November 4, 2019

A private roundtable panel discussion focused on : The Cyprus Funds industry and Cyprus’ legal framework for succession planning & asset protection. The event was co-organized by the Cyprus-US Chamber of Commerce and PWC Cyprus with support from the Cyprus Trade Center New York and was held at the Union League Club.

Introductory remarks were given by Stelios Violoris, Partner and Director of Tax Advisory Services at PWC Cyprus, who emphasized the importance of the US market for Cyprus and the mutual benefits that can be achieved through increased US investment through and in Cyprus. Speakers and guests were welcomed by the President of the Chamber, Nikos Nikolaou, who noted the importance of such events and the value of continued, consistent and frequent outreach to the US business community to inform and promote  new developments and opportunities in Cyprus.

Andreas Yiasemides, PwC, Partner in charge of Fund Services and Vice President of the Cyprus Investment Funds Association (CIFA) presented the sophisticated and flexible regulatory framework for the setup and management of investment funds as well as related market opportunities. He stressed that investment funds "are a platform" for attracting foreign direct investment in all sectors of the Cypriot economy such as: real estate, shipping, tourism and renewable energy.

Spyros Evangelou, Attorney at S.A. Evangelou & Co LLC and consultant at PWC) spoke about the advantages of utilizing the Cypriot common law legal framework in several aspects of succession planning and protection of assets.

Aristos Constantine, Trade Commissioner of the Republic of Cyprus for North America stated that "The investment funds sector is one of the most promising in the Cypriot economy and has great prospects for attracting interest and potentially significant investment from the US," he further noted that  “ The US Funds and private equity sector is the largest in the world, reaching $20 trillion under management, and New York is the largest base in the USA by far" Mr. Constantine said that "the event was excellent, very well attended and provided a comprehensive overview for those in attendance. We congratulate the Cyprus-US Chamber of Commerce and affirm that we will continue our excellent cooperation and collaboration toward the mutual goal of promoting and strengthening trade relations between Cyprus and the United States. "

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