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12-13006 Bostom Seminar

Wednesday, 13th December, 2006

The Cyprus Trade Center in co-operation with companies Ernst & Young, CITCO Corporate Services Inc. and Bank of Cyprus, organized a highly successful seminar highlighting Cyprus’ advantages as a Corporate Holding Jurisdiction and business center for inward and transitional Foreign Direct Investment (FDI).

The seminar held at Ernst & Young corporate offices in Boston was opened by Cyprus’ Trade Commissioner, Mr. Aristos Constantine. In welcoming the distinguished audience, consisting of representatives from major US Financial and Investment institutions as well as prominent guests, including Dr. Mary Marangos, District Representative for Congresswoman Carolyn Maloney, Mrs. Evdokia Yannakogeorgou, Vice Consul of Greece, and Mr. Karun Rishi, President, USA-India Chamber of Commerce and other leading figures from the Cypriot and Greek-American community, Mr. Constantine noted that for the Cyprus government, attracting and fostering foreign investment is amongst the prime objectives of its development policy. Highlighting Cyprus’ excellent bilateral relations with countries throughout the world which include double tax treaties with over forty countries and bilateral trade agreements with over ninety, its favorable corporate tax structure, highly skilled workforce, and strategic position at the crossroads of Europe, Asia and Africa, Mr. Constantine invited the attendees to find out for themselves just how ideal Cyprus’ dynamic and flexible economy is for foreign business and investment.
There followed a detailed and insightful presentation regarding the benefits and methods of doing business through Cyprus for foreign investors given by Mr. Pedro Fugas of Ernst & Young, Ms. Mugdha Lakdawala of Ernst & Young and Mr.  Eric Van Aalst of CITCO Corporate Services Inc.  The panelists gave particular emphasis on inbound and outbound investment from India via Cyprus, as well as on the latest Cyprus tax treaty developments, and the formation and administration of investment funds in Cyprus.

Mr. Fugas spoke of the ability for American and other companies to penetrate new markets both within Europe and non-EU countries by taking advantage of Cyprus’ flat corporate income tax rate and its varied double tax treaties, and excellent bilateral relations. Outlining its long history of close relations with India that began in the 1980’s, Ms. Mugdha Lakdawala explained that the bilateral agreements and tax treaty that India and Cyprus enjoy is unique in its structure and offers an ideal means for both inbound and outbound investment to and from India. With regard to the comparative advantages of Cyprus as a corporate Holding Jurisdiction, Mr. Van Aalst referred to Cyprus’ simplified and straightforward administrative procedures, low operating costs, and the legitimacy and stability it enjoys as a member of the European Union.

In his closing remarks, the Cyprus Trade Commissioner, Mr. Aristos Constantine referred to economic globalisation as neither a new nor transient phenomenon but one that is here to stay, further stating that Cyprus, as a dynamic, flexible and adaptive economy and European Union member, has seriously taken up the challenges emanating from the worldwide trend toward globalisation with results that are plain to see.

In conclusion Mr. Constantine invited the foreign businessmen, investors and high level representatives in attendance to take advantage of all that Cyprus has to offer.