND TO THE COUNTRY, ESPECIALLY AT A TIME WHEN OUR TEAMS HAVE SHOWN THAT THEY ARE CAPABLE OF COMPETING IN UEFA COMPETITIONS.” Justice Minister Ionas Nicolaou obviously knows a bit about football but he’s rather late in realizing that “this situation” (FIFA reports about rigged matches in Cyprus) is bad for the game.

“I WAS AND CONTINUE TO BE A FAN OF OMONIA BUT THE ASSERTION THAT I HAD THE TIME TO DEAL WITH THE CLUB’S PLAYING TACTICS OR SIGNINGS IS SIMPLY LUDICROUS.” Former President Demetris *OYPZ[VÄHZ HKTP[Z [OH[ OPZ knowledge of the beautiful game was restricted to persuading friends to prop up OPZ [LHT»Z ÄUHUJLZ

“THE FACT THAT DATES FOR MEETINGS HAVE BEEN SET, IN A PROCESS THAT STARTED 18 MONTHS AGO, OR HAS BEEN GOING ON FOR 42 YEARS, CANNOT BE CONSIDERED AS IMPOSING ‘ASPHYXIATING TIME-FRAMES’.” At last, President Anastasiades dares to state the obvious in the face of accusations that we haven’t had enough time to reach a settlement of the Cyprus Problem.

PRESIDENT ANASTASIADES

“I AM SAD TO SEE THAT, IN THEIR EFFORTS TO PROMOTE THE SCHEME, SEVERAL INDIVIDUALS PRESENT IT AS A METHOD OF SELLING SOCRATES HASIKOS CYPRIOT PASSPORTS. SOME PROPERTY DEVELOPERS ARE DOING THIS TO GET RICH QUICKLY BY SELLING PROPERTIES AT UNJUSTIFIABLY HIGH PRICES, WHICH IS DAMAGING CYPRUS’ REPUTATION AS AN ATTRACTIVE INVESTOR DESTINATION Why is Interior Minister Socrates Hasikos surprised by the desire of those unpatriotic developers make a fast buck?

“AT THE SCHOOL NEAR MY HOUSE, THE BELL RANG TWICE THIS MORNING, AT 8AM AND AGAIN AT 8.30AM. I THINK THE PROPER THING TO DO IS TO TURN THE CLOCKS BACK AN HOUR, ACCORDING TO THE EUROPEAN TIMEZONE” Turkish Cypriot leader Mustafa Akinci sees for himself how two time zones in a tiny country like Cyprus is going to cause confusion. Of course, there are actually three ¶(XURSHDQ WLPH]RQHV· EXW he has the right idea. MUSTAFA AKINCI

“FOR THE (TURKISH) ARMY, THE PROBLEM WAS SOLVED IN 1974, BUT MY ANALYSIS IS THAT, SINCE THE FAILED COUP D’ETAT, THE ARMY OBSTACLE NO LONGER EXISTS.” Foreign Minister Ioannis Kasoulides has evidently become more of an expert on Turkish affairs than he has ever let on.

DEMETRIS CHRISTOFIAS

20 | GOLD | The Business Magazine of Cyprus

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3RD CCCI BUSINESS LEADER AWARDS

THE 3rd CCCI BUSINESS LEADER AWARDS

CELEB LEADERSHIP 22 | GOLD | The Business Magazine of Cyprus

THE 3RD ANNUAL BUSINESS LEADER AWARDS, ORGANISED BY THE CYPRUS CHAMBER OF COMMERCE & INDUSTRY (CCCI) AND IMH, WERE PRESENTED DURING A GALA DINNER AT THE CAROB MILL COMPLEX IN LIMASSOL ON TUESDAY, 13 DECEMBER. THE GOVERNMENT AND VARIOUS PUBLIC AND PRIVATE SECTOR ORGANISATIONS ORGANISE A LARGE NUMBER OF BUSINESS AWARD CEREMONIES EVERY YEAR BUT, UNLIKE THE BUSINESS LEADER AWARDS, MOST OF THEM REWARD COMPANIES RATHER THAN INDIVIDUALS. IN THE CASE OF THESE CCCI AWARDS, PERSONAL LEADERSHIP IS THE FOCUS AND THE PEOPLE WHO ARE SELECTED IN THEIR SPECIFIC SECTORS ARE CAREFULLY CHOSEN FOR THEIR OUTSTANDING CONTRIBUTION TO BUSINESS IN GENERAL AS WELL AS SPECIFICALLY TO THE SUCCESS OF THEIR OWN COMPANIES. PHIDIAS PILIDES, PRESIDENT OF THE CCCI, TOLD GOLD THAT A DECISION WAS TAKEN IN /-.1 TO LAUNCH THE BUSINESS LEADER AWARDS AS AN ANNUAL EVENT IN THE CONTEXT OF THE CHAMBER’S POLICY TO GIVE DUE RECOGNITION AND APPRECIATION TO SELECTED MEMBERS OF THE CYPRIOT BUSINESS COMMUNITY FOR THEIR LONG-LASTING COMMITMENT TO BUSINESS EXCELLENCE AND LEADERSHIP. “THE CCCI’S MAIN OBJECTIVE WITH THE INTRODUCTION OF THESE AWARDS WAS TO ACKNOWLEDGE AND REWARD DYNAMIC ENTREPRENEURS IN CYPRUS, FOR THEIR PROVEN BUSINESS BEHAVIOUR AND INTEGRITY,” HE SAID, “AND TO SHOW THE REST OF SOCIETY THAT, EVEN IN VERY DIFFICULT TIMES, PROPER ENTREPRENEURSHIP ALWAYS LEADS TO GROWTH AND PROSPERITY. THESE AWARDS ARE MEANT TO ACT AS ILLUMINATING EXAMPLES TO PROMPT NEW GENERATIONS OF ENTREPRENEURS TO FOLLOW SIMILAR RESPONSIBLE AND SERIOUS BUSINESS BEHAVIOUR AND ACTIONS.” EACH YEAR, AN 11-MEMBER COMMITTEE IS RESPONSIBLE FOR THE SELECTION OF THE RECIPIENTS FROM A LONG LIST OF PROMINENT CANDIDATES THROUGH A RIGOROUS AND DEMANDING PROCEDURE. EACH CANDIDATE IS EVALUATED ON THE BASIS OF A NUMBER OF PREDEFINED CRITERIA WHICH CHARACTERIZE A SUCCESSFUL BUSINESS LEADER. THOSE WHO BEST MEET THESE CRITERIA ARE SELECTED AS THE AWARD WINNERS.

RATING EXCELLENCE “I AM MORE AFRAID OF ONE HUNDRED SHEEP LED BY A LION THAN ONE HUNDRED LIONS LED BY A SHEEP.”

THIS YEAR, AWARDS WERE PRESENTED TO THE WINNERS IN SEVEN CATEGORIES, AS FOLLOWS: Business Leader in the Financial and Professional Services Sector Eric (Eleftherios) Montanios, Chairman, Montanios & Montanios LLC Business Leader in the Manufacturing Sector Charalambos Pattihis, CEO & Chairman, Remedica Business Leader in the Services Sector Kyriacos Kokkinos, Executive Director & Partner, IBM Europe Business Leader in the Shipping Sector Adonis Papadopoulos, Chairman, Interorient Navigation Co. Business Leaders in the Tourism, Hospitality and Leisure Sector Dimitris Nicolaides & Vasilis Nicolaides, Joint CEOs, Atlantica Hotels & Resorts Special Award for Business Excellence Dr. Photos Photiades, Chairman, Photos Photiades Group EY Honorary Award for Overall Contribution to Entrepreneurship Takis Lefkaritis, Founder, Lefkaritis Group of Companies On the following pages, we present details of the winners and photos from the award ceremony.

CHARLES MAURICE DE TALLEYRAND-PÉRIGORD (1754-1838) Βy John Vickers, Photography by Jo Michaelides

www.goldnews.com.cy | GOLD | 23

3RD CCCI BUSINESS LEADER AWARDS

Eric (Eleftherios) Montanios Chairman Montanios & Montanios LLC %86,1(66 /($'(5 ,1 7+( ),1$1&,$/ $1' 352)(66,21$/ 6(59,&(6 6(&725

Born in Famagusta in 1941, Eric Montanios studied law in London ILMVYL QVPUPUN [OL SH^ ÄYT MV\UKLK by his father Michael Montanios. With his younger brothers Acis and Adam, who joined him after their own studies in the UK, he KL]LSVWLK [OL ÄYT PU[V VUL KLHSPUN mainly with foreign clients, and saw it grow to its current form, with nine partners and a total of 20 lawyers, several of whom are members of the third generation of lawyers belonging to the Montanios family. From the beginning of his career, he specialized in Maritime and Admiralty Law, and in recognition of his contribution to the promotion and development of the Cyprus shipping industry, he was honoured with the Department of Merchant Shipping’s 2015 Cyprus Maritime Personality Award. His other areas of practice are corporate, banking, commercial and aviation law He has been the Honorary Consul of Uruguay since 1991 and, among other positions, he was a member of the Board of the Cyprus Tourism Organisation from 1979 to 1988.

WHAT DO YOU CONSIDER YOUR GREATEST PROFESSIONAL ACHIEVEMENT? WHAT ARE YOU THE MOST PROUD OF? I believe that my greatest achievement was my pioneering contribution some 50 years ago to the development of merchant shipping in Cyprus. I would also note my part, together with my two brothers, Acis and Adam, and our other partners and associates, in growing the law ÄYT MV\UKLK I` SH[L MH[OLY 4PJOHLS Montanios into what it is today, still providing top quality services and dedicated to the values of the profession. WHAT DOES THIS AWARD MEAN TO YOU? This award is a great honour for which I am very grateful, and one that gives me great moral satisfaction. A LEADER IS…? … someone who creates conditions in which the members of the team he is in charge of are activated to work for the achievement of mutual objectives.

24 | GOLD | The Business Magazine of Cyprus

Kyriacos Kokkinos Executive Director & Partner, IBM Europe %86,1(66 /($'(5 ,1 7+( 6(59,&(6 6(&725

Kyriacos Kokkinos has worked for IBM Corporation in various roles for the past 28 years and, for 13 of them (until 2010), he was General Manager of IBM Cyprus. Recognized by his associates for his leadership qualities, he describes himself in more humble terms as a knowledge worker who focuses on innovation and the development of new business models. He is active in numerous organisations, as Vice-Chairman of the Board of the Research Promotion Foundation, a member of the Board of the Cyprus Investment Promotion Agency and of the Board of Trustees of the Cyprus Institute and Vice-Chairman of the Executive Committee of the Board of the Employers and Industrialists Federation. He previously served on the Boards of the Cyprus Tourism Organisation, the Cyprus Ports Authority and as Chairman of the Cyprus Information Technology Enterprises Association. In April 2016, he was honoured with the 2015 Cyprus Quality Leader of the Year Award by the Cyprus Association for Quality. He studied Electronic Engineering at the New Jersey Institute of Technology in the USA and later obtained an Executive MBA in Strategic Management from Henley Management College in the UK.

WHAT DO YOU CONSIDER YOUR GREATEST PROFESSIONAL ACHIEVEMENT? WHAT ARE YOU THE MOST PROUD OF? My greatest achievement is perhaps the fact that I have succeeded in combining entrepreneurship and technology, while remaining a mere knowledge worker, with an emphasis on and a passion for innovation and creative thinking. WHAT DOES THIS AWARD MEAN TO YOU? ;OPZ H^HYK PZ JVUÄYTH[PVU VM [OL ZPTWSL recipe that I have been using for a very long time, which I call the 3 + 1 recipe. The three are a smile, hard work and ethos, while the one – which is extremely important and the central pillar – is the people-oriented approach and your relations with your colleagues and associates A LEADER IS…? …the person who leads his team from the back when things are going well and steps to the front when they become KPMÄJ\S[

www.goldnews.com.cy | GOLD | 25

3RD CCCI BUSINESS LEADER AWARDS

Charalambos Pattihis CEO & Chairman Remedica %86,1(66 /($'(5 ,1 7+( 0$18)$&785,1* 6(&725

Born in Limassol in 1943, Charalambos Pattihis obtained his degree in Chemistry and Management Studies, followed by postgraduate studies in Pharmaceutical Technology and Business Administration, all in the UK. On returning to Cyprus he joined the family business, introducing new technology, reorganising the manufacturing process and establishing a Product Development departTLU[ /L [VVR [OL KPMÄJ\S[ KLJPZPVU ¶ ^OPJO proved to be correct – to end the company’s other activities in order to specialize in pharmaceuticals. He later set up Business Development Pharmacovigilance departments and forged strategic alliances with foreign companies for the development of new generic drugs. He was appointed CEO in 2006. He was one of the initiators of the Cyprus PharmaceutiJHS 4HU\MHJ[\YLYZ» (ZZVJPH[PVU HUK P[Z ÄYZ[ Chairman. He is currently Vice President/ Industry of the Limassol Chamber of Commerce & Industry.

WHAT DO YOU CONSIDER YOUR GREATEST PROFESSIONAL ACHIEVEMENT? WHAT ARE YOU THE MOST PROUD OF? I think my greatest professional achievement has been my contribution to transforming Remedica from a small pharmaceutical company employing some 50 people into a large, globally-recognised organisation that exports to more than 100 countries, employs over 600 people in Cyprus and many more abroad and is today considered one of the best employers in the country. Of course, this achievement is not mine alone; it also belongs to all my colleagues who, through their many years of hard and smart work, have played their own role in this transformation. WHAT DOES THIS AWARD MEAN TO YOU? For me, this award comes as recognition of my achievements over and above any other honour that may come through work and the company. I would like to stress that bestowing recognition on success in various ways is essential if there is to be entrepreneurship, calculated risk taking and so on. Without these, there can be no growth. A LEADER IS…? ...someone whom others willingly follow because he/she has the ability, through a team effort, to get results. Without followers, there can be no leader in the true sense of the word. There is a difference between leading and simply giving orders.

26 | GOLD | The Business Magazine of Cyprus

3RD CCCI BUSINESS LEADER AWARDS

Adonis Papadopoulos Chairman Interorient Navigation Co. %86,1(66 /($'(5 ,1 7+( 6+,33,1* 6(&725

Born in Famagusta in 1941, Adonis Papadopoulos is a self-made businessman who founded Interorient Navigation Co. in 1979. Headquartered in Limassol, it is today one of the country’s biggest and most successful shipping companies, active in shipowning, shipmanagement, chartering, consultancy services and crew management. It employs 300 people onshore and some 3,000 seafarers on 130 ocean-going vessels. In addition [V P[Z ZOPWTHUHNLTLU[ VMÄJLZ PU 3PTHZZVS it has another in Hamburg, as well as crew THUHNLTLU[ VMÄJLZ PU 4HUPSSH 9PNH :[ 7L[LYZI\YN :PUNHWVYL HUK 6KLZZH 0U[LYVYient is now headed by Themis Papadopoulos, son of the Founder who is Chairman of the Board. In 2002, Adonis Papadopoulos MV\UKLK ;OL[PZ H UVU WYVÄ[ VYNHUPZH[PVU active in the area of underwater cultural heritage, aiming to promote Cyprus’s rich THYP[PTL [YHKP[PVU /L ^HZ [OL ÄYZ[ 7YLZPKLU[ VM [OL *`WY\Z :OPWWPUN *OHTILY [OLU RUV^U HZ [OL *`WY\Z :OPWWPUN *V\UJPS HUK =PJL 7YLZPKLU[ VM [OL *`WY\Z 4HYPUL ,U]PYVUTLU[ 7YV[LJ[PVU (ZZVJPH[PVU *@4,7( /L OHZ HSZV ZLY]LK HZ *OHPYTHU VM [OL *`WY\Z ;V\YPZT 6YNHUPZH[PVU HUK ^HZ [OL ÄYZ[ *OHPYTHU VM [OL *`WY\Z :OPWV^ULYZ Employers Association. 4VYLV]LY OL PZ H SPML TLTILY VM [OL 0UZ[P[\[L VM *OHY[LYLK :OPWbrokers and in 2005 he was honoured by [OL .V]LYUTLU[ ^P[O [OL *`WY\Z 4HYP[PTL Award.

WHAT DO YOU CONSIDER YOUR GREATEST PROFESSIONAL ACHIEVEMENT? WHAT ARE YOU THE MOST PROUD OF? The thing I am most proud of is the way we began as a very small company with miniT\T ÄUHUJPHS YLZV\YJLZ HUK [VKH` ^L OH]L become one of the most respected shipping companies, not only in Cyprus but in the world. WHAT DOES THIS AWARD MEAN TO YOU? I think this award represents recognition of the efforts that everyone with me has been making over the past 40 years and more. And we have managed to establish this company, which I believe is a noteworthy success. The award really belongs them, not me. A LEADER IS…? ...someone who, through his actions, gives those around him the desire to become better so as to make their dreams become reality. In my view, the person who manages to do that is a leader.

28 | GOLD | The Business Magazine of Cyprus

3RD CCCI BUSINESS LEADER AWARDS

Dimitris Nicolaides & Vasilis Nicolaides Joint CEOs Atlantica Hotels & Resorts %86,1(66 /($'(56 ,1 7+( 7285,60 +263,7$/,7< $1' /(,685( 6(&725

Born in Athens in 1967, Dimitris & Vasilis Nicolaides both obtained a B.Sc. in Economics from the London School of Economics & Political Science, followed by an MBA in Export Management & International Business (Dimitris) and in Marketing (Vasilis) from City University, London. They joined the family business and, in 1990, were made Joint CEOs. The agreement they signed with the global tourism giant TUI in 2001 marked the start of a new era for the company. Atlantica Hotels & Resorts is a fast-growing Group in Cyprus and Greece with 47 hotels under its umbrella. It aims to continue creating top quality hotels and tourism services in accordance with its strategic plan.

WHAT DO YOU CONSIDER YOUR GREATEST PROFESSIONAL ACHIEVEMENT? WHAT ARE YOU THE MOST PROUD OF? D.M.: Our greatest achievement is the agreement that my brother and I signed with TUI in 2001. A small family business in Limassol with just three hotels succeeded in persuading a huge global organisation to collaborate exclusively with a view to growing business in Cyprus and abroad. The two of us are most proud of the fact that we have managed to prove to our family – especially our father, for whom we have the greatest respect – that we have proved ourselves worthy of all their efforts. WHAT DOES THIS AWARD MEAN TO YOU? D.M.: For both of us, at this stage in our career and life, this award comes [V ÄSS \Z ^P[O [OL Z[YLUN[O JV\YHNL HUK energy needed to carry on with what we do, and it also creates a feeling of great pride. It gives us enormous moral satisfaction and proves that our family’s professional journey so far has to continue. A LEADER IS‌? D.M.: ... a person who has a clear vision, is willing to take risks and encourages and motivates those around him. ( SLHKLY PUZWPYLZ JVUÄKLUJL \ZLZ OPZ mind and pays particular attention to feelings and human relations.

30 | GOLD | The Business Magazine of Cyprus

3RD CCCI BUSINESS LEADER AWARDS

Takis Lefkaritis

Founder, Lefkaritis Group of Companies (< +2125$5< $:$5' )25 29(5$// &2175,%87,21 72 (175(35(1(856+,3

Takis Lefkaritis began his career in business in 1939 when he founded Lefkaritis Motors. Thanks to his persistence, foresight and a strong personality, he succeeded in becoming and remaining one of the most ZPNUPÄJHU[ ÄN\YLZ VU [OL *`WYPV[ business scene for seven decades. Five years after his initial venture, in 1944, he formed the Lefkarits Bros partnership with his brothers and, PU [OL ÄYZ[ *`WYPV[ WL[YVSL\T company, Petrolina. Over the years, the Group’s activities expanded into other sectors such as shipping and property development. The Lefkaritis Group is the result of hard work and bold decision-making. As Takis Lefkaritis himself put it, “We started work one day and we never stopped.” Takis Lefkaritis was an enterprising and clever man who was soon collaborating and/or competing with global giants. He was a member of the Board of [OL *`WY\Z 6PS 9LÄULY` MYVT ^OLU OL ^HZ HWWVPU[LK *OHPYman, a post he held until 2004. He ^HZ *OHPYTHU VM 7L[YVSPUH /VSKPUNZ until he passed away at the age of PU ;HRPZ 3LMRHYP[PZ ^HZ H SV^ WYVÄSL benefactor whose disarming smile, discreet humour, polite manner and appreciation of those around him gained him the respect of all who met him. His passing left behind an enormous legacy for the coming generations.

WHAT DO YOU CONSIDER YOUR FATHER’S GREATEST PROFESSIONAL ACHIEVEMENT? WHAT WAS HE THE MOST PROUD OF? D.L.: His greatest achievement was Petrolina. He started from scratch in 1939 with a transport company and 20 years later he founded Petrolina, something that everyone at the time said would be a failure. He proved them wrong. It is still here! WHAT DOES THIS AWARD MEAN TO YOU? D.L.: This award is a clear recognition of my father’s great work.

Dinos Lefkaritis

32 | GOLD | The Business Magazine of Cyprus

A LEADER IS…? D.L.: …a person who has vision and the ability to implement projects that contribute to the economy and improve people’s lives.

3RD CCCI BUSINESS LEADER AWARDS

Dr. Photos Photiades Chairman Photos Photiades Group 63(&,$/ $:$5' )25 %86,1(66 (;&(//(1&(

Born in 1920, Photos Photiades studied Economics, Accountancy, Business Administration, Writing and Journalism. He also holds a PhD in Economics and Business Administration. He is the founder of the Photos Photiades Group, which includes more than 40 diverse companies in Cyprus and abroad, including Carlsberg Cyprus, Universal Life and Photos Photiades Distributors. The Group’s products include Carlsberg and Leon beer, Agros mineral water, Eva fruit juices and Kyperounda wines, while it is the exclusive distributor of BAT tobacco products. He was for many years a member of the Boards of the Cyprus Chamber of Commerce and Industry and the Employers & Industrialists Federation (OEB) and he also founded the Cyprus Advertisers Association. He is the Honorary Consul of the Dominican Republic in Cyprus.

WHAT DO YOU CONSIDER YOUR GREATEST PROFESSIONAL ACHIEVEMENT? WHAT ARE YOU THE MOST PROUD OF? I consider my greatest achievement to be the fact that, by following the wise teachings and prudent steps of my self-made and self-taught father, and the principles and values he stood for, I managed to succeed professionally and to have a happy social life. I am proud of my wonderful family. WHAT DOES THIS AWARD MEAN TO YOU? For a businessman, as for any individual, recognition and awards from the state and society are important ILJH\ZL [OL` JVUÄYT [OL HWWYLJPH[PVU VM [OL ILULÄ[Z [OH[ [OL YPNO[ I\ZPULZZ and social action can bring to society as a whole. I am particularly grateful to the people and institutions that have decided to honour me. I accept this award as a generous gesture towards me and thank them from the bottom of my heart. A LEADER IS…? …someone who carves out a new path and persuades serious and capable people to follow him. A true leader is the one whose quality and personality are recognized by his broader circle and who is held in esteem not only by his associates but also by his competitors.

34 | GOLD | The Business Magazine of Cyprus

3RD CCCI BUSINESS LEADER AWARDS SUHVHQWV

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he 3rd annual Business Leader Awards, organised by the Cyprus Chamber of Commerce & Industry (CCCI) and IMH and sponsored by EY, were presented during a Gala Dinner at the Carob Mill complex in Limassol on Tuesday, 13 December. The aim of the CCCI Business Leader Awards is to reward Cypriot entrepreneurs who have established best practices and innovative strategies in their own organisations, conduct their business activities with integrity and ethics, show respect towards their employees, their competitors and the wider business community, and have the traits that KLÄUL H Z\JJLZZM\S SLHKLY! strength, innovation, insight and knowledge. The event honours leadership and excellence in business and promotes individuals from the business and broader socio-economic sector. Evi Frangaki, Presenter of the ceremony (Clothes by EFI, jewellery by NATC Jewels - Natasa Christodoulou)

Silver Sponsor

Organiser ΚΥΠΡΙΑΚΟ ΕΜΠΟΡΙΚΟ ΚΑΙ ΒΙΟΜΗΧΑΝΙΚΟ ΕΠΙΜΕΛΗΤΗΡΙΟ

Sponsors S

Main Sponsor

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THE RECIPIENTS Dr. Photos Photia des, Special Award for Business Excellen ce, Phidias Pilides, CC CI (l) & Stavros Pantz aris, EY (c) Cyprus

Charalambos Pattihis, Business Leader in the Manufacturing Sector, George Pamborides, Minister of Health

Adonis Papadopoulos, Business Leader in the Shipping Sector, Marios Demetriades, Minister of Transport, Communications & Works (l) & Panayiotis Loizides, CCCI (c)

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Kyriacos Kokkinos, Business Leader in the Services Sector, Costas Galatariotis, LCCI & George Michail, IMH

The EY Honorary Award for Overall Contribution to Entrepreneurship went to the late Takis Lefkaritis: Dinos Lefkaritis, Lefkaritis Group (l), Harris Georgiades, Ministry of Finance & Despo Lefkariti, DeLeMa McCann

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Vasilis and Dimitris Nicolaides, Business Leaders in the Tourism, Hospitality & Leisure Sector

Eric Montanios, Business Leader in the Financial and Professional Services Sector, Frixos Savvides, CIBA (r) & Marios Tsakkis, CCCI (l)

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3rd CCCI

Christos Michaelides, Cyprus Employers and Industrialists Federation (OEB)

Haris Georgiades, Minister of Finance

Phidias Pilides, Cyprus Chamber of Commerce and Industry (CCCI)

Costas Herodotou, Antigono Ltd and Elena Menelaou, Cablenet

Eleni Kalogirou, Hermes Airports Ltd

Stavros Pantzaris, EY Cyprus

Christodoulos Angastiniotis, Cyprus Investment Promotion Agency (CIPA)

Irena Georgiadou, Hellenic Bank

Antonis Papas, Lanitis Group

Frixos Savvides, CIBA & Daphne Roditou Tang, IMH

The Papageorgio String Quartet provided the music

Frixos Savvides, CIBA, Christos Michaelides, OEB, Angelos Loizou, Cyprus Tourism Organisation, Panayiotis Loizides & Othonas Theodoulou, CCCI

Poly Hadjigeorgiou, Swipe Ltd

Thomas Kazakos, Cyprus Shipping Chamber (CSC)

Adam Montanios, Aleka Montanios, Eric Montanios, Ioanna Montanios and Acis Montanios, Montanios & Montanios LLC

Vassilis Petrides, Laiko Cosmos Trading

Carrefour Cyprus, Gold Sponsor of the Awards

Zivana Loel Gold (Laiko Cosmos Trading), Silver Sponsor of the Awards

EY, main sponsor of the Awards

Irene Charitou, EY Cyprus

European University Cyprus, Gold Sponsor of the Awards

Anna Theologou MP, Costas Costa MP, Georgios Papadopoulos MP & Alecos Michaelides, Ministry of Transport, Communications and Works

| INTERVIEW |

ON THE UP THE IMPACT OF THE GLOBAL FINANCIAL CRISIS, WHICH BEGAN IN 2008, IS STILL BEING FELT IN CYPRUS BUT, SAYS SYMEON SYMEOU, HEAD OF IBU, PIRAEUS BANK (CYPRUS) LTD, THINGS ARE DEFINITELY IMPROVING AND 2017 IS GOING TO BE A POSITIVE YEAR. BY JOHN VICKERS PHOTO BY JO MICHAELIDES

40 | GOLD | The Business Magazine of Cyprus

F

ive years ago, you gave an upbeat presentation in Moscow, which started with the words “2011 was eventful, to say the least”. If you were giving it today, how would you describe 2016? Symeon Symeou: Our timeframe seems to be turning into decades rather than years! The cycle of the economic crisis, which started in 2008, has still not been completed and major political developments have been added to the mix, maintaining high uncertainty levels, and no-one can predict when and how it will unfold. We are still sailing in unchartered waters and no-one is sure of the effects, let alone how to handle them. 2016 may not have had as many events as previous years but it certainly stands out in terms of the importance of two significant events: the first being the Brexit vote in the UK and the second the election of Donald Trump as President of the United States of America. The first shakes the very foundations of the European Union, while the second introduces new uncertainty to the world markets and not only. For the first time, America will be ruled by successful business people, those who are the donors to the politicians’ campaigns.

Concerning Cyprus, 2016 has been more “friendly” as our small country has successfully completed its economic restructuring programme and the economy has returned to solid growth. Let me also mention that events that occurred in previous years are still having profound consequences on our neighbourhood. The intervention of Russia in the Syrian conflict, together with the refugee crisis, will continue to have an impact on the years to come, raising the importance of Cyprus as a safe European destination. This is reflected in the success of the Cyprus Government’s Citizenship through Investment programme.

The main uncertainty still in place relates to non-performing loans (NPLs). Managing their NPLs is currently the biggest challenge the banks are facing as these can erode a bank’s capital base. AML and compliance issues are now coming second as the banks have managed to tackle and continue to tackle these challenges under the guidance, of course, of the Central Bank of Cyprus. The financial performance of the banks is also a factor that will contribute towards full restoration of trust. Banks need to be financially sound and solid, so their return to profitability is vital for their reputation and status.

Gold: You mentioned Cyprus’ exit from the Economic Adjustment Programme. Have you seen a big difference in how your foreign clients view Cyprus today from how they did, say, three years ago? S.S.: Definitely! Foreign customers, existing and new, view Cyprus more positively now as the uncertainty has receded. Gradually customers who left Cyprus due to the crisis are coming back, starting with their holding and trading business and then deciding about keeping balances in their accounts. Large customers, characterized by their risk-averse profile and having the knowledge and expertise to evaluate the associated risks, were actually leaving Cyprus even before 2013. With the crisis, other customers followed this trend and transferred their banking activities to other countries. But what we see now is that these very same large customers are coming back, initially for their trading activities. I consider this a very positive development for our country as the flow will continue. This is reflected in the registrations of new companies. 2016 will be the best over the last four years in this respect.

Gold: If the last year or so has been good for Cyprus, it’s certainly not been the same for Greece. Has the fact that Piraeus Bank (Cyprus) is a subsidiary of a Greek bank caused you problems? S.S.: Being a subsidiary of a Greek bank, during the Cyprus crisis and the subsequent Greek crisis, we have faced both challenges and opportunities. The crisis in Cyprus worked to our benefit but the one in Greece was more of a challenge. During the Greek crisis, some non-Greek customers took precautionary action by suspending the operation of their accounts with Greek subsidiaries. However, this was offset by the big inflow of new customers from Greece,

Gold: Do you think that trust – both locally and internationally – in the country’s banking system has been fully restored following the events of 2013? S.S.: Perhaps some more time is needed in order for trust to be fully restored.

BANKS NEED TO BE FINANCIALLY SOUND AND SOLID, SO THEIR RETURN TO PROFITABILITY IS VITAL FOR THEIR REPUTATION AND STATUS www.goldnews.com.cy | GOLD | 41

| INTERVIEW |

THE WORST IS CLEARLY BEHIND US AND CYPRUS HAS ENTERED GROWTH MODE mainly in the shipping business. These customers were looking either for a safer destination or relocating their businesses to Cyprus. Due to the restrictive measures that are still in place in Greece, this inflow is still continuing. During the crisis, we received a large volume of inquiries from customers, which absorbed our resources and affected our operations. Gold: Who are the main clients of the bank’s IBU, of which you are the Head? S.S.: Russians and other clients from the former Soviet Union are still our largest group. The second group consists of Greek clients and we also have clients from the European Union and the Middle East. There are good prospects from China and India and we are currently developing our client base in these markets. Gold: Have your IBU operations been affected by the fact that compliance and AML requirements are becoming increasingly strict? S.S.: AML requirements are one of the factors that affected International Banking in Cyprus. Cypriot banks have addressed the issue head on and we are in a much better position than 3-4 years ago. We must see this as an opportunity to improve the image of Cyprus, which will lead to better quality business. To address the increased compliance requirements, which arose

42 | GOLD | The Business Magazine of Cyprus

from the regulatory environment and our correspondent banks, the banks are making big investments in both human resources and systems. In the case of Piraeus Bank (Cyprus), we foresaw this and, in 2014, proceeded with a major internal restructuring and cultivated a new culture of diligence and quality of service. Gold: Have the operations of the Moscow Representative Office been affected by the last two difficult years for Russia-EU relations? S.S.: Let me first clarify that we do not have any operations in Russia other than our mother bank, Piraeus Bank SA, running a representative office. However business from Russia has been greatly affected for a number of reasons. The first reason is the imposition of sanctions by the US and EU due to the Ukrainian crisis and the deterioration in the relations between Russia and the West. The second reason is the economic downturn in Russia. This is due to the economic crisis back in 2008 and, now, to the effects of sanctions on the Russian economy. Another reason is the banking crisis in Cyprus, in which Russians lost billions due to the closing down of Cyprus Popular Bank and the bail-in of depositors in Bank of Cyprus. Last but not least is President Putin’s deoffshorization doctrine and his crackdown on tax evasion. This was further supported by the OECD and the agreement on Automatic Exchange of Information. Russia has joined the Common Reporting Standard Multilateral Competent Agreement. Gold: Do you view 2017 with optimism, as far as the IBU is concerned? S.S.: The worst is clearly behind us and Cyprus has entered growth mode so 2017 can only be positive. Things are certainly on the up. Gold: What would be the effect on Piraeus Bank (Cyprus) and the IBU of a solution to the Cyprus Problem? S.S.: Banks have always been the driving force in financing the development

of free market economies. Economic growth itself has a positive effect on banking as it boosts performance and profitability. Cyprus is currently seeing a revival of Foreign Direct Investment (FDI) mainly in the tourism, real estate and energy sectors. As bankers, we see directly the positive impact that this is having on our sector and it can be considered as a ‘preview’ of what will happen with a solution to the Cyprus problem. If we are now speaking about millions of euros in FDI, after the solution we will be speaking about billions. Just consider the amount needed to rebuild the so-called “ghost city” of Famagusta alone. Cypriot banks will benefit the most in terms of profitability, arising from interest income, fee and commission income, as well as the alleviation of the NPLs problem, as FDI will be partly used to acquire distressed assets.

IF WE ARE NOW SPEAKING ABOUT MILLIONS OF EUROS IN FDI, AFTER A SOLUTION TO THE CYPRUS PROBLEM WE WILL BE SPEAKING ABOUT BILLIONS

| SHIPPING |

AN INDUSTRY

OF PASSION, KNOWLEDGE

AND EXPERIENCE CYPRUS SHIPPING NEEDS TO ATTRACT LOCAL PROFESSIONALS By Muriel Matta

I

n a world where e-mail is now considered a slow means of communication and instant messaging is an integral part of everyone’s life, it may appear strange that 90% of the world’s goods are transported by sea, a relatively slow mode of transport. And yet virtually anything we touch or see contains, at the very least, something that arrived by ship. It has been said that “Without shipping, half the world would freeze and the other half would starve” and that is not such an exaggeration as it sounds. In this context, it would be unwise for an island like Cyprus not to reap the benefits of the largest and most globalised industry in the world. Although the decision to invest in the shipping industry was taken in the early years of the Republic (in 1963), it is really only since Cyprus joined the EU that the public has come to recognise the huge impact of the industry on its wellbeing and that of the country.

try of Passion, Knowledge and The Cyprus maritime Experience” with the aim of industry and the maritime sharing real-life shipping stocluster around it have been ries and raising awareness of growing at a steady pace and the need for young shipping have the potential for an professionals. Various views exponential development in and proposals expressed durthe near future. Such growth, ing the event created considthough, cannot happen if the appropriate supporting pillars erable interest from numerous bodies, including the Govare not in place. In order to remain stable and sustainable, ernment and other organised groups and, as a such a dynamic Info: Muriel Matta is the result, Maravilhosa industry has to be owner and founder of has teamed up with Maravilhosa. surrounded by a www.maravilhosa.net key industry experts well-educated and to arrange a bigger effective workforce follow-up panel, which, hopethat is truly supported by fully, will be established as a the relevant socioeconomic yearly platform for discussion. and educational foundations The aim will be to discuss of the country. Therefore, issues relevant to the further Cyprus needs to educate the public about the industry and progress of human resources in relation to the Cyprus shipits benefits, as well as to proping industry. vide the appropriate facilities The second panel discusand institutions to develop sion “Shipping: An Industry maritime professionals suitof Passion, Knowledge and able for the local shipping Experience – Part Two” will industry, which needs a dytake place on 2 February namic workforce, with solid technical know-how and con- 2017. The Minister of Transport, Communications and tinuous training. Works, Marios Demetriades, It is in this context that, who spoke at the first event, in May 2016, Maravilhosa has been invited to provide organised a panel discussion the Keynote Address to this entitled “Shipping: An Indus-

second discussion, which will feature high-profile international and local speakers looking at the current challenges facing young professionals wishing to join the Cyprus shipping industry, recruitment strategy, the development of shipping professionals, and the role of Shipping Associations in the education and development of potential Cypriot shipping industry professionals. Invitations to attend will be sent to Government representatives, industry associations, diplomatic missions based in Cyprus with a direct interest in shipping, senior industry professionals, and local and international media representatives, shipping-related universities, as well as to young professionals, students and their parents. Full details of the speakers and the programme will be announced soon.

www.goldnews.com.cy | GOLD | 43

| PHARMACEUTICALS |

YEARS OF HELPING

THE WORLD

BE WELL JACQUELINE ANASTASSIADES, DES, MA MANAGING ANAGING DIRECTOR OF MSD IN CYPRUS, US, TEL TELLS LLS GOLD ABOUT THE LONG AND SUCCESSFUL CESSFU UL HISTORY OF THE LEADING GLOBAL PHARMACEUTICAL HARMA ACEUTICAL COMPANY, ITS OPERATIONS S IN CYP CYPRUS PRUS AND HER AMBITIONS FOR THE HE FUT FUTURE. TURE. BY JOHN VICKERS RS

44 | GOLD | The Business Magazine of Cyprus

throughout its history – from the discovery of the first vaccines for measles, mumps and HPV, (a virus which causes cervical and other cancers) to the development of groundbreaking medicines for heart disease, osteoporosis, diabetes, tuberculosis, HIV and, recently, through its breakthrough immuno-oncology therapies for melanoma and non-small cell lung cancer and acute hospital care innovative medicine. In the area of Animal Health, MSD introduced the first fowl pox vaccine for poultry and vaccines against emerging animal diseases, such as Bluetongue, to name just a few. n anniversary of any kind is always a major event for a company. When it marks a remarkable 125 years since its establishment, it is really striking. How has MSD been marking this special year? Jaqueline Anastassiades: A centennial anniversary for any company is proof of its success, so anything exceeding that is indeed remarkable. The year 2016 is a milestone for us as it marks the company’s 125th anniversary as a global healthcare leader and this year we are celebrating by sharing with the world our company’s major achievements and milestones, as well as communicating our ambitions and future goals. MSD (known as Merck in the United States and Canada) is an innovativ innovative global healthcare leader, working to help th the world be well. Through our prescript prescription medicines, vaccines, biologic and other life life-saving therapies and animal health products products, we treat and save lives in more than 140 coun countries and deliver innovative health solutions solutions. We also demonstrate our commitment to increasing access to healthcare with the implementation of programmes in partnersh hip with States, Patient Groups and h partnership the Scien ntif Community and by promoting Scientific policies ttha that enhance patients’ access to the proper m med medicine. Gold: Su uch longevity takes on even greater Such importan anc given the sector in which the importance, company ny iis involved – health and pharmaceuticalss – when one considers how much has chan nge over the course of well over changed a century ry. Are there particular breakcentury. through hs tthat MSD has been involved in throughs and on w wh which its modern reputation lies? J.A.: M MS MSD has contributed significantly to ke eep people and populations well keeping thro oug throughout its 125 years history. Our ann niv anniversary motto – “125 years of hel lpi the world be well” – reflects the helping co omp company’s founding principles and its co ont contribution to public health. MSD has changed the world repeatedly h

Gold: How competitive is the global pharmaceutical industry and how has Merck managed to remain a key player? J.A.: It is highly competitive and MSD remains a key player by building, every day, on a legacy of invention – a legacy that extends across the advent of some of the world’s most vexing healthcare challenges. At MSD we still abide by the same principles stated by Merck’s historic President and Chairman, George W Merck, who said: “We try never to forget that medicine is for the people. It is not for the profits. The profits follow, and if we have remembered that, they have never failed to appear. The better we have remembered it, the larger they have been.” Gold: How competitive is the pharmaceutical sector in Cyprus and how has MSD managed to remain a key player? J.A.: Besides MSD, there are a number of outstanding players in the pharmaceutical sector in Cyprus. I believe our success and achievements at MSD lie in the talented and dedicated people of our company. Every day, in every country in which we operate – including Cyprus – our employees, our people, are finding new ways to bring our medicines and vaccines to more people around the world than ever before; and we all share a common vision: that of leading the way for improving peoples’ lives Gold: As a company involved in health issues, it’s perhaps more expected of you than of others that you will have a strong Corporate Social Responsibility programme in place. What areas are you involved in? J.A.: Our commitment to finding new ways to help the world be well – new ways, every day – continues with our corporate responsibility legacy which is led by our Mectizan Donation Programme, which has eradicated river blindness in four countries

WE ARE ON A QUEST TO CURE and continues to reach 250 million people annually. Today we are also making significant progress in the fight against maternal mortality through “MSD for Mothers”, a long-term effort that aims to create a world in which no woman has to die from complications during pregnancy and childbirth. Our corporate social responsibility approach is aligned with MSD’s mission and values. The same applies to MSD employees in Cyprus who are involved each year in different volunteerism activities, which aim to encourage social awareness and support local communities. In 2016, the employees of MSD in Cyprus led two main initiatives: The first was a voluntary and collaborative activity with the Cyprus Red Cross Youth Section, which helped refurbish two bedrooms that accommodated six young children. The second initiative, related to the environment, was to help protect the flora and fauna in the Paphos district in cooperation with officials of the Department of Environment and members of the Argaka Community Council. We planted 125 seedlings, symbolizing the number of years the company has been operating. Gold: Last year was MSD’s 10th year in Cyprus. What are your ambitions for the company over the next ten? J.A.: Today we are at the forefront of delivering tools for the prevention and treatment of some of the world’s most urgent global health challenges, including more than 30 different cancers, hepatitis C, Alzeheimer’s disease, Ebola, cardio-metabolic diseases and antibiotic-resistant superbugs. Our goal is to become the world’s premier biopharmaceutical company. But, in our desire to continue to invent medicines that will improve the lives of more people around the world, we see ourselves as more than a biopharmaceutical company: we are on a quest to cure. The world today is a healthier and more hopeful world and our future will be healthier and more hopeful because of our people and our commitment to finding new ways, every day, to meet unmet medical needs. MSD in Cyprus is committed to our customers as they are our most valued partners and this is also echoed by our employees. The work we do matters and, together with other health stakeholders, our ambition is to improve the healthcare system and find new ways to help to make Cyprus a healthier place and give more hope to the people. www.goldnews.com.cy | GOLD | 45

| ACCOUNTING |

Big enough

to matter,

Small enough

TO CARE IN 2017, HORWATH DSP WILL BE CELEBRATING 30 YEARS SINCE IT BEGAN OPERATIONS. ONE OF THE FOUNDERS, MANAGING DIRECTOR IOANNIS DEMETRIADES, SPOKE TO GOLD ABOUT THE FIRM’S SUCCESS AND LOOKS AT THE CHALLENGES FACING THE ACCOUNTING PROFESSION AND CYPRUS. BY VOULA LOIZOU

46 | GOLD | The Business Magazine of Cyprus

A

s Horwath DSP prepares to celebrate its 30th anniversary in Cyprus, can you give us a brief history of the firm? Ioannis Demetriades: The firm was established in 1987 as Demetriades & Shakos by me, Ioannis Demetriades, and Vassos Shakos. In January 1994, Andreas Pifanis joined the partnership,and the firm was renamed Demetriades Shakos Pifanis (DSP). On 1 January, 2006, DSP became a Horwath member and Horwath DSP Limited came into being on 30 November that same year. Today, with six partners, 90 professionals serving over 2,500 clients, and with offices in Nicosia and Limassol, Horwath DSP is one of the leading accountancy firms in Cyprus. Gold: What services does the firm offer? I.D.: We offer audit, accounting, tax, risk and advisory solutions to a diverse clientele in the local market and abroad. We specialise in international tax minimization planning and structuring, helping clients take advantage of Cyprus and other jurisdiction structures in their international activities. Gold: How important is it to be part of the Crowe Horwath network? I.D.: In addition to our local and regional services, as a member of Crowe Horwath International, we can draw on a worldwide network of independent professionals and their know-how. The

Crowe Horwath network consists of more than 200 independent accounting and advisory services firms and 700 offices in more than 120 countries around the world. This unique combination of our local and regional talent, coupled with the global reach of our network, provides us with the local expertise and global worldwide capabilities that our clients expect and deserve. We are very happy with our participation in Crowe Horwath, which has a strong presence in the countries from which most of our clients come.

directors make themselves available to discuss clients’ needs on a one-to-one basis, making them feel as valued as they really are to us.

Gold: What differentiates Horwath DSP from its competitors in Cyprus? I.D.: We are big enough to matter and small enough to care, which means that we take pride in providing a service that is tailor-made to fit individual circumstances,, p promptly p y and efficiently. y Our

Gold: What are the main challenges facing the professional services sector in Cyprus today? I.D.: The Government, the House of Representatives, the trade unions and the Central Bank, with the help of the private sector, all need to seriously and urgently concentrate on government and semi-government organisation reform and on obtaining upgrades from the rating agencies. Government departments need to engage fully with the private sector. We also need to actively embrace coming international reforms in areas such as taxation and anti-money laundering but, at the same time, maintain the advantages that Cyprus has to offer. The country should be open for business but closed to external threats.

The country should be open for business but closed to external threats

Gold: Is there a success story that you are particularly proud of? I.D.: Our firm was one of the advisors to the Ministry of Energy, Commerce, Industry and Tourism during the negotiations with Noble Energy. We are very proud to have helped with the conclusion of Cyprus’ first hydrocarbons agreement.

Gold: What opportunities do you think a solution to the Cyprus problem will create for the economy and for your profession? I.D.: I am not optimistic about a solution to the Cyprus problem being agreed upon. However, if as we all hope, an acceptable solution is found, this will remove one very important negative factor, namely “high political risk”, from the list of factors which international investors take into account. We can then expect an increase in foreign direct investment (FDI) into Cyprus. www.goldnews.com.cy | GOLD | 47

| BANKING |

48 | GOLD | The Business Magazine of Cyprus

When the Cooperative Central Bank is ready for privatisation, CEO Nicholas Hadjiyiannis envisages ownership of the coop banks returning to their members and, by extension, to their 80-year heritage. He tells GOLD about the CCB’s remarkable and ongoing progress and explains why the word ‘restructuring’ is now only used in the organisation in relation to non-performing loans. By John Vickers | Photo by Jo Michaelides

icholas Hadjiyiannis is about to complete his first year as CEO of the Cooperative Central Bank (CCB). When asked how these 12 months have been, his initial reaction is to laugh. “First of all, it feels like it’s been 12 years!” he says, explaining that events of five or 10 months ago now seem so distant. But, after taking a moment to recall, he describes 2016 as “hectic, partly due to the remarkable progress that we have made.” He mentions as a simple example the fact that, only nine months earlier, there was no Management Information System in place. He points to a wall of screens that were installed in March, enabling him to see certain data on a daily basis: the progress of the bank’s non-performing loans (NPLs), what was happening with restructuring, how each of the units within the bank was performing. “Those screens may look good but, to me, that information now appears quite outdated,” he admits. “We have moved from a situation of what was, to be frank, inadequate information, through the stages of having paper

information and then electronic information and, very soon, we’ll have live information. This is just one example of how, within the bank, we have made progress beyond all expectations but – and there is always a big ‘but’ – there is still a huge mountain to climb.” Before his appointment as CEO, the soft-spoken, thoughtful Hadjiyiannis was CCB Chairman for two years. How has the change of role affected his work? “There is no difference, in terms of workload,” he says, “so I’m still engaged with

the core business of the bank on a 24/7 basis. But, of course, it’s a different role in that the CEO has to implement policy and strategy rather than set it and, in a way, it’s more restrictive. In truth, I haven’t really had a chance to think about the differences because things have been so hectic the whole time.” It was during his chairmanship (in February 2014) that the European Commission approved the restructuring plan of the Cooperative Credit Sector, giving the green light to a capital injection of €1.5 billion to

www.goldnews.com.cy | GOLD | 49

| BANKING |

boost and shield it. Was that huge amount really necessary? “Absolutely,” he replies at once. “At the time, the Coop was valued at minus €600 million. That injection had, first of all, to cover that negative valuation, so it was not a case of starting from zero. It was definitely necessary. Having said that,” he continues, “I am very pleased that we have maintained that capital intact on our books, while increasing our provisions for bad debts by €800 million and reducing the NPLs to the levels that they were prior to the capitalisation. So, taking the numbers on a standalone basis, value has been maintained. Such an achievement was almost ‘Mission Impossible’ in Cyprus and, indeed, across Europe over the last three years.” Nicholas Hadjiyiannis is particularly proud of the bank’s restructuring; in fact, the word is rarely heard within the CCB anymore. “It started as a restructuring project,” he says, “but we used it as an opportunity to transform the organisation. In terms of our obligations concerning the restructuring plan, we have made so much progress that we first abolished the senior restructuring division, replacing it with a department, and now we are abolishing the department too. It is no longer part of the bank’s organisational structure. We have not simply been through a restructuring process but a complete transformation.” Like all the country’s banks, the CCB is now regulated by the Central Bank of Cyprus and the European Central Bank and yet part of its stated mission is to offer what it calls ‘a serious and humane alternative banking option’, suggesting that it still sets itself apart from the other banks. Is this the correct interpretation? Nicholas Hadjiyiannis confirms that it is indeed the case: “We still believe that we are different because we rely on our heritage and on the good things that the Coop has done for society,” he says. “We have got rid of all the bad lending practices and bad governance that existed before and we work with our customers for our customers. Our loan restructurings are based on the idea that we have to work with people who are, after all, our members. So yes, we are making a concerted effort to carry out alternative, more responsible banking and this has allowed us

50 | GOLD | The Business Magazine of Cyprus

to reduce our 90 days-past-due loans by more than €1 billion.” He cites the fact that the CCB reduced mortgage interest rates by 2% as a reward and incentive to those who had maintained their payments as an indication of the bank’s ‘humane’ dealings and notes that “Where there is a grey area, our strategy is to give any benefit to the client’s interest.” As an organisation that is in direct competition with the commercial banks on a much more level playing field than some years ago, the CCB might be viewed as being at a disadvantage in that, unlike the others, it has only retail operations. Does the CEO share this view? The answer is yes and no: “Being a purely retail bank has its benefits,” he explains. ”For one thing, it means being able to have a huge customer base and I am pleased to say that we have maintained our market share and our personal loans have been less risky compared to the business loans. But I agree that we need to become more competitive in the new environment, which means that we have to diversify in terms of income. Retail banking is what we know best but things in the banking sector are such that you either adapt or you die!” The Single Supervisory Mechanism (SSM) recently defined the minimum capital ratio of the Cooperative Central Bank for 2017 at 14.25%, the same rate as the other Cypriot systemic banks. Hadjiyiannis is delighted about this because he considers it “one of the most positive rubber-stamping forms of recognition that we have ever had and the fact that we are being treated like the other banks is even more welcome because it is from the ECB, which is very strict with us.

“Of course, it also means more responsibility and willingness to continue the effort to improve the cooperative banks but we are ready for this.” At present, the coops are 99% state-owned but, over the coming years, they will be returned to the private sector. However, remaining true to their heritage, the CEO hopes that, in addition to a major strategic investor, there will also be a broad popular investor base. “We must not forget that we have always been a cooperative and what that means,” he notes. “We envision operating on a similar basis to other cooperative banks in Europe, such as the Dutch Rabobank and I hope that ordinary people will take the opportunity to have a say in how their bank is run. This will enable us to progress as a retail banking operation and, once again, differentiate ourselves within the banking sector.” The Rabobank model of being a full-range financial services provider that operates on cooperative principles certainly makes sense for the CCB, as does Hadjiyiannis’ idea of returning to the Coop’s 80-year heritage and the idea of banking by the people for the people. Whether memories of the stock market bubble of 1999-2000 will have a negative impact on his plans remains to be seen but the CCB has already submitted its prospectus to the Cyprus Stock Exchange and the Cyprus Securities & Exchange Commission (CySEC). Hadjiyiannis says that approval for a listing next year is expected before the end of 2016. As for the future of the Cooperative Central Bank and the cooperative movement itself, Nicholas Hadjiyiannis is confident that, after everything it has achieved so far, it can continue on what he calls “this transformational path”, saying, “I’m a fighter and I am determined to see the Coop achieve its full potential. I have no doubt that we will succeed.”

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Energy: Romania’s energy sector needs about EUR 30 billion investments in the next 15 years. For more information on Eurofast and its service portfolio, please visit www.eurofast.eu , info@eurofast.eu Romania: 9-13, ap.10, Fagaras Street, District 1, Bucharest, Romania Tel.: +40 21 318 2262, Fax.: +40 21 318 2264, bucharest@eurofast.eu

| ARCHITECTURE PROFILE | |

Setting new standard s THE DIFFERENCES BETWEEN GOOD MANAGEMENT AND GOOD LEADERSHIP ARE MANY AND SIGNIFICANT BUT, SAYS VALENTINA KISLAYA, THE FOUNDER OF LEADERS AND IMAGE, THE STEP UP FROM ONE TO THE OTHER NEED NOT BE SO DIFFICULT WHEN HELP IN THE FORM OF SPECIALIZED TRAINING AND COACHING IS AT HAND. By Voula Loizou, Photo by Christos Tsekouras 52 | GOLD | The Business Magazine of Cyprus

W

hen was Leaders & Image established and by whom? Valentina Kislaya: I established it myself in 2015 and later on I invited a friend I’ve known for 15 years, who has had successful experience with start-ups in Eastern Europe, to join me and she is currently the General Manager of the company. Gold: What are the company’s vision and mission? V.K.: Our vision is to introduce the concept of leadership as legacy. Being a leader is not just something that you do; it’s how you live your life, how you present yourself, how you behave at home and at work, how you interact with your colleagues and your friends. It’s something that lasts even after you have left your position or company. Our mission is to establish a new standard of executive training in the Cyprus market. Gold: What services do you offer and what are the company’s key activities? V.K.: We currently offer professional training in the areas of executive presence and leadership, and our key activities at the moment are in-house and public training for corporations and individual coaching. We also use a learning platform to support participants afterwards. Gold: Who makes up your target audience/market? V.K.: Our target audience is composed of business professionals at different levels, from C-suite to recently promoted new executives. We are also targeting people who are thinking of changing jobs or positions and are looking into gaining a new set of communication skills. Gold: How does this personal and/or professional development and training benefit your clients? V.K.: Any personal or professional development can benefit us because we are living in an era when it is no longer a matter of going to school and university and thinking that we are done with learning. In today’s world, the learning process is non-stop so, for example, people who have recently been promoted, after spending so many years trying to master the technical skills and the specific

knowledge required in their particular area, may suddenly find themselves in a position where certain skills that would normally take years to learn are not there. That’s where we come in and the beauty of executive presence training, for example, is that we provide a set of practical tools that can be applied in the areas of networking, making the best impression, improving presentation skills, and so on. Due to all the changes that are going on in business, there is a new perception of leadership right now. So if you are appointed as a leader and you want to roll out your values, leadership training can help you do it in such a way that you are aware of the impact that you have on others and it keeps relationships going. Gold: How strong is the link between individuals unlocking their leadership potential and a company’s overall business performance? V.K.: It is strong but the question is how aware the individual is of his or her own values. If you keep working the way you have been taught and you don’t experience any discomfort, you might be pretty good at your job. However, as you make your way up the career ladder, people start paying attention to the details and that’s when other things start being more important. And if we are talking about people who do experience discomfort, then, yes, there is a very strong correlation. The moment you are aware of your leadership potential and you know how to add value, in terms of the business environment, that not only makes you stronger but also helps you achieve better results. Gold: What are the skills and competencies that managers and employees can develop through your business offering? V.K.: When we talk about executive presence, there are certain areas that we cover. We talk about details, we talk about fine tuning. So they can definitely get better at presenting themselves, at being able to network more confidently, at making their guests or potential clients comfortable when it comes to business lunches or dinners without over-thinking it or doing something wrong that could potentially impact the outcome. And we also help them pass on what they know to others. It’s literally about aligning corporate values and personal values and finding ways to show them in your

It is no longer a matter of going to school and university and thinking that we are done with

learnin g

day-to-day activities. When we talk about leadership, it’s definitely about the ability to listen on different levels and to be aware of your impact. We often see that when people start talking, they have one thing in mind but the actual result is something totally different. That’s one of the flaws that many speakers have. A third competence is understanding the unique added value that you can create, whether in the world or in the company, and learning how to apply it. Gold: Do you believe that businesses in Cyprus make enough use of training and development tactics to improve their overall business performance? If not, why? V.K.: It is not about whether they make enough use of it, because what we are talking about here is not the quantity but the quality of the training. It depends what their precise needs are. Sometimes, for example, HR managers may seek coaching for three or six months. The issue is what they want to do with what they learn and what needs they are addressing. Are they addressing the needs of the company? The needs of an individual? And what are their expectations? I think that companies could definitely look more deeply at today’s new approaches to executive coaching, to new models, which may not sound very traditional but have proven to be extremely effective, especially in the highly stressed, politicized corporate environment. I believe that every market grows and develops by itself. In Cyprus, 2013 was a hugely stressful time for companies of all sizes and I believe that it slowed them down, affected their training budgets and, of course, their list of priorities. Right now, companies are again switching to exploitation mode and I think it is definitely a good time for them to take the opportunity to make use of our services! www.goldnews.com.cy | GOLD | 53

| LIMASSOL |

COMMEMORATING LIMASSOL’S FORGOTTEN 7+( /21* $:$,7(' (1$(5,26 2%(/,6. 352-(&7 ,6 ),1$//< 6(7 72 *2 $+($' By John Vickers

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ver the past 25 years, the ‘Enaerios’ area of Limassol, located at the seaside end of Archbishop Makarios III Avenue, has evolved into one of the town’s most popular places for dining, recreation and entertainment. But how many of those frequenting the cafes there – young people in particular – are aware of the area’s history and, indeed, the origin of its name?

54 | GOLD | The Business Magazine of Cyprus

PAST

Seven years ago, a campaign was launched by the Rotary Club of Limassol-Amathusia to promote the forgotten ‘Enaerios’ story and to erect a permanent monument, linking the area’s past and present. Like many projects, this one has had its ups and downs but the former Limassol-Amathusia President, Chris Koufaris, was determined not to give up on it. “These things take time and money and, of course, we launched our campaign in 2011-2012, which was just before the global financial crisis hit Cyprus, followed by our own crisis,” he recalled recently. But his persistence has won the day and, with funding from the Cooperative Central Bank and EY Cyprus, and the full support of Limassol Municipality, the Enaerios Obelisk finally looks ready to be built. The Greek word “enaerios” (literally meaning “in the air”) is used to describe

a cable car system or a funicular railway and, in the case of Limassol, it was used to refer to the remarkable 35-kilometre cable system that transported asbestos from the Amiandos mine in the Troodos mountains to Limassol for export. The Limassol end of the system was the area now known as ‘Enaerios’ and the restored pier is where the asbestos would be loaded onto small vessels that would then be towed out to the larger ships. It took two hours and two stops (at Spitali and Ayios Mamas) for the asbestos to reach Limassol from the mine via this overhead system, which was built in 1920 and operated until 1943. Next year, everyone – Chris Koufaris more than the rest – hopes to see the Enaerios Obelisk in place, as a new landmark in Limassol that will bring a long-forgotten aspect of the town’s history back into focus.

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www.goldnews.com.cy | GOLD | 55

| LEGAL |

A GOOD YEAR FOR ELIADES & PARTNERS A GLOBAL AWARD AND THE TAKEOVER OF ANOTHER LAW FIRM ARE THE TWO MAJOR EVENTS THAT AFFECTED ELIADES & PARTNERS LLC IN 2016. THE FIRM’S FOUNDER, LEGAL CONSULTANT MARIOS ELIADES, TELLS GOLD ABOUT THESE EVENTS, HIS PLANS FOR FURTHER EXPANSION AND THE IMPACT OF DISRUPTIVE TECHNOLOGY ON THE LEGAL SECTOR. BY ARTEMIS CONSTANTINIDOU

56 | GOLD | The Business Magazine of Cyprus

W

hen was Eliades & Partners established and how have the firm’s operations changed over the years? Marios Eliades: Eliades & Partners Law firm was originally established as a local firm in 1970. Over the years, it has developed into a multi-disciplinary law, tax and business consultancy serving not only the local market but, even more, the international business community. Gold: How would you describe the firm’s corporate culture and values? M.E.: Our firm’s corporate culture is based on the values of professional integrity, trust and readiness to serve. All of our professionals and administrative staff are committed to adhering strictly to these values and performing their duties within the framework of the above philosophy. Gold: What services does the firm offer its clients? M.E.: Our firm handles a broad range of corporate and commercial matters on behalf of financial, banking and insurance institutions, as well as private corporations and personal clients. Our practice, focus and experience includes company incorporation and full company support services, Corporate law, Insurance law, Mergers and Acquisitions law, Property & Real Estate, Arbitration, Banking, Immigration and Intellectual Property, as well as Private and Family law. Gold: What have been the highlights of 2016 for the firm? M.E.: The greatest success achieved by our firm in the past year was winning the “Law Firm of the Year 2016” award, presented by Geneva Group International, the biggest multidisciplinary network of lawyers, accountants and business consultants in the world, with a presence in more than 120 countries. It is an international accolade of which all the partners and associates of our practice feel very proud. This award reflects the quality of services that our firm has provided to in-

ternational clients, as well as the ethos with which such clients have been served. This is the result of a disciplined and persistent effort on the part of all our partners and staff to deliver reliable, creative and timely legal and advisory services to all our clients, be they local or international. A further positive development during 2016 was our firm’s takeover of another law practice in Nicosia, specialising in Administrative and Constitutional law. The entire practice of the other firm, together with its practising lawyers and their extensive expertise, as well as its support staff, has been smoothly integrated into Eliades & Partners. Our firm is thus in an excellent nt position to serve clients (civil servants, ce, teachers and members of the police force, in as well as business people participating in public tenders) who are litigating beforee the Administrative Courts of the Republic.

Gold: In what ways can the Government assist in the improvement and development of the legal sector in Cyprus? M.E.: The Government can assist the legal sector by improving the overall social and institutional environment in the country. By way of example, I could refer to the need for an even more efficient and timely administration of justice, without the delays that have been occurring in recent years. A further example would be a contribution on the part of the Government towards at least reducing the bureaucratic practices in the public sector that have been a persistent phenomenon in contemporary Cyprus.

Gold: What are the firm’s goals for 2017? M.E.: Our firm’s strategic goal in the coming year is its expansion to Paphos, Limassol and Larnaca so that we have a his physical presence throughout Cyprus. T This uality will help us in further upgrading the quality me, of our services to clients. At the same time, arthe firm is considering entering new marust kets that seem promising and have robust economies. Gold: What is the firm’s approach to the new generation of lawyers? What advice would you offer a young lawyer starting out on his/her legal career? M.E.: Junior lawyers joining our firm are given multiple opportunities to advance their knowledge and expertise in their special areas of interest. They are also encouraged and financially supported in engaging in training activities that will help them develop not only in their professional careers but also as holistic human beings. Gold: In your opinion, what are the main challenges that the legal sector in Cyprus is currently facing? M.E: The main challenge facing the legal sector in Cyprus, like all other professional sectors, is disruptive technology that is dramatically changing the way we live and work. I am of the opinion that developments in the field of technology are changing the world as we know it and are leading us into a new form of human civilization.

JUNIOR LAWYERS JOINING OUR FIRM ARE GIVEN MULTIPLE OPPORTUNITIES TO ADVANCE THEIR KNOWLEDGE AND EXPERTISE IN THEIR SPECIAL AREAS OF INTEREST www.goldnews.com.cy | GOLD | 57

Opinion

SWISS FRANC MORTGAGES

THE FIRST CYPRIOT (INTERIM) JUDGMENT HAS BEEN MADE IN A CASE AFFECTING MANY BORROWERS

S

By Savvas Savvides

wiss Franc loan contracts borrowers and not the bank. involved thousands of borThe Cypriot Court, correctly interpreting rowers in default, both in the European Directive 93/13/EEC on Cyprus and other Balkan the unfair terms in loan contracts, applied and European countries. the European Precedent of the European d This particular banking product, promoted decision C-26/13 Kasler and Rabai v especially in the early 2000’s, resulted in a OPT Jelzalogbank Zrt dated 30/04/2014 severe socio-economic problem due to the regarding the borrowing of Swiss Francs depreciation of the exchange rates. The and questioned the clauses that weakened indignation of borrowers, who observed a the other parties’ negotiation chances and, substantial increase in their balances on their ir in particular, the bank’s position of “take loans and payments, forced them to resort it or leave it” that was in violation of the to legal measures to defend their legal rightss borrowers’ principles of autonomy and and entitlements. their contractual freedoms. It is on this The start of the judicial processes in variouss basis that the Cypriot Court referred to the other European Courts and their decisions decision of the European Court of Justice in favour of the borrowers have played a in the case of Kasler for the understandaInfo: Savvas Savvides is a Partner at prominent role in the protection of creditors’ ble wording of terms so that they are meaningful Michael Kyprianou & Co LLC legal rights and the treatment of lending conand clear to a borrower. It is widely viewed that tracts that contained controversial and damaging the judge’s final verdict will primarily centre on clauses. Consequently, national European courts have tended to ‘whether the manner and kind of lending represents a common adopt decisions in favour of the borrowers. loan agreement, for which the borrower knows from the beRecently, in Cyprus, the first partial vindication of a borrower ginning that he will be required to pay back a specific amount was heard before the District Court of Nicosia in a case that conincluding the relevant interest on the loan’. The Court rightly tested the banks overcharges and the financial loss caused by the determined in the case that the borrower was not in a contractual depreciation of the exchange rate between the Swiss Franc and position to have knowledge of the entire sum of the loan and the euro. The loan had been granted by the bank for the purpose the obligations/relationship between the lender and borrower. In of funding emergency housing. The Plaintiffs (borrowers), as these types of loan contracts, the content is normally unknown with the majority of bona fide borrowers, paid their loan instaland/or undefined and/or unclear in the repayment of loans that ments meticulously and regularly. However, their loan never are reliant on exchange rate fluctuations (between the currency of reduced over time and, in fact, continued to increase. the loan contract and the currency of the borrower’s income), inSwiss Franc borrowers were forced to convert their funds to pay cluding the variable interest rates imposed on the loan. Although, their loan instalments on the day that the payments were due the Cyprus Government has, to date, not taken a stance on this and according to the exchange rate on the date of the instalment matter, the Cypriot justice system has followed both European payment. The devaluation and considerable downturn of the and Case Law in protecting borrowers from contracts containing Swiss Franc negatively affected the loans and compounded the unfair and concealed terms by the banks for the sole purpose of interest on them. The plaintiffs in gaining a profit. this particular case requested the The first Cypriot judgment (albeit THE PLAINTIFFS PAID issuance of a protective interim order interim) regarding Swiss franc loans, under the provision of Article 32 in conjunction with the European THEIR INSTALMENTS of law 14/60 for (a) the suspension Legislation and Law, is a formidable METICULOUSLY of the monthly instalments on the safeguard available to borrowers AND REGULARLY BUT agreement and (b) suspension of the in difficulty who wish to restore THEIR LOAN NEVER defendants’ life insurances with two through the Courts the financial lossREDUCED OVER TIME insurance companies in favour of the es that they have suffered. 58 | GOLD | The Business Magazine of Cyprus

ONE | FIDUCIARY |

L

ast month, the Cyprus Fiduciary Association held its third annual Forum. What is the purpose of this event? George Ioulianos: The purpose of our annual Forum remains the same every year: to devise a strategic plan for the international business sector in Cyprus, one that all stakeholders will work on in a coordinated and constructive manner. The first two CFA Forums allowed us to develop a set of proposed actions that were delivered to the Government as the first draft of this strategic plan. Our annual Forum aims to review the latest developments in the field (both locally and internationally), evaluate the actions taken in Cyprus to improve the sector over the past 12 months and, most importantly, to present and discuss proposals and recommendations for the

60 | GOLD | The Business Magazine of Cyprus

future. The findings of the Forum will be used to update our strategic plan, which will once again be submitted to the Government. Gold: Can you tell us some of the ideas that will be added to the plan that you’ll be delivering to the Government? G.I.: The plan that was devised two years ago includes proposed actions with regard to the public sector, compliance and regulatory issues, products and services, as well as promotional activities. Most of these actions are still pending and the need for their implementation was repeated during this year’s Forum, e.g. the streamlining of procedures for the public sector and the adoption of best practices from competing jurisdictions. Moreover, speakers emphasized the need not only to promote investment funds, but to become European leaders in fund administration for small mid-cap fund managers, to further expand our Double Tax Treaty network to new markets (the Middle East, Africa, Latin America, the Far East), to improve our weak points as a jurisdiction (e.g. there is no international bank operating on the island, we have very limited custodian services, a weak stock market, an ineffective judicial system, etc.), to take advantage of redomiciliation opportunities to Cyprus

PLAN

ONE VISION

(e.g. funds from Luxembourg and the UK), and to improve the competitiveness of Cyprus through further infrastructure development (Internet connectivity, flight connections, etc.). In general, the speakers stressed the need to find new ways to make Cyprus a more competitive jurisdiction rather than just focusing on tax rates. Tax rates no longer give us a competitive advantage as there is a trend among other EU countries towards lower tax rates and offshore markets have become more competitive. Finally, there was a suggestion to create a national budget dedicated exclusively to the promotion of Cyprus and all those activities that will add value and substance to the international business sector of our country.

TAX RATES NO LONGER GIVE US A COMPETITIVE ADVANTAGE

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www.goldnews.com.cy | GOLD | 61

| FIDUCIARY |

Gold: Do you think that the Government has done enough to support and develop the international business sector? G.I.: I believe that the Government has a unique role to play in facilitating any economic sector to develop: that of giving direction, showing the way! Cyprus has lost many of its traditional economic sectors and is currently on a quest for new, innovative paths. There are a lot of ideas around but there is a lack of direction and determination. The state should be guiding and facilitating the private sector in developing new economic sectors and new businesses. The international business and fiduciary sector certainly needs such guidance. Although it is frequently stated that Cyprus should be further developed as an international business centre and some action has been taken in this direction, we unfortunately lack the necessary vision and the strategic plan for not only developing the country but for surpassing competition from other jurisdictions. The Government needs to show practically that it supports this vital sector for the Cyprus economy – one that contributes greatly to the country’s GDP and employs thousands of qualified professionals. Other jurisdictions have a clear vision of what they want to be and a long-term plan of how to get there. Unless we define our vision, we won’t get very far and those who set out this vision need to feel some sort of ownership of the sector. Unfortunately, there are so many parties involved in this sector that no single one feels that it represents the whole industry and nobody can affect it in a positive way, because it can easily be affected negatively by a single firm. Gold: Your sector also suffers from the problematic regulatory framework. Is anything being done about it? G.I.: This is a vital issue and from the time of its establishment, our Association has been struggling to have a single

62 | GOLD | The Business Magazine of Cyprus

regulator of Administrative Services Providers, a common regulatory framework for everyone and coordination among all stakeholders in the sector in order to be able to plan better and execute decisions more easily. As things stand at the moment, serious issues exist regarding the development of the international business sector, creating problems in the effective monitoring of administrative services, and seriously hindering the credibility and image of Cyprus as an international business centre. I strongly

THE STATE SHOULD BE GUIDING AND FACILITATING THE PRIVATE SECTOR IN DEVELOPING NEW ECONOMIC SECTORS AND NEW BUSINESSES believe that the Government and, in particular, the Ministry of Finance, should take the lead in resolving all the issues related to the current regulatory arbitrage in the sector and take the initiative to coordinate all the related stakeholders by creating a strong, single body that can as-

sume the strategic planning of the sector and the promotion of the country. Gold: How is the international business sector changing? G.I.: In the months to come, we have a lot of work to do. The international scene is constantly changing, forcing our companies to continuously adapt to new regulations and requirements. The 4th EU AML (anti-money laundering) Directive needs to be implemented by member states soon, placing the emphasis on ultimate beneficial ownership and introducing enhanced customer due diligence and an enhanced risk-based approach customer classification, requiring evidence-based measures. Additionally, the new Common Reporting Standard (CRS) introduced by the Organisation for Economic Development & Cooperation (OECD), enabling the automatic exchange of information among EU countries, will place an additional workload on our companies, which need to familiarise themselves with the new requirements. Gold: What does Cyprus need to do in order to remain competitive as a jurisdiction? G.I.: The international business sector is changing not only in Cyprus but worldwide, so besides making sure that the Government, financial authorities and companies keep abreast of international obligations, we need to focus on how we develop our products and services in order to continue to offer value to international businesses. We need to attract long-term businesses and, even more importantly, to facilitate the relocation of their operations in Cyprus, creating real substance on the island that will be beneficial to other sectors of the economy as well. Our country has a lot to offer but unless we have a plan, clear direction and effective coordination we won’t be able to fulfil our true potential.

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ABACUS LIMITED

E

Nicos C Nicolaides, Managing Director

Established in 2001, Abacus Limited is one of the first and largest companies in Cyprus to provide a wide range of professional services to International Business Companies covering, inter alia, the following areas:

STRUCTURING

Ranging from the initial steps to incorporate an entity, whether it be a company or Trust or Fund, to its dayto-day management and administration up to its liquidation and/or dissolution.

COMPLIANCE Local and international compliance procedures and requirements are many, complex and time-consuming. With a broad perspective of business matters, we help clients navigate through corporate statutory compliance with local registries, direct tax requirements, VAT compliance as well as assisting in the establishment of internal compliance procedures.

CORPORATE GOVERNANCE With the provision of Corporate Secretary and other Fiduciary services and working alongside our clients, we provide advice and continued guidance on all Corporate Governance matters.

ACCOUNTING SERVICES Our team of professionally qualified accountants cover all the bookkeeping and accounting requirements of our clients, including compliance and regulatory reporting obligations.

64 | GOLD | The Business Magazine of Cyprus

ADMINISTRATION We help our clients on a 24/7 basis with the coordination of all business processes, representing companies before various Authorities in licensing applications and providing administrative support in all matters.

fully fledged offices, payroll services, legal liaison, citizenships, residency and other immigration-related issues.

Nicos C Nicolaides Managing Director

FUNDS-RELATED SERVICES We provide comprehensive solutions for the set-up and operation of Funds, Managers and Investment Firms.

ANCILLARY SERVICES We provide a range of specialty services and functions to support our clients, such as assistance with the establishment of

CONTACT INFORMATION:

Address: Elenion Building, 5, Themistocles Dervis Street, 1066 Nicosia Tel: (+357) 22555800 Fax: (+357) 22555801 e-mail: abacus@abacus.com.cy Website: www.abacus.com.cy

CONTACT INFORMATION:

Address: 41, Themistocles Dervis Avenue, Hawaii ;V^LY 6MÄJL 7 6 Box 21233, 1504 Nicosia Tel: (+357) 22817711 Fax: (+357) 22817717 e-mail: paplaw@logos.cy.net Website: www.paplaw.com.cy 6MÄJLZ! Cyprus, Greece

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BIZSERVE CONSULTANTS LTD

B

Bizserve Consultants Ltd is a leading authorized administrative service provider (registration no. 66/196) operating out of Nicosia, Cyprus, established in May 2002. Prior to that, it had been operating since the early 1990s under a different umbrella of companies. Now in its third decade in the fiduciary services sector, Bizserve maintains an immaculate record with its esteemed clientele and associates. Our main line of business focuses on incorporating and managing corporate structures of companies. At the same time, we provide nominee and trustee services in Cyprus and in other jurisdictions, as well as the opportunity to create fully-fledged offices and enhance the tax residency of Companies under our administration. Over the past decade alone, some 4,000 companies have been set up and administered by us around the globe. Our clients range from listed multinational corporations to individuals. Our strong management team consists of business people with over 20 years of experience in servicing international clients, able to operate in any business environment and ready to give bespoke solutions to any inquiry, thereby giving our clients a competitive advantage in their business undertakings. 66 | GOLD | The Business Magazine of Cyprus

Bizserve Consultants has been a member of the Cyprus Fiduciary Association since its inception in 2011 and actively participates on its Committees. Since 2014, Bizserve Consultants has also been an elected Board of Directors member and, as of May 2016, Mr. Chris Koutouroushis, Managing Director of the company, is the Vice-President of the Association. In parallel, it is a member of a number of professional bodies in Cyprus and overseas, through which it has formed deep relationships with regulators and providers, thus delivering immediate service and the best possible solutions in its clients’ interest. Our consistent efforts have resulted in the inclusion of Bizserve Consultants in the European Business Awards (EBA) for two years in a row, 2015 & 2016. In 2016 Awards, Bizserve Consultants has also been named a National Champion representing Cyprus in the Award for Customer Focus category. Bizserve Consultants was selected after demonstrating commercial success, innovation and business ethics. Taking part in the EBA carries significant prestige and we feel honoured.

e are greatly honoured that during the European Business Awards (EBA) 2015 & 2016 our Firm has been included amongst the most successful organizations in Europe. We acknowledge that this distinction raises the bar for us and we remain committed and focused on excellence in all aspects of our business.”

“W

Chris Koutouroushis, Managing Director CONTACT INFORMATION:

Address: 32, Grivas Dighenis Avenue, 1066 Nicosia Postal Address: 7 6 )V_ 27670, 2432 Nicosia Tel: (+357) 22375504 Fax: (+357) 22377583 e-mail: info@bizserve.eu Website: www.bizserve.eu

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CHRISTOS PATSALIDES LLC

T

The Law Firm Christos Patsalides LLC was established in 1996 in Nicosia, Cyprus by the Managing Partner of the firm, Christos Patsalides. Our Law firm’s goal is to provide only top quality services. It is made up of experienced and reputable advocates as well as highly-educated and excellentlytrained 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.

CORPORATE SERVICES With the lowest corporate tax (12.5%) in the European Union, Cyprus is considered a very attractive jurisdiction for doing business. Our corporate services include the formation and incorporation of companies, the voluntary liquidation of a company, the establishment and management of trusts and related services such as the establishment, management and representation of Cypriot and offshore companies, the provision of trustee services 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. We offer a comprehensive one-stop package to the "Scheme for Naturalisation of Investors in Cyprus by exception". Together with our affiliate company, Christos Patsalides Corporate Management, and our selected external team associates, we undertake all the required legal and administration services from beginning to end, guaranteeing a smooth

68 | GOLD | The Business Magazine of Cyprus

settling down for the client and his family in their new country of residence. Citizenship by Investment is a process whereby a country, by way of exception, grants citizenship to eligible applicants that make a certain significant investment into its local economy. “With its requirement of 2-2,5 million investment including €500.000 to be invested 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. 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 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 less-time 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.

INTELLECTUAL PROPERTY We provide services including the search and registration of trademarks, national, community and international trademarking together with the provision of the registration of tradenames, the validation of 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

Antis Kaplanis, CEO of Christos 7H[ZHSPKLZ Corporate 4HUHNLTLU[ 3[K

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 protection of Trademarks and Industrial Designs within the European Community. • Commercial activity on the island creates the necessity to offer protection to the IP rights of physical and legal entities in order to validate such activity.

INTERVIEW WITH ANTIS KAPLANIS, CEO

CONTACT INFORMATION:

Address: 31 Evagoras Avenue, Evagoras Building, :\P[LZ 1066 Nicosia, Cyprus Tel: (+357) 22677677 Fax: (+357) 22674422 e-mail: info@patsalides.com.cy Website: www.patsalides.com.cy

>OH[ RPUK VM `LHY OHZ ILLU MVY `V\Y ÄYT& 2016 has been a prosperous and fruitful year for Christos 7H[ZHSPKLZ 33* ^P[O [OL IYVHKLUPUN HUK LUOHUJPUN VM V\Y services as well as the continuing acquisition of new clients. 0U SPNO[ VM [OL MHJ[ [OH[ THYRZ `LHYZ ZPUJL [OL ÄYT ÄYZ[ ILNHU [HRPUN JHYL VM I\ZPULZZ [OL VMÄJL \UKLY^LU[ H ZSLLR revamp by upgrading, expanding and embellishing the space HUK HWWSPHUJLZ MVY [OL JVTMVY[ VM UV[ VUS` V\Y Ã…V\YPZOPUN clientele but also for the growing team. On a personal level, 2016 OHZ ILLU JOHSSLUNPUN MVY TL HZ [OL UL^ *,6 H[ [OL ÄYT I\[ WYLZLY]PUN HUK LUJV\YHNPUN [OL ÄYT»Z M\Y[OLY Z\JJLZZ PZ H THPU priority. Has 2016 been a good year for your particular profession PU *`WY\Z HUK 0U[LYUH[PVUHSS`& >OH[ OH]L [OL THPU KL]LSVWTLU[Z ILLU& Broadly speaking, 2016 has not been a year without challenges having to be faced. The implementation of the CRS for the

H\[VTH[PJ L_JOHUNL VM ÄUHUJPHS account information in Cyprus has led not only to internal implications of understanding the objectives of this Report and how to execute it, but also to external ones. Since the CRS applies to all banks HUK ÄUHUJPHS PUZ[P[\[PVUZ comprehending how the various banks have undertaken the CRS and how they execute it OHZ ILLU H KPMÄJ\S[ WYVJLZZ Despite such challenges, the resulting increased transparency worldwide, which strengthens the (43 WYVJLK\YL PZ HK]HU[HNLV\Z to say the least, especially following the overall volatility in the market resulting from the <2»Z )YL_P[ ]V[L L]LU[Z PU [OL Middle East and others in the European Union. /V^ KV `V\ ]PL^ [OL performance of the Cyprus economy in 2016 and what are your hopes and predictions for & 2016 saw an outstanding performance by the economy of Cyprus. It exceeded all expectations, exiting the recession and returning to thriving economic growth. *`WY\Z» X\PJR YL[\YU [V [OL international markets restored JVUÄKLUJL HUK JYLKPIPSP[` ^OPJO LUHISLK [OL ÄUHUJPHS ZLJ[VY [V stabilise, leading to a decline in unemployment which is expected to keep decreasing. My hopes and predictions for the future are to see such trends being maintained and to resolve the longstanding issue of the Cyprus problem to the best satisfaction for all of Cyprus. Resolving this WYVISLT ^PSS IL H ZPNUPÄJHU[ factor in attracting more foreign investment, boosting the economy even further and keeping unemployment on a declining path.

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CHRYSSAFINIS AND POLYVIOU LLC

C

Chryssafinis and Polyviou LLC is one of the leading and most prestigious law firms of Cyprus, operating for more than a century. Established in 1903 by the late N.G. Chryssafinis, it has continued for generations to provide the highest standards of legal services, both in the local and in the international sector. It operates in Nicosia, Cyprus and its clients include mainly banks, investment and insurance companies, utilities and public enterprises, airlines, petroleum companies and others. It also has a wide range of reputable international clients. Its strong reputation has been built on values and it has been praised for its full commitment to its clients, its long-term professional relationships, the quality and cost-effectiveness of its services and the continuous accessibility and legal support that it provides to its clients. It is has also been proven to be one of the most active law firms in Cyprus in litigation matters, handling on a daily basis numerous cases before the Courts of Cyprus, including the Supreme Court where, over the years, it has created strong precedents in complex legal matters. Also, the firm’s extensive and powerful network of correspondent Law firms, which includes some of the world’s leading firms, allows it to provide effective and efficient legal support to the needs of its clients worldwide. The firm is highly rated at an international level by The Legal 500 and Practical 70 | GOLD | The Business Magazine of Cyprus

Law Company and it is an active member of the Cyprus Chamber of Commerce and Industry (CCCI), with which it co-organises conferences in Cyprus and also joins with them in seminars organised by the CCCI worldwide. It is also a member of MI InterAct, a close collaborative network of specialist global legal firms, and it actively participates in STEP, of which several of the firm’s lawyer are members. The Legal 500, in its latest edition for Law Firms in Europe, the Middle East and Africa, states: “Polis Polyviou leads Chryssafinis & Polyviou LLC’s prestigious and respected practice which counts local and international financial institutions amongst its clients and advises on mandates such as cross-border financings.” It further states that “under the leadership of the experienced Stella Polyviou, Chryssafinis and Polyviou LL acts in a variety of litigation pertaining to financial services, insurance, employment, corporate and general commercial disputes”. And it is further added that “the highly respected Polis Polyviou is “knowledgeable and experienced”.

THE TEAM The Firm currently employs over 70 people, 35 of whom are highly qualified lawyers in their own fields – Banking

Law, Insurance Law, Competition Law, Contract Law, Company Law, Mergers and Acquisitions, Business Law, Employment Law, Aviation Law, Media Law, Arbitration Law, Trust Law and others. The Senior Partner of the firm, Mr. P.G. Polyviou, handles complex cases before all District Courts of the Republic as well as the Supreme Court of Cyprus and European Tribunals where he has appeared in a number of important cases. The Managing Partner, Mrs. Stella Polyviou, heads the Litigation Department and, under her auspices, the firm’s experienced litigation team handles a wide variety of general, civil and commercial litigation in the fields of corporate, banking, employment and personal injuries cases as well as civil and commercial contract and tort law issues. Separate legal teams within the firm, headed by senior lawyers, are dealing with various areas of practice including, inter alia, restructurings and reorganizations, mergers and acquisitions, joint ventures, listings in local and foreign markets, corporate finance and redomiciliation, administration, fiduciary and escrow services and trust arrangements.

RECENT LANDMARK CASES The firm has been advising on a number of complicated and impressive cases and transac-

Furthermore, a number of laws and regulations have been amended during the last few years and new ones have been introduced, mainly in an effort to overcome the financial turmoil that Cyprus experienced in 2013 and which have contributed significantly to improvement of the legal system and promoting needed reforms. The firm has been advising its clients on these recent changes and has been guiding them on their correct implementation.

HOPE AND PREDICTION FOR 2017 :[LSSH 7VS`]PV\ 4HUHNPUN 3P[PNH[PVU 7HY[ULY

By Stella Polyviou, Managing & Litigation Partner

CONTACT INFORMATION:

Address: 37 Metochiou Street, Agios Andreas, *@ 5PJVZPH *`WY\Z Tel: +357 22 361100 Direct: +357 22 361110 Fax: +357 22 679750 Email: JOY`ZZHÄUPZ WVS`]PV\' cplaw.com.cy Website: www.cplaw.com.cy

tions known to the professional sector, which reflect the professionalism and high ranking of the firm, both locally and internationally, and its wide reputation. Most of these cases are unknown to the general public, as the firm avoids publicity on the matters and cases it is dealing with, to the greatest extent possible, in order to secure the privacy of its clients and of their business transactions. However, it is indicative that, last year, the Litigation Department of the firm successfully represented its clients in discharging a range of interim orders, which were issued on an ex parte basis and, by virtue of which, clients’ assets worth more than €400 million were frozen.

OVERVIEW OF 2016 The past year has been a very demanding one for the firm both for its local and international clients as there has been an extensive litigation workload as well as High Net Worth restructuring transactions on which the firm has been advising and providing legal support and advice. The issues raised have been quite complex and demanding and a high level of legal expertise and knowledge was required.

Cyprus is gradually managing to emerge from the economic crisis and has proven to be a competitive economy, easily adaptable to reforms that eventually bring progress. Almost four years after the 2013 bailout, the economy has become an example to be followed by other developed but troubled economies, removing completely the possibility of another haircut or any negative changes to its tax system. The return of Cyprus to the international markets, the successful capitalisation of the banking sector, the new tax incentives that were introduced and the steady growth of the economy, as recorded in the past year, inevitably builds confidence that 2017 will be a better year for Cyprus and, of course, for the legal profession as well.

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CONNECTEDSKY LEGAL & CORPORATE

F

For ConnectedSky 2016 stood out as a year of reflection. Whilst celebrating our fifth anniversary, we were able to look back at our impressive achievements over the course of the past 5 years, which, we are sure, represent a positive prognosis for our future undertakings.

OUR MAIN HIGHLIGHTS ARE THE FOLLOWING SEVEN ACHIEVEMENTS:

1.

Our expansion into Malta with our fully fledged subsidiary ConnectedSky (Malta) Limited, offering assistance with every kind of legal, corporate, tax, accounting, audit, financial services and banking services.

2.

Earlier this year, ConnectedSky also expanded its operations into Asia, setting up our fully fledged and fully licensed subsidiary ConnectedSky (HK) Limited on the prestigious Queen’s Road Central in the heart of Hong Kong’s Commercial Business District, home to all main international companies and financial institutions. We assist with all-round legal, corporate, tax, accounting, audit, financial and banking services.

3.

Equally significant has been the fact that in addition to our firm’s headquarters in Nicosia, ConnectedSky’s management approved the establishment of an additional office in Limassol, the second largest city of Cyprus and the main financial and shipping hub, in order to accommodate more efficiently our large portfolio of clients, presently located in Limassol, as well as our current and future clientele from an additional location within Cyprus.

72 | GOLD | The Business Magazine of Cyprus

4.

We are proud to announce the establishment of our fully independent Financial Services Department, which provides the Setting up, Licensing, Compliance Support and any other relevant support of Cyprus Investment Firms (CIFs), Alternative Investment Funds (AIFs) and Fund Managers (AIFMs). Within a lenient and practical regulatory environment that conforms with all relevant international standards, Cyprus has set out the relevant parameters, which result in it being a valuable Fund Industry jurisdiction.

5.

We are also pleased to say that 2016 has been the year when we implemented our CYMEBA (Cyprus Middle East Business Association) project. CYMEBA constitutes a business bridge between the countries of the Middle East and Cyprus, as well as a gateway to the rest of the world through Cyprus, thereby attracting foreign investors to perform direct and indirect investments in and through the country.

6.

We would like to highlight the rankings of our affiliated Law firm, C. Samir & Co. LLC, by two of the world’s most renowned independent research organisations. C. Samir & Co. LLC has been recognized as a top Cyprus Law firm by IFLR1000, which has published a brief summary on the Law Firm’s activities and latest news.

7.

In addition to the above, C. Samir & Co. LLC has also been included by

LEGAL500 EMEA as a top tier Law Firm and has furthermore obtained the exclusive “Doing Business in Cyprus” feature, resulting in the Law firm becoming the first point of reference whilst looking for a Law Firm in Cyprus. Publication is expected in April 2017.

More broadly speaking, has 2016 been a good year for your particular profession in Cyprus and internationally? What have the main developments been? Regardless of the economic challenges the country has faced, its continuing attractiveness from a corporate perspective has yet to disappoint. With a steady increase in the numbers of applications filed for the registration of new companies, Cyprus has clearly maintained its position as a jurisdiction of preference. Especially within the current challenging financial environment where low and/ or zero tax jurisdictions are no longer fully compatible with the new regulatory framework such as the Common Reporting Standard (CRS), it became apparent that Cyprus’ Tax Laws offer significant advantages to both individual and corporate investors. Fully EU-approved and at competitive prices, Cypriot Citizenship and Residency have been on the rise as they provide an effective investment gateway to the European Union and other high-growth markets. Even though Cyprus is undoubtedly a newcomer when compared to mature fund centres such as Ireland and Luxembourg, it seems that investor interest is on the rise

CONSULTANTS LIMITED

in what could potentially turn into a multi-billion business. Efforts by the Cypriot regulatory authorities, resulting in an advantageous EU-approved legislative framework, have cleared the way for Cyprus as a growing domicile for investment funds and asset management. Combined with the country’s attractive fiscal framework, fund managers and promoters have progressively been moving into Cyprus, thus reshaping the Cypriot fund landscape and raising investor confidence.

CONTACT INFORMATION:

Address: 12, Igoumenitsas Street, ConnectedSky House, 2027, Strovolos, Nicosia Tel: (+357) 22258800 Fax: (+357) 22258801 e-mail: info@connectedsky.com Website: www.connectedsky.com

How do you view the performance of the Cyprus economy in 2016 and what are your hopes and predictions for 2017? The significant reforms that Cyprus initiated in aftermath of the island’s financial bailout in 2013 have been rewarded with positive bank results and fresh capital injections by foreign investors. The latter clearly demonstrates that our small nation has proven its endurance and trustworthiness, despite the economic challenges. The main problems Cyprus still faces, relating to both Non-performing Loans (NPLs) and public debt, are still manifested through the Cyprus debt-to-GDP ratio which is expected to decline from about 107% in 2015 to approximately 95% in 2017. However, with the additional development of a new legal framework for foreclosures and insolvency, it is safe to say

that the path of long-needed reforms is being continued. Even from an international perspective, the island’s progress has not gone unnoticed. International Credit Rating Agencies have expressed their increased confidence through various upgrades and the international markets have furthermore rewarded the island with successful bond issues, generating over €2 billion. Whilst correctly anticipating the growing foreign interest, Cyprus furthermore climbed 13 places in the rankings of the World Bank’s 2016 Doing Business Report, confirming its position as a top Foreign Direct Investment (FDI) location. With the implementation of new regulations such as the OECD Common Reporting Standard, Cyprus has additionally seen increased interest with regard to the establishment of substance and physical presence. With competitive operational costs that are significantly lower compared to other major financial centres, there is a clear and conscious trend of companies choosing Cyprus as their management centre with operational offices. Following the growth of the European Asset Management Industry, Cyprus has started modernizing its regulatory framework, which has resulted in its Funds Law bearing clear characteristics of the regimes of both Luxembourg and Ireland. Aspiring to become a strong contender within the global investment fund and asset management industry, Cyprus has all the right elements firmly in place to partake in what could potentially develop into a multi-billion-euro industry. www.goldnews.com.cy | GOLD | 73

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COSTAS TSIRIDES & CO LLC

C

Costas Tsirides & Co. LLC was founded in 3;92 and, since then, has become established as one of the most reputable and respected law firms in Cyprus. Τhe firm specialises in civil, commercial and cross-border litigation, among other areas. Managing 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 companies in international business structures and the country’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 74 | GOLD | The Business Magazine of Cyprus

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 as counsel and arbitrators. We have a broad experience in a variety of commercial areas and cases involving disputes ranging from breach of contract to fraud and breach of fiduciary duty. The firm has experience in advising clients on all aspects of arbitration law and proceedings, from the drafting of the necessary arbitration agreements to referring disputes to arbitration, the hearing of the matter in dispute and dealing with the enforcement of arbitral awards, both local and foreign. Members of the firm have been appointed as members of the Chartered Institute of Arbitrators. Costas Tsirides & Co. LLC is also one of the leading law firms in Cyprus, with a vast experience

Alexandros Tsirides, Managing Director

• 2015 Global Law Experts-Business Formation Law Firm of the Year in Cyprus • 2015 Global Law Experts-Litigation Law Firm of the Year in Cyprus

OUR OPINION What kind of a year has 2016 ILLU MVY `V\Y ÄYT& We have faced quite a few prob lems with our clients caused by new legislation in Russia regarding CFC disclosure and declaration. Also, we had to de vote a huge amount of time and human resources to the require ments of the banks for FATCA and CRS. Requests for company incorporation have dropped sig UPÄJHU[S` IV[O MVY *`WY\Z HUK overseas companies. We have had to focus on our compliance procedures, which were once our weak point but are not any more!

of Real Estate and Property Law, offering a wide range of services. Our firm also provides the full range of construction law advice and assistance. The firm is a member of B.G.I. a worldwide association of independent law firms (www.bgi-law.com).

AWARDS COSTAS TSIRIDES & CO. LLC HAS RECEIVED THE FOLLOWING AWARDS:

CONTACT INFORMATION:

Tel.: (+357) 25820810 e-mail: alexandros@tsirides.com Website: www.tsirides.com

• 2010-2015 Business Formation Law Firm of the Year in Cyprus Award (Corporate INTL legal awards) • 2010 Boutique Law Firm of the year in Cyprus Award (Corporate INTL Global awards) • 2011 Litigation Law Firm of the year in Cyprus (Corporate INTL legal awards) • 2011 &2013 Business Formation Law Firm of the Year in Cyprus Award (Global Law Experts Practice Awards) • 2014 Business Formation Law Firm of the Year in Cyprus Award (Corporate INTL Global awards) • 2015 Litigation Law Firm of the year in Cyprus award (Corporate INTL Legal Awards)

More broadly speaking, has 2016 been a good year for your particular profession in Cyprus HUK PU[LYUH[PVUHSS`& >OH[ OH]L [OL THPU KL]LSVWTLU[Z ILLU& For professionals in Cyprus, 2016 OHZ ILLU H ]LY` KPMÄJ\S[ `LHY VUL in which we have had to change the mentality of our clients and of our own personnel. /V^ KV `V\ ]PL^ [OL WLYMVYmance of the Cyprus economy in 2016 and what are your hopes HUK WYLKPJ[PVUZ MVY & The good sign was the exit from [OL ;YVPRH»Z LJVUVTPJ HKQ\Z[TLU[ programme and, hopefully, the economy will continue to recover. It seems that a lot of foreign in vestors are moving their head of ÄJLZ [V *`WY\Z HUK [OPZ NP]LZ \Z hope and the motivation to stay in business.

www.goldnews.com.cy | GOLD | 75

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PROFESSIONAL

SERVICES IN CYPRUS

CPM

C

CPM is a leading international corporate service provider operating from Cyprus. We offer the best possible tailormade corporate management and administration solutions to each of our institutional, corporate and private clients. This is what we have been doing since 1996: Mastering the art of making business! CPM is regulated by the Cyprus Securities and Exchange Commission under license number 56/196. The firm was founded in Cyprus in 1996 and now employs almost 100 people in offices located in Nicosia, Larnaca, Limassol and Paphos. Through a number of strategic collaboration agreements in Cyprus and abroad, we provide international expertise in many jurisdictions.

OUR SERVICES CORPORATE ADMINISTRATION SERVICES CPM provides company formation and registration in Cyprus and other jurisdictions, including off-the-shelf companies and company management and administration. We use our extensive industry knowledge and experience to provide professional advice and help clients choose the best corporate structure according to their unique needs. Our experienced trust, fund and company administrators have continuous access to legal and tax advisors, many of whom have more than 20 years of practical experience.

FIDUCIARY SERVICES CPM offers sophisticated, tailor-made corporate management and administration services to private clients, companies, trusts and investment structures. These include director management, secretary, registered office, and nominee shareholder services, in most of the key international jurisdictions. Our experienced and highly knowledgeable teams of multilingual professionals and staff ensure compliance with statutory law and statutory registers and provide practical solutions to issues. Through our professional involvement, we help demonstrate that 76 | GOLD | The Business Magazine of Cyprus

Costas Christoforou, CEO

the management and control of a Cypriot registered company is carried out within Cyprus, in accordance with the law.

FUND ADMINISTRATION SERVICES CPM is one of the leading fund administration service providers in Cyprus through its affiliated company CPF. We have a good overview of the fund industry that few can match in Cyprus. Our teams and expert advisers deliver easy-to-implement solutions, ranging from the fund’s operational aspects to administration and reporting. CPF has been providing independent, third-party fund administration services since 2000 and now serves a significant number of Alternative Investment Funds (AIFs) recognized by the Cyprus Securities and Exchange Commission as well as other offshore Private Equity and Fixed Income funds. Our clients choose us in order to reduce their operational risk and focus resources on fund management and client service activities.

TRUSTEE SERVICES Members of CPM top management are full members of the Society of Trust and Estate Practitioners (STEP), which is the leading worldwide professional body for practitioners in the fields of trusts, estates and related issues. We have been assisting international clients with the formation and administration of trusts since 1996, the date of our inception, ensuring full confidentiality. In collaboration with specialist trust lawyers, we set up a wide variety of trusts, including discretionary trusts, purpose trusts, and trusts involved in employee bonus schemes, always in accordance with the individual client’s unique circumstances and requirements.

CPM CAN HELP Please contact us at info@cpm. com.cy CONTACT INFORMATION:

Address: 12 Esperidon Str.,4th Floor, 1087 Nicosia, Cyprus Tel: (+357) 22474000 Fax: (+357) 22474808 e-mail: Info@cpm.com.cy Website: www.cpm.com.cy

www.goldnews.com.cy | GOLD | 77

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PROFESSIONAL

SERVICES IN CYPRUS

RELIABILITY, QUALITY,SERVICE EXCELLENCE

W

We provide companies with integrated, innovative, electronic solutions adapted to their needs that will improve their efficiency and competitiveness in the market. With Cyprus being an island, where communications play a crucial role in business, success is 78 | GOLD | The Business Magazine of Cyprus

very much determined by the quality, reliability and innovation of the available communication services. Access to today’s technology, at an affordable cost that does not affect significantly a business’s cash flow, has become a crucial element in a company’s ability to survive. Cyta focuses on the overall needs of each business, taking into account their size and area of activity, and uses its customer-centric philosophy to provide only the best to its customers. We provide the most reliable, high-technology, value-for-money solutions and thus remain the number one choice for businesses operating in Cyprus. As the largest telecommunications provider in the country, Cyta faces local and international challenges with foresight, consistency and effectiveness. We have succeeded in managing the challenging and highly competitive environment by creating the conditions that enable us to find new sources of revenue, aiming at maximizing Cyta’s value. Driven by our strategic target to continually add value to our customers, we, at Cyta, take advantage of the rapid changes in the telecommunications environment and the digital convergence of communication

technologies in order to provide: • Service Excellence: We are constantly upgrading and enhancing existing services and products and introducing new, innovative ones, covering our customers’ future needs. We are expanding our current activities into information technologies and applications, particularly in the ICT sector in which we play the leading role, and combining them with our enhanced customer services and technical expertise. • Network Excellence: Reliability is one of our core values and we aim at providing the most reliable network in Cyprus, continuously upgrading and enhancing it. Cyta is the only provider in Cyprus that enables its customers to enjoy the best mobile broadband experience everywhere. This core value is embedded in every new service we introduce whether fixed, mobile, cloud, data centre or application. Our recent ISO 27001 certification for information security is proof of our continuous striving. Service excellence and network excellence are the two pillars that have allowed us to gain the trust of the business world and support its growth in a secure, flexible and financially beneficial way. 2016 has proven to be a particularly dynamic year for us, featuring significant improvements and projects. The milestones of 2016 include: • Launching Cloud MarketPlace, the first online shop in the Cyprus market that provides one-stop shopping for all Cyta΄s Cloud services. Now, business customers are informed online about available services, they can purchase and manage online the services they need, with the ability to adjust them in real time, according to their changing business requirements.

• Cloud MarketPlace is constantly being enriched with new services. Microsoft Office 365 for Business is the most recent add-on, a tool that will improve the efficiency and productivity of businesses of any size. • Expanding our Cloud Services to include Cloud Servers, Electronic Communication via professional e-mail, Financial Accounting, Online Teleconferencing, Stock Control and Point of Sales, Customer Relations Management (CRM), Vehicle Fleet Management and several others. • Upgrading Cyta΄s Business Call Centre (on 150) which, in combination with the personalized service provided by our business consultants, significantly enhances our communication with business customers. • Reinforcing our sales network through new partnerships for the reselling of Cyta’s products/services.

CONTACT INFORMATION: Address: Telecommunications :[YLL[ 7 6 )V_ 1396 Nicosia Tel: (+357) 22701000 Fax: (+357) 22494940 e-mail: cyta150@cyta.com.cy Website: www.cyta.com.cy

In 2017, we will focus on optimizing all our activities and methods, reducing costs, increasing productivity, enhancing our competitiveness and creating alternative revenue streams by investing in innovation. The highlights of the 2017 business plan include: • Introducing new technologies and networks, the most important one being the Fibre to the Premises project. • Expanding and upgrading the mobile network for an even better mobile internet experience. • Offering new and comprehensive solutions to our business customers, which combine fixed telephony,

Internet and mobile telephony, as well as Cloud Services and applications. • Upgrading and expanding existing products and solutions. • Upgrading and expanding our customer service channels. We shall continue to be at the forefront of innovation and development, offering reliability, service innovation and excellence to our customers. Our technical knowledge and expertise, together with our highly specialized personnel, innovative methods and the optimal use of technological tools and important collaborations, will lead us in 2017.

CYTA PROFILE Cyta is the leading brand in the Cyprus telecommunications sector, providing integrated electronic communication solutions. Over the course of half a century, Cyta has succeeded in making Cyprus a regional telecommunications hub and, thanks to its firm commitment to quality, has earned the trust and confidence of its customers. By taking timely advantage of technological developments and the convergence of telecommunications and IT, Cyta is now the pioneer in quadruple play in Cyprus, offering a broad range of innovative services and ICT solutions. It aims to provide quality and to satisfy the ever-increasing demands of its residential and business customers alike. Cyta is Vodafone’s exclusive partner in Cyprus and, consequently, a member of the largest mobile communications network in the world. www.cyta.com.cy www.goldnews.com.cy | GOLD | 79

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PROFESSIONAL

SERVICES IN CYPRUS

DEMA SERVICES LTD

D

Dema Services was established in 1998 and is one of the foremost providers of International Company and Trust Services. It specialises in the formation of companies in Cyprus and in other jurisdictions and provides nominee, trustee and administration services. It also provides assistance to Cyprus companies and branches of foreign companies that need an operational office in Cyprus. Furthermore, Dema Services provides escrow agent services, advice and supervision of mergers and acquisition transactions, EU cross-border mergers and redomiciliation of companies.

• Escrow agent services • Advice and supervision of mergers and acquisitions transactions • Set up and administration of overseas companies, trusts and foundations • Wealth structuring and administration services

The company headquarters are located in Nicosia and there is a subsidiary in Switzerland. The Swiss subsidiary, Dema Consultants SA, specialises in the formation and administration of companies in Switzerland.

Dema Consultants SA provides the following services: • Set up and administration of Swiss companies • Set up and operation of bank accounts in Switzerland • Provision of correspondence address in Switzerland • Wealth structuring and administration services

The strong ties the company has created and maintains with foreign associates enable it to serve its clients on an international level.

SERVICES CYPRUS SERVICES • Set up of Cyprus companies and trusts • Administration of Cyprus companies and trusts • Set up and operation of bank accounts 80 | GOLD | The Business Magazine of Cyprus

SERVICES OF THE SWISS SUBSIDIARY

More about Dema Consultants can be found on the website www.demaconsultants.ch

CONTACT INFORMATION:

Address: 8, Stassinos (]LU\L UK -SVVY 6MÄJL 7OV[PHKLZ )\ZPULZZ Centre, 1060 Nicosia, Postal Address: 7 6 )V_ 22454, 1522 Nicosia Tel: (+357) 22751555 Fax: (+357) 22452054 e-mail: charisr@demaservices.com Website: www.demaservices.com Skype name: dema.services

www.goldnews.com.cy | GOLD | 81

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DER ARAKELIAN-MERHEJE LLC

C

Cyprus is at the crossroads between Eastern and Western Europe and has developed into a well-structured base for international business, with the main contributing factors being legislation based on English Common Law, its strategic location with a user-friendly taxation regime, a well-developed Double Tax Treaty network and a well-established infrastructure with the availability of efficient high-level professionals. Within this context, our firm is a Limited Law Company, licensed to practise Law in Cyprus, and maintains a distinguished international client portfolio.

PROFILE The founder of the firm has been practising law in Cyprus since 1984, particularly intensively in the Company, Commercial and International Business enterprises fields. Located in Nicosia Cyprus, our boutique Law Firm was established in 1997 by Nairy Merheje to provide legal and tax planning services to a wide portfolio of international clients. We pride ourselves in offering efficient, professional and personalized services with bespoke international structured planning adapted to the needs of each

82 | GOLD | The Business Magazine of Cyprus

individual client. Our aim is to relieve our clients of the timeconsuming searches involved in setting up a business in a multinational environment. To this end, we have a wide international network of lawyers and tax consultants with whom we are personally acquainted and maintain close professional ties. Our firm’s client portfolio and experience include multinational cross-border transactions, mergers and acquisitions, and structuring holding companies with subsidiaries all over the world with a wide span of activities. Our international joint venture projects involvement over the last twenty years includes legal and tax planning advice to IP, marketing, mining, real estate, shipping/ship management/ship owning companies, water processors/bottlers, healthcare/health supplements producers, oil and gas drilling as well as ancillary products and services groups, and to international groups involved in several other trading/services areas worldwide. In our international commercial, corporate and tax planning practice, we have been involved in cross-border transactions in the UK, Australia, Indonesia, Bulgaria, Romania,

Austria, the USA, Hong Kong, Singapore, the Netherlands, Iceland, India, UAE, France, Italy, the Russian Federation, Kazakhstan, Uzbekistan, Ukraine, Israel, Switzerland and Afghanistan. The underlying principle of the firm is to offer clients as personalized and tailor-made a service as possible.

AREAS OF PRACTICE We are involved in Company Law, International Business Companies (Registration and Administration), Commercial Law, International Tax Planning, Employment Law, Administration of Estates, Wills and Succession, Eastern European Trade, Distribution Agreements, Leases and Leasing, Shipping, Joint Ventures, Trusts and Estate planning, Debt Collection, Private International Law. Our staff combines more than twenty five years’ experience in the fields of corporate, commercial, estate planning, employment law and international tax planning with an emphasis on personalized one-stop shop solutions. The extensive experience of the firm’s two lawyers in multinational cross-border structures and transactions as described above, has secured high level

DER ARAKELIAN-MERHEJE LLC Advocates and Legal Consultants

5HPY` 4LYOLQL (K]VJH[L +LY (YHRLSPHU 4LYOLQL 33*

international clients including High Net Worth Individuals and their dependents.

DIVERSITY STATEMENT

CONTACT INFORMATION:

Address: 7D, Nikou Kranidioti Street, Tower 4, Suite 302, 2411 Engomi, 5PJVZPH c 7 6 )V_ 2433 Nicosia | Tel: (+357) 22313339 | Fax: (+357) c L THPS! LUSH^ ' cytanet.com.cy | Website: www.nmerhejelaw.com/

At Der Arakelian-Merheje LLC, we respect and value cultural and ethnic diversity due to the very nature of our business law practice, which has always been an international one. Our client portfolio is made up of a great number of nationalities spanning five continents. Throughout our twenty five years of professional growth, our international clients and their global businesses have come to treasure not only our ability to tailor our services according to their needs but also our diversity at all levels, from racial to cultural and from professional to religious. This is reflected in our various international taxation and legal affiliations, in the many nationalities employed by our firm, as well as in the global Rotary International family of which our Founder/Managing Partner is an active member in one

of the Cyprus clubs. This has given us an even more acute sense of the global community and its needs, as well as those of our island’s small community where our commitment to play a constructive and positive role is unwavering. Our firm promotes an attitude and mindset of acceptance and continuous learning by attending global conferences and seminars where meeting and interacting with lawyers, tax professionals and businessmen of so many different nationalities, cultures and backgrounds is the order of the day. We derive great pleasure, both professionally as well as on a human and social level, from these meetings, which constitute one of the best forums for spreading knowledge, understanding and mutual assistance, as well as appreciation of human and cultural diversity at all levels. Furthermore, we believe in promoting continuous education, learning and development by ensuring the involvement of all of our members in the diverse international law practice which our boutique Law Firm is engaged in so that all members make it their business to be familiar with every single one of our clients’ needs and/or their various business activities. Our Firm members’ nationalities include Cypriot, Greek, Armenian, French, Italian and Lebanese. www.goldnews.com.cy | GOLD | 83

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PROFESSIONAL

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DFK DEMETRIOU, TRAPEZARIS LTD

D

DFK Demetriou, Trapezaris Ltd was founded in 1992 and became a member of DFK International in 1994. In 2007 it was voted Regional Firm of the Year by DFK International for Europe the Middle East & Africa, which recognises firms in each of DFK’s three regions that have made the greatest contributions to the association, and their communities. DFK International is the No. 7 Association in the world in 2016 with 220 member firms, 415 offices in 85 countries and fee income of $1.2bn. DFK Cyprus comprises four partners and more than 60 staff, giving it an extensive range of expertise on most financial matters including auditing, accounting, taxation, financial and business consulting. In addition, we specialise in the formation and management of companies, the creation and administration of trusts and estates, IT consulting, and much more. DFK Cyprus operates additionally in Romania with a fully fledged office of 20 staff. Our focus is on providing excellent quality services to our clients, tailored to their needs. We are passionate about ideas and innovation and we always adopt a forward-looking, proactive approach in order to respond to the rapid changes in the International business environment.

SERVICES AUDIT & ASSURANCE Our audit and assurance services are designed to help clients meet both their statutory obligations and business objectives. Our firm has experience in all industry sectors. This, combined with the wealth of information we build up on each client’s operations, enables us to offer a business-based approach that focuses on the important issues and provides constructive and practical solutions. Statutory Audits We help clients to meet their statutory audit requirements through the audit of their Financial Statements under In84 | GOLD | The Business Magazine of Cyprus

ternational Financial Reporting Standards and, at the same time, we advise them on how to improve their business performance and ensure that their processes and controls are in place. Internal Audits We provide internal audit services, including audit relating to the effectiveness and efficiency of internal control processes, risk management, governance systems and other business processes, on either a full outsource basis or an individual audit/project basis. Our services cover the requirements of CySEC for Cyprus Investment Firms and those of the Central Bank of Cyprus for Banking Institutions.

TAXATION

Personal Taxation Our tax services are designed to reflect trust and certainty. We actively cooperate with our clients, focusing on providing advice with potential tax savings, while also aiming at managing tax risks associated with business transactions and achieving effective tax compliance. We constantly aim at providing the best possible advice on tax issues; thus we employ qualified tax advisers who have acquired both knowledge and experience of tax matters. Our organization constantly provides training for its employees in order to keep them up to date with constant developments in the global marketplace. International Tax Planning Effective tax planning has a vital role in the business environment. Cyprus’ tax legislation is among the most favourable in the European Union, due to low tax rates and the fact that a large number

of double tax treaties have been concluded with many countries. Organizations and individuals need to take full advantage of all the available tax benefits in order to minimize their tax liability and maximize shareholder wealth.

ACCOUNTING We provide a wide range of accounting services according to the needs of each business. We focus our attention on maximizing the efficiency and profitability of our clients’ operations. This is achieved through our experienced and highly trained accounting department and by using the latest accounting software and technology. Our Accounting Services include book-keeping, preparation of management accounts, budgeting, payroll services, invoicing services, tax and VAT compliance.

CONSULTING We offer a wide range of Consulting Services for a number of clients across all industries, with members of the management team having direct involvement in all the projects. Our work includes mergers and acquisitions/due diligence, valuations, strategic planning, operations and technology, financial management, reorganizations and restructurings and human capital management.

SETTING UP BUSINESS IN CYPRUS We help clients set up their business in Cyprus. Our services include company formation in Cyprus and other locations, corporate administration, opening and maintenance of bank accounts, trust formation and trustee services, corporate secretarial work and provision of office facilities. We

Demetris Demetriou Demetriou, Managi g ng g Director Managing

OUR FOCUS IS ON PROVIDING EXCELLENT QUALITY SERVICES TO OUR CLIENTS CONTACT INFORMATION:

Address: (JYVWVSPZ (]L UK Ă…VVY 2012 Nicosia, Postal Address: 7 6 )V_ 28686, 2081 Nicosia Tel: (+357) 22879300 Fax: (+357) 22491375 e-mail: VMĂ„JL'KMRJ` JVT Website: www.dfkcy.com

also assist clients with the establishment of real substance in Cyprus, also offering specialised directors.

LEGAL Our experienced legal practice supports our corporate function and can provide guidance for commercial and corporate issues both in Cyprus and Romania.

OTHER SERVICES

Fund administration We assist clients with setting up and licensing fund management companies, and assist with the establishment of various functions and administration of the funds. Cyprus Citizenship Scheme Through Investment We continuously support clients throughout the application process. Our services include advice in relation to the investment depending on the risk appetite of the client, assistance with preparation of the paperwork and application forms and assistance with opening of bank accounts.

COMPANY'S OPINION >OH[ RPUK VM H `LHY OHZ ILLU MVY `V\Y Ă„YT& We have faced a number of challenges during 2016 but I can say that, V]LYHSS ^L OH]L OHK H Z\JJLZZM\S `LHY PU ^OPJO [OL Ă„YT THUHNLK [V

NYV^ HUK TLL[ V\Y [HYNL[Z (Z 7YLZPKLU[ of DFK international, I had the chance to travel around the world and promote Cyprus as one of the leading Financial Services Centres. My objective is to con tinue to do this, even after the end of my term in July 2017. On the low side, we have faced a number of challenges with changes within the profession, to which ^L JVU[PU\V\ZS` [Y` [V HKHW[ HZ H Ă„YT More broadly speaking, has 2016 been a good year for your particular profession in Cyprus and internationHSS`& >OH[ OH]L [OL THPU KL]LSVWTLU[Z ILLU& ;OL 7HUHTH 7HWLYZ KLVMMZOVYPaH[PVU *9: -(;*( ),7: HUK [OL th (43 directive are only a few current matters that are affecting the profession both in Cyprus and internationally. The tendency towards regulation and exchange of information between countries is leading [V ZPNUPĂ„JHU[ JOHUNLZ PU [OL WYVMLZZPVU 7YVMLZZPVUHSZ YLN\SH[VYZ HUK [OL .V] ernment here in Cyprus need to adapt to these changes in order to maintain the quality of the Financial Services that we have always offered as a country. We have paved the way, for example, with the promotion of the Cyprus Investment Funds and the introduction of various incentives for relocating companies in Cyprus; nevertheless, the effort should be targeted and continuous. /V^ KV `V\ ]PL^ [OL WLYMVYTHUJL of the Cyprus economy in 2016 and what are your hopes and predictions MVY & The competitiveness of the economy has been restored during 2016 and, after a prolonged and deep recession, we are entering in a new growth phase. I strong ly believe that we are at a crossroad, a very important point of our economy. We still have a long way to go and the Government, regulators, parties and all of us individually need to be cautious and serious in order to avoid returning to the irresponsible practices of the past. If we do work together, I have a good feeling that the economy will continue to grow and eventually become stronger and stable.

www.goldnews.com.cy | GOLD | 85

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INTERNATIONAL LAW FIRM Corporate | Fiduciary | Advisory

Chambersfield Economides Kranos is an International Law firm, which offers a full spectrum of legal services, with physical presence in more than 7 countries and provision of fiduciary and corporate services in more than 21 jurisdictions. Our experience enables us to have a thorough understanding of the formation, management and administration of Corporations, Trusts, Foundations and other entities in a global level.

Our advisory knowledge covers the entire main business field

Michalis Economides CEO & Founder

under International Law; ranges from the financial, management

and banking sector to the incorporation and administration of corporations, always associated with the procedures adhered to for the layering of any type of fund accompanied by tax restructuring knowledge.

“Our line of thinking is innovative.”

Our subsidiary department, KnightsWorth, is amongst the global leaders in the corporate and fiduciary industry. In addition, our firm has an extensive experience in regards to Cyprus/EU citizenship and Permanent Residence plans.

We suggest solutions that are fully compliant with the legal provisions of each and every jurisdiction that our company is dealing with.

Group members:

M. Economides Kranos & CO. LLC !) !. +" ƫ$ ) !./ü!( *0!.* 0%+* (

3 Arachovas Str., 3096 Limassol Cyprus P.O. Box 54826, 3728 Limassol Cyprus

T: +357 25 356 800 F: +357 25 356 900

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www.goldnews.com.cy | GOLD | 87

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EUROFAST

I

Christodoulos Damianou, Executive Director, Eurofast

Interview with Christodoulos Damianou, Executive Director, Eurofast What kind of a year has 2016 been for your firm? Challenging! Perhaps not to the extent of previous years, but it has been a great lesson for us to remain competitive and grow by always having in mind our mission to add value to our clients. We have learned to adapt successfully and be flexible in a rapidly changing business environment with ever-changing EU and local legislative reforms. Our willingness to embrace change has assisted us in pursuing various opportunities, such as entering new markets like Iran, adding new services to our value offering and strengthening our skills and knowledge by recruiting more advisors and further training our team. Given all the above, I’m pleased to say that we have achieved solid growth in 2016. More broadly speaking, has 2016 been a good year for your particular profession in Cyprus and internationally? What have the main developments been? The profession has been faced with its fair share of challenges in 2016. During the year, legislative changes such as FATCA and CRS, related to compliance and anti-money laundering, have attracted substantial attention. These reforms have raised many question marks as to their practical application and generated a notable restlessness within the business community. One can certainly appreciate the necessity for these; nonetheless, they do come with an additional cost burden and clients are not content to share part of these costs on their bills. Furthermore, the provisions of the BEPS project have now become reality and an integral part of local legislation through several tax law amendments. These developments have changed the playing field and it is imperative to look at long-term goals and solutions if we are to maintain our competitive advantage as a country. 88 | GOLD | The Business Magazine of Cyprus

How do you view the performance of the Cyprus economy in 2016 and what are your hopes and predictions for 2017? The economy seems to be finding its way towards financial stability and recovery. Cyprus worked hard to exit its three-year economic adjustment programme and achieved this earlier than expected, after substantial fiscal consolidation and restructuring of the banking sector. Several industries have supported the growth of the economy and a major contributor is tourism, with a record number of arrivals during the year, something that I believe will continue to increase in 2017. The real estate market is steadily reclaiming its past glory, partly due to legislative changes through tax reduction incentives, the effects of which are expected to spill over in 2017 too. The modernization of the investment funds framework, coupled with low set-up and operating costs, has also enhanced Cyprus’ profile as an emerging European funds and asset management

destination. Several completed and planned large-scale projects such as Limassol Marina and new ones to follow, oil and gas exploration in Cypriot waters and the development of a Casino, are expected to continue and support the growth of the economy. These positive changes have already been reflected in upgrades to Cyprus’ credit rating and it is anticipated to improve even more in the future. With regard to Eurofast’s plans for 2017, we will continue to strive for client excellence, to promote Cyprus internationally as a great investment destination, and to work on growing our offices in the SEEME (South East Europe & Middle East) region. CONTACT INFORMATION:

Cyprus: Cypress Centre 5 Chytron str., Floor 4, 7 6 )V_ 3LMRVZPH Tel.: +35722699222 Fax: +35722699004 Email: info@eurofast.eu Website:www.eurofast.eu

eurofast.eu info@eurofast.eu | www.

ory Organisation

Your Regional Business Advis

good at and am I at h w n o s u c o 1. F for what clients pay me QG Ã&#x;QG QHZ D WV NH DU P HZ Q UH OR S 2. ([ clients ommunity 3. Give back to my c of choice r ye lo p em e th e m o 4. Bec FAST! 5. CONTACT EURO

prosperous Happy holidays & a

2017!

For more information on Eurofast and its service portfolio, please visit www.eurofast.eu.

www.goldnews.com.cy | GOLD | 89

EY is building a better

working world EY is a global leader in assurance, tax, transaction and advisory services. EY distils everything it does down to a single, unified purpose: building a better working world. The global organization is helping digital pioneers fight data piracy, guiding governments through cash-flow crises, unlocking new medical treatments with data analytics and undertaking high-quality audits to build trust and confidence in the capital markets. Essentially, EY is working with businesses, entrepreneurs and governments around the world to solve their most pressing challenges and to help them take advantage of emerging opportunities. EY in Cyprus has its origins dating back to the 1930s. Today, with almost 80 years of operation, EY Cyprus serves as a trusted business advisor and auditor to a broad range of clients, from private individuals and entrepreneurial businesses to major public companies and large multinationals. We recognise that all our clients are on a unique journey and we work with them to create a tailored client experience that helps them achieve meaningful results.

WE HAVE OVER

231k people OF THE BEST

that we tap into to provide client solutions

Find out how we can help you adapt with the ever changing market. 90 | GOLD | The Business Magazine of Cyprus

152 offices globally

hours contributed to community initiatives worldwide.

The EY Cyprus firm is part of EY’s Europe, Middle East, India and Africa (EMEIA) Area and one of the 22 countries that comprise the Central and Southeast Europe (CSE) Region. Within this structure, we provide fast, easy access to the information and people with the best skills and wealth of expertise, to help our clients make the right decisions. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

Our Service Offerings: Assurance Services

Audit and other attestation reports Financial Accounting Advisory Services Fraud Investigation & Dispute Services Climate Change & Sustainability Services

Taxation Services

Business Tax Services Indirect Tax Human Capital International Tax Transaction Tax

Global Compliance and Reporting

Establishment and set up of legal entities Corporate Secretarial Support Services Administration Services Accounting Services Payroll Administration and Personnel Related Services Temporary staff secondment Immigration and work permit assistance

Advisory Services

Risk Services (e.g. Internal audit, AML, Controls transformation, Risk remediation, etc) Information Technology Services Performance Improvement Services, including Supply chain and operations Actuarial Services

Transaction Advisory Services

Transaction Support Services (e.g. Business Reviews, due diligence, etc) M&A Advisory Services, including IPOs Restructuring Services Project Finance Services

EY Law

Commercial Law Corporate and M&A Employment Travel & Holiday Immigration and Citizenship Intellectual Property Real Estate Public Procurement Shipping

Nicosia

Limassol

Jean Nouvel Tower

Ernst & Young House

6 Stasinou Avenue 1060 Nicosia, Cyprus P.O.Box 21656, 1511 Nicosia, Cyprus Tel: +357 22 209 999

27-29 Spyrou Kyprianou Avenue, Mesa Yitonia, 4003 Limassol, Cyprus P.O.Box 50123, 3601 Limassol, Cyprus Tel: +357 25 209 999 Fax: +357 25 209 996/7/8

Fax: +357 22 209 996/7/8

ey.com/cy www.goldnews.com.cy | GOLD | 91

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PROFESSIONAL

SERVICES IN CYPRUS

FIDUCIANA TRUST (CYPRUS) LIMITED Anna Homenko, Managing Director

F

Fiduciana Trust (Cyprus) Limited is a boutique Cyprus trustee and fiduciary services company based in Nicosia, Cyprus. The firm takes pride in offering a friendly and personal service. We focus on offering the highest level of personalised trust, corporate and accounting services and solutions to our clients. The boutique nature of the business ensures that its clients’ affairs are kept strictly confidential and the most personal approach is offered in the handling of all matters.

OUR SERVICES Fiduciana provides services in trust and corporate administration, accounting and financial management, international tax planning, family office, immigration and global residency planning services.

OUR PEOPLE The firm’s personnel consists of chartered accountants, lawyers and paralegal administrators – high-calibre professionals carefully recruited and suitably trained to meet the needs of the most demanding situations. The firm has built a committed team of people who take total responsibility for its services, locally as well as internationally. Its aim is to always exceed its client’s expectations.

92 | GOLD | The Business Magazine of Cyprus

OUR PHILOSOPHY We aim to deliver services of the highest standard, to provide solutions and guide clients, working together with expert legal, financial and tax advisers. We combine legal knowledge, fiduciary experience and business sense to ensure the best possible outcome for the client. The firm believes that the art of fiduciary services is to ensure that there are no impossible solutions, and it has that down to a fine art.

MEMBERSHIPS/AWARDS Fiduciana is a member of the Society of Trust and Estate Practitioners (STEP) and ITPA. This year, Fiduciana was named Trust Administra-

“THE ART OF FIDUCIARY SERVICES IS TO ENSURE THAT THERE ARE NO IMPOSSIBLE SOLUTIONS” tion Service Provider of the Year in Cyprus in the prestigious Corporate INTL.Global Awards for the Year 2016.

INTERVIEW WITH ANNA HOMENKO, MANAGING DIRECTOR >OH[ RPUK VM H `LHY OHZ ILLU MVY `V\Y ÄYT& It has been a positive year and not only from a busi ness perspective. We had the chance to carry out a ]LY` LMÄJPLU[ PU[LYUHS YLZ[Y\J[\YPUN (UV[OLY PTWVY[HU[ achievement of 2016 was the centralization and greater Z[YLUN[OLUPUN VM V\Y L_PZ[PUN 2@* HUK (43 WVSPJPLZ HUK procedures. We have invested in robust software pro grammes, in addition to the existing ones, allowing us to JHYY` V\[ LUOHUJLK HUK LMÄJPLU[ JSPLU[ HUK [YHUZHJ[PVU monitoring.

CONTACT INFORMATION:

Managing Director: Anna Homenko Address: 8, Mykinon Street, 1065 Nicosia Tel: (+357) 22460890 e-mail: anna.homenko@ ÄK\JPHUH UL[ Website: ^^^ ÄK\JPHUH UL[

More broadly speaking, has 2016 been a good year for your particular profession in Cyprus and interna[PVUHSS`& >OH[ OH]L [OL THPU KL]LSVWTLU[Z ILLU& Overall, the professional services sector demonstrated resilience through the economic crisis and contributed to the positive growth rates of the Cypriot economy this `LHY HUK V\Y ÄYT OHZ MLS[ [OPZ WVZP[P]L KL]LSVWTLU[ *LY [HPUS` JOHSSLUNLZ YLTHPU HZ JVTWL[P[PVU HUK PU]LZ[VYZ» demands are increasing and becoming more complex. The rate of registration of new companies is increasing, a trend which is expected to continue in 2017. This is K\L [V [OL NYHK\HS YLZ[VYH[PVU VM PU]LZ[VYZ» [Y\Z[ PU [OL *`WYPV[ LJVUVT` HUK [OL Z[HIPSPaH[PVU VM [OL ÄUHUJPHS system. The economic residency programme has per formed very well and will continue to do so in the next JV\WSL VM `LHYZ ;OL ÄUHUJPHS ZLY]PJLZ ^VYSK PZ JOHUNPUN

rapidly and, as a jurisdiction, we need to be able to under stand those changes, to react promptly, to stay competitive and seize new business op portunities. /V^ KV `V\ ]PL^ [OL WLYMVYmance of the Cyprus economy in 2016 and what are your hopes and predictions MVY & The Cyprus economy has ex ceeded the expectations and ÄUHUJPHS WYLKPJ[PVUZ MVY We need to embrace the new world of enhanced transpar LUJ` JV\U[Y` I` JV\U[Y` reporting, substance and properly structured business and educate our clients. I be lieve that Cyprus has a unique competitive advantage over TVZ[ V[OLY ÄUHUJPHS ZLJ[VY Q\YPZKPJ[PVUZ HUK ^P[O H SVUN term, consistent strategy, the economy can work miracles. www.goldnews.com.cy | GOLD | 93

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PROFESSIONAL

SERVICES IN CYPRUS

FIRST NAMES (CYPRUS) LTD

O

Our ability to operate on a global scale via a network of strategically located offices is fundamental to our success. Our presence in and knowledge of the regulatory landscape in so many of the world’s key financial jurisdictions means that we can respond to the varied and specific needs of our clients, either directly or via their trusted advisers. We have over 700 ‘First Names’ with offices in Jersey, Guernsey, Isle of Man, Cyprus, Switzerland, Luxembourg, The Netherlands, Ireland, the UK, the British Virgin Islands, Hong Kong, Singapore and Japan. We have a clear focus on professional qualifications among employees, with many accountants, lawyers, trust and estate practitioners and chartered secretaries providing the necessary experience. We are committed to all of our staff, investing in their professional development to ensure they are always equipped to deal with the ever-changing and complex corporate environment Our experienced and well-qualified teams of inhouse professionals provide advice on and day-today management of simple and complex structures established for both private and corporate clients. Often, these structures are established for the purposes of the mitigation and neutralisation of tax and for the protection and preservation of wealth within a secure environment. The uses of such structures are broad and almost limitless. In many cases, a bespoke approach and interpretation is required in order to ensure that clients’ objectives are met. We have dedicated teams specialising in the following: 94 | GOLD | The Business Magazine of Cyprus

• Trust Establishment and Administration We have significant experience in establishing trust arrangements for a wide variety of private and corporate clients. We will advise on the set-up of a trust in conjunction with the client’s professional advisers and will act as corporate trustee, ensuring continuity of management and administration. • Company Incorporation and Management We provide centralised and co-ordinated management and administration of companies incorporated in a wide variety of jurisdictions with regular reporting tailored to the client’s individual requirements. Our directors and senior staff will be directors of client companies, adding real substance. We also provide all secretarial, administration, banking and accounting related services. • Transaction support services Our experienced accountants and in-house lawyers are well suited to provide support on a wide range of M&A transactions undertaken by our clients, such as mergers, acquisitions or disposals including drafting or reviewing of relevant agreements, financial or legal due diligence and other necessary M&A support work. • Fund Administration services We have had a specialist fund administration offering since

2007, which was expanded in 2013 with the acquisition of Moore Management, a provider of independent fund services for institutional and corporate clients, ranging from major investment banks to boutique, alternative asset managers in major financial centres. Our core fund administration services are supported by a multi-jurisdictional coverage, the latest technology and a relationship management team that is able to apply a bespoke approach that meets client objectives and exceeds expectations We understand that all of our clients, from single individuals to major corporations, ultimately want the same simple thing: peace of mind. They want to rest easy in the knowledge that structures are being administered by experienced professionals motivated to deliver the highest standards of corporate governance. We take the time to understand our clients’ individual needs, either working with them directly or through their advisers. And we take pride in our ability to tailor the right solutions, drawing from an extensive, integrated platform of expertise and processes spread across multiple strategic locations. We’re proud of the service we offer. And we’re proud of the people who make it happen: our First Names. First Names Group is all about the people who have made us

[PVUHS ÄUHUJPHS JLU[LY HUK [OL M\[\YL of the Offshore industry on a global scale has increased.

3 9 ! 7L[YVZ 7L[YPKLZ +PYLJ[VY 4HYPVZ (SL_HUKYV\ +PYLJ[VY *OYPZ[VZ 4PJOHLS 4HUHNPUN +PYLJ[VY 4HYPH /HKQP]HZZPSPV\ *VTWSPHUJL +PYLJ[VY *VUZ[HU[PUVZ 4LP]H[aPZ +PYLJ[VY

CONTACT INFORMATION:

Address: Chapo Central, 3rd Floor, | 20, Spyros Kyprianou Avenue, 1075 Nicosia, Cyprus Tel: (+357) 22749000 Direct Line: (+357) 22749155 | Mobile: (+357) 99685867 e-mail: Christos.Michael@ ÄYZ[UHTLZ JVT Website: ^^^ ÄYZ[UHTLZ JVT

what we are. Most professional services organisations recognise that it’s their people who make the difference; at First Names Group we have taken this a step further by embedding that philosophy into the brand itself. Our name symbolizes the value we place on relationships; being on First Name terms with clients and colleagues is a privilege we both value and enjoy. It is people who are at the heart of our success, from the experienced professionals within our company to the clients and intermediaries who repeatedly put their trust in us. The name also represents our commitment to being the ‘First Name’ in the services we offer, in existing and new markets.

OUR OPINION >OH[ RPUK VM H `LHY OHZ ILLU MVY `V\Y ÄYT& 2016 has been a successful year in terms of achiev PUN V\Y ÄUHUJPHS [HYNL[Z I\[ H[ [OL ZHTL [PTL [OL uncertainty about the future of Cyprus as an interna

More broadly speaking, has 2016 been a good year for your particular profession in Cyprus and in[LYUH[PVUHSS`& >OH[ OH]L [OL THPU KL]LSVWTLU[Z ILLU& Overall the Administrative Services Industry has performed quite well in I\[ [OPZ KVLZU»[ TLHU T\JO HZ P[ KVLZU»[ ZLJ\YL [OL Z\Z[HPUHIPSP ty of our business model. Under the new world of enhanced transpar LUJ` ^P[O ),7: -(;*( *9: [OL [O ,< (43 +PYLJ[P]L HUK V[OLY KL ]LSVWTLU[Z H ILULÄJPHS [H_ YLNPTL ^P[O SV^ [H_ YH[LZ KVLZU»[ ZLJ\YL H *VTWL[P[P]L (K]HU[HNL MVY H Ä nancial centre and a future strategy can only be based on other more solid competitive attributes, which include the quality of professional staff and services at a reasonable cost, and the stability, sophistica tion and overall reputation of the jurisdiction. /V^ KV `V\ ]PL^ [OL WLYMVYTHUJL of the Cyprus economy in 2016 and what are your hopes and preKPJ[PVUZ MVY & The Cyprus economy has shown some good signs of recovery in 2016 but the overall process is L_WLJ[LK [V IL SVUN HZ ZPNUPÄJHU[ reforms, which are necessary, have not been implemented during or since the period of the banking cri sis in 2013 and a lot of the lessons that should have been learned from those events have not really impact ed our behaviour, culture or habits. Some sectors of the economy have improved from circumstantial devel opments around us but the founda tions of our economic system need [V IL YL LUNPULLYLK PM ^L ^V\SK SPRL a sustainably strong economy for the long term. www.goldnews.com.cy | GOLD | 95

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PROFESSIONAL

SERVICES IN CYPRUS

JORDANS TRUST COMPANY (CYPRUS) LIMITED

A

At Jordans, we specialise in the formation and management of companies, both in Cyprus and overseas, providing an extensive range of corporate, accounting and tax services. Our on-the-ground experience of international and offshore structures means that we can identify opportunities and present you with options that you might not have considered. And being part of a group that’s over 150 years’ young demonstrates our integrity – we’re in it for the long haul and are committed to building and maintaining longterm business relationships. With offices right in the heart of Nicosia, you can count on us to take care of your company and trust services. Cyprus offers a secure, well-regulated financial environment for its international clients: it boasts an excellent infrastructure for the support and execution of multinational business and cross-border tax planning. It is also known for high-quality international banking facilities, first class legal and accounting services, and its favourable tax regime offers one of the lowest corporate tax rates within the EU. As a global business with established roots in Cyprus, we’re in tune with all the relevant legislative, political and economic changes, so we’re able to provide you with our considered insight and expertise. We always have your best interests at heart, and if we believe that we can help your business perform better, we’ll keep you informed. What’s more, we are truly international: we also have offices in the Seychelles, the British Virgin Islands, Hong Kong, Italy and the United Kingdom. Our presence in these key locations means we can give relevant and up-to-date advice from both a local and an intercontinental perspective, and we will always be able to guide you in staying on top of any legislative changes.

WE CAN HELP WITH: • Incorporation of Cyprus companies • Registered Office Services 96 | GOLD | The Business Magazine of Cyprus

Richard Melton, Managing Director

• Company Secretarial Services • VAT registration • Nominee Shareholder Facilities • Director Services • Full company administration services • Opening and Operation of Bank Accounts • Statutory Accounting Services and Preparation of Cyprus Tax Computations and Tax Returns • Arrangement of Audit Services • International Tax Planning Advice • Creation and Administration of Cyprus Discretionary Trusts A unique feature of Jordans Trust Company is that we are part of the renowned Jordans Group. The Group includes Jordans Corporate Law Limited, which is regulated by the Solicitors Regulation Authority. Established in 2013, the law firm advises Jordans Trust Company clients on diverse matters. Jordans Group also includes Jordans Accounting Services, providing Trust Company clients with accounting advice and support since 2008. The net result? You won’t have to shop around or acquaint yourself with untested

organisations. You can trust our integrated approach. Wherever in the world your business takes you, you need to be sure that your team are right behind you. We pride ourselves on acting as part of a trusted unit and our clients have names, not numbers. Our staff are friendly, qualified, experienced specialists and, uniquely, you’ll also have access to our directors, who get to know our clients well and make it their business to make a real difference to your business. And perhaps better still, you won’t be asked to pay a premium for the privilege of their highly qualified advice. So, no matter what challenges you may face as your company grows, you can rely on us to help you react, adapt and prosper. CONTACT INFORMATION: Managing Director: Richard Melton Address: 2SPTLU[VZ Street, Klimentos Tower, 2nd -SVVY 6MÄJL 1061 Nicosia Tel: (+357) 22767294 e-mail: r.melton@jordans.com.cy Website: www.jordanstrustcompany.com

Your window to a world of business opportunities

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-0 +-0# ',$-0+ 2'-,A -0 2- 2 *) 2- -30 '!-1' -k!#A .*# 1# !-,2 !2B +357 22 767 294 E info@jordans.com.cy 555@(-0" ,120312!-+. ,7@!-+ www.goldnews.com.cy | GOLD | 97

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PROFESSIONAL

SERVICES IN CYPRUS

KKP LLC tory compliance and transactions, focusing on achieving the client’s business objectives with minimal regulatory burden and risk.

ADMINISTRATIVE LAW

3VPaVZ 7HWHJOHYHSHTIV\Z

K

George 2VYÄV[PZ

KKP LLC comprises more than 20 lawyers based in its offices in Nicosia. KKP is a full-service law firm with an industry focus on financial services, including financial, insurance and banking institutions, intellectual property, real estate and construction, corporate and securities. The firm operates in multi-disciplinary teams, which allow us to provide clients with individualized and expert advice. Our team of lawyers counts more than 30 years of experience, combining extensive knowledge of the Cyprus legal system with an in-depth understanding of international and European law. We pride ourselves on our extensive and expanding client base, ranging from private individuals to multinational organisations. Our involvement with both international and Cyprus-based clients has helped us to anticipate our clients’ objectives and provide a 360-degree perception of multidimensional legal issues.

KKP LLC SPECIALIZES IN THE FOLLOWING AREAS: LITIGATION, ARBITRATION AND MEDIATION Our litigation engagements – including, among other substantive areas, corporate, financial, insurance, intellectual property, real estate, white-collar criminal, professional liability, tax, bankruptcy and insolvency, competition, 98 | GOLD | The Business Magazine of Cyprus

Andreas 7HWHJOHHYHSHTIV\Z

employment, administrative and constitutional law, securities and investment company litigation – are among the largest and most complex of any law firm in Cyprus. The firm also handles a significant number of arbitration and alternative dispute resolution matters involving government contracts, construction and financial legal issues.

BANKING AND FINANCIAL SERVICES LAW KKP is the main legal advisor to Co-operative Societies, Banking and Finance Institutions. In addition, lawyers of the firm regularly advise leading international commercial and investment banks with regard to various aspects of domestic legislation. KKP has extensive experience in drafting agreements and other instruments used by Banks, Co-operative societies and finance institutions. Our litigation team deals on a regular basis with disputes and litigation between banks and customers, disclosure issues, fraud and tracing claims, repossession disputes, mareva injunctions, Norwich Pharmacal orders and garnishee orders. KKP is also at the forefront in advising funds on all facets of regula-

Our lawyers have extensive experience in adjudicating before the Supreme Court of Cyprus on behalf of public and governmental bodies, private individuals and corporate enterprises, in relation to the constitutionality of laws and on administrative actions. Members of the firm have also been actively involved in the drafting of legislation and regulations regarding the functions and operations of key government bodies.

INVESTMENT IMMIGRATION KKP’s immigration team deals with citizenship and permanent resident schemes. The firm represents High Net Worth Individuals and their family dependents who are eligible to apply for citizenship or permanent residence under the special criteria of the Council of Ministers that waived the minimum stay in Cyprus, providing a top-notch and efficient service.

REAL ESTATE AND CONSTRUCTION KKP represents developers, engineers, general contractors, financial institutions and investors providing an integrated portfolio of legal services which includes disputes arising from construction projects, drafting and negotiating contracts, bid protests regarding awards of public works contracts, lending and commercial real estate financing.

FAMILY LAW KKP’s family law practice is one of the strongest practices in Cyprus, advising on all issues of family law

Thanasis 2VYĂ„V[PZ

Cleo 2V\ZOVZ Cros

Kyriacos Koushos

such as divorce and separation, child custody, maintenance and care disputes, adoption, cohabitation, financial provision, asset separation and management, pre-nuptial and post-nuptial agreements.

INSURANCE RECOVERY AND ADVISORY KKP offers mainly two types of services to clients in this area: claims litigation and insurance coverage disputes and insurance advisory. For more than two decades, the firm’s lawyers have been representing private individuals, corporations and insurance companies in litigating coverage issues through trial before both the Supreme and District Courts of Cyprus. The firm is also very experienced in advising corporate clients on insurance policy wording and structure, adding value to their commercial and business purposes.

INTELLECTUAL PROPERTY LAW

CONTACT INFORMATION:

Address: 20 Costis 7HSHTHZ Z[Y (ZWLSPH Court, 1096 Nicosia, *`WY\Z 7 6 )V_ 1500 Nicosia, Cyprus Tel.: (+357) 22664555 Fax: (+357) 22677485

KKP’s Intellectual Property Law practice is one of the leading practices in Cyprus. Our IP Team comprises IP specialized lawyers and assisting personnel who are equipped with extensive experience and knowledge. As members of INTA, MARQUES and PTMG, our IP Team regularly participates in conferences organized by these Associations, enhancing in this way our knowledge of the latest issues and challenges in IP practice. Operating internationally, our IP Department has an extensive list of clients, including pharmaceutical companies and famous brand owners. Experienced in a broad spectrum of sectors, we provide a comprehensive range of services with regard to trademarks, patents, industrial designs, trade names, domain names, counterfeiting, copyrights and all court proceedings relating to these matters.

CORPORATE, COMMERCIAL AND TAX LAW KKP has an extensive and expanding client base ranging from local to multinational organisations, in the oil & gas industry,

insurance, real estate, construction and hotel management and the pharmaceutical industry. KKP’s corporate, commercial and tax law department is highly active in restructuring and insolvency procedures, structuring and negotiating documents, obtaining regulatory approvals for mergers and acquisitions, assisting in the issuance of capital securities and compliance with regulatory capital requirements, lending transactions, acquisitions of shares and real property, establishing, expanding, reorganising and divesting operations and IPOs. Law firms are a key component of the Professional Services Sector, which makes such a large contribution to the economy. Are there measures that you would like to see implemented so that the sector becomes more efficient and successful? 1. Higher criteria to join the profession. This will be achieved by establishing the equivalent of the English professional title of Bar Professional Training Course or Legal Practice Course. 2. Speedier serving of justice, which can be achieved, inter alia, by upgrading Courts in the field of technology, the application of electronic justice and the complete revamping of civil procedure rules. Promoting the concept of arbitration and mediation through the modernisation of the current legislation. 3. The active participation of the Cyprus Bar Association in decision-making bodies, especially in cases involving the enactment of laws affecting foreign investments. Loizos A. Papacharalambous, Partner www.goldnews.com.cy | GOLD | 99

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PROFESSIONAL

SERVICES IN CYPRUS

KPMG

K

KPMG in Cyprus traces its origins back in 1948, when one of the first accounting firms (Metaxas, Loizides, Syrimis & Co.) on the island was established. It currently employs more than 770 professionals, has close relationships with practices in other countries and provides its clients with the whole spectrum of KPMG International services.

COMPANY'S OPINION What kind of a year has 2016 been for your firm? 2016 has been a relatively good year for KPMG. The signs of recovery in the economy are starting to be reflected in our business. Our tax and advisory services have grown this year at satisfactory rates, whereas audit has grown at a more modest rate. Our Firm’s involvement and initiatives in new upcoming sectors like the funds industry, the rationalization programme, shipping and energy, has helped our growth plans which were set last year. We are hopeful that this modest recovery will accelerate in 2017. More broadly speaking, has 2016 been a good year for your particular profession in Cyprus and internationally? What have the main developments been? The state of our profession is correlated with the state of the economy, as well as with the new openings that the economy can offer. The state of the banking sector 100 | GOLD | The Business Magazine of Cyprus

Angelos M. Gregoriades, Chairman

is also extremely important for our profession. Both the economy and the banking sector have stood on their feet in 2016 with a positive outlook. Therefore, we are hopeful that the profession will grow this year. Among other factors, we are hopeful that sectors like the funds industry, the rationalization programme and developments in the energy sector will also help the profession grow further. How do you view the performance of the Cyprus economy in 2016 and what are your hopes and predictions for 2017? The Cyprus economy has experienced positive growth rates of more than 2.5% in 2016, which was the year in which the financial stability programme was concluded. The main sectors of the economy – i.e. professional

(UKYLHZ 2 *OYPZ[VÄKLZ Managing Director

services, tourism, shipping and real estate – performed really well. 2017 will be another challenging year for the Cyprus economy, since it has to maintain this positive momentum and resolve issues like unemployment and non-performing loans. Cyprus remains a very strong financial centre and has started attracting investors from many jurisdictions, other than traditional countries such as Russia. Therefore, we are expecting next year to be at least as good as 2016.

CONTACT INFORMATION:

Address: 14, Esperidon Street, 1087 Nicosia, Cyprus Postal Address: 7 6 )V_! 21121, 1502 Nicosia, Cyprus Tel: (+357) 22209000 Fax: (+357) 22678200 e-mail: nicosia@kpmg.com.cy Website: www.kpmg.com.cy

Global experience, local approach in the Funds Industry KPMG provides comprehensive audit, risk advisory, tax and regulatory services to fund managers in setting up and operating through Cyprus. Our clients look to us for leadership and guidance in areas such as: fund set-up and structuring; regulatory interpretation and support; proactive tax advice; investment acquisitions and due diligence; fund liquidation, re-domiciliation and/or restructuring. Our local practice is at the forefront of industry issues, working closely with the industry and its representatives and actively participating in the firm’s global product development programmes. The combination of a strong local practice, with significant professional and industry experience, along with the global reach of KPMG International fund services network places us in an optimal position to provide added value service to our clients as they address the industry challenges, and guide them in grasping opportunities.

For more information please contact: Christos Vasiliou Deputy Managing Director Primary Contact T: +357 22 209 113 E: cvasiliou@kpmg.com Marie-Helene Angelides Senior Associate Regulatory & Compliance T: + 357 22 209 227 E: mangelides@kpmg.com kpmg.com.cy

©2016 KPMG Limited, a Cyprus limited liability company and member of the KPMG network of independent member firrms affiliated with KPMG International Cooperative (”KPMG International”), a Swiss entity. All rights reserved.

www.goldnews.com.cy | GOLD | 101

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PROFESSIONAL

SERVICES IN CYPRUS

M. ELIADES & PARTNERS LLC

M

M. Eliades & Partners, LLC is acknowledged as one of the most distinguished commercial law firms in Cyprus. Over the years, the firm has developed into a multi-disciplinary law, tax and business consultancy firm, serving not only the local market but, even more, the international business community. The firm operates with a very clear and simple objective: to understand the needs of clients operating in the European and global environment, and to provide them with reliable, creative, and timely legal and advisory services and support. At Eliades & Partners, all our partners and supporting staff are committed to providing excellent services to our clients. We have been providing our clients with work to the highest standards since 1970. We are more than lawyers: we are long-lasting associates of our clients. Our highly qualified team of professionals and administrative staff are always willing to assist and take clients’ business to the next level. We take pride in our uncompromising dedication to the highest standards of professional integrity and results-oriented quality services. Our philosophy is simple but solid, with a genuine interest in our clients’ needs and a commitment to excellence. Located in Nicosia, Eliades & Partners serves a broad base of clients principally from other member 102 | GOLD | The Business Magazine of Cyprus

states of the European Union but also from the US., Russia, Asia and beyond, while maintaining worldwide professional relationships through its membership of GGI Geneva Group International.

AREAS OF PRACTICE Our team handles a broad range of corporate and commercial matters on behalf of banking, financial and insurance institutions, as well as private corporations. Our focus and relevant experience includes company incorporation and full company support services, Corporate law, Insurance law, Mergers and Acquisitions law, Property and Real estate, Arbitration, Banking and Immigration law and Intellectual Property law. Commercial and Civil litigation is an additional focus at Eliades & Partners. Our team of litigation lawyers is actively involved in a wide range of fields, mainly related to the above areas of expertise. In addition, the Firm maintains worldwide professional relationships in more than 120 countries, through its membership of Geneva Group International, the distinguished global network of lawyers, accountants and consulting firms.

THE FOUNDER The founder and Managing Partner of the firm, Marios Eliades, is driven to serve

people. For him the ultimate meaning of life lies in giving back to society. He has had a distinguished presence in public life in Cyprus for more than 30 years, having served as Minister of Communications and Works, Chairman of the Cyprus Petroleum Refinery company, the Cyprus Broadcasting Corporation, the Cyprus Bureau of Shipping, the Hippocrateon Private Hospital, and Vice- Chairman of the Board of Trustees of the University of Cyprus. He has further served or is currently serving as a non-executive director of a number of public and private companies, including Cyprus Airways, Alliance International Reinsurance Public Company, Cyprus Hotels, Digimed Communications and others. He iscurrently Director of the European Centre for Continuing Legal Education (ECCLE), Vice-Chairman of the Law Division of Geneva Group International and a Member of the Supervisory Board of the Ukrainian Centre for Political Leadership. He is a member of the Nicosia Bar Association, the Cyprus Bar Association, the International Bar Association and the International Tax Planning Association. Marios Eliades studied Law and Economics at the University of Athens and qualified as a Barrister-at-Law at Gray’s Inn

Marios Eliades

“WE HAVE BEEN PROVIDING OUR CLIENTS WITH WORK TO THE HIGHEST CONTACT INFORMATION: Address: Gala Tower, 2nd Floor 4 Menandrou street, 1066 Nicosia, Cyprus Tel: +357 22 667730, Fax: +357 22667740 Website: www.eliades.eu

London. He pursued postgraduate studies in Management at the European Institute of Business Administration (INSEAD) in France and completed a post-graduate programme on Economic Development and Social Reform at the John F. Kennedy School of Government at Harvard University.

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PROFESSIONAL

SERVICES IN CYPRUS

MARANGOS & HADJIPAPA LLC

F

Founded in October 2013, M&H is one of the most innovative boutique law firms in Cyprus. Our client base includes financial institutions, banks, international corporate groups and individuals. Headed by Andreas Marangos and Amalia Hadjipapa, we strive to serve our clients quickly, efficiently and with genuine knowledge of both local and international considerations. M&H is committed to forming strong relationships with its diverse client base, ensuring clients receive quality legal support at all times. Delivering high standard legal services is not just a matter of technical expertise for us; it is about knowing the detail of our clients’ businesses and understanding what drives their industries and markets. A high level of importance is also placed on advising clients in a commercial and pragmatic manner. We dare to undertake the most challenging assignments for leading companies, helping them achieve their goals by solving their most complex and serious legal issues. Our team of globally minded, committed professionals is focused on ensuring our clients receive quality advice and legal support. The M&H team focuses on developing innovative, cost-effective solutions which are designed to help our clients achieve their legal and business objectives in the most successful way possible.

OUR SERVICES CORPORATE M&H’s corporate team is considered one of the best in the sector with extensive international corporate and commercial experience. The favourable Cypriot tax regime and an extensive network of double taxation treaties have created an ideal base for non-European Union companies seeking to exploit the EU market, as well as for EU companies 104 | GOLD | The Business Magazine of Cyprus

seeking to expand their global horizons. Our network of corresponding law firms abroad play a key role in this respect. Key services include: • Provision of legal advice on contracts and group structures involving Cyprus law matters • Drafting of all legal documentation from internal company documents to contracts • Incorporation, registration and administration of Cypriot and overseas companies • Formation and administration of investment funds • Partnership formation and dissolution • Nominee services including secretarial services and provision of registered address • Escrow agency services to facilitate transactions and assist in safe-keeping and security • Internal corporate procedures and filings at the Registrar and Tax Office • Legal due diligence and provision of comprehensive legal opinions • Opening, administration and management of bank accounts • Corporate management and annual operations services • Liquidation of companies

MERGERS & ACQUISITIONS M&H has astrong reputation following its involvement in significant M&A transactions in Cyprus and abroad. We assist our clients in all stages of M&As, including negotiations and drafting of agreements and supporting instruments, tax advice on the specific transactions, legal due diligence, as well as on matters of completion and Anti-trust law.

BANKING & FINANCE M&H’s Banking and Finance Department has an exceptional track record in assisting clients in all aspects of finance work and guiding them through the industry’s ever-changing legal landscape. We provide advice on the structuring, documentation and negotiation of all aspects of transactional work (including the taking and enforcement of security and the regulation of financial services). Key services include advising on: • Acquisition, finance, leasing, maintenance and sale of a range of asset types. • Corporate recovery and all aspects of insolvency procedures, as well as pre-insolvency considerations regarding wrongful trading and directors’ duties. • Procurement, structuring, risk management and documentation for a range of infrastructure projects. • Financing or refinancing of the acquisition, investment or development of real property assets, the transfer of large property portfolios and other property-related structured financing transactions. • Factoring and invoice discounting in connection with general working capital facilities or other more complex acquisition structures.

TAX M&H’s Tax Planning service team provides tax advice for companies, businesses and individuals concerning all matters of Cypriot taxation, stamp duty and VAT issues. We also undertake tax planning regarding corporate restructurings, asset finance and structured finance transactions.

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KEY SERVICES INCLUDE:

MARITIME AND AVIATION

• Establishment of international trusts both purpose and discretionary to meet each individual client’s needs • Obtaining tax rulings and tax certificates from authorities Negotiation with tax authorities • Provision of advice on the interpretation and application of local law and double tax treaties • Provision of tax opinions

M&H provides daily administrative support for private yacht and jet owners. Routine correspondence, arrangement for the payment of invoices, maintenance of statutory records, issuing and safe keeping of certificates and ensuring compliance with local regulations are some of the services our Maritime and Aviation Department caters for, allowing our clients to focus on their business, while we handle all the paperwork. Key services include: • Registration and administration of yachts/jets • Transfer of ownership • Change of name and deletion • Crew payroll and other services required for management of personnel • Freight and off-hire disputes • Salvage and pollution • Financing and security • Choice or change of flag for vessels

LITIGATION & ARBITRATION CONTACT INFORMATION:

Address: 113, Archbishop Makarios III Avenue, 1st -SVVY 3PTHZZVS Cyprus Tel: (+357) 25543000 Fax: (+357) 25543199 e-mail: info@lawmar.com.cy Website: http://www.lawmar.com.cy ([OLUZ 6MÄJL Address: 353, Irakliou Avenue, 4th Floor, Neo Hrakleio 14122, Attika Region, Greece Tel: (+30) 6938449864 e-mail: athens@lawmar.com.cy Website: http://www.lawmar.com.cy

• Comprehensive examination of the required documents, ensuring all the necessary requirements are met and that all the essential documentation is of the appropriate standard • M&H also submits a letter addressed to the Minister of Interior accompanying the application, wherein our professional opinion is presented and arguments are presented as to why approval of the particular application would constitute a benefit to Cyprus • Continuous monitoring of the approval procedure and systematic briefing of the applicant.

Our dispute resolution team covers all areas of general and commercial law by settling disputes in the most appropriate manner. As well as commercial litigation, we also handle 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 Alternative Dispute Resolution (ADR).

IMMIGRATION The firm provides comprehensive legal support during the various stages of citizenship applications, permanent residence and immigration permits, visas, as well as employment permits. Key services include: • Direct advice to the applicant regarding the required criteria including discussion and advice on any further actions that may be necessary

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PROFESSIONAL

SERVICES IN CYPRUS

MICHAEL KYPRIANOU & CO LLC

M

Michael Kyprianou & Co LLC is a leading law firm with a prominent international presence in Cyprus, Greece, Malta, Ukraine and Dubai. 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. These are the attributes which have made it the law firm of choice for a number of leading international law firms and preeminent clients.

ACCOLADES The firm is consistently recommended by the major international law directories for all its fields of work and has been placed in the top tier in Banking and Finance in the latest edition of Chambers Europe and in Dispute Resolution in the latest edition of Chambers Global. In the area of Banking and Finance, Chambers Europe says the following about Michael Kyprianou & Co LLC: • ‘Effective, professional and accurate. The team shows flexibility in its approach to both legal and business matters’ • ‘The lawyers are performing to a very high standard. They are responsive and consistent with their advice’. In the same area of Banking and Finance, the Legal 500 states that Michael Kyprianou & Co LLC “has substantial expertise in domestic and cross-border 106 | GOLD | The Business Magazine of Cyprus

lending and security transactions, including syndicated deals”. In the area of Dispute Resolution the firm, in the 2016 edition of The Legal 500, is described as “an excellent and outstanding firm”.

AWARDS Earlier this year, the Cyprus Chamber of Commerce & Industry and the Ministry of Energy, Commerce, Industry & Tourism awarded Michael Kyprianou & Co LLC with the prestigious 2014 Cyprus Export Award for services.

INTERNATIONAL AFFILIATIONS The firm is a member of Multilaw and World Link for Lawyers, both of which are leading global networks of international law firms. It is also a member of the International Fraud Group, a very select group of outstanding international law firms focusing in the fields of commercial fraud and asset tracing. Other memberships include 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.

AREAS OF PRACTICE The areas of practice that the

firm focuses on are the following: • Banking and Finance: The firm is recognized as a leading adviser of banks, financial institutions, borrowers and security provides 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 restructuring, 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 restructuring, cross-border and domestic mergers, corporate governance issues, joint ventures and redomiciliation. • 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 firm’s tax experts provide advice on tax structures, holding companies and trust settlements in Cyprus and abroad. They also represent their clients

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. • Immigration Law: The firm assists clients in all aspects of Cyprus immigration law and in particular in Cyprus citizenship applications (including citizenship by investment), Cyprus permanent residence (immigration permits), employment permits, visitor permits, Cyprus visas, registration of companies with foreign activities with the migration department to employ third-country nationals and other relevant permits.

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. CONTACT INFORMATION:

Address: 2, Agias Elenis St., 6th&7th Floor, 1060, Nicosia 7VZ[HS (KKYLZZ! 7 6 )V_ 1502 Nicosia Tel: (+357) 22447777 Fax: (+357) 22767880 e-mail: info@kyprianou.com.cy Website: http://www.kyprianou. com.cy

• 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

• Maritime and Admiralty: The firm provides legal advice and assistance on a wide range of matters relating to the shipping industry. The team’s experience includes advising on and negotiating transactions and issuing legal opinions on a range of ship financing transactions, guarantees, securities and other documentation. The firm also undertakes the registration and deletion of ship mortgages at the Cyprus Ships Registry and other securities registered with the Registrar of Companies in Cyprus. The firm further provides advice and assistance in relation to vessel registration under the Cyprus flag and the chartering, sale and purchase of ships as well as the financing of these activities. www.goldnews.com.cy | GOLD | 107

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PROFESSIONAL

SERVICES IN CYPRUS

MONTANIOS & MONTANIOS LLC Eric Montanios

Acis Montanios

M

Montanios & Montanios (“M & M”) is one of the oldest law firms in Cyprus with an international practice. Over the last 65 years, it has acted for a wide spectrum of Cypriot and overseas clients, both corporate and private, it has been involved in a great number of local and international shipping corporate and commercial transactions and has represented litigation clients before all Cypriot Courts (other than criminal and administrative). The firm was founded in 1951 by the late Michael Montanios, a Barrister-at-Law of the Middle Temple (London), in the port city of Famagusta. In 1966 Eric Montanios joined his father’s law practice, which was then registered as a partnership under the name of “Montanios & Montanios – Advocates & Legal Consultants”. From 1951 to 15 August 1974, when the Turkish army of invasion occupied the city of Famagusta, the chambers of the firm were situ-

108 | GOLD | The Business Magazine of Cyprus

Adam Montanios

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ated in Famagusta. As from 1 September 1974, the practice was relocated to Limassol and, in 1979, the partners decided to set up the firm’s head chambers in the capital city of Nicosia, whilst continuing the operation of the Limassol office. In 2010, following the amendment of the Advocates Law, the M & M partnership was incorporated as an LLC. The firm has nine partners (pictured), making a total of 21 lawyers.

SHIPPING FINANCE

MAIN AREAS OF PRACTICE

The firm acts on instructions of international law firms in major shipping centres of the world, as well as on instructions directly from shipping clients, for both dry and wet cases. On the instructions of ship financing institutions, the firm also acts for the enforcement of mortgages and arrest of ships in Cyprus, as well as providing advice and assistance for similar action overseas.

SHIPPING The firm provides advice and assistance to shipyards, owners, ship managers, and bareboat, time and voyage charterers in connection with the building, sale and purchase, chartering and ship management of vessels internationally. This core business of the firm commenced in 1967, with the registration of a first ship under the Cyprus flag, and has expanded with the passage of time to registration of all type of vessels and yachts in international registries worldwide.

The firm assists banks and financial institutions in relation with the Cypriot aspects of shipping loans, guarantees or other facilities granted to or involving Cypriot companies, including the drafting of mortgages on Cyprus flag vessels, pledges of shares in Cypriot companies, and the issue of legal opinions on Cyprus law.

ADMIRALTY LITIGATION

P & I AND DEFENCE The firm has been, for more than 25 years, the accredited legal correspondents of a number of Protection and Indem-

Maria Toumazi

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nity and Defence Clubs, members of IACS, and has been acting for the commercial correspondents of other P & I Associations on the island.

BANKING & FINANCE The firm represents banks and financial Institutions in relation to the Cypriot aspects of international loan and other financial transactions, bond issues and IPOs involving Cypriot companies, including the preparation of security documents governed by Cyprus law and the issue of legal opinions.

CORPORATE & COMMERCIAL

CONTACT INFORMATION: 5PJVZPH /LHK 6MÄJL Address: Diagoras House, 7HU[LSPZ *H[LSHYPZ Street, 1097 Nicosia Tel: (+357) 22660766 Fax: (+357) 22678777 e-mail: montanios@montanioslaw. com.cy 3PTHZZVS 6MÄJL Address: Ulysses House, 67, Spyrou Araouzou (]LU\L 3PTHZZVS Tel: (+357) 25356031 Fax: (+357) 25356032 e-mail: limassol@montanioslaw. com.cy

The firm provides advice and assistance to clients on all kind of corporate and commercial matters, including joint ventures, mergers and acquisitions, cross-border transactions, corporate restructuring and company redomiciliation. The firm also provides a complete range of corporate services to clients, including incorporation of companies and administration of the companies’ affairs. It also provides fiduciary services to clients.

COMMERCIAL LITIGATION & ARBITRATION The firm provides legal advice and assistance and represents clients in litigation in a wide range of substantive commercial disputes of both national and international nature, before the Cypriot Courts and arbitral tribunals.

AIRCRAFT & AVIATION The firm has been acting since 1981 for major international aircraft leasing corporations, international banks and owners in connection with the Cypriot aspects of international aircraft transactions involving the leasing, sale, financing and mortgaging of aircraft and, on occasion, their

Elvina Montanios

registration in the Cyprus Aircraft Register. The firm has also acted for the incorporation in Cyprus of aircraft owning and leasing companies. M & M are the member firm for Cyprus of L2B Aviation, selected by Chambers in 2013 as the Leading Aviation Law Network.

TRUSTS & TAX The firm provides advice and assistance to local and international clients on Cyprus tax matters, tax structures for company group, estate planning and assists clients with the preparation of trust documentation and the administration of international trusts.

REAL ESTATE The firm provides advice and assistance to clients wishing to purchase or sell immovable property in Cyprus, as well as on matters of leasing of residential or business properties.

WILLS & SUCCESSION The firm accepts instructions from private clients for the drafting, execution and registration of wills and for the re-sealing of overseas wills and the administration of estates under Cyprus law. www.goldnews.com.cy | GOLD | 109

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PROFESSIONAL

SERVICES IN CYPRUS

PAPANTONIOU & PAPANTONIOU LLC

C

Cyprus, by virtue of its privileged geographical position, which provides a link between Europe and the Middle East, along with its favorable jurisdiction status in relation to corporations, has become one of the most appealing business centres for commercial transactions and investments. Taking the international competition into consideration, Cyprus has adapted through reforms to existing laws, which aim at simplifying the licensing procedure for major investments as well as facilitating the formation of new companies. As a consequence, the island stands at the forefront when it comes to attracting foreign investments and thus retaining its business status. ‘’It is an immutable law in business that words are words, explanations are explanations, promises are promises – but only performance is reality’’ Papantoniou & Papantoniou LLC was founded in 1987 by Antonis S. Papantoniou. It is an esteemed law firm that provides an extensive range of high-quality legal services to local and international clients and advisory services to international businessmen and to Greek-Cypriot diaspora businessmen planning to extend their business to Cyprus, the EU and third countries. As the pace of change continues to rise in the commercial world, understanding clients’ distinct demands and exceeding their expectations plays a vital role in the legal market.

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Key to our success is our well-educated, trained, motivated and highly experienced team of lawyers.

SERVICES CORPORATE & COMMERCIAL LAW SERVICES Our firm’s highly experienced and dynamic Corporate Department offers a comprehensive range of services, both domestically and internationally. Our network, extensive knowledge and experience constitute a significant opportunity for Cypriot entrepreneurs to expand their business operations globally. However, we also represent also the interests of foreign investors and entrepreneurs. Drawing on our rich experience in the services sector and long-term ties with professional associates, we provide fiduciary services to foreign entrepreneurs regarding the management of a Cyprus company.

CORPORATE SERVICES • Company Formation • Management & Administration • Appointment of Directors, Trustee Shareholders & Secretaries • Local Agency Services & Registered Office Addresses • Bank Account Opening Services

TRUSTEE, FIDUCIARY & ADMINISTRATIVE SERVICES Our priority is to provide high-level independent Trustee

and Fiduciary services for both private and corporate clients in accordance with the Cyprus Fiduciary Law 196/2012. Our experienced staff will assist you with how to better structure your Trust and best manage and administrate the same, in accordance with the respective Laws and Regulations. We encourage you to consider asset wealth protection as well as estate planning options through the adoption of advanced planning Trust strategies. Cyprus Trusts can further offer unique tax planning opportunities and give you access to the country’s wide network of Double Tax Treaties.

BANK ACCOUNT SERVICES Our Banking Department has long experience in handling all the banking needs and requirements of national and international clients. The experienced members of our team will assist you regarding the whole account opening process, making it easier and convenient for you. We undertake the opening of your personal or corporate bank account with a bank of your choice, including all the operations such as: online banking, VISA card, cheque book, etc.

ACCOUNTING SERVICES The accounts of every corporation are crucial to understanding its performance, as well as helping to determine profit. Our cooperation with experienced in-house dedicated pro-

our clients on compliance with the continuous obligations of the regulated market.

PAPANTONIOU & PAPANTONIOU LLC AS A MEMBER OF THE ELF

fessional accountants can assist you with your information management and suggest areas where you may be able to improve results and, in doing so, we can help guide you on succession planning and exit strategies.

TAX & INTERNATIONAL TAX PLANNING The firm advises clients on a range of taxation issues, including Corporate Tax, Income Tax, Property Tax and Trusts. Our aim is to assist clients in utilizing a cost- efficient tax structure and with tax litigation matters before the Cyprus Courts. Having Cyprus’ attractive tax regime in mind, we have developed extensive expertise in all matters relating to international tax trusts, capital projects and finance and we are able to address each client’s demands efficiently and effectively. CONTACT INFORMATION:

Address: 41, Themistocles Dervis Avenue, Hawaii ;V^LY 6MÄJL 7 6 Box 21233, 1504 Nicosia Tel: (+357) 22817711 Fax: (+357) 22817717 e-mail: paplaw@logos.cy.net Website: www.paplaw.com.cy

PAPANTONIOU & PAPANTONIOU LLC AS A NOMAD Papantoniou & Papantoniou LLC is a qualified Nominated Advisor (NOMAD), approved by the Board of Directors of the Cyprus Stock Exchange. We are thus eligible to advise our clients in respect of compliance with the rules and regulations of the emerging companies market, evaluating our clients’ applications to the Cyprus Stock Exchange and representing them through the listing procedure, ensuring that all listing requirements are fulfilled. Additionally, we assist

A major achievement, which saw us evolve into a fast-growing law firm, is our membership of the European Law Firms Network (ELF) since 2004. We are the exclusive representative of the network in Cyprus. The ELF network advises multinationals, financial institutions, private companies and individuals, government agencies, partnerships and charities. Its main purpose is to be the strongest network of independent law firms in Europe, offering consistently high-quality legal advice that clients can trust. Today, the network comprises over 950 lawyers across Europe. Is a sophisticated and cohesive network of 29 commercially orientated law firms committed to offering outstanding yet cost effective legal services across Europe and beyond. Membership is by invitation only and is limited to one representative per country. As a member of the ELF, Papantoniou & Papantoniou LLC is in the advantageous position of being able to cooperate, exchange ideas and promote Cyprus as an International Business and Services Centre. www.goldnews.com.cy | GOLD | 111

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PROFESSIONAL

SERVICES IN CYPRUS

TORNARITIS & CO LLC

T

Tornaritis & Co LLC is a dynamic law firm specialising in the provision of legal services to a wide range of local and international clientele from all over the globe. Our knowledge and experience, together with our international network, give us with the tools to provide our clients with solutions to their business needs. Our team, together with our associates, is composed of professionals who are experts in the fields of law, tax planning and business advisory. We further offer our clients a wide range of corporate administration services including, but not limited to, company formation, company administration, banking, trust administration, virtual office, fiduciary, corporate secretarial, legal and business consulting. We maintain strong internal control systems to ensure confidentiality and the delivery of value added services to our clients. We treat every engagement we undertake with strict professionalism and integrity. Our relationship with clients is our tool to success. We believe that we grow along with our clients and, for this reason, we provide them with personalized attention for their currents needs and future plans. Cyprus-based Tornaritis Attorneys and Consultants provide international clients with a sophisticated, premierquality work product in high-stakes International Legal services. The Tornaritis name been linked to Cyprus Law for the last eighty years and to three generations of Lawyers, Including the first Attorney General of Cyprus. Tornaritis Law Firm has demonstrated a sustained commitment to excellence in the practice of law, public service 114 | GOLD | The Business Magazine of Cyprus

and civil society. Our practice and character are deeply rooted in the firm’s history, as exemplified in the historical profiles of our lawyers and services. Tornaritis Law Firm is a nominated Listing Advisor (Nomad) of the Cyprus Stock Exchange. It is one of the local contributors of the International Finance Corporation of The World Bank’s annual Doing Business publication and legal advisor to banks & financial institutions. The firm further advises the Cyprus Oil and Gas Association. Tornaritis law firm has been highly commended by Legal 500. Tornaritis Law Firm offers services to accommodate the most demanding circumstances of a corporate presence in Cyprus.

WE OFFER CLIENTS A FULL RANGE OF LEGAL & CORPORATE SERVICES INCLUDING: • Corporate formation & administration • Corporate Advice • Banking & Finance • Due diligence • Foreclosure and Collection Services • Real Estate • Litigation and Dispute Resolution Services • Technology & E-Commerce Shipping • Trade Mark Registration

SERVICES & ADVICE ALSO INCLUDES: • Registration and Administration of Companies

Criton G. Tornaritis 4HUHNPUN 7HY[ULY

• Appointment of company Directors • Appointment of the company Secretary • Provision of Registered Office • Provision of Nominee Shareholders or Directors • Appointment of Bank Signatories • Assisting in Banking activities • Registration & Administration of Trusts • Cyprus Residency and Passport Programme • Funds Formation • E-Money License applications and advise • Cyprus Stock Exchange Listing FOREX, Cyprus Financial Services Companies Today, the firm includes lawyers who have the experience, maturity, and legal skills to handle a wide range of legal problems and issues. Although the firm has matured

Alexandros A. Alexandroou :LUPVY 7HY[ULY

CONTACT INFORMATION:

Address: 16, Stasikratous St., 1065 Nicosia Tel: (+357) 22456056 Fax: (+357) 22664056 e-mail: VMÄJL'[VYUHYP[PZSH^ JVT Website: www.tornaritislaw.com

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from its beginnings in the early part of the twentieth century, the character of the firm is still true to the dreams, principles and visions of its founders. We strive to ensure that people working in a professional environment must have a sound knowledge of the principles of their area of specialization and its allied subjects, together with practical experience in their day-to-day application. We believe that the only way to achieve this is through hard work. There is no substitute for this and it cannot be stressed too strongly that success for members of staff depends upon continuous and consistent application of this principle. The firm takes pride in the high standard of its work. Our breadth of experience enables us to offer a wide range of skills to suit the individual needs and demands of each of our clients. We conduct our work with a high degree of professionalism and dedication and provide an expert, sensitive service to all our clients. We are continuously updating and adapting to meet the needs of an ever-changing global market and economy. The firm has a uniquely flexible and entrepreneurial culture that fosters partnerships with our clients. Knowing the law is not enough. We understand our clients’ business objectives and address their legal needs in a manner that is

consistent with the “big picture.” We take pride in providing legal services to a number of the most important players, both locally and internationally. We have been dealing with the new Resolution of Credit Institutions law and subsequently advising on such matters as the purchase and transfer of credit institutions, mainly in the Eastern European market and, in general, we have been providing legal advice and services to the Special Administrator of the Cyprus Popular Bank. We have also been providing advice to one of the biggest corporate receiverships in Cyprus regarding the Orphanides chain of supermarkets. We provide services to banks and have lately been associated with merger and acquisition processes in the pharmaceutical markets. We are close associates of international firms and are continuing our expansion both in Cyprus and abroad. We have earned a reputation for being trusted business advisers and we demonstrate our value every day in the successful results we achieve. Reflecting the firm’s entrepreneurial spirit with associated offices around the world, we are ready to help you wherever your business takes you. Tornaritis & Co LLC aim to provide quality legal services to clients around the world operating to the highest ethical standards, with the principles of time and cost-efficiency in mind. www.goldnews.com.cy | GOLD | 115

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PROFESSIONAL

SERVICES IN CYPRUS

TOTALSERVE

T

Totalserve is an award-winning and long-established international consultancy Group, specialising in the fields of international tax planning, corporate services worldwide, trusts and fiduciary services. Established in 1972 and headquartered in Limassol, the Totalserve name has been built on solid foundations of integrity and respect for its clients and associates. Adapting to the recent financial turmoil in the country, the firm never lost its focus and confidence in what Cyprus has to offer and concentrated on its core areas, continuously offering the best possible service to its clients. Its multidisciplinary team of professionals comprises experienced accountants, bankers, tax and legal consultants. The fusion of this expertise with long-established international professional affiliations yields optimal comprehensive solutions with a global perspective. The Group’s clients include High Net Worth Individuals, entrepreneurs, multinational corporations, magic and silver circle law firms, tax firms, as well as banking and credit institutions located within and outside Europe, blue-chip and financial services firms, private equity funds and shipping institutions.

MAIN SERVICES INTERNATIONAL TAX PLANNING AND TAX The tax team liaises closely with lawyers, tax and business consultants from around the world, who are either members of various professional networks that Totalserve actively belongs to or of independent ones, to efficiently assist even in the most complex cross-border structures. As such, tax, legal and accounting aspects surrounding a structure or transaction can be addressed as the case may require and, above all, provide practical 116 | GOLD | The Business Magazine of Cyprus

solutions that are aligned with any objectives and needs. Furthermore, the tax team, which consists of highly experienced professionals, provides solid Cyprus tax advice and assistance in various forms as each case may require.

CORPORATE SERVICES WORLDWIDE A global team of corporate lawyers and other consultants across 13 offices can assist in all corporate and related services. Specialised services, local knowhow and continuous support are offered in a variety of jurisdictions by professionals who possess deep knowledge of the local corporate environment and relevant legislation.

FINANCIAL SERVICES Totalserve undertakes the licensing and incorporation of companies engaged in the provision of investment services and activities in Cyprus and abroad. Advisory support is offered, as well as assistance with the incorporation of Cyprus Investment Firms (CIFs) and UCITS Management Companies and the completion of licensing applications to the Cyprus Securities & Exchange Commission (CySEC).

TRUSTS As one of the leading independent trustee services firms in Cyprus, Totalserve offers custom-made, specialised services ensuring that the desired degree of personal attention is provided to each client and trust case. The firm undertakes, with

the utmost confidentiality, the formation and administration of trusts, and offers, inter alia, trustee or protector services.

ESCROW Totalserve can advise during the entire duration of the transaction and until all contractual obligations are satisfactorily fulfilled, as well as assisting with drafting escrow agreements, opening and managing escrow accounts/bank accounts and act as the escrow agent.

SHIPPING & SHIP MANAGEMENT Cyprus has, over the years, become one of the largest and most widely known shipping centres in the world, comprising both ship owning and ship management companies. Totalserve’s Shipping Department specialises in providing Cyprus, BVI, Malta, Belize, Dominica and Marshall Islands flag services.

PROPERTY The Totalserve property team has a comprehensive knowledge of the Cyprus property market and cooperates with property developers across the island. Identifying a suitable property to purchase or rent and offering professional guidance during the entire phase relating to the acquisition of property ensures that the client’s interests are safeguarded.

RESIDENCY & CITIZENSHIP A team of immigration lawyers with continuously updated knowledge of the current Immigration Laws and Regulations,

COMPANY'S OPINION

in cooperation with Totalserve’s tax advisory team, provides effective, integrated immigration and tax advice services.

SERVICED OFFICE FACILITIES The full range of serviced office facilities, including dedicated office space or independent facilities, is offered in Cyprus and Luxembourg. Totalserve can assist in identifying suitable properties, with the relevant drafting of agreements, equipment and IT support and, if required, locating, interviewing and hiring specialised local personnel.

AFFILIATIONS E & G Economides LLC is the affiliate and preferred law firm of Totalserve. The law firm, also based in Limassol, specialises in Corporate & Commercial, Funds, M&A, Litigation, Immigration and Private Client services amongst others. With a team currently comprising 19 advocates, Economides continues to grow and expand its areas of practice with the support of an active network of global associates with longstanding ties to the corporate and financial communities.

CONTACT INFORMATION:

www.totalserve.eu services@totalserve.eu

In addition, the affiliate audit firm of P. G. Economides & Co Ltd is the Group’s preferred audit firm, whose directors and professional staff are highly qualified individuals with a wide range of expertise in dealing with audit, accounting, bookkeeping, tax compliance and other related services.

>OH[ KVLZ [OL M\[\YL OVSK& Moving forward, the regulatory environment both in Cyprus and abroad is changing rapidly and the real challenge is to remain abreast of such devel opments. Totalserve has always invested as much as possible in its people in and motivating its personnel on a daily basis whilst at the same time remain ing loyal to the unwavering commitment towards clients by exceeding their expectations. Moreover, Totalserve is pleased to announce the expansion of its operations in the United Arab Emirates (UAE) as from October 2016. The purpose is to assist clients with structuring solutions as regards to organisations oper ating internationally and to es tablish a commercial presence in the UAE, offering services and solutions such as Com pany Formation, Representative 6MÄJL 3VJHS <(, )HURPUN 0U troductions and UAE Residency & UAE Visa Assistance.

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| BREXIT |

PARI & DU S, FR BLIN ANKF WAN URT T

T A H W

N O D N LO S A H E ADCAST ON TH IN A PIECE BRO E M M RA IGHT PROG BBC’S NEWSN TH, N O M IS ING OF TH AT THE BEGINN D BE RI GNY, DESC BENOIT DE JUVI IAL ADING FINANC LE AS “FRANCE’S UMN A AT LAIMED TH REGULATOR” C AT E ER W SED BANKS BER OF UK-BA AN PL F O STAGES THE “ADVANCED S N O TI RA SOME OPE NING TO SHIFT TO PARIS”. N FROM LONDO i

By Savvas Savour

118 | GOLD | The Business Magazine of Cyprus

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

Gold 118

I

will sketch here why I am convinced that the lure of the likes of Paris (or Frankfurt) will not be strong enough to take away firms that are already established in London or, indeed, deflect those considering building a presence in the UK’s capital. When choosing the title for this article, I could have opted for “What have Paris, Frankfurt and Dublin got, that London hasn’t?” Had I done so, I would have pointed first to the Working Time Directive. Whatever one’s views on the EU’s Social Chapter and the Working Time Directive within it, there can be no denying that the UK is free to operate from much of what shackles Paris, Frankfurt, Dublin and all other pretenders to London’s position as the pre-eminent financial centres across Europe. Suppose a business were to relocate from London to Paris. It would have to alter its entire working practice to accommodate the 35 hours a week maximum

the London Stock Exdemanded by the Workchange has long been ing Time Directive. This WHY STERLING’S favoured for precisely is, in fact, one of many FALL MEANS its more accommoprotections provided to COMPETING WITH dating and flexible workers by the Social GERMANY ON approach. The London Chapter. Viewed from a A MORE LEVEL Stock Exchange is also different perspective, the PLAYING FIELD preferred because of Working Time DirecGermany’s staunch support of European exchange rate staits scale. One only has tive is just one of many bility – indeed singularity – has to compare the FTSE limitations imposed on at its core a desire to have an with the ISEQ to see firms by the European HY[PÄJPHSS` ^LHR J\YYLUJ` -VY that the direction of Union’s Social Chapter. rather than a sizeable current account surplus proving the travel over recent years The point is that, in the YLTHYRHISL LMÄJPLUJ` VM [OL has been from Dublin fiercely competitive marGerman manufacturing base to London. kets of finance and busiHUK OV^ KLZPYHISL P[Z V\[W\[ ness services more generP[ PZ HSZV H YLÅLJ[PVU VM [OL In addressing the \UKLUPHISL MHJ[ [OH[ ^P[O [OL ally, firms will not want L\YV P[ LUQV`Z HU HY[PÄJPHSS` title of this piece and to be disadvantaged in ^LHR J\YYLUJ` )` TVUL[HYPS` speaking of what Paris being in a jurisdiction ZOHJRSPUN P[Z LJVUVT` [V [OH[ and Frankfurt have got more restrictive than VM P[Z ULPNOIV\YZ .LYTHthat London hasn’t, U` OHZ UV[ ILLU ZLSÅLZZ one where their rivals I\[ ZLSÄZO (M[LY HSS P[ OHZ one is also mindful of happen to be. And this consigned them to a currency their different languagis precisely where Paris, ^OPJO PZ Z[YVUNLY [OHU [OLPY es. From India across Frankfurt, even Dublin LJVUVTPLZ ^HYYHU[ ^OPSZ[ to China and widely giving Germany’s industrials et al across Europe find H JVTWL[P[P]L LKNL 0M ^L elsewhere around themselves relative to HJJLW[ [OL LHYSPLY HYN\TLU[ the emergent world, London. Could Ireland [OLU )YP[HPU»Z THU\MHJ[\YLYZ English is invariably “opt-out” the way the have been at a disadvantage the second language because of Germany’s currenUK has? Of course. Is J` HY[PÄJL -VY [OPZ YLHZVU H learned. I am not it likely? Not compensating dose of sterling disputing that Spanreally, given the ^LHRULZZ HNHPUZ[ [OL L\YV ish and French are resistance against can be considered a levelling not first and second VM [OL WSH`PUN ÄLSK ^OPJO PZ any attempt to Z[PSS \UL]LU I\[ UV^ SLZZ ZV languages around the do so. [OHURZ [V )YL_P[ world – but English As well as how is undoubtedly the it separately regaccepted lingua franca (sic) of business. ulates the way its labour force is Whilst some will claim that Dublin can treated from its soon-to-be erstwhile partners across the EU, the boast this language advantage, it simply cannot rival London for sheer scale. UK also regulates its businesses After all, one could fit five Dublins into quite differently. Some may, of London. Part of London’s scale advancourse, see the UK’s regulatory tage lies in its sizeable experienced labour environment as more reckless force. After all, any city across the EU than that elsewhere across the hoping to somehow capitalise on Brexit EU. The reality, however, is that would need to encourage its workers to when it comes to public listings move. And a crucial economic factor in from around the world, and pardoing so would be fiscal. ticularly from emergent nations,

LONDON COMES OUT MORE FAVOURABLY THAN PARIS AND FRANKFURT IN CORPORATION TAX TERMS

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| BREXIT |

THE WORKING TIME DIRECTIVE IS JUST ONE OF MANY LIMITATIONS IMPOSED ON FIRMS BY THE EU SOCIAL CHAPTER WHY EUROPE’S CORPORATES WILL TRUMP ITS POLITICAL IDEOLOGUES IN DELIVERING A ‘SOFT’ BREXIT

In terms of comparative household taxation, London is more favourable to work in than Paris. Taxation will, of course, also feature as an important determinant for managements regarding where they choose to operate from. Here, again, London comes out more favourably than Paris and Frankfurt in corporation tax terms and is improving relative to Dublin. Any comparative assessment of where to live and work must extend, of course, to non-pecuniary issues such as quality of life. And whilst London is not immune to the ills of a frenetic city, there is a degree of compensation and mitigation from its immutable schools, parks and theatres to other far from spurious aspects of what it offers for leisure and living. In closing, let me say that I recognise that Paris, Frankfurt and Dublin may soon have something which London hasn’t, namely unfettered ‘Passporting’ rights. My hope is for others to no less readily recognise that, whatever the nature of Brexit, London and other UK cities will continue to boast comparative advantages over their rivals across the European Union. And a more competitive pound acts only to magnify these. Returning finally to London’s critical mass and claims that it can be reproduced with time in cities elsewhere across Europe, my answers is that this is delusional. Info: Dr. Savvas Savouri is a Partner and Chief Economist of Toscafund.

120 | GOLD | The Business Magazine of Cyprus

There are many expressing the concern that Britain’s improved competitiveness from a weaker pound will be squandered if it loses unfettered access to the Single Market. My reply to them is: Please do not underestimate the PUÅ\LUJL VM [OL corporate lobby across the Single Market with a ÄUHUJPHS PU[LYLZ[ in keeping the UK ‘inside’. After all, ICI is now owned

by Holland’s Akzo Nobel, and BOC by Germany’s Linde. For their part, Abbey National is in the hands of Spain’s Santander, whilst Jewson Joinery is owned by Saint Gobain of France. In the case of Ireland, not only does CRH now own Tarmac, it has a London listing. This roll-call is but the tip of the EU27-owned, UK-business iceILYN )YP[PZO ÄYTZ have, of course,

made their own considerable acquisitions across Europe. The reality is a comprehensive lattice-work of cross-ownerships connecting corporate fortunes between the economies of the EU27 and that of the UK. Consequently, were tariff walls to be erected between Britain and the Single Market, a great many ,< ÄYTZ ^V\SK be forced to

reveal share price OHYTPUN ÄUHUJPHS impairments; from horrible WYVÄ[ ^HYUPUNZ to balance sheet damaging asset write-downs. For this reason, the idea that Europe’s corporates will be trumped by political ideologues is absurd. The latter are, after all, on short-electoral leases, whereas the former are Europe’s longterm powerful Illuminati.

A SMALL SELECTION OF CORPORATES ACROSS EFTA THAT WILL DEMAND A ‘SOFT’ BREXIT Corporate

EFTA Domicile

UK Ownership

Sector

Azko Nobel

Netherlands

ICI

Paints

Germany

BOC

Industrial gases

Santander

Spain

Abbey National

Banking

CRH

Ireland

Tarmac

Aggregates

Germany

Hanson

Building materials

LafargeHolcim

Switzerland

Aggregate Industries

Building materials

Wienerberger

Austria

Baggeridge/ Oakley

Brickmaking

Ferrovial

Spain

Heathrow Airport

Transport

Skanskia

Sweden

Atkins

Highway services

Worms & Cie

France

Arjo Wiggins

Paper making

Arla Foods

Denmark

Express Dairies

Food processing

Anheuser-Busche InBev

Belgium

SAB Miller

Alcoholic beverages

Linde

Heidelberger Cement

IN GOOD COMPANY

STEAMING AHEAD

+2: g/ 6+,33,1* *5283 $&+,(9(6 $ &203(7,7,9( $'9$17$*( %< ,19(67,1* ,1 ,76 (03/2<((6 By Artemis Constantinidou / Photos by Emma Louise Charalambous

(03/2<((6 :+2 )((/ 9$/8(' $5( 025( /,.(/< 72 '2 7+(,5 %(67 )25 7+( 7($0

122 | GOLD | The Business Magazine of Cyprus

I

t was 175 years ago when one of its steamships first called at the ports of Larnaca and Limassol and 21 years ago when it first started operating in Cyprus. Today, the German family-owned, ÖL Shipping Group successfully continues its rich two-century history, led by Capt. Eberhard Koch, a well-respected figure in

the Cypriot and international maritime industry. 2008 marked a turning point in the Group’s development, as it was decided to concentrate purely on ownership with five newbuildings delivered from China, and consequently it changed its name from Oesterreichischer Lloyd Shipmanagement (Cyprus) Ltd to Oesterreichischer Lloyd Seereederei (Cyprus) Ltd and finally, and more recently, to the much easier ÖL Shipping Group. According to Yvonne Tsanos, General Manager of ÖL Shipping Group, Capt. Koch cultivates strong family ethics and resilient commitment from top management down the ranks of the teams both ashore and onboard, which is an indication of the Group’s high quality standards. “ÖL acknowledges the human element as the key to its operations and

not only relies on, but has faith in, its most valuable asset,” she says. “Regularly investing in our people gives us a competitive advantage and affirms sustainable growth.” At present, a 12-member team permanently based in Limassol, including top management, commercial, technical, financial and administrative personnel, controls the fleet with strict safety, environmental and budget adherence as well as pre-maintenance, with the assistance of two members of the Group’s own flying repair squad, ensuring, short drydockings and minimizing off-hire times, as well as one team member in Germany. The Group’s other teams consist of former Captains, Chief Engineers and other qualified industry professionals forming a multi-cultural and multi-national society.

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IN GOOD COMPANY

“ÖL teamwork onboard and in the daily business ashore is a guarantee of excellent performance and execution,” says Tsanos. “We therefore ensure that we have highly qualified and experienced team players – irrespective of religion, race, colour or gender – at all commercial, nautical, technical, financial and administrative levels,” she adds. “The average length of service of our shore-based team is15-20 years, which shows that we have created a positive and satisfying working environment resulting in loyalty, dedication and sincerity,” Tsanos explains. “We aim at promoting a smart organisation by implementing diverse methods and ideas to ensure that the business runs smoothly and efficiently, thus encouraging motivation while happiness is continuously monitored.” Moreover, Yvonne Tsanos stresses that ÖL’s over 250 crew members, all having the same length of service and employed via Med Crew Ltd undergo extensive orientation training before joining any of the vessels as well as continuous onboard training. “We have a policy of assessing our workforce’s knowledge, skills and abilities, including education levels and additional continuous investment in training or certifications, while we always consider potential talents beyond current job descriptions.” The company also organises regular get-togethers and interaction among the teams, to discuss Group developments and news as well as team-building exercises to encourage a sense of belonging in the workplace. “No company can succeed in the long run without energizing employees who believe in its mission and the greater the engagement, the more likely an individual or team is prepared to ‘go the extra mile’ and deliver a great performance,” says Tsanos. Discussing the Group’s corporate culture and philosophy, the General Manager outlines its core values which are centred around teamwork, leadership, creativity and innovation, quality, sustainability, passion and professionalism. “Hands-on day-to-day top management involvement by the CEO, COO and General Manager, together with healthy, open and hon-

124 | GOLD | The Business Magazine of Cyprus

12 &203$1< &$1 68&&((' ,1 7+( /21* 581 :,7+287 (1(5*,=,1* (03/2<((6 :+2 %(/,(9( ,1 ,76 0,66,21

est communication are key and participation is encouraged, thereby building a baseline of trust that can only result in collaborative efforts by all the team and yield new business and better understand potential challenges,” she explains. Yvonne Tsanos further clarifies that a positive culture serves as a great draw for prospective employees and boosts the odds of landing top members of staff. ÖL has crafted a mission statement that makes the group’s goals and values clear. “We encourage employee feedback about policies and strategies and maintain an open door policy. After all,” she says, “employees who feel valued are more likely to do their best for the team.” For this reason, apart from a competitive salary, employees enjoy benefits such as medical insurance for themselves and their families as well as a number of annual sick paid days and a generous

number of annual vacation days. “As the saying goes, ‘you pay for what you get!’ We believe we give our teams a reason to choose us over industry rivals,” she says. Creating an environment that places more value on the performance and progress of individuals and teams, as opposed to bureaucratic processes and procedures, has been well received and resulted in the established long service and loyalty of the Group’s human capital, thus proving that ÖL Shipping Group is, indeed, “steaming ahead!”

BUSINESS ESS CLASS SS What is the most exciting destination k? you have visited for work? And for pleasure?

How often do you travel, whether for business or pleasure?

Travelling for work can never be alll that exciting, regardless of the destination! tion! However, I must say that the most vibrant and business-friendly destination I have been to is Singapore. As far as leisure sure travel is concerned, Thailand and Paris come fairly close to the top but London will always top my list.

My schedule varies depending on the time of year. Some periods demand frequent travel to meet our business associates and address our clients’ needs, as well as to attend forums, conferences and seminars, while other times require much less travel. In the latter, I try to go on trips solely for leisure purposes.

Stelios Odysseos The Senior Manager of the International Business Unit at Odysseos CharXIVIH 'IVXMÁIH %GGSYRXERXW ÁRHW 7MRKETSVI ZMFVERX ERH FYWMRIWW JVMIRHP] [ [LMPI 8LEMPERH 4EVMW ERH 0SRHSR XST LMW PMWX SJ PIMWYVI XVEZIP HIWXMREXMSRW SRW What is the most impressive hotel you have ever stayed at and why?

Te us about your Tell best corporate travel experience. When one travels frequently, the trips end up revolving around the idea of getting to the destination with as little fuss and hassle as possible. Reliability, good connectivity, cost and comfort all fall into place and are always considered before going anywhere. I must say that MVY MYLX\LU[ Å`PUN SHYNL ,\YVWLHU HPYSPULZ like BA, Lufthansa, Austrian Air Airlines and Swissair are my top preferences. preferen

What is your favourite airline, and why? I would say that in terms of professionalism, easy connectivity and a high level of service, British Airways and Emirates are among g the best. stt.. st. st

As far as preserving culture, a rich heritage and the standard of service are concerned, I would say Claridges in London and The Ritz in Paris. However, in [LYTZ VM KLZPNU 0 ^V\SK KLÄUP[LS` go for the Shangri-La Hotel, At The Shard in London as well as Marina Bay Sands in Singapore.

How does Cyprus compare to this location? What is your favourite international destination and why? If you could travel anywhere tomorrow, where would you go? If I could travel anywhere tomorrow, I would happily let the Lake Palace in Udaipur mesmerize me.

My favourite international destination is London. It has the vibe, the energy and a cosmopolitan feel that is very rare [V ÄUK LSZL^OLYL 6M JV\YZL HZ H [Y\L Cypriot, I would never say “No” to a weekend in Athens or Thessaloniki, or a week of relaxation in Santorini!

Cyprus is very different from London, as it is from all Northern fro Eu European countries. What Cyprus, and especially my home city, Limassol, has esp to offer is relaxation, safety, sunshine, tranquility and a rhythm of life that is tr much more human than in a global m city like London. The differences a are obviously much more than the similarities.

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BOOK SHELF

BOOKS OF YOU DON’T HAVE TO TAKE OUR WORD FOR IT. THESE ARE THE Ą ;-22)67 OF TEN OF THE WORLD’S MOST PRESTIGIOUS LITERARY AWARDS.

1

PULITZER PRIZE FOR FICTION

1.

THE SYMPATHIZER By Viet Thanh Nguyen (Corsair,

2016) R.R.P. £8.99 (£6.29 FROM AMAZON.CO.UK)

In April 1975, a South Vietnamese general and several of his men leave Saigon to start a new life in Los Angeles, unaware that one of them, his trusted Captain, is secretly observing and reporting on the group’s activities to the Viet Cong. This is a gripping spy novel, an exploration of politics, and a love story, examining the legacy of the Vietnam War in literature, film, and the wars we fight today.

2

PULITZER PRIZE FOR NONFICTION

3

MAN BOOKER PRIZE FOR FICTION

2.

3.

Warrick traces how the strain of militant Islam behind ISIS first arose in a remote Jordanian prison and spread to become the world’s greatest threat. It is the story of Abu Musab al-Zarqawi, the terrorist mastermind of the Islamist movement bent on dominating the Middle East. Gripping operational details are interwoven with the perspectives and views of those who foresaw a menace worse than al Qaeda.

The narrator spent his childhood as the subject of his father’s racially charged psychological studies, believing that these would solve their financial troubles. When his father is killed in a drive-by shooting, he sets out to right this wrong with the most outrageous action conceivable: reinstating slavery and segregating the local high school, which lands him in the Supreme Court.

BLACK FLAGS: THE RISE OF ISIS By Joby Warrick (Corgi, 2016) R.R.P. £8.99 (£8.99 FROM AMAZON.CO.UK)

126 | GOLD | The Business Magazine of Cyprus

THE SELLOUT By Paul Beatty (Oneworld Publications,

2016) R.R.P. £12.99 (£9.09 FROM AMAZON.CO.UK)

4

5

INTERNATIONAL DUBLIN LITERARY AWARD

4.

FAMILY LIFE By Akhil Sharma (Faber & Faber, 2015) R.R.P. £7.99 (£7.99 FROM AMAZON.CO.UK)

For eight-year-old Ajay and his older brother Birju, life in Dehli in the late 1970s follows a comfortable, predictable routine but everything changes when their father finds a job in America. Life is exciting for the two brothers as they adjust to prosperity, girls and 24-hour TV, until one hot, sultry day when everything falls apart. A darkly comic story of a boy torn between duty and survival.

ARTHUR C. CLARKE AWARD FOR SCIENCE FICTION

5.

CHILDREN OF TIME By Adrian Tchaikovsky (Pan, 2016) R.R.P. £8.99 (£6.99 FROM AMAZON.CO.UK)

A new planet has been populated and a civilisation created by the hand of future humankind but it hasn’t turned out as planned. Tchaikovsky tells the story of what went wrong as new masters have turned it from a refuge into mankind’s worst nightmare. As the fate of humanity hangs in the balance, who are the true heirs of this new Earth?

THE YEAR 6

BAILEYS :20(1·6 PRIZE FOR FICTION

7

ORWELL PRIZE FOR BOOKS

8

9

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FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEAR AWARD

10

WILLIAM HILL SPORTS BOOK OF THE YEAR

6.

7.

8.

9.

These interlinked stories of chancers, gangsters and no-hopers are shown to be a result of Ireland’s mistakes in the past. The flawed characters, with the harsh reality that they have to deal with, which revolves around prostitution, drugs, alcoholism, organised crime and violence, come together in a remarkable combination of crime story, teen romance and blistering social satire.

Ostrovsky, a Russian-born British journalist who spent 15 years reporting from Moscow, has experienced Russia’s modern history first-hand and he takes the reader on an enthralling journey through the tumultuous post-Soviet transformation, giving a vivid account of the evolution of modern Russia, showing how the liberal dreams of the Gorbachev era gave way to the authoritarian nationalism of Vladimir Putin.

Once a year, on All Souls Day, it is said that the dead may return. This is the story of one such visit and of a man whose world threatens to fall apart. Wry and poignant, it is an intimate portrayal of a family, showing the unexpected impact of careless decisions and how our morals are challenged daily in small ways. For some readers, the lack of chapters and punctuation may prove to be challenging!

During his 18-year tenure as Chairman of the Federal Reserve, Alan Greenspan presided over an unprecedented period of stability and low inflation. Revered by economists, adored by investors and consulted by leaders from Beijing to Frankfurt, he remains one of the titans of financial history over the last 50 years. This superbly researched biography shows the true extent of Greenspan’s legacy.

THE GLORIOUS HERESIES. By Lisa McInerney (John Murray, 2015) R.R.P. £8.99 (£3.85 FROM AMAZON.CO.UK)

THE INVENTION OF RUSSIA By Arkady Ostrovsky (Atlantic Books, 2016) R.R.P. £9.99 (£7.49 FROM AMAZON.CO.UK)

SOLAR BONES By Mike McCormack (Tramp Press, 2016) R.R.P. £12.00 (£12.00 FROM AMAZON.CO.UK)

THE MAN WHO KNEW: THE LIFE AND TIMES OF ALAN GREENSPAN By Sebastian Mallaby (Bloomsbury Publishing, 2016) R.R.P. £25.00 (£25.00 FROM AMAZON.CO.UK)

10.

BARBARIAN DAYS: A SURFING LIFE By William Finnegan (Corsair, 2016) R.R.P. £9.99 (£6.99 FROM AMAZON.CO.UK)

William Finnegan first started surfing as a young boy in California and Hawaii. Barbarian Days is at the once an old-school adventure story, a social history and an extraordinary exploration of his gradual mastering of an exacting and little-understood art. A finely crafted memoir of a youthful obsession, it also won this year’s Pulitzer Prize for Biography.

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TIME

OFF

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g

BEING RAISED IN A FAMILY OF NATURAL BORN CINEPHILES AND HAVING SPENT ENDLESS HOURS AS A CHILD IN HIS GRANDMOTHER’S VIDEO RENTAL CLUB, SPYROS YIASSEMIDES INEVITABLY DEVELOPED AN UNCONDITIONAL LOVE OF FILM. HE CURRENTLY SPENDS HIS DAYS AS SENIOR MANAGER IN ACCOUNTING SERVICES AT FIRST NAMES GROUP BUT HE SATISFIES HIS CINEMATIC PASSION IN THE EVENINGS WHEN WORKING AS ASSOCIATE PRODUCER ON THE NEW HOLLYWOOD TV SERIES, SANGRE NEGRA.

S

By Artemis Constantinidou | Photos by Emma Louise Charalambous

pyros Yiassemides has managed to fulfil what many others would consider an unattainable dream – to overcome all the barriers to entry and break into the Hollywood film industry. Explaining how a Cypriot ‘out-

sider’ joined the inner circle of Hollywood players, he outlines how it all began. “In a nutshell, I pursued my PhD in Film Studies back in 2013 and then, in 2014, I got my hands on two VIP tickets for the 2014 Tribeca Film Festival, which is held each year in New York City and co-hosted by Robert De Niro,” he tells Gold. “My wife and I, apart from mingling with celebrities and

pinching ourselves to see if we were dreaming, made a number of ‘strategic’ acquaintances, some of which progressed into friendships during the months following the festival and, little by little, I got my foot on the door of that grand edifice called Hollywood!” Through one of his new connections, Michelle Cross, Chief Film Critic and owner of the REVIEWlution film review website, he was introduced to Frank Pinnock, the director of Sangre Negra, and Tony McKay, creator/main protagonist of the show. “After talking them into involving me in the production by exhibiting my love of film, they offered me the slot of the Associate Producer on the show, giving me my first Hollywood gig!” As to what the role of Associate Producer entails, Yiassemides

MY DAY JOB PROVIDES ME WITH THE FINANCIAL MEANS TO INDULGE MY PASSION

TO HOLLYWOOD

s pyro e s S o clarifies that his contribution, apart from financing certain episodes with the possibility of a hefty return on his investment, involves helping the production with decision-making pertinent to scene content. He reveals enthusiastically, “My lovely wife and I will be even making cameo appearances in a particular episode and I’m hoping that she doesn’t get to kill me onscreen!” He admits that working long-distance for a US production is not easy but technology is a great aid in cancelling the distance between Nicosia and Los Angeles, through extensive use of Skype, Viber and e-mail in carrying out his production duties. “My wife and I are planning to fly out to LA next year to shoot our scenes and meet the cast and crew in person,” he says. “Fingers crossed, the series will be nominated for an Emmy and we will get to walk the red carpet at the ‘TV Oscars’ and then get hold of the coveted golden statuette of the winged woman www.goldnews.com.cy | GOLD | 129

TIME

OFF FINGERS CROSSED, THE SERIES WILL BE NOMINATED FOR AN EMMY AND WE WILL GET TO WALK THE RED CARPET holding the atom.” Asked to share the secret behind an engaging TV series, he hesitates: “As a TV series aficionado, I can tell you that there is no ‘one-size-fits-all’ approach to creating a successful show. What may be appealing to one viewer may be repulsive to the next.” That said, he mentions that there are certain key ingredients which can increase the chances of a TV series being embraced by audiences, such as having an intriguing plot, garnished with multiple twists, persuading the viewer to be invested emotionally in the characters, choosing the cast carefully so that the actors have the right chemistry and ending each episode on a suspenseful note, making you crave the next one – an ingredient which, he says, has indeed cost him “several sleepless nights.” Discussing his all-time favourite film, Yiassemides confesses that it is none other than the classic trilogy The Godfather. “Everybody should see all three instalments in one go, at least once in his life, to get the full effect of the saga. I love it for so many reasons – the acting, the family values, the soundtrack, the juxtaposition between good and evil and the chilling transformation of Michael Corleone out of love for his father.” On another note, his favourite TV series would be The Sopranos, which he considers to be a “modern-day Godfather” and finds the antithesis of heading a mob family alongside a conventional one, while trying to strike a balance between the two, exhilarating. Similarly, Spyros Yiassemides also exerts a superhuman effort as he tries to maintain a balance when it comes to aspects of his

own life. “I somehow manage to balance all my responsibilities and be on top of my game every day in every aspect, be it family (which always comes first), work or play – I guess my energy genes are supercharged!” he jokes. He likes to compare his ‘split personality’ of being an accountant and an associate producer to Dr. Jekyll and Mr. Hyde but is quick to point out that, with good time management, everything is feasible. “I divide my day into time blocks (like Hugh Grant in About a Boy), with my day job eating up most of them, then in the afternoon I spend time with my family until everybody is asleep, and then I burn the midnight oil working on Sangre Negra, alongside my other vices.” Sleep? That,

130 | GOLD | The Business Magazine of Cyprus

he says, is a luxury which has been sacrificed. Despite the daily struggles of a heavy schedule, Yiassemides dismisses the idea of giving up his job in the Cypriot financial sector to become a full time TV producer in the US. “The truth is that my day job provides me with the financial means to indulge my passion, that is investing in films and being part of their productions. If you flip the coin to the other side,” he explains, “this involvement of mine with film productions gives me such great pleasure that I give 110% of myself in my main profession so as to keep the loop going, as the one feeds into the other – quid pro quo.” Spyros Yiassemides’ family has undeniably influenced and reinforced his love for any-

thing filmic. Thinking back to the ‘80s and ‘90s, he says, “Going to the movies during this period carried an inherent romanticism, which is absent in the modern cineplex. I am very grateful to my dad for sharing his love of films with me during those two beautiful decades, a love which eventually made its way into my own heart and fixed itself there permanently.” Besides his father, other members of the family share the very same passion, proving that his cinematic enthusiasm is, indeed, hereditary. His grandmother owned Galaxy VC, one of the first video rental clubs in Nicosia, where he vividly remembers people discussing movies for hours, while his aunt’s godfather owned the legendary Othellos cinemas, where he enjoyed ‘carte blanche’ for all screenings. His younger brother, a professional musician, is also following in his footsteps as he is currently undertaking his Master’s in Film Scoring with a view to ‘going Hollywood’ someday. Finally, replying to a question on whether his future plans might entail a possible collaboration in a Cypriot production, he proudly reveals that, “As a matter of fact, I am in talks with director Demetris Tokaris of Sigma TV with a view to producing a documentary about the life of my grandfather, Michalakis Yiassemides, a renowned musician and jazz legend, who is still an active musician at the age of 94.”

Thanks to K-Cineplex Nicosia, where the photographs were taken.

Lunc Lunch with CHRISTODOULOS ANGASTINIOTIS

AS CHAIRMAN OF THE CYPRUS INVESTMENT PROMOTION AGENCY (CIPA), CHRISTODOULOS ANGASTINIOTIS HAS PLAYED A KEY ROLE IN PUTTING CYPRUS ON THE GLOBAL INVESTMENT MAP AND IN ATTRACTING FOREIGN COMPANIES AND HIGH NET WORTH INDIVIDUALS TO THE ISLAND. HE COMBINES THIS WITH RUNNING HIS OWN AWARD-WINNING BUSINESS BUT THERE IS NO DOUBT ABOUT WHICH ROLE TAKES UP THE VAST MAJORITY OF HIS TIME AND ENERGY. BY THE TIME WE FINISH OUR SIMPLE BUT TASTY MEAL AT ONE OF HIS FAVOURITE NICOSIA RESTAURANTS, HE HAS ALSO REVEALED WHO IS THE REAL POWER BEHIND THE ANGASTINIOTIS THRONE.

Gold

I

first met Christodoulos Angastiniotis six years ago, when GOLD was still in its early stages and I wanted to find out more about the Cyprus Investment Promotion Agency, with which the magazine would soon have a mutually supportive relationship. I have to admit that the short, stocky, joke-cracking fellow who was introduced to me as the agency’s Chairman didn’t quite fit the image I had created in my mind of how such an important and

132 | GOLD | The Business Magazine of Cyprus

possibly powerful individual dual ought to look and behave.. Over the years, I have on many occasions been reminded of what we teach our children – that we should not let first impressions colour our judgment – having observed Angastiniotis both at work and in private and being impressed by the way he manages to balance both sets of circumstances and acts in the most correct and appropriate manner depending on which particular role he is playing. Today, however, things are

By John Vickers

GIORNO TUTTO IL ICA N A ROM T llikarides a P s ra o 13, Evag osia s o avit , Nic Street, Lyc LES VEGETAB STUFFED T YOGHUR NARA TI CARBO SPAGHET R E T A W MINERAL WHISKY O ESPRESS

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TOTAL

not quite how I expected them to be, given that my guest is always a bright and cheerful companion, especially where food is concerned. After ordering a dish of stuffed vegetables, he proceeds to tell me that he is feeling angry, disappointed and frustrated. What can have spoilt the mood of this normally exuberant man? Knowing that he has just returned from a business trip to India, I wonder if it was the flight, the food, the whole experience but

no. He has been upset by the opposition parties in the House of Representatives. “I am grossly disappointed about the prospects for 2017, now that the House of Representatives has voted against the reform bills,” he explains,” and it’s all due to populism. They don’t want Nicos Anastasiades to succeed in anything between now and 2018 when the next elections are scheduled to take place. Their priority is not Cyprus, unfortunately for us. It’s how they can score points against the Government, without thinking that they may eventually inherit a situation that will be much more difficult to manage in the future.” He is indeed annoyed, as he recalls how he has been speaking to the international community about the country’s economy and promoting what he calls “the Cyprus success story” but now he is increasingly being asked questions in the vein of ‘What's next? Have you carried out the reforms? What’s happening with the privatisations? Where is the National Health Service?’ “And now I have to reply, ‘Unfortunately, our parliamentarians voted against them’? This is very frustrating and beyond any logic. I'm very angry and disappointed by the populism of our politicians and the positions they take. “These issues should be beyond personal and party interests and objectives. We have become a joke in the eyes of the international community.” Angastiniotis believes that, since 2013, the people of Cyprus, the business community and the Government have together performed what he describes

as “a small miracle” with the economy but he makes the point that all this was achieved under the vigilant eyes of the Troika. “If the Government made one tactical mistake, it was to allow the Troika to leave early,” he says. “It appeared to be a good move to exit the economic adjustment programme early, but as soon as the Troika left, we began to forget everything we had been aiming to achieve. The opposition parties are trying to block

opposition voted this down. Is this patriotic?” Christodoulos Angastiniotis was appointed to the Chairmanship of CIPA by President Demetris Christofias, a man with whom he had frequently disagreed – in public and in private – on economic matters in his role as President of the Nicosia Chamber of Commerce, a post he held for two consecutive three-year terms. Nonetheless, Christofias let

told him that I had no interest in becoming a government minister, if that was what he had in mind.” Things progressed some time later when Angastiniotis met up with Eleni Mavrou, who was Mayor of Nicosia at the time and a person he had known since they attended the same primary school in Kyrenia. “I have great respect for Eleni and I think very highly of her,” he tells me and recalls their conversation in which she told him that she understood why he didn't want to be part of the Christofias administration, given that he was on the opposite side of the political spectrum, but she mentioned that Phidias Pilides would soon be ending his term as Chairman of CIPA. “She told me she would arrange a meeting with President Christofias, we went to see him and she proposed me for the post. He said he would think about it, which he did and although he knew that I had openly disagreed with him on many occasions, he appointed me.” One day after Nicos Anastasiades won the presidential election in 2013, Angastiniotis and his Board of Directors resigned en masse, signing a letter in which they

I AM NOT AND WILL NEVER BECOME A POLITICAL PERSON everything from civil service reform and privatisation to the casino law. The Government had actually reached agreement with the civil service union on correlating salary increases with the increase in GDP but the

it be known that he wanted to utilise him in some way. “He knew my family history, including the fact that my grandfather had been one of the founders of the cooperative movement,” he says, “but I

said that they believed that the new President should appoint his own trusted people. “He called me and said that he wanted me to stay where I was and he reappointed almost the entire Board. At the end of

www.goldnews.com.cy | GOLD | 133

| LUNCH WITH GOLD |

our term, he did the same thing, which I took to be a sign of trust in the way we were doing our work –especially in 2013, when the country was in deep trouble – to change the negative image that Cyprus was suffering from internationally following accusations of money laundering and so on.” Last year, Angastiniotis and his Board were once again reappointed. He expresses great pride in the members, whom he describes as “really excellent, worthwhile people who devote endless hours of unpaid work to CIPA and the economy,” and he mentions a few names: Kyriacos Kokkinos (IBM), Angelos Gregoriades (KPMG), Nicolas Theocharides (UPM). Not that his own contribution does not go beyond the call of duty: he came back from India on Saturday, went to his own office for three hours and, after our lunch, he would be on CIPA duty until midnight. How does he manage to be so active himself, I ask, when he has his own company (VitaTrace Nutrition Ltd, which specialises in the production of feed additives for livestock production and veterinary pharmaceuticals) to manage? At last, the familiar Angastiniotis smile appears. “I'm very lucky that it is very well-organised and run by a group of very hardworking people,” he says. “My father started the company in 1978. By the time he passed away in 2005, it had become a significant and healthy company. Today it's five times bigger – and a big one by Cypriot standards – and still healthy.” He expresses his pride about VitaTrace and the team effort that has made it what it is today. “The company that my father gave us worked on principles and we have maintained them,” he tells me. These days, it’s hard, if not impossible, to avoid discussing the latest developments concerning the long-running Cyprus problem. I seek Christodoulos Angastiniotis’ views, noting that he has already told me that he is from Kyrenia, which, under any reunification plan, will remain in the Turkish Cypriot constituent state of the new federated Cyprus. “I think we should do our utmost to

134 | GOLD | The Business Magazine of Cyprus

resolve it,” he states unhesitatingly, “not only because of the opportunities for growth and investment that will arise but because, if we don't, the economy is going to go down the drain very fast. I think people need to be given enough time between the reaching of any agreement and the referendum in order to understand what it's all about. This is democracy. And I believe that more people will vote for a solution this time, hopefully the majority. We all need to look to the future. No solution is going to be ‘fair’ for everyone. I am from Kyrenia so one solution will not be fair for me but another will not be fair

taking chances to solve the Cyprus problem, he is treading on thin ice but leaders and statesmen never play safe. This is why I think the other parties should be supporting and standing by him, not trying to blow everything up to gain small party points.” Christodoulos Angastiniotis has two sons, one who works in the family business and one who is currently studying in the UK. Does he have plans for the younger one too? “My wife Angie and I would like him to come back but we decided not to try and influence him so, if he wants to stay and work in the UK, we will support

NICOS ANASTASIADES HAS APPOINTED WHAT IS ARGUABLY THE BEST CABINET IN THE HISTORY OF THE REPUBLIC for the person who was born in my house 42 years ago and may have grandchildren today. We must take a long-term view and think about the future generations of Greek and Turkish Cypriots.” I tell him that he sounds like a good politician but he replies that such an idea is not on his agenda. “I am not and will never become a political person,” he insists. “It's never been my ambition to become a minister or a government official. I do what I do at CIPA because I believe we should all do what we can to help the economy, because I enjoy it and because I believe there is a lot to be done and we cannot expect everyone else to do things for us.” Despite his frustration with parliament the opposition party leaders (he says that the National Council should be renamed the Council of Populists), he believes that President Anastasiades is gradually proving to be a real statesman. “He has appointed what is arguably the best cabinet in the history of the Republic and he stands by what he believes. By working hard and

him” he replies. He notes that, these days, the world is smaller than it used to be, communication and travel are easier and says that he is “very grateful to Skype for saving me thousands of euros since Angie speaks to him at least twice a day!” Warming to his theme, he tells me not only that she is a very good mother to both their sons but he praises her role in his own life too. “If it wasn't for her, I don’t know where I would have been now,” he says cryptically. I ask him to elaborate. “She has kept the balance in my life, keeping me in order when I’ve gone the wrong way!” he says with a laugh. “She's very down to earth, she has no airs and graces, she's a very giving and caring person and she makes sure we all have our feet on the ground.” As we get up to leave, I remind him of the saying that “Behind every great man, there is a great woman”. “I must remember that,” he says. “Angie will like that one!” Of that, I have no doubt.

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WHAT’S

ON

THINGS

Pattichion Municipal Theatre, Limassol, Tuesday, (IGIQFIV Ć Ä TQ Municipal Theatre, Strovolos Wednesday & Thursday, STAVROS XARHAKOS December Ć CONDUCTS

to do

GREEK MUSIC

Monte Caputo, Limassol Monday, December 26, 8.30pm Royal Hall, Nicosia Tuesday, December 27, 8.30pm

GEORGE THEOFANOUS & GEORGE HADJINASIOS wo composers, two pianos, two generations and two charity performances featuring their shared back catalogue of hits.

T

PANOS KIAMOS CINEMA he popular LIVE, LIMASSOL Greek singer MONDAY, returns to Cyprus for DECEMBER 26, 11PM one concert.

T

OPA OPA CLUB he Limassol venue is hosting several big Greek acts over the Christmas break.

T

GIORGOS IORG R OS TSALIKIS AND LIKIS A ND D OCK OUT KNOCK WEDNESDAY, DNESDA DAY, EMBER 28, DECEMBER 11.30PM 1 30PM

CHRISTOS CHOLIDIS THURSDAY, JANUARY 5, 11.30PM

AMA AMARYLLIS A ARYLLIS FRIDAY, FRIDA DAY, DECEMBER 30TH, 11.30PM

T

he veteran Greek composer conducts his own songs and others by Theoodorakis, Hadjidakis, performed by Eleonora Zouganelis and Miltiades Paschalides.

PAVLOS PAVLIDIS & B-MOVIES avlos Pavlidis, formerly songwriter and frontman of Greek band Xylina Spathia, with his new band B-Movies.

P

DOWNTOWN LIVE, NICOSIA WEDNESDAY, DECEMBER 28, 9PM

Ravens, Limassol Monday, December 26, 10pm Downtown Live, Nicosia Tuesday, December 27, 10pm

ROCK KM MUSIC USIC

ALKINOOS IOANNIDES he Athens-based Cypriot singer-songwriter brings his Small Suitcase tour to Cyprus. y yp

T

Rialto Theatre, massol Limassol nesday, y Wednesday, QFIV Ć (IGIQFIV Ć ursday, y & Thursday, V Ć Ä TQ (IGIQFIV Ć Ä TQ own Live, Downtown a, Friday, y Nicosia, (IGIQFIV Ä QFIV Ä Ä TQ Ä TQ

Downtown Live, Nicosia Saturday, January 7, 10pm

N

DANCE

THE NUTCRACKER he most popular ballet at Christmas time has already been performed twice in Cyprus this month. For those who can’t get enough of Tchaikovsky’s music and want the best, here’s a chance to enjoy a fabulous production on the silver screen.

T

PAPADOPOULOS-GIOKARINISMILIOKAS eteran Greek singer-songwriters Lakis Papadopoulos, Yiannis Giokarinis and Yiannis Miliokas join forces with Evdokia Rapti.

V

NIGHTSTALKER ow in its 27th year, the band presents its new album “As Above So Belowâ€? and more. Opening acts are Crash ‘Î?’ Burn and the MotĂśrhead tribute band, Orgasmatron.

THE ROYAL BALLET tarring Lauren Cuth bertson, Francesca Hayward, Federico Bonelli and Alexander Campbell

S

Lena Papadopoulou p u Sunday, S unday, y Januaryy 1, 11.30pm 11.30p pm

13 136 1 36 | GOLD 36 GOL GO G OL OLD | Th The T h Business Magazine of Cyprus

Giannis Vardis & Giorgos Lianos Friday, January 6, 11.30pm

RIALTO THEATRE, LIMASSOL TUESDAY, DECEMBER 27, 6.30PM

ART BRIDES AT THE LEVENTIS LEVENTIS MUNICIPAL MUSEUM MUSEUM OF ridal gowns NICOSIA UNTIL from the colSUNDAY, APRIL 23, lection of the 2017 Peloponnesian Folklore Foundation in Nafplion, Greece, plus Cypriot wedding dresses from the Leventis Municipal Museum of Nicosia and other private collections.

B

Claude Monet Hall, A.G. Leventis Gallery, Nicosia Until Monday, January 16, 2017

GENIUS LOCI - THE CONTEMPORARY PHOTOGRAPHIC GAZE n parallel with the exhibition of works by Ioannis Kissonerghis and British landscape painters, also entitled Genius Loci, this one presents the works of the first photographers to capture the landscapes and monuments of Cyprus, together with landscape inspirations by five contemporary photographers.

I

FIRST GENERATION OF CYPRIOT ARTISTS FROM THE SURIKOV ACADEMY OF FINE ARTS IN MOSCOW ew and early works by Andreas Charalambous, Christos Foukaras, Mariam M Suhanova - Foukara, F Hambis Tsangaris, T Andreas Makariou, M Kyriakos Tamanas Ta and George Gavriel. Ga

N

LOUKIA & MICHAEL ZAMPELAS ART MUSEUM, NICOSIA UNTIL WEDNESDAY, JANUARY 25, 2017

WITH A STAR FOR EVERYONE roup exhibition by 23 artists, including 80 painted plates by Anna Varella as well as oils on canvas, sculptures and other works by George Kotsonis, Andreas Makariou, Lia Voyiatzi and others.

G

APOCALYPSE GALLERY, NICOSIA UNTIL WEDNESDAY, JANUARY 11, 2017

CHRISTMAS CONCERT CLASSY, BRASSY, CHRISTMAS! lassical music Christmas concert featuring: Mariza Anastasiades (soprano), Stelios Chatziktoris (tenor), the Emmelia Choir, Zbkynek Maruska and Elina Linchevskaya (pianos) and the fivepiece Aeris Brass Ensemble.

C

Casteliotissa Mediaeval Hall, Nicosia Tuesday, December 27, 8pm St. Catherine’s Catholic Church, Limassol Wednesday, December 28, 8pm

GREEK MUSICAL THEATRE 9.05 70,000 people have seen this show in Athens and it has now come to Cyprus for 6 performances. Directed by Pantelis Voulgaris, it stars Vassilis Papaconstantinou and Rita Antonopoulou and lots of great Greek songs. Pattichion Municipal Theatre, Limassol Friday, January 6, 9pm Saturday, January 7, 9pm Sunday, January 8, 9pm Municipal Theatre, Latsia Tuesday, January 10, 8.30pm Wednesday, January 11, 8.30pm Thursday, January 12, 8.30pm

STANDUP COMEDY

Pattichion Municipal Theatre, Limassol Thursday, January 5, 8.30pm

NEMR ailed by Rolling Stone magazine as “smart, sophisticated, powerful and hilarious”, Lebanese-born Nemr promises lots of laughs and a night to remember on his h first visit to Cyprus.

H

OPERA NABUCCO art of the superb “The Met: et: Live in HD”” series, it stars the legendaryy Placido Domingo in the title role, Liudmyla dmyla Monastyrska (Abigaille), Jamiee Barton (Fenena), and Dmitri Belosselskiy skiy (Zaccaria). Rialto Theatre, Limassol Saturday, January 7, 7.55pm

P

www.goldnews.com.cy cy | GOLD GOL G GO OL O LD | 1137 37 3 7

A DAY IN THE LIFE

Petros Petrou

I

get up at 6.30am am every day, have breakfast with my wife and two children and, at 77.15am .15a .1 5am m I ta take ke them to school. It’s a chance for a little time together before work. Then I go to the gym, which gives me some time to myself before a hectic day of meetings at Alpha. Every day at 8.15, I receive the previous night’s viewing figures and the first thing I do at the office is meet with the programme director to analyse the figures. After that, I have short meetings with the Managers of all the departments. Television is all about content and once you have the right content and your viewing figures are satisfactory, everything becomes much easier, in terms of selling, promotion, keeping your people happy – and paying the bills! All these things need to be

The General Manager of the TV channel Alpha Cyprus on why television is such an exciting medium to work in, XLI MQTSVXERGI SJ GSRXIRX ERH XLSWI HEMP] ZMI[MRK ÁKYVIW and why he insists on giving his maximum every day.

balanced bal and this is one of my key responsibilities. A great deal o time is spent on acquiring of our and creating the right mix of con content. We’re operating in a very competitive environment and Cyprus is a small market, wh makes our job even which har harder. Despite the competition from other media (print, radio, online), the latest European onl research indicates that TV is still rese the most important influencer in driving sales. It is essential, d though, to develop good content tho and then supply it in a way that people peo want to consume it. As a kid, my dream (like that A off many boys) was to become a professional footballer but later I actually studied International Marketing & International Business in New York. I briefly worked for a Greek retail organisation and an advertising agency in Cyprus for a year and then, in 2000, the late Andy Hadjicostis offered me a position in the Dias media group. That’s where my media career started and it’s brought me to where I am today. Every day here at ALPHA Cyprus, is totally different from the previous one. The work is challenging and I think TV is perhaps the only area in which you are evaluated on a daily basis – first by the viewers and then by the professionals in the advertising agencies. Those viewing

figures are so important! – but probably that’s also what makes it so exciting. I try to get home by 8pm at the latest so I have at least an hour with the kids before they go to bed. Watching TV all day means that it’s the last thing I want for relaxation! I prefer to read a book such as Quiet Leadership by Carlos Ancelotti, the football manager, which I recently enjoyed. As managers in any business, we all have our unique characteristics that we need to take advantage of, while being aware of the areas in which we are not so strong and working on them. Away from work, apart from my morning gym sessions, I play tennis and I enjoy playing sports with my kids. I love music and I listen to lots of styles. When I was younger my favourite singer was Chris de Burgh. I’ve been listening to him again and I still like his songs. In Greek music, I listen to Antonis Vardis, Melina Aslanidou and Eleonora Zouganeli. TV is a 7-day business but I try not to focus so much on work at the weekend and to devote as much time as possible to the family. So we do things with the kids, maybe go out for lunch or dinner, or cook at home. I can make quite a few dishes! In fact, for me cooking is a stress-relieving activity.

We all need to have ambitions and dreams, both professional and personal Still one of my favourites and I am no exception. I don’t think that I’ve reached the top of my profession because I’m the General I enjoyed this Manager very much of Alpha Cyprus. My vision for the channel is for it to be an This is work, innovative not relaxation! and competitive medium, adhering to high standards, providing quality content and staying true to the values of the company. At the end of the day, whatever I manage as an individual or an organisation, it will always be small compared with everything else that’s going on in the world. There is always more to do and more to try for, room for improvement and new ways to implement innovative ideas. I work hard and it makes me feel good about myself to know that I am giving my maximum.

MY VISION FOR THE CHANNEL IS FOR IT TO BE AN INNOVATIVE AND COMPETITIVE MEDIUM, ADHERING TO HIGH STANDARDS, PROVIDING QUALITY CONTENT AND

STAYING TRUE TO THE VALUES OF THE COMPANY

138 | GOLD | The Business Magazine of Cyprus

Season’s Greetings and a Happy New Year

© 2016 PricewaterhouseCoopers Ltd. All rights reserved

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