The fund industry in Cyprus has been steadily growing in recent years. However, there are still gaps in the local market in terms of the investment strategies offered to investors. Successful Business spoke to Andrey Narutskiy (AN), CEO and Executive Director, Mikhail Borisov (MB), CIO and Portfolio Manager, and Demetris Nicolaou (DN), Head of Business Development at LEON MFO Investments Limited about the situation in the market and how they plan to enhance the investment offering to wellinformed and professional investors.
As an entity established in Cyprus, how do you see LEON’s role in the local market?
AN: We started as a multifamily office in 2013 and over the years have developed strong wealth management expertise by investing ultra-high-networth individuals’ (UHNWIs) liquid assets in global capital markets. We aim to replicate the established successful investment strategies in fixed income and hedge funds in collective funds schemes. We want to do it in Cyprus to support the fund industry here and help it grow. We could have implemented our strategies in Luxembourg which is a more established fund jurisdiction.
However, we decided to launch the first funds on the island and bring our expertise to the local market.
How many funds and of what type do you have now?
Currently, we have three funds that are already closed, so we are not accepting new subscriptions from new investors. At the moment, we are launching two new funds that will be open to subscriptions. One of them provides an opportunity to invest primarily in U.S. corporate bonds. The other deals with investing in a diversified portfolio of hedge funds.
MB: The LEON Global Hedge Fund is built on our expertise accumulated in LEON for over 3 years and on my personal experience of 10 years in hedge fund strategies. We have decided to focus on private credit because we believe that in this area the most stable excess returns can be earned. This is all due to the ongoing process of banks retreating from these businesses following Basel III regulations. The fund industry has a solution and we want to capitalise on the existing opportunity.
How do the strategies of the two funds differ?
While the first one invests directly in U.S. corporate bonds, the hedge fund invests in companies that, in turn, invest in private credit. One companybuys another’s receivables at a discount and essentially earns a yield on that. It is similar to the fixed income strategy that earns a yield but very different in terms of risk drivers and sources of return. For the hedge fund, the key is managing liquidity risk and credit risk.
The focus will be on selecting the most reliable partners, checking all the processes, verifying the information, and arranging favourable terms for us and our investors.
Besides expertise, what other security guarantees could you provide to people trusting you with their financial assets?
The standard security a fund can offer is a set of regulations. We are tightly regulated both at a firm’s and at each fund’s level. We have a comprehensive infrastructure of custodians, auditors, and counterparties. In addition, with the hedge fund, most of the strategies imply that loan arrangements should be collateralised. In terms of credit risk, this approach provides a much higher level of security than investing directly in bonds.
DN: I would say that both strategies were missing from the local market. There are many investors who still keep their money in local banks getting a nextto-zero return. We provide an option for investors to explore international bond and credit markets with well-diversified products and a possibility to achieve returns well above the minimum that they get from the banks.
What would be the specific benefit for investors participating in LEON’s new funds?
DN: It is important to mention the expertise of the team managing the funds, the ease with which investors can subscribe, manage, and invest in these funds, as well as transparency, investor protection, and regulations.
MB: It is a unique product that offers investors a risk-return profile that is usually hard to access, especially in the hedge fund’s case. Normally, the minimum subscription is €1 million per fund.
Building a diversified portfolio would require €10-15 million from the investor. Our minimum threshold is much lower.
AN: We already have a distinguished track record. We have built a successful wealth management business; LEON currently manages €1 billion in individual portfolio management. This has been achieved within 8 years. Now we are launching a new line of business based on a solid platform, on the backbone of our existing business. It gives us credibility. We also have seed capital from our existing individual investors. All the funds that we are launching will have €5-10 million of seed capital.
What differentiates us from global fund players is that our fund managers are physically based in Cyprus, they can be easily reached at practically any time. Investors can always contact us and get instant updates which is another big advantage.
What size will the funds be?
Our target is to raise €100 million within 3 years for each fund, but the sky is the limit at this stage.
LEON MFO Investments Limited is regulated by the Cyprus Securities and Exchange Commission.
License No. AIFM 37/56/2013
Tel.: +357 25 268 120
www.leoninvestments.com.cy
Как укомплектовать кипрские отели рабочим персоналом к началу сезона? Чем привлекать туристов в условиях жесткой конкуренции? Эти и другие вопросы ставят перед собой чиновники из отельного бизнеса Кипра.
Глава ассоциации отелей Кипра (PACYXE) Филокипрос Русунидис выразил уверенность, что в 2022 году начнется восстановление Кипрской туристической отрасли. “Из своего общения с турагентами, администрацией аэропортов и авиакомпаниями я делаю вывод, что желание путешествовать постепенно возвращается”, - заявил он. Начинается процесс планирования нового туристического сезона, который ускорится в феврале, когда все стороны будут знать, на каких условиях в страну смогут приехать привитые и непривитые туристы. Только тогда можно будет говорить о том, насколько активно идут бронирования на летний период. “При этом на новый туристический сезон мы смотрим с оптимизмом”, - заявил г-н Русунидис. В отдыхе на Кипре заинтересованы туристы из Великобритании, России, Украины, Израиля, Польши, Германии, Венгрии, Франции, Дании, Нидерландов и Австрии. г-н Русунидис также выразил надежду, что в 2022 г. получит свое развитие тенденция к самостоятельным путешествиям среди людей с высоким уровнем доходов.
Один из руководителей PACYXE Фанос Михаилидис считает, что главным вызовом для отрасли остается нехватка рабочего персонала в гостиничной сфере и в секторе общепита. Это может стать самой серьезной проблемой для туристической индустрии, которая должна поддерживать свою конкурентоспособность. Нехватка персонала отражается на количестве бронирований. Существует реальный риск, что все, чего удалось достичь за время пандемии, будет потеряно, потому что конкуренция между странами будет достаточно высокой. “Крупные туристические агентства, которые берут на себя юридические обязательства перед туристами, настойчиво просят нас подтвердить, что отели смогут предоставить все обещанные услуги. В условиях нехватки персонала сделать это крайне трудно”, - сказал Михаилидис.
Руководитель ларнакского отделения PACYXE Иоанна Флорентиаду назвала положительным тот факт, что в зимние месяцы продолжаются авиарейсы на Кипр. Она выразила надежду, что в Ларнаку будут приезжать состоятельные туристы, которые выбирают самостоятельные путешествия.
Генеральный директор ассоциации туристических компаний Кипра Хрисемили Псилогени заявила, что бронирование мест в отелях британскими туристами в январе 2022 г. уже на 50% выше, чем в январе 2019 года. “Если ситуация с пандемией будет развиваться благоприятно, то туристический сезон 2022 года станет началом восстановления туризма”, - считает она.
По материалам stockwatch.com.cy
Мировая инфляционная спираль способствует росту цен на потребительские товары, в том числе, на стройматериалы. Вслед за стройматериалами подорожает кипрская недвижимость.
По данным Кипрской статистической службы в декабре 2021 г., в сравнении с аналогичным периодом 2020 г., цены на строительные материалы выросли на 17,1%. Этот фактор усилил давление на сектор недвижимости. Производство металлических изделий в декабре 2021 г., в сравнении с декабрем 2020 г. увеличилось на 30.17%. Также, в декабре 2021 г, в сравнении с декабрем 2020 г., увеличилась стоимость изделий из дерева, изоляционных материалов, химикатов и пластмасс +19,04%, электромеханических изделий +13,02%, минеральных продуктов +5,41%, конструкций из стали +46,56%, строительного железа +44,34%, медных труб +32,78%, стальных труб +32,69%, двутавровых стальных балок +30,28%, арматурных сеток +27.06%, битумного асфальта +26,54%, проводов и кабелей +24,64%, необработанных пиломатериалов +22,71%.
Перебои с поставками стройматериалов из Китая и рост цен на них продолжатся в последующие два месяца. Причина во временной остановке деятельности 64 заводов на севере Китая. Заводы закрылись ради улучшения качества воздуха в преддверии Олимпийских игр в Пекине в феврале 2022 г.
Кроме этого, продолжаются задержки товаров в морских портах. Проблемы с логистикой продлятся, как минимум, до третьего квартала 2022 года из-за карантина в Китае. Семь из десяти крупнейших контейнерных портов Китая закроются в связи с положительными тестами на COVID-19 у сотрудников портов. Напомним, что Китай придерживается политики "нулевого COVID”, которая предусматривает строгую блокировку сотрудников и немедленное всеобщее тестирование на любом предприятии при положительном тесте.
Один из руководителей компании Ocean Shipping Consultants Джейсон Чианг сообщил, что мировая судоходная отрасль, скорее всего, будет ощущать последствия пандемии еще долго. В частности он сказал, что “мы не ожидаем увидеть никаких новых мощностей по транспортировке грузов раньше, чем через два года. Наши возможности зависят от того, как будет развиваться пандемия”.
The European Union has taken steps to facilitate the cross-border distribution of funds (both undertakings for collective investments ‘UCITS’ and alternative investment funds ‘AIFs’) by introducing the Cross-Border Distribution of Funds package of measures (the ‘CBDF legislation’).
The CBDF legislation includes a Directive (EU) 2019/1160 amending both the UCITS Directive and AIFMD and a directly effective Regulation 2019/1156 supplemented by ESMA guidelines on marketing communications for UCITS and AIFs published on 27 May 2021.
The Directive was implemented in Cyprus with the publication on 18 October 2021 in the official gazette of amending legislations 135(I)/2021 and 134(I)/2021 to the Alternative Investment Fund Managers Law as well the Open-Ended Undertakings for Collective Investment (UCI) Law respectively.
The new rules increase the harmonisation on the marketing of AIFs and UCITS, reduce regulatory barriers, improve cost efficiencies, and enhance investor protection.
SUMMARY OF KEY POINTS
The Directive introduces rules regarding:
● ‘pre-marketing’ of AIFs
● local facilities for UCITS and AIFs sold to retail investors
● alignment of procedures and conditions for the de-notification of UCITS and AIF funds in a host Member State
● alignment of certain notifications in respect to marketing an EU AIF or UCITS in a host Member State.
THE REGULATION CONTAINS RULES ON:
● requirements around marketing communications
● verification of marketing communications by regulators
● creation of central databases for the publication of national marketing requirements
● fees and charges
● list of AIFs, UCITS, and their managers.
NEXT STEPS
Fund managers that undertake marketing activities for UCITS or AIFs in the EU, or that engage distributors to market UCITS or AIFs in the EU will need to consider whether the new framework requires them to make any changes to their existing cross-border distribution arrangements and/or marketing materials.
Source: KPMG
The concept of а ’family office’ is not new. For a long time, all over the world large family capital and the affairs of wealthy families have been managed by professionals. But recently, multi-family offices have started to appear in Cyprus more often. These family offices serve the interests of several families at once. Is this an advantage or a disadvantage? Does Cyprus meet the requirements of the modern world in this area, and is it competitive in comparison with other countries? Successful Business speaks with the founder and CEO of Fiduciana Trust (Cyprus) Limited, Anna Homenko, about why choosing the island to establish a family office is growing in popularity and how this industry is changing.
The concept of a family office exists all over the world. Yet, until recently, it was not very popular in Cyprus. What changed? How is it developing on the island?
Previously, only people with a capital of over 20-50 million had the opportunity to create family offices. Now, those with 2-5 million can either open a family office on their own or join an existing multi-family office. The reason for this is that our reality is changing rapidly. Many hi-tech entrepreneurs are making fortunes at a relatively young age. They understand that it is necessary to manage assets from the very beginning, increase or at least preserve and correctly reinvest income. The family office entrance ticket has become cheaper and more popular. In addition, many families choose to do business with the same family offices. They already have a ‘caste’, and they feel comfortable among people who have the same income and tasks. Some even write a family constitution.
What is that? Please tell us more about it.
The family constitution defines how the family business should be run. In other words, who deals with what issues; who, when, and how uses the assets; how these assets are allocated. In essence, the family constitution is a system that governs family relationships and controls family assets. Today all this has become fashionable and in demand. Family offices are now prestigious. Several family offices can combine their assets and jointly invest in large projects.
How do they determine with whom to unite?
With the help of consultants. The cost of maintaining a family office is usually 1% of the assets. This is not a lot of money for the amount of work that the office does. After all, the family office serves as a system for coordinating all processes, a communication system between all centres of the client's life. Modern family offices have a family health manager who ensures that all family members go to the best doctors, undergo regular check-ups, and access the best medical schools. Some specialists work in the field of investment or acquisition of art objects, investments in precious metals, and stones. A new niche has appeared. Young oligarchs think differently. They form a so-called matrix of powers and are ready to delegate certain tasks to managers. By the way, recently there has been a tendency to move from the south of France to Cyprus precisely to register your family office here – not only for doing business but also for more or less permanent residence of the family members on the island.
Why do these people move to Cyprus?
They don't take root in France. In Cyprus, people are more hospitable, ready to accept foreigners into their social circle. Moreover, it's easier to organise life here. In the south of France, family offices form teams of cooks, cleaners, service personnel who are brought in from abroad since it is very difficult to find decent and loyal local personnel. The problems in the field of labour legislation should also be noted. After working for several months, employees often sue the employer, trying to get compensation. In Cyprus, the problem of forming a team is solved by recruiting personnel from the CIS countries. These people easily take root in Cyprus and value their place of work.
What are the parameters for establishing a family office in Cyprus?
As a rule, people prefer to set up family offices away from the country where they do business. Asian clients mainly choose Singapore for establishing a family office, while many Europeans prefer Switzerland and Cyprus. When deciding on a location, attention is paid to many parameters. One of them is the family lifestyle. It is necessary to consider where all family members live, work, study, travel. Cyprus – as always – turns out to be a convenient point, a crossroads for those families whose vital interests are focused on the European continent. If the family is in America, for example, then creating a family office in Cyprus may not make sense.
Another parameter is office administration. The country selection phase evaluates the structures, resources, personnel, and processes that will enable the family office to operate most efficiently. And, of course, the financial component is very important: the types and location of the family's financial assets, how much it will cost to maintain an office, apply for visas, etc.
Cyprus is one of the fastest-growing economies in the EU. Many professionals in the corporate and legal sector understand the Russian mentality. From a financial point of view, Cyprus is also convenient: it is not as expensive here as, for example, in Switzerland. It has a favourable tax climate and a developed Russian-speaking community. All these factors contribute to the opening of family offices in Cyprus.
What is your opinion on the latest changes in the legislation? What is changing for the better in Cyprus?
In Cyprus, they realised that it was necessary to welcome a business that would bring profit to the economy. Look at the metamorphosis that happened to Limassol, after a lot of businesspeople moved here, working and spending money here, creating jobs for others. This has become a big advantage. The government has responded relatively effectively to the coronavirus situation. Now many companies have transferred their personnel to remote work. This means that it is possible to attract those not tied to a specific place of residence to the island. The business motivation system for moving to Cyprus remains attractive. Let's hope that all new and coordinated changes to the legislation will be implemented quickly. What is being done now will be based on the best practices of European countries. It will lead to further growth of the Cyprus economy and make the business climate even more favourable.
ANNA HOMENKO
Founder and CEO of Fiduciana Trust
(Cyprus) Limited, Leisure Life
Property Management
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Graduated from the Institute of International Relations at the Taras Shevchenko National University of Kyiv, Faculty of International Law, and Keele University (UK), Faculty of Law and International Politics. Completed a Legal Practice Course (LPC) in Chester (UK).
Квартиры стали драйвером роста в секторе недвижимости. В 2021 г. квартиры дорожали, а виллы дешевели. Кто покупает недвижимость на Кипре?
Индекс цен на недвижимость в третьем квартале 2021 г. вырос на 0,5% (для сравнения, в третьем квартале 2020 г. индекс увеличился на 0,3%). В годовом исчислении индекс вырос на 1,2% (для сравнения, за аналогичный период 2020 г. индекс вырос на 0,3%). При этом цены на дома отличаются от цен на квартиры. Цены на апартаменты растут, цены на виллы демонстрируют отрицательную динамику (минус -0,3% в годовом исчислении). Цены на дома в третьем квартале 2021 г. в регионах Ларнаки и Пафоса, по сравнению с другими регионами, немного выросли (+0.3%). В свою очередь, цены на квартиры за аналогичный период выросли на 1%, и на 4,5% в годовом исчислении.
Центробанк Кипра связывает повышение спроса на апартаменты с новой правительственной программой субсидирования процентов по ипотеке. Второй причиной повышенного интереса к покупке своего жилья аналитики называют - существенный рост цен на аренду недвижимости. Известно, что в съемном жилье живут около 30% киприотов. Кроме этого, предпочтение покупателей в пользу апартаментов объясняется еще тем, что стоимость квартиры в два или три раза ниже, чем стоимость виллы. К примеру, стоимость 2-спальной квартиры в Пафосе начинается от 80 тыс, евро, а стоимость дома в этом же городе и аналогичной площади начинается от 200 тыс. евро. Покупатели - иностранцы, как и киприоты, предпочитают недорогие объекты в городах.
Изменение цен по регионам. В третьем квартале 2021 года цены на жилье продемонстрировали рост во всех регионах, кроме Никосии, где они остались на том же уровне. В Лимассоле цены выросли на 0,1%, в Ларнаке на 1,7%, в Пафосе на 1,6%, в Фамагусте на 0,6%. Что касается годовой динамики по регионам, то рост был отмечен в Лимассоле и Ларнаке (+ 2,9%), в Пафосе (+1%). В Никосии и Фамагусте цены снизились (-1,2% и -0,7% соответственно).
Цены на дома в третьем квартале 2021 г. продемонстрировали рост во всех регионах, кроме Никосии и Лимассола (снижение по 0,3%). В Ларнаке рост составил 2,1%, в Пафосе 1,5%, в Фамагусте 0,7%. В годовом исчислении цены на дома упали во всех регионах, кроме Лимассола и Ларнаки. В Никосии цены снизились на 3%, в Пафосе на 0,2%, в Фамагусте на 2,6%. В Лимассоле и Ларнаке рост составил +2% и +2,1% соответственно.
Стоимость на квартиры в третьем квартале 2021 г. продемонстрировала рост во всех регионах, кроме региона Фамагусты, где цена снизилась на 0,2%. В Никосии цены на квартиры выросли на 0,7%, в Лимассоле на 0,8%, в Ларнаке на 0,7%, в Пафосе на 1,7%. В годовом исчислении рост цен отмечен во всех регионах: в Никосии на 2,4%, в Лимассоле на 3,9%, в Ларнаке на 5,5%, в Пафосе на 3,6%, в Фамагусте на 4,9%.
Как отмечают эксперты Центробанка, продолжающийся рост цен на недвижимость вызван формированием отложенного внутреннего спроса со стороны киприотов и постоянных резидентов острова. Правительство Кипра надеется стимулировать интерес к покупке недвижимости иностранцами. Для этой цели разработана программа по привлечению “цифровых кочевников” и компаний в сфере IT-технологий. Для таких специалистов (и членов их семей) существенно упрощена процедура получения разрешения на работу и проживание.
По материалам economytoday.sigmalive.com.
Blockchain technology enables the digital ownership, transfer, and storage of assets without the necessary need of a central third party or intermediary. The attributes of this technology, wrapped nicely with token interface standards such as that of NFTs, are revolutionising the ownership of real and virtual word assets. It is possible to tokenise a real estate deal in Cyprus, or even to purchase land in a virtual world. Not only that, through Apps, blockchain technology has pushed to revolutionise the financial products and financial concepts as we know them, where Web3 ecosystem is creating the future of finance in the DeFi sector.
THE NFT HYPE – JUST THE BEGINNING?
Without a doubt, year 2021 has been the year of non-fungible tokens, commonly known as NFTs. There has been an explosion of news on how Nyan Cat has being sold over and over as a one-ofa-kind piece of crypto art. As of the time of writing this article the last sell price is at 300 ETH, approximately $1.3 million. We have seen the CryptoPunks, 10,000 uniquely generated characters create havoc amongst crypto enthusiasts while everyone was trying to own one, where current floor price touches $500,000. Owning a Bored Ape grants access to a private Yacht Club with benefits only members can have. Not only that, wellknown artists launch their own new art pieces, while leveraging art digitisation and the blockchain technology, such as the Currency.
While the art at the beginning exists in both physical and digital forms, the owner of the NFT must decide within a certain timeframe which one of the two to keep, as only one can exist, according to the artists’ own set
of rules. According to 'The Block', a leading research, analysis, and news brand in digital assets space, the interest in NFTs boomed in the second half of the year, reaching weekly trading volume of $250 million worth of NFTs (Figure 1), close to $7.7 billion total volume in just six months.
FIGURE 1. WEEKLY TRADE VOLUME OF NFTS BY CATEGORY
Putting all the buzz aside, this new application concept of blockchain technology is revolutionising the ownership of real and virtual world assets. In the most abstract form, tokenisation converts the value stored in tangible or intangible objects into non-fungible tokens which per definition are unique, irreplaceable, and non-interchangeable with any others. Owning the NFT of an asset enables the digital ownership, transfer, and storage of the asset, without the necessary need of a central third party or intermediary.
WHAT ABOUT METAVERSE?
Alongside NFTs, ‘metaverse’ seems to be gaining significant momentum. We have recently seen social platform Facebook renamed to ‘Meta’, in an attempt to reflect the focus of the company into metaverse. The term ‘metaverse’ is often traced to Neal Stephenson’s 1992 science fiction novel, the ‘Snow Crash’. Many often relate it to a more recent inspiration, the Earnest Cline’s 2011 novel, ‘Ready Player One’, directed by Steven Spielberg. Metaverse is a place where our physical world blends with a virtual one, where people become what they dream of in their everyday lives. Using Virtual Reality (VR), Augmented Reality (AR) gadgets and not only, people can express their inner selves by creating 3D avatars that live in this virtual word. The metaverse is set to include realistic and interactive assets, the ability to move from one place to another and even take advantage of strategy and problem-solving in a digital setting. That is where NFTs, the digital collectables, come into play. Not all, but in many cases, the NFTs will be integrated into such virtual worlds, taking advantage of the ownership and allowing the usage of such assets within a metaverse world.
We have already seen metaverse worlds in the form of a game, even virtual music concerts. Metaverse tokens have been on the rise. There are cases where players can build, own, and monetise their time and in-game achievements. The paradigm of play-to-earn is set to grow multi-fold in the coming years. Metaverse is growing strong. Figure 2 shows a glimpse at the current ecosystem participants.
WEB3 ECONOMY
Starting with the NFTs, to playing and attending concerts in virtual worlds, the Web3 ecosystem is expanding in new ways and models for creators and communities to monetise. When referring to Web3, it is often noticeable that cryptocurrencies are part of the conversation. That is because Web3 applications either run on blockchains, decentralised networks, or numerous peer-to-peer computers. These applications are often referred to as dApps or decentralised applications.
The growth of dApps has greatly started to alter the financial industry. Decentralised Finance or simply, DeFi, is the financial ecosystem built on blockchain applications. They consist of a combination of traditional financial products and financial concepts, as known from the banking sector, integrated with blockchain technology. And this is only the beginning. The distributed nature, the no need for a third trusted party and the security the technology provides via smart contracts, is creating the perfect environment to build new and more complex financial products. DeFi platforms allow to lend or borrow funds from others, speculate on price movements on a range of assets, insure against risk and even earn interest in several mechanisms such as yield farming and liquidity mining. Although it may seem that DeFi started in 2020, it has been around since early 2018. According to Coinmetrics, a provider of crypto financial intelligence, DeFi’s significant rise began in July 2020, and continued until May 2021, where the market cap peaked close to $95 billion (Figure 3). We are currently at early stages of the future financial industry, where the regulation of such products is still minimum and DeFi entitle high level of risk, therefore should be used with caution.
FIGURE 2. METAVERSE ECOSYSTEM DIAGRAM
AND WHAT ABOUT CYPRUS?
The Republic of Cyprus to be in line with the European and global trends and technological advancements, is adopting innovative practices and procedures. The ‘Distributed Ledger Technologies (Blockchain) – a National Strategy for Cyprus’ is paving the route and contributes towards making the island in the Mediterranean a regional hub for technology companies.
As early as now, we have seen digital transformation in the healthcare sector. A blockchain enabled medical data management platform has been implemented and used by a Cyprus hospital, allowing patients to identify themselves automatically at the Emergency Room registration desk, check their queue on mobile phone, and safely manage their own medical records.
FIGURE 3. DEFI MARKET CAP
Real estate industry has already been disrupted as well. A US-based company specialising in enterprise cryptocurrency blockchain software, announced that they will tokenise real estate deals in Cyprus in the form of NFTs. The tokens issued will be backed by actual, physical real estate and the goal is to access the future value of the real estate deal once the project is constructed. This method will allow real estate developers to raise capital at better terms and allow the token holders to raise appraisals and earn income.
I strongly believe that Cyprus is an emerging technology hub in the region. The implementation of the National Blockchain Strategy, in combination with several other incentives already offered, create a unique opportunity to tech companies. What would help accelerate the development of this technology hub is the design and construction of a Tech Valley. A campus where tech companies would occupy physical spaces, founders and teams will be able to have access to mentorship, trainings, education. To create a valley of companies and likeminded entrepreneurs and of course to attract investment capital.
Cyprus is proactively developing modern legislation and policies, aiming to attract state-of-the-art cryptocurrency companies and talents across all the board of professions. At Quonota Investments, we believe that Cyprus has enormous potential to become a stronghold hub for Blockchain Technology businesses, by creating an ecosystem for investors, developers, and entrepreneurs alike. With the newly implemented crypto legislation this is becoming a reality and now it is the right time to become part of it by relocating to Cyprus.
Quonota Investments, a family office and investment firm, is based in Limassol, the tech city of the island, with a blend of historic and ultra-modern architecture and tradition. The firm is an active investor in the digital assets industry and avid supporter of blockchain technology. We invest in the bold, the brave and exceptional – the defining ideas of today and tomorrow. We help with money, mentorship, and shared learning from people who have walked in these shoes before. Our goal is to become an epicentre for innovation investing, with the best connected networks to help support our portfolio companies.
18 Maximos Michaelides St., Tower II, Maximos Plaza, Limassol 3106 Cyprus
+357 25 731880
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www.quonota.com
Every year Saxo Bank prepares a forecast of underappreciated events which, if they were to occur, could send shockwaves across financial markets. Here are the bank’s predictions for 2022.
1. The plan to end fossil fuels gets a rain check. Realising the threat of inflation and social unrest, policymakers decide to temporarily relax environmental restrictions. They support fossil fuel investment and encourage producers to ensure adequate and reasonably priced supplies.
2. Facebook faceplants on youth exodus. The young generation fails to join Meta’s universe of social media platforms. The struggle of Facebook parent company Meta will lead to spinning off its components as separate entities, shattering Zuckerberg’s monopoly.
3. The U.S. mid-term election brings constitutional crisis. The U.S. Presidential elections of 2020 were quite chaotic. Saxo Bank thinks that a similar situation can be created during elections in 2022. Senate and House races come to the end and one or both sides move against certifying the vote, which makes it impossible for the new Congress to form. This eventually will lead to extreme volatility in U.S. assets.
4. U.S. inflation reaches above 15% on wage-price spiral. The Federal Reserve decides to tighten monetary policy faster in an attempt to fight inflation. As a result, there is extreme volatility in U.S. equity and credit markets.
5. EU Superfund for climate, energy, and defence announced, to be funded by private pensions. This decision is taken after policymakers realise that it will be impossible to finance the Superfund with higher taxes on incomes or other traditional tax revenues.
6. Women’s Reddit Army takes on the corporate patriarchy. A group of women traders take action by shorting stocks of selected companies with weak records on gender equality, leading to huge swings in equity prices for these companies.
7. India joins the Gulf Cooperation Council as a non-voting member. This alliance would see a reduction in India’s energy insecurity. On the other hand, India’s incredibly strong technology platform and deepening capital markets could attract the excess savings generated in the GCC region, through lower friction access.
8. Spotify disrupted due to NFT-based digital rights platform. NFTs or Non-fungible tokens are unique digital assets, the ownership of which can be established and stored on a digital ledger via blockchain tech. By leveraging NFTs, artists could distribute music directly to listeners without centralised intermediaries taking commission.
9. New hypersonic tech drives space race and new cold war. In 2022, a massive hypersonic arms race develops among major militaries. Major financing is provided for companies that build hypersonic tech with space delivery capabilities while companies in the aircraft and ship-building side of the military hardware equation underperform.
10. Medical breakthrough extends average life expectancy 25 years. Imagine that people will live to an average age of 115. What would this mean for private and government pensions, or even the ability or desire to retire?
The full forecast is available on the official website of Saxo Bank.
Metaverse
The metaverse is a network of always-on virtual environments in which many people can interact with one another and digital objects while operating virtual representations – or avatars – of themselves. This is how Facebook sees the future of virtual communication.
In October 2021, the company officially changed its name to Meta. Its focus is “to bring the metaverse to life and help people connect, find communities and grow businesses” by “moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology”.
Gulf Cooperation Council
The Cooperation Council for the Arab States of the Gulf is a regional, intergovernmental political and economic union that was established in 1981 and consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Its major objectives – yet to be achieved – are a customs union, a common market, and a common currency.
Правительство РФ откажет в государственной поддержке компаниям, зарегистрированным в офшорах. Данные об активах россиян станут прозрачнее.
Минфин РФ опубликовал проект перечня стран, которые используются для промежуточного владения активами. Новое постановление Минфина предусматривает санкции в виде лишения какой-либо господдержки те компании, часть капиталов (25% и более) которых принадлежат офшорам. В списке упомянуты 57 стран и территорий, в их числе - Кипр. Данное постановление вступит в силу с 1 января 2023 г.
Это очередная попытка РФ вернуть активы из офшоров. Напомним, что благодаря последним договоренностям с Кипром, “Российская налоговая служба” получила данные о банковских счетах и других активах россиян на острове.
В качестве “бонусной” программы для компаний и физических лиц, которые примут решение вернуть свои активы в РФ, предусмотрены такие меры, как - безналоговые ликвидации и налоговые амнистии.
8 сентября 2020 г. Кипр с официальным визитом посетил глава МИД С. Лавров. Одной и целей визита было подписание протокола о внесении изменений в “Соглашение об избежании двойного налогообложения” в части увеличения налога на дивиденды до 15%. Изменения уже вступили в силу с 1 января 2021 г.
В статье использовано стоковое изображение от Depositphotos
Статистическая служба Кипра опубликовала важную информацию о динамике цен. Данные распределены по трем статистическим отчетам: об индексе потребительских цен, стоимости недвижимости и ценах на стройматериалы.
Индекс потребительских цен. Гармонизированный индекс потребительских цен в декабре 2021 г. вырос на 4,8% в сравнении с декабрем 2020 г., и уменьшился на 0,3% в сравнении с ноябрем 2021 г. Для периода с января по декабрь 2021 г. был отмечен рост на 2,3% в сравнении с аналогичным периодом 2020 г. В сравнении с декабрем 2020 г. наибольшие изменения были отмечены в категориях - жилье, водоснабжение, электричество, газ - 15.8% и в категории - перевозки - 13.7%. В сравнении с периодом с января по декабрь 2020 г. за аналогичный период 2021 г. отмечены изменения в стоимости перевозок - 8,6%. Наибольшее изменение цены в сравнении с декабрем 2020 г. и с ноябрем 2021 года имело место в категории - энергетика (28% и 1,6% соответственно).
Индекс цен на недвижимость. В третьем квартале 2021 г. годовая динамика индекса цен на недвижимость составила 2,2%, достигнув, по предварительным оценкам, 106,55 единиц. В сравнении со вторым кварталом 2021 г. индекс увеличился на 2,4%, а в сравнении с аналогичным периодом 2020 г. - на 2,2%.
Индекс цен на строительные материалы. Годовая динамика составила +17,1%, достигнув в декабре 2021 г. 119,66 единиц ( цены 2015 года принимаются за 100 единиц). В сравнении с ноябрем 2021 г. цены выросли на 0,63%. Больше всего цены увеличились на металл (30,17%), на товары из дерева, изоляцию, химию и пластик (19,04%), на электротовары (13,02%), на полезные ископаемые (4,75%). В период с января по декабрь 2021 г. индекс увеличился на 10,98% в сравнении с аналогичным периодом 2020 г. Рост вызван увеличением стоимости стали (46,56%), строительного железа (44,34%), медных трубок (32,78%), стальных трубок (32,69%), железных решеток (30,28%), асфальта (26,54%), проводов (24,64%) и необработанной древесины (22,71%).
