Cyprus Funds Roadshow Series: Building On a Competitive Advantage, Funds, and The Cyprus Shipping Industry

20 September 2018

KPMG's Administrative Counselor Antonis Rouvas, talked about family offices and the use of an alternative investment fund, at the discussion panel of the Cyprus Funds Roadshow Series held today Wednesday 19th September in London.

Rouvas said, alternative family pension funds help to simplify financial arrangements and integrate family wealth in a way that meets the needs of all family members. Some of the benefits of choosing alternative investment funds for a family office are the potential asset segregation using an umbrella-type structure, setting up due diligence procedures and flexibility in relation to governance.

Dimosthenis Mavrellis, the Banking & Finance Partner at Chrysses Demetriades & Co LLC discussed the forefront of a competitive advantage in terms of investment funds and the Cypriot shipping industry.

Amongst other things, he referred to the competitiveness of the Cyprus regime for investment funds, the profitability and certainty of the tax regime, the experienced and trained professionals who can be employed in industry, the availability of experienced consultants and the performance in the shipping industry.

Referring to the management of investment funds, Alter Domus (Senior Manager), George Karatzias, stressed that some of the advantages of regulating their operation are the strengthening of trust in Cyprus by alternative investment fund managers and investors, as well as the upgrading transparency, integrity and the quality of the industry so that it can face competing destinations.

He clarified, however, that fund management is currently unregulated, something that is expected to change in the near future, boosting the benefits of the Cyprus fund industry.

Alter Domus's Compliance Manager, Marianna Kostea spoke about the latest developments in anti-money laundering.

As she explained, over the past five years Cyprus has made tremendous steps in the direction of anti-money laundering, noting that the renewed procedures followed after 2013 and the compliance standards adopted, are in line with European standards, which are followed by all European destinations that provide financial services.

At the same time, the Head of Wealth Management Operations of Eurobank Cyprus, Constantinos Xanthis referred to alternative investment funds and custodian services, the role of which is the safe asset management, the tax services, the supervision of the company's management, the monitoring of the assets as well and transaction matching and settlement.

The duty of the depositary is that they act in the interest of the unit-holders, independence and security, Xanthis said.

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