BUSINESS IN CYPRUS SPECIAL REPORT 2012

BUSINESS IN

SPECIAL REPORT 2012

CYPRUS

PUBLISHED BY GLOBAL INVESTMENT I LIMITED AND DISTRIBUTED WITH THE SUNDAY TELEGRAPH

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More than just a holiday destination with pristine white beaches and 300 days of sun-shine, Cyprus can also cater to your business needs ranging from registering and setting up your company’s operations to managing your EU, North African and Middle Eastern clients at a considerably lower cost.

As well as being an EU country and a mem-ber of the European Monetary Union since 2008, Cyprus enjoys the lowest corporate tax rate in the EU of 10%. Cyprus belongs to those jurisdictions on the OECD White List which have substantially implemented the internationally agreed tax standard.

In addition to this, Cyprus provides efficient business services, has a transparent legal and regulatory system and is committed to sustainable growth.

Cyprus welcomes both visitors and investors to work here, so, if you are searching for a new business base, consider Cyprus. It’s more than just beaches and sun.

“Columbia’s growth and expansion over the years is attributed to the uniqueness of Cyprus; being the is-land’s strategic position at the cross-roads of three continents, its compre-hensive legal framework, double tax treaties regime, communication sys-tem, banking system, infrastructure in general and last but not least its highly educated labor force.”

Captain Dirk Fry, Managing Director Columbia Ship Management Ltd

“The favorable business climate, the excellent telecommunications infra-structure, the well educated and skilled human resources, the favorable tax rates and the proximity to the Middle East and Africa markets, were some of the key factors that enabled NCR to de-cide to move its regional offices to Cy-prus in the 80’s. Gradually, NCR man-aged to expand the office in Cyprus to cover also all the African Countries.”

Managing Director of NCR Cyprus,Mr. George Flouros

The Ministry of Commerce,Industry and TourismTel + 357 22 867100Fax + 357 22 375120www.mcit.gov.cy/[email protected]

Cyprus InvestmentPromotion AgencyTel + 357 22 441133Fax + 357 22 [email protected]

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Cyprus: An attractive business centre and jurisdiction for Investment Funds

Cyprus has historically been one of the fastest growing countries in the European Union, and has transformed itself into one of the Mediterranean’s most dynamic international business and financial centres, bridging three continents and offering world-class services in a tax-efficient and stable environment. Cyprus, which has a long established reputation as a safe and secure location for commercial and business activities, is now facing challenging times due to the exter-nal environment mainly because of prob-lems in Greece, the Euro zone as well as the challenges faced by the Cypriot bank-ing system. The Cyprus Government has already taken measures and is promoting institu-tional changes to enhance financial stabili-ty and predictability, which is the backbone of the economy and an important factor for the attraction of foreign investments. Banks affected by the Greek haircut are taking measures to cover the losses that were experienced and are supported by the Government to ensure that the banking system remains stable. At the same time, the Government is in the midst of acquir-ing the necessary help to ensure that the Cyprus economy experiences growth and keeps its competitiveness. Cyprus is rapidly growing as a centre for private investment funds, while imple-mented measures for the transposition of EU Directives on UCITS IV and AIFMD will be able to offer outstanding possibilities for cross-border and global fund distribution benefiting from an efficient and reliable fund infrastructure. Cyprus combines a strong banking infrastructure with low costs while complying with EU fund regulations and in-ternational best practices. Experienced and recognized service providers are capable of serving a wide range of funds and providing operational support and reporting solutions for all EU and non EU distribution countries at com-petitive rates. Service providers support funds throughout their entire life cycle: regulatory approval, listing on the Cyprus Stock Exchange, order routing, registra-tion, clearing and settlement. The arrival of fund management activities with strong local presence as well as the increasing

number of funds registered and the in-crease of investment firms, is a testimony to the expertise of the sector professionals in the country who cater for complex fund strategies and structures making Cyprus a fund management business domicile of choice. Over the past 10 years, Cyprus has completed a program of reforming all of its finance sector legislation in line with inter-national best practices and has put a sim-plified, effective and transparent tax sys-tem in place that is fully OECD compliant. Cyprus has been systematically improving the investment fund environment and cre-ating a truly competitive environment that offers efficiency and quality with low costs. Cyprus today has significant com-parative advantages when compared with other jurisdictions that offer investment fund services. In Cyprus, private funds are regulated by the Central Bank of Cy-prus under the ICIS (International Collec-tive Investment Schemes) law while UCITS (Undertakings for Collective Investment in Transferable Securities) are regulated by the Cyprus Securities and Exchange Com-mission. Cyprus offers a strong regional plat-form for a variety of banking products and financial services including investment funds, ranging from funds setup, manage-ment, administration and distribution. The sector is well-developed and stable and it caters to a wide variety of financial needs of both businesses and individuals. The commercial banks and specialized finan-cial institutions offer full local, national and international services on a personal and corporate level. The country is already at-tracting investments from banks and other financial institutions as well as multinational companies using the island as the base for their headquarters or as a holding com-pany jurisdiction. Financial and business services are leading contributors to the Cyprus economy. The technology and exper-tise supporting the Cyprus fund industry constantly evolves to accommodate new products and the growing registrations of Cyprus funds. Cyprus offers one of the world’s most globally-orientated and business-friendly environments for estab-lishing financial and corporate structures.

Cyprus has developed into a bridge of co-operation and may be used not only as an effective jurisdiction for routing invest-ments within the EU, but also as a portal for investment outside the EU, particularly into the rapidly growing economies of Rus-sia, Central and Eastern Europe, India and China.

By Mr. Christodoulos Angastinotis, Cyprus Investment Promotion AgencyChairman, Board of Directors

[email protected]: +44 (0)20 7125 0579F: +44 (0)207 183 8393

Editor: Joseph BoveCountry Consultant: Myron EdwardsDesign: Kuljit Kaler

Third Floor, 207 Regent Street,London, W1B 3HHRegistered in England & WalesRegistration No: 06900033

The views expressed in Business in Cyprus Special Report 2012 are not necessarily those shared with the publisher, Global Investment I Limited. Wishing to reflect the true nature of Cyprus, the editor has included articles from a number of sources, and the views expressed are those of the individual contributors.No responsibility or liability is accepted by Global Investment I Limited for any loss to any person, legal or physical, as a result of any statement, fact or figure contained in Business in Cyprus Special Report 2012. This publication is not a substitute for advice on a specific transaction.

BUSINESS IN CYPRUS 2012

Cyprus has attained a high lev-el of income and welfare since independence in 1960, despite the unresolved Cyprus Ques-tion, and has a reputation for

good economic management. Over the 39 years from 1960 to 1999, the Republic of Cy-prus has achieved an average annual real rate of growth of Gross Domestic Product (GDP) in real terms of over 7%, while generally maintaining full employment and reasonable inflation rates. Over the past twelve years economic growth has slowed down, but has still averaged a real growth rate of 4% a year, despite the affects of the international economic crisis from 2009 to 2011. This has been achieved through both demographic and economic growth. In 2004 the Republic of Cyprus acceded to the European Union, and in view of its strong economy and relatively high level of income, is the only one of the twelve new member states to be a net contributor to the EU budget. It is also the only new mem-ber to have achieved real convergence and to equal the EU 27 average per capita income. The convergence has resulted from high economic and demographic growth rates. As a result of good economic management Cyprus joined the Euro zone in 2008. The population in the Government Controlled area of Cyprus increased by a relatively high 2% a year, over the last ten years and reached 839,000 in 2011, largely as a result of immigration. For-eign nationals reached almost 180,000 (21%), of which 62% were EU citizens, and the remaining 48% from Third Countries. Brit-ish, Russian and Ukrainian citizens have settled and many have business interests in Cyprus, or prefer the island’s Mediterranean climate. Most of the other foreign citizens have entered the labour force (Asians, Arabs, Bulgarians, Romanians, Poles etc). Cyprus has one of the highest rates of immigration in the European Union, and within the EU has the most open employment policy for EU citizens. Since 1974 Cyprus has developed a strong, service oriented economy (81% of GDP) based on tourism, the financial sector, professional services, transport, communications, education and health. Within the services sector Cyprus is now an inter-national business centre that has attracted thousands of inter-national companies, ship registrations (world’s 10th largest fleet), ship management companies, international banks (35 registered and operating), foreign exchange services (50), statistical services (AC Nielson), investment companies (over 100), credit rating com-panies (Moody’s, Capital Intelligence) and many others offering specialized services. In general the importance of agriculture and the traditional mining sector has been reduced, but in view of the high commod-ity prices there is renewed interest in what are the world’s most ancient mines still in operation. Manufacturing has been restruc-tured with the lead industry now being generic pharmaceuticals while photovoltaic panels are developing rapidly. This is reflected in export performance which improved by 24% in 2011 mainly on the basis of the two leading industries. In view of the strength of both the banking system and the economy, the effects of the international financial crisis were not

felt initially, because the banks did not hold “toxic” financial instru-ments and did not require support. But things changed in 2009, when problems faced in over-seas markets led to a fall in foreign demand (mainly UK), which negatively affected construction, tourism and transport. As a re-sult the Cyprus economy entered its first recession since 1974, and real GDP fell by a moderate -1.9%. There followed a partial recovery in 2010 (+1.1%). As the economy began to grow again, an accident near the main electricity power plant at Vassiliko (53% of capacity) affected the economy in the third and fourth quarters, and overall growth in 2011 was limited (+0.5%). Nevertheless Cy-prus was one of the least affected EU countries with respect to the economic and financial crisis in terms of GDP, because growth was maintained at 3.6% in 2008, (EU27 only +0.5% growth), and GDP declined much less than the EU average (-4.3%) in 2009. Though growth continued in 2010 (1.1%) the international crisis has caused a substantial increase in unemployment from 3.8% in 2008 to 7.5% in 2011. Yet unemployment is still below the EU average. One of the repercussions is that the recession and slow re-covery have negatively affected the revenues of the state, and high interest rates created in part by competition for deposits, are hold-ing back economic growth. Nevertheless, public sector debt is still below the Euro zone average and a series of measures have been introduced to reduce the public sector deficit which are expected to take effect in 2012. Irrespective of this the major credit rating companies downgraded Cyprus’s sovereign debt. Another factor that has made recovery more difficult is the effect on Cyprus of stagnation in the EU economy, and the eco-nomic problems faced by Greece. Though the Cyprus economy is not significantly dependent on Greece, it is affected by the fact that Cyprus banks are major players in the Greek market, with extensive branch networks. In 2012 the Greek Private Involvement (PSI) regarding the restructuring of Greek government debt, has affected Cyprus banks, and has resulted in a need to strengthen the capital base of the banks despite the fact that they success-fully met the European stress tests. In general these assessments are not justified in view of the fact that Cyprus public finances are in better shape than many other Euro zone countries, public sector debt is below the Euro zone average, and that the potential for economic growth is un-derestimated. Despite the economic crisis and the 2009 recession the econ-omy recovered somewhat and strong growth has been shown since 2008 in the following sectors for the three year period:

Financial Services: 12.1%Business Services: 14.3%Education (Public and Private): 9.0%Art/Sports: 6.4%Professional Services: 6.3%Health: 5.6%Tourism/Hotels/Restaurants: 3.7%

Those sectors are expected to grow in the future, though 2012 will

4

The Cyprus Economy:

Challenges & Prospects


5

be a period of adjustment. The Government of Cyprus anticipates a period of stagnation in 2012 because the weakness anticipated in the world economy (IMF, EU assessments) and therefore exter-nal demand will limit the potential for growth. The Cyprus Stability Programme for 2011 – 2015 submitted to the EU estimates that there will be stabilization and adjustment in 2012, GDP growth in 2013 and stronger growth in 2014 (1%) and 2015 (1.5%). The programme also keeps the public sector budget deficit within the Maastricht Treaty requirements in 2012 (below 3%), balances the budget from 2014 onwards, and reduces the public debt. This programme is, however, conservative and does not allow for the recent changes that are taking place in the economy.

ProspectsThe economic prospects are changing and a more positive en-vironment for developing is emerging as a result of the following:

• Improvement in business and consumer confidence.• Further development of Cyprus as a centre for shipping, financial, legal and business services, as well as a good geographical location offering good communications and a favourable lifestyle for ex patriots.• The heightened interest shown by foreign companies for investment. • The discovery of natural gas deposits in the Cyprus Ex-clusive Economic Zone (EEZ), and the opportunities this opens up for the energy sector and cooperation with other countries (Israel, Greece and possibly Egypt).

According to recent surveys, business and consumer confidence is picking up, and will further improve in 2012 owing to the Cyprus EU Presidency which began in July for the six months term; with over a hundred meetings and around 20,000 overseas partici-pants, plus the added importance given to Cyprus. At the same time the re-establishment of most of the electricity production lost, the reduction in energy costs, and the resulting consumer and business savings, will encourage further consumer confidence. Growth will also be facilitated by the stabilization and reorganiza-tion that is taking place in the construction sector, and by the re-duction in interest rates that should result from restructuring in the banking sector. Further encouragement is given by the fact that registration of companies in Cyprus, many of which are foreign owned, continues to be strong at around 20,000 new applica-tions a year, and ship management alone is expected to gener-ate revenues of over a billion euros a year. In the banking sector deposits are stable and foreign deposits are increasing showing that the international business community still considers Cyprus a safe haven. A major impact is also being made by more than 50 FX companies operating from Cyprus, thereby turning it to an emerging international centre for foreign exchange transactions. There has been great interest in foreign investment in Cyprus over the past couple of years, with several projects coming into fruition in 2012. Construction has begun on a €220 mln storage and regional distribution facility for petroleum products by the VI-TOL/VTTI group with Malaysian interests, that will turn Cyprus into an energy hub. The transformation of Larnaca port into a major

Cruise ship port and tourist development by a German led group consortium is expected to begin this year, and a memorandum of understanding was signed in April with a Chinese Group to convert the old Larnaca Airport into a European and Middle East logistics, storage and assembly centre for Chinese products. Interest has also been shown in investments in Cyprus by the Canadian Triple Five Group and the sovereign funds of Qatar. The most important development however has been the dis-covery of Natural Gas within the EEZ of Cyprus by Noble Energy of

the USA, which is estimated at about 7 trillion cubic feet cubic feet of gas with estimated value between 30 to 60 billion USD dollars. To put this into perspective, the value of the natural gas already found in the EEZ of the Republic of Cyprus is well in excess of the public sector debt of the country. This is the first confirmation of natural gas within the Cyprus EEZ, and it is expected that further finds will be made in some of the other 11 lots for which a call for proposals was completed in May. Given that in the nearby Israeli EEZ about 33 trillion cubic feet of natural gas have been found, negotiations have been taken place to examine the possibility of cooperation on processing, exploitation and exporting natural gas and energy. A memorandum of understanding has been signed for a feasibility study for an electricity cable linking Israel, Cyprus and Greece, while studies are taking place regarding doubling electricity production in Cyprus, establishment of a liquefaction plant on the island, and a pipeline for exporting natural gas. The prospect of Cyprus becoming an energy hub in the Eastern Medi-terranean is being seriously examined, and already this is leading to considerable interest in investments and on the island in many sectors including energy, transport, logistics, financial services, universities, real estate and other sectors increasing the island’s attraction as an international business centre. These developments combined with the probability of a re-covery in local demand, and the anticipated reduction in interest rates, suggest that the Cyprus economy is on course for a return to growth and development.


Costas Apostolides, renowned Cypriot Economist and Chairman

of EMS Economic Management Ltd provides his perspective on

the prospects for the Cypriot economy.

Hotel at Limassol Beach, Provided courtesy of the Cyprus Tourism Organisation

Cyprus ShippingReaping the benefits of the new tonnage tax system.

Cyprus continues to lead the international shipping regula-tions by preparing legislation to fight unlawful acts against Cyprus Flag ships. The new tonnage tax system for Cyprus merchant shipping was approved by the European Commission on 24th March 2010, as compatible with the requirements of the EU acquis, in accord-ance with the relevant 2004 and 2009 Guidelines on State Aid to Maritime Transport. The new tonnage tax system extends the favourable benefits applicable to owners of Cyprus flag vessels and to ship managers respectively, to owners of foreign flag ves-sels and charterers. It also extends the tax benefits, which previ-ously covered only profits from the operation of vessels in shipping activities, to cover profits from the sale of vessels, interest earned on funds used other than for investment purposes and dividends paid directly or indirectly from shipping related profits. The shipping community in Cyprus welcomed with enthu-siasm the new tonnage tax system which secures a stable fiscal environment in the long term. Faced with aggressive competition in the international shipping arena, the shipping industry in Cyprus found a key ally in its effort to maintain high competitiveness and attrac-tiveness. The response from abroad is very encouraging and it is the belief that, as a response to the continuing promotional efforts of the De-partment of Merchant Ship-ping (DMS) and the Cyprus shipping industry, more com-panies will choose to enter the tonnage tax system due to its fa-vourable provisions, thus contributing to the further development of the Cyprus maritime cluster. During the last few years, Cyprus managed to upgrade and modernise its fleet through a safety policy which focused on the effective control of the ships and the improvement of the quality of its fleet. The establishment of a network of local inspectors of Cy-prus ships, covering important ports worldwide, in order to ensure efficient and effective control of our ships and to avoid detentions by port State control, was only part of the measures taken. Cyprus is a signatory to all international maritime conventions on maritime safety and pollution prevention. Ships applying for registration under the Cyprus flag are un-dergoing extensive surveys by the Department’s surveyors. The ships have to meet specific requirements and conditions which are deemed necessary for the achievement of safe, secure and efficient shipping on clean oceans. Unscheduled inspections are conducted by the surveyors and inspectors of the DMS for ships flying the Cyprus flag on a continuous basis. These are planned in terms of priority on the basis of the age, size and type of each vessel and their past safety record. Particular attention is given to

safety, pollution prevention, qualifications of the crew and the living and working conditions on board. The DMS also closely monitors ships which are repeatedly detained by foreign port State control authorities due to deficiencies. Statutory surveys, inspections and certification services for ships flying the Cyprus flag are carried out by recognised organizations (ROs). The DMS monitors the perfor-mance of the ROs through extensive audits. The DMS has very recently prepared comprehensive new na-tional legislation to help counteract unlawful acts against Cyprus Flag ships. The Law, which was recently enacted, is a pioneering legislation establishing the required legislative framework allowing the use of armed personnel on board Cyprus flagged vessels, in a regulated manner, when these vessels are sailing through high risk areas. The Law allows the owner or manager of a Cyprus flagged ship to request permission to engage a private company providing armed personnel services.

The new Law incorpo-rates the recommendations and guidance developed by the International Maritime Organization in relation to privately contracted armed security personnel. Further-more, the Law takes into ac-count the provisions of the United Nations Convention on the Law of the Sea (UNCLOS). The Law contains a number of pioneering provisions with the intention to touch upon all main aspects pertaining to the complexity of issues arising from the use of armed secu-rity personnel on board ships.

Cyprus signed Bilateral Agreements for Cooperation on Mer-chant Shipping with 23 countries, among them many European countries, with the aim to promote friendly relations between Cy-prus and those countries and facilitate seaborne trade and em-ployment of seamen. These agreements contain -among others- provisions for most favoured nation treatment or same treatment as afforded to their own vessels engaged in international voyages in respect of free access to ports, use of ports for loading and unloading of cargoes and for embarking and disembarking of pas-sengers, payment of dues and taxes, exercising normal commer-cial operations and use of services related to navigation. The Bilateral Agreements with Estonia, Germany and Hun-gary have been initialled and their signature is pending. The DMS is not currently involved in negotiating a Bilateral Agreement with the UK, however, that’s a possibility for the future as it is envisaged that a Bilateral Shipping Agreement would be beneficial for both nations.

By Dr. Anthony Madella Acting Director, Department of Merchant Shipping

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Cyprus Flag Vessel provided courtesy of the Department of Shipping

Cyprus offers high quality services to foreign investors. With its strong business orientation, highly educated workforce and modern EU infrastructure Cyprus is estab-lished as one of the most efficient business and financial centres in the EU. The services sector is the backbone of Cy-prus’ dynamic, open economy, constituting around 80% of the island’s GDP. The strong ties between Cyprus and the UK originate from the island’s British colonial past. Many British nationals live and work in all of Cyprus’ main cities and at the island’s two strategic British forces bases. Many Cypriots choose to study and work in the UK and consequently a very large proportion of the island’s professionals (including lawyers and accountants) are UK quali-fied with relevant UK work experience. Not surprisingly English is widely spoken on the island and is the main business language. Cyprus’ legal system is based on the UK’s ‘common law’ model. The legal concept of a trust is widely used in practice and these can be tax efficient vehicles, exempt from any taxes in Cy-prus for non-Cyprus tax resident beneficiaries depending upon trust incomes. An EU member since 2004, Cyprus also has close relations with the rest of the world, including Russia, Ukraine, India, China, the Arab world, Israel and the US The island’s time zone and geo-graphic location (in the eastern basin of the Mediterranean at the crossroads of Europe, Asia and Africa) playing an important role in this regard. The recent confirmation of the presence of significant quanti-ties of hydrocarbons within the Cyprus economic zone may prove to be a tremendous opportunity for the island and Europe. Cy-prus may now have a role to play in the energy sufficiency of the European Union. To maximise after tax returns for investors Cyprus offers a competitive corporate tax rate combined with a wide network of double tax treaties. It is a particularly attractive jurisdiction for in-vestment holding companies, group financing companies and in-tellectual property (IP) holding companies and because in general Cyprus unconditionally does not withhold any tax on payments outside of Cyprus on dividends, interest and royalties per its own tax legislation. On the IP side Cyprus has recently introduced legislation to exempt from Cyprus tax 80% of the profits generated from the exploitation or disposal of IP. This makes Cyprus one of the most competitive jurisdictions within the EU for the holding of IP. For financing companies one of the most positive develop-ments is the possibility of obtaining advance rulings from the Cy-prus Tax Authorities regarding acceptable spreads on many back-to-back financing transactions (i.e. borrowing and on-lending). This provides an excellent tool to companies wishing to obtain ad-vance certainty on applicable taxable spreads, especially for size-able loans or for other financial instruments. Additionally the use of Cyprus financing structures by UK based multinationals in order to provide financing to overseas group companies is expected to be possible from 2013 onwards without any taxation on incomes in Cyprus and with only a low effective UK tax rate of 6% or less. For investment holding companies, as well as investment

fund vehicles (UCITs and ICISs) Cyprus again has an attractive regime of not taxing dividend income (subject to conditions) and not taxing profits on share disposals and a host of other financial instruments. This has been complemented by recent tax legisla-tion which allows for a tax deduction for interest costs on financing taken out to acquire the shareholding in certain cases. Given the island’s role as a European busi-ness and financial centre, not unexpectedly there is a large and diverse pool of expatriates living and working in Cyprus with the complementary in-ternational infrastructure, international newspapers, English-speaking schools etc. They enjoy a high standard of living with very low crime rates and an outdoor lifestyle which takes advantage of the island’s varied geography that allows in the same day for skiing in the mountains and surfing in the Mediterranean. Further to attract business deci-sion makers to Cyprus, and help to encourage the relocation of regional headquarters to Cyprus, the island’s top rate of personal income tax of 35% on employment income can, under certain cir-cumstances, be effectively halved to 17.5% for a period of 5 years. On the VAT side Cyprus has recently become a most attrac-tive jurisdiction for yacht registration in the EU. The effective VAT rate for yacht registration in the EU can be reduced to less than 5% through the use of the ‘Yacht Leasing Scheme’. The total profit from the leasing agreement, which amounts to 10% on the initial value of the yacht, will be subject to Cyprus Income Tax at the rate of 10%, i.e. effectively 1% corporate tax on the purchase price. PwC Cyprus is the market leader in the professional service industry. With approximately 1,000 qualified staff that has deep specialisation in various industries we offer an integrated service, incorporating tax, legal, VAT, company formation, administration and advisory providing a complete value added tailor-made solu-tion. We work with our strong international PwC network to offer unparalleled support to our clients.

Should you wish to receive further information and become more familiar with our complete solution, do not hesitate to contact us.

Tony [email protected] +357 25555270

Marios [email protected]+357 22555266

Joanne [email protected]+357 22553694

INSIDE Perspective: PwCA top pick for Foreign Investors.

To maximise after tax returns for investors Cyprus offers a com-petitive corporate tax rate combined with a wide network of dou-ble tax treaties.

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BUSINESS IN CYPRUS SPECIAL REPORT 2012