Паромное сообщение с Европой восстановится весной 2022 г. Статистика от Cystat. В кипрских банках растет количество депозитов и снижается доля заемных средств.

28 января 2022 г. закончился срок подачи заявок на создание пассажирского морского сообщения между Кипром и Грецией. 25 ноября 2021 г. был объявлен тендер. К участию в конкурсе проявили интерес нескольких компаний. “Представленные тендерные заявки будут рассматриваться в соответствии с положениями законодательства”, - говорится в сообщении Подминистерства шипинга.

Руководитель ведомства Василис Димитриадис заявил, что “мы пока не празднуем победу, но считаем это важным шагом. Интерес компаний к проекту объясняется пересмотром условий контракта, переработкой тендерной документации и, главное, увеличением субсидии от ЕС для исполнителя контракта. Ожидается, что победитель, выбранный из трех кандидатов, будет объявлен в период с конца февраля по начало марта 2022 г. Паромное сообщение, по предварительным оценкам, начнется в апреле или мае 2022 г. Что касается порта отправления с Кипра, который будет использоваться для паромного сообщения, то это будет зависеть от оператора-победителя”, - сказал В. Димитриадис.

***

Депозиты в кипрских банках на конец 2021 г. составили 51,52 млрд. евро, говорится в отчете ЦБ Кипра, опубликованном 28 января 2022 г. Эти цифры свидетельствуют об увеличении депозитов на 3,31 млрд. евро по сравнению с декабрем 2020 г. Общий объем кредитов на конец декабря 2021 года составил 29,9 млрд. евро, что на 870 млн. евро меньше, чем в декабре 2020 г. Данный факт свидетельствует о сокращении доли заемных средств в кредитных портфелях кипрских банков. Ликвидность в банковской системе Кипра на конец 2021 г. составила 21,6 млрд. евро.

Статистическая служба Кипра (Cystat) объявила в пятницу, что уровень промышленного производства в ноябре 2021 г. достиг самого высокого уровня за 11 лет. Согласно отчету, индекс промышленного производства вырос до 132,6 единиц, зафиксировав рост на 4,4% по сравнению с ноябрем 2020 г. За период с января по ноябрь 2021 г. индекс увеличился на 7,8% в годовом исчислении. По данным Cystat, в ноябре 2021 г. в производственном секторе зафиксирован рост на 5,1%, по сравнению с ноябрем 2020 г. Увеличение наблюдалось в секторе добычи полезных ископаемых (8,3%), а также водоснабжения и утилизации отходов (8,2%).

По материалам cyprus-mail.com

The Cyprus Investment Funds Association (CIFA) announced that the investment fund sector enjoyed significant growth during 2021, with the total amount of Assets under Management (AuM) increasing by 48.7% despite the adverse effects of the pandemic.

“The sector is now established as one of the most promising of the Cypriot economy and one of the fastest-growing at a European level,” CIFA said in a statement, adding that it wishes to express its “satisfaction with the sector’s course and believes that its upward but sustainable growth will continue in 2022”.

According to a recent report by the Cyprus Securities and Exchange Commission (CySEC), Assets under Management of Cypriot funds reached €11.6 billion at the end of the third quarter of 2021, a year-on-year increase of 48.7%. Moreover, CySEC added that it currently supervises 298 Management Companies and Undertakings of Collective Investments (UCIs), a 9.1% increase year-on-year.

CIFA explained that the legislative and tax framework that governs Collective Investments in Cyprus is comparable to other European investment destinations, while the cost of establishing and operating these organisations is noticeably lower. “It consists of no coincidence that, according to data from the European Fund and Asset Management Association (EFAMA), 47% of the Cypriot Investment Funds net assets were related to cross-border investments in 2020,” CIFA said. “This ranks Cyprus fourth in Europe, with Ireland, Luxembourg, and Malta as the only European countries ahead,” the association added.

In terms of how the investment fund sector contributes to the Cypriot economy, CIFA said that roughly 140 collective investment organisations invest in Cyprus, in part or fully, with the full amount reaching €2.3 billion at the end of the third quarter of 2021, explaining that this represents 19.5% of the total amount of Assets under Management.

“During the new year ahead, we will continue our targeted actions to extend the promotion of the sector abroad, in specific markets which present concrete prospects,” CIFA president Andreas Yiasemides said.

“The Cypriot Investment Funds’ assets have already approached €12 billion, under adverse conditions, and this makes us very confident that with correct and stable steps we will achieve the medium-term goal we have set: to raise the assets of the funds in Cyprus to €25 billion,” he added.

M. Target Group was established in 2014 in Cyprus, a perfect location for globally oriented companies and high-net-worth individuals; starting as a medium-size firm offering accounting, tax planning and consulting services, over the years it has built a solid reputation for balancing strategic thinking with a ‘can-do’ approach as well as a loyal base of both local and international customers, while expanding into new fields and new markets with a focus on a proactive approach to addressing challenges of the changing business environment.

KEY BRANDS

At present, M. Target Group is represented by four well-reputed brands that provide a wide range of professional services, from accounting and business consulting to facility management and company incorporation and administration. We assist our clients with corporate structuring, tax optimisation, due diligence, risk assessment tasks, and more. 

M. TARGET BUSINESS CONSULTANTS LTD is the oldest company of the Group, providing high-level professional services in such fields as business consulting, accounting, and international tax structuring.

MITHRIDATES LTD is a facility management company offering serviced offices for local and international clientele in several prime locations across Cyprus and Dubai, UAE.

SIMONUS CONSULTING LTD licensed by the Cyprus Securities and Exchange Commission (CySEC), provides a full range of administrative services, inclusive of nominee services, trustee and company management services.

M. TARGET MANAGEMENT LTD was established to develop and manage local and global highpotential projects drawing on the Group’s diverse expertise and market insights.

We believe that every business, regardless of its size, should be entitled to the best professional advice available in the today’s market; that’s why we invite you to contact us for any queries, personalised proposal, or consultation.

Кипрские банки реструктурировали проблемные кредиты. Количество необслуживаемых кредитов (NPL), по сравнению с 2014 г., сократилось в шесть раз.

Центральный банк Кипра опубликовал данные о токсичных активах кипрских банков.

На конец октября 2021 г. суммарный объем проблемных кредитов составил 4,25 млрд. евро. Это в шесть раз меньше, чем в октябре 2014 г. Таких показателей удалось добиться благодаря инициативам по борьбе с NPL самих банков. В 2021 г. показатель NPL сократился до 15,3%. В 2014 г. этот показатель был на уровне - 47,8%. Тем не менее, это высокий уровень по сравнению со средним показателем по еврозоне - 3%.

Сокращение общего объема NPL на 23,7 млрд. евро за шесть лет произошло благодаря ряду соглашений по продаже проблемных кредитов специализированным компаниям (коллекторам). Покупатели NPL делают ставку на прибыль, которую они получат, когда в их распоряжение перейдет то, что обеспечивает кредит (в большинстве случаев это недвижимость). Поэтому очень часто цены, по которым банки продают токсичные активы, сильно отличаются в зависимости от обеспечения.

По оценкам экспертов, NPL, которые обеспечены недвижимостью, продаются за 25-30% от номинальной стоимости, а необеспеченные кредиты - за 1-5% от номинальной стоимости. Напомним, что существенное сокращение объема проблемных кредитов произошло в 2018 г. после поглощения Co-op Bank банком Hellenic. Также большую роль в снижении NPL сыграл факт продажи коллекторам пакета токсичных кредитов (Helix 2) кредитным учреждением Bank of Cyprus. Важно отметить, что опубликованные ЦБ Кипра данные не подтвердили опасений, что пандемия нивелирует весь прогресс последних лет по сокращению NPL.

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.

История каждого подержанного автомобиля будет максимально прозрачной. Бизнес, построенный на реставрации и последующей перепродаже разбитых в результате аварии авто, станет не актуальным.

Глава департамента автомобильного транспорта Яннис Николаидис инициировал открытые общественные консультации с предложением о внесении изменений в “Свидетельство о регистрации транспортного средства”. В частности, Я. Николаидес предложил включить в документ полную историю повреждений, ремонтных работ и замены автозапчастей данного авто. Страховая компания будет обязана сообщать регистратору транспортных средств о любом нанесенном автомобилю ущербе. “Ранее мы уже решили вопрос контроля аукционных автомобилей, ввозимых из-за рубежа, но теперь пришло время урегулировать этот вопрос и внутри страны. Поэтому, если автомобиль попал в аварию на Кипре, страховщик будет обязан сообщить об этом властям”, - сказал Николаидис.

Страховые компании будут сообщать регистратору не только об ущербе от аварий, но и от стихийных бедствий (наводнений, пожаров, града и других инцидентов).

“Предложение было открыто для общественных консультаций, и, в большинстве, реакция была положительной. Безусловно, от принятия нового закона выиграют почти все. За исключением тех, кто извлекал выгоду из-за отсутствия прозрачности в истории транспортного средства. Не секрет, что в настоящее время некоторые автодилеры восстанавливают автомобили после серьезных аварий и продают их доверчивым покупателям. Поправки, которые скоро будут внесены в законодательство, позволят исключить возможность подобного обмана”, - добавил глава департамента.

Switzerland, Norway, UK, Germany, Sweden, and France lead the rankings as best places for private businesses and entrepreneurship to flourish in PwC’s first ever EMEA Private Business Heatmap. It ranks the attractiveness of 34 EMEA countries across categories including macroeconomics, private business landscape, tax and regulatory environment, Environmental, Social, and Governance metrics, public health, education, skills and talent, and technology infrastructure.

Cyprus ranks in the ‘advancing’ category, placing 12th, with an overall score of 54.5, while The Netherlands ranks 11th (54.8) and Luxembourg 10th (54.9). Cyprus achieved a high ranking in the Macroeconomics (5th) and Tax-Regulatory environment (4th) categories. At the same time, however, the Heatmap’s findings highlight a few categories in which Cyprus still has a long way to go. These fields have to do with ESG metrics (31st) and Technology Infrastructure (18th).

The key findings include:
● Five countries rank as the leading jurisdictions this year.
● A further 12 jurisdictions rank in the ‘advancing’ category with an EPB Heatmap overall score of at least 50 out of 100.
● 12 jurisdictions were identified as ‘developing’ with an EPB Heatmap score of between 40 and 50 out of 100.
● Five jurisdictions were identified as ‘emerging’ with an EPB Heatmap score of less than 40 out of 100.
● All four Nordic countries place within the top 10 jurisdictions based on overall EPB Heatmap rankings: Norway (2nd), Sweden (5th), Denmark (7th), and Finland (8th). Sweden ranks top within the ESG and Public Health categories. Norway co-leads the Education, Skills and Talent category.
● The UK also performs strongly, with a 3rd place ranking overall.

«Необходимо идти в ногу со временем!» – так анонсирует компания Q Travel свои услуги, и готова предложить своим клиентам туристические сервисы за криптовалюту.

Основатели Q Travel, Елена Космина и Софья Ефимова, делятся своим взглядом на современные тенденции.

- Какие услуги предоставляет Q Travel?

- Q Travel входит в группу компаний Quonota Investments Ltd и создана для предоставления туристического и корпоративного сервиса высокого уровня с безупречной четкостью и интеллектуальным подходом к каждому запросу клиента. Опыт и знание направлений позволяют обеспечивать быструю и качественную поддержку на всех этапах планирования путешествий – перелет, проживание, визовая и информационная поддержка по актуальным правилам въезда, связанным с COVID-19.

- Что подтолкнуло Вас на работу с криптовалютой в Вашей индустрии?

- Невозможно не заметить изменения в туристических тенденциях за последние 3 года, конечно мощным фактором является пандемия, которая фактически перевернула весь мир, в том числе туристический, с ног на голову.

Куда бы турист не решил отправиться необходимы QR-коды, электронные формы. Таким образом, цифровые технологии стали неотьемлемой частью ежедневной рутины.

Криптовалюта – это динамично растущий способ цифровой оплаты, который уже давно используется в различных индустриях. Наша компания рада предоставить возможность для наших клиентов, предлагая выбор удобных форм оплаты за услуги.

- Насколько удобно и насколько сложно оплачивать свое путешествие криптовалютой?

- Это проще простого! Вы не почувствуете никакой разницы – у вас будет классический счет, по которому вы сможете оплатить как традиционным способом, так и одной из многочисленных криптовалют, которые поддерживает наша платежная система.

- Насколько популярна оплата криптовалютой на туристическом рынке?

- Спрос на оплату туристических услуг криптовалютой безусловно растет! Ряд отдельных цепочек отелей уже принимает подобные платежи от своих клиентов, например S Hotels & Resorts (Мальдивы), The Pavilions Hotels & Resorts (Пхукет), The Chedi Andermatt (Швейцария), The Kessler Collection (CША), а также авиакомпания Air Baltic, платформа онлайн бронирований Expedia и многие другие.

Мы более чем уверены, что вскоре еще больше сервисов будет предлагаться за криптовалюту, и мы надеемся занять лидирующие позиции среди туристических компаний, поддерживающих данный тренд!

В заключение хотелось бы добавить о том, что нас вдохновляют новые возможности и шанс расширить выбор для наших клиентов, как в вопросе выбора направления для путешествий, так и в выборе способа оплаты.

Фото предоставлены компанией Q Travel.

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).

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