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Cyprus positions itself as post-Brexit partner to UK funds industry

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Fund managers have gathered in London to hear from the Cyprus Investment Funds Association (CIFA) about the opportunities in the country as an investment destination.

Held in conjunction with international law firm King & Wood Mallesons (KWM), Alter Domus, a provider of fund and corporate services, and the Bank of Cyprus, the event discussed Cyprus’ position following the UK’s vote to leave the European Union, led by senior panel members from all organisations.
Cyprus is fast becoming a location of choice for many promoters and fund managers, as evidenced by the existing 162 internationally recognised fund serviced providers already established in the country. Cyprus currently holds EUR2.9 billion assets under management, a figure that has tripled since CIFA was established in 2013. Some 218 Cyprus Investment Firms (CIFs) under MiFID are registered, with an additional 51 companies currently undergoing approval.
CIFA president Angelos Gregoriades says: “Continuous efforts to upgrade our legislative and regulatory regime, supported by the strong network of financial and professional service providers, has helped shape our offering to suit the needs of investors and transform the country into the attractive investment jurisdiction that it is today.
“We believe we can become a supportive, strategic partner to the UK funds industry as it breaks away from the European Union. Our wealth of experienced service providers, the simple, yet effective, taxation system, as well as our passport to the European fund management industry, has positioned us to be a natural alternative solution for the UK.”

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