Cyprus is fast becoming one of the top emerging investment fund centres in Europe, Spokesman tells EFAMA

Cyprus is fast becoming one of the top emerging investment fund centres in Europe, Government Spokesman Prodromos Prodromou has said.

Addressing on Friday evening the Gala Dinner of the European Fund and Asset Management Association (EFAMA)

Annual General Meeting in the coastal town of Limassol, Prodromou said that by choosing Cyprus as the location for its most important annual event, EFAMA actively shows its support to the development of the Cyprus investment funds industry, a promising sector which has witnessed impressive growth both at European and at global level.

“A long journey towards the vision of establishing Cyprus as a modern and attractive investment fund and asset management centre of excellence, has brought about formidable results”, he added.

The Government Spokesman noted that as an attractive domicile and servicing centre for both AIFs (Alternative Investment Funds) and UCITS (Undertakings of Collective Investment in Transferable Securities), Cyprus now has a fully EU-compliant and business friendly regime that strikes a balance between freedom of operation for the asset manager and protection of the investor.

“Cyprus is fast becoming one of the top emerging investment fund centres in Europe in light of its continuous efforts to enhance its legislative and regulatory regime, backed up by a strong network of financial and professional service providers, offering high quality services at highly competitive prices” he stressed.

He added that low operating costs, a simple and effective legal system based on the Common Law and an attractive tax framework offering one of the lowest corporate tax rates in the EU and access to an extended network of 62 Double Tax Treaties and a range of incentives for both companies and individuals, contribute greatly to Cyprus’ increased competitiveness in relation to other EU jurisdictions.

Referring to Cyprus business environment, he said the Governments plan is to continuously improve it and reinforce the position of Cyprus as a competitive, innovative, stable and fully transparent destination for business and investment.

Concluding, he referred to developments such as the Capital Market Union, which we strongly support as a facilitating factor of the cross-border operation of investment funds and the improvement of the European passport system function for all types of investment funds, as well as the upcoming Brexit, saying that they give new impetus to the already fast-growing investment funds industry and require careful consideration.

Source: Cyprus News Agency