in association
with Armata. Hosting and links below
for your convenience, by courtesy of Armata.Having regard to the fact that Cyprus is a relatively inexpensive country for establishing Offshore Mutual Funds, the extensive network of double tax treaties which Cyprus has with 27 countries, including countries in Central and Eastern Europe into which western investments are generally routed and the low tax regime applicable to International Collective Investment Schemes, there is little doubt that Cyprus can develop into a major mutual funds centre serving the needs of international investors and benefiting developing countries in Eastern Europe. The above role of Cyprus has already been demonstrated by the existence of the 226 Feeder Funds, which over the last three years have channelled millions of investments into Central and Eastern Europe. The new legislation, which the Central Bank has only recently started promoting, is expected to transform some of these Feeder Funds into International Collective Investment Schemes as well as attract other international investors in establishing their Main Mutual Funds structures in Cyprus. Spyros Stavrinakis, Head, International Banking and Financial Services Supervision Department, Central Bank of Cyprus.
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