Cyprus at your service 2017 by Phileleftheros Public Company LTD

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JUNE 2017

CYPRUS AT YOUR SERVICE

A FULL-SERVICE SPECIALISED FIRM

AIMING AT EVEN HIGHER STANDARDS OF EXCELLENCE ‘A PROMPT AND RESPONSIVE FIRM, WHICH PROVIDES AN EXCELLENT CALIBRE OF ADVICE’

• HOW PROFESSIONAL SERVICES HAVE REGAINED GROUND • THE DYNAMIC NEW INVESTMENT FUNDS SECTOR • PRESENT AND FUTURE CYPRUS SHIPPING PROSPECTS • WHY THE DIGITAL ERA DEMANDS BANKS INVEST IN TECH AND SKILLS TO TACKLE FINTECH

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CONTENTS SERVICES IN CYPRUS 2. SERVICES, THE LIFEBLOOD OF THE ECONOMY

3. H. GEORGIADES: POSITIVE CHANGE IS COMING

32. FCI SERVICES LTD 34. P. KALOPETRIDES & CO 36. N. PILIDES: NEXT STEP: INVESTMENT IN INNOVATION

7. Y. DEMETRIOU: TACKLING FINANCIAL CRIME

39. M. SIATHAS: KEEPING UP WITH COMPLIANCE

10. M. KAMMAS: CYPRUS PROSPECTS MUST BE SET FREE

42. T. KAZAKOS: CYPRUS SHIPPING – A STALWART OF THE ISLAND’S ECONOMY

12. F. MULLEN: BANKS AND THEIR CHALLENGES

44. D. VAKIS: WE CAN PLAY A COMPLEMENTARY ROLE

BANKING 14. BOC CORPORATE BANKING 16. CDBBANK 18. RCB BANK LTD TELECOMMUNICATIONS 20. CONNECTING THE WORLD 21. CYTA 24. CABLENET FINANCIAL ORGANISATIONS/ AUDIT FIRMS/INSURANCE/DATA MANAGEMENT SERVICES 26. D. KALOGEROU: ENRICHING THE FINANCIAL SECTOR WITH NEW TECHNOLOGY, PRODUCTS AND SERVICES

28. ERNST & YOUNG CYPRUS LTD (EY) 30. PwC CYPRUS

46. EOS GREEN ENERGY PROJECT CYPRUS 52. CHELCO VAT LTD 54. FILEMINDERS 58. RTBS LTD 60. S. DRACOS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE SERVICES SECTOR

MEDICAL/DIAGNOSTICS CENTRES 62. INVESTING IN HEALTH 64. ALPHA EVRESIS DIAGNOSTIC CENTER 66. AYIOS THERISSOS MEDICAL DIAGNOSTIC CENTER

70. CYPRUS AUDIOLOGY CENTER 72. YGIA POLYCLINIC PRIVATE HOSPITAL LAW 74. ELIAS NEOCLEOUS & CO LLC

IDENTITY PUBLISHERS-DIRECTORS: NICOS C. PATTICHIS, MYRTO MARKIDOU

DIRECTOR, SALES & MARKETING: RENOS ONOUFRIOU

EDITOR-IN-CHIEF: LEFTERIS ADILINIS

SALES EXECUTIVES: PANIKOS PITSILLIS, DINOS KOZAKOS

EDITOR: ALEXANDER DAVIDIAN

PAGE LAYOUT: MICHALIS MITHILOS

COPYRIGHT: PHILELEFTHEROS LTD, 1 DIOGENOUS STREET, ENGOMI, P. O. BOX 21094, 1501, NICOSIA PRINTING AND BINDING: PROTEAS PRESS LTD, NISSOU INDUSTRIAL ESTATE, 2571, P. O. BOX 21098, 1501 NICOSIA. TEL 22479000, FAX: 22479200 EMAIL: INFO@PROTEASPRESS.COM.CY

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Services, the lifeblood of the economy A broad sector that has weathered the crisis

his week we produce a special report on the services sector in Cyprus. We feature interviews and articles from a range of sector players, including lawyers, accountants and those who regulate them such as the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus. We also hear from the Cyprus Investment Promotion Agency (CIPA) and the shipping sector, and we assess developments in other sectors. As an island economy isolated from its biggest neighbour, the services sector is naturally by far the biggest of the Cyprus economy, accounting in 2016 for an astonishing 86.7% gross value-added. Industry came a distant second, accounting for just 7.1%, while construction, which has shrunk dramatically since the crisis that peaked in 2013, accounted for just 3.9%. Agriculture makes an even smaller contribution, at 2.3% of gross value-added. Services still dominates even once you remove public administration, defence, and public education and healthcare. Privatesector services account for around 69% of gross value-added, or more than twothirds of the entire economy. The private services sector is very broad. In order of size, it encompasses: retail and wholesale trade; finance and insurance; real estate; professional services; shipping;

tourism; private education and healthcare; and other smaller sub-sectors.

tive (MiFID II) due in January 2018, the Common Reporting Standard (CRS), of which Cyprus is an early adopter, and the THE DYNAMIC SUB-SECTOR US Foreign Account Tax Compliance Act One of the most dynamic sectors in recent (FATCA). years has been professional services - all For banks, funds, accountants, lawyers the lawyers and accountants serving local and those who work with them, this has and international businesses. Although meant a great deal of investment in comprofessional services suffered a steep depliance. cline in the crisis of 2013-14, dropping by It has also created opportunities. We hear a cumulative 11.3%, in the following two both from companies training the profesyears, it regained most of the ground, rissionals, as well as those providing servicing by a cumulative 10.3% in 2015-16. es to support compliance. This was despite the many These effor orts are starting to pay off. shocks to the system m that Earlie Earlier this year, Transparenincluded a fiscal crisis, isis, cy International I found that: Privatea haircut on deposs“C “Cyprus disclosed the most sector its, capital controlss ccomplete set of anti-money services account and a small rise in laundering data among for around 69% of the corporate tax the 12 analysed countries, gross value-added, rate. with information available or more than twoThe main focus of for 14 out of the 20 indicathirds of the entire this special report, ttors”. economy therefore, is thee In late 2015, the OECD has professional services ces foun found Cyprus compliant in sector and the related elated seven out of 10 areas – the same new, dynamic sector tor of inas the Netherlands, Net the UK and Gervestment funds. many. As well as addressing the global financial There are still plenty of challenges to crisis, followed by a Cypriot one, profescome: banks need to tackle bad loans at sional and financial services have also the same time as preparing for the finstepped up to the growing challenge of tech revolution. We need to attract more regulation. This includes the second EU startup talent. But the worst is behind us Market in Financial Instruments Direcand the best is yet to come.

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HARRIS GEORGIADES

Positive change is coming; services will contribute even more to the economy in the future Minister of Finance Harris Georgiades sees the services sector as a resilient one that is also undergoing important changes

BY FRANCES MILLER

ervices have been the lifeblood of the Cyprus economy for at least the past 40 years, and this is unlikely to change, said Finance

Minister Harris Georgiades. “It should be clear to everyone that Cyprus is an open, service-based economy,” he said, noting that services also include the flagship sector of tourism, as well as shipping. “It is a small, but focused, service-based economy and that’s where the compar-

ative advantages of our economy exist. Cyprus will never become a major manufacturing economy for instance,” he said. As regards business and professional services in particular, the finance minister said that he also sees “significant potential”.

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“First of all, this sector ctor proved evev nificant and it its contribution to eryone wrong, because use it was the econo economy remains very sumpsignifi almost a common assumpsignificant,” he added. ‘This rus Geo tion, both within Cyprus Georgiades also said sector gn th and amongst foreign that the sector showed resilience. “ observers, that thee “should and is” It showed that its professional and undergoing sigfundamentals were business services nificant change. strong enough, its sector would col“The emphasis outreach was significant lapse,” he said, referon shelf comand its contribution to p ring to the financial panies and large the economy remains d b crisis in 2013 that led bank deposits has very significant’ cco to a closure of the seccome to an end. I apicons ond-largest bank, capiconsider this to be a positiv development. It tal controls and a lot of bad positive utation act press for Cyprus’ reputation. wasn’t actually something “This sector showed resilience. It that was maximising the economic showed that its fundamentals were benefit,” he said. strong enough, its outreach was sig“Now there is a trend - which relates

also to the new global norms - towards focusing professional business services on substance: real economic activity, real physical presence, and this is a much more positive prospect for the sector and for the economy as a whole.” However, he added, “there is always scope for improvement”. “The sector should remain on its toes, the government should also remain on its toes, working closely together in order, through a never-ending process, to retain and continuously enhance the core advantages of this sector.” GOVERNMENT-BUSINESS COOPERATION One way in which the government has been supporting the professional and

JUDICIAL REFORM

The government is currently in the process of introducing judicial reform through a joint committee comprising the Supreme Court, the Ministry of Justice and the Ministry of Finance. Finance Minister Harris Georgiades says it is a “top priority” for the government. “We are in advanced consultations for hiring external support and seeking assistance from the European Commission. We are preparing to engage

in a very ambitious judicial reform,” he said. “This is what it means never to become complacent. We acknowledge that this is a sector that failed to remain up to speed, it is in dire need of reform. We are moving in this direction.” A number of steps have already been taken, with a budget allocation to invest in e-justice. An administrative court was estab-

lished a year ago and a new commercial court is planned, comprising specialist judges who will be serving the professional and business services sector. “A number of steps are already happening, but more needs to be done, including training, reform of judicial code, simplification of procedures and we shall not be ruling out adding to investing in additional capacity,” said Georgiades.

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business services sector is through a special committee to work with the government. It is headed by former finance minister and lawyer Christos Mavrellis. “Their work has been concluded, they have delivered us a checklist of things to do. This eﬀort includes everything, from continuously refining and im-

Minister of Finance Harris Georgiades

proving our tax system and other legislation extending and enhancing our network of double taxation treaties, improving aspects of the administration,” said Georgiades. A number of amendments to tax laws have already come out of this committee. These include the tax treatment for non-domiciles (‘non-doms’), the

tax treatment on new equity investment, which ensures that it now receives a permanent tax deduction on the basis of a notional interest rate; and the extension of tax incentives for high net worth individuals who take up employment in Cyprus. “A number of specialised, but very important tools have been introduced,” said the finance minister. “The fact that, working together with the private sector, we introduced very well-targeted incentives for startups and innovative companies is another example,” he said. The government is also working on large-scale judicial reform and is in the final stages of completely reforming the legal and administrative framework for investment fund management. “Funds I see as the new opportunity … it is a very significant new prospect within the business and professional services sector,” said Georgiades. STABILISING THE MACRO SIDE The government has, of course, also been working more generally on stabilising the financial sector. “The services sector, especially, more than any other, requires conditions of stability and confidence, so the main thing we have been doing is to establish these conditions,” he said. “The very ambitious reform and transformation of the banking sector has been a crucial element in supporting the revival of this sector. The fact

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that we maintained tax stability and member states to determine their own tax certainty was a crucial part of this tax rates.” effort.” Georgiades says that a common tax The government is also cooperating base does not make sense when each bers to remember st with other EU members state has a diff erduce a ent eco sist efforts to introduce economic size, with ‘Funds diff eerent competitive common corporate tax ad base. advantages and difI see as the fe “It is not coming. Itt ferent needs for its new opportunity p is out of the quespopulation. … it is a very tion. It was nowhere From a position significant new near a common of strength, given prospect within corporate tax rate, Cyprus’ balanced the business and but even the Combudget, Georgiaprofessional d mission’s proposal,, des seems instead oto which was a step tobe pushing for services onstri wards a common constrict abidance to fissector’ e, the cal ru solidated tax base, rules. ot agree, “What we should strive for government does not and other EU member states likewise is compliance to fiscal rules, keepdo not agree,” he said, noting that the ing a balanced budget, keeping public proposal can be blocked at any stage of expenditure under control. I believe the process. the expenditure rule should become “Let me be very clear on taxation, the focus of EU fiscal rules,” he said. especially direct taxation, especially “That’s what being in a common curcorporate taxation. This is a sovereign rency area requires – fiscal stability prerogative. And it will remain so. We and fiscal sustainability across the eushall not be agreeing, and a number rozone. But we shall not be relinquishof other member states shall not be ing our sovereign right to determine agreeing, to relinquish the right of our tax rates.”

NO ROOM FOR COMPLACENCY Asked what the main challenges are for the future, the finance minister said: “I would say that the main challenge is never to become complacent. … The services sector is a sector which is always adapting, changing … we should always be on our toes. The biggest challenge is to become complacent and to fall behind and to allow yourself to become uncompetitive and unattractive and unable to oﬀer the quality of services which are needed in a highly globalised and sophisticated global economy.”

INVESTMENT EXCEEDS 12% OF GDP Investment in infrastructure currently exceeds 12% of GDP, according to Finance Minister Harris Georgiades. “If I were to refer to real investments in infrastructure alone, excluding, for example, in the banks, infrastructure-related investment, foreign investment, which is currently under way, exceeds 12% of GDP.” This includes big residential realestate investments, which have been encouraged by the citizenship scheme, which can grant citizenship for investments of €2 million to €2.5 million. However, it is not all related to passports. Investment includes the €0.5-billion investment in Europe’s first-ever integrated casino resort, the €250m investment in the Ayia Napa marina and significant investments in the sectors of retail, pharmaceuticals and hotels. “It is probably the first time that such significant foreign investment, real investment, has come to realisation,” he said. “Let us also remember that, when we talked about international business, we should not only refer to investments into the local economy, but investments elsewhere, using Cyprus as a base … in the EU, in Russia, in India, in the Gulf,” he added.

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YIANGOS DEMETRIOU

Tackling financial crime Supervisory capacity has been enhanced BY FRANCES MILLER

& SPYROS PAPAVASSILIOU

ttempts to tackle money laundering, terrorist financing and tax evasion have been in the spotlight in recent years, leading to a greater role for all of the supervisory bodies. Yiangos Demetriou, head of supervision at the Central Bank of Cyprus (CBC), talked to us about the enhanced supervisory capacity of the CBC, especially in relation to money laundering. “Cyprus legislation on AML/CTF, is fully in line with the EU Directive and Financial Action Task Force (FATF) Recommendations. The regulatory framework has not changed considerably over the past couple of years because the anti-money laundering law and CBC Directive, which was issued in 2013, already incorporated several of the changes envisaged by the 4th EU AML Directive. We have been applying the European directives from the beginning,” said Demetriou, adding that there have been revisions to the Directive (Inset) Yiangos Demetriou, head of supervision at the Central Bank of Cyprus since, in order to enhance the framework regarding reliance on business introducers and taking into consideration responsible for AML issues. In the past, technical side. the use of technology in KYC. the onsite part of AML was covered by “We had technical assistance from the “What has changed in the past two or the regular visits of the prudential suIMF in building up our tools, systems three years is that the supervisory efpervisors. “Today, there is a dedicated and the examination programmes for fort has been enhanced. It was also part section within the Supervision Division onsite and offsite supervision,” he said. of the programme with our lenders,” comprising of seven people. Its only reBetween 2014 and 2016, the CBC comhe said, referring to the bailout sponsibilit sponsibility is AML supervision pleted a three-year cycle of inspections programme of 2013-16. 6. – both onsite and offsite. In that covered all 35 credit institutions, ‘The “The supervision of this way, we also have deas well as some payment and e-money supervision the Central Bank has as ve veloped some specialisainstitutions. of the strengthened consid-ttion in this area,” said “Before 2013, CBC carried out a numCentral Bank erably, both in numDemetriou. Moreover, ber of on-site inspections. The extent has strengthened bers of staff and as the CBC also commisand the depth could not be the same considerably, both regards the supersion experts from outas it is now, especially with the tools in numbers of staff visory programme.” side. that we have developed with the IMF. and as regards The supervision di-““We also use external The CBC’s methodology for onsite acthe supervisory vision encompasses es su support. We use the big tivities cover a wide spectrum of areas programme’ prudential supervision ion six audit firms to help out - from governance, compliance, training – onsite and offsite inspecnspecon ons onsite inspections,” he exand enhancing awareness to transactions, authorisation and nd licensplained plained. tions filtering, IT audits, correspondent ing issues, as well as AML/CFT. Demetriou says there have also been banking introduced business, etc.,” said Before 2013, there were only three people “considerable enhancements” on the Demetriou.

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CBC’S SUPERVISORY ROLE tant component of eﬀective anti-money There are several risk factors that instilaundering and countering financing of tutions should consider in assessing the terrorism regimes. money laundering and terrorist financ“Our responsibility is not to go after ing risk associated with their custommoney laundering incidents. Our reers: who the customer is, the jurisdicsponsibility is to make sure that banks tions they operate in, products, services comply with the provisions of the law and transactions the customers require and our Directive, and they have in place and the delivery channels the institusuﬃcient processes and procedures to tions use to service their customers. make sure to the extent possible that “It is up to the bank to decide on the risk they are not used for money laundering,” it is prepared to take. Our job is to assess he explained. whether the risk the bank has decided “However, if we come across something to take is adequately covered,” explained that shows towards that direction then Demetriou. we have an obligation to report it to [the Following the completion of onsite exFinancial Intelligence Unit] MOKAS.” aminations, credit or other institutions supervised by the CBC are sent a letter detailing all the findings, explaining any breaches and asking to comment on the observations. Institutions that do not provide satisfactory responses or comments to the findings can be subject to fines, which, since 2013, are publicly announced. Demetriou noted oted that the CBC’s role is too ensure ‘We that institutions tions can safely effectively assay we have sess and manntightened considerably age their riskss the legal and regulatory and comply framework for preventing with the reand combating money quirements laundering, and we can say of the legal that we are among the very and regulafew countries with such a tory frame-strict framework and work, (AML/ L/ close monitoring’ CFT). Effective tive supervision and nd enforcement is an n impor-

RECOGNITION FROM ABROAD Does this mean that Cyprus is less at risk of money laundering than in the past? “Money laundering happens everywhere … there is no way to stop it unless you manage to stop predicate oﬀences and corruption,” Demetriou said, adding that there is no country in the world where anyone can safely claim there is zero money laundering. “However, the steps we have taken in the last few years have brought us to a position where we can safely say we have developed a robust anti-money laundering system and we are confident that we are among the very few countries where the

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legal and regulatory framework is that tight and where monitoring is so strict.” These eﬀorts are now being recognised, if not by the international media, then at least by other supervisors and review bodies. This year, Cyprus fell oﬀ the US Treasury Department 2017 International Narcotics Control Strategy Report (INCSR), which lists countries of money laundering concern, and, in January 2017, Transparency International found that “Cyprus disclosed the most complete set of anti-money laundering data among the 12 analysed countries, which included the UK and Germany”. The OECD Peer Review in 2015 found Cyprus compliant in seven out of 10 areas (the same as for Germany, the Netherlands and the UK) and largely compliant in the other three. Moneyval will also carry out the fifth round evaluation of Cyprus in 2018 - the first since the special assessment demanded by international lenders in 2013. “With the supervisory authorities of other countries, I think the message has been passed. Cypriot authorities place a big emphasis on international cooperation by exchanging information with counterparts from other countries. We have a lot of cooperation, especially with FinCEN, and they appreciate everything that has been done,” said Demetriou.

FOURTH AML DIRECTIVE The EU’s fourth AML Directive is effective from June this year. However, Cyprus has already been implementing some of its provisions, such as those relating to ‘domestic politically-exposed persons’ (PEPs). “In 2013, we already amended our regulations to consider local PEPS as highrisk customers. This is something new in the fourth directive,” said Demetriou. Local PEPs include political persons such as ministers and members of parliament, as well as mayors. “It is a very wide definition,” said Demetriou. The fourth Directive also includes the establishment of a register where information on the ultimate beneficial owners (UBOs) of corporate and other legal entities must be registered, with the aim of enhancing transparency,

fighting money laundering, tax evasion and terrorist financing. “This information is going to be available to the supervisory authorities, the FIU and the obliged entities within the framework of customer due diligence. Also, information about the beneficiaries of a trust have to be available,” said Demetriou. This will make it more imperative for banks to ensure that they have current and accurate information on the UBO on their files. “This is one of the things we check when we go onsite.” The fourth Directive also places a great deal of emphasis on the risk-based approach. Financial institutions must identify and assess the risk they are exposed to from their customers, and take the appropriate due diligence

measures to mitigate such risks. Over the years, the CBC has developed a risk-based methodology for oﬀ-site monitoring and onsite inspections of obliged entities to assess their level of compliance with AML/CFT legal and regulatory requirements. The CBC performs annually a risk assessment of all obliged entities with the view to establish its supervisory strategy. “Another step taken towards the improvement of the supervisory eﬀort is the commencement of our national risk assessment project. We started the said assessment in July 2015. We used World Bank methodology and we are now in the final stages of producing our report. It will help our country to identify, assess, and understand the ML/TF risks, and then take measures and actions to mitigate these risks,” Demetriou said.

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Cyprus’ prospects must be set free We should provide the new generation with all the necessary tools to put its seal on the present and future of the country

BY DR. MICHALIS KAMMAS

he day after the Cyprus financial crisis finds the country, on the one hand, searching for the desired path to stable and sustainable growth, and on the other hand, much wiser than in previous years. It is precisely in these two basic elements that Cyprus’ potential

is hidden. The efforts of the coming months and years should focus on these elements, so that all the positive attributes of our country set Cyprus’ prospects free. A razor-sharp focus on the necessary reforms, the change in culture, and the dedication to best practices, the adoption of healthy and wise mindsets and upholding laws and regulations and transparency, are keys to the desired opening up of the country’s potential. We, in the Bankers’ Asso-

Dr. Michalis Kammas is General Manager of the Cyprus Bankers’ Association

ciation, are working diligently on all of the above points, in order for the banking sector and, by extension, the Cyprus economy as a whole, reclaims and consolidates its good name, so that we may experience stability and prosperity unhampered by distortions. Regulations, procedures, mechanisms and training of both professionals and consumers are all a part of the puzzle that must be laid out for there to be a powerful framework for reform. Reforms must not be relegated to pre-election slogans, but instead, are the essential orientation towards the tomorrow that everyone desires for Cyprus. However, the desire must be translated into a vision and the vision transformed into strategic planning. After all, it is no accident that, in all the countries that have gone through the burden of a bailout programme , as our country has, the need for radical suggestions and decisive moves in the areas of reform has presented itself. We therefore believe in and promote long-term planning and its faithful application. Political, labour, financial and wider social stability are the cornerstones of every prosperous economy, and safeguarding these are decisive factors in our country’s great struggle to enter a path of sustainable growth. Cyprus is credited with the maturity it showed as a state, and, more specifically, through the attitudes taken by both the workers and the political and business world. The sobriety and patience in the face of new conditions caused by either external or internal factors should be the basic tools for dealing with any kind of situation. Stability is paramount for investors, both at the level of internal development and foreign direct investments. It is not by chance that Cyprus was a choice for foreign investors in various sectors, including banking, even during the difficult period of the financial crisis.

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WISE MANAGEMENT NT and iif we don’t make use Cyprus FROM BUSINESSES, S, of their suggestions has relied HOUSEHOLDS AND D a and practices. Cyfor years on STATE prus p has relied for traditional At the same time, the years on traditional financial and mistakes of the past financial and busishould become lessons ness practices. It business actions; it’s for the future. Unwise is time we delved time we delved into management and excesss into in innovation. We innovation were the main reasons for or should sh provide the the financial crisis experiperinew generation with all enced by Cyprus. the necessary nec tools to put It is crucial that, in the h next ffew its seall on the present and fuyears, we have as basic tools prudence, ture of the country. dialogue and knowledge - virtues we The creation and solidification of a must use in our financial and social life healthy, business-friendly environment as a country. must be aimed not only at large businesses and foreign investors, but also the INCENTIVES FOR new generation. Already the needs of DEVELOPING NEW IDEAS, the economy and specific sectors, such TALENTS AND KNOW-HOW as the banking sector, are increasing However, the country’s prospects will year by year, especially concerning isnot be set free unless we nurture the sues of technology. Keeping this in mind, innovative ideas of the new generation, and by counting the rapid developments

in a globalised world of which Cyprus is a part, we must find the ways to create, and not necessarily import, solutions, be they technological or other solutions. UPHOLDING COMMITMENTS, LAWS AND SUPERVISORY DEMANDS Last, but not least, we must refer to the seriousness with which we must all undertake commitments and implement directives arising from the legal, supervisory and regulatory framework. Countries, businesses and even individuals who have failed to align themselves with the needs of the new world order have lost the opportunity to adjust to new demands. The fundamental reasons for this include, on the one hand, a lack of knowledge and a negative disposition towards any directive, law, or new procedure, and, on the other, the inability to keep up with constant and demanding changes.

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Banks and their challenges The worst is over for credit institutions, but new challenges are on their way

BY FIONA MULLEN

anuary 2017 marked a stepchange for the banking system in Cyprus as Bank of Cyprus (BoC) started trading on the London Stock Exchange. This came immediately after an announcement that it had fully repaid all Emergency Liquidity Assistance (ELA) to the Central Bank of Cyprus.

Fiona Mullen is Director of Sapienta Economics

BoC’s repayment of ELA was a remarkable achievement. As part of the bailout (and bail-in) deal in March 2013, BoC was forced to absorb more than €9bn in ELA, built up by another bank, the now-defunct Laiki, under circumstances that remain contentious to this day. At that time, BoC’s very survival was in question. Probably no one even imagined at the time that the bank would be able to attract €1bn in new investment in 2014, capital controls could be gone by April 2015 and that BoC would be listing on a major exchange by early 2017. Another sign of improvement in the banking sector as a whole is the stability of deposits. As a result of the crisis, deposits dropped by almost a third, from a peak of €72.8bn in May 2011 to a low of €45.8bn in June 2015. The fall was caused both by the haircut on deposits, which amounted to around €7.4bn, but also because confidence in the banks was weak, leading customers to take their money elsewhere. This trend has now reversed. As of April 2017, deposits had recovered to €49.2bn. With deposits stabilising and demand in

the economy growing, banks have also started to lend again, albeit cautiously. Based on their financial reports, the top three banks authorised new lending of €2.1bn in 2016. THE NPL CHALLENGE While banks have come a long way since the March 2013 crisis, we know that they still face a number of challenges. The first and most obvious is the high level of nonperforming exposures (NPEs), which reached 46.2% of gross loans at the end of December. While regular comparative data is hard to come by, the most recent statistics available suggest that the bad loan ratio in Cyprus is either the highest in the EU or, at best, the second highest after Greece. At the same time, however, banks have been making quite significant progress in cutting their bad loans. During 2016, nonperforming loans (NPLs), defined as loans past due for more than 90 days, dropped by €3.8 billion, from €21.6bn in December 2015 to €17.8bn to in December 2016. NPEs, which include loans that have been restructured within the past 12 months,

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January 2017 marked a step-change for the banking system in Cyprus as Bank of Cyprus (BoC) started trading on the London Stock Exchange

dropped by an equally impressive €3.1bn, NEXT STEP: FINTECH from €27.3bn at the end of 2015 to €24.2bn When a bank has a high proportion of bad at the end of 2016. However, the size of the loans, it must keep increasing provisions challenge is underlined by the fact that bad against the risk that the loan is not repaid. loans among small businesses have, in fact, This has a direct impact on profits and been rising in recent months.This may be explains why banks have been reporting why the Governor of the Central Bank of either very small profits or losses, even Cyprus (CBC) Chrystalla when their operating income is buoyant. Georghadji, estimated mated Weak profits also limit the bank’s An in late May thatt it abil ability to invest. An absence of absence will take eight to 10 in investment matters at a time of investment years to addresss when w banks will need to invest matters at a time NPLs, and even heavily in technology and when banks will need that is dependent skills if they are to survive to invest heavily in on growth rates the ‘fintech’ revolution. technology and skills above 50%. Bypassing banks via if they are to survive There is clearly technologies t like Distributed the ‘fintech’ no quick fix too L Ledger Technology (DLT), revolution NPLs and the big mo more commonly known as three banks have blockc blockchain, will soon be given been approaching ing the a turbo b boost via the EU’s second issue differently. BoC has set up a Payment Services Directive, which comes dedicated Real Estate Management into force across the EU in 2018. Unit (REMU), the Cooperative As Christos Lytras, a partner in Central Bank also has a Central Unit Hippocampus.io innovation consultancy for the Management of Arrears and and an expert in fintech told the Cyprus Restructuring, while Hellenic Bank is Weekly last December: “This forces awaiting regulatory approval for what is financial institutions to share account essentially a ‘bad bank’ – an entity that information with third parties, without will take all of Hellenic’s bad loans and being paid.” handle them separately. This means a big increase in competition

from new players in areas such as lending, where banks have traditionally dominated, and where they earn most of their revenues. For consumers, this is likely to mean lower borrowing rates. But for banks that cannot keep up, it means yet another squeeze on their profit margins.

Governor of the Central Bank of Cyprus (CBC) Chrystalla Georghadji, estimated in late May that it will take eight to 10 years to address NPLs, and even that is dependent on growth rates above 50%

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BOC CORPORATE BANKING

Acting as “a true partner” than just a lender Progressing with the modernization and upgrading of traditional banking services

he Bank of Cyprus Group is the leading banking and financial services group in Cyprus, providing a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Bank of Cyprus Group operates through a total of 127 branches, of which 122 operate in Cyprus, 1 in Romania and 4 in the United Kingdom. It also has representative oﬃces in Russia, Ukraine and China. The Bank of Cyprus Group employs 4.284 staﬀ worldwide. At 31 December 2016, Total Assets amounted to €22,2 bn and Total Equity was €3,1 bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings PubPanicos Nicolaou lic Limited Company, its subsidiary Bank Director Corporate Banking of Cyprus Public Company Limited and its subsidiaries. get risk profile, such as tourism, trade, The Bank continues to make good proprofessional services, information/ comgress in its journey ney back to munication ttechnologies, energy, strength and places education and green projects. es straeducatio tegic focus on reshaphapNew lending to corporate New lending ing its business model del businesses bus constitutes to corporate to grow in the coree a significant part of businesses constitutes Cypriot market the t Bank’s total new through prudent lending, which exa significant part of the new lending and ceeded €1bn in 2016 Bank’s total new lending, developing the UK and reached close to which exceeded €1bn in franchise. €700m in the first 2016 and reached close In line with the quarter q of 2017. At to €700mn in the first Bank’s strategy and d the th same time, the quarter of 2017 based on close moniniCorporate Cor loan portfolio toring of the macroacrohas b been growing with the economic environment ment and inflow of performing restrucall current sector developments, l tured d customers from the Bank’s Corporate Banking actively supports Restructuring Department (€900m new viable business investments through during last 12 months). new lending, in key and new promising sectors with emphasis on profitable proCORPORATE BANKING jects and big developments in Cyprus The holistic approach towards large busi(e.g. marinas, casino). Growth in new nesses based on acting as “a true partlending is focused on selected industries ner” rather than just as a lender is bethat are more in line with the Bank’s tarhind our new banking philosophy, which

aims to provide through an experienced and qualified team of professionals, the highest standard of quality and speed in service with the right customization of solutions per customer needs. With 7 Corporate Banking Centers across Cyprus (Nicosia, Limassol/ Paphos, Larnaca/Famagusta), an International Corporate Banking Centre and specialized Factoring Services Unit, Corporate Banking provides a wide range of banking services to larger businesses ranging from traditional banking products (loans, overdraft limits) to specialized products such as large-scale development and infrastructure projects (Project Finance, syndicated loans), Factoring and Debtor Management, special financing schemes with EIB and EBRD on favorable terms. We are also steadily progressing with the modernization and upgrading of traditional banking services through new technology, alternative channels and specialized products that will enable businesses to execute more quickly, eﬃciently and securely their banking transactions with all counterparties. Already within the 1st half of 2017, Corporate customers have the opportunity to experience these technological changes that oﬀer innovative, holistic service with the introduction of the new 1bank Corporate Portal, gaining access to new business services such as 1bank Trade Services, Invoice e-Settlement, Digital Signatures, Corporate Purchase Cards. As the leading bank in Cyprus, Corporate is continuing its course towards building a unique Corporate customer journey in sync with the technological revolution and our overall commitment for open and mutually beneficial cooperation with our “partners-customers’’.

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cdbbank

Building relationships of trust Offering a wide range of specialised financial services and flexible deposit products

nspired by its vision and mission, cdbbank (the Cyprus Development Bank) plays a significant role in the vital services sector, oﬀering targeted financial solutions, tailor-made to the needs of each client. With a revamped corporate identity, a modern technological infrastructure and a wide range of operations, the Bank is a reliable and trustworthy option for corporate and institutional clients.

SERVICE IS KEY The main objective of cdbbank is to excel in providing quality service to all its domestic and international clients at all times. Building on and maintaining personal contact with each and every one of them, the Bank aspires to cultivate long-term ties of trust. To achieve this aim, each of cdbbank’s strategic and business plans revolves round its client-centric philosophy, which is consistently reflected at all levels of interaction with its clients. Moreover, the Bank’s small and flexible structure, combined with its well-trained and experienced personnel, have enabled it to cater eﬀectively to its clients’ every-

Indicative day needs. tively with any tivel of its Meanwhile, in recognition of market chalma technological the value it offers its custom-lenge. le infrastructure’s ers and in light of its corpoAt the same constant evolution, is rate excellence, cdbbank was time, the cdbbank’s further upgrade recently honoured with the Bank has of its cutting-edge, eaward for Best Corporate invested in banking system, ensuring Bank in Cyprus in 2016, by the acquisispeed and efficiency the reputable internationall tion t of high in executing financial and business magaaspecification sp transactions zine, Capital Finance Internanadigi digital systems. tional (CFI.co). Indicative Indica of the constant evolution of PROMOTING its technological infrastrucENTREPRENEURSHIP ture is the further enhancement of its Since its establishment in 1963, cdbbank cutting-edge, e-banking system, which has demonstrated its interest in reinforcensures speediness and efficiency in the ing local development and entrepreneurexecution of transactions. ship, offering financing opportunities to In pursuit of its strategic plans, cdbbank Large Corporates and SMEs. will continue to invest in technology and The Bank provides support and offers the further training of its employees, with innovative products and services that the aim of ensuring high-quality service add value to its domestic and internaand differentiation. cdbbank wants to tional clients alike. In addition, the Bank continue being a one-stop shop that cais enhancing its presence as a reputable ters to all the funded and non-funded financial institution with a business orineeds of its clients’ businesses, by adentation. cdbbank’s investment in human dressing their particular needs with a capital allows it to continue to deal effechigh level of professionalism.

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RCB Bank Ltd

Your trusted banking partner in Cyprus As one of the largest financial institutions in Cyprus and a significant EU Bank, RCB Bank Ltd offers services of excellence to meet the needs of local but also international clients from around the globe.

ith over 20 years of experience, RCB Bank for SMEs and Mid-caps scheme, and also with the EIF under has earned the reputation of a financially the InnovFin Guarantee Facility to support innovative stable and reliable banking partner. companies. This was the first application of the “Juncker Plan RCB Bank’s strong capital position for Europe” in Cyprus. and better earnings performance At the same time tim clients from approximately 50 countries, compared to its domestic peers prompted ted S&P including holding companies and their subsidiaries, Global Ratings in 2017 to assign its ‘BB-/B’ longenjoy corporate, investment and retail products RCB and short-term counterparty credit ratings ngs and services. ranked to the Bank with stable outlook. RCB was as RCB R delivers a first-class service and ‘Safest Bank also ranked the “Safest Bank in Cyprus” sophisticated s solutions to its corporate and in Cyprus’ in 2016 in 2016 by Global Finance Magazine individual clients, both on the local and by Global Finance and named the “International Bank international market. Magazine and of the Year - Cyprus” by The European RCB Bank continues to implement its ‘International Bank magazine. growth strategy with new branches, as of the Year - Cyprus’ Trust and a client-oriented approach, well w as a new product line and services. by The European coupled with a first-class service are thee The T lender’s headquarters are in Limassol, magazine cornerstones of the bank’s success and nd with wit branches in Nicosia, Limassol, Paphos the driving forces for its growth. RCB Bank and L Luxembourg, with representative offices designed a lending programme tailored d to the in Moscow Mosc and London. Soon, RCB Bank will be needs of Cypriot companies thus helping g th them tto presentt in i Larnaca, L too. execute investment projects and strengthen the economy. Optimistic for a prosperous future ahead and dedicated to RCB Bank cooperates with the EIB in providing funding to a business model based on trust, RCB is focussed purely on eligible SMEs and Mid-Caps under the Cyprus Banks Loans meeting the expectations of its clients in Cyprus and abroad.

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Connecting the world Continuous investment is needed

BY FRANCES MILLER

elecommunications is an industry that has been in constant evolution now for several decades. It started when we could connect to the other side of the world with slow, modem-based, noisy dial-ups that cost a fortune and could not cope with more than one or two images on a web page. Fast forward to 2017 and most of us are now carrying around 4G in our pockets. Cyprus, through the dominant telecoms operator, Cyta, currently serves as a major regional telecommunications hub in the Eastern Mediterranean, with multiple cables linking Cyprus to neighbouring countries and other European destinations. Satellite services also complement the offering, with attention shifting from international telephony to services supporting the international telecommunications market. Today, one of the core products oﬀered at Cyta’s satellite teleports is gateway services to modern broadband satellites, bundled with global fibre connectivity. This makes it possible to establish large gateways ways to High ally dominated domina by telecoms companies, inThroughput Satellites atellites cluding submarine cables. Google was (HTS) that offer one oof the investors in the $300m The broadband serrsub submarine Faster Cable system submarine vices in selected d rrunning from the US to Japan network is another regions around that launched in June 2016. example of how the world. Cyprus uses its strategic The telecoms HUGE INVESTMENT geographical position, revolution is NEEDED at the crossroads of by no means These developments are creT three continents, to over. Accordingg ating a very intense demands act as a regional to a recent artition telecoms companies to stay hub cle in the Financial ncial nimble, nimb keep abreast of rapidlyTimes, global demand changing demands and make the right for bandwidth is growing at investments to keep ahead of the compe40% per year. Cloud-based technology tition. is one key source, as well as “demand for The bigger established telecoms compagreater capacity from financial services nies have not stood still, and have been recompanies seeking the smallest possible sponding by joining forces with other teledelays in transaction times (known as la- coms companies. For example, Vodafone tency)”, it said. announced in May 2016 the opening of the Moreover, mega technology companies 8,100km Bay of Bengal Gateway (BBG) like Microsoft and Google are investing submarine cable linking India, Singapore, hundreds of millions in areas traditionMalaysia, Oman, UAE, and Sri Lanka.

They key question for Cyprus is how it will place itself in this new market. To keep the satellite and submarine cable systems up to date and respond to rapidly-evolving business and consumer needs, continuous investment is needed. One way of doing this is through privatisation, another is through strategic investments by third parties. Another potential way is to oﬀer open access. The argument is that, with the right regulatory incentives, open access could provide a solution to the massive investment needed to keep up with global demand for cross-country, high-speed connections. This would support areas like foreign exchange trading (a big sector in Cyprus) where very high-speed international networks are a necessity. Whichever way the Cyprus telecoms market develops, companies will not have the capacity to do it alone. They will need to find the right partners, with deep pockets and plenty of know-how.

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CYTA

At the forefront of innovation Reliability and service excellence

yta focuses on the overall needs of each business, taking into account the enterprise’s size and area of activity, while using its customer-centric philosophy to provide only the best to its customers. We oﬀer the most reliable, high technology value-for-money solutions, and thus remain the number one choice for busi-

nesses operating in Cyprus. Beingthe largest telecommunications provider in the country, Cyta responds to local and international challenges with foresight, consistency andeﬀectiveness. We have succeeded in managing the challenging and highly-competitive environment by creating the conditions that enable us to continually add value to our customers, taking ad-

Data center service Secure and reliable hosting of your company’s servers at Cyta’s Data Centers (Certification: ISO 27001) www.cyta.com.cy/web-hosting-private-server

vantage of the rapid changes in the telecommunications environment and the digital convergence of communication technologies. Service excellence and network excellence are the two pillars that allow us to gain the trust of the business world and support its growth in a secure, flexible and financially beneficial way. SERVICE EXCELLENCE: We constantly upgrade and enhance existing services and products and introduce new, innovative ones that serve our customer’s future needs. We expand our current activities into information technologies and applications, particularly in the ICT sector in which we play the leading role, combining them with our enhanced customer services and technical expertise. NETWORK EXCELLENCE: Reliability is one of our core values and we aim to provide the most reliable network in Cyprus, continuously upgrading and enhancing it. Cyta is the only provider in Cyprus that gives the power to its customers to enjoy the best mobile broadband experience everywhere.This core value is em bedded in every new service we introduce, whether fixed, mobile, cloud, hosting centre or application. Our recent ISO 27001 certification on information security, is proof of such continuous eﬀort.

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Businesses need to grow using forefront technologies and Cyta is leading the way by introducing new services and upgrading others:

• Launching the Cloud MarketPlace, the first online shop in the Cyprus market that provides one-stop shopping for all of Cyta΄s Cloud Services. Business customers are informed online of available resources, through which they can purchase and manage online the services they need, having full control to adjust them in real-time, to suit their evolving business requirements. • Expanding our Cloud Services to include Cloud Servers, Microsoft Office 365 for Business, Electronic Communication via professional e-mail, Financial Accounting, Online Teleconferencing, StockControl rol and Point of Sales, Customer Relations We Management (CRM), RM), provide Vehicle Fleet Managegecompanies ment and several othhn novation. with integrated, er services. Introducing new • Upgrading Cyta΄s technologies and innovative, electronic Business Call Centre networks, the solutions, adapted to (number 150) which, most important their needs that will in combination with one being the Fiimprove their efficiency the personalised ser-bre b to the Premand competitiveness vice provided by our ur is ises project in the market consultants, signiff iExpanding and cantly enhances our comupgrading upgr the mobile munication with business network for an even betcustomers. ter mobile bil iinternet experience At Cyta, we focus on optimising all our Offering new services that focus onactivities and methods reducing cost, network securityandprotection increasing productivity, enhancing Offering new and comprehensive socompetitiveness and creating alternalutions that combine Fixed Telephony, tive revenue streams by investing in inInternet 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 being at the forefront of innovation and development, while oﬀering reliability, service innovation and excellence to our customers. Our technical knowledge and expertise, combined with our highly specialized personnel, and the optimal use of technological tools, will continue to lead the mission for excellence. www.cyta.com.cy

Business Call Centre Monday - Friday 8:00 - 18:00

150

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Business Telephony

We address every communication need of your business! Simple Total solutions for the communication and operational needs of every business.

Smart Full control of the account, for all services.

Flexible Services adapted to every company’s actual communication needs.

Cost effective Savings from company’s expenses on purchasing equipment and infrastructure maintenance.

Reliable Support from experienced, highly skilled and knowledgeable personnel 24/7.

Telephony OntheGo

Up to 25% off monthly charges À

With the Business Telephony service, you have the features of a traditional PBX and save on your company’s expenses on purchase and maintenance of the PBX. Improve your staff’s communication and your company’s productivity levels, utilizing the new reduced Business Telephony charges.

Activate Telephony OntheGo facility, download the app to your smartphone, tablet (Android or iOS) or PC and take your fixed telephone number with you anywhere. The app can be activated simultaneously on up to 3 devices so you can use your fixed telephone number anywhere you are, in Cyprus or abroad, and enjoy the low Cyprus fixed telephony calling charges.

Free unlimited intra company calls between fixed and mobile numbers You can have free unlimited intra company calls between all fixed and mobile number registered to Business Telephony service, with a 24 month commitment of the RED mobile numbers registered to the service. The monthly subscription charge of the intra company calls package for RED mobiles is now reduced from €5 to €2 and offers unlimited calls between fixed and mobile numbers. Note that you can include mobile numbers under Business Telephony service that are not registered in the name of the company.

Business Call Center: 150 www.cyta.com.cy/bbt-business-telephony/en Cyta Business Consultants

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Enriching the financial sector with new technology, products and services Significant contribution to the Cyprus economy

BY DEMETRA KALOGEROU

he f i n a n c i a l s e c t o r continues in 2017 to contribute substantially to the wider sector of services, and, more broadly, to the Cyprus economy, showing potential for further growth. It is worth noting that, by the end of April 2017, the Cyprus Securities and

Exchange Commission (CySEC) was examining 132 applications for the licensing of new entities under CySEC supervision. Of these, 61 applications are regarding the licensing of Companies for the Provision of Investment Services, while 56 were for the very promising sector of collective investments schemes (UCITS). The other 15 applications were for the licensing of Administrative Service Providers (ASPs).

As far as supervision is concerned, all supervised entities have been placed under the umbrella of the Risk Based Supervision Framework and a programme of supervisory checks has been prepared on the basis of their respective risk profiles. Beyond licensing and supervision, which are a continuous process for CySEC, we are focusing on the implementation of a new strategic plan for the Commission. Announced at the beginning of 2017, this aims to further support the growth and evolution of the market through innovation and training. Specifically, CySEC aims to move ahead to the further enrichment of the sector with new products and services. Within 2017, we are expecting the relevant bill to include under the Alternative Investment Fund Managers Law ‘mini managers’, who will administer collective investments below €100 million, will be voted in the House of Representatives. Particular importance will be given to making use of financial technology, or FinTech, and particularly blockchain technology, which is behind the development and operation of bitcoin, promising to change the way currency data is transferred. Already, other SECs, startups, and well-known financial organisations such as Goldman Sachs, as well as institutions like the Bank of England, are examining its further use and the benefits it can confer on the financial sector.

Demetra Kalogerou is head of the Cyprus Securities and Exchange Commission

CySEC is participating in the special committee assembled by the European Securities and Markets Authority (ESMA) regarding the coordinated regulatory and supervisory dealing with new or innovative financial means or services. In addition, CySEC

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has expressed interest in taking part in the project by University College London (UCL) entitled Blockchain technology for Algorithmic Regulation and Compliance (BARAC), which aims to study the changes which could occur in supervision and regulation the use of Blockchain technology, along with the possible benefits. The Cyprus International Institute of Marketing (CIIM), UCL, the Bank of England, the Financial Conduct Authority (FCA) and many other British institutions are

of money laundering or terrorist financing will be transposed into national law within 2017. This directive forces supervises entities to research and assess the risks they might face from such transactions and apply the appropriate preventive measures. At the same time, attention will be paid to preparing Cyprus Investment Services Firms (KEPEY) to implement the second Markets in Financial Instruments (MiFID II) Directive from January 2018. This is a very important European legal regulation, and is expected to radically change the financial sector. Among other things, it will limit over-the-counter (OTC) transactions, and strengthen the KEPEY corporate governance code. Already the relevant bill has been submitted to the House of Representatives, and is expected to be approved within 2017. The MiFID II Directive also stipulates that the National Supervisory Authorities will have increased powers to intervene in products where it is deemed that they have significant risks for investors. This is something that all companies must take into account when considering whether they should diversify their investment services products, and when examining various options such as those created by the use of FinTech. In addition, company obligations will increase further with application of the new law in the auditing profession, as Audit Committees will have to be assembled to monitor the work of auditors. At the same time, the structure financial results presentations will change radically to include detailed informatio information for the purposes of transp transparency. All oof the above indicate that Cyprus C Cyprus continues to have continues to ssubstantial advantages, have essential making it an attractive advantages participating in the investmentdestination. and constitutes project. The further expansion an attractive Towards the end of the finance sector investment of 2017, or thee tthrough the licensing of beginning of 2018, it ne new supervised entities destination is also our goal to move ove con contributes, among other ahead with introducing ucing things things, to the creation of Crowdfunding, which new job p positions, the rental or finances newly-formed businesses purchase of real estate, the increase in offering innovative products. government revenue (KEPEY taxes by From a legal standpoint, the 4th EU the end of 2016 surpassed â&#x201A;Ź70 million), Directive on the prevention of the use along with the support of the tourism of the financial system for the purposes industry.

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Ernst & Young Cyprus Ltd (EY)

Building a better working world Vast network and staying attuned to market changes lets EY grow while delivering exceptional service EY is a global leader in assurance, tax, transaction and advisory services with more than 231,000 people eople in 152 countries around the world. With Through our vast interter80 years national network, and nd of operation, by staying attuned too EY Cyprus is a changes in the marleader in assurance, ket, we are able to tax, transactions and continue to grow and advisory services, serving deliver exceptional as a trusted business services to our cliadvisor and auditor ents. The insights and d to a broad quality services we deeclientele liver help build trust and confidence in the capital apital markets and in economies omies the world over. 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. 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. Locally, EY Cyprus has its origins dating back to the 1930s, establishing an excellent reputation amongst the local business community as a high-quality provider of professional services. Today, with 80 years of operation, the Cyprus practice is a leader in assurance, tax, transactions and advisory services. We operate through our oﬃces in Nicosia and Limassol and are part of EY’s Europe, Middle East, India and Africa Area, as well as one of the 22 countries that comprise the Central and Southeast Europe Region. Within this structure, we are able to tap into our skilled global experts to provide fast and exceptional service enabling our

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clients to make the right decisions. We are closely linked with EY’s dedicated global industry centres, for sharing industryfocused knowledge and experience. In this way we anticipate market trends, identify implications and develop clear points of view on relevant industry issues. We serve 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. At EY, we are committed to supporting our people, our clients and the communities in which we work. In doing so, we help all our stakeholders seize opportunities in the evolving economy in order to realise sustainable economic growth.

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

Globalization is shaping our world: it is expanding horizons as trade, technology and investment increasingly connect countries and companies around the globe; and it is compressing time and distance as people and products move – and ideas spread – faster than ever before. At EY, we have long thought that globalization is one of the defining issues of our time. Our response has been to transform our organization so that we keep in step with the changing needs of our clients and our people.

Nicosia Jean Nouvel Tower, 6 Stasinou Avenue, 1060 Nicosia, Cyprus P. O. Box 21656, 1511 Nicosia, Cyprus Tel: +357 22 209 999, Fax: +357 22 209 996/7/8 Limassol Ernst & Young House, 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 ey.com/cy

Our clients need integrated, cross-border service and the same high quality wherever they do business around the world. Our people want to build careers in an organization that’s global in its outlook and inclusive in its approach.

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PwC CYPRUS

Expertise, solutions, value At the forefront in attracting investments and promoting Cyprus as an international business centre Meanwhile, our industry specialisation in the following sectors, gives our clients the benefit of our in-depth industry knowledge and experience. Banking

Energy

Insurance

Hospitality & Leisure

Forex

Transportation & Logistics

Other CySec Public Sector -regulated entities Funds

Retail, Consumer & Manufacturing

Real Estate

Telecommunications

Construction & Engineering

ith almost 1,000 professionals, PwC Cyprus oﬀers value and specialised solutions based on the knowledge and experience of our global network of 223,000 experts in 157 countries. We support our clients by oﬀering quality services and specialised solutions. The organisation builds relationships based on trust and supports local businesses to create the value they are looking for, in order to be prepared for tomorrow’s challenges. According to our annual Client Experience Survey, on a scale of one to 10, our clients gave a score of 9.09 regarding

the likelihood of recommending PwC to their peers and colleagues, while their overall average satisfaction totalled 8.67. OUR SERVICES In a demanding and challenging business environment, our diverse teams of experts share deep knowledge and experience. We provide a broad range of services, as listed below, to meet the increasingly complex needs of our clients. Assurance Tax Advisory Consulting Corporate Compliance Deals Indirect Tax Company Administration Legal Services

AT THE FOREFRONT OF DEVELOPMENTS Over the years, PwC has remained at the forefront of attracting investments and promoting Cyprus as an international business centre. PwC Cyprus has undertaken initiatives aimed at recovering confidence and been a pioneer in the introduction of major reforms to enhance the competitiveness of the economy and the attractiveness of Cyprus as an investment destination. PwC supports foreign companies that choose Cyprus as a base for their international operations and invest in our country. We take care of all their wealth management needs, while providing a personalised and turnkey service for the investors and their families. PwC has also developed a multidisciplinary team of specialists who can assist our clients in all aspects of setting up an Alternative Investment Fund (AIF) and/or a Fund Manager. This includes the licensing process for obtaining authorisation from the Cyprus Securities and Exchange Commission, the ongoing fund administration

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and advisory services on compliance of the AIFs with the legislative and regulatory requirements governing their operations. OUR PEOPLE Our organisation believes in young people and their unlimited potential and this is why we invest in the future by y recruiting g and training young university graduates. According We continue to emphasise asise to our annual what we consider to be Client Experience the driving force off Survey, on a scale of our overall success: one to 10, our clients our people. We gave a score of 9.09 remain one of the few organisations regarding the likelihood worldwide to hold of recommending PwC the highly prestigiouss to their peers and ‘Investors in People le colleagues CHAMPION’ and ‘Investors in People GOLD’ accreditation in human man capital management. Our people’s achievements and the worldwide exam successes of our ICAEW trainees continue to make us proud. We make a continuous eﬀort to foster an environment that attracts diverse and talented people. An environment that inspires them to achieve their full potential, drives them to excel and to develop into leaders who build trust in society. FOSTERING ENTREPRENEURSHIP PwC Cyprus supports the local community and encourages entrepreneurship and innovation. By providing free consultative services, volunteer action as well as technical and other assistance, PwC supports a number of programmes and initiatives that promote entrepreneurship, especially among young people. PwC Cyprus has built strategic collaborations with educational and business organisations, such as: the University of Cyprus for the operation of a Research, Innovation and Entrepreneurship Institute, Chrysalis Leap, the first Cypriot cleantech accelerator, the Cyprus Business Angels Network (CYBAN), an Angel Investment Network, the Cypriot Enterprise Link (CEL), a youth-led organisation aiming to connect and support the Cypriot entrepreneurial

talent and Junior Achievement, a nonprofit organisation specialising in entrepreneurship education. Visit www.pwc.com.cy to discover the benefits we can bring to you

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FCI Services Ltd

A dynamic, strategic ally for any business Supporting enterprises’ smooth operation, growth and profitability FCI Services Ltd provides comprehensive accounting - financial and advisory services to local and international companies. Our primary objective is to support enterprises in identifying and exploiting the challenges/ opportunities of the time in the best possible way, as well as to address the internal and external factors that may hinder the smooth operation, growth or profitability of their business. FCI Services Ltd combines the expertise of its experienced management and staff with state-of-the-art technology in the field, to conditions, reliable financial data, as well as proper economic meet fully tax and legal compliance requirements. What and tax planning, p g, are factors most essential to success than distinguishes FCI is the climate of cooperation ever before. operation before between its members and clients, as well as the At the same time, FCI Services Ltd operates FCI respect and knowledge of the particularities an Advisory Services department, offering ties A Services of their business. ongoing support on such issues as: loan on Ltd combines Our goal is to provide a high qualityy restructuring or reorganisation of r the expertise of contemporary and comprehensive bank facilities; crisis management b its experienced services, specialised to every business. plans; cash-f low forecasts; analysis, management and staff Our services include: the set-up of an implementation, management of internal with state-of-the-art tech, electronic accounting system, payroll control systems; project management; to meet clients’ tax and and inventory management for new planning, p reorganisation of enterprises/ legal compliance companies, as well as maintenance orr re-engineering r (structure - employment requirements reorganisation of accounting, point of sales, es, conditions co – succession planning) and more. fully warehouses. FCI Services Ltd also offers fers FCI Services Ltd, with directors, Andri book-keeping services, payroll management ement Kalopetrides Kalop Constantinides and Andreas and inventory management at a distance from your Evangelou, Evangelou in a complete harmony of correlative workplace; moreover it oversees accounting departments services with F.C.I. (Financial Consultants International) Ltd, with credibility and confidentiality, saving you time and money. founded in 1975 as Accountants-Consultants, is a Fiduciary FCI Services Ltd is the solution for any business, of any Services provider (ASP) approved by the Cyprus Securities nature, in any sector of the economy, for the preparation of and Exchange Commission (CySEC), where it offers advice and annual, interim, monthly and other financial statements services to start-ups towards a legal, fiscal and tax framework, - a fundamental requirement for a healthy business. If administration of local and international companies and entrepreneurs are to meet today’s unpredictable economic cross-border business activities. FCI Services Ltd Tel: 22-873708 Email: info@FCIservices.com.cy www.FCIservices.com.cy

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P. Kalopetrides & Co

Tailored-made solutions to Client needs Complete, innovative accounting, tax and financial services under the same roof

Kalopetrides & Co. is a progressive firm of accountants, auditors and business advisers, founded in 1962. Our main goal, as independent professionals, has always been to evaluate and advise, whenever it’s deemed necessary, on improving our clients’ efforts to maintain high levels of effectiveness and profitability for their enterprise. Particular attention has always been paid to ensuring solid relationships with every single client, and to offer them the best possible quality of service. We are dedicated to providing innovative business solutions in the fields of: 1. Assurance - Auditing - Specialist Audits - Internal Audits. 2. Tax Services and Advice - International Tax Planning. 3. Advisory to start-up enterprises: preparation of a business plan and business development plan. 4. Consulting and Advisory: business development, finance, loan verification and restructuring, cash flows, and financial studies. 5. Banking-Loans, European funding schemes, ance and services to our clients across a wide range of business feasibility/viability studies. and financial issues. Additionally, we offer a range of services 6. Accounting, VAT, Payrolls. to customers who are interested in expanding or cooperating 7. Family & Owner Managed Business with other countries within Europe or in the EastConsulting Ownership (FOMB) ern Mediterranean. Me As 8. Strategic and Investment & Draw Drawing on over 50 years of experience and an Ars Legis Property Advisory: fundraising ut utilising our expertise and professionalmember, we have or investment and/or expansion. ism, i we are in a position to offer specialaccess to a large 9. Immigration services ised services to address your needs in network of professional (acquisition of permanent residence any field of business, in any market you services, and are able to permit, passport by investment). may operate (local and / or internationserve our clients in all 10. Shipping and Cyprus vessel al), in the best possible way. We always business and financial registration. ooperate responsibly, with integrity and matters in over 22 discretion, d retaining confidentiality and countries As a full member of Ars Legis, a highly reputable ble consistency con and, of course, efficiency. international association of lawyers, patent attorttorOur mission has always been to ensure close neys and tax consultants, we have access to a large cooperation cooper between us and with each and network of professional services and can off ffer er top level every client clien individually, however big or small, in specialised services to our clients in all business and financial a joint effort to develop their business in whichever market matters in over 22 countries. or industry they operate with a primary concern to tackle Our highly-experienced and trained staff, our team of on-site more effectively today’s complex and competitive business partners and our extensive international network of collaboraenvironment, local and foreign competition as well as the tors, allow us the opportunity to offer professional advice, guidstrong challenges/difficulties of the times. P. Kalopetrides & Co. Auditors & Business Advisers 2 Christ. Sozos street, Eiffel Tower, 7th floor, 1096 Nicosia Tel: 22-669 017 , Fax: 22-665 297

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NATASA PILIDES

Next step: investment in innovation After helping to launch the funds sector, CIPA is now working on startups

BY FRANCES MILLER

he Cyprus Investment Promotion Agency (CIPA) is tasked with promoting foreign and local investment in all sectors of Cyprus, but has a list of eight ‘growth sectors’ where it sees significant potential. These include traditional sectors such as tourism, shipping, real estate and professional services, but also newer sectors with promising growth poten-

tial, such as investment funds, education, information and communication technologies, energy and innovation and startups. It was CIPA that first took the initiative for the establishment of the Cyprus Investment Fund Association (CIFA). The sector is now well-established and growing daily. Indeed, statistics from the European Fund and Asset Management Association (EFAMA) show that Cyprus had the highest increase in net asset growth in the fourth quarter of 2016, at 21%, compared with 3.2% for

Europe as a whole. Another new target for CIPA is innovation and startups. “One of the things that is key about innovation is that it runs across all sectors. If we want to be competitive in 20 years’ time we need to take that into account. We have got to innovate,” said CIPA’s Director General Natasa Pilides. The government has already introduced a number of initiatives, such as the 50% tax exemption on investment in innovative enterprises and startups, the startup visa for non-EU nationals

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and improved taxation rules for intellectual property. One reason why ‘One ood startups are a good of the things place to focus is that is key about p that they help innovation is that it retain young runs across all sectors. If talent in the we want to be competitive country. in 20 years’ time we “The younger need to take that into generations account. We have got want to be moree to innovate’ al entrepreneurial ings … there are things ncourbeing done to encourhere is also age that, but there a more immediate need for investment.” One area in which CIPA is supporting startups is developing a digital strategy. “We are looking at developing a digital strategy - both a general one and one for startups as well, with the promotional strategy to back it up.” As part of its eﬀorts to promote startups, CIPA is co-organising ClimateLaunchPad, a major startup event in October with Chrysalis Leap. “We are also going to showcase Cyprus as a place for startups and other companies to locate themselves,” said Natasa Pilides, Director General of the Cyprus Investment Promotion Agency (CIPA) Pilides, adding that the weather and lifestyle are a major attraction for enbenefit from others coming because demics and links to the business world.” trepreneurs from colder climates. they will bring investors and knowA thriving startup community will in“Everyone they have flown out from Pohow, plus they build an ecosystem from crease the ‘deal flow’ that then starts land or the UK loves it here,” she added. which Cypriots will benefit: a startup to attract the big venture capital funds. “Cypriot startups and businesses will community, co-working spaces, aca-

A BREXIT OPPORTUNITY? Attracting startups could also be one sector in Cyprus that is given a boost by Brexit. Almost a year after a majority of Britons voted to leave the EU, it is not clear whether the UK will end up with a ‘hard Brexit’ by the time the clock stops in March 2019. A hard Brexit would entail the UK leaving the EU without any rules in place to allow for trade in a whole host of services, such as finance, insurance services and air transport. Trade experts even say that trading under World Trade Organisation (WTO) rules would not be automatic for a post-Brexit UK, as agreement would have to be made on quotas.

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EY consultancy has announced that “It is also the quality of the people. more than a quarter of the 222 large Taking to our existing investors, UK financial services firms it monithis is the answer I get. They love tors had already said they were movthe people, the worth ethic. They are ing some staﬀ or operations, or that productive, they learn fast, they are they are reviewing their domicile as a very good at languages, they can comresult of Brexit. municate well. It makes a diﬀerence While Cyprus doess not have the at the busine business level if people capacity to grab the he major can speak spea English,” said ‘The business, such as forPilides. Pilide overall services eign-exchange cleararIndeed, Ind this was sector is likely to ing, it does have thee the th message from benefit if more companies opportunity to atinvestors i at the come and base themselves in tract business in annual meeting Cyprus if they want a secure EU base. However, it is very some niche areas. of the European important to note that this is “We have been Bank for Reconpotentially offset by losses in talking to compastruction and other areas - for example, if nies, either comDevelopment it gets more complicated panies that havee (EBRD) (E in May. or more expensive to reached out themm“I was always imcome here’ selves, or companies anies pressed press by the quality that we have reached hed out of the local lo professional to. There is definite i interest,” i ” services. i Top-quality T accounsaid Natasa Pilides, Director General tants, top-quality lawyers, top-qualiof the Cyprus Investment Promotion ty IT specialists … we see them here in Agency (CIPA). abundance,” said Columbia ShipmanGood weather, a safe EU location and agement President Mark O’Neill. the widespread use of English are all “Really, I was most extremely surpluses, in addition to the quality of prised. We have the potential in Cyservice. prus and I think the highest potential

we have is the human potential,” said Nikolaos Zamboglou, an oncologist who is returning to Cyprus after decades in Germany to set up the German Oncology Centre. Nevertheless, Pilides warned that Brexit is not all positive for Cyprus. “The overall services sector is likely to benefit if more companies come and base themselves in Cyprus if they want a secure EU base. However, it is very important to note that this is potentially oﬀset by losses in other areas - for example, if it gets more complicated or more expensive to come here.” This is why it is important to work on continuously improving the skills set to meet the growing demands from technology. “Our human talent is what is going to take us forward, especially if there is any change in the tax base at the EU level. But our skill set needs to change. We need to make sure the people graduating now have the right skills. This may mean less accountancy and law and more IT-based and data analyst degrees, because that is the trend we are seeing,” she said.

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MARIOS SIATHAS

Keeping up with compliance A stream of new rules has created many challenges, but also new opportunities for professionals in the sector BY FRANCES MILLER

& SPYROS PAPAVASSILIOU

he financial services sector has undergone enormous changes in recent years, with many more compliance demands on banks, investment firms and other financerelated businesses. One institution that has risen to the occasion in oﬀering the necessary and specialist training required in the sector is the European Institute for Management and Finance (EIMF). “The environment for compliance in general all started with the implementation of stricter regulations, especially after the global financial crisis when regulators in the US and Europe started requiring more from financial investment firms … there was a need to protect the investor,” said EIMF General Manager Marios Siathas. However, he noted, the regulators are constantly playing catch-up, as new products are developed, and this is why regulation keeps evolving. “First you had the first EU Market in Financial Instruments Directive (MiFID), which was introduced in early 2004. Then you have MiFID II, which is due in January 2018. Then you had Basel I, II, III and now we are going to Basel IV,” he said, referring to global banking regulations. Firms within EU member states, for example, need to comply with the Capital Requirements Directive IV (CRD IV), which is essentially the implementation of Basel III in Europe. In addition, there are regulations to prevent tax evasion, such as the EU’s Common Reporting Standard (CRS) and the US Foreign Account Tax Compliance Act (FATCA). In addition, automation can also expose retail (non-professional) investors if not regulated properly. “All of these are driven by the regula-

EIMF General Manager Marios Siathas

tor’s need to supervise the activities of all market participants. They need to make sure that the consumer is protected,” said Siathas. All of these new regulations have led to an explosion in compliance-related jobs. “We saw a huge increase in compliance jobs. The EU says around 76,000 compliance jobs were created in 2016, and 9% of all job listings were relating to compliance and risk,” said Siathas. Siathas added that it is hard to obtain specific indicators on the prevalence of regulatory compliance in Cyprus, but one can infer from data on administrative support services, which show a rise from around 5,000 in 2010 to 10,000 to-

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day, the trend has aﬀected our island vestment (CISI), the Global Academy as well. of Finance and Management (GAFM), EIMF runs around 200 programmes the Institute of Chartered Accountants every year, serving those already in in England and Wales (ICAEW) and sitions, those the Association Associat compliance related positions, of Accounting Tech who are interested to join the Technicians (AAT). ‘We es, or This means that sector in similar roles, saw a huge res tho those whose job requires those attending co them to be extra dili-courses can not increase in oonly receive spegent in such matters, compliance jobs. The like executive and cialised courses EU says around 76,000 non-executive direcon specific matcompliance jobs were tors of such firms. ters, or just created in 2016, and “We service clients clock up Con9% of all job listings ttinuing Profesof pretty much everyy were relating to al si firm in the financial sional Developcompliance and us. me services sector in Cyprus. ment (CPD) units; risk’ inanthey can also receive We work with all the finanestment full qua cial institutions, investment qualifications from d ffund d manh llargest organisations and firms and banks, funds, the agers, legal professionals, fiduciary professional bodies in the world. service providers and accountants,” This partnership with other professaid Siathas. sional organisations means that EIMF EIMF also oﬀers courses with internacan bring in professionals to teach tionally-recognised accreditation from courses who are experts in their field, a range of institutions, including the and up to date not only with the latest Association of Certified Anti-Money developments, but with likely changes Laundering Specialists (ACAMS), the to come. Chartered Institute for Securities & In“We are in the business of knowledge

dissemination. The only way we can do that is through identifying the right experts and the right partners. All of our trainers are active market participants,” said Siathas. “We identify experts and professionals who are willing and capable in sharing their vast expertise, and who are, at the same time, active participants in their respective fields – not just academics sitting in an oﬃce doing research.” Siathas also sits on the training committee of the Cyprus Investment Funds Association (CIFA) - the association for professionals involved in the rapidlygrowing investment funds sector. EXPANSION ABROAD Established only three years ago, the EIMF has already started expanding abroad, providing services so far in Greece, Kuwait, Israel, Albania and Germany, and is now looking into the UK. “What we wanted to do was create an organisation that focused on the financial and professional services sector, so we provide our services to these sectors. Once we had achieved that, we started to work outside Cyprus,” said Siathas.

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Siathas, whose background is in marketing, said that, for a small economy like Cyprus, expanding abroad is the only effective way to grow. However, he also said many Cypriot businesses make the common mistake of trying to expand their range of services instead of their market. “I find it in every business. They start off specialised and then they start offering more things, but in the same market,” he said. “You specialise in what you have the comparative advantage, and then you expand your geographical market,” he advises. Fintech is one area where he believes Cyprus has good potential for expansion abroad. “Technology is changing the way regulators need to look at things … Cyprus has already established a few firms in automation of fintech, specifically for compliance risk software, MiFID reporting and so on,” he said. “It is another sector in which I see good growth for Cypriot companies as well … because you don’t need to be limited to the Cypriot firms.” IMPROVING GOVERNANCE Siathas is also keen to improve governance in Cyprus more generally. He is on the boards of the Institute of Directors (IoD) of Cyprus, the Cyprus Investment Funds Association (CIFA) and he is a member of the new National Governance Team. “I am passionate about it. The idea of the National Governance Team is to create an acceptable corporate governance code for the public sector and semi-government organisations,” he said.

‘Technology is changing the way regulators need to look at things … Cyprus has already established a few firms in automation of fintech, specifically for compliance risk software, MiFID reporting and so on’

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Cyprus shipping – a stalwart of the island’s economy The present and future prospects of the island’s shipping sector

BY THOMAS KAZAKOS

he Cyprus Registry ranks as the 11th largest merchant fleet worldwide and the third largest fleet in the European Union. In addition, Cyprus is considered to be the largest third-party Shipmanagement Centre in the EU, and one of the largest globally. Furthermore, a large number of internationally-known and recognised Shipowning, Shipmanagement, Chartering and Shipping-related companies operate from the island. The wider shipping sector employs approximately 4,500 employees ashore and 55,000 seafarers. The shipping industry supports the Cyprus economy without any state investment, and operates successfully on a global basis, controlling a fleet of 2,200 vessels. The Cyprus Register is also considered internationally as one of the most qualitative

and safest registries globally. for both the short and medium term. The overall shipping operational and The shipping industry continues to grow taxation infrastructure in Cyprus has in absolute terms, and the addition of a remained intact. As such, the Cyprus number of internationally-recognised shipping industry is still able to attract companies to our shipping cluster, is both more quality ships and shipping compaa vote of confidence for Cyprus and added nies, assisting in reducing ng unemploystrength to the Cyprus shipping ment in Cyprus. Shipping ng concommu community. The existing stitutes one of the few active ctive comp competitive shipping opThe and profitable sectors of er erational and taxation creation of a the economy. With itss fframework has prov‘Deputy Ministry contribution estimated en yet again that it for Shipping’ will at 7% of the GDP, it recan be relied upon play a vital role in mains an industry with at a time of changstrengthening and substantial prospects, ing regulations and growing the industry especially if we take into u uncertain policy priin the years to account that it does nott o orities in other parts come suﬀer from any credibility ity of tthe world. or image problems and conIn addition, ad the Governtinues to operate successfully sfully on ment’s eeﬀorts to upgrade and a global basis. The positive performance improve the country’s maritime adfor the economy, coupled with the counministration are ongoing. To this end, the try’s exit from its Economic Adjustment creation of a ‘Deputy Ministry for ShipProgramme, is providing much optimism ping’, which is currently being promoted,

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will play a vital role in strengthening and growing the industry in the years to come. The creation of this Deputy Ministry will facilitate a much more specialised formulation of Government policies for shipping, in accordance with international developments and more effective communication with other State authorities, as well as with the industry itself. Similarly, the soonest-possible completion of the ongoing restructuring of the Department of Merchant Shipping is vital, in order to ensure the Deputy Ministry of Shipping will be fully operational from day one, when the relevant bill is approved by Parliament. Additionally, a positive result of the ongoing efforts to solve the Cyprus Problem will have an obvious positive and direct catalytic effect with regards to the lifting of the Turkish embargo on Cyprus ships. The Cyprus Shipping Chamber believes that unhindered trade between nations is the best tool available to break down prejudices and barriers, and, as such, it has always offered its services to act as a catalyst in this respect. The lifting of the Turkish embargo is the most potent confidence-building measure available to us, and one that would make a real difference on the ground to both sides of this long-standing conflict. It is also clear that the prospects of further development for shipping are very real indeed, and are strengthened further in view of the development of the energy

sector and the hydrocarbons industry. The flurry of recent activity in Cyprus’ Exclusive Economic Zone oﬀers the optimism that this ‘sister’ industry of shipping will provide significant opportunities and impetus to benefit Cyprus as a whole. Equally important are the eﬀorts emphasising the importance and need to educate and train young people who have a keen interest in maritime professions. In this regard, we believe the creation of the Cyprus Maritime Academy, whose aim is

to develop and oﬀer competencies in the three main areas of the marine industry: nautical science, marine engineering and marine electro-technology, provides the key to a new era for maritime training and education in Cyprus. New realities have now begun to be understood and correctly managed, and the Cyprus Shipping Chamber anticipates that, with the introduction of specific measures which will act as positive drivers, the current positive momentum for Cyprus shipping can only gain more impetus.

Thomas Kazakos is Director General of the Cyprus Shipping Chamber

The shipping industry supports the Cyprus economy without any state investment, and operates successfully on a global basis, controlling a fleet of 2,200 vessels

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DEMETRIS VAKIS

We can play a complementary role The president of the Institute of Certified Public Accountants of Cyprus (ICPAC) pinpoints the challenges facing the Cyprus economy

BY DEMETRA LANDOU

yprus has great potential to attract foreign companies following the UK decision to exit the EU. However, as Demetris Vakis, president of the Institute of Certified Public Accountants of Cyprus (ICPAC), stresses: Cyprus can play a complementary rather than antagonistic role. Vakis explains that Cyprus should seek for British companies to establish connected businesses in Cyprus, rather than seeking the transfer of headquarters to Cyprus. At the same time, Vakis lays out the parameters which must be present for Cyprus to attract British companies. The ICPAC head stresses that the right planning is necessary, with immediate response to

the foreign companies’ demands, avoidfort of sector professionals to attract ing bureaucratic hurdles. investors from new markets and to reHow do you assess Cyprus’ prospects spond to the constant changes of the as a financial centre? business world. The country continues Professional services, along with tourto be a significant financial centre with ism and shipping, proved themselves revery good prospects, taking into acsilient in the face of the crisis, count the skilled staﬀ we have and helped the economy nomy as a ccountry, the approach‘It rebound to a positive ive able tax system, and the is best that growth rate. In spite te st strong legal framework. the development of the damage dealt W What is needed is the of new sectors is done to the sector in 2013, right planning, so that gradually and on the with Eurogroup dethe country continues right basis, rather than cisions shaking the to offer high-calibre hastily; Cyprus cannot confidence of foreign services, always takbecome Silicon Valley investors, the rightt iing into account the from one day to planning has allowed ed ac actions of competitor the next’ Cyprus to keep its posiosicoun countries. tion as a reliable financial ancial How can Cyprus utilise centre. The tax reform rm of 2015 Brexit? Do Does our island have the contributed to this, as did the great efpotential to become a new “City”?

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A large part of the question can be answered when the relationship between the UK and the EU after Brexit becomes clearer, although the competition with other EU financial centres seeking to attract companies based in the UK is great. Already Ireland has set up special working groups, while cities such as Frankfurt and London, mainly due to their size, appear more attractive to multinational companies. Of course, Cyprus has significant potential in drawing companies in insurance, finance and investment funds, as long as there is correct planning, with immediate response to their demands and an avoidance of bureaucratic hurdles. Cyprus is better suited playing a complementary role, with British companies establishing connected businesses in Cyprus, rather than an antagonistic one, seeking to draw company headquarters to Cyprus. Which further steps must be made for Cyprus to become a more businessfriendly destination? It is clear, not just for the Cyprus economy, that the inability to adopt the necessary reforms leads to distortions and bureaucracy, and is troubling both for citizens and investors. There have been some reforms which were put in place, others that were begun but never actualised, and some which remained on paper. Of particular significance is the reform of the public sector, which will improve the business environment, while the eﬀorts made to adopt a development law , as well as a single-portal service for investors, are also important. How can Cyprus improve its position in international business indices?

What every businessman wants is to finalise his dealings with the state in the most time-saving and effective way possible. The country is still behind in utilising e-governance, the procedures for permit approval still require a significant amount of time, while many services often have no clearly responsible individual. Taking these into account, it is important that those reforms are put in place which simplify the procedures and make them more transparent and clear. An additional important point, on which there has been some development, yet not enough, is for cases to be more quickly adjudicated. Do you think Cyprus should continue to invest in traditional sectors of the economy (e.g. legal, or tax services), or should it open new doors to rising sectors, such as attracting tech companies or providing energy services? Cyprus needs a complete economic model. We have heard many times plans for attracting alternative tourism, or tech companies, but the planning was such that it could not be effectively applied. It is important that goals are set which are achievable. It is best that the development of new sectors is done gradually and on the right basis, rather than hastily; Cyprus cannot become Silicon Valley from one day to the next. There was an effort made for the creation of a tech park, yet the interest was limited, and the project has stalled. I believe that the new developmental model should include a mixture of the traditional and new sectors, with goals being set on the basis of achievability. When we refer to traditional sectors,

such as professional services, we must always be seeking for ways to enrich the products oﬀered as, for example, in the case of promoting collective investment schemes. I believe that there are significant prospects in the creation of new companies and in boosting the sectors of energy, technology, tourism and education. An important element in formulating proper economic policy is the study of measures being applied in other countries, competitors and non-competitors, and in economies with similar characteristics. Equally important is the existence of mechanisms which analyse the external environment, the needs of business and citizens, and which assist in quicker decision-making. It is suﬃcient to observe the actions of countries like Ireland, or Malta, or Luxembourg, and the fiscal measures they take, for us to gain some idea.

The president of the Institute of Certified Public Accountants of Cyprus (ICPAC) Demetris Vakis

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EOS GREEN ENERGY PROJECT CYPRUS

Solar energy night and day Cyprus-based EOS project harnessing advanced tech to meet Europe’s energy strategy

his week in Cyprus, European Commission off icials will attend a presentation of the innovative Eos Green Energy Project, which will produce and supply electricity from the sun 24 hours a day. The project was awarded a €60.2-million grant (with a total investment of €176.2 million) from the Commission and the project will be presented in Nicosia by the Cypriot Government, the European Union, the University of Cyprus and Deloitte.

The project will be implemented in the villages of The CY CSPc EOS sponsor Andreas IoDoros, Monagri and Green Energy Projannou oﬀered further Alassa, on the private ect uses an advanced insight about the comland of sponsors Alfa technology to meet the pany’s work, the partMediterranean needs of Europe’s en-n ners involved and their Enterprises ergy strategy and the fuufu future plans. Ltd ture project will see the exA fe few days ago, a meeting porting of electricity through hrough EuroAsia from Israel to Europe via Cyprus and Greece and Morocco in Spain. The project will be implemented in the villages of Doros, Monagri and Alassa, on the private land of sponsors Alfa Mediterranean Enterprises Ltd. In the brief interview that follows, project

was he held between the project sponsor an and the German company Fichtner & Co GmbH, a partner, to discuss one year’s results of the site meteorological station installed by the company in the village of Alassa. What are the results and why was it so important to install the solar thermal park at Alassa?

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Andreas Ioannou: “This particular area, due to the formation of the terrain and the altitude from the sea, creates the perfect location for installation of the solar thermal station, since the solar radiation reaches better yields of up to 25% above the surrounding coasts, which are affected by wet and dry mass air. We had to invest in a state-of-the-art meteorological station to provide even more accurate information than the meteorological stations of the University of Cyprus and the Meteorological Service combined. “Fichtner & Co GmbH who have been selected for strategic reasons and will play a huge role in the implementation of the project, but also in the expansion of its important technology, are expected to carry out studies that will inform the sponsors about the potential sale prices of electricity, when the Cypriot market will operate on a competitive basis.” Today, the demand for electricity reaches 1,000 MW. Do you plan to increase consumption in the coming years? AI: “So far, the study’s data shows that electricity demand in the near future will grow sharply, and is expected to reach about twice the demand of today’s peak demand, i.e. around 2,000 MW. The price is not expected to increase, but to stabilise just above the current average selling price of EAC, that is between 18 to 25 euro cents per kilowatt hour, with competitive market rules. Conventional Renewable Energy power generation systems could not push the

price down because their production remains unpredictable. Although these technologies will have lower production of energy than those based on fuels, they will not be able to fully satisfy the profile of a customer who needs electricity 24 hours a day.” You have participated in the European funding programme NER300 for demonstration projects for innovative renewable energy technologies. What does the contest provide and why was your company’s proposed work approved? AI: “This competition is a financial instrument managed jointly by the European Commission, the European

Investment Bank and the Member States. On the basis of the European Directive 2009/29 / EC on the trading of emission allowances contained in this provision, it has created the above competition or competitive programme for the financing of innovative renewable energy technologies, carbon capture and storage. “This competitive programme has taken place over two rounds, the first round in 2012 and the second round in 2014, where CY-CSPc-EOS Green Energy Project Cyprus was awarded. The technology used by this project is not only innovative in the production of electricity,

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but its innovation is further supported ation between Europe’s Member States by the fact that it stores solar radiation will be built. in thermal energy and converts it into The CY_CSPc_EOS Green Energy Projsteam, which it uses to generate 24ect uses an advanced technology that hour electricity and intensity needed can meet the needs of the SET project throughout the day and night. So far, and the future projection is the export of it is the only technology that can work electricity through EuroAsia from Israel day and night, without any help from to Europe through Cyprus and Greece, liquids and solid fuels. This makes it and from Morocco to Spain. stand out from any other technology, The International Energy Agency preso it has won first place in its NER300 dicts a brilliant future for the CSP: covsub category.” ering 11% of global energy needs in 2050. How will the project contribute to Eu“More specifically: up to 4,350 TWh by rope’s energy security and how can the 2050, according to the hi-Ren scenario project and its operation on this small (Energy Technology Prospects 2014), i.e. island set a policy for the diversification CSP / STE will account for 11% of the of electricity sources? world’s electricity and 4% respectively AI: “Europe, through the Energy Union, for Europe. has underlined the importance of ad“In addition to the expected global endressing the problem in energy issues ergy that will be generated through through a long-term strategy that will CSP systems in 2050, it requires 25,000 give Europe the lead in managing vital Alaska-sized power generation systems. needs. For this reason, Strategic Energy We are only at the beginning of a future SET) was created Technology (SET) mammoth.” ndations on to lay the foundations How will the EOS proposal t economies which eﬀectivee cooperbenefit the ‘So

of Cyprus and Europe? AI: “Energy is vital for the transition to a sustainable economy, especially for countries that have the chance to have RES (solar, wind, etc.) in abundance. The CSP / STE solution, with proposed thermal storage, oﬀers the possibility of a complete renewable electricity source that can reliably replace emissions from prone conventional generators. Our work reduces dependence on costly energy imports. The greening policy of the EU is based on the reduction of emissions. In addition, a competitive alternative energy source in the EU is provided to stimulate the local development of the economy and industry. The development of the relevant EU industry with high export potential leads to new jobs. It also creates the opportunity, through the use of competitive prices, to transform Cyprus, even the EU, as an exporter of electricity rather than a net importer, provided that Cyprus finally connects with the rest of Europe through the

far, it is the only technology that can work day and night, without any help from liquids and solid fuels … so it has won first place in its NER300 sub category’ KATEV3: ‘EOS creates the opportunity, through the use of competitive prices, to transform Cyprus, even the EU, as an exporter of electricity rather than a net importer’

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Euro-Asia interconnection (one of the EU’s priority projects). The technology oﬀers supportive competitive ancillary services to combat the intermittent nature of other technological solutions, namely PV, Wind, etc. It also creates the opportunity to contribute to European energy eﬃciency and security.” How does your system work? AI: “It is a solar power station that can generate energy 24 hours a day, at the time and power that the transmission system operator would like or fully meet the needs of any customer through bilateral contracts. “The weather station detects the sun’s rays and the installation control system directs the special curved toroid mirrors called sun burners to focus the sun’s rays on the Solar Thermal Receivers or STRs located in towers rising 24 metres above the ground. “STR contains 10 tonnes of graphite and, as the morning progresses, the graphite is heated by the sun to a maximum of 800-1,000 degrees Celsius. The accuracy of the solar trackers is continuously monitored by a camera(s) at the base of the tower and, if necessary, re-calibrated by the computer control system of the installation to correct any errors it detects. “ For the production of electricity, clean water is pumped from a water storage tank to the STR. Inside, the water passes through a series of pipes incorporated in the graphite, called heat exchangers. The exchangers convert water into super-heated steam. “Steam is then directed to a steam turbine and electricity is generated. After leaving the steam turbine, the steam is cooled and the resulting water returns to the water storage tank for recycling. As the sun loses its heating capacity, STR is sealed. Once the STR has cooled down, control systems automatically remove it from the system and the system connects to a new hot STR, thus keeping the steam flow. “The Eosolar CSP System, which produces energy during the day, will continue to produce this power during the night. When the sun rises the next day, it will re-heat the STRs, which have cooled at night. In the meantime, other STRs, heated the day before and not used during the

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night, will continue to supply steam to the steam turbine and produce a steady flow of electricity.” TECHNOLOGICAL CONFIRMATION FROM FICHTNER & CO GMBH This now opens the way for bilateral contracts that will contribute to the transition period and the full harmonisation of the liberalised market, where consumers will choose their own electricity producer and supplier according to their needs and adjust their competitiveness after 2019. Project Sponsor Ioannou said that the solar thermal park does not need a specific feed-in-tariﬀ from the government, as the viability of the project will be based on bilateral agreements that Alfa Mediterranean Enterprises Ltd will enter into with the business world and with individuals alike. The advantages of the project based on the confirmation of the independent German company Fichtner are the following: The system consists of modular units that can be increased or reduced, according to demand or need. It is environmentally friendly, not affecting the life of birds. It has durable, long-life construction materials with low installation costs, and excellent competitiveness in production costs. Installation is easy and all materials are available locally. In large project sizes beyond 50MW, its compatibility reaches maximum efficiency and sustainability. It is a stand-alone system, as conventional systems work. Flat ground is not required for the system. It is competitive in the production and supply of electricity in relation to conventional fuels. It is fully compatible with the application, both in remote areas lacking an electricity transmission system and in densely-populated areas with a transmission system where it operates on a competitive basis while being fully compatible with the needs of the network operator.

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50 MW SOLAR THERMAL PARK IN ALASSA The Eos Project solar park of Alfa Mediterranean Enterprises Ltd will take place in Alassa with € 60.2 million of EU funding and a total investment of € 176.2 million. The project is a result of the eﬀorts of Paphian entrepreneur Neofytos Neofytou. Neophytou, originally a farmer, had always been passionate about observing the natural world. The trigger for him, as to how to help protect the environment, was witnessing diseases ravage trees, animals and humans and understanding that combustion of liquid and solid fuels contaminates nature. He began his research with the help of his associates, in particular Christos Sinka, a mechanical engineer, studying all the existing renewable energy technologies and ending up with the patent of thermal energy storage in graphite. Up to that time, this technology had not been used - not even on a pilot basis. This led to a study of the life and work of two inventors (Thomas Alva Edison and Robert Bob Lloyd who invented and invested in solar energy storage) who perceived that society is criminalizing all of humanity. Before dying at the age of 84, well-known inventor and businessman Edison (1847-1931), said he would invest all his money in the sun and solar energy. “I hope we do not have to wait until the liquid fuels and charcoal are exhausted before we deal with this issue,” he reportedly said. The continuation of this eﬀort was made by Lloyd, who was born in 1930 in Lithgow, Australia. His passion was to create a technology capable of storing thermal ener-

gy that would come from renewable sources of energy such as sun, air and waves, which can be widely used 24 hours a day, ending up with graphite as a means of storing thermal energy. Lloyd patented the thermal energy storage patent in 1999 in Australia, and slowly in all the countries of the world. Neophytou had the position that Lloyd’s thermal energy storage patent provided an alternative to the current devastating effect on the environment due to climate change, resulting from the ongoing Increase in greenhouse effect. Neophytou immediately took every action to secure a permit for the construction of a solar thermal park in Cyprus, with a power of 25mw. However, he faced too many difficulties because the services in Cyprus had no knowledge of this project, placing obstacles to its completion. His persistence, however, was unshakable which led him to take part in the NER300 Europe competition with the EOS Project, where he won the second round of the competition on March 27, 2014, being awarded the prize grant of €60.2 million. Today’s shareholder owners of Lloyd Energy Systems granted the rights to develop the patent for the storage of thermal energy in graphite to the Cypriot company Alfa Mediterranean Enterprises Ltd, to enable technology to be deployed throughout the world, starting in the best way, with award-winning work in Cyprus and an award-winning project in Australia, with money from the innovation fund in Australia

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CHELCO VAT LTD

Value Added Tax in the spotlight at the Limassol VAT Forum The first-of-its-kind in Cyprus LIMASSOL VAT FORUM 2017 Chelco VAT Ltd, the island’s only VATdedicated indirect tax consulting firm, is holding today the very first-of-itskind VAT Forum in Cyprus to celebrate the oﬃcial launching of its operations. The Forum is an invitation-only event and will be opened by the Minister of Finance, Harris Georgiades. It is held at the Four Seasons in Limassol and includes three high-level panel discussions that will bring to the surface and analyse such issues as the current problems with the supply of goods within the EU and the new VAT Action Plan, VAT problems and solutions for the holding company and how Cyprus can make use of the EU Court of Justice. The three panels are comprised of an array of prominent VAT professionals and academics from Cyprus and abroad. Those include Cyprus Tax Commissioner, Yiannis Tsangaris, Dr. Stefan Maunz,

Partner with KMLZ in Germany, renowned lawyer and professor of VAT, Dr. Ben Terra from the Netherlands and Raymond Feen, Founder and Director of ALLVAT, also in the Netherlands. Also, Prof. Patrick Wille, Founder and President of the international partnership of indirect tax professionals, VAT Forum, Belgium and Kyriacos Scordis, Managing Partner of Scordis, Papapetrou and Co LLC. Sponsoring the event are Swiss EFG Private Bank with local oﬃces in Nicosia and Limassol, leading law firm, Scordis, Papapetrou & Co LLC, Advocates & Legal Consultants, and S. Kaniklides (Cyprus) Ltd, Document Management Services experts. CHELCO VAT LTD Based in the business capital of Cyprus, Limassol, Chelco VAT is now considered one of the foremost authorities on indirect tax matters in Cyprus. It specialises

in strategic VAT planning and consulting and in a short timespan it has also managed to take on a leading role in the organisation of high-level VAT conferences, seminars and workshops. ALEXIS TSIELEPIS The firm’s Managing Director, Alexis Tsielepis, who is chairing the event, said he was thoroughly excited to organise the very first VAT Forum in Cyprus. “We could see no better way to commemorate our unique expertise, conclusive knowledge and high principles, than an exclusive VAT Forum in Cyprus of the highest level,” he said, adding: “We will all listen, learn and discuss pertinent VAT matters that aﬀect our country and our economy.” “VAT has never been given the prominence it deserves in Cyprus. From the introduction of VAT in Cyprus in 1992, such a Forum is already 25 years overdue! Yet, we have only scratched the surface of what we are able to do and deliver,” Tsielepis pointed out. For more information, visit the Forum’s microsite at www.chelcoVAT.com/vatforum.

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FILEMINDERS

Risk mitigation and Enterprise Information Management The benefits to organisations of implementing cost-effective document control and regulatory compliance

rganisations in Cyprus operate in uncertain and changing environments with challenging socioeconomic and cultural influences that may aﬀ ect their ability to meet their objectives. The impact of this uncertainty can be determined through analysis of market, credit, operational and reputational risk. Based on the above, organisations examine, understand and evaluate the risks, and then take the necessary risk mitigation steps to increase the probability of success and reduce the likelihood of failure and its impact. GRC (governance, risk management and compliance) focus on processes that include document control and enterprise information management (EIM).

A PROACTIVE APPROACH TO RISK MANAGEMENT Organisations need to integrate content from multiple sources to deliver timely, consistent and meaningful information to their business processes in order to manage cost and meet business goals, while achieving regulatory compliance. Enterprise Information Management is a strategic combination of components and services that meet these challenges. The methodology involves scanning, data capture, management, preservation and delivery of information through structured physical and digital systems, encompassing document management, imaging, records management, workf low and regulatory compliance management. These systems help organisations of all sizes and in all industries better organise their structured and unstructured, physical and digital repositories, in an eﬀort to better manage and harness an ever-increasing amount of content.

As a part of an EIM strategy, outsourcing and building strong partnerships is critical in order for organisations to take advantage of industry expertise and economies of scale. Typically, though, most organisations do not outsource or invest in an EIM solely to mitigate risk. The main business driver is the opportunity to save time

Christoforos Christoforou, Risk and Strategic Planning Manager at Fileminders

and money while improving business performance, assisting in a paper-less office and the automation of business and internal processes. This is something that has driven the information management industry for the past decades. An eff ective EIM solution will reduce the time, cost and complexity associated with storing, locating and collaborating on documents and data throughout the information life cycle. The successful implementation will improve operational efficiency and access

to critical content, as well as address quality and compliance activities and requirements. Since corporate focus is also on risk mitigation, managing information is all about security and compliance, based on standards and regulations. Typical risks from failure of information governance are possible non-compliance penalisation, excess litigation costs, an inability to respond to requests for information, and possible audit qualifications due to inadequate records. A proactive approach to risk management would include measures to ensure information is secure, searchable, retained and disposed of according to industry and legal requirements. THE CASE FOR ENTERPRISE INFORMATION MANAGEMENT For those organizations that have implemented a structured approach and methodology for EIM, risk mitigation is vastly simplified, through various applications within each organisation, in order to meet their corporate goals. 1. Simplifying audit controls, ensuring data accuracy EIM can help streamline audits with the ability to quickly and eﬃ ciently produce evidence to verify if the right people are doing the right things at the right time across an organization’s departments and functional groups. It can also provide a clear illustration to auditors of the quality and compliancerelated activity within an organisation. An integrated information management system, incorporating tiered access controls, will dramatically simplify the typical control requirements for security, audit trails and production of records on demand. An indexing strategy ensures that finding documents is

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processing still plays a large role in simple, based on index values (metaEIM, both locally and internationally. data fields or keys) associated with a Managing the marriage of digital and document, thus minimising exposure physical information though a structo possible data misplacement and loss. tured EIM approach, is as crucial for 2. Automating document retention and destruction the operations of an organisation, as it Avoid the risk of deleting eting records is for the mitigation mi of corpoprematurely, keeping records rate risk risk. An past their mandated d re4.Monitoring 4.M activeffective tention periods and reities itie and processes EIM solution taining information n As companies will reduce the time, indefinitely, leadingg strive s to create to repeated investorder from the cost and complexity ments in costly chaos that has of storing, locating storage or exporesulted from the and collaborating on sure to regulatory unprecedented documents and data non-compliance e.g.. amounts a of inthroughout the GDPR, ISO27K etc. formation fo they information life Seamless record and nd produce, pro Enterprise cycle information management ment Content Cont Management allows you to automate te reten(ECM) has become one tion and destruction schedules, h d l off the h fastest f growing areas of removing the potential for human unInformation Technology, and a crucial certainty and error. This feature helps component of information manageto further mitigate risk and ensure ment as a whole. compliance, both for physical and digiRisk management and risk mitigation tal records. is enhanced through ECM workflows 3. Managing marriage of digital and and processes, due to the strength of physical information real-time monitoring and notificaMost organisations struggle to diftions on activities defined by each orferentiate between the physical and ganisation, based on their risk profile. digital aspect of information. Paper Achieving a proactive, risk-based ap-

proach is highly achievable, without the requirement for extensive resource allocation or data mining. 5. Enhanced customer experience Customer service starts with responsiveness and quick turnaround, only achieved through a structured EIM system, especially for organisations dependent on data and information retrieval on a frequent basis. Integration of digital and physical records enables advanced options to customers, partners and staďŹ&#x20AC; members. In addition, customer satisfaction data, customer complaints, incident reporting and similar types of documentation, can be captured, combined and managed through the EIM. This will result in efficient management of risk with realtime data. Integrated Risk Management, assisted through the implementation of an EIM, allows you to take a proactive approach to business continuity and corporate governance. Rather than putting policies in place after a catastrophic event, such as an audit or a loss of consumer confidence, it is far better to equip your organisation with the tools that ensure a risk-based approach to compliance and customer satisfaction. With the right partners and tools, you

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can prepare your organisation to thrive and meet all foreseeable adversities and challenges related to information management, in an integrated risk management and mitigation strategy, which can help each organisation improve its business performance and customer experience.

the criteria set forth for authorities when assessing penalties to companies for non-conformity. These penalties could amount to a severe impact on any company, considering that a 4% penalty on global turnover or 20 million Euro penalty (whichever is higher), is something most companies could not aﬀord. Thus, risk analysis and mitigaGDPR AND ENTERPRISE tion measures may extend beyond the INFORMATION data security provisions, encouraging MANAGEMENT a risk-based compliance apEurope’s new General ral Data proach to many areas of Protection Regulation ation the R Regulation, thus A (GDPR), which will int introducing the concompany come into effect in n ce cept of privacy by will face May 2018, requiress design. d significantly and embraces a riskThe GDPR reduced fines or based approach to guides companies data protection, to implement apavoid fines altogether through a redesign propriate techby addressing of the internal sys-nical n and organithe risk of its tems and controls of all ll za zational measures activities companies. Throughout out to ensure complithe GDPR, organizations tions ance ance. These measures that control the processing ocessing should rreflect the nature, of personal data are encouraged d to scope, context and purposes implement protective measures corof processing as well as the risks of responding to the level of risk of their varying likelihood and severity for the data processing activities. rights and freedoms of individuals. The The concept of risk analysis appears in reference to likelihood and severity in all measures companies should impleessence, reflects the general approach ment to assure adequate data security. to any risk assessment or business imThis implicitly includes the necessary pact assessment schedule. risk management process regarding Companies can reduce their exposure

to penalties by demonstrating their adherence to traceable and well-documented procedures, workflow mechanisms and policies. Taken together, the GDPR and the local authorities suggest that fines should be imposed in accordance with the risk profile of the operation and the extent to which each company appropriately addressed the risk. The sensible assumption and word on the street remains that a company will face significantly reduced fines or avoid fines altogether by addressing the risk of its activities, even if such measures fail to prevent a data breach or another important GDPR non-conformity. Records Indexing and Metadata management can play an important role in helping companies comply with the various GDPR requirements. When leveraged within an EIM integrated system, accurate content management helps companies correctly categorize and manage all records (physical and digital) according to GDPR requirements. For example, contracts and invoices by their nature contain sensitive customer information. A well-planned EIM system can manage indexed “contract” or “invoice” documents with specific references to the person whose data is in each file. This reflects the obligation in the GDPR for data portability and the right to be forgotten, which allows for any data subject (citizen) to request companies to provide an index of his/ her particular data stored by the company, request for a transfer to another business entity, or even request for all related data to be erased. Once a file or object is indexed as containing personal data, the EIM, usually through support from an ECM, can automatically initiate other actions to ensure proper treatment and handling of information according to the GDPR, such as: • Data encryption • Applying access control and permission management to each type of record • Enforcing retention policies • Prevent files and objects from transferred outside of the organization without specific authorizations, which can be easily managed through workflows. • Tracking any modifications to personal records

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• Relate explicit consent documentation to each corresponding record type e.g. explicit consent for use of personal data for marketing purposes • Providing an audit trail for compliance A correctly established information management system will bring order, consistency and eﬃciency to each task, making it faster and easier to become GDPR ready. It largely takes decisions about how to handle personal and sensitive data out of the hands of individual employees and instead applies an auditable data governance policy. ABOUT FILEMINDERS Fileminders is the leading Enterprise Information Management (EIM) company in Cyprus and one of the most innovative information processing companies in the region. A trusted partner to leading businesses in Cyprus, which

have enhanced their cost eﬀectiveness by reducing paper-handling ineﬃciencies, optimised their info-driven business processes and mitigated corporate risks associated with information discovery and regulatory compliance. Fileminders has extended industry experience of more than 13 years with more than 700 clients from all industries of all sizes, recognized expertise, intelligent infrastructure, advanced technology equipment and a fully integrated information management system. The company has successfully helped organisations of all sizes to attain ef-

ficiency and mitigate risk by managing the entire Information Management Cycle. A complete end-to-end EIM solution, which includes secure storage of physical documents, document scanning and capturing, Enterprise Content Management (ECM), Business Process Management (BPM) and secure destruction of obsolete information. The goal is to streamline manual and paper intensive business processes that cause information silos and document bottlenecks in a cost-eﬀ ective, secure and reliable manner, in compliance with strict standards of information security.

Tel: +357 7777 86 66 email: info@fileminders.com.cy www.fileminders.com.cy

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RTBS LTD

Let it Be… Merge! Auditchart Ltd and Interquality Ltd joining forces… teams to tackle complex issues by using proven global methodologies and implementing high quality audit tools and assessments, fully complied with the International Standards on Auditing. Advisory Our professionals have the experience and deep knowledge to implement realistic and workable solutions to assist you in minimizing the running costs of your company, developing your business, enhancing your operations and improving your internal processes. Furthermore, we can assist on mergers and acquisitions, business plans, feasibility studies and debt restructuring.

George Themistocleous and Nicolas Agathocleous

he merge of Auditchart Ltd and Interquality Ltd with the establishment of RTBS, contemplates the contemporary changes and requirements in the broader environment in which we operate. These requirements shape the need for partnerships, aimed at greater specialization in certain areas, improving and enhancing the services provided. Within this framework, constantly adapting to new business challenges and centred on our personal commitment to providing high-quality services, we have decided that the collaboration between the two companies and our long-lasting friendship should go one step further. We are very proud and excited that our companies are joining forces, providing high level personalized services to our customers, by focusing on their individual requirements and by building strong business and interpersonal relations.

Our main goal and concern is to ensure our customers continue their successful business activities, building on our experience, commitment and dedication. The culture of the new company is inseparably linked to four simple words incorporated fully in the name of RTBS; Reliable, Trustworthy, Bespoke, Services. The cornerstone of our company, our guiding principle and source of strength! OUR SERVICES Audit and Assurance We associate our deep market knowledge with our audit experience to provide you with a clear and independent view of your company’s aﬀairs, in accordance with the International Financial Reporting Standards and the International Accounting Standards. We work with you, collaborating across the organisation, helping you to improve your processes and your overall financial position. We provide consistency by building the right

Taxation We are experts on International Tax Planning, taking advantage of tax incentives and Double Tax Treaties. Our tax team can assist on Corporate and Individual tax issues and VAT, while we can help you to design tax efficient International Corporate structures taking into account your specific needs and requirements. Accounting We provide more than accounting services. Using advanced accounting software combined with our extensive professional experience and highly trained personnel, we are focused on assisting you meet your financial reporting requirements, offering safety and efficiency across processes and systems, while maximising the productivity you need. INTERNATIONAL PRESENCE RTBS is an independent member firm of CPAAI, the only member of the Association in Cyprus. CPA Associates International is one of the biggest international associations of independent CPA and Chartered Accounting firms, with 142 members in 57 countries throughout the world, providing clients with professional accounting, auditing, tax and consulting services.

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The insurance industry’s contribution to the services sector During the crisis years, and while liquidity in the market was non-existent, the insurance industry provided the hefty amount of €3 billion in the form of demands and benefits. Today, after passing through the turbulent waters of the deep crisis, the insurance industry is back on an upward trajectory, recording positive outcomes on all its indices. BY STEPHIE DRACOS

he insurance industry has contributed over time to the strengthening of the services sector, and the growth of the Cyprus economy, more broadly. This can be seen both from the important contribution of the insurance industry to the country’s GDP

(approximately 4.2%), and from the upward development of the Cyprus insurance market. The insurance industry has supported the economy in diﬃcult times, such as after the Turkish invasion, after the Mari explosion and, recently, with the financial crisis. The reliability and immediate response that was demonstrated in these diﬃcult times for our country reconfirm in the

Stephie Dracos is Director General of the Insurance Association of Cyprus (IAC)

best possible way the utility of the institution of insurance policy. Indicative of this is the fact that, during the crisis years, and while liquidity in the market was non-existent, the insurance industry provided the hefty amount of €3 billion in the form of demands and benefits, which boosted household income. Today, after passing through the turbulent waters of the deep crisis, the insurance industry is back on an upward trajectory, recording positive outcomes on all its indices. Specifically, premiums in 2016 reached €764 million, compared with €744.6 million in 2015, showing an increase of 2.6%. The life insurance sector recorded an increase of 0.7%, while the general insurance sector increased by 4%, with premiums reaching €442 million compared with €424.9 million during the same period of 2016. The insurance industry serves Cypriot citizens through 1.2 million insurance policies, while supporting 4,000 full-time jobs, and managing investments valued at €2.35 billion - an amount representing 14.9% of GDP. The rebound and improvement of the insurance industry during a period of so many challenges is not only due to the better trajectory of the economy, but also due to the corrective measures taken by the insurance companies themselves, in response to the crisis, and to counter a diﬃcult business environment. The industry showed flexibility in building new investment strategies, in adopting strategies on the basis of new customer needs, by reforming the internal operations and upgrading their technology, in order to adjust to the strict environment brought by the EU’s Solvency II Directive, along with the promotion of new business practices and products. In our estimation, what the sector has

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achieved in the past few years is significant: it has countered the great eﬀects of the crisis, while responding positively to being kept up-to-date ahead of great challenges, and rebounding with an upward trajectory. Of course, the challenges for the sector are not over. We are now facing new institutional changes regarding the distribution of insurance products and personal data, in accordance to the new EU directives and regulations. Regarding the major issue of the National Health Scheme (NHS), the Insurance Association of Cyprus (IAC) has put forward its own proposal for an NHS, based on the citizen’s right to choose doctors, hospitals and insurance organisations. It is vital that we draw from international experience: monopolies in insurance policy, wherever they have been applied, have crumbled or present serious problems which undermine the economy and the new generation. A contemporary, viable and eﬀective proposal for the NHS will contribute substantially to upgrading medical care, dealing with problems in the health sector, and in constraining costs. Otherwise, the result, given the

way NHS proposals by politicians are built, will be that precious time, public funds and taxpayer millions are lost. The contribution of the insurance industry to health services until today is expressed via 235,000 insured individu-

als, a number which is constantly on the rise, showing that the public prefers private systems. Consequently, we consider it a major challenge to build on these and improve the service we provide today.

PENSIONS

Another service in which we believe we have an important role to play, and is a special challenge for us, is the pension sector. Since last year, when the state opened the way for insurance companies to get involved, the market has already given options to citizens, with new products oﬀering professional pension provisions.

It is noted with satisfaction that it is the government’s intention, as was publicly expressed in reform efforts, to recognise that private insurance has a significant role to play to ensure viable and adequate pensions. Consequently, it is a special challenge for us to contribute constructively to the dialogue on the matter, and to expand our contribution to the services sector and, by extension, the economy, through the development of modern third-pillar pension plans. It is also important to note that, in the services sector, the contribution of private insurance has prospects and a future. The average EU contribution to GDP of the insurance market is 7.4%, therefore the road is not over for the Cyprus market. Insurance is a service which extends to all sectors of human activity. It offers protection against dangers in households and business activities, opportunities for saving and investing, access to quality healthcare and education and dignity in old age. It is an institution that contributes to the economy and society, and its usefulness is recognised globally. Our own actions, however, are not enough on their own. We await the contribution of society through vision and a national strategy which makes use of the sector’s capabilities and boosts its development. On our end, we will put every effort into our sector, continuing to play a leading role in our country’s services sector, and improving its contribution to GDP.

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Investing in health Plenty of opportunities within Cyprus’ high-calibre medical sector

BY ATHENA KARSERA

ipe with investment opportunities, Cyprus’ health sector boasts large, modern, state and private hospital units, contemporary and highly-developed laboratories and other diagnostic centres, and highcalibre health professionals. The country’s geographical position, its excellent climate and the traditional hospitality of its people, combined with the fact that many other countries have health systems comparatively more complicated than our own, have also helped make the island a magnet for overseas visitors. These visitors include people from around the world, both seeking quality treatment, and a pleasant place to heal. All these elements mean that, even ahead of the implementation of its National Health Scheme (NHS,) Cyprus is well on its way to becoming a regional medical hub, with plenty of scope for investment. An advocate for ongoing improvement,

Health Minister George Pamboridis reGermany, Holland, Russia and the Midcently listed some of Cyprus’ many existdle East, Pamboridis said. ing healthcare advantages - in both the The government, meanwhile, is focusing public and private sectors. on the implementation of the European These include a ratio of 3:4 doctors per Directive on the cross-border healthcare 1,000 residents, in comparison to a 2:8 raof European citizens to increase the flow tio in the UK, a ratio of 4:0 in Germany of such patients into Cyprus. and an Organisation for Economic CoThe Directive clarifies patients’ rights operation and Development (OECD) in connection to their access to crossmember country average ratio of 3:3. border healthcare, as well as their rights Cyprus also boasts 5.1 nurses per 1,000 on how much of their expenses will be residents, and 2,912 hospital covered. beds, of which 1,527 are It also gives every European The in the public sector and nd citi citizen the right to choose island has which correspond too tthe member state in 20 MRI scanners 3.4 per 1,000 residents. which w they wish to and 33 CT scanners The UK figure is 2.7 receive medical treatper one million people, beds per 1,000 resiment if this treatment a percentage placing dents. is not provided in their Cyprus amongst the The island also has 20 home country, or canOECD’s leading MRI scanners and 333 not n be accessed within countries CT scanners per one milila medically-acceptable lion people, a percentage tage timeframe. time that places Cyprus amongst mongst And the range of Cyprus’ fathe first countries in the OECD. cilities and medical professional In addition to its local population, today know-how mean it is perfectly placed to the majority of visitors selecting Cyprus provide an increasing number of health for medical treatment come from the UK, sector services.

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Currently, dental and cosmetic surgery services are high on visitors’ preferred treatment list, while, in recent years, there has been growing interest in fertility treatments. Great interest is also being shown in highly-specialised services provided in Cyprus, including blood dialysis, heart and chest operations, orthopaedic surgery, and musculoskeletal surgery. A European Reference Network is also in the works, to create a centre of excellence mobilising experts in Europe - including Cyprus - and giving health-care providers access to their expertise. This is also facilitated by the widening (electronic) e-Health framework, providing prospects for investment. According to Pamboridis, the government aims to create a joint national information system that, once implemented, will have multiple advantages for the patient. These include a lower cost for the provision of health treatment and an upgrade of the quality of the provided health service. The term e-health covers a wide range of tools based on information and communication technology, aiming at the best possible prevention, diagnosis, treatment, observation and management of health and quality of life. It includes cooperation between patients and health care providers at an electronic level, the exchange of information between medical organisations and communication between patients and healthcare providers. It also includes information networks on health, electronic health databases, telemedicine services, and systems for patient support and observation.

An advocate for ongoing improvement, Health Minister George Pamboridis recently listed some of Cyprus’ many existing healthcare advantages

The EU is trying to create a European space for e-health, coordinating actions and facilitating cooperation between stakeholders to find the best possible solutions to problems and spreading the use of best practices between member states. Particular aims include the creation of an electronic health database, the exchange of information and standardising procedures, as well as introducing an e-Prescription facility. The financial development of and Cyprus’s growing role as a regional health

centre also involves the education sector - another sector ripe for investment. As Pamboridis also recently noted, three medical schools have been created over the past five years, one at the University of Cyprus and two at private universities, with the potential for foreign student registration. Their creation is anticipated to benefit the further development of health sectorrelated research and innovation, providing even more scope for lucrative investment.

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ALPHA EVRESIS DIAGNOSTIC CENTER

A trustworthy Imaging Center offering high quality diagnostic services It has earned a national reputation for quality and excellence in providing superb diagnostic imaging.

lpha Evresis Diagnostic Center was founded in 2008 by a group of businessmen related to the medical field and a team of doctors. The founders of the center envisioned an ideal, modern and complete imaging center capable of fulfilling peopleâ&#x20AC;&#x2122;s medical needs both for the public and the private sector. Alpha Evresis is equipped with state-of-the-art, modern equipment which emit the lowest possible radiation and well trained, specialized and experienced personnel (medical, paramedical and administration) who are defined by their patient-centered and scientific approach towards the examinees. Medical services have a vital role in the economy of Cyprus and thus there is a constant demand for update and upgrade, in order to coincide with the development of science and technology. Despite the complex and complicated demands of the contemporary world, Alpha Evresis diagnostic center still stands out in the greatest way. Having great responsibilities towards the medi-

cal world, the center provides first-class and trustworthy medical services. The modern equipment as well as the specialized medical and paramedical personnel of the center handles nearly all diagnostic examinations. Our aim is to keep providing reliable and accurate results to the clinicians, in the shortest amount of time. At Alpha Evresis diagnostic center we provide special examinations such as the endoscopic ultrasound (EUS), Fibroscan and a comprehensive MRI examination of the heart which are not provided by any other diagnostic center in Cyprus. The examinations listed above complete the following existing examinations that our center provides: Magnetic Resonance Imaging (MRI) Computed Tomography (CT) Digital Mammography Ultrasound Endoscopic Ultrasound (EUS) Fibroscan Digital X-Ray Digital 3D Dental The Alpha Evresis diagnostic imaging center was founded with the aim to de-

velop a well-known establishment in the medical community, inviting local people as well as patients from abroad to become an important and prominent diagnostic center, not only in Cyprus but in the Middle East. The philosophy of our center is based upon providing accurate diagnosis and professional services to a modern and well-adjusted environment which has the following aims: Provide specialized and high quality medical diagnostic services. Provide high-level services in the Health area by using state of the art technology. Implement new specialized methods of diagnosis, using special treatments via interventional radiology and collaborating with researchers in the field of medical biotechnology. Gain trust from the medical world for the consistency and reliability of the services provided which are also cost efficient. Become model diagnostic center in Cyprus able to fulfill the medical needs of patients from either public or private hospitals.

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cialized radiologists, with vast knowledge and experience in the field. Our doctors are supported by a team of experienced and trained paramedics and radiographers to provide the best possible and consistent results in the minimum amount of time. In order to have high resolution and quality of diagnostic images and to get the best possible diagnostic medical reports for our patients, new, modern and advanced equipment are required.

Being equipped with modern and stateof-the-art medical diagnostic machines will not provide medical integrity alone. In order to provide high level services, a diagnostic center requires highly trained and specialized personnel. Highly qualified personnel always provide positive results and lead to maximizing the consistency and reliability of the medical reports. Alpha Evresis diagnostic center has exclusively 3 highly notable doctors, spe-

Alpha Evresis Diagnostic Centre is incorporated with the RIS (Radiologist Information System), as well as an image quality control software, PACS. These software packages enable doctors to study and compare any previous examinations of the examinee by browsing the examinee’s digital folder. In this way, the examinees avoid extra trouble of having to bring past examinations with them from our center. The installation of the fully functioned digital patient’s file was one of the first in Cyprus in the private sector and has the necessary specifications to be able to store a complete patient’s file.

inspections, customer satisfaction surveys and statistical analyses of the data collected during the procedures and are reviewed during the management’s review meetings. Alpha Evresis is fully compatible with all healthcare funds and collaborates with almost all insurance companies and many organized groups. In conclusion, Alpha Evresis is a patientcentered diagnostic center which excels with professionalism and consistency of services which are delivered with high level of quality and integrity. Contact details: 99A Athalassas ave., 2024 Nicosia Tel: 22861000 Fax: 22446344 e-mail: info@evresisdiagnostic.com web: www.evresisdiagonostic.com

It is important to note that the center has a certified Quality System and Environmental Control System (ISO 9001:2008 and ISO 14001:2004) and follows the European Regulation (EMAS). The quality system is applied via procedures which have specific aims and is evaluated through internal and external

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AYIOS THERISSOS MEDICAL DIAGNOSTIC CENTER

The Unique, New MRI Philips Ingenia 3 Tesla is now in Ayios Therissos! The first-ever digital broadband MR system is now being installed in Ayios Therissos-Nicosia that delivers crystal-clear images, remarkable speed and technology.

s of July 1, 2017 the new MRI Philips Ingenia 3T will be ready to serve our customers with new cutting-edge technology standards. The new magnet has the largest bore diameter (70cm) in commercial MRI systems, able to accommodate obese and fragile patients with ease in the largest homogenous field-of-view thus reducing the feeling of claustrophobia, and at the same time covering larger anatomic portions of the body, ideal for spine and abdominal imaging, speeding up the examination procedure. Its new revolutionary technology uses direct digital RF sampling at the coil, sampling the MRI signal at the source, avoiding the intermediate analogue stages for down-conversion of the signal between the coil elements and the analogue to digital converter (ADC). All the ADC electronics have been miniaturised and placed within the coil where the digitisation takes place with one fibre-optic cable replacing the multiple coaxial cables (channelindependent RF technology). Thus, the overall result is a simplified receiving architecture, with few electronic components, low power consumption, high signal-to-noise ratio (SNR) and dynamic range, producing enhanced MRI signal without pre-distortion or compression, eliminating analogue artifacts.

The combination of the 3 Tesla magnet, the digital coils and the improved techniques perform stellar everyday examinations, highly-advanced angiographies, spectroscopy and diﬀusionweighted imaging - even in smaller

body parts - with new dedicated software applications for the brain, breast, prostate, rectum, and the musculoskeletal system. The new system will be a welcoming addition to the powerful Philips iCT 256-slice scanner, the only one in Cyprus, a cutting-edge technology system able to capture images with up to 80% less radiation than other commercial CT scanners and produce enhanced images at sub-millimeter resolution. Its unprecedented accuracy and conduct is ideal for CT coronography and angiography examinations, full fieldof-view lung studies and abdominal and pelvic imaging. The two γ-cameras in our Nuclear Medicine department conclude the modalities oﬀered at our department in Nicosia. These γ-cameras, a Mil-

The new system will be a welcoming addition to the powerful Philips iCT 256-slice scanner, the only one in Cyprus

lennium VG from GE and a Helix dualhead from Elscint are able to perform general Nuclear Medicine procedures for static, dynamic and SPECT imaging in Oncology, Cardiology and other clinical diagnostic imaging applications. The flexible Siemens Avanto 1.5 Tesla with 32 RF channels is still in service in our department in Aradippou-Larnaca, one of the top models in its class, with integrated Matrix coil elements, fully-equipped with a broad range of

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dedicated MR applications in every clinical field. The combination of top-of-the-line equipment with our experienced medical and administrative personnel positions us in the first place of delivering leading technology imaging and providing high-quality patient care in Cyprus. Our upgraded PACS system provides immediate online access of the per-

formed examinations to the referring doctors, and, at the same time, it is possible to send studies digitally to any medical facility or doctor abroad. The new PACS system is in the process of being integrated with other private and government healthcare centres, providing comprehensive imaging records. Additionally, with the arrival of our new MRI, a new research service will

NEWER CONCEPTS IN MRI WILL BE SOON IN OUR SERVICE High-resolution MRI vessel wall imaging such as post-contrast 3D Black Blood technique has the potential to directly depict and characterise intracranial vessel wall pathology increasing the diagnostic accuracy for vasculopathies, which may not be shown on angiography, enhancing the specificity. The same technique is improving the images of MR Neurography. MR imaging with metal-suppression sequences is now a powerful tool in detection of arthroplasty-related complications which until now was impossible. Arterial spin labelling (ASL) is a technique used to assess cerebral blood flow non-invasively, without contrast injection, by magnetically labelling inflowing blood. This technique has a potential in the investigation of dementia and in the study of stroke patients. Whole-body MRI is a non-invasive screening technique that acquires images of the entire body in the coronal plane using only fast MRI pulse sequences. Whole-body MRI with diﬀusion-weightedimaging has recently been introduced for the evaluation of mul. Automated and reliable quantitative MRI-based brain image analysis, has a huge potential to objectively help in the diagnosis and follow-up of many neurodegenerative diseases, including multiple sclerosis.

be implemented, with local and international universities and institutions transforming the delivery and experience of care to our customers. At Ayios Therissos, we aim high to fulfill your expectations for the best service in Cyprus. Dr Costas Voulgaris, Clinical Radiologist, EDiR

MR Neurography with 3D Black Blood Technique

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Coronary CT Angiography: The Non-Invasive Method of Imaging of the Coronary Arteries

Coronary Artery Disease (CAD) is the most common type of heart disease and in most countries the leading cause of death in men and women. CAD occurs when the coronary arteries which supply blood to the myocardium (the heart muscle) become narrowed. The hardening and narrowing of the coronary arteries is due to the buildup and deposition of a material called atheromatous plaque in the inner wall of the vessels. This buildup of atheromatous plaques in the coronary arteries can lead to stenosis, complete obstruction with cessation of blood flow towards the myocardium, or formation of blood clot that can completely or partially block the oxygenation of the heart muscle. Coronary CT angiography is a noninvasive, diagnostic method that c an accurately depict the heart with its coronary vessels, without the need for catheterization or hospitalization. The procedure has appeared roughly nine years ago with the arrival of the more ad-

vanced multislice CT scanners. The first attempts at imaging had several problems that involved two characteristics of the coronary vessels, their small size and their continuous oscillation according to the heart rhythm, problems that were properly addressed with the technological evolution of the multidetector scanners and the arrival of the recent generation 256-slice CT scanners. The 256-slice CT scanner has the ability to carry concurrent protocols and obtain images only at a certain phase of the cardiac cycle, where the heart remains relatively still, thus decreasing the ionizing radiation dose down to 2.5 to 3mSv. By contrast, in

invasive coronary angiography the ionizing radiation dose that the patient is subject to ranges between 2.5 to 10mSv. The only CT scanner of 256 slices in Cyprus operates in the Ayios Therissos Medical Diagnostic Center in Nicosia. WHAT CAN WE EXAMINE WITH MULTISLICE CORONARY CT ANGIOGRAPHY?

With the multislice coronary CTA we are able to examine the coronary arteries, the vessels which supply blood to the heart. We can examine their origin and their course for possible congenital anomalies, as well as, their wall for possible presence of calcified, soft or mixed consistency atheromatous plaques that can cause narrowing of the lumen, which is measured as a degree of stenosis. In patients that have already undergone surgical procedures in their coronary arteries (i.e. stent placement or bypass), we can assess the patency of these arteries. PREPARATION FOR THE EXAMINATION

The patient arrives in the center approx. 45 min before his/her appointment. We proceed with history taking and measurement of the blood pressure and pulse. For optimum re-

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sults a low pulse rhythm is important to be maintained, preferably below 65 beats per minute, and administration of a rhythm controller medication (b-blocker) might be necessary. The patient is asked not to eat anything for about four hours before the appointment and avoid caﬀ einated drinks and smoking in order to minimize the chances for arrhythmias. There is a thorough examination for known allergies to the contrast medium or possible kidney dysfunction. Patients known to have diabetes and are under treatment with metformin (Glucophage) are given explicit directions to stop this medication before the examination. WHAT IS THE PROCEDURE LIKE?

The patient lies in the CT scanner bed in supine position. An intravenous line is inserted in the arm through which the contrast medium (dye) will be injected, as well as, placement of electrocardiogram electrodes for the synchronization of the CT scanner with the heart rhythm for the acquisition of images at the right moment. During the administration of the contrast there might be a tempo-

Diffusion Tensor Imaging of the Brain (fused with fMRI data)

rary warm feeling that dissipates after a few seconds. The scanner makes a rapid sweep of the heart in a matter of seconds in correlation with the heart pulse and in one breath-hold providing the necessary imaging of the coronary vessels. WHICH PATIENTS SHOULD BE IMAGED WITH CORONARY CTA?

According to the guidelines of the American Heart Association issued in 2006, coronary CT angiography should be performed in cases where the results are expected to be negative, or of mild coronary artery disease (which represent 20% of the coronary angiograms in international level). It is recommended in all patients with angina, where the stress-test is suspicious and where the predisposing factors (such as increased serum cholesterol, diabetes, positive family history, smoking, etc.) or the symptoms are not convincing for the presence of severe coronary artery disease. For the investigation of anomalous origin of the coronary arteries (congenital anomalies). In patients that have underwent stent placement or bypass in their coronary

3D digital subtraction post-contrast MRI of Breasts

Director: Dr Th. Posporis Consulting Radiologists: Dr E. Eracleous, Dr C. Voulgaris, Dr S. Demetriou, Dr S. Kokkis, Dr M. Marinou

vessels to assess their patency. For pre-op evaluation of the coronary arteries in patients that will undergo heart-valve replacement. In patients where there is a high clinical suspicion of a dissecting aneurysm or pulmonary embolism. For the investigation of dilated cardiomyopathy. DIAGNOSTIC ACCURACY OF THE EXAMINATION

Coronary CTA is a reliable imaging modality to exclude coronary artery disease. The negative predictive value of the examination, which means that the subject truly does not have CAD, is 99%. In significant or critical stenoses it is possible that invasive catheterization is necessary to confirm the findings and undergo treatment. Coronary CT angiography is a simple, painless, and with the modern CT scanners a reliable examination that has become a useful tool in the daily clinical practice for the investigation of coronary artery disease. Dr. Demetra Ziaka Consultant Radiologist

Arterial Spin Labeling (ASL) to assess cerebral blood flow

Nicosia: 92 Spyrou Kyprianou Ave, 2033, Strovolos Tel: 22442630, Fax: 22315922 Larnaca: 24 Kyriakou Matsi, 7102, Aradippou Tel: 24-812400, Fax: 24-637400 Email: ayiostherissos@cytanet.com.cy www.ayiostherissos.com.cy

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CYPRUS AUDIOLOGY CENTER

Living with hearing loss: do we have to? Good hearing essential to physical and emotional well-being, and to healthy aging

D R. CHRYSSOULA THODI, CCC-A, FAAA (INFORMATION ADAPTED FROM WWW.BETTERHEARING.ORG )

his article is about changing the public conversation on hearing to show how people who experience hearing loss can move from fear and denial to aging gracefully, with resilience, joy, and health. THE HEALTH BENEFITS OF HEARING WELL We can be talking about the profound impact that hearing well can have on quality of life, about what is gained by hearing well — social interaction, family connection, and workplace productivity — not about what is lost. Hearing loss is not a stand-alone disability. It is linked to everything we do every single day. Surprisingly, many of us wait seven to 10 years before even acknowledging we are having trouble hearing and get a hearing aid. Why? For some of us it’s denial, or fear of looking old; for others the hearing loss is so gradual we might not be aware of the insidious progression. In fact, more Americans report getting a colonoscopy than a hearing test!

Hearing loss is associated with earlier onset of dementia, earlier mortality, and six times the rate of falls compared to those with normal hearing. Contributing to these negative health consequences is the isolation, the loss of interactive communication with others due to inability to hear clearly. This results in loneliness, which is known to have a negative health impact equivalent to smoking 15 cigarettes a day. Moreover, when the input is diminished, the brain loses the ability to distinguish sounds, which means having to “re-learn” to hear when she or he finally gets a hearing aid. HAVING A CONVERSATION ABOUT HEARING LOSS Instead of hearing loss, think about what you gain when you hear, allowing you to live life to the fullest. Life is about keeping the critical ability to stay connected to family and friends. A recent study found that for Americans 65 and older, hearing loss had a greater impact on life than cardiac disease, stroke, osteoporosis, sciatica, cancer, and many other common conditions. Hearing loss, which can be alleviated fairly easily, is a largely hidden problem, even as it affects many. One in three people 60-

plus and two-thirds of people 70-plus have hearing loss. Among baby boomers, 15% are already affected. What matters to people when they talk about hearing loss? Sixty-one percent retired Americans indicated that hearing loss made it hard to follow conversations in noisy settings, while 44% noted the impact hearing difficulties can have on relationships with friends and family. Roughly two-thirds said they would get a hearing test if hearing loss hurt their relationships with family, and 59% said they would be tested if it became a burden on the family. What’s more powerful and positive — talking about what hearing loss sounds like or talking about how better hearing helps people regain that edge and enjoy life? Your own hearing loss story may still be down the road. But remember that early screening, early testing, and early intervention with hearing aids mean you won’t lose your all-important relationships with friends and family. And you’ll never miss the birds chirping outside your window. For more information and for a free evaluation in Nicosia, Limassol, Larnaca, call Dr. Thodi at Cyprus Audiology Center, 22769971.

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YGIA POLYCLINIC PRIVATE HOSPITAL

An innovative and reliable provider of healthcare services The only hospital in Cyprus that has been honoured with the dual award of Accreditation and Quality Certification by CHKS since 2012

or over 30 years YGIA Polyclinic Private Hospital has been systematically investing in ultra-modern equipment, oﬀering innovative and reliable high-quality healthcare services, in the heart of Limassol. As testimony to its quality, YGIA Polyclinic is the only hospital in Cyprus honoured with the dual award of Accreditation and Quality Certification by CHKS since 2012. The Hospital currently cooperates with over 200 doctors with a range of specialties. In addition, YGIA Polyclinic employs 523 medical, nursing and administrative members of staﬀ.

SERVICES AND EQUIPMENT Following major renovations and an extension to its building facilities in 2007, YGIA Polyclinic currently hosts 152 beds and 12 operating theatres, providing a broad range of services such as: • Haematology and Biochemistry Laboratory Department • Imaging Examinations Department (Radiology Department, MRI and CT scan Department Mammograms, Osteoporosis/ Dexa, Ultrasound) • 24-hour Accident and Emergency Department • Fully-equipped ambulances 24/7 • Intensive Care Unit (ICU)

• Oncology and Chemotherapy Department • Paediatric Department • Cardiac Catheterisation Centre • Cardiothoracic Surgery Department • Modern Ophthalmology Centre • Obstetrics and Gynaecology Department • Shortly introducing an ultra-modern Radiotherapy Department INTENSIVE CARE UNIT The intensive care unit (ICU) of YGIA Polyclinic was created in order to meet the needs of the critically ill patients who need intensive monitoring and interventions in an environment of specialized medical and nursing

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personnel. It has 12 ICU beds and 3 step-down High Dependency Unit (HDU) beds. It is designed with separate rooms for each patient, providing privacy, comfort and reducing the risk of cross contamination and spread of infectious diseases. The patients’ rooms are equipped with bedside monitors that provide 24 hour surveillance and recording of the vital signs and are also connected to the central monitor in the nursing station. The intensive care unit is capable of supporting a wide spectrum of critically ill patients including surgical (cardiac, thoracic, vascular, neurosurgical, orthopaedic, gynaecologic- obstetric, general surgery etc) as well as medical (cardiac, pulmonary etc). It also includes a stroke unit capable of performing thrombolysis for ischaemic strokes 24 hours a day. It is staffed with specialized doctors trained in managing the acutely ill patient. Evidence- based medicine is implemented through up-to-date protocols that are established in scientific forums and in the medical literature. The ICU is equipped with the most contemporary medical devices such as ventilators, haemofiltration and plasmapheresis devices, blood gas analyzers, telemetry (remote cardiac monitoring), intra aortic balloon pump, defibrillators- external pacing devices, bronchoscopes, etc. The department is supported on a 24 hour basis by the Microbiology and Medical laboratory, the radiology (including CT and MRI) department, the cardiac catheterization laboratory and over 200 consultants of all the medical specialties, rendering it probably the most complete private ICU in Cyprus. Doctors • Dr Effrosyni Dimitriadou: Head of the department, Intensivist – Internist, former NHS Director in the Athens University Intensive Care Unit of Attikon Hospital. • Dr Dimitrios Koukios: Intensivist – Internist, has also received specialisation in infectious diseases. Nursing Staff Sisters Camassa and Tontikidou, with broad experience in acute care, are in charge of the nursing staff, which is

trained systematically in PHTLS, ALS and ATCN. HEART CATHETERISATION CENTRE AT YGIA POLYCLINIC YGIA Polyclinic’s Catheterisation Department operates 24 hours a day and deals with not only planned, but also emergency cases. The Department is headed by Dr. Majid Kalani, Interventional Cardiologist. The department is fully-equipped with modern equipment and highly-trained personnel, ready to respond to a wide range of heart diseases, including acute myocardial infarction (heart attack). The center offers diagnostic, interventional and therapeutic services: Diagnostic services: • Pacemaker operation • Electrophysiology studies • Coronary angiography • Complete heart catheterisation, measurement of cardiac chamber pressures, left ventriculography, aortography, calculation of cardiac output and vascular resistance • Valvular heart disease studies • Complete study of congenital heart disease • Myocardium biopsy • Pericardial puncture for diagnostic purposes. Interventional and Τherapeutic services: •Percutaneous aortic valve replacement and aortic valvuloplasty (TAVI, Transcatheter Aortic Valve Implantation) • Primary angioplasty: the most efficient method of treating acute myocardial infarction. The Catheterisation Laboratory is staffed with qualified medical, nursing staff and technicians, all prepared to perform primary angioplasty (PPCI) 24 hours • Percutaneous coronary angioplasty • Atherectomy and rotablation: modification of the plaque with a rotational atherectomy system before stent positioning • Alcohol septal ablation for haemodynamic improvement of Hypertrophic Obstructive Cardiomyopathy • Periocardiocentesis for the treatment of tomponate or significant pericardial

eﬀusion

• Implantation of permanent cardiac pacemakers (single/dual chamber, biventricular, rate responsive - VVi, VVIR, DDD, DDDR, CRT-P, CRT-D). • Implanting permanent cardioverter defibrillator (ICD) •Interventional treatment of arrhythmia: ablation of arrhythmogenic foci for the treatment of atrial fibrillation and atrial flutter CARDIO SURGERY DEPARTMENT The Cardiac Surgery Department was recently established with the collaboration of prominent heart surgeon Dr.Evangelo Sivitanidi and his team. Drawing on experience gained from over 9,000 heart, lung, and great vessels surgeries, the team is capable of conducting surgeries across the whole spectrum of thoracic and cardiovascular surgery. With a permanent presence at YGIA Polyclinic, Dr.Sivitanidis and his team are available to perform any programmed or urgent case requiring treatment. The department boasts state-of-the-art equipment, and is staffed with highly-trained personnel. With the establishment of this department, heart disease patients are offered the highest international quality and safety standards, not only in Cyprus, but also in the wider Eastern Mediterranean region. The care offered to each patient is specialised and targeted to his or her needs, offered by a team devoted to the provision of safe and effective care for the treatment of cardiothoracic diseases and diseases affecting the lungs and blood vessels.

77 77 77 90, 21 Nafpliou Str., 3025 Limassol, Cyprus, info@ ygiapolyclinic.com www.ygiapolyclinic.com

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ship for investors, having successfully obtained citizenship through the government’s economic citizenship programme for individuals and their families from a diverse range of countries, ranging from Afghanistan to Ukraine. Our immigration specialists work in collaboration with other specialists in the firm to provide the client and his or her family with an integrated package of services, tailored to their specific requirements. For example, our tax and wealth management specialists will work with the client’s home-country advisers to establish efficient and effective asset-holding structures that provide maximum security and flexibility in the most tax-efficient way, giving practical guidance and helping our clients fully achieve their objectives. ADMIRALTY AND SHIPPING LAW Cyprus is one of the world’s leading shipping centres. The Cyprus registry ranks 10th among international fleets, and the island is among the world’s top five ship management centres. The Cyprus admiralty court is, therefore, a major forum for resolving maritime disputes. We are among Cyprus’s top firms in the field of admiralty and shipping law,

with a highly-qualified and experienced shipping team advising banks, owners, managers, charterers, cargo-owners and their respective insurers on the legal aspects of their aﬀairs, and on the resolution of disputes. Department head Costas Stamatiou holds a Master’s degree in maritime law and is an appointed member of the shipping committee of the Cyprus Bar Association. He also acts as a visiting lecturer at Frederick University, Cy-

prus, teaching shipping law and the law on the carriage of goods by sea. Another partner, Maria Ioannou Anastasiou, specialises in shipping litigation. They are supported by two senior associates, Marina Joud, who also specialises in shipping litigation, and Vassilis Psyrras. As well as being a qualified lawyer, Vassilis has practical experience in the shipping industry, including seagoing experience with Dorian Hellas SA as a cadet oﬃcer.

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The department operates as four specialist sub-groups:

ners. In addition, there are litigation teams in our Paphos and Nicosia oﬃces who work closely with their colleagues in the Limassol oﬃce. We have a stable team and most of our growth is organic, as our trainees stay with us on admission to the Cyprus Bar. REAL ESTATE AND IMMIGRATION

Team 1, headed by partner Antonis Glykis, deals with personal injury and insurance claims, employers’ liability claims and disputes, debt collection and certain types of criminal matters. Antonis is supported by two senior associates and an associate.

Team 2, headed by partner Anna Demetriou, and supported by senior associate Christina Hadjigiorki, deals with banking and finance disputes, hire purchase agreements, bankruptcy and insolvency law. This team also deals with all matters relating to divorce, separation agreements, custody disputes, injunctive relief, maintenance and alimony settlements, property provisions and all other ancillary matters. Team 3, headed by Chrysanthos Christoforou, and supported by partner Maria Ioannou, deals with international trade law matters, trusts and equity and

business contracts, as well as company and partnership disputes. This team also undertakes all types of admiralty claims, and is involved in virtually all the large, complex cases in every court in Cyprus, while also handling all types of injunctive relief cases.

Team 4, headed by Christos Melides, deals with intellectual property disputes, all matters of administrative law, construction disputes and all types of disputes relating to real estate. Mr Melides, who is former chairman of the Limassol Bar Association and a member of the Bar Council of Cyprus, also deals with some matrimonial matters. In addition to the six partners, there are 25 other lawyers in the department, all focussing on dispute resolution. Everyone in the department specialises in a particular industry sector or field, such as insurance or intellectual property, giving a depth of resource and providing the next generation of specialist part-

Our real estate and immigration team, headed by Christos Vezouvios, deals with all aspects of real estate work, which includes conveyancing and immovable property, immigration, wills, succession and probate law. Christos exemplifies our policy of developing our own talent: he joined the firm in 2007 as a trainee and, on completion of his legal training and admission to the Cyprus Bar in 2008, he stayed with us as an associate in the real estate and property department. He was subsequently promoted to senior associate and given the responsibility to develop our immigration work, which he has done with great success, in addition to general real estate work. Lef kios Tsikkinis, who has over 40 years’ experience as a practising lawyer in Cyprus and who previously headed the real estate department of our legacy firm, acts as a consultant. Lefkios and Christos are supported by a senior associate, another associate and three trainees, as well as two members of our support staﬀ who are paralegals familiar with the procedures of the Lands and Surveys Department, the government department responsible for land registration. Christos and his team have an excellent track record in handling applications for residence permits and Cyprus citizen-

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ELIAS NEOCLEOUS & CO LLC

ENC departments, teams and specialists Drawing on a broad range of experts in their field, nurturing home-grown talent

CORPORATE AND COMMERCIAL The firm’s corporate and commercial department is led by Elias Neocleous. Most members of the team are based in Limassol, and Limassol partners Costas Stamatiou, Kyriacos Xenophontos, Panos Labropoulos and Demetris Roti also have a substantial involvement with corporate and M&A work. The Limassol corporate and commercial team of 40 associates and legal consultants has unmatched experience in corporate and cross-border mergers and acquisitions and corporate finance work. We are fortunate in having a stable team that continues to grow organically as our trainees qualify and remain with us. At a time when every other Cyprus firm has been retrenching and shedding staff, we have continued to strengthen the team by recruiting high-quality, experienced corporate lawyers. There is a further corporate team of six associates based at our Nicosia office, headed by partners Achilleas Malliotis and Efi Monou. They handle work for international companies and advise them on their day-to-day affairs in Cyprus as well as on specific projects, including advising several international pharmaceutical and food manufacturers on compliance and labelling issues on an ongoing basis.

The combined strength of the two teams gives us the capacity, uniquely in Cyprus, to take on and deal with very large and resource-intensive assignments at short notice, without neglecting our other clients. Our corporate and commercial department covers all areas of commercial activity, with specialist groups for employment law, European and competition law, intellectual property law and data protection and e-business issues. We advise market-leading international and domestic businesses operating in Cyprus on all these issues.

Philippos Aristotelous

The corporate and commercial department also houses our specialist taxation and international tax planning group, coordinated by Philippos Aristotelous. There are 16 other lawyers and tax specialists working in the team, as well as 12 trust managers and staﬀ working in our specialist fiduciary services company. One of the main reasons for Cyprus’s predominance as an international financial centre is its modern, business-friendly tax regime, which oﬀers a wealth of planning opportunities, and taxation is a constant feature of our corporate, commercial and finance work. While our main focus is on cross-border work, we nevertheless have significant capacity, expertise and activity in domestic tax work, including taxes such as VAT and stamp duty, and in tax litigation. LITIGATION AND DISPUTE RESOLUTION Our litigation and dispute resolution specialists act for clients from Cyprus and overseas. Over the years they have been involved in most of the largest and highest-profile international disputes in the Cyprus courts, with a notable success record. In addition, we carry out a great deal of domestic litigation, acting for financial institutions that include the largest local banks and insurance companies, other domestic businesses and individuals.

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raise standards. Our aim is to lead the process of change, and to help set the agenda and the rules, not to be one of the following pack. We shall endeavour, through an innovative and open-minded approach, to create a new type of law firm, at least as far as Cyprus is concerned. For years, we have spoken about what we would be doing in the future – our job now is to turn ourselves into that firm of the future. With a team of more than 170 people in Cyprus and abroad, and hundreds of clients around the world, we have become a large organisation, and communication is a key issue for us. We need to ensure that the management of the firm is constantly aware of our clients’ objectives and concerns, and channels the eff orts of our people to provide them with the assistance and support they need. Technology has played a key part in this, and I am committed to ensure it will continue to do so. One specific example of this is a platform we are setting up to allow clients to communicate and share documents securely online, in order to finalise them more efficiently. At the same time, any changes we make must always respect the fundamental values of integrity, commitment and teamwork that have formed the basis for our success and made our firm a great place to work. What do you hope to achieve in your new role as Chairman of the Board of ENC? I see my role as akin to that of conductor of an orchestra, coordinating the efforts of a talented team to produce something bigger than all the parts. What is your biggest dream in life? I prefer to leave dreams to the dreamers. For now, my personal focus is on doing my best, for clients, staff and all the other stakeholders in my firm. Tell us about Cyprus and how you see the latest developments My colleagues’ and my ambition is to provide services of the highest quality and to promote Cyprus as a worldclass financial centre of the highest repute, attracting foreign investment and creating economic activity and employment for our citizens.

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ELIAS NEOCLEOUS & CO LLC

An interview with Elias Neocleous Our aim is to lead the process of change, and to help set the agenda and the rules

Elias Neocleous, Founder and Chairman of the firm

Tell us about ENC and your firm’s speak English and we have staﬀ speakdepartments ing almost every European language, Elias Neocleous & Co LLC took over as well as Arabic, Bengali, Hebrew, the business and activities of Andreas Hindi and Urdu. Neocleous & Co LLC from early March We are organised into two main this year. The new firm employs the streams, one dealing with non-contensame people as the predecessor firm, tious advisory w work and the other with con and operates from the same contentious matters a dispute resolupremises, with the same such as Any tion emphasis on quality, intion, with specialist changes rte tegrity and client serteams in each. For we make must e vice that is second too example, our coralways respect none. It has the full porate and comsupport of everyone mercial group inthe integrity, involved in the legcludes specialist commitment and acy firm, and of the teams for bankteamwork that have i Cyprus Bar Associaing and finance, formed the basis tion and other regula-c o r p o r at e a n d for our tory authorities. M&A, M tax and tax success More than half our cliplanning, plan employents in number (and a much ment law, insolvency greater proportion in value and restructuring, restru EU and terms) are based overseas. All our staﬀ competition, intellectual property,

e-business and data protection. The dispute resolution group is organised into four teams, each dealing with a particular area of litigation. There are also industry-sector groups, each of which focuses on a specific sector, such as shipping, real estate, financial services and insurance. We also have a small team of specialists assisting clients with applications for residence permits and for Cyprus citizenship for investors. Tell us how you have approached change It is a truism that change is the one thing that is constant in today’s world, and that organisations that do not evolve are doomed to fail. Competition in the legal profession is increasing, not just from traditional sources, but from entirely new alternatives. We welcome this, as it will lead to a shake-out of ineﬃcient and unresponsive firms, and

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an intense training programme, in which they develop not only their legal skills, but also their interpersonal and organisational skills. Our guiding philosophy is to understand our clientele’s aims and objectives, and to work with each client to achieve those objectives, by providing the best, business-oriented advice and assistance, concentrating on practical solutions to resolve the business issues that clients face. Recognising that time is precious in today’s fast-paced business environment, everyone in the firm has a focus on responsiveness. We aim to find solutions and to help our clients achieve We thei their objectives, not to pu put obstacles in the cover every w way of progress. area of Cyprus Every lawyer in and EU law, with the firm is familiar with the latest specialist teams developments in focused on each his or her field, a does not have to and category of sp spend time getting up work to speed s at the client’s expens expense. This not only avoids dela delays, it also keeps our fees competitive. In today’s fast-paced business world, professional firms need to keep up to date with the latest developments in order to advise their clients effectively, and need agility and f lexibility to respond immediately to clients’ needs. We are not reliant on the talents of a few senior partners, but have a solid progression of younger partners and rising associates who are competent to handle assignments and are encouraged to do so, while being given the necessary support. This allows us to deal effectively with urgent assignments that crop up at short notice, without neglecting other clients’ business. It also enables us to handle assignments in a cost-efficient way, by using an appropriate mix of staff and, in particular, by not using partners to do work that less expensive staff can handle, which keeps our fees very competitive. More than half our clients in number (and a much greater proportion in value terms) are based overseas. All our staff speak English and we also have personnel speaking almost every European language, as well as Arabic, Bengali, Hebrew, Hindi and Urdu.

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ELIAS NEOCLEOUS & CO LLC

Building on success Propelled by predecessor’s accomplishments, with an even greater focus on innovation, quality and client service

lias Neocleous & Co LLC is the largest law firm in Cyprus by a considerable margin, a n d i s ge n e r a l ly recognised as the leading firm in south-east Europe and the eastern Mediterranean region. We have more than 140 employees operating out of three offices in Cyprus, and a network of offices overseas. We are internationally recognised as the leader in our field. We are the only Cyprus firm to achieve a top-tier rating in every practice area from The Legal 500, the leading international rating agency for law firms, and we are also the only Cyprus law firm awarded a top-tier ranking by IFLR1000, another major independent legal rating agency. Over 50 years, our legacy firm, Andreas Neocleous & Co LLC, established itself at the forefront of the legal profession in Cyprus. Our partners and staff are proud of the part they played in the legacy firm’s success; we aim to build on this success and develop Elias Neocleous & Co LLC into a new breed of firm, with an even stronger focus on innovation, quality and client service. Our firm is accredited with ISO 9001:2008 by Bureau Veritas, underlining our commitment to quality. We cover every area of Cyprus and EU law, and have specialist teams focussing on each category of work. Our strategy of specialisation, supported by investment in technology, knowledge infrastructure and an international network, enables our people to keep abreast of developments in their respective fields and to develop a depth of expertise that is not possible for a general practitioner, given the complexity of modern business. Our people are experts in their field, and get things right first time. We are committed to recruiting and developing the best people in order to provide the highest quality service to clients, with a focus on nurturing home-

grown talent. We attract candidates with the best academic records from the highest-ranked universities, and select trainees not only on the basis of academic achievement, but just as importantly on the basis of their

personal qualities of determination and potential for growth. We look for people with resilience, stamina, integrity and a “can-do” attitude, and offer them unlimited opportunities with the firm. Successful candidates benefit from

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