18 11 2013

Cyprus remains attractive, Anastasiades tells foreign investors.

IBFS taking part in high ranking economic discussions for the future of Cyprus. IBFS United (Cyprus) office is proud to announce that our senior managers are currently participating in a closed doors seminar with top tax experts on the island discussing future development and crisis management of Cyprus.

Cyprus remains an attractive investment destination and a competitive center for international business, President Nicos Anastasiades said in his address to the meeting in Limassol hosted by the Securities and Exchange Commission (CySEC) for senior executives of investment firms and administrative service providers.

“This year finds Cyprus going through one of the most critical periods in its modern history”, the president pointed out. “Without undue delay, we are taking bold decisions to implement prudent fiscal policy, we are modernising the state and public administration and we are proceeding with structural changes, in order to turn the crisis into an opportunity”.

The president said that a priority of utmost importance is the assurance that Cyprus will not only retain the substantial comparative advantages it offers to foreign investors, but will also promote further the development of a business friendly environment. He also referred to the two positive evaluations by the Troika of international lenders, to the efforts being made for the restructuring of the banking system and the lifting of all restrictions on transactions and capital movement, as well as on the favorable tax incentives and other incentives available to foreign investors. Anastasiades also referred to the recent upgrading of the Cyprus economy –the first in three years - by Standards & Poor’s, emphasising that “our efforts are bearing fruit and are acknowledged at the international level”.

The president expressed his sincere commitment to the foreign investors for providing support to the activities of foreign owned companies, assuring that proposals, recommendations and complaints in relation to the services sector in Cyprus will be taken into serious consideration.

An optimistic message that “things are starting to return to normality” was given by the Chairwoman of CySEC Demetra Kalogerou, explaining that the Commission continues to receive applications for the authorisation of investment firms and for the extension of existing licenses. This reconfirms, she said, the trust that foreign investors bestow on the Cyprus economy and it shows that Cyprus retains the attractive features that have established the country as a credible investment destination.

“We have faith and confidence that we are on the right track towards market recovery and the return of investor confidence”, Kalogerou stated, adding that the country will come out of this monumental experience healthier and stronger. She said there was a the need for implementing a thorough supervisory framework and the need to reinforce CySEC.