The International Funds Summit, which was organised by the Cyprus Investment Funds Association (CIFA) and was held under the auspices of President of the Republic Nicos Anastasiades and the Cyprus Investment Promotion Agency (CIPA), was successfully held last week, 29-31 May at the Grand Resort Hotel in Limassol, reports ServPRO.
Attendees to the Summit included more than 100 foreign funds as well as expert speakers from Cyprus and abroad who offered a detailed insight into the current funds industry.
The event marked the beginning of a long journey by CIFA in establishing Cyprus as an International Funds hub and its plans to turn the country in a renowned investment fund jurisdiction in the following 10 years.
During his speech, Finance Minister, Mr. Harris Georgiades had highlighted the close cooperation between the state and CIFA to establish Cyprus as an attractive destination for investment funds and he also stated that the government would prepare a new framework for the establishment and registration of new investment funds in Cyprus as to make the regime more favorable.
Chairman of CIFA, Mr. Angelos Gregoriades emphasized that funds played a crucial role in the effort to attract capital for investment in Cyprus and to create new jobs and wealth in the country.
Mr. Gregoriades had also highlighted some of the advantages of Cyprus which make it an attractive destination for collective funds such as Cyprus’ strategic location, its modern legal framework which is fully harmonised with European and international standards, its competitive tax regime and the continuous effort to adapt to new and international developments.
Furthermore, it was also noted that the low registration and management costs compared to other European countries, has led to a significant increase in the number of applications to register investment funds and management companies in Cyprus.
The director general of the European Funds and Asset Management Association (EFAMA), Mr. Peter de Proft announced that Cyprus will become a full member of the association this year and that the association’s conference next year will be held in Cyprus.
Overall, the foreign and local guests that attended the International Funds Summit expressed their satisfaction with the quality of the event.
