Cyprus has a business-friendly tax system, which provides specific exemptions and incentives for investment. Even after the Eurogroup’s decision (March 2013), Cyprus retains its competitive advantage as a financial centre.
Investment Funds
With the new EU regulatory framework changing in the funds industry, Cyprus is emerging as an attractive investment funds jurisdiction, providing solutions for the establishment of private and public investment funds (Alternative Investment Funds and UCITS), as well as fund managers.
Investment Funds
With the new EU regulatory framework changing in the funds industry, Cyprus is emerging as an attractive investment funds jurisdiction, providing solutions for the establishment of private and public investment funds (Alternative Investment Funds and UCITS), as well as fund managers.
In recent months, the Cypriot regulatory authorities have worked diligently to bring the funds framework in Cyprus up to pair with other international jurisdictions. These efforts include the transposition of the Undertakings for Collective Investment in Transferable Securities (UCITS) IV Directive in 2012 and the Alternative Investment Funds Managers Directive (AIFMD) in 2013. Through the laws transposing these two directives, Cyprusoffers a European passport to the fund management industry and outstanding possibilities for cross-border and global fund distribution.
All banks maintain correspondent networks around the world and subscribe to SWIFT, Reuters, Telerate and other services.
The Cyprus banking and Financial Services sector is consisting of the domestic banks, the Co-operative Credit Institutions (CCIs), the former International Banking Units (IBUs), insurance companies and other companies that offer financial intermediation services.
Many opportunities exist in financial products and services such as fund registration, administration and management.
Legal and banking structures (still) reflect Bristish equivalents.
Unique opportunities for cross-border and international transactions of private as well as public investment funds through reliable infrastructure and low costs.
Foreign operations of Cyprus Banks
The Cyprus banking and Financial Services sector is consisting of the domestic banks, the Co-operative Credit Institutions (CCIs), the former International Banking Units (IBUs), insurance companies and other companies that offer financial intermediation services.
Many opportunities exist in financial products and services such as fund registration, administration and management.
Legal and banking structures (still) reflect Bristish equivalents.
Unique opportunities for cross-border and international transactions of private as well as public investment funds through reliable infrastructure and low costs.
Foreign operations of Cyprus Banks
- Six domestic banks and 35 foreign banks
- Five subsidiaries of foreign banks from EU countries
- Eleven branches of foreign banks from EU countries
- Three subsidiaries of foreign banks from non-EU countries
- Sixteen branches of foreign banks from non-EU countries
- One representative office of a bank
http://www.cipa.org.cy/easyconsole.cfm/id/191/lang/en
In Cyprus, the banks will give out loans that cover 70% of the property's total value. The costs involved in order to acquire a loan are:
The time taken to obtain a loan is approximately 10 working days if all the documents are provided as requested. The interest rate is fluctuating for the whole duration of the loan for loans in Cyprus Pounds, and there is an option between fluctuating or fixed interest rate according to the renewal period for loans in foreign currency. Repayment can be done through equal monthly installments with maximum duration up to 30 years (no minimum duration). A grace period of up to two years can be given.
- Mortgage Fees
- Insurance Approximately € 250 annually
- A fee for registering the mortgage
The time taken to obtain a loan is approximately 10 working days if all the documents are provided as requested. The interest rate is fluctuating for the whole duration of the loan for loans in Cyprus Pounds, and there is an option between fluctuating or fixed interest rate according to the renewal period for loans in foreign currency. Repayment can be done through equal monthly installments with maximum duration up to 30 years (no minimum duration). A grace period of up to two years can be given.