Gold ISSUE 12 MARCH 2012 THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS 5 291295 000577 00001 > ISSUE 12 MARCH 2012 PRICE €6.95 POWERED BY: OPINION Nicos Rolandis Theodore Panayotou Joanne Theodorides PLUS: MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE REAL ESTATE Luxury Properties & Major Projects TRANSPARENCY How it is perceived in Cyprus + ELENA AMBROSIADOU, MEGAN GREENE, PRADEEP KUMAR ALL 4 ONE THE CEOs OF THE ‘BIG FOUR’ ACCOUNTING FIRMS ARE UNITED ON HOW CYPRUS SHOULD ADAPT TO THE NEW SERVICES ECONOMY cover gold march 2012.indd 1 29/02/2012 12:58
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Gold ISSU
E 12 M
ARCH
20
12
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
ALL 4 ONETHE CEOs OF THE ‘BIG FOUR’ ACCOUNTING FIRMS ARE UNITED ON HOW CYPRUS SHOULD ADAPT TO THE NEW SERVICES ECONOMY
cover gold march 2012.indd 1 29/02/2012 12:58
6 Gold the international investment, finance & professional services magazine of cyprus
08 10 14
issue 12march 2012
FEATURE
GAs bElonGs To ThE FUTURE GEnERATions Tooby nicos a. rolandis 16
sTop ThE CollUsion!by theodore panayotou 54
EURopEAn Commission sETs iTs siGhTs on doUblE TAxATion by Joanne theodorides 64
FEEdinG ThE hUnGRy bEAsTby peter economides 90
+ opinion
28 | GRowTh in ThE FinAnCiAl And invEsTmEnT sERviCEs sECToRs pREdiCTEd The international business sector is still driving the economy30 | invEsTinG in lUxURy REAl EsTATE in CypRUsHomes in prime coastal locations continue to buck the trend in the local property market
56 | TRAnspAREnCy in CypRUsChanging perceptions on transparency and corruption60 | wEAlTh pREsERvATion And invEsToR pRoTECTionThe Wealth Management unit of Piraeus Bank (Cyprus)62 | hEllEnism in CRisisGreek society is being asked to evolve and adapt on an unprecedented scale
EdiToRiAlUp FRonTFivE minUTEs wiTh
All 4 onEThE CEos oF ThE ‘biG FoUR’ ACCoUnTinG FiRms ARE UniTEd on how CypRUs shoUld AdApT To iTs nEw pRoFEssionAl sERviCEs EConomy
30 30
62
18
68 {money}
72 {business}
76 {economy}
82 {tax&legal}
86 {lifestyle}
56
{march 2012}
72 {business}
72 Shipping Revenues Continue to RiseThe results of the Central Bank’s biannual Ship Management Survey
74 A Cohesive Global OrganisationGrant Thornton
76 {economy}76 Greene EnergyLeading eurozone crisis economist Megan Greene has no doubts about where the single currency is heading
80 THe China ConundrumOnce Beijing makes its currency convertible and starts to issue sovereign debt, there will be no stopping the Chinese economy.
82 {tax&legal}82 Holding OnTwo recent court cases strengthen the status of Cypriot holding companies
84 Tax NewsRecent changes and amendments to Cypriot tax legislation
iSSuE
12
86 {lifestyle}86 Suite LuxuryStaying in the world’s most expensive hotels
ECONOMY: Valuing the Future: A Conversation About InvestmentBy Ben Paton 78 TAX & LEGAL: Political Economy of Corporation Tax: Theory, Values and Law Reform By John Snape 85 LiFESTYLE: Religion for Atheists: A non-believer’s guide to the uses of religion By Alain de Botton 89
+ BOOk REviEw
80
the international investment, finance & professional services of cyprusGold67
68 {money}68 A whole New world of Trust and Corporate SolutionsIFG Trust (Cyprus) Ltd