of licensed managers, the so called ‘mini managers’ which will help in the development of a new competitive market in Cyprus. The mini managers will manage the AIFs, Alternative Investment Funds with Limited number of Persons AIF-LNP or registered Alternative Investment Cooperatives whose assets will be less than €100 million. This category of managers falls outside of the European Directive and therefore is classed as national legislation. In essence, managers of funds fewer than €100 million will be supervised and, in so doing, we offer investors more protection. What do these amendments mean to collective investments and how will the markets and the economy in general benefit from them? The creation and operation of these funds in Cyprus is expected to channel investment capital into the real economy. It will be possible to utilise them as an alternative way of financing companies or large developments, something which is very widespread abroad. The CySEC has licensed 35 capital managers who are managing funds with a total value of €2,3 billion, which is invested in various portfolios, mainly financial, real estate and shipping, both in Cyprus and abroad. The development of collective investments will create new jobs for highly-educated personnel, which will be vital to further reducing unemployment and the subsequent growth of the economy. With the arrival of investment fund managers to Cyprus, a host of peripheral economic benefits
will arise, such as renting office space and the purchase of, for example, legal, accounting and touristic services, thereby strengthening Cyprus’s standing as an international service centre. What other development plans do you have? Apart from the aforementioned amendments, the Committee will examine the institutionalisation of the operations of companies providing services with regards AIF administration, which at this stage, is not supervised. The provision of services for the administration of the AIF can be assigned to third parties with the requisite expertise and necessary operational systems, as provided by the law, by licensed and CSEC supervised managers. We believe that institutionalising the operation and supervision of these companies will support the development of investment funds. We have decided to proceed with these amendments after examining similar applications in developed financial centres such as Luxembourg, Malta, Ireland and Britain. We have recently seen announcements from foreign interests planning to embark on large investments in coastal districts, particularly in the tourist industry. Will those interested be able to invest through collective investments? Will these funds be allowed to be listed on the Cyprus Stock Exchange? Our country does provide for investment opportunities, that is why there has been a warming of interest among foreign
investors and the announcement of investments either in tourism, real estate or in the promising energy sector following the positive exploratory results for reserves in Cyprus’ Exclusive Economic Zone. Let’s not forget that the Cyprus economy has started growing a mere three years after the Eurogroup decision. There are many opportunities which can be utilised through the development of collective investments. I won’t rule out seeing such funds listed on the Cyprus Stock Exchange, as many of them are already listed on exchanges around the world. We are ready to examine any such request. As an alternative, these investments could be accomplished through investment funds. This choice, apart from the benefits that these funds offer, allows shareholders, under certain conditions, to acquire a Cyprus passport. Do you see greater prospects for investment in the financial sector? I believe that the CySEC laws which, for example, relate to a specific investment product such as AIFs, can be developed into contributing and even improving the thorny issue of non-performing loans and, in so doing, providing relief not only to the banks, but to the economy in general. Foreign investors are searching for good returns on moving values in order to safeguard their investment on the one hand, and to easily cash in on the other. I am optimistic these opportunities will be utilised effectively by interested investment funds and that this will bolster the development potential of our country.
MARKET INTEGRITY AND EFFECTIVE SUPERVISION What challenges is CySEC faced with today? Basically, maintaining market integrity and protecting investors remain the main challenges. It is a painful project which requires vigilance, and constant monitoring of dangerous developments in various sectors of the market and the international arena. This is our core mission, to which we respond with competency. We do, however, need state support as the supervisory
and regulatory fronts are expanding, causing increasing demands on effective supervision. Does the Finance Minister support you in this? Cooperation with the Finance Minister is excellent as he understands the challenges and the importance of the CySEC in the development of financial services as well as the related professional services in Cyprus. Let’s
not forget that our economic model benefitted a great deal from the services sector and the Cyprus economy is, by and large, an exogenous one. Funds have been made available for the creation of new jobs as a result of the close cooperation between CySEC, the government and especially Minister Georgiades who, despite facing a lot of pressure in preparing the budget, recognised our needs and actively supports our work
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Mr Evangelou what is your opinion of Cyprus economy today? The Cyprus economy is back on track of recovery, even though there are still areas to handle like unemployment, nonperforming loans, high interest rates. However, we should not ignore the present prospects due to the politico - economic conditions of the area and Cyprus’ geopolitical position and role, nor the opportunities posed by natural gas and of possible solution to the Cyprus problem. What could be your concluding message to Entrepreneurs Mrs Constantinides and Mr Evangelou? (Mrs Constantinides) The value of professionalism in business has an actual meaning. Each company needs to work in readjusting its vision – goals-strategies; to set long-term and short-term tangible goals; to assess local and foreign associates in order to receive valued and specialised services in key areas (eg accounting-finance- human resource-IT). (Mr Evangelou) I agree with Mrs Constantinides that
companies need effective financial planning and management, successful marketing and adoption of procedures and methods for more cost efficient and effective handling of company resources. It is in these areas that we, FCI Services Ltd, strive to assist companies in an effective and practical way. The management team of FCI Services Ltd has a valuable and long experience in the financial and business sector which is backed – up by capable personnel acting always with consistency, professionalism, flexibility and personal care. We state ourselves as a dynamic alliance to any business, however big or small tackle, local or international towards today’s challenges.
Andri Constantinides, Director Andreas Evangelou, Director Tel: 22 873 708 Email: www.fciservices.com.cy
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and innovation, education, natural gas, renewable energy, environmental technology, medical-wellness, hotel and tourism, construction & development We continuously strive to ensure a close cooperation with each of our clients, irrespective of their size, in a mutual attempt to develop their business and improve profitability. Our primary concern remains the practical and effective handling of the complex and competitive business environment of local and international markets as well as the continuing challenges of the times.
Adonis Kalopetrides FCAA Partner, P Kalopetrides& Co Nicosia Tel: 22669017, info@pkalopetrides.com.cy www.pkalopetrides.com.cy
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oriented mentality. It seeks to build exceptional working relationships with clients. Stelios Americanos & Co LLC provides its services to governmental and semi-governmental organisations, major international financial-banking institutions, public companies quoted in the Cyprus Stock Exchange or the AIM and multinational corporations, in matters related to international finance, and securitization, complex cross-border transactions including mergers and acquisitions, restructuring and litigation before court or arbitral bodies. As far as the international practice is concerned, the firm has an impressive list of international clientele that includes major financial-banking institutions, investment funds, leading international law firms, multinational corporations and individuals of high financial standing. An indicative list of its local and international clients includes: EBRD, Abris, Adama, Alfa Bank Ukraine, Oil Company Alliance, Amsterdam Trade Bank, Arricano Commercial Real Estate, Bank of Moscow, Bank Saint Petersburg, China Development Bank, Contel, Credit Europe Bank, Deutsche Bank, Eurasian Development Bank, GeoProMining,
Heitman Real Estate Investment Management Firm, Immofinanz Group, Infinity Augmented Reality, ING, IFC World Bank Group, Magnous Group, MEKOROT Israel National Water Co., NORDEA, Raiffeisen Bank, Rutgers, Timan Oil & Gas, Sberbank, Tashir, Bank Austria Member of UniCredit, VTB, XXI Century, Bank of Cyprus, Hellenic Bank, Talos, Qatar Airways, Eurobank, Piraeus Bank.
Recently the law firm, despite the difficult economic conditions the whole country is facing, has moved to new office premises, which was a natural consequence to the firm’s continuous expansion.
Stelios Americanos & Co LLC has created close and long-lasting relationships with reputable legal and consulting firms overseas and is, thus, able to assist clients with any aspect of their crossborder transactions and needs. The firm is a member of several professional associations including: International Bar Association, Cyprus Bar Association, ITPA (International Tax Planning Association) and STEP (Society of Trust and Estate Practitioners).
The firm’s communication languages are Greek, English, Russian, Ukrainian, Spanish, Hebrew, Chinese and Arabic.
The law firm’s mission is to provide high quality legal services with integrity, professionalism and respect towards the clients, fellow lawyers and the law.
12, Demostheni Severi Av. Office 601, 6th Floor 1080 Nicosia, Cyprus Tel.: +357 22 46 55 00 Fax: +357 22 33 85 00 Email: info@americanoslaw.com Website: www.americanoslaw.com
The members of the firm are very active in various professional associations and participate as speakers in international conferences and seminars while regularly publishing articles and opinion pieces in a variety of matters related to Cyprus Law.
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investment, constitute a desirable example of steps designed to attract new investments through a flexible adjustment to the current environment. For example, the minimum investment amount has been reduced from €2,500,000 to €2,000,000 ; the investment may be made through Cypriot alternative investment funds (thus giving impetus to the fledgling field of alternative investment funds); while the physical presence of the companies through which investment takes place is required, which should also have significant activity and turnover and employ at least five Cypriot or European
citizens (this creates the necessary bond and connecting link of the applicant with Cyprus). Amid this changing landscape, the law firm Christodoulos G. Vassiliades & Co. LLC has stayed committed to its enduring goal, which is to provide legal skills of the highest quality, while serving its clients through personalised advice, drawing on its well-trained and highly-qualified human resources. In its professional activities, Christodoulos G. Vassiliades & Co. LLC always acts as an ambassador for Cyprus with the country’s best interest at the forefront of our efforts.
This year, 2016, finds Cyprus at a critical turning point regarding the national problem, which, for 42 years now has been stalling and blocking its unhindered development. Naturally, our fervent desire is to find a compromise formula that would throw off the Turkish occupation and allow Cyprus to embark on a peaceful route, as a free and unified state at last. The viability and justice of any proposed compromise are imperative conditions for the acceptance of a new status quo. We aspire to a solution that safeguards the continuation of the Greek Cypriots of Cyprus.
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• Mrs Elena Mina has worked as a lawyer at Theodoros M. Ioannides & Co. L.L.C since 2012. She graduated from the University Of Manchester School of Law from which she was also awarded a Master of Laws degree in Corporate Governance. She has experience in civil and criminal proceedings and other special courts. All members of the firm are well-versed in all judicial areas and are specialised in Insurance Law. The office has affiliate lawyers throughout Cyprus. At our firm, we maintain a solid
commitment toward providing our clients with a high quality of service, bringing them the results they expect.
Despite this challenging and continuously evolving market, the firm will continue to remain competitive while providing quality services to its valuable clients.
Our law office is always aiming for success, which is achieved through:
• Our professional approach • Our quality and excellence of service
• Our integrity and trustworthiness and
• Our commitment, dedication and loyalty
Contact us at: LAW FIRM THEODOROS M. IOANNIDES & CO L.L.C. 29, Diagorou Str, 2nd Floor, Off. 201 1097 Nicosia,Cyprus, P.O. Box 21589, 1511 N/sia Tel: +357 22669628 Tel: +357 22679476 Fax: +357 22662735 Email address: lawdoros@cytanet. com.cy Website: http://www. dorosioannides.com.cy Facebook: http://www.facebook. com/DorosMIoannides
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Andreas Neocleous, Founder and Chairman of the firm
A
ndreas Neocleous & Co. LLC is among t h e l a r ge s t l aw firms in Southeast Europe and the Eastern Mediterranean, and is globally recognised for the high quality of its legal services. The firm’s headquarters are in Limassol, and it also has offices in Nicosia and Paphos, as well as in Russia, Belgium, Hungary, Ukraine and the Czech Republic. The firm’s team of over 200 experienced advocates and other professionals provide a full service in all aspects of Cyprus and international law. For several years, all the leading independent legal rating agencies have consistently ranked Andreas Neocleous & Co. LLC as leaders in every area of practice, recognising the quality of the firm’s advice and client service across the board.
Around 80% of the firm’s clients are market-leading companies, organisations and individuals from overseas, who come to Andreas Neocleous & Co. LLC because of the firm’s high-quality advice and responsive service on a par with the leading international law firms in global financial centres such as London and New York. Meanwhile, the legal profession’s leading monthly magazine, LEGAL BUSINESS, associated with LEGAL 500, recently selected Andreas Neocleous & Co. LLC for inclusion in its list of the top 100 law firms in Europe. This is a distinction that not only honours the firm, but also the whole of Cyprus, given that out of the 42 European countries evaluated, 17 countries did not have a firm of sufficient quality for inclusion in the final list. In the course of a recent interview
Andreas Neocleous, founder and chairman of the firm, gave us his views on the main issues facing the legal profession and the Cyprus economy. Over the years, the business service sector was a main driver of economic development in Cyprus. Today, this sector continues to make a significant contribution to the island’s economic activity, employment and growth. Despite the events of March 2013, which many, especially our international competitors, predicted would be the end of our business services sector, we succeeded in retaining the confidence of investors and kept the name of Cyprus at the forefront of international business centres. The services sector has thus proved, once again, to be the backbone of Cyprus’seconomy. Large numbers of leading international businesses and organisations choose
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TRUSTED BY CLIENTELE The firm’s clientele is proof of the professionalism, reliability, discretion, ethos and integrity of the firm’s partners and staff. The relationship between staff and clientele is based on trust and immediate and excellent service. Our clientele includes prominent domestic and foreign financial institutions, large insurance firms, public entities and municipalities, major construction companies and real estate development companies, multinational and domestic pharmaceutical companies, multinational and domestic IT companies, legal entities active in the tourism and energy sectors, as well as shipping companies and individuals.
PHILOSOPHY AND AIMS Driven by the needs of each individual, the firm’s philosophy is based exclusively on the legitimate interests of each and every one of its clients. The principles of professionalism,
industriousness, ethos, reliability and honesty are extremely important to each case which the team undertakes upon careful examination and research, combined with expert knowledge, for the best possible result. The provision of reliable and immediate legal counsel catering to the particular needs of each client is the main aim of the firm. The continuous training in new areas of law being formed in the global market, as well as meeting the criteria set by the needs of the global economy and the Cyprus market, are integral, in combination with the experience of the firm’s staff, in completing the firm’s development and support to its clients .
VISION The partners and associates of the firm continue to be inspired and to support Tassos Papadopoulos’ vision and aim to honour the tradition of offering quality, professional and exemplary legal counsel to clientele in Cyprus and abroad.
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The stabilisation of the Cypriot economy and the fact that there were no subsequent changes in the institutional and tax framework of the country (other than an increase in the percentage of corporate tax, based on the Memorandum) have supported the effort to attract investors who utilise the island’s corporate regime for investments in or through Cyprus. The tax reform implemented in 2015 contributed positively in this direction. Significant amendments have been the adoption of the deduction of deemed negative interest on equity capital invested in Cyprus and the concept of ‘non-domicile’ which effectively allows the exemption from taxation of dividends earned by a foreign investor who elects to settle in Cyprus and become a tax resident. A person is deemed to be a Cypriot tax resident if he or she is in Cyprus for more than 183 days in a tax year. It is possible that this definition might change,
based on what applies in other countries, such as in the United Kingdom. The simplification of procedures and the reduction of bureaucracy reinforces the sector and creates a better business environment, not only for local businesses and citizens, but also for foreign investors. A basic criterion for deciding on which jurisdiction the headquarters of a company should be based, other than the stable tax and institutional framework, is the effectiveness and ease with which a company can carry out its business. In this respect, there has been significant progress, notwithstanding the fact that improvements are still required. The efforts made towards upgrading the services offered, is ongoing. Investors’ needs and requirements change continuously, and the creation of new financial products (such as, for example, collective investment schemes) is a priority. The country has the experience and the human capital necessary to further advance the sector.
THE THREE GOALS • Schools, universities, research centres, communication centres, public service providers such as hospitals and the public sector, as well as companies which rely on digital technology, must have access to extremely fast connectivity (the ability to download or upload with speeds of 1 gigabit per second) • All European households, both rural and urban, should have access connection with at least 100Mbps and the ability to upgrade to Gbps • All urban areas, as well as major road and railways, should have continuous 5G coverage, the 5th generation wireless communication. As an intermediary goal, 5G coverage should be commercially available in at least one major city in each EU member state by 2020. Another important initiative in today’s package of connectivity measures, Wifi4EU, aims to make it possible for European communities to provide free wireless access points for every European citizen. Joint investments in high-capacity networks, a better use of radio frequencies, higher consumer protection, the anticipated 5th generation network and financing for innovative new services including automated driving, drone delivery of goods or virtual reality for special professional cooperation - indicate the direction and the trend for tomorrow’s Cyprus.
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patients being sent abroad for treatment, as a large number of needful services are now offered by notable doctors in Cyprus. Meanwhile, medical Schools, which have been established over the past few years, have additionally played an important role in the development of the island’s medical sector. They are also expected to upgrade the level of medical services, biomedical sciences and research on offer and consequently revive the economy while boosting Cyprus on the international arena. A major influx of foreign students and an ebbing of our own students going abroad are also expected, with more patients remaining in Cyprus for treatment, while reaping all of the associated economic benefits of such a decision. Research is another field in which Cyprus is vying for a place on the international map – a target it is apparently achieving. Cypriot researchers and scientists have submitted a great deal of research, competing and winning support for research programmes through European funds and driving Cyprus steadily forward. However, where work still remains to be done is in the domain of medical tourism and the development of the island as a regional medical hub. The geographical and physical characteristics of Cyprus are its main advantages, attracting prospective foreign investors in the healthcare field and consequently improving the island’s prospects toward becoming a regional medical centre.
According to the Health Ministry, the majority of foreign patients choosing Cyprus for treatment originate from Great Britain, Germany, Holland, Russia and the Middle East. Apart from dental services and cosmetic surgery being high on the list of treatments that such foreign patients prefer to undergo in Cyprus, local fertility treatments have also indicated a major rise in the last few years. Specialised medical services offered in Cyprus have also proved attractive to overseas patients, with medical tourists drawn to the island’s specialised services such as dialysis, cardiac surgery, orthopaedic surgery and musculoskeletal surgery options. In this vein, Cyprus has a plethora of medical diagnostics centres which offer a wide range of services, including embryonic medicine, MRI, digital mammograms, diagnostic and interventional radiology, as well as diagnostic and therapeutic nuclear medicine Ultrasound, osteoporosis testing, cardiac diagnostic testing, classic and endoscopic ultrasounds as well as panoramic and basic X-ray services are also widely available on the island. A high standard of care is additionally offered by local specialised centres (audiological, ophthalmological, and so forth), covering a wide range of diagnostic and therapeutic/ surgical services, a value similarly provided by many of Cyprus’ clinical and chemical laboratories which feature all types of tests.
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The spectrum of MRI examinations cover: study of the brain with further in•The vestigation of the pituitary gland, of the orbits and acoustic nerves, as well as angiography of the intracranial and extracranial blood vessels; specialised dedicated examinations such as spectroscopy, perfusion and functional analysis of the brain are also possible. The examination of the neck with emphasis on the soft tissues, the larynx, and the thyroid and parathyroid glands, as well as, the imaging of the spinal cord. Investigation of the thorax, particularly of the mediastinum. Specialised study of the functional and anatomic investigation of the heart and of the myocardium. Dedicated examinations of MR mam-
• • • •
mography for the study of the breast and breast implants, as well as depiction of lesions not easily seen by other modalities. Detailed examination of the solid organs of the abdomen, with focused investigation of the liver (for hemangiomas, suspicious lesions) and of the biliary tree, including the gallbladder and the pancreatic duct (MRCP). Dedicated study of the prostate (diagnosis and follow-up of cancer) and of the genital tract (uterus, ovaries, fallopian tubes), as well as examination of the perineum (for perianal fistulas) and of the rectum (diagnosis/follow-up of cancer). MR enterography for the diagnosis and investigation of complications of in-
•
•
•
flammatory bowel diseases (Crohn’s, Ulcerative colitis). Angiographic examinations of the aorta and its branches for the depictions of aneurysms and stenoses. Examination of the spinal column (cervical, thoracic, lumbar regions) with specialised sequences to depict the optimum therapy for conservative or surgical treatment. Investigation of the musculoskeletal system and of the joints of the upper and lower extremities (shoulder, elbow, wrist, hip, knee, ankle and foot imaging) with the possibility of arthrographies. Investigation of hemosiderosis, an iron-overload disorder that affects the liver, pancreas and heart in patients with thalassemia.
• • • •
MR Whole body diffusion (lymphoma) MRI of knee with 3T
The spectrum of CT investigations includes: study of brain with detailed examination of the petrous bones and •The of the paranasal sinuses with 3D reconstruction capability, as well as, dental tomography for detailed imaging for dental procedures. Depiction of pulmonary parenchyma for the investigation of interstitial lung disease and early diagnosis of cancerous changes. Coronary CT angiography for the detailed study of the heart and its coronary arteries (see embedded article). Angiographies of the aorta and branches, including of the pulmonary artery (for pulmonary embolism) and of the mesenteric arteries (for mesentery ischemia), as well as, peripheral arteries for the depiction of peripheral angiopathies and for the investigation of aneurysms and stenoses. Study of the small and large bowel with CT enterography and virtual colonoscopy – this examination uses very low ionizing radiation and, with the proper preparation, can depict with relative good sensitivity mostly the stalked bowel polyps. Classic imaging of the abdominal organs for the depiction of pathology and follow-up of known pathological conditions. The investigation of the urinary tract for the imaging of stones and lesions from the kidneys and urinary bladder. Detailed examination of the bony structure with 3D analysis of the musculoskeletal system.
• • • • • • •
MR Neurography of brachial plexus
Why should you choose Ayios Therissos Medical Diagnostic Centre? It’s true the above examinations are performed by many other diagnostic centres but the difference lies in technology: the resolution of MRI images depends mostly on the strength of the magnetic field (measured in Tesla) – therefore, the more powerful the magnet (such as the Philips Achieva 3T) the more signal the “magnetised” tissues will provide, with a correspondingly better signal-to-noise ratio, while the multichannel platform of the coils (as in the 32-channel Siemens Avanto) also increases resolution, thus images are clearer and more detailed. From the CT perspective, the increased number of slices of the scanner lead to smaller slice thickness and to a greater scanned area per sweep, and therefore to a more detailed image resolution and a faster scan time with fewer sweeps, which also results in a smaller dose of ionising radiation for the total examination. It is commonly said that details make the difference, but here at Ayios Therissos, the difference is in the detail. Dr. Costas Voulgaris, Clinical Radiologist, EDiR
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