The deputy ministry for tourism is planning to participate in 17 exhibitions and specialised events abroad in January as part of efforts to promote the Cypriot tourism product.

The legal framework of the Cyprus Stock Exchange (CSE) regarding Collective Investments Schemes provides the possibility of listing (with or without trading) both units or shares of Undertakings for Collective Investment in Transferable Securities (UCITS) and of Alternative Investment Funds (AIFs).

Some of the most important reasons why companies may choose to re-domicile are to move to an international financial and business centre and closer to their shareholder base, to access niche markets or to take advantage of a favourable tax or regulatory regime.

Cyprus can offer specific advantages to non-EU fund managers wishing to raise capital in Europe, as well as to develop a presence in the European market to benefit from the right to easily distribute their funds to investors in all EU countries.

The ‘single EU passport’ has opened up good prospects for Cyprus to be used as a base for setting up funds, or for fund management companies seeking to take advantage of the country’s beneficial framework to manage and/or market funds across Europe from Cyprus.

UCITS are established and authorised under a harmonised EU legal framework, and are internationally regarded as one of the most effective asset management tools available, thanks to their strong regulation resulting in high levels of investor protection.

AIFs that are established under domestic Cyprus fund legislation can be sold on a private placement basis or marketed to professional investors across the EU under the Alternative Investment Fund Managers Directive (AIFMD) passport.

Registered Alternative Investment Funds (RAIFs) are a new and innovative fund vehicle launched in July 2018.

The enactment of the Alternative Investment Funds (AIF) law in July 2014 aligned the Cyprus legal and regulatory framework with EU directives on asset management, with the aim to enhance transparency and investor protection.

Limassol is to host the first wholesale outlet of the Greek chain Metro Cash & Carry, to be named BEST VALUE when it opens on 28 January.