Advantageous Policies for the Cypriot Financial Sector
- Written by: Bridgewest
- Posted: 2016-07-28
The Cypriot economy reported very good results during 2016, which boosted several investment markets. The local government announced that the financial sector in Cyprus will be further sustained through various policies which will attract new investments on the local market. Our team of Cypriot lawyers can offer assistance to foreign investors who want to open a company in Cyprus with operations in the financial sector.
Financial sectors in Cyprus
At the 20th anniversary of the Cyprus Securities and Exchange Commission (CySEC), the president of the state declared the financial sector will be further sustained by the local government, especially in the current context, when the country is experiencing a rapid economic increase. It is important to know that the current economic development has overpassed the projections of the local authorities.
Cyprus became an attractive investment market in the region due to the comparative advantages the country had, which have been enhanced by the businesses set up in this country.
Foreign businessmen have many business opportunities on the Cypriot market and one of the sectors which developed above any expectations is the tourism industry. Foreign investors should know that the procedure for the issuance of the permits and licenses necessary for various investment projects will be simplified.
Furthermore, the authorities are also implementing a new system to grant residence permits necessary for foreign investors in a faster manner; our team of Cypriot attorneys can offer more details on the procedure available for those requesting a residence permit in Cyprus.
The attributions of CySEC
CySEC is an important institution in Cyprus, which supervises the activity of more than 500 legal entities, as follows:
• 208 investment firms;
• 155 administrative service providers;
• The Cyprus Stock Exchange;
• 81 local listed companies;
• 12 companies registered on the foreign markets;
• 35 fund managers.
The value of the collective investment funds supervised by the CySEC is set out at EUR 20,3 billion.
Businessmen interested in receiving further details on how to set up a company with operations on the Cypriot financial sector can address to our law firm in Cyprus for assistance.