Cyprus: A Headquartering Hub for Tech Companies

Cyprus Relocation-Tech companies headquartering hub

Over the past two decades, Cyprus has developed as a headquartering hub, with global organizations choosing the country as the home for their major operations. Companies from the USA, Russia, Ukraine, and Israel have already relocated their headquarters in Cyprus, taking advantage of the island’s cutting-edge regulatory regime, tax benefits, and highly skilled workforce. Cyprus…

Read More

The growing fund industry in Cyprus

The growing fund industry in Cyprus

In just a few years, Cyprus has become one of the top emerging investment fund centers in Europe. At the end of the third quarter of 2021, the amount of Assets under Management of Cypriot investment funds reached €11.6 billion, and the island’s growth rate has far outshined that of other European countries. Xenia Neophytou,…

Read More

Funds in Cyprus – The benefits

Funds in Cyprus – The benefit

The Financial Services Growth Sector in Cyprus has attracted significant amounts of Foreign Direct Investment (FDI). This also includes funds from the European Bank for Reconstruction and Development (EBRD). The European Investment Bank has been a supporter of Cyprus for 35 years, with investments of 2.7 billion euros. Also, Cypriot banks are all fully recapitalized…

Read More

Cryptocurrencies and AML. How to stay compliant

Cryptocurrencies and AML. How to stay compliant

Since their inception, cryptocurrencies have exploded as an alternative way to trade currency. However, many stakeholders still do not understand cryptocurrency or its impact on anti-money laundering (AML). That needs to change as cryptocurrency adoption continues to grow. The majority of cryptocurrency transactions are for legitimate purposes. However, cryptocurrency’s place outside the traditional financial system…

Read More

Russian Sanctions and the obligations of CySEC Regulated Entities

Russian Sanctions and the obligations of CySEC Regulated Entities

Sanctions regimes against Russia are changing fast. The three main sanctions regimes targeting Russia so far are the United States, European Union & the United Kingdom. On 25 February 2022, the EU decided to freeze the assets of Russia’s President Vladimir Putin and and its foreign affairs minister Sergey Lavrov. In addition, the EU imposed…

Read More

2021 MLCO Report – Previous findings and Guidance

2021 MLCO Report – Previous findings and Guidance

As we enter into the reporting period, CX Financia’s  Compliance team has produced a helpful overview of the previous year’s reporting. This will help you prepare  for the upcoming reporting obligations. As part of its supervision role, CySEC conducts an annual assessment of all the Annual Reports of the MLCO (the ‘Reports’). This assessment relates…

Read More

Register of Ultimate Beneficial Owners (“UBOs”) Updates

Register of Ultimate Beneficial Owners (“UBOs”) Updates

The Registrar of Companies and Intellectual Property Department has recently conducted an information campaign. The campaign was inviting all legal entities in the Registrar of Companies, to disclose their UBOs in the UBOs Register. The deadline to complete this procedure is the 12 March 2022. At CX Financia we get lot of enquiries in relation…

Read More

CySEC’s requirements for Heads of Compliance and MLCOs

CySEC’s requirements for Heads of Compliance and MLCOs

Cyprus Securities and Exchange Commission (the “CySEC”) from time to  time performs onsite inspections to its Regulated Entities to assess their compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law (‘the Law’) and the CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (‘the Directive’). Although CySEC…

Read More

The new law on the protection of whistleblowers

The new law on the protection of whistleblowers

Parliament of Cyprus has recently passed a law on the protection of whistleblowers. This is an important step in cracking down on corruption in the public sector. The new legislation called “the Protection of Persons Reporting Breaches of Union and National Law of 2022” (the Law), applies to the reporting of breaches of EU or Cyprus…

Read More

The Cyprus Investment Firm (‘CIF’) licensing process

The Cyprus Investment Firm (‘CIF’) licensing process

In our previous article, we have talked  about  the main provisions of a CIF. One of the most common inquiries we receive relates to the procedure in order to set-up a CIF, through the Cyprus Security and Exchange Commission (the ‘CySEC’) and  the fees payable, accompanied by the CIF application of a new license and…

Read More