the future of cyprus as an international fiduciary centre n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
The Future of Cyprus as an International Fiduciary Centre PowerPoint Presentation
Download Presentation
The Future of Cyprus as an International Fiduciary Centre

Loading in 2 Seconds...

play fullscreen
1 / 17

The Future of Cyprus as an International Fiduciary Centre - PowerPoint PPT Presentation


  • 92 Views
  • Uploaded on

The Future of Cyprus as an International Fiduciary Centre. 31 October 2012 Theo Parperis President of ICPAC. Agenda. Cyprus position in the International Scene of Fiduciary Services Challenges What do International Corporations and HNWI need from an International Fiduciary Centre?

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'The Future of Cyprus as an International Fiduciary Centre' - haley


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
the future of cyprus as an international fiduciary centre

The Future of Cyprus as an International Fiduciary Centre

31 October 2012

Theo Parperis

President of ICPAC

agenda
Agenda
  • Cyprus position in the International Scene of Fiduciary Services
  • Challenges
  • What do International Corporations and HNWI need from an International Fiduciary Centre?
  • What does Cyprus need to do to maintain its competitive edge?
  • Conclusion
cyprus position in the international scene of fiduciary services
Cyprus Position in the International Scene of Fiduciary Services
  • Double Tax Treaties Network
  • - Acknowledge as having best choice of inward/outward investment for certain countries e.g. Russia, Ukraine and many CEE countries
  • - Very attractive treaties with India, China, etc.
  • b) Appropriate Legal System
  • - Flexible and workable Corporate and Trust laws based on UK legal system
  • - Setting up and operating a company or trust is relatively quick, easy with clear responsibilities and duties of all parties such as directors, shareholders, trustees, protectors, investors, etc
cyprus position in the international scene of fiduciary services1
Cyprus Position in the International Scene of Fiduciary Services
  • c) Tax Efficient System for International Business
  • - Zero Tax on dividends income
  • - Zero withholding tax on dividends to non-residents
  • - Zero capital gain tax on sale of qualifying titles shares
  • - 10% tax on net interest income and/or other income
  • d) Quality of Professional Services
  • Accountants and lawyers, administrators are:-
  • - mostly UK standard educated
  • - member of self registered bodies governed by ethical codes of UK or International organisations
  • Business Language – English
  • Educated skill force for employment
cyprus position in the international scene of fiduciary services2
Cyprus Position in the International Scene of Fiduciary Services
  • Supporting Banking System
  • Flexible Residence/Visa/Working for Executives and Key personnel
  • Good climate and place to live and do business
  • Final but not least: - PRICE!
  • Oneof the cheaperplaces in EU for fiduciary services and maintaining international companies/trusts, especially compared to Luxembourg, Switzerland, Holland, etc)
challenges
Challenges
  • Economic Environment
  • - Financing of: 1) Public Debt/Budget Deficit
  • 2) Banking recapitalization needs
budget performance cyprus
Budget performance - Cyprus

31 31 Octob31 31 012

31 October 2012

7

challenges cont
Challenges (cont…)
  • Negotiation terms with Troika
  • Banking Sector
  • - Problems of refinancing of local banks
  • - Availability of international banks
  • Statutory filing with Companies Registry house: - delays in issues of statutory documents (e.g. certificates, Memorandum and Articles of Association)
  • Reduced hours of public sector and banks (although banks have changed)
  • Occasional substandard service by providers of Fiduciary Services
  • Adverse international press coverage
what matters is what international corporate and hnwi need from an international fiduciary centre
What matters is what International corporate and HNWI need from an International Fiduciary Centre
  • Business and statutory infrastructure
  • Stability – Economic Environment
  • - Legal/Tax system
  • Tax-efficient local system
  • Double Tax Treaty Network
  • Workable and flexible legal system (corporate, trust, investments, succession, inheritance
  • Quality professional service by Accountants/ Lawyers/Administrators
what matters is what international corporate and hnwi need from an international fiduciary centre1
What matters is what International corporate and HNWI need from an International Fiduciary Centre
  • Cont…
  • Wealth Protection mechanisms (Trust/private funds/shareholders’ agreements/inheritance laws)
  • Confidentiality safeguards vs exchange of information
  • Strong banking system with wide range of private bank products
  • Ease of communication and transportation (Airline connection with major business centres)
  • Government commitment and investment in the International Business & Fiduciary sector
  • TRUST AND CONFIDENCE (long-term viability)
what does cyprus need to do now
What does Cyprus need to do now?
  • Enacting Fiduciary bill regarding service providers. (To raise credibility of fiduciary sector in Cyprus)
  • Remove UNCERTAINTY on the economy by agreeing as soon as possible measures with Troika without any effects on taxation of international businesses
  • Enhance network of DTT especially with Africa and Asia
  • Active and targeted marketing in new markets China, India, etc (role of CIPA)
  • Upscale further Companies Law by enacting pending legislations such as:
  • - Cross border mergers
  • - Leasing
  • - cell companies
  • Full computerisation and serious reduction of lead time in Companies House
  • Enrich international business and fiduciary products offered by Cyprus
recent products
Recent Products
  • Intellectual Property tax incentives (80% automatic deduction)
  • Financing (Double tier company structure)
  • Private Funds (ICIS)
  • Trust Provisions
  • Yacht Scheme (VAT-efficient registration)
  • BUT WE ALSO NEED:-
  • Leasing legislation for properties and assets
  • Cross border mergers of Pension Funds
  • Cell companies
  • Investment protection treaties
  • Private jets:- legal framework such as yacht scheme
other important issues
Other important issues:
  • Enhance local social and entertaining product:-
  • - Casinos
  • - Theatres
  • - Marinas
  • - Golfs
  • PROMOTE INVESTMENT IN PROMISING SECTORS such as solar energy, educational services, medical services, etc, through tax holidays and/or accelerated capital allowances
  • Encourage more BOT AGREEMENTS for large infrastructure projects, to promote cooperation between public and private sector and reduce public expenditure
conclusion
Conclusion
  • Still very competitive in many areas and products
  • Still a lot to do to stay competitive and ahead of competition
  • We must:
  • RESTORE TRUST & CONFIDENCE
  • in our economy and financial fiduciary products and services