Cyprus is emerging as a new and powerful investment funds jurisdiction within the EU, boosting its prospects of becoming a real economic driver in a couple of years, according to insiders who say evidence of this is the tripling in assets under management since 2013.
In addition, the market is expected to readjust over the next coming months following the Cyprus Securities and Exchange Commission’s request that licensed funds should raise the minimum capital required under the island’s new legislation within 12 months of the day they were registered.
PwC Partner Andreas Yiasemides who is in charge of Fund Services as well as vice-president of the Cyprus International Funds Association (CIFA) said that a number of investment funds operating through Cyprus for some years are now watching funds under their management increase at a rapid speed. In addition, there is a growing trend for more and more investment funds which are registered in other countries of transferring their headquarters to Cyprus.
A sound example is funds registered in the British Virgin Islands and the Cayman Islands. These destinations are now changing the framework investment funds come under, demanding more physical presence of managers. And this favours Cyprus since it is a much more attractive destination to come and live rather than the two islands just mentioned.
Under the supervision of the Cyprus Securities and Exchange Commission came 187 Collective Investment Management Companies and Collective Investment Organizations (UCIs) during the first quarter of 2019. Total Assets amounted to €6.7 billion, recording an increase of 7% compared to the fourth quarter of 2018.
At the same time, key market players believe it is very possible that total assets of investment funds in Cyprus could exceed €10 billion by 2020. The voting by the House plenum of two pending bills but also the promotion of the Fund Administrators draft bill will help enormously towards achieving that goal, one told INSIDER.
Read more:
https://in-cyprus.com/investcyprus-showcases-cyprus-advantages-on-investment-funds-and-headquartering/
