Strategic planning for the development and success of the Cyprus Services Sector remains a top priority, particularly in the light of international developments, Christos Michael, Managing Director of First Names has affirmed.
Addressing the 2nd Cyprus Fiduciary Association Forum, held on November 6 at the GrandResort Hotel in Limassol, Michael – who is also Chairman of the event – revealed that members of the island’s services sector, in cooperation with the Cyprus Fiduciary Association, are combining their efforts to define such a strategy.
The CFA Forum, the second consecutive event of its kind, has been organized in the context of this objective, he said, as it brings together all relevant parties with interests in the future of the fiduciary sector.
“Our ambition is to differentiate this forum from other business events,” the Managing Director expressed, “and ensure that – building upon the success of last year’s Forum – we address the significant recent changes in the international environment.”
These changes, Michael explained, include the deoffshorisation of Russian firms based in tax haven jurisdictions, something which was once considered “the stuff of nightmares.” Despite this previous evaluation, the development has, in fact, offered the country’s fiduciary sector the opportunity to prove its diversity and ability to attract business from across the globe, he said.
Another trend of note is that of increasing transparency throughout the international services sector. Again, Michael continued, once considered a negative development by certain parties, the strengthening focus on transparency and the move towards the automatic exchange of tax information will also work in the island’s favour, enhancing its reputation as a safe, compliant business centre. Cyprus has made great efforts to contribute to this global shift, Michael affirmed, and is now, as a result, evaluated as ‘Largely Compliant’ by the OECD.
“Today’s forum will examine these and more,” the Managing Director and Forum Chairman concluded.
Addressing the 2nd Cyprus Fiduciary Association Forum, held on November 6 at the GrandResort Hotel in Limassol, Michael – who is also Chairman of the event – revealed that members of the island’s services sector, in cooperation with the Cyprus Fiduciary Association, are combining their efforts to define such a strategy.
The CFA Forum, the second consecutive event of its kind, has been organized in the context of this objective, he said, as it brings together all relevant parties with interests in the future of the fiduciary sector.
“Our ambition is to differentiate this forum from other business events,” the Managing Director expressed, “and ensure that – building upon the success of last year’s Forum – we address the significant recent changes in the international environment.”
These changes, Michael explained, include the deoffshorisation of Russian firms based in tax haven jurisdictions, something which was once considered “the stuff of nightmares.” Despite this previous evaluation, the development has, in fact, offered the country’s fiduciary sector the opportunity to prove its diversity and ability to attract business from across the globe, he said.
Another trend of note is that of increasing transparency throughout the international services sector. Again, Michael continued, once considered a negative development by certain parties, the strengthening focus on transparency and the move towards the automatic exchange of tax information will also work in the island’s favour, enhancing its reputation as a safe, compliant business centre. Cyprus has made great efforts to contribute to this global shift, Michael affirmed, and is now, as a result, evaluated as ‘Largely Compliant’ by the OECD.
“Today’s forum will examine these and more,” the Managing Director and Forum Chairman concluded.