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

What you need to know about the coronavirus right now

Here's what you need to know about the coronavirus right now: More than 60.68 million people have been reported to be infected by the novel...

AstraZeneca CEO expects to run new global trial of COVID-19 vaccine

AstraZeneca is likely to run an additional global trial to assess the efficacy of its COVID-19 vaccine using a lower dosage, its chief executive...

European Parliament urges EU to impose sanctions on Turkey over Cyprus

The European Parliament has urged the EU to impose sanctions on Turkey after President Tayyip Erdogan this month paid a visit to the breakaway...

EBRD’s mandate in Cyprus to conclude end of 2020

The European Bank for Reconstruction and Development's mandate in Cyprus will conclude by the end of 2020, according to a press release from the lender. Because...

Mostly cloudy on Friday, possible first snow in Troodos mountain

Mostly cloudy on Friday with isolated showers and thunderstorms as well as the year's  possible first snow in the Troodos mountain, according to the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...