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4 Successful Business

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- 2011

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Successful Business

Our Contributors



A-Z

Our Contributors

2009 $8,29.

, Adamos K. Adamides & Co., Lawyers

, Dr. Kypros Chrysostomides & Co. LLC

. , , Deloitte Cyprus

, Action GlobalCommunications

,NCL Corporate Services Ltd

, , ,Andreas Neocleous & Co LLC

,

, - .

,

Soulis MalecosChairman,

Cyprus Advertising Agencies Association

Chairman, National Associations Council / EACA

Kathy ChristodoulouDirector,

Action Global Communications

Kypros ChrysostomidesManaging Partner,

Dr. K. Chrysostomides & CO. LLC

Christos Floridis Advocate, Senior Associate,

Head of European Affairs Department,

Andreas Neocleous & Co LLC

Dmitry LevkinHead of Consulting Bureau,

Korpus Prava

Loucas LoucaMinister of Justice, Republic of Cyprus

Pieris M. MarkouPartner,

Tax Practice Leader, Deloitte Cyprus

Tony ChristodoulouFounder

and Managing Director, Action Global Communications

, Action Global Communications

Edward AslanianPolitical

and Economic Analyst

Nicos CleridesChairman,

NCL Corporate Services Ltd

Vladimir IzotovPolitical Scientist,

Candidate of Political Science

Panayiotis Loisides Secretary General,

Cyprus Chamber of Commerce and Industry

, .,

Constantinos Adamides Partner,

Adamos K. Adamides & Co., Lawyers

,PwC

Petros MaroudiasPartner,

PwC Cyprus

2010 $9.


, 1 (- 2011)

, - Fashion TV Russia

PwC ., (CIPA). , - .

(1988-1993)

,

- , Horasis

, ,PwC

, Alpha Bank Cyprus

Christodoulos VassiliadesAdvocate,

Managing Partner, Christodolous

G. Vassiliades & Co LLC

Nicholas Papadopoulos, Chairman,

Finance Committee, House of Representatives

Phidias PilidesCEO PWC Cyprus.

President, Cyprus InvestmentsPromotion Agency.

President, Cyprus-Russian Business Association.

Charalambos Sergiou Senior Manager in Tax,

PwC Cyprus

Viacheslav ShumskyAmbassador

of the Russian Federation in Cyprus

, PwC

Panikos N. TsiailisPartner,

PwC Cyprus

George VassiliouFormer President of the

Republic of Cyprus

, , Andreas Neocleous & Co LLC

Photis PhotiouDirector,

PKP Business Consultants LtdEx-Minister of Republic of Cyprus, Ex-CTO President

, PKP Business Consultants Ltd-, -

Andreas NeocleousAdvocate, Founder and President of the Board,

Andreas Neocleous & Co LLC

Frank-Juergen RichterChairman,

Horasis

Igor ShlykovEconomic

Analyst

Costas Stylianou Head,

International Division,Alpha Bank Cyprus

, ,Christodolous G. Vassiliades & Co LLC

Ekaterina Melas, Consultant,

Ex-president, Fashion TV (Russia)

, ,Chrysses Demetriades & Co. LLC

Christos MavrellisPartner,

Head of the Company & Commercial Department

Chrysses Demetriades & Co. LLC

Our Contributors

A-Z

330 000 70



1984

. 1984 . 1 2009 , Christodoulos G. Vassiliades & Co. LLC. , - .

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: Lexwork InternationalLaworld Mackrell InternationalINTAInterlaw

,


, 1 (- 2011)

Successful Business MagazineIssue 1, April-June 2011.

Editorial Board: Natalia Kardash, Andrey Korneev, Igor Nossonov, Andrey Pavelko.

Project Coordinator: Julia Basharina ([email protected])

Contributors: Zoya Markova, Maria Vetrova, Igor Shlykov, Daria Kalenkova, Galina Dmitrienko, Oleg Muzichenko, Andrianne Philippou.

Printers: CASSOULIDES MASTERPRINTERS.

Circulation: 3000 copies.

Distribution: free at business forums, conferences, seminars. 1000 selected recipients (in Cyprus and Russia) mailing list.

Subscriptions 2011(two issues: July and October) 20 euro (delivered by courier service) or 10 euro (mailed).

Subscriptions 2012 (four issues: January, April, July and October) 40 euro p.a. (delivered by courier service) or 20 euro p.a. (mailed).

Website: www.cyprusrussianbusiness.com

A note to readers: the views expressed are the authors' and not necessarily those of SUCCESSFUL BUSINESS Magazine. Authors may have consulting or other business relationships with the companies they discuss.

Copyright: no part of this publication may be reproduced or transmitted in any form or by any means without prior permission of VESTNIK KIPRA or N. G. Cyprus Advertiser Ltd.

1, - 2011

: .., . ., .., ..

: ([email protected])

: , , , , , , .

: CASSOULIDES MASTERPRINTERS

: 3000

: -, , , 1000 ( ).

2011 ( : ) 20 ( ) 10 ( ).

2012 ( : , , ) 40 ( ) 20 ( ).

: www.cyprusrussianbusiness.com

: , , . .

: , , .

Vestnik Kipra Publishing House (N. G. Cyprus Advertiser Ltd)

General Manager and Editor-in-Chief: Natalia Kardash ([email protected].)

Head of Administration Dept.: Galina Panagassova ([email protected].)

Advertising Coordinator: Daria Kalenkova ([email protected].)

Accounting Dept.: Nadejda Avramidou ([email protected].)

www.cyprusadvertiser.com

Tel.: (+357) 25 590530

Fax: (+357) 25 584920

Postal Address: P.O.Box 58236, 3732, Limassol, Cyprus

(N. G. Cyprus Advertiser Ltd)

: ([email protected])

: ([email protected].)



www.vestnikkipra.com

Te.: (+357) 25 590530

: (+357) 25 584920

: P.O.Box 58236, 3732, Limassol, Cyprus

Successful Business12

Our Team



,


, 1 (- 2011)

! -

. - , , , . - . , . , . , , -- .

. -. . , 12% .

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, 1 (- 2011)



: 14. Byron str, Limassol, Cyprus. : (+357) 25 590530. . : [email protected]: www.cyprusadvertiser.com, www.vestnikkipra.com


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, , Noble Energy - 12 ( ) .

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2010


, 1 (- 2011)

2011

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peec Piraeus Bank - - . - - - .

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, 1 (- 2011)

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Lophitis Group: 7 Zinas Kanther 3035 Limassol Cyprus. +357 25343708 : +357 25343705E-mail: [email protected]

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, 1 (- 2011)

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, . Theodoros Philippou, General Manager, Institute of Certified Public Accounts of Cyprus (ICPAC)

, Athanasios Orphanides, Governor, Central Bank of Cyprus

, . KPMGGeorge Syrimis, Chairman, Committee of the Institute of the Certified Public Accounts of Cyprus (ICPAC). Chairman, Board of Directors, KPMG

, , . KPMG.Kyriakos Panayiotou, Chairman, Limassol and Paphos Coordination Committee, Institute of Certified Public Accounts of Cyprus ICPAC. Senior Manager, KPMG



15 () Limassol Marina, (CIBA). Limassol Marina Ltd. : Cybarco Limited, Joannou & Paraskevaides Ltd, J & P Avax S.A., Athena S.A., Francoudi & Stephanou Ltd, ADS Holdings Ltd, Limassol Marina Development Co. Ltd. 40 000 . 34 000 . 700 . 274 , 86 , 188 -. 45 , , , , , . 628 . 500 . , 1000 .

, , Limassol Marina LtdTakis Palekythritis, General Manager, Limassol Marina Ltd

, , CIBAFrixos Savvides, President, CIBA

, , Limassol Marina LtdMarios E. Lanitis, Chairman, Board of Directors, Limassol Marina Ltd

, , Cybarco Property Development.Michalis Hadjipanayiotou, CEO, Cybarco Property Development


, 1 (- 2011)

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16 . , .The President of the Republic, Mr Demetris Christofias, at the accreditation ceremony of the new Commissioner for Administration (Ombudsman), Mrs Eliza Savvidou.

Eliza Savvidou

7 - (). 70 , - , . - . , - . .Vitaly Ignatenko, President of the World Association of Russian Press and Gerry Breen, Lord Mayor of Dublin


, 1 (- 2011)

Effective Organizational Structures

: 4-5 : Riu Cypria Hotel & Resort, : Digipro Seminars : www. digipro.com.cy; : +357 26 955000; email: [email protected]

Developing Law Firm Strategy

: 5 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Customer Care: How to enhance customer value


Advanced Negotiations: 8-9 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

A Practical Guide to Avoiding Resistance

and Other Traps of Change Management

: 11-12 : Aquamare Beach Hotel&Spa, : Digipro Seminars : www. digipro.com.cy; : +357 26 955000; email: [email protected]

Marketing and Business Development for Law Firms


Effective Project Management

Date: 19 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

3rd European Conference on

Intellectual Capital: 18-19 : University of Nicosia, : University of Nicosia

- . , .

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36- 6 15 . - -, .

www.cyprusrussianbusiness.com.

, - 2011



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Marketing Strategy & Planning: Establishing a dynamic

and sustainable market position in a competitive

environment: 4-5 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Strategic Trans-generational

Succession Planning for family owned-managed business

: 6 -7 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Property Exhibition 2011: 29 1 : Expo Cyprus, : IMH

Financial Appreciation for Lawyers


Proactive Conflict Management



, 1 (- 2011)

36th Cyprus International Fair

: 6-15 : Expo Cyprus, : www.csfa.org.cy; . +357 22 20 3600; e-mail: [email protected]

Leadership and Talent Management in Law Firms


(FIABCI) International Real Estate Federation

World Congress: 16 - 21 : : Easy Conferences : www.cyprusconferences.org; : +357-22-591900; email: [email protected]

Human Resource and Performance Management

on Law Firms: 18 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Strategic to grow the small enterprise

: 20 21 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Customer Engagement Online and Management

of Web 2.0 channels: 26 24 : Elias Beach Hotel, : Digipro Seminars : www. digipro.com.cy; : +357 26 955000; email: [email protected]

International Financial Markets

and Exchange Rate Risk : 25-26 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Managing Change in Todays Business Environment in the Legal Profession


Strategic Planning & Implementation


Fixed-Income Markets &

Interest Risk Managements : 22 : Cyprus International Institute of Management, : CIIM : www.ciim.ac.cy; : +357-22462246; email: [email protected]

Professional and Personal Development




:


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, 1 (- 2011)

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Family Entrepreneurs Asia Pacific CEO Association Association of Cyprus

International Banks Association of European

Business Association of Russian

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Commerce and Industry (CCCI)

Cyprus Employers and Industrialists Federation

Cyprus International Business Association (CIBA)

Cyprus Russian Business Association

Cyprus Shipping Chamber Moscow International

Business Association (MIBA) Moscow Investment and

Export Promotion Agency (MIEPA)

Russian European Chamber of Commerce (RusCham)

Russian Managers Association

Association of Orthodox Business Leaders

The U.S. Russia Center for Entrepreneurship

Young Presidents' Organization (YPO)

: Baker & McKenzie Bank of Cyprus B-International Ernst & Young Marfin Laiki

: CYTA (Cyprus

Telecommunications Authority)

CTO (Cyprus Tourism Organization)

: International Herald Tribune Vestnik Kipra

Global Russia Business Meeting. 16-18 2010, . .

Knowledge Partners: : Baker & McKenzie Bank of Cyprus B-International Ernst & Young Marfin Laiki



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, . : [email protected], . +1 79 305 3110, , . : [email protected], . +357 25 590 530

: , , -, Nawras, y , , , , , Neopac Lighting Group, , , Rivoli, , , Strategic Concepts, , , Catalyst Fund, , , Nivio, , , Venture Capital Trust Fund, , , Hasbro, , , , , Nicco Group, , , Ransat Group, , , Luxoft, , , , , , Malia Holding, , , SKB, .


, 1 (- 2011)

executive SummariesThis section of the magazine contains summaries of the most important articles. We have translated

them into English for those of our clients and partners who do not speak Russian but wish to know more on Cyprus-Russian business relations. This issues spotlight is investments. We have a lot of information on investment opportunities, articles on investment funds, schemes and statistical data on Cyprus and Russia.

There is a list of upcoming events with a detailed program of the events where SUCCESSFUL BUSINESS or VESTNIK KIPRA act as Media Partners. By the way, any of our clients may announce all their business events in subsequent issues and invite our readers to their presentations and parties. We shall be very active socially. Our correspondents will visit many different activities in order to publish reportages. Photos and videos will also be placed on the website that is connected with SUCCESSFUL BUSINESS magazine.

This is the first business magazine in the Russian language published in Cyprus. It will come out quarterly. In order to keep our readers informed we shall update our new website every day with the most important business news, statistics, analysis, stock exchange results, all kinds of monetary questions and financial market issues. A list of names (people, companies, events), published in the issue will always be placed on the last pages of the magazine. In this way all necessary information can be easily traced.

Please look through the summaries provided in this section of the magazine. And if you have questions or you need more information, please do not hesitate to contact us for further details.

Natalia KardashPublisher

[email protected]

BusIness and technOlOgIes

News on IT, e-commerce, e-money. New business technologies, innovations. Advertising, PR, business communications.

educatIOn and careers

Higher and professional education in Cyprus, professional development and advanced training, recruiting, head hunting, business psychology. Detailed programs of trainings, seminars, conferences, business forums in Cyprus and abroad.

FInance and Investments

Articles on Cyprus banking, insurance, taxation, brokerage and investment fields. World tendencies in finance markets, reports and analysis on oil, gold and currency markets. Insurance, investment in business and property (comparative analysis, statistics, price movement).

law and taxatIOn

Comments and interpretations on taxation, auditing and accounting. Corporate law. Labour law. Immigration and migration issues.

lIFestyle

Independent rating of Cyprus' restaurants, hotels, recreational facilities for business people. Columns on wine, style, business fashion, cars.

executIve summarIes

A special section for businessmen who do not speak Russian. All major articles will be summarized and placed at the end of the magazine in English.

TaBle OF CONTeNTS

VeSTNIK KIPRa COMMUNICaTION gROUPVESTNIK KIPRA is a group of companies working with the Russian community of Cyprus. The most important fields of activities are publishing, education, event management, PR and the promotion of Cypriot enterprises in Russia and Ukraine. Well known publications: weekly Russian newspaper VESTNIK KIPRA, MAGAZINI KIPRA (Cyprus Shopping Guide), DOMA i LUDI (Cyprus Property Guide), Russian Yellow Pages. The biggest events: Cyprus-Russian Festival, Limassol International Children's Festival. NGO: Association of Russian-speaking residents of Cyprus.


EDITORIAL



T

OPINION

George VassiliouFormer President of the Republic of Cyprus

The publishing of the first ever Cyprus Russian Business Magazine is a significant event for Cyprus business life and an act of faith on the part of its publishers.

The need for such a magazine was obvious some time ago. The business links between Cyprus and Russia were continuously growing. Cyprus was becoming a very important centre for Russian businessmen, particularly for those interested in strengthening relations with the E.U.

The upheavals in many Middle East and African countries increased the appeal of Cyprus, a beautiful island in the Mediterranean with a stable democratic regime, an efficient and trustworthy legal system and a high level of professional expertise. Last but not least, a tradition of excellent relations between the two countries as a result of which more and more Russian businessmen are choosing to make Cyprus their second home.

The ambition of the publishers of Successful Business is to contribute to the further improvement of the links between Cyprus and Russia, and help Russian businessmen understand how to take advantage of the many opportunities Cyprus offers. At the same time it will provide an in-depth analysis of developments in the world at large, the E.U., the Middle East and Africa.

I would like to congratulate the editors for their initiative and wish them every success in their endeavours. I also hope that the business community will welcome this initiative and take advantage of the opportunities it offers for the promotion of their activities.


WELCOME ADDRESS


, 1 (- 2011)

dDear readers!The publication of the first issue of Successful Business magazine undoubtedly wins approval and support. The active development of Russian-Cyprus collaboration during recent years, particularly in the financial investment field, has made an expansive and qualitative improvement of informational support for business people in Cyprus. From this point the emergence of the new and innovative periodical will inevitably attract attention and become an interesting addition for the Russian-speaking business community, managers of local and international companies, as well as businessmen from Russia and CIS countries who are visiting the Republic of Cyprus.

I believe the publishers plans to involve competent Cyprus lawyers, certified public accountants and business advisers to write articles and analytical materials will be effective and will help to spread useful and timely information, with regard to current laws, innovations and regulations in Cyprus. All this work will assist in developing a more fruitful cooperation between Russia and Cyprus in different fields.

The strong bi-lateral relations between Russia and Cyprus were marked by the historic first official visit of the President of Russia, Dmitry Medvedev, to the island in October 2010; this offers new challenges and opportunities to further strengthen and intensify the multi-dimensional collaboration between our countries and nations. Right now, it is imperative to maximize to their fullest potential all the opportunities that have arisen from that visit. Successful Business could be very effective for this purpose.

I wish all the personnel of VESTNIK KIPRA publishing house every success in their exciting work and let all their creative concepts come true!

Viacheslav ShumskyAmbassador of the Russian Federation

in Cyprus

WELCOME ADDRESS

, 1 (- 2011)



The publication of this magazine could not have come at a better time. The relationship between Russia and Cyprus is at its peak, both on a business level and in terms of the interaction and cooperation between the Russian and Cypriot people. President Medvedevs visit to Cyprus in October 2010, during which the new treaty between the two countries was signed, is an indication that such cooperation will continue into the future.

Over the years, Cyprus and Russia have enhanced their links and communication channels, with a strong Russian business and social community establishing itself on the island. Today more than ever, Russian business continues to make a major contribution to the economy of Cyprus.

The treaty between Cyprus and Russia is among the best Cypriot treaties available to investors at present and is likely to remain as such once the new treaty comes into effect, encouraging existing investors to continue structuring their operations through Cyprus and new investors to take advantage of potential opportunities involving Cyprus. Coupled with the increasing need for substance in structures utilised by businesses worldwide, this is likely to lead to a stronger physical presence of Russian businesses in Cyprus and hence to further growth of the Russian community on the island.

A business journal in the Russian language such as the Cyprus-Russian Successful Business Magazine will serve as an excellent tool to the members of the Russian business and social community in Cyprus, as well as to people abroad who may be considering Cyprus as a potential place for investment, career advancement or even as a holiday destination.

We congratulate the publishers of Successful Business magazine for their initiative to issue a magazine which will offer the Russian-speaking community specific and valuable information on a variety of topics, as well as practical information about living and working in Cyprus.

Phidias PilidesCEO PWC Cyprus

President of the Cyprus InvestmentsPromotion Agency

President of the Cyprus Russian Business Association


WELCOME ADDRESS


, 1 (- 2011)

The uprising in Tunisia, Egypt and Libya are reminders of how important it is for a country like Russia to have presence in the Mediterranean area. Russia could gain by considering using Cyprus in a more substantial way in order to play a significant business role in Africa and in the Middle East.Why would anyone invest in Russia? For major global corporations, Russia is simply too big and too rich to ignore. Abundant reserves of oil, metal and timber still lure multi-nationals joint ventures eager to export those commodities, even though such investments are often facing difficulties. But Russia is not just a place for resource companies. Despite the size of the Cypriot Enterprises there is scope in investing in Russia in a joint effort with Russian entrepreneurs. Some areas where Cypriot investors could add value would be the following: the Hotel Management & Catering Business, Construction, the Food Industry.Why might Russian business people invest in Cyprus? Cyprus is an important place to have links with (political and economic), due to its prime location, EU membership and its role as a bridge between Central, Eastern Europe and Africa. Russian investors will find it attractive to invest in the following areas in Cyprus: Research & Development, Information Technology, Education, Energy, Shipping, Retirement and Rehabilitation Centers.

1. Cypeir Properties Ltd Project - Del Mare. This project involves a 4,500 square metres commercial development and a 14,000 square metres lifestyle residential development. 2. Cyprus Limni Resorts and Golf courses. This includes two golf courses, club houses, a luxury international 5-star hotel, wellness center, about 1,000 residential villas, beach clubs, sports facilities. 3. David Lloyd Olympia Sports Village. This will feature a five star hotel, apartments and luxury villas, swimming pools, sports and spa facilities, a fitness center, restaurants, amphitheatre and various shops. 4. David Lloyd Olympia Spa Resort. This will offer apartments, outdoor and indoor swimming pool with open bar, external playground area and tennis court, spa, fitness center, restaurant and more. 5. Fortune Health Resort. This project involves the development of a health resort complex with a wide range of facilities. 6. Kykkos. This involves the development of a commercial business centre including a 7-star hotel with conference facilities, country clubs and parks, gardens for families as well as residential units, cultural centers, museums and theatres. 7. Leptos Group Project Neapolis. The first Smart EcoCity in the Mediterranean. The 1.1 million square meters development is one of the largest in Europe. It offers a healthcare park, a private campus university, innovation research and development centre, a 5-star hotel and commercial and business park. 8. Leptos Group Project Marina Residences. Marina Residences is an attractive development which includes about 200 apartments and secure 24-hour service as well as hi-tech access control. 9. Limassol Landmark Luxury Residential. The Landmark will be a huge tower and will offer 233 luxurious serviced residences with spa, health clubs, shops and restaurants as well as public parking for 1,500 cars.10. Macronisos Marina Ayia Napa. This will consist of 53 detached beach villas, 222 apartments and 20 townhouses, shops, restaurants, yacht club (600 berth capacity). 11. Santa Barbara. This offers a 5-star hotel with condo hotels, medical and rehabilitation centre, an education centre and a multi-cultural theme park. 12. Venus Rock. This project includes the 5-star Nikki Beach Hotel, the Nikki beach club, villas and 3,000 private houses and apartments, 2 golf courses, sports centers and different clubs.

Historically, Cyprus and Russia experience a close knit business relationship as evidenced by the fact that Foreign Direct Investment (FDI) into Cyprus from Russia has exponentially increased in the past couple of years. Specifically, in 2007 Russian FDI flows into Cyprus amounted to 279 million euros; in 2008 they amounted to 736 million euros and in 2009 to 1.5 billion euros. That is an astounding 439% growth in only three years, from 2007 to 2009. In the case of Russia, economic activity during 2009 revolved around the areas of: Financial Intermediation Services; Real Estate and Business Activities; Trade and Repairs and Transport and Communications. The strong integration of the Cyprus economy with the rest of the world is also reflected in the high FDI intensity of 22.9% in 2009 which exceeds that of the European Union at 2.1%.Cyprus is one of Europes highest investors in education with a well-educated, qualified and multilingual workforce. Today, 47.5% of the population of working age 25-34 years has completed tertiary education, putting the island well above the EU average of 32.3%. The recent signing of the Protocol between the Republic of Cyprus and the Federation of Russia will further contribute to the strengthening of the existing solid bilateral investment relationship, while at the same time it will act as a catalyst of new investment opportunities between the two countries.

large Scale development Projects in Cyprus

Cyprus-Russia: Mutual Investments and New OpportunitiesPhidias Pilides,President of the Cyprus InvestmentsPromotion Agency

Investment Opportunities in Cyprus and in RussiaCostas Stylianou, Head of International DivisionAlpha Bank Cyprus

EXECUTIVE SUMMARIES



Apart from the well known reasons of Cyprus being an attractive jurisdiction for its lowest tax regime in the E.U. and the prestigious and professional infrastructure available to foreign investors, the most solid and important reason for investing in Cyprus is the protection of assets provided through the Cyprus International Trusts concept. Assets placed into a Cyprus International Trust safeguard their beneficial owners for future generations and provide full protection of their interests. Under Cyprus Law the only proper forum (Court of Law) recognized as having jurisdiction on any legal dispute relating to assets owned by a Cyprus International Trusts, is the Cypriot Court. An individual, who wishes to keep the ownership of a company completely anonymous and confidential, can achieve this by establishing a Discretionary Cyprus International Trust to own the shares in the company. There is no formal registration or reporting requirements for Trusts established in Cyprus and the International Trust Law of 1992, closely defines the powers of a court in investigating the beneficiaries, settler or affairs of the trust. Furthermore, the law, protects the trusts assets from bankruptcy and other action against the settler by creditors or other claimants, provided the assets were placed in Trusts at least two years prior to the commencement of such proceedings.

Cyprus is an attractive financial centre, combining cost and flexibility features while complying with EU regulations and international best practices. The Cyprus Fund market is known to have concentrated its growth on non-UCITS funds based on the International Collective Investment Schemes (ICIS) law. Under the ICIS law a private fund with up to 100 investors can take one of the following forms:1. International Fixed Capital Company (IFCC)2. International Variable Capital Company (IVCC)3. International Unit Trust Scheme (IUTS)4. International Investment Limited Partnership (IILP)There are currently over 60 registered with the Central Bank, the majority of which are either IVCCs or IILPs.Over the medium-term, the implementation of a new AIFM Directive across the EU, which allows remote set-up and passporting, will provide the opportunity to third countries (i.e. Russia) to gain access to the European Union through the establishment of a fund or a fund management company in Cyprus. The changing EU legislation for both UCITS and non- UCITS is therefore creating a new and more equal-level playing field, one in which Cyprus can provide the ideal one-stop shop solution. The overlay of Cyprus advantages as described above (i.e. tax, EU passporting, etc), are in fact complemented with a low cost proposition that does not compromise quality or timeliness of service.

Citizenship by exception is explicitly directed towards entrepreneurs with assets and investments in Cyprus of a significant value, and offers the possibility of obtaining Cypriot citizenship via the removal of the full residency requirement for the seventh year (in certain cases and under certain conditions). Granting of Cypriot citizenship is not solely provided to the applicant but also to his/her family. This means that the applicants spouse, underage children, as well as any children over the age of 18 who are considered dependants of the applicant, may also be granted Cypriot citizenship. In order to be eligible for a Cyprus passport, the applicant must have direct investments in Cyprus of at least 25.6 million (e.g. immovable property, factories etc); or have registered in Cyprus a company/companies with a total turnover of at least 85.4 million; or with his/her activities, prove that he/she has imported on a large scale, new and innovative technology in vital sectors of the Cyprus economy, or has established important and on a large scale, research centres in Cyprus; or possess, either personally or through his/her Cyprus private companies (that he/she controls), fixed deposits for a period of over five years, of at least 17.1 million; or have 25.6 million, from a combination of the above. In addition, applicants have to be over thirty years of age, with no criminal record and own a house in Cyprus.

Investment FundsPetros Maroudias, Partner, Global Compliance Services, PwC, Charalambos Sergiou, Senior Manager in Tax, PwC

Cypriot Citizenship by exceptionChristodoulos Vassiliades,Advocate, Managing Partner, Christodoulos G. Vassiliades & Co LLC

assets Protection in CyprusNicos CleridesChairman, NCL Corporate Services Ltd

executive Summaries


, 1 (- 2011)

The amendment of minimum investment for Reduced Dividend Withholding Tax Rate cannot be seen as one of immense importance. It is a threshold that can be easily met by investors, and in any case it appears in a number of other treaties with Russia. The Protocol will increase certainty, as excess interest will now be re-classified as dividends. It also specifies that the income received from real estate mutual investment funds will be treated as the income from immovable property. Thus, this ends a period of uncertainty and conflicting views regarding the classification of income received from mutual funds.

The forecast of political ri

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