The country continues to be a competitive financial centre with highly-skilled professionals and significant comparative advantages. These include among others, a stable and attractive tax system, an advantageous geographical location and a large double taxation agreement network.

The dynamic revitalization of the sector is also confirmed by the data provided by the statistical service for the whole 2019 regarding property sales, building permits and the index of production in construction which provide a significant indication of future activity of the sector.

The accountancy profession develops and shapes in the way the overall economy performs. Hence our sector is expected to trail the course set by the main economy drivers. Opportunities could be sought in the funds industry, the tax and other consulting services, the digital transformation of the economy and society.

We believe that 2020 can be a year of growth for UCITS mutual funds. We expect investors to embrace this product and enjoy the benefits of it.

In terms of our target audiences, executive education has become multigenerational, focusing on groups of all ages and levels of experience, including a larger number of international clients who have chosen to travel to Cyprus to receive high-level training, coaching and certifications.

The Cyprus Chamber of Commerce and Industry believes that with proper planning and determination the challenges can be successfully faced and Cyprus will be able to continue its developmental path.

The property development sector has stood as a key pillar of the Cyprus economy, along with the tourism and service industries. Although it was one of the industries worst hit during the financial crisis, the sector endured and dealt with the problems it faced with suitable solutions, demonstrating its great potential and capabilities.

With the latest Moneyval report pointing out the improvements that have been made as well as the additional steps that still need to be taken, we expect that Cyprus companies operating internationally will need to be constantly vigilant and be updated on all relevant legislation. We hope for increased effectiveness on the behalf of the banking sector so as to ensure that regulatory compliance does not impact ongoing business operations.

We are the ideal Mediterranean destination in whatever way one approaches this. Fortunately, more and more specialised professionals are getting involved and are contributing in bringing new, innovative ideas, along with fresh energy towards the sustainability of a high tourism image, which we already have around the world.

There should be good opportunities in 2020 and beyond for AIFMs, with external management of RAIFs an increasing source of business, which is a much cheaper option than an internally managed fund. 

International developments in the cannabis industry are moving rapidly as the constantly growing body of scientific research proves that medical cannabis can be used to successfully treat a variety of symptoms and medical conditions. Hemp also has become one of the fastest growing agricultural crops in the world.

Technology has raised the bar for client expectations and is creating strong demand for the best, most accurate and fastest services at a lower cost. The challenge is to see how law firms can utilise technology tools to deliver for clients. Innovative firms that embrace this digital change will do well and thrive.

Cyprus is poised to win some share of the offshore business moving into regulated onshore jurisdictions. 

Cyprus tourism is gearing up for a full rebrand of its image to better reflect the various aspects of its offering to promote special interest tourism, such as wellness, conference and rural tourism, and to tap into new markets through better connectivity.

...areas for growth for the year ahead include: digitisation drive, liquidity management solutions, focus lending in growth sectors, expansion of disintermediation and drive in wealth management.

The benefits from the consequent recovery of property prices has started to trickle into the local banking sector. The challenge is to structure and promote products that complement traditional deposits, while being able to offer solutions to the corporate sector and individuals alike in a form that avoids repetition of past mistakes.

RCB Bank, as a responsible business, stepped in without delay to continue offering a high level of service to corporate and individual clients via its digital channels and tools which are the future of banking during and post the pandemic.

Cyprus has achieved another year of remarkably strong growth in 2018. We expect that this positive development will continue in 2019 driven by strong growth of domestic demand and exports of services, as well as continuous flow of new investments into hotels, commercial and residential real estate and energy projects.

Cyprus is an excellent investment destination and a highly competitive international business centre, whose many comparative advantages set it apart from most jurisdictions

It is anticipated that banks will take advantage of the current economic recovery and the available legal tools in order to continue with the disposal of certain assets and internally through workouts by their specialised units.