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NY Seminar on Cyprus: An International Business Center PDF Print E-mail

09-27-06 Cyprus Investment Seminar - NY

Wednesday 27th September, 2006

The Cyprus Trade Center in New York in co-operation with the Cyprus-US Chamber of Commerce and companies CITCO (Cyprus) Ltd and Seaward Management, organized a successful seminar highlighting Cyprus’ advantages as a business center for foreign investors.

The seminar held at New York’s Harvard Club was opened by Cyprus’ Trade Commissioner in New York Aristos Constantine, who in welcoming the distinguished audience, consisting of representatives from major US Financial and Investment Institutions, as well as the Consul General of Cyprus, Martha Mavrommati and other leading figures from the Cypriot-American community, noted that for the Cyprus government, attracting and fostering foreign investment is amongst the prime objectives of its development policy. Highlighting the islands’ infrastructure, political stability, and favorable tax incentives 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 of the economic benefits of Cyprus for foreign investors given by Eric Van Aalst of Citco Corporate Services Inc., Christodoulos Pelaghias of Seaward Management and Marco Blanco of Curtis Mallet-Prevost Colt & Mosle. The panelists focused on the latest Cyprus tax treaty developments, the avenues for investing in India via Cyprus and the formation and administration of investment funds in Cyprus.
Outlining its strategic location and membership to the European Union, Mr. Pelaghias spoke of the ability for American and other companies to penetrate new markets on the EU rim by taking advantage of Cyprus’ flat corporate income tax rate and its varied double tax treaties with non-EU members, with which it has excellent bilateral relations. With regard to India, Mr. Van Aalst referred to Cyprus’ long history of close relations with the country and to the series of exchanges between the two governments that began in the 1980’s, and have meant that Cyprus’ post accession Tax Regime is very attractive for Indian investment structures.

In his closing address, the President of the Cyprus-US Chamber of Commerce, Peter Kakoyiannis said that Cyprus had already played a key role in the Lebanese crisis and is expected to be deeply involved in the restructuring of Lebanon and the rebuilding of the Middle East as a whole. In conclusion he invited the foreign businessmen, investors, leading figures from the Cypriot-American community and professionals from Cyprus and abroad in attendance to take an active part in the evolving and dynamic economy of Cyprus.