Большие площади неиспользуемой земли в районе супермаркета «Папас» в Лимассоле обнаружила аналитическая компания Ask Wire. Эксперты рекомендуют чиновникам обложить налогом неиспользуемые участки.
В последние годы спрос на недвижимость в кипрских городах постоянно растет. Однако исследование Ask Wire показывает, что в популярных районах кипрских городов еще много участков земли, которые либо остаются неиспользованными, либо используются частично. Тот фактор, что земля используется не в полной мере, сокращает предложение и вызывает значительный рост цен на продажу и аренду.
Есть место ещё на 8000 квартир
Ask Wire проанализировала данные в одном из самых престижных районов Лимассола, районе супермаркета «Папас». Были определены пригодные для застройки земли в этом районе (исключая дороги, парки и т.д.), рассчитан коэффициент застройки, учтены существующие и строящиеся здания. Для большей ясности аналитики также исключили коммерческие и другие зоны, чтобы их данные относились исключительно к жилой застройке. В районе было выявлено 1515 участков общей площадью 1 571 729 кв.м. На этих участках насчитывалось 3624 жилых единицы общей площадью 450 249 кв.м. Исходя из существующего зонирования, в районе может быть построено в общей сложности 1 253 413 кв.м. жилых помещений, то есть еще 803 164 кв.м. жилья. Как показывает анализ, в этом регионе используется только 36% площадей. Исходя из средней площади квартиры порядка 100 кв.м. можно было бы построить еще 8000 жилых единиц, то есть увеличить их существующее количество на 121%.
Не хочешь строить — плати налог
«Хотя на Кипре мы привыкли демонизировать любые налоги, при нынешнем состоянии рынка налогообложение простаивающей недвижимости в районах с высоким спросом — это единственный способ убедить владельцев развивать свои земельные участки», — комментирует генеральный директор Ask Wire Павлос Лоизу. Это стабилизирует рынок и сделает цены на жилье более доступными. В противном случае ограниченное предложение будет сохраняться, цены будут продолжать расти не только в центрах городов, но и на периферии, поскольку именно туда будет перемещаться спрос. Все это вызовет, среди прочего, негативные последствия для окружающей среды, дорожный коллапс, необходимость развития государственных услуг в новых районах и т.д. «Понятно, что цель такого налогообложения состояла бы не в том, чтобы взимать налог с мелких владельцев, а в том, чтобы стимулировать застройку», — говорит Лоизу.
Рынок недвижимости в 2023 году: мнение экспертов
Какую недвижимость покупают киприоты?
Внешняя торговля Кипра продемонстрировала значительный рост за десять месяцев 2022 года. Об этом сообщает Статистическая служба. В то же время из-за увеличения импорта вырос дефицит торгового баланса.
В частности, общий объем импорта товаров за период с января по октябрь 2022 года составил 9,4 млрд евро. Для сравнения, с января по октябрь 2021 года тот же показатель равнялся 7 млн евро. То есть рост составил 34,4%.
Общий объем экспорта товаров за период с января по октябрь 2022 года составил 3,2 млрд евро. Это на 0,6 млрд или 22,2 % больше, чем за аналогичный период 2021 года, когда объем экспорта был 2,6 млрд евро.
Дефицит торгового баланса за первые 10 месяцев 2022 года был равен 6,15 млрд евро, тогда как в прошлом периоде он составлял 4,33 млрд евро.
Основной источник импорта - ЕС
Европейский союз был основным источником поставок товаров на Кипр с общим объемом продаж 5,67 млрд евро. Для сравнения, импорт из других европейских стран составил 881,7 млн евро, а импорт из остальных стран мира равнялся 2,83 млрд евро. Соответственно, экспорт в Европейский союз составил 923,5 млн евро., экспорт в другие европейские страны был равен 305,5 млн, а в остальные страны мира ― 2,01 млрд евро.
Согласно отчету Центробанка, данные по счету текущих операций стран-партнеров Кипра показывают, что в третьем квартале 2022 года остров зафиксировал двусторонний профицит по отношению к Германии в размере 176,5 млн евро (в соответствующем квартале 2021 года – 435,3 млн евро), а по отношению к Великобритании – в размере 434,1 млн евро (в соответствующем квартале 2021 года – 197,8 млн евро). С другой стороны, Кипр зафиксировал двусторонний дефицит по отношению к Греции (657,5 млн евро по сравнению с 385,3 млн евро в том же квартале 2021 года) и России (865,9 млн евро по сравнению с 490,9 млн евро в том же квартале 2021 года).
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Флот Кипра – одиннадцатый в мире
Согласно данным нового ежегодного опроса 740 кипрских компаний, проведенному изданием StockWatch, доверие работодателей к университетам страны падает. Средняя оценка потенциальными работодателями восьми государственных и частных вузов Кипра составила 7,47 из 10.
Для сравнения, по результатам аналогичного опроса в сентябре 2021 года средний балл составлял 7,75. Оценка складывается из ответов на два вопроса: насколько университет достоин доверия и можно ли его рекомендовать.
Университет Кипра получил самый высокий балл среди работодателей — 8,7 из 10 (в прошлый раз — 8,85). Вуз набрал 8,8 баллов в категории надежности и 8,6 баллов в категории рекомендаций. На втором месте находится другой крупный государственный университет, ТЕПАК, с результатом 8,15 баллов (в прошлый раз лимассольский вуз набрал 8,3 балла). На третьем месте снова оказалось государственное учебное заведение — Открытый университет Кипра, набравший 7,4 балла (в предыдущем опросе его результат был 7,8). Университет Никосии также получил 7,4 балла (в 2021 году — 7,8), Европейский университет Кипра — 7,25 вместо 7,75 в прошлый раз.
Опрос проводился по всему Кипру в декабре 2022 года методом телефонных интервью. Выборка включала 120 предприятий в строительном секторе, 120 в промышленности, 250 в розничной торговле и 250 в сфере услуг.
Работодатели оплатят переподготовку сотрудников
По данным Торгово-промышленной палаты Пафоса, объем иностранных инвестиций в городе за последние месяцы превысил 15 млн евро. На что обратили свое внимание инвесторы?
О самых крупных инвестициях рассказал Маринос Стилиану, секретарь-директор Торгово-промышленной палаты Пафоса:
― за 12,5 млн евро инвестор купил комплекс зданий, в котором размещался торговый центр Paphos Mall. Комплекс был отремонтирован и ожидается, что вскоре обновленный торговый центр откроет свои двери для покупателей. В нем разместятся известные сетевые магазины;
― другим инвестором было приобретено здание на въезде в Пафос, известное как Paphos Oasis Building, где раньше располагался кинотеатр Rio. Покупателем выступила кипрская компания, контрольный пакет акций которой принадлежит крупной голландской группе. Эта группа ведет активную деятельность в областях, связанных с поставками, сбором и обработкой химических отходов, предоставлением услуг промышленной поддержки, логистикой, энергетикой, разработкой программного обеспечения;
― недавно также была завершена покупка здания бывшего супермаркета «Орфанидис» в Пафосе на сумму более 3 млн евро. В нем оборудуют офисные помещения премиум-класса.
«Учитывая эти, а также более мелкие сделки, мы убеждены, что Пафос успешно привлекает новые компании. Ожидается, что интерес инвесторов станет сильнее, что повлечет за собой увеличение экономических, социальных и демографических выгод для нашего региона», ― отметил Стилиану, заверив, что привлечение иностранных компаний остается приоритетом в политике Торгово-промышленной палаты.
Пафос с его низкой стоимостью жизни, аэропортом, высоким уровнем безопасности, прекрасными пляжами, красивой сельской местностью, размеренным темпом и высоким качеством жизни ― это идеальный вариант для иностранных инвестиций, считают в организации. Стилиану также отметил, что с созданием новых инфраструктурных проектов, завершением строительства марины, открытием иностранных школ и развлекательных заведений привлекательность Пафоса для иностранных фирм будет только расти.
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На сколько подорожала недвижимость
Марина Пафоса остается одним из важнейших проектов для Кипра
The FTX collapse and scandal continue to unfold in the media. As a tech investor and advisor, I can’t help being more than a little furious with the investors who backed it so consistently over years with $ 1.8 billion in total capital raised. Many of these are regulated entities; others invest public money or pension fund assets. Their apparent failure to insist on real transparency and better governance is almost certainly an enabling factor in how FTX was managed. And therefore, their failure is arguably a factor in FTX’s collapse.
Let’s start by looking at what FTX was before its bankruptcy announcement. FTX was a crypto exchange. This means that buyers and sellers were able to create and fund their accounts, and then buy or sell cryptocurrencies or crypto derivatives. An exchange does not trade its own money: an exchange allows clients to conduct trades. The income of an exchange typically comes from trading fees: from the “flow” of buy/sell customer trades occurring where each trade incurs a transaction fee.
According to Business of Apps, on 6 September 2022:
1. FTX made $1.02 billion revenue in 2021 compared to $85 million in 2020;
2. It had over one million users on its mobile and desktop platforms;
3. Peak 24-hour trading volume has reached $21 billion in 2021; 4. Annual trading volume of crypto reached $385 billion in 2020.
FTX was valued at $32 billion in January 2022 and has now collapsed because of a liquidity shortfall that was exacerbated by reputational damage. As doubts have grown about FTX’s ability to withdraw their own funds from the exchange, this created a “run” which eventually forced FTX to stop withdrawals and seek external investors to recapitalise the company.
This run was apparently exacerbated in the last days by a theft of crypto and cash reserves that many investors had on their accounts.
Now in receivership, FTX is a private company, operating in and regulated by the Bahamas. Although it complied with certain aspects of international regulation -- for example, it had a European MIDIF II brokerage license issued in Cyprus by CySEC -- it is arguably not a fully-regulated company. Why?
a. Because unlike a fully-licensed brokerage regulated by FINRA, the US Financial Industry Regulatory Authority, there was apparently no oversight on any of the critical elements of brokerage operations, notably the necessity to maintain segregated accounts for customer capital and to comply with detailed reporting requirements.
b. Because it is obvious that if the company does not publish fullyaudited accounts, including cash positions and banking operations, there is no way a regulator or any external authority will be able to form a strong opinion on whether the company is solvent and in compliance or not.
Any potential investor or brokerage user can spot this immediately from the non-existent financial information published on the FTX website.
On the occasions when I teach young founders, I tell them there are two types of investors: smart capital and stupid capital.
Smart capital usually means institutional investors with an investment thesis; a comprehensive due diligence process which challenges the founder team; an investment committee (decisions made by more than one person); participation in governance post-investment (usually through Board seats and sometimes insistence on nominating the CFO; and insistence on professional governance. I typically include most Sand Hill Road VC firms in this category: companies with multiple partners, investing a mix of own and client assets, with deep experience in the tech sector.
Stupid capital, in contrast, usually means decisions taken on the spur of the moment based on personal chemistry or attraction to a charismatic founder; few term sheet requirements on reporting or governance; decisions made by a single investor; little or no due diligence (or simple acceptance of documentation). Investment decisions are typically made due to Fear of Missing Out (FOMO) or due to falling victim to a “reality distortion field” such as that emitted by Steve Jobs, Adam Neumann or, apparently, Sam Bankman-Fried.
So, I was furious over the past three days when I learned that:
1. FTX had a 3-person Board: two company founders and their Bahamas lawyer. There are no Board committees one would expect: Audit, Compensation, Nomination. Not a single external investor had a seat at the board. There were no skeptical eyes looking at strategy, decisions or financial reports.
2. The company had an openlyexpressed relationship with Alameda Research, a crypto broker, essentially owned and operated by the same team that ran FTX. This is an obvious conflict of interest.
3. As we move forward, I am sure we will see additional conflicts of interest featuring FTX / Alameda investments in a number of other coins or related partners. This is a result of strategic decisions made. Formally, 130 related entities filed for bankruptcy alongside FTX.
4. The FTT token, which essentially held no value but a trading discount on FTX, reached a market cap of over $ 6 billion, and apparently was accepted by investors (and regulators) as a real asset.
5. The Financial Times reported that one of the largest liquid assets on FTX’s balance sheet was “Serum”, a cryptocurrency with a listed $ 2.2 billion in value. According to the FT, the same day valuation of Serum was $88 million. This is a massive failure of mark-to-market asset valuation which calls into question what else FTX was over-valuing on its asset register.
6. FTX is registered in The Bahamas, and despite having received $1.8 billion from VCs and Institutional Investors, did not publish audited financial accounts. This is despite being a brokerage with millions of customer accounts and billions in daily transactions. On one occasion where a GAAP audit was passed (in 2001), the company did not publish it, but tweeted about its existence.
7. FTX somehow transferred $ 10 billion in client assets to Alameda Research, where Alameda presumably lost them in trading. How is this possible? Client assets are supposed to be in one or more segregated accounts, precisely so that in the case the broker or fund manager collapses, client money is safe. How is it possible that both the auditor as well as investors missed such a movement of cash?
According to Dealroom, FTX has raised $ 1.8 billion in funding in one Seed Round and 4 major funding rounds between 2019 and 2022. The list of institutional investors on board includes some of the most hallowed names in finance, including BlackRock, Binance, Greylock Partners, Lightspeed Venture Partners, the Ontario Teachers Pension Plan, Sequoia Capital, Softbank, Temasek and Tiger Global Management.
Some of these—Sequoia, BlackRock, Softbank—represent some of the leading tech investors in the world. Others, like Temasek, represent sovereign wealth funds with a high duty of accountability and transparency. None of these should be characterised as Stupid Capital. Yet that is exactly how they behaved:
• Why didn’t they demand basic corporate governance at FTX?
• Why didn’t they demand audited accounts?
• Why were investors not represented on the Board of Directors?
• Why didn’t they flag potential arms-length transaction issues between FTX, Alameda and others?
• Why did no one ask for a funds or liquidity statement? Did no one check the bank accounts? (This was the same oversight that Wirecard was able to use to commit financial fraud for years).
And this brings me to the final issue of regulation, particularly as it affects Cyprus. Cyprus has the oft-repeated ambition to become a global financial hub. Cyprus has also recently passed regulations on cryptocurrency and aims to begin attracting investment in this area as well. All investment-related companies in Cyprus are regulated by CySEC, the Cyprus Securities and Exchange Commission, taking into account all relevant European directives and regulations.
The following are a list of questions I have that are relating to the ability of Cypriot and European regulators to effectively regulate high dealflow companies in advance of a potential disaster, and not after the fact:
1. In the case of FTX, under what grounds was the license approved given that the parent company publishes no annual accounts and has a clearly-compromised Board of Directors?
2. In the case of FTX, how did regulators evaluate the financial liabilities and strength of the company, given that FTX is issuing a token called FTT that is essentially a trading discount on FTX? Did they give their own valuation to the token?
3. What is the risk analysis process that the regulators use to identify high(er) risk companies? How does this translate into enhanced surveillance and reporting requirements?
4. Which regulatory staff have enough primary work experience in managing or operating high deal flow trading companies that include millions of transactions per day as well as the use of derivatives, algorithmic trading, and global currency trading?
5. Which regulatory staff have enough experience in forensic auditing and the analysis of complex trading systems and software?
6. What real-time statistical and financial sampling, analysis and reporting systems does the regulator use (besides self-declarations on paper reporting forms) to determine whether a company has an opaque relationship with a related trading party? Or is exhibiting a pattern of unusual trading activity?
7. What cross-checking method does the regulator employ to make sure that regulated investment firms are indeed using segregated accounts and are not mis-using customer funds to trade on their own behalf?
8. What methods is the regulator using to control leverage offered to retail clients at forex and general trading brokerages?
9. Of the consumer complaints or questions submitted on the the regulator’s website, how many are actually answered and acted upon?
I am afraid there are rather predictable answers to these questions.
So the question any investor must ask themselves is: given the total absence of either real regulation or real financial disclosure from so many opaque crypto projects in the world today, what real guarantees do we have that this is not a scam?
The answer is also predictable: there are none.
Philip Ammerman Investment
Advisor & Angel Investor
Navigator Consulting & Innovation Partners Ltd.
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List of Sources
Bloomberg. 11 November 2022. FTX Meltdown Mystery Centers on a Financial Reporting Black Hole.
Business of Apps. 6 September 2022. FTX Revenue and Usage Statistics (2022).
DealRoom. Undated. FTX Listing.
Financial Times. 12 November. FTX held less than $1bn in liquid assets against $9bn in liabilities.
Reuters. 12 November 2022. Further details emerge on FTX bankruptcy and missing funds.
EY Cyprus Attractiveness Survey 2022 shows that Cyprus needs more investment in infrastructure projects, skilling and re-skilling of the local workforce and introducing new regulations to keep pace of developments. Technology, sustainability and talent remain high on the investors’ agenda.
Planned investments in Cyprus (29%) for the next year, although higher than in our previous survey of 2020, still remain well below the European average (53%). In contrast, attractiveness projections for the next three years remain optimistic and closer to the European average.
Cyprus would primarily be considered by investors for supply chain and logistics operations (35%), followed by sales and marketing offices and activities (24%), and headquartering (14%). It is also the first time the FDI intent includes manufacturing activity (7%).
Investors consider telecommunication and digital infrastructure, offering a good quality of life, and favorable corporate taxation as the most attractive criteria to invest in Cyprus. Investor responses reflect that Cyprus could do better in creating a more entrepreneurial, less bureaucratic and less administrative culture, and be more supportive of startups, the high-technology industry and SMEs. Investors’ perception is that Cyprus should concentrate its efforts on providing the means for regulation to keep pace with technological and other developments, to continue investing in major infrastructure projects, and that Cyprus needs to do more to advance education, skilling and reskilling, and facilitate access to talent.
Research & development investments
R&D activity in Cyprus, in 2020, was estimated at around 0.82%25 of the country’s GDP, with only 0.5% of the active population engaged in R&D activities. Cyprus’ R&D-related GDP share continues to be considerably lower than its European counterparts (EU average of 2.2%).
R&D investments by sector (2019)
Does your company have plans to establish or expand operations in Cyprus over the next year?
In your view, where should Cyprus concentrate its efforts in order to maintain/improve its competitive position in the global economy?
What type of investment project does your company want to establish or expand in Cyprus?
In your opinion, which main business sector will drive Cyprus’ growth in the coming years?
Фонд исследований и инноваций (ИдЕК) объявил, что выделит 10 млн евро инновационным предприятиям в рамках своей программы DISRUPT. Конечная цель программы ― привлечение к финансированию стартапов венчурных инвесторов.
«С целью дальнейшего укрепления инновационного бизнес-сообщества Кипра и, как следствие, экономики страны, Фонд исследований и инноваций объявляет о своей новой флагманской финансовой программе DISRUPT. Ее общий бюджет составляет 10 млн евро», ― говорится в заявлении фонда. Программа финансируется за счет плана восстановления и устойчивости и направлена на то, чтобы связать кипрские инновационные компании с венчурными инвесторами. Это делается для проникновения на существующие и новые рынки. «Цель программы DISRUPT состоит в том, чтобы побудить потенциальных инвесторов внести свой вклад в дальнейшее развитие компаний-участниц и в их экспансию на международные рынки», ― сказано в заявлении фонда.
Программа открыта для малых, средних и крупных предприятий, которые на момент подачи заявления уже имеют минимально жизнеспособный продукт и подписанное соглашение с инвестиционным фондом, которое предусматривает инвестиции в акционерный капитал компании в размере не менее 1 млн евро. Другими словами, финансирование, которое предоставит фонд, будет объединено с финансированием инвестиционных фондов. В конечном счете это будет способствовать успешному проникновению компаний-бенефициаров на зарубежные рынки, укреплению конкурентоспособности и устойчивости кипрской экономики. В фонде отметили, что максимальная сумма финансирования для каждого проекта ограничена 1,5 млн евро.
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Бесплатный энергоаудит для малого бизнеса
Кипр стабильно увеличивает потребление энергии из возобновляемых источников. Однако по этому показателю республика все еще незначительно отстает от среднего уровня Евросоюза.
«Евростат» обнародовал рейтинг стран Евросоюза по потреблению энергии из возобновляемых источников в 2022 году, в том числе позицию Кипра. В исследовании также приведены данные по ВИЭ в государствах-лидерах.
Средняя доля потребления возобновляемой энергии в ЕС составила 21,8% в 2021 году. Впервые было зарегистрировано незначительное снижение – на 0,3 процентных пункта. Это может объясняться резким ростом потребления после отмены мер по борьбе с COVID-19. Вторая возможная причина – изменение методологии расчета данных.
В абсолютных цифрах производство энергии из возобновляемых источников увеличилось по сравнению с 2020 годом.
На Кипре этот сегмент энергетики стабильно растет с момента вступления страны в ЕС в 2004 году. Но остается ниже среднего показателя в ЕС.
– В 2019 году доля составляла 13,8%.
– В 2020 году – 16,9%.
– В 2021 году – 18,4%.
Рейтинг стран по использованию ВИЭ
Швеция остается страной с самым высоким процентом потребления энергии из возобновляемых источников среди государств Евросоюза – 62,6%. Генерация происходит главным образом на основе биомассы, гидроэнергетики, ветряной энергии, тепловых насосов и жидкого биотоплива.
За Швецией следуют Финляндия (43,1%) и Латвия (42,1%). Эти государства в основном используют биомассу и гидроэнергетику.
В списке лидеров также Эстония: 37,6% – биомасса и ветряная энергия. Австрия набирает 36,4% на основе биомассы и гидроэнергетики. Дания генерирует 34,7% из биомассы и энергии ветра.
Показатели ниже среднего по Евросоюзу – у 15 стран. Это Кипр, а также Бельгия, Болгария, Франция, Германия, Ирландия, Испания, Италия, Нидерланды, Люксембург, Мальта, Венгрия, Польша, Словакия и Чехия.
Самые низкие показатели потребления энергии из возобновляемых источников зафиксированы в Люксембурге (11,7%), на Мальте (12,2%), в Нидерландах (12,3%), Ирландии (12,5%) и Бельгии (13%).
Перспективы ВИЭ
Согласно актуальной директиве ЕС, доля энергии из возобновляемых источников должна достичь 32% к 2030 году. В предложении на 2021 год Еврокомиссия увеличила этот показатель до 40%. А в 2022 году в рамках проекта REPowerEU появился новый целевой показатель – 45%.
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Кипр увеличил долю ВИЭ на 5,2%
Total построит на Кипре фотоэлектрический парк
Yannis Matsis, head of the Cyprus office for MUFG Investor Services, the global asset servicing arm of Mitsubishi UFJ Financial Group, speaks to the Successful Business Magazine about how the company represents all the best one can find in both the Anglo-Saxon and Japanese business cultures and what Cyprus needs to do to attract big investment funds, international fund managers and administrators to the island.
Parent company of MUFG Investor Services is Japanese, the business you conduct is international, and your office in Cyprus will serviceyour existing client base globally. Is that not a lot to juggle on the business/ cultural front?
Yes and no. The way we deliver our services is Anglo-Saxon in that we are very open and flexible. As an employer, we are very modern, all-inclusive, with full transparency and very little hierarchy. But how we focus on our long-term goals and on ensuring zero error rates in what we do for our clients is very Japanese. Our approach – treating our clients as our trusted partners – is very much Japanese-driven...
It is very interesting that a Japanese company that clearly thinks long term, low risk and has a conservative business approach would choose Cyprus as its base. It may mean that Cyprus is competitive compared to other EU business destinations. How was the choice made?
We are one of the largest fund administrators globally and our clients include the biggest investment managers in the world. Our business is a 24/7 model. We follow the sun, our aim is to address and satisfy customer needs without regard to geographic location or time zone.
So when the company decided to establish a new office in this particular time zone, our parent company set out to find what they considered to be the best and most suitable country in Europe. Cyprus proved to be the best option and was chosen for a variety of reasons. Of course, the fact that Cyprus is in the EU was important but so too were many other countries that we considered. Cyprus offered other advantages: the fact that almost everybody speaks English here, which isn’t the case in many other European states; the fact that in addition to EU laws and regulations that apply here, common law like in the UK also applies because of the island’s past. Then there is the location – not just in Europe and a part of the EU but close to the Middle East! Also, there is the quality of life. Last but perhaps the most important to us, is the quality of localtalent that can be accessible to us as an employer. We always look for the best quality centres where we can hire well, train well and be in a position to ensure and offer our clients the best quality service. Our choice of Cyprus proved this to be the case.
We have been receiving very high quality CVs, and we have been impressed by the exceptional quality of professionals that we have hired here, in Cyprus, so much so that we decided to expand our initial plans to employ around 100professionals, and instead to grow the Cyprus office up to 300 professionals over the next few years.
What countries are Cyprus’ main competitors when companies set out to choose a place for their offices?
Every European country is a potential competitor but frankly Cyprus ticks off more boxes than the others. Of course, you never find a perfect place, but you aim to find a place that best satisfies most of your requirements. Cyprus is very strong in this. Our biggest disadvantage is the air connectivity.
What about reputation?
Reputation of the island, due to bad practices of the past is indeed an issue and poses a disadvantage to Cyprus as a business destination. Back in the 2000-2013 period, Cypriot banks had low standards and the compliance level was not very high. However, since then the island has fully and comprehensively addressed these issues.
If you were to name the most important steps Cyprus should take in the immediate future to change and improve, what would they be?
Cyprus doesn’t have much to do – we have mostly done it. What Cyprus needs is more marketing and exposure. We now have international best standards on areas of compliance. We just have to go out there and communicate it, making sure we avoid scandals while going forward. The reality is that we fixed it. Now, it is about how we market it.
When I was Chairman of the Association of Cyprus Banks, together with the deputy CEO of the Bank of Cyprus and the CEO of the Cyprus Development Bank (CDB), I visited the United States Congress and Senate to explain our compliance standards and policies because Washington had been applying pressure on us to improve them. We sat with various Committees of the Senate and the Congress, including the Finance Committee and the Armed
Forces Committee – the latter may appear strange to the layman, but it does demonstrate the importance that the United States is placing on issues of Anti-Money Laundering and Countering the Financing of Terrorism. So we went item by item through our policies, through all that we had changed, and we convinced them. In fact, the Finance Committee stated that our standards were stricter than theirs.
So what we need is marketing. We need to go out there, see the important stakeholders, talk, meet the press, convince through communicating our tangible actions, project the positive image that I believe we developed, and most importantly walk the talk. In other words, we must continue to show that we are serious about what we do, avoid scandals and keep on maintaining and implementing the highest standards. The reality is that reputation takes years to build and a day to destroy.
So what improvements have there been? Are we doing better than 10 months ago, than two years ago?
Two years ago we had just one corresponding bank. All the banks in Cyprus – the Bank of Cyprus, Hellenic Bank, all the smaller banks – had only one corresponding bank,this being Citibank. Had the day come and this one corresponding bank decided to leave, the whole island would have been left frozen… But we did all the corrective work and today the biggest Banks have more correspondents, such as the Bank of New York (BoNY) and JP Morgan also – a huge sign of improvement.
As you noted, there are two sides to every coin. The reverse side of improving all these banking procedures is that our banks have now become very difficult to work with…
I agree. There is a problem and it arises because of two issues. The first is that the pace of change to raise the compliance level was huge so staff in the banks had to struggle in order to keep up in terms of training and understanding the new policies and procedures. Secondly, systems lagged behind because introducing new systems in banking is notoriousy difficult. So our policies are strong and reflect international standards but implementation of these policies still requires hard work and that implementation comes down to new technology and staff training. However, the Banks fully recognise that, and, driven by the Central Bank, are working hard to get there.
What do you think the immediate future holds for Cyprus? What changes, challenges, problems or benefits do you expect in 2023?
It is certain that the Cyprus economy will grow stronger than in Europe. We keep on attracting foreign companies and this brings revenue from abroad to the island. This is the best form of revenue, the best quality business for the country. Remember that this revenue is spent by the foreign companies that establish base here to pay salaries and rent, and is consumed locally, in sectors such as schools, supermarkets, food and entertainment, real estate, the auto industry, etc.
What I am mostly concerned about currently – and this is a global and not just a Cyprus phenomenon – is inflation. This has been caused by a number of factors, including excessive liquidity, the suupply-chain constraints due to the pandemic and the war in Ukraine. Its current level, both in the Euro-area and the US is very worrying and with the end of the war not in sight, there are no signs as to when it will abade.
Yannis Matsis
Managing Director, Head of Cyprus, MUFG Investor Services
Yannis heads the new MUFG Investor Services office in Cyprus, expected to grow to 300 staff over the coming 4-5 years. Yannis has 30 years of professional experience, having served as CEO of Hellenic Bank, as Global Head of Credit, Interest Rate and Foreign Exchange Derivatives at Mizuho in London, and as Global Head of Credit Derivatives at ING Barings in London. He also co-founded Point Nine, a Financial Technology company, recently acquired by MUFG. Yannis currently serves as Chairperson of the Boards of the Cyprus Institute of Neurology and Genetics and of Point Nine Data Trust. He previously served as Chairperson of the Boards of the Association of Cyprus Banks, as Chairperson of Artemis Bank Information Systems, a private Credit Bureau, and as a Member of the Boards of Hellenic Bank and of the European Banking Federation in Frankfurt.
MUFG Investor Services is a leading asset servicing provider for the global investment management industry, operating from 16 locations worldwide. With over $770 billion in assets under administration, MUFG Investor Services is a top fund administrator globally. It is a core business of Mitsubishi UFJ Financial Group (“MUFG”), one of the largest banks with more than US$3.3 trillion in assets.
Natalia Kardash and Panis Pieri invite their personal networks to meet each other in 2023. The first BMT event is planned for mid-February in Limassol, followed by Nicosia in March, Paphos in April and Larnaca in May 2023.
MAXIMUM 100 PEOPLE
Each event will be attended by 30-50 business leaders from tech industry invited by Panis and 30-50 leaders of non-tech companies invited by Natalia.
PROGRAM AT A GLANCE
• 16.00-16.30 – one-to-one meetings and networking
• 16.30-17.00 – first «roundtable» discussions (maximum 10 delegates per group)
• 17.00 – 17.30: one-to-one meetings and networking
• 17.30 – 18.00: second «roundtable» discussions
• 18.00 – 20.00: cocktail reception and networking
FOUR HOURS TOGETHER
The event is to begin at 16.00. In the first half hour participants may conduct prearranged one-to-one meetings or simply walk around meeting other participants. There will be a moderated discussion in each group that will start by a two-minutes introduction from each participant, followed by a «round-table» discussion on a specific theme which is of interest to this group. The moderator’s role is to ensure everyone has had the opportunity to introduce themselves and their business, contribute to the discussions and keep to the 30-minute timeline per meeting.
Delegates will have the opportunity to network between the “roundtable” meetings scheduled for that afternoon and attend the pre-registered one-to-one meetings.
From 17.30 to 18.00 attendees will participate in a discussion with a different group — around 10-15 minutes for group participants’ introductions, this time to a different audience, and 15-20 minutes for an exchange of ideas, thoughts and information.
At 18:00, participants will be invited to attend a reception to enjoy a glass of wine, whilst having the opportunity to keep networking.
HOW DOES THE NETWORKING WORK?
At this networking event people can meet and create many new contacts. Group meetings take 30 minutes, which allows enough time to establish connections. Then the bell rings to finish group meetings and after some time the next round of meetings starts. When participating in two groups, each person hears introductions of 14-16 people and can discuss with them relevant subjects during the group talk and later in the event.
Upon the registration, few weeks before meetings, participants provide their photo and business profile. A few days before the event, each participant will receive a meeting schedule, showing names, time and location of the personal meetings, and also enough information on anyone they can meet in groups or during the cocktail time during this event.
WHAT ARE THE BENEFITS OF PARTICIPATING IN THIS NETWORKING EVENT?
1. Meet many new contacts of C-level at once.
2. Have enough time to speak to most of them.
3. Introduce your business, your ideas and plans to like-minded people.
All participants can present their expertise, company profile and future business plans prior to the event, online. This way, registered delegates can start networking prior to the BMT event and be more targeted with their networking at the event.
PARTICIPANTS
Only business owners and C-level executives can register for this event. The organisers will keep a 50/50 balance: half of participants work in IT and technology sector and the other half not. Organisers know all the participants in person and can help in networking.
DATES 2023 AND REGISTRATION
Limassol – February
Nicosia – March
Paphos – April
Larnaca – May
The participation fee is €50 per event and if you wish to participate in one or more of these events, please send an email including your information and company profile to Этот адрес электронной почты защищён от спам-ботов. У вас должен быть включен JavaScript для просмотра..
Natalia Kardash
Main areas of expertise: publishing, communications, business introductions and networking. Publisher, Editor-in-chief, VESTNIK KIPRA Newspaper and SUCCESSFUL BUSINESS Magazine; Founder, SUCCESSFUL BUSINESS Leaders’ Club; Founder, Chairwoman, BEST LEGAL Conference, BEST INVEST Congress, HEALTH&BEAUTY Forum. Natalia’s personal network exceeds 6000 members, from leaders within government; corporate and private enterprises and foreign business executives who reside in Cyprus or live abroad and have interests in Cyprus.
Panis Pieri
Startup and Tech Journalist; Founder of Startups364; Startup & Innovation Editor, Cyprus Mail; Host and Producer of the podcast “Live with Panis”. Organiser of EcoX Cyprus Networking Meetups. Panis is also involved in different non-profit initiatives around the world as a startup mentor or startup judge. Furthermore, he regularly contributes content material relating to start-ups and tech innovation, to major publications globally
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