CyprusProfile.com asked Constantinos Meivatzis, Managing Director, IQ EQ (Cyprus) Limited to describe the current situation within his sector and what his expectations are for 2021.

The growth in Cyprus will come mainly from wealthy individuals who use Cyprus as their family office hub. Our services will need to be aligned with the needs of such family offices and we should be in a position to serve the clients’ needs on a global basis. This would require the service providers in Cyprus to understand the future needs of this niche market as well as identify the skill set that people in the industry will need to have in order to service family offices. Cyprus’ strategic location, business friendly environment, efficient tax system and professional human capital create an ideal environment for the set up of family offices.  

Additionally, IQ-EQ Group’s white paper on the Global Wealth Transfer which was issued recently, estimates that over $15 trillion worth of assets are set to pass to the next generation over the next couple of decades. Cyprus needs to be participate in this wealth shift by enhancing its private wealth protection vehicles (trusts, foundations etc.)