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INTERVIEWSWes PorterFrixos SavvidesGeorge Stylianou

LIFESTYLEEurope’s mostglamorousski resorts

PLuS: MONEY / BuSINESSECONOMYTAX & LEGALLIFESTYLE / OPINION

CYPRuSÖsterreichischer Lloyd SeereedereiSteaming Ahead

+ ANDREAS DEMETRIOu, GEORGE IOuLIANOS, PHIDIAS PILIDES

CIBAHow CIBA looks After tHe Interests

of InternAtIonAl CompAnIes In Cyprus

Takingcareof business

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the international investment, finance & professional services magazine of cyprus

ISSuE 43 OCTOBER 14 - NOVEMBER 13, 2014PRICE €4.95

POWERED BY:

Focus on tomorrow,starting today

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We listen. We learn what you want to do and we help you create the value you are looking for. Value that is based on the knowledge that our more than 900 local professionals draw from 184.000 experts in 157 countries. We focus on the provision of Assurance, Advisory, Tax and Global Compliance Services.

4 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

18 | READY FOR TAKEOFFInterview with Wes Porter, CEO of Hermes Airports

24 | THE WAY FORWARDGeorge Ioulianos, General Manager of the Cyprus Fiduciary Association, talks about the progress made by the sector since it became officially regulated.

56 | A CYPRUS PENSION SYSTEM FOR THE 21ST CENTURY Aon Hewitt anticipates that major benefits to the country will arise from Cyprus-based financial institutions offering occupational pension arrangements.

6 814

Issue 43 October 14- November 13,

2014EDITORIALUP FRONTFIVE MINUTES WITH…

60 | WHO’LL STOP THE RAIN?Bill Hancock and Pavlos Loizou share their views of the Cypriot real estate market and what it will take to unravel the current predicament.

64 | CCCI BUSINESS LEADER AWARDSPhidias Pilides (CCCI) and Andreas Demetriou (EY) on the forthcoming Business Leader Awards.

66 | FROM THE ASHES OF RECESSION TO THE BRAND OF SUCCESS Jonathan Gabay led a very successful Brand Congress in Nicosia last month.

68 | STEAMING AHEADInterview with Capt. Eberhard Koch, Chairman, CEO and Managing Partner of Österreichischer Lloyd Seereederei (Cyprus) Ltd.

A NEW VITALITY By Ric Todd 22

SMALL IS BEAUTIFUL Michael Roth 71

+ OPINION

76 {money}

78 {business}

80 {economy}

84 {tax & legal}

86 {lifestyle}

72 | INVESTMENT EXPERT CONFERENCE 2014Emergo Wealth presented last month’s Investment Expert Conference in Nicosia. We report on what was said.

74 | GETTING IT RIGHTFive big social media mistakes to avoid

64 18

56

FEATURES35 | MEMBER COMPANIES OF CIBA

SPECIALADVERTISING SUPPLEMENT

74

TakingcareOF BUSINESS

CIBA:

How CIBA looks after the interests of international companies in Cyprus. Problem Solving Frixos Savvides on the Association’s past, present and future role.

cover story

,

28

30

EDITORIAL

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

BANKINGHow Spain

restructuredits system

BITCOINThe Future

of the Digital Currency

INTERVIEWSPeter Greenberg

Matthew KiddAlexis Tsielepis

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ISSUE 35 FEBRUARY 14 - MARCH 13, 2014PRICE €4.95

POWERED BY:

John Vickers,Chief Editor

john@imhbusiness.com

All This and Regulation Too

O ne of best things that EU membership brought Cyprus more than a decade ago was a massive transformation in the global perception of what the island represented. From being seen (and used) as a rather dodgy tax haven, it quickly became a respected international business centre, attracting companies active

in a broad range of sectors and glad to find themselves in a country with an attractively low tax regime, excellent legal and accounting services, a sizeable pool of well-educated human resources and, of course, fine weather and a relatively laid-back way of life. All this – and regulation too!

We are all aware of the fact that many things came crashing down 18 months ago but, fortunately, Cyprus seems to engender confidence and loyalty in foreign companies and individuals. As Frixos Savvides, President of the Cyprus International Businesses Association (CIBA), told Gold (page 30), “With certain people we have a chemistry,” adding that “We Cypriots have to pay for our mistakes but foreign investors and foreign companies are not to blame for our sins. It is essential that we regain their trust.”

This month’s cover story looks at the activities of CIBA, which was set up at the end of 1993 and is still going strong, representing the international business community and speak-ing on its behalf with successive governments and parliaments. The fact that it is still having to deal with the same problems more than two decades after its foundation may suggest that it has failed to make progress but it actually says much more about the failure of 20 years of government to simplify the rules and regulations that are meant to make foreign companies feel secure but, in fact, are more likely to steer them in the direction of Malta. Today, in particular, when every amateur economist in Cyprus will glibly tell you that we need for-eign investment if the economy is to be restarted and led to growth, there is still too much bureaucracy, not enough English-language information for international companies and an apparent unwillingness to welcome investors with open arms, something that characterise our competitors. Much work remains to be done and it is to be hoped that associations like CIBA are able to make a difference so that we see actions to go with the fine words that we frequently hear about the value of foreign investment and international business.

Since March 2013, we have also been hearing constantly about the need to restore con-fidence in investors and the various ways in which this can be achieved. This issue of Gold features several interviews in which the subjects have a clear vision of what can be done in their particular field of interest. Capt. Eberhard Koch, Chairman, CEO and Managing Partner of Österreichischer Lloyd Seereederei (Cyprus) Ltd., for example, believes that the Government should and can do much more to promote one of its most successful and lu-crative sectors – shipping – and has specific proposals for this (page 68). Elsewhere, George Ioulianos of the Cyprus Fiduciary Association argues that a greater effort aimed at accom-modating international business is required, whether this means greater efficiency by state services, more Double Tax Treaties or issuing more official information in English (page 24).

We also present two brief reviews of the island’s economy by EY and KPMG which in-dicate that things are looking up. One of the reasons for this is that Cyprus has been forced to accept that regulation and transparency are not only necessary but essential if we are to maintain progress. It is also one way to keep international companies on the island and we cannot afford to lose them.

6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

MANAGING DIRECTOR George Michail

GENERAL MANAGER Daphne Roditou Tang

MEDIA MANAGERElena Leontiou

EDITOR-IN-CHIEF John Vickers

JOURNALISTSEffy Pafitis, Chloe Panayides

CONTRIBUTORS TO THIS ISSUE Mariana Antonescu, Antypas Asfour,

Michael Roth, Ric Todd

ART DIRECTION Anna Theodosiou

SENIOR DESIGNERAlexia Petrou

PHOTOGRAPHY Jo Michaelides

MARKETING EXECUTIVE Kevi Chishios

SALES & BUSINESS DEVELOPMENT EXECUTIVE

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Voulla NicolaouSUBSCRIPTIONSMyria Neophytou

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ISSUE 43 OCTOBER 14 - NOVEMBER 13, 2014PRICE €4.95

POWERED BY:

INTERVIEWSWes PorterFrixos SavvidesGeorge Stylianou

LIFESTYLEEurope’s mostglamorousski resorts

PLUS: MONEY / BUSINESSECONOMYTAX & LEGALLIFESTYLE / OPINION

SHIPPINGÖsterreichischer Lloyd SeereedereiSteaming Ahead

+ ANDREAS DEMETRIOU, GEORGE IOULIANOS, PHIDIAS PILIDES

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

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LTD. BANK OF CYPRUS LTD. BANQUE BEMO S.A.L. BARCLAYS BANK PLC BERNHARD SCHULTE SHIPMANAGEMENT (CYPRUS) LTD. BERYTUS MARINE INSURDICA TRUST CO. LTD. BULL (CYPRUS) LTD. BYBLOS BANK S.A.L. CHARTAC MANAGEMENT SERVICES LTD. CHEMIKALIEN SEETRANSPORT (CYPRUS) LTD

DES & CO. LLC COLUMBIA SHIPMANAGEMENT LTD. C.P. PALEMA LTD. CYPRUS INTERNATIONAL INSTITUTE OF MANAGEMENT (CIIM) CYWORLD WEALTHATES LTD. DEEP SEA SUPPLY MANAGEMENT (CYPRUS) LTD. DELOIITE LIMITED DENGERIS HOLDINGS LIMITED EY CYPRUS LTD EPICOR SOFTWARE CYPRUS LTD. EA MERCHANTS & MARINE CO. LTD. FBME BANK LTD. FILEMINDERS LTD. FMI SHIPMANAGEMENT LTD. FOREXTIME LTD. FRASER MACKINLAY INVESTMENT SERVICES

CES LTD BLOBAL BUSINESS NETWORK INTERNATIONAL LTD. GMM GLOBAL MONEY MANAGERS LTD. G.P. GLOBAL LIMITED GROME MARKETING (CYPRUS) LUITMENT SOLUTIONS LTD. HELLENIC BANK PUBLIC CO. LTD. HEMSLADE TRADING LTD. HILLTAKE LIMITED HIVE MANAGEMENT SERVICES LTD. HOLBORN EUROPANY LTD. IBCS TRADING AND DISTRIBUTION COMPANY LTD. IBL BANK SAL INTER IKEA DISTRIBUTION LTD. INTER KADDOUH TRADING LTD. INTERPAPER LTD. INTERSANY LTD. IRONFX GLOBAL LTD. ITERA GROUP LTD. JORDAN AHLI BANK PLC. JORDAN KUWAIT BANK PLC. JT INTERNATIONAL COMPANY (CYPRUS) LTD. KANNAVA, LLC KAPAL (CYPRUS) LTD. KARDEX SYSTEMS LTD. KAZOULIS GLOBAL LOGISTICS LTD. KKCG S.E. KPMG LTD KRONOSPAN HOLDINGS PLC MAESTRO SHIPMANAOW NAVIGATION COMPANY LTD. MARTRACON SHIPMANAGEMENT LTD. MERCK SHARP & DOHME CYPRUS LTD. MUSKITA HOTELS LTD. NATIONAL BANK OF GREECE (C

IDDLE-EAST) LTD. NEST INVESTMENTS HOLDINGS (CYPRUS) LTD. OPUS GROUP HOLDINGS LTD. P. COMMERCIAL CREDIT MANAGEMENT LTD. PEDERSEN & PARTNERRAEUS BANK (CYPRUS) LTD. P. KALOPETRIDES & CO LTD. PINE MANAGEMENT LTD. PKF SAVVIDES & CO LTD. PROFSERVE LTD. PWC CYPRUS PROTOPAPA, DEMETRIOU

S LTD. REEDEREI NORD LTD. REUTERS MEA LTD. RCB BANK LTD SAFT NIFE M.E. LTD. S.C. JOHNSON COMPANY LTD. S. DROUSSIOTIS REAL ESTATES LTD. SATLINK ICATIONS LTD. SEATANKERS MANAGEMENT COMPANY LTD. SEAWARD MANAGEMENT LTD. SHAMROCK SHIPPING & TRADING LTD. SODEXO CYPRUS LTD. SOFTIMP

FSHORE S.E. SOVEREIGN TRUST (CYPRUS) LTD. SPECTEC LIMITED STEELNET LTD. SUPERNOVA CONSULTING LTD. SYNOT INTERNATIONAL LIMITED TAMOIL OVERSES LTD. TRADING POINT OF FINANCIAL INSTRUMENTS LTD. TRANSBUNKER TRADING LTD. TRICAN WELL SERVICE (CYPRUS) LTD. TRIDENT TRUST COMPANY (CYPRU

ATIONAL INSURANCE CO. (CYPRUS) LTD. TSYS CARD TECH SERVICES LTD. UAL ALLIANCE LTD. UNICOM MANAGEMENT SERVICES (CYPRUS) LTD. UNITEAM MARINE LTDRUS LIMITED VISTRA (CYPRUS) LTD. VTT VASILIKO LTD. WCV WORLD CAPITAL VENTURES CYPRUS LIMITED WINDSOR BROKERS LIMITED WORLD VISION INTERNAT

CYPRUSINTERNATIONALBUSINESSESASSOCIATION

of business

Saxo Bank’s volumes during the month of Septem-ber increased sharply, rising by more than 51% in nominal terms to $321 billion when compared to the previous month. The figure is also 46%higher compared to September last year. Average daily volumes increased by more than 44% to $14.6 billion, while the new paradigm on the foreign exchange market has delivered a broad-based rebound in trading activity. Saxo Bank is the first major retail trading venue to publish its official volume numbers after having seen strong growth on the institutional side of business with KCG Hotspot, ICAP plc’s EBS and the CME Group all re-porting dramatically higher activity in September.

UP FRONT

The European Bank for Reconstruction and Development (EBRD) is eyeing fresh deals in Cyprus’

banking sector and planning to install at least one independent director on the board of its first investment in the country, Bank of Cyprus. Speaking at a Reuters summit, Lucyna Stanczak-Wuczynska, who took up the post of regional Director of Financial Institu-tions at the EBRD earlier this month, hinted the bank was closing in on a second deal just over a month after sealing its first. “We’re looking at the entire banking sector in Cyprus,” Stanczak-Wuczynska said on Tues-day when asked where the ERBD could be involved next. She said the range of options also included providing specialist loan facilities and credit lines in the country, although she appeared to rule out taking a stake in the Co-operative Central Bank (CCB). “For co-operative banks, there are always challenges with shareholder composition and possible equity participation you can build into them. But we plan to stay involved in the financial sector.” Hav-ing taken what she described as a “big ticket” – €100 million, a near 5% stake in Bank of Cyprus in the inau-gural deal in July – the EBRD now plans to get an independent director installed. “We are looking forward to seeing the change in the bank,” she said. “And we would like to propose an independent supervisory board member.”

8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

T

ANASTASIADES praises Cyprus shipping

ddressing a working lunch hosted by the Cyprus Union of Ship Owners in Athens, President Nicos Anastasiades

said that the Government is committed to fur-ther strengthening the Cyprus Ship Registry. He described the local industry as “one of the most important pillars supporting the island’s econo-my.” Referring to the continuing Turkish embargo of Cyprus-flagged ships, Anastasiades stressed that Cyprus will continue its efforts to have these restrictions are lifted, adding that Cyprus would rank even higher in international shipping if Tur-key fulfilled its obligations.

A

EBRD Looks to Enhance

Cyprus Investment -

--

-

-

UK AWARDS FOR FXPRO AND IRONFX

SAXO BANK’S SEPTEMBER

VOLUMES RISE BY 51%

A large number of Cyprus-based investors and consultants met an official delega-

tion of the leading free zone of the UAE, the Ajman Free Zone (AFZ) and explored the lucrative investment opportunities available in Ajman. The seminar, led by

senior officials, highlighted the incentives and benefits to the local community. The comprehensive range of tax incentives, state-of-the-art facilities as well as the administrative support offered by the AFZ, all proved of particular interest to Cyprus business representa-tives seeking to expand their trade and investment horizons. Mahmood Al Hashemi, General Manager AFZ, confirmed that Cyprus is one of the biggest potential markets for bilateral trade and hence the Free Zone was here for the 2nd time to meet investors and the business community. The first such investment sum-mit was organised in November last year and received great positive interest from investors.

Cypriot Com-missioner-des-ignate Christos Stylianides, as-

signed the portfolio of Hu-manitarian Aid and Crisis Management by President-elect Jean-Claude Juncker, made an excellent impres-sion at his hearing on 30

September thanks not only to his com-mitment to the task but – somewhat strangely – to what various observers described as his “re-

markable resemblance to movie star Omar Sharif”.In his initial statement, Styl-ianides said it was a privilege for him to be assigned the humanitarian aid portfolio and, in his presentation, he showed his commitment to the field, paying tribute

to the current holder of the post, Bulgaria’s Kristalina Georgieva who managed to transform the portfolio into a showcase for the benefits of EU action in the world. Stylianides started receiving congratulations while the hearing was still ongoing. In particular, Georgieva posted a photo of herself watching the hearing from her office. She said that he was “speak-ing from the heart” and called him “strong and con-vincing”.

STYLIANIDES IMPRESSES

Antara Palace, an ultra-exclusive, luxury five-star boutique hotel and spa at Polis Chrysochous, was honoured with the award for “Most Prestigious Engage-

ment Party Venue” at the Prestigious Star Awards held last month at the Oriental Club in London. “To win this award in only less than 12 months since opening amongst the other tough competitors is really an achievement for Antara Palace,” an official release stated.

In its category, Antara Palace beat interna-tional venues such as The Waldorf Astoria in New York, 170 Queens Gate in London and The Westin Sydney in Sydney, Austra-lia. “It is a great honour for us that Antara Palace has received the Most Prestigious En-gagement Party Venue award. We are proud that both the public and the experts chose Antara Palace. We would like to thank all of you who supported us and congratulate the winners in the other categories as well!” said Nora Csige, Co-Founder of Antara Palace.

Larnaca is anticipating a capital injection in the form of an €80 million luxury hotel complex, to be built on the Phinikoudes seafront promenade. The project has been approved by the Municipal Council, and is set to be financed by Russian investors.The agreement stipulates, furthermore, that a substantial amount of money will go towards the renovation of the seafront area. Construction is expected to begin towards the end of 2015. Larnaca Mu-nicipality will receive €5 million from the sale of a plot that will be used as part of the construction space, with this money expected to be contributed toward a fund establishing a new open-air market.

€80 Million Luxury Hotel Investment in Larnaca

For the fourth consecutive year, Limassol Marina par-ticipated in the Monaco Yacht Show last week, alongside internationally renowned operator, Camper & Nicholsons Marinas. The CEO and Marketing & PR Manager of Limas-sol Marina Ltd shared news of the recent opening of the waterfront development’s dining facilities, shopping area, spa and fitness. This year’s show took place on 24-27 September at Monaco’s Port Hercules. Fast grow-ing a reputation as the most exciting new destination in the Mediterranean, Limassol Marina can accommodate 650 yachts up to 115m. It also boasts luxury apartments with uninterrupted sea views and villas with direct ac-cess to the beach or private berths for yachts up to 60m attached to their garden

LIMASSOL MARINA AT MONACO YACHT SHOW

Antara Palace Crowned

‘Most Prestigious Engagement Party Venue’

‘INVEST IN AJMAN’

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS Gold 9

Minthis Hills Inauguration

Game Changers for the Professional Services Sector

10 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

UP FRONT

President Nicos Anastasiades officially inaugurated the Minthis Hills Golf Resort at Tsada, Paphos, last month, following the completion of the first phase of the project. In addition to an 18-hole championship golf course, Minthis Hills will eventually include

a luxurious spa, a village square, a health club, an equestrian centre, a tennis academy and over 500 private residences, making it one of the most exclusive and luxurious residential golf resorts in the eastern Mediterranean.

The 6th Cyprus Professional Services Conference To International Business took place at the Hilton Park Hotel in Nicosia on 24 September. Under the banner “Game Chang-ers for the Professional Services Sector”, it gathered the most updated knowledge

and expertise from organisations and professionals around the world, and combined it with local knowledge and practice in order to analyse ongoing changes to the professional servic-es sector. Main Sponsor: Bank of Cyprus.  Sponsors: Amicorp, Cablenet, Lamda Group, Pow-ersoft, TFI Markets. Organisers: IMH and Gold Magazine. Communication Sponsors: Gold News Daily Newsletter and Goldnews portal. Supported by: Cyprus Fiduciary Association, Cyprus Investment Funds Association, Cyprus Investment Promotion Agency, The Institute of Certified Public Accountants of Cyprus, Advanced diploma in international taxation.

12 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

T he Economist Intelli-

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UP FRONT

THE 10 MOSTLIVEABLE CITIES

IN THE WORLDMELBOURNE, AUSTRALIA

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ADELAIDE, AUSTRALIA

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CALGARY, CANADA

SYDNEY, AUSTRALIA

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HELSINKI, FINLAND-

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PERTH, AUSTRALIA-

AUCKLAND, NEW ZEALAND-

VIENNA, AUSTRIA

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VANCOUVER, CANADA-

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TORONTO, CANADA-

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