Insider Business Bloomberg report: Asian funds make Cyprus their European gateway

Bloomberg report: Asian funds make Cyprus their European gateway

For many investments funds from Asia, Cyprus has become a gateway to Europe, Bloomberg has reported. In an article entitled Destination Cyprus: Asian funds make island their Europe gateway, it said that drawn by its location, flexible legislation and lower costs, Asian funds are using Cyprus for their single European Union passport for investment across the bloc.

“There is an increasing trend for funds from countries who traditionally didn’t have strong economic ties with Cyprus such as China, India and even Japan, to establish a base in the country as their gateway to the EU,” Andreas Yiasemides, Vice President of the Cyprus Investment Funds Association, told Bloomberg.

The number of investment funds and assets under management have hit record highs, according to the Central Bank of Cyprus. At the end of March the number of funds rose to 123 from 110 at end December. Total assets under management rose by about 29% to €4.45 billion from €3.45 billion. In December 2008 there were 55 funds with €1.23 billion in assets under management, the report noted.

Cyprus Securities and Exchange Chairwoman Demetra Kalogerou told Bloomberg there was keen interest to set up alternative investment funds. “There are 60 applications at this moment for different fund structures,” she said. “Of these, 44 have been pre-approved, subject to fulfilling certain conditions.”

Bloomberg also spoke to Marios Tannousis, Board Member and Secretary of CIFA who said Cyprus is introducing additional changes to make the island even more attractive for investors and fund and asset managers to register and manage funds.

 

Top Stories

“Diplomacy now has the floor”, Erdogan says in Twitter post

A 180° turn is observed by Recep Tayyip Erdogan, who, as shown by his recent post on a popular microblogging site, has decided to...

Worldwide coronavirus cases cross 30.55 million, death toll at 951,051

More than 30.55 million people have been reported to be infected by the novel coronavirus globally and 951,051 have died, according to a Reuters...

Man, 28, arrested for possession of cannabis

A man, aged 28, from Limassol, was arrested in Nicosia on Saturday night for possession of approximately one kilo of cannabis, police said on...

UK’s Johnson to levy 10,000 pound fine on COVID-19 rule-breakers

People in England who break new rules requiring them to self-isolate if they have been in contact with someone infected with COVID-19 will face...

Hardalias flies to Ionian Islands; Crete hit by Ianos hurricane

Medicane phenomenon "Ianos" that left two dead people and others missing in central Greece has arrived on Crete, which experienced thunderstorms and pouring rain...

Taste

Swordfish with aubergines

To toast the sesame seeds: place sesame seeds in a small non-stick frying pan over low heat and stir until you begin to smell...

Chicken with okra and bulgur wheat

Heat the oil in a pan and sauté the okra until golden. Remove the okra, lay out in an oven tray and sprinkle with...

Ravioli

Just a little before serving, heat the broth and add the ravioli. (If the ravioli is frozen you don’t have to defrost). Heat them...

Seafood kebab with avocado salad

Place the mussels, shrimps and salmon in a bowl together with tarragon and lemon zest. Season and cover, keeping in the fridge for 15...