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Cyprus-Russian Successful Business magazine 6 - 2012
www.cyprusrussianbusiness.com
CySEC
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- 2012
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3 Successful Business
page 68
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, 6 (- 2012)
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ExEcutivE summariEs
This is a special section for businessmen who do not speak
Russian. At the end of the magazine there are summaries (in
English) of all major articles of the issue.
-
6
, 6 (- 2012)
- 2012 - 2012 1,904
, , , -
: , , . !
,
Christos Floridis Lawyer,
Chairman Ad Hoc WG Multiannual Financial
Framework (Justice)
. , , Deloitte Cyprus
Pieris M. MarkouPartner,
Tax Practice Leader, Deloitte Cyprus
, -
Panayiotis Loizides Secretary General,
Cyprus Chamber of Commerce and Industry
Soulis MalecosEx-Chairman,
National Associations Council / EACA
Director, Grandad Ltd
-, Grandad Ltd
Loucas LoucaMinister of Justice, Republic of Cyprus
I
F
L M
L
M
Sofoklis Aletraris Minister of Agriculture of
the Republic of Cyprus
A
E
M
, (DEFA)
Costas Ioannou President,
DEFA
, -
Evgenios Evgeniou President,
Cyprus-Russian Business
Association
A
CIPA,-
Christodoulos Angastiniotis President, CIPA,
Vice-president, CCCI
, ,Chrysses Demetriades & Co. LLC
Christos MavrellisPartner,
Head of the Company & Commercial Department
Chrysses Demetriades & Co. LLC
Contributors
C
,Hellenic Bank
Antonis CharitouManager, International
Department, Hellenic Bank
1,756
C
, , Deloitte (Cyprus)
Christis ChristoforouPartner,
Chief Executive Officer,Deloitte (Cyprus)
-
7 Successful Business
-
- 2012
-
8 Successful Business
, 6 (- 2012)ontributors
, -
Phidias PilidesPresident, Cyprus Chamber of Commerce and
Industry
Alekos OrountiotisChairman,
Cyprus Tourism Organization
Vyacheslav ShumskyAmbassador
of the Russian Federation in Cyprus
, Alpha Bank Cyprus
Costas Stylianou Head of International Division,
Alpha Bank Cyprus
Christodoulos VassiliadesAdvocate,
Managing Partner, Christodolous
G. Vassiliades & Co LLC
, ,Christodolous G. Vassiliades & Co LLC
(1988-1993)
George VassiliouFormer President of the
Republic of Cyprus
A-Z
- 2012
2 370
, , Andreas Neocleous & Co LLC
Andreas NeocleousAdvocate, Founder and President of the
board,
Andreas Neocleous & Co LLC
S T
P
V V
Roman Starikovich Honorary Consul of
Kazakhstan in Cyprus
SS
P P
S
P
OO
,-
Antis Nathanael director,
Cyprus Russian Business Association
NN
,
Yuri PianykhPresident,
Association of Russian businessmen in Cyprus
, Ernst & Young Cyprus
Neophytos Neophytou Partner, Head of Tax
Ernst & Young Cyprus
Antonis PaschalidesEx-minister of Commerce,
Industry and Tourism, Senior Lawyer,
Antonis Paschalides & Co LLC
- , , , Antonis Paschalides & Co LLC
, ,PwC Cyprus
Chrysilios PelekanosPartner,
Tax & Legal Services,PWC
,
Andreas Theophanous President,
Centre of European and Internationl Affairs
134,7
-
-
-
10 Successful Business
, 6 (- 2012)
Successful Business MagazineIssue 6, July-September 2012.
Editorial Board: Natalia Kardash, Andrey Korneev, Igor Nossonov,
Andrey Pavelko.
Project Coordinator: Julia Basharina ([email protected])
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Copyright: no part of this publication may be reproduced or
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24 Successful Business
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, 6 (- 2012)
Alpha Bank, Cyprus
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29 Successful Business
www.cyprusrussianbusiness.com
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32 Successful Business
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41 Successful Business
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71,6 2012 I 2012 19%
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42 Successful Business
, 6 (- 2012)
0,2 % 15 %
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,
- , ,
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14 985 432
, , , 2011 . , .
, - , , - , - .
- , , , , - .
. -, - -, . -, - . , .
, - .
, 6 . , . - , .
:
1 31 1 30
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
-
44 Successful Business
, 6 (- 2012)
- 2012 22% 15
, , , -, , , . - .
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www.cyprusrussianbusiness.com
,
Bank of Cyprus 2011 1,371 1,015 ..
, , - .
, ,
: 40 , , -, . - - , 2,5% 2012 . , - , , . - . . , , - , .
:
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46 Successful Business
, 6 (- 2012)
, - () -. -. ?
- : . 1999 - . . , - . .
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, . . - . . - . - , . - , .
, - , . ,
. 2012 1999 30%
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47 Successful Business
www.cyprusrussianbusiness.com
, , -. - .
, NASDAQ OMX - . , NYSE Euronext , - - NYSE - Euronext. Deutsche
Brse.
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,
120
2012
932,3 29
Statistics 2012
13CSE Cypriot Members
10Remote Members
15Custodians
25%Percentage of foreign investors in total market
capitalisation
251,953Investor share account with securities balances
315,459Investor share account not deactivated
. .
-
48 Successful Business
, 6 (- 2012)
100 *
24,1 30%
. - . - - , - . , (), - . , . , - , , .
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Market Cap.No. Listed CompaniesCSE Markets
722 819 6437Main Market
196 172 01214Parallel Market
500 694 34652Alternative Market
63 461 0999Investment Companies Market
193 981 82327Special Category Market
50 840 5425Special Characteristics Market
6 408 631 41520Corporate Bonds
42Government Bonds
.
1996 .
European Securities Exchanges (FESE),
.
Association of National
Numbering Agencies (ANNA), Link-Up Markets,
Target 2 Securities (European Central Bank),
European Central Securities Depositories Association
(ECSDA).
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49 Successful Business
www.cyprusrussianbusiness.com
5 40 ,
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- . - , , , .
, , - , ?
1999 - , .
Market Cap.
No. Listed CompaniesE.C.M. Market
512.092.93910Companies
114.300.1005Corporate Bonds
. .
-
50 Successful Business
, 6 (- 2012)
? , -
. - , ?
, 48 . field Club .
, - . . . , , , - .
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, , , : , , ... . , .
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. - , , - , . , . , , -. .
- 2012
2012 144% 53 671
|
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51 Successful Business
www.cyprusrussianbusiness.com
2012
-
52 Successful Business
, 6 (- 2012)
?
- ( ) , - . , - .
?
. - 17%. , .
?
, - , , , ( ).
,
, - , (- ):
, , - . , 3,4%.
PwC Cyprus,
:
8,5 22,9
|
-
53 Successful Business
www.cyprusrussianbusiness.com
-
54 Successful Business
, 6 (- 2012)
1:
2:
%
3,4%20% 24
5,1%30%14,01 24
8,5%50%8,01 14
10,2%60% 8
17%100%
,
%
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5,1%30%14,01 24
8,5%50%8,01 14
10,2%60% 10
,
40% , .
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- .
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1. , - , - ( ).
2. 1 . .
3. , - - , 40% .
4. - . 48 , - 12 .
5. - . - 5% .
6. 10% .
7. - - .
, 10% , 10%.
2012
276 781
|
96
-
55 Successful Business
www.cyprusrussianbusiness.com
-
56 Successful Business
, 6 (- 2012)
, , , - . : . , , , , , - . . - ? ? ?
, . , . , , - . - ( ), ( ), - ( , - ), , , , , -, .
. , , , - . -.
,
, - . , - - .
, , Totalserve Management Ltd
, , - . . - , , , . , , - .
, , - , .
-
57 Successful Business
www.cyprusrussianbusiness.com
57
,, , PwC
, - , - . . . - , , . , .
, - . - , , , - . .
, ,Cyprus Popular Bank
- . , , . -, , .
, .
, 1200 . - . , - - , , -. , (12 ), , .
- Mylos - : .
,,Dynamic Works
- , , - . XII , - . 50-60 , , - . .
1. 2. ,
3.
1
2
3
-
58 Successful Business
, 6 (- 2012)
, , Action Global
- . - . - , - . , , - . - , , Avakas Gorge, . , , , .
- The Last Castle, , - . - - , , , . , .
,-, Consulco
, - . , , ( - , ). . , . , , . , , . - . , , .
, . , , -. - . - , , - , , , , .
, -, - . : , - , , , . , - ! , !
1. 2. 3.
1
3
2
-
59 Successful Business
www.cyprusrussianbusiness.com
Successful Business
, . , , .
, . . , , . !
-
60 Successful Business
, 6 (- 2012)
. , , , , . , , . . , , - , , . , .
, .
. , NASA. , - . , . - , , .
().
. . , , . - .
.
, , - . , . .
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. - 50 . , , , . , .
-
61 Successful Business
www.cyprusrussianbusiness.com
. , - - . , . - 40 , .
(SkAfTAfEll)
, - , , , . - - .
,
-. , , , . - .
1,8 . , - , . . .
(CAnO CRISTAlES)
. . , , , .
( ), - 305 120 . , , - , - - -, .
, - , , : , - - ?
-
62 Successful Business
, 6 (- 2012)
? , . ? , . ? .
.limassol Sporting Club (): 25 563900famagusta Tennis Club ( ):
25 335952 (, ): 99 619906 leMeridien ( ): 25 862000 Eleon Tennis
Club (, ): 22 679923nicosia field Tennis Club (, ): 22 668041Marfin
laiki Sporting Club ( , )Tel:22812781Bank of Cyprus Athletic Centre
( )Tel: 22 560222
, . , , . , , - , , - .
,
. , , . , , - , . . -, , , , , . , --. , Le Meridien - , , , ,
-. . , .
- . , , , , , .
-, . .
- . , - . - : . . Le Meridien .
Amathus
240 1 400
-
63 Successful Business
www.cyprusrussianbusiness.com
BANK OF CYPRUS ()1-14/7/12
PANCYPRIAN BEACH TENNIS7-8/7/12
PANCYPRIAN BEACH TENNIS21-22/7/12
PARALIMNI ()15-29/7/12
PLATRES ()16-28/7/12
HERODOTOU T.A. PANCYPRIAN18/8-1/9/12
SMASH
()19/8-1/9/12
INTERNATIONAL BEACH TENNIS25-26/8/12
INTERNATIONAL BEACH TENNIS.1-2/9/12
ITF () "APHRODITE CUP"2-8/9/12
ITF ()HERODOTOU JUNIOR9-15/9/12
ITF () AUDI FIELD CLUB16-22/9/12
FAMAGUSTA CLUB PANCYPRIAN23/9-7/10/12
AUDI DEVELOPMENT TOURNAMENT29/9-1/10/12
MARFIN LAIKI "NATIA IACOVOU CUP"8-13/10/12
LARNACA CLUB SENIORS13-20/10/12
HERODOTOU T.A. T.E.U14 20-27/10/12
LARNACA CLUB PANCYPRIAN28/10-11/11/12
CYPRUS MASTERS CUP14/11-1/12/12
ALDIANA SENIORS OPEN19-24/12/12
2012
, , , . , . , , . . -, .
.
, -
- , . .
, , 15 8 . .
240 . , . . , - . Amathus 1400 , Le Meridien . , : , , .
- , . - , ( , ), .
- www.atpcyprus.com www.atlcyprus.com, . , . 10 , .
. -. , . . , , , .
2012 20
10
-
64 Successful Business
, 6 (- 2012)
150-300 ATP, 15-20 $1,52
, Hijet Engineering
, ,
, finance (Cyprusltd)
, .. . , , , , .
. , , , . , .
, . . ( ) 1,5-2 . .
. , , 150-300 15-20 . , , , .
, . , . , . , .
, , . ,
. ? , , , . , . , . , . , , . , , : , !
- . . . , , , .
, . . , , , . . , , , . ,
, , . , , . .
. 95 . , . ,
, 150 .
,
, - . , . , :
HEAD Talianos Sports - Evagoras . 5A .
PRINCE Tennis Point . Petrou Tsirou . 6 .
BABOLAT Kyradjis Trading Ltd, .Didimotichou . 4 .
- www.tenniswarehouse-europe.com. - , -. , , , . , .
-
65 Successful Business
www.cyprusrussianbusiness.com
ATP,
-
66 Successful Business
, 6 (- 2012)
-
67 Successful Business
www.cyprusrussianbusiness.com
, -, .
, .
- www.cyprusrussianbusiness.com - , - -, .
-
68 Successful Business
, 6 (- 2012)
- : . - .
. , . , , , , . - , .
- - . , - . , , - , , , . , , - , , , , .
- , . , . , - .
. . - , - . , , .
- .
68 Successful Business
, Vyacheslav Shumsky, Ambassador of Russia in Cyprus
, , , , American Heart InstituteChristos Petsides, Director,
Department of Services and Trade, CCCI, Panos Ergatoudes, General
Manager, American Heart Institute
, (1988-1993)George Vassiliou, Former President of the Republic
of Cyprus
, , Ernst & Young Cyprus, , , Neophytos Neophytou, Partner,
Head of Tax, Ernst & Young Cyprus, Panayiotis Loizides,
Secretary General, CCCI
, , , Sofoclis Aletraris, Minister of Agriculture, Natural
Resources and Environment, with his spouse
, Alexander Anikin, Consul of Embassyof Russia in Cyprus
-
69 Successful Business
www.cyprusrussianbusiness.com
, Laurus Services Ltd. Sergey Bondarenko, Director, Laurus
Services Ltd. with his spouse
, , - Kypros Chrisostomides, Lawyer, Former Minister of Justice
and Public Order
, C , MDM InvestmentsAnna Romanenko, Chairwoman, MDM
Investments
, , , , , Yianel, , - Alexey Rogalev, Director, Russian Cultural
Centre,Boris Pobedimsky, Publisher, Yianel, Alexey Berezhkov, Head
of ITAR-TASS in Cyprus
, , , , , , C , Kanika DevelopmentsAndrey Pavelko, Financial
Director, Vestnik Kipra,Taras Yaskevitch, Deputy Chairman, Union of
Industrialists and Enterpreneurs of Krasnoyarsk Region, George
Karaolis, Group Deputy Chairman, Kanika Developments
, , Cyprus WeeklyAndrianne Philippou, Correspondent, Cyprus
Weekly
,, Galina Vishnevetskaya, Professor, Director, Representation
Office in Cyprus, Moscow State Open University
, , ,. Christos Floridis, Lawyer, Natalia
Kardash,Editor-in-Chief, Successful Business Magazine
, Phidias Pilides, President, CCCI
, , PWC, , , Evgenios Evgeniou, CEO, PWC Cyprus, Alexander
Primak, Charge daffaires of Russia, Embassy of Russia in Cypurs
, , Grandad Ltd.Soulis Malecos, Managing Director, Grandad
Ltd.
, N.Neo Accounting Services Ltd.Iraklis Neophytou and Neophytos
Neophytou, N.Neo Accounting Services Ltd.
-
70 Successful Business
, 6 (- 2012)
29-30 -
, , - , . - . - .
- - , (CIPA). - Cyprus Popular Bank, - , Andreas Neocleous Law
Office, Deloitte Cyprus, KANIKA Group.
- - . - -, -, , . - - . -- - - , - -.
, , CIPAChristodoulos Angastiniotis, President, CIPA
, Mikhail Kuzichev, Deputy Prime Minister of Krasnoyarsk
region
, Mikhail Vasiliev, Chairman, Union of Industrialists and
Enterpreneurs of Krasnoyarsk region ,
Igor Stepanenko, Minister of Foreign Affairs, Government of
Krasnoyarsk region
, , 97 , -
. , , , . - , , , , . .
: , -
, . , , , - . . - , , . , .
, Elena Pazdnikova,Minister of Culture ofKrasnoyarsk region
, , Pavel Vcherashniy, Acting Rector,Siberian Federal
University
, Olga Nikitina, Deputy Minister of Education of Krasnoyarsk
region
-
71 Successful Business
www.cyprusrussianbusiness.com
The participants of the seminar
, ,
Deloitte CyprusPieris Markou,
Partner, Deloitte Cyprus
- -Meeting in the Krasnoyarsk Reginal Innovation and Technology
Business Incubator
Interview to local TV
, Vladimir Donskikh, Director of the Krasnoyarsk Branch, Bank of
Moscow
, , , Deloitte CyprusVeronica Kuznetsova, Senior Manager,
Deloitte Cyprus
, , Cyprus Popular Bank, Panayiotis Aresti, Chief Representative
Officer in Russia,Cyprus Popular Bank, Cyprus
, Pavel Pavelko, Senior Deputy Chairman, Bank Kedr
, ,
Andreas Neocleous Law OfficeChristos Florides, Head of Energy
and European
Affairs Departments, Andreas Neocleous Law Office
, , Costas Papaconstantinou, Director, European University
Cyprus
-
72 Successful Business
, 6 (- 2012)
STEP 9 11 -
(STEP). 250 , .
- , , . 80% , . - .
20 - . . , - - . 17 . - , . , - - .
-- -. , .
, - -. PR- . (CIBA), - .
, , Ernst & YoungNeophytos Neophytou, Partner,Ernst &
Young
, ,Andreas Neocleous Law OfficeElias Neocleous, Partner, Andreas
Neocleous Law Office
, , KPMG, , , Trident Trust, , , Pardini & AsociadosPanicos
Loizou, Board Member, KPMG, Petros Livanios, Managing Director,
Trident Trust, Juan Francisco Pardini, Partner, Pardini &
Asociados
The participants of the Conference
, IBC Limassol, , , CRM, IBC Limassol, Cyprus Popular
BankMichalis Michael, Manager, IBC Limassol, Andreas Evripidou,
Manager, CRM, IBC Limassol, Cyprus Popular Bank
, , , , ()Vassos Shiarlys, Minister of Finance of Cyprus, Peter
Economides, President, Society of Trust and Estate Practitioners
(Cyprus)
, , Vyacheslav Shumsky, Yuri Pianykh, Ilya Petrovitch
() Yuri Pianykh, President of the ARBC with new members
, . , Cyprus Fiduciary AssociationGeorge Ioulianos, General
Manager, Cyprus Fiduciary Association
, , CIPA
Nicolas Theocharides, Board Member, CIPA
-
73 Successful Business
www.cyprusrussianbusiness.com
The participants of the Conference
. . .25-27
- - . - -- . .
Deloitte, Nicos Neophytou Law Partners Consulco, - Piraeus
European University of Cyprus. - - ( 50 ) , - .
- .
The participants of the seminar
-
View from the window of the conference room.
Surgut centre
Official Meeting in the Municipality Office of the Surgut
District
Leader of Cyprus Delegation Nicolas Theocharides with the Vice
Mayor of Surgut City Yakov Chernyak
Meeting in the Municipality of the Surgut District
, , Deloitte Cyprus, , , Planus ConsultingAlecos Papalexandrou,
Partner, Deloitte Cyprus, Nicos Neophitou, Partner, Planus
Consulting
, , Igor Nossonov, President, Association of Russian-speaking
Residents of Cyprus Gorizont
-
74 Successful Business
, 6 (- 2012)
- :
9 2012 - : . - (CIIM). , Cyprus Popular Bank .
, Le Meridien, -
, .
- , , . - , - .
, Vyacheslav Shumsky, Ambassador of Russia in Cyprus
Guests
, , Finam Ltd.Kumar Dipak, Director,Finam Ltd.
, , Boris Gumeniuk, Ambassador of Ukraine to Cyprus, with his
spouse
, ,Cyprus Popular BankMichalis Sarris, Chairman, Cyprus Popular
Bank
-
75 Successful Business
www.cyprusrussianbusiness.com
-
76 Successful Business
, 6 (- 2012)
:
24-25 - . , - - -- -.
, - - , - . . , , - , . , - , .
, . -- - , . - -: , , .
- , , - . : . - , . .
- - , , . , - , .
. The participants of the meeting in the Almaty Municipality
, -, CIPAChristos Mavrellis,Vice-President, CIPA
, - Pavlos Pavlou, Vice-President, University of Nicosiaand
Murat Kudyshev, Deputy Mayor of Almaty
, Roman Starikovich, Honorary Consul of Kazakhstanin Cyprus
, , -, CIPAMurat Kudyshev, Deputy Mayor of Almaty and Christos
Mavrellis,Vice-President, CIPA
, Mastserve Ltd.Maria Elia, Managing Director, Mastserve
Ltd.
, , , Piraeus BankDimitris Zisimidis, Manager, International
Banking Unit, Piraeus Bank
, , Globalserve Consultants Ltd.
Dinos Antoniou, CEO, Globalserve Consultants Ltd.
-
77 Successful Business
www.cyprusrussianbusiness.com
, , Andrey Pavelko, Financial Director,Vestnik Kipra
Communication Group
, , HLB AfxentiouMarios Hadjihannas, Partner, HLB Afxentiou
. : - , , . Meeting at the Almaty Chamber of Commerce and
Industry with the President of Almaty Chamber, Vice-President of
Kazakhstan Chamber of Commerce and Industry Mukhtarkhan Byarov,
Vice-Director General Shara Akylbaeva
, , Deloitte CyprusPaul Mallis, Partner, Deloitte Cyprus
, Zaytuna Dzhandosova, Vice Chairman, Kazakhstan Association of
Banks
, , , . , , - Marios Tsakkis, Deputy Secretary General, CCCI,
Natalia Kardash, Editor-in-Chief, Successful Business Magazine,
Abdulla Kundakhbaev, Vice-President of Kazakhstan Chamber of
Commerce and Industry
, , Chris Tofi Real Estate Agency Ltd.Stevan Kovacevic,
Director, Chris Tofi Real Estate Agency Ltd.
, ,Cyprus Universe PROAndrey Korneev, Director, Cyprus Universe
PRO
Participants of the Conference
: , , Leptos Estates RussiaOn the right: Andreas Santis, Country
Manager, Leptos Estates Russia
, , CIPA , , Baker Tilly CyprusAnita Orphanidou, Marketing
Manager, CIPA, and Andreas Philippou, Director, Baker Tilly
Cyprus
-
, 6 (- 2012)
-
9 2012 . VII - , - . .
8- , , , 600 . - - . - - . - , , . , .
- - , 100 . , , : , - . .
- . . . - Panther Club Cyprus. . - , , - .
- . . 18 58 , , .
- , , , -, . , , . , , , , .
23.00 - - .
- . - , - . , , , . - .
, , - , . .
78 Successful Business
-
79 Successful Business
www.cyprusrussianbusiness.com
: , - - , , . , , .
- , VII - . . - , . , , .
- - - , : , - , - , . , - , , - - .
(Alpari) (SCF Unicom), Andreas Christou with Principal Sponsors
Olga Rybalkina (Alpari) and Nikolay Spichenok (SCF Unicom)
-
80 Successful Business
, 6 (- 2012)
7 8 -, . , - . - . - . - , - .
, , Presentation by Neoklis Sylikiotis, Minister of Commerce,
Industry and Tourism of Cyprus
The participants of the Cyprus Natural Gaz onference
, , DLA Piper, , ,Kings College London, , Ernst &
YoungFredrik Lindlblom, partner, DLA Piper, Nick Butler, Professor,
Kings College London, John Avaldsnes, Enrnst & Young
1
1
2
2
3
3
4 4
5
5
6
6
7
7
8
8
Train 3Train 2Train 1
Far FutureFuture2018-2019Year online
555Capacity (mtpa)
Future UpstreamProducers
Future UpstreamProducers
Noble Energy
2nd Licensing Round(potential) Licensees
Gas Suppliers
Asia 50%Europe 50%
Asia 60%Europe 40%
Asia 65%Europe 35%
LNG buyers(contracteddestination)
Independent LNG Plant Company A
(shareholders may besame as owners)
Independent LNG Plant Company A
(shareholders may besame as owners)
Independent LNG Plant Company A
(shareholders may besame as owners)
Operator
Governed by a Joint Use and Operating Agreement
6 billion8 billion10 billionTotal Cost (USD)
Japan Crude Cocktail (JCC)
Fuel Oil
Japan Crude Cocktail (JCC)
Fuel Oil
Japan Crude Cocktail (JCC)
Fuel Oil Price Marker
TollingTollingTolling Commercial Structure
,
-
81 Successful Business
www.cyprusrussianbusiness.com
23
180
8
4
17
83
187
41
20
42
231
290
11
18
15
( )
-
/
(2010 .) ( 3)
0
20
40
60
80
100
120
3.46
33.92
14.659.75
3.54 4.44
49.92
15.65
110.43
99.21
52.78
1.15
12.615.96
3.16
2010 . ( 3)
420,63
504,82
179,10 189,03
22%
13%
4%
3%
3%
3%
3%
3%
3%
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19%
18%
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4%
4%
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- (2010 .)
(2010 .)
3370 - (-)
: 28%
/ : 28%
: 32%
-
2035 670 . ( 560 . )
0,166 .
?
0,31 . -
0,099 .
-
82 Successful Business
, 6 (- 2012)
. .
23 2012 Hilton Park 2- , . , . , . - - . - , .
Moodys
1996 2011 2012
Aa3
Ba1
Ca
A3
B3
Aa2
Baa3
Caa3
A2
B2
Ba3
Aa1
Baa2
Caa2
A1
B1
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C
Aaa
Baa1
Caa1
200820072006 2009 2010 2011
20280
24453
29016
1610119278 19538
10000
5000
0
20000
15000
25000
30000
35000
20082007 2009 2010 2011
9964
6409
8031
6568
5366
2
0
6
4
8
10
12
-46%
20082007 2009 2010 2011
11281
1761
6636
203016522
0
6
4
8
10
12
-85%
20012000 2002 2005 20092003 20072004 20082006 2010 2011
( % )( 2007-08 .)
2
4
6
-2
-4
8
0
-
83 Successful Business
www.cyprusrussianbusiness.com
12
- . .
, Yiannakis Omirou, Presindent, House of Representatives
, () , Demetris Christofias, President of Cyprus (right) and
Nicos Anastasides, DISY leader
, , , George Vassiliou, Former President of Cyprus, Vyacheslav
Shumsky, Ambassador of Russia in Cyprus
, Menha Mahrous Bakhoum, Ambassador of Egypt to Cyprus
, , - Evegenios Evgeniou, President, Cyprus-Russian Business
Association
, Rimma and Sophoclis Sophocli, Elsie Christofia
, , , Orpheus TravelRoman Starikovitch, Honorary Consul of
Kazakhstan, Elina Koroleva, Orpheus Travel
, , , . , Loucas Luca, Minister of Justice, Natalia Kardash,
Editor-in-Chief, Successful Business
, Vassos Shiarlys, Minister of Finance
, -, Yuri Kazakov,Minister Counselor,Embassy of Russia
, Efthemios Flourentzou, Minister of Communications and
Works
-
, 6 (- 2012)
84 Successful Business
CIBA14 -
CIBA (Cyprus International Businesses Association). - . , CIBA ,
. - , , - .
, Vassos Shiarlys, Minister of Finance
, , , , , Thomas Kazakos, Director General, Cyprus Shipping
Chamber, Chris Koufaris Member of the Executive Committee, CIBA
Presidium
, , , , Frixos Savvides, President, Cyprus International
Business Association, Mehran Eftekhar, Founder of the
Association
, Efthemios Flourentzou, Minister of Communications and
Works
, Philokypros Andreou, Chairman, Limassol Chamber of Commerce
and Industry
, , Vassilis Skronias, First Counsellor.Embassy of Greeceto
Cyprus
, EVROKO, , , , , Ernst & YoungDemetris Silouris, President,
EVROKO, Nicos Nicolaides, EDEK, Neophytos Neophytou, Partner, Ernst
& Young
, , Credit Libanais, , . , , K.P. Erotokritou & Co, Hayat
Harfouche, Country Manager, Credit Libanais, Natalia Kardash,
Editor-in-Chief, Successful Business Magazine, Dinos Erotokritou,
K.P. Erotokritou & Co, Dr. Americos Argyrou
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85 Successful Business
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21 - - - (CRBA). - 300 , . - , - .
, - , , Andis Nathanael, Director, Cyprus-Russian Business
Association, Phidias Pilides, President, CCCI
Vyacheslav Shumsky, Ambassador of Russia in Cyprus, Evgenios
Evgeniou, President, Cyprus-Russian Business Association
, , Andreas Neocleous & Co, , , , BarclaysMaria A. Kyriacou,
Partner,Andreas Neocleous & Co, Evan Gavas, Country
Director,Wealth and Investment Management, Barclays
, , , Alexander Primak, Counselor, Embassy of Russia,Antigone
Kapodistria, CTO
, -Alexey Berezhkov, Head of Represenation, Russian News Agency
ITAR-TASS
,
Marios Tsakkis,Deputy Secretary
General, CCCI
,
Pandelis Leptos, The Cyprus
Land and Building Developers Association
, , Kanika Developments, , Kanika DevelopmentsGeorge Karaolis,
Group Deputy Chairman, Kanika Developments, Diana Khudyakova,
Kanika Developments
, USB Bank, , Hellenic BankMarianna Shiarly, USB Bank,Petros
Ioannides, Hellenic Bank
, USB BankLidia Guzevich, USB Bank
, , , , Svetlana Kalogera, Branch Manager, Russian Commercial
Bank Alexander Anikin, Consul, Embassy of Russia in Cyprus
Presidium
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, 6 (- 2012)
Developing Law Firm Strategy
: 9 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email:
[email protected]
Marketing and Business Development for Law Firms
: 10 : CIIM, : CIIM :. +357 22 462209: +357 22 462205Email:
[email protected]
Conference on Information and Computer Networks
: 13-14 : Cleopatra Hotel, : Open Learning Society, :Email:
[email protected]
Managing Change in todays Business Environment
in the Legal Profession : 17 : CIIM, : CIIM :. +357 22 462209:
+357 22 462205Email: [email protected]
Human Resource and Performance Management
in Law Firms: 18 : CIIM, : CIIM :. +357 22 462209: +357 22
462205Email: [email protected]
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, - 2012
3- .
,
: 19 : Saxo Bank, Agias fylaxeos 1. 1st floor: SAXO Bank :. +357
250 21 121
Email: [email protected]
1st International Conference Accounting
and Financial Management AFM
: 25-26 : Palm Beach Hotel, : Perun-Sprint :. (+359) 0898
360972, 0889 719500Email: [email protected]
5th International Conference
FAM Asian Session: 27-28 : Palm Beach Hotel, : Perun-Sprint :.
(+359) 0898 360972, 0889 719500Email:
[email protected]
East-Meets-West on Innovation
and Entrepreneurship Congress and Exhibition
: 1-4 : University of Cyprus: IMH :: +357 22 505555email:
[email protected]
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Business Seminars and Conferences in CIS Countries
SUCCESSfUl BUSInESS MAGAZInE organizes networking events
abroadnext conference Ukraine, Odessa, September 2012
Registration and inquiries: [email protected], tel. + 357 25
590 530, Julia Basharina
: .. 25 590 530 ( [email protected] [email protected])
, , .1. (). , --, . - 500 . 2. . - : , , , -, , . . - - . ( , ,
, , , , ) . - .
,
, , . - 2012 .
Corporate Governance and Internal Audit for
Co-operative Credit Societies: 18 : Cleopatra Hotel, : PwC :.
+357 22 555142: +357 22 555029Email: [email protected]
4th Get the Job Conference
: 22 : BOC Offices Ayia Paraskevi : IMH :: +357 22 505555email:
[email protected]
8th Real Estate & Construction
Conference: 26 : Hilton Park Nicosia : IMH :: +357 22
505555email: [email protected]
4th Professional Services
Conference: 27 : Hilton Park Nicosia : IMH :: +357 22
505555email: [email protected]
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88 Successful Business
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This section of the magazine contains a summary of the most
important articles. We have translated them into English for those
of our clients and partners who do not speak Russian but want to
know more on the content of this issue.
There is a list of upcoming events and a detailed program of
those events where SUCCESSfUL BUSINESS or VESTNIK KIPRA are Media
Partners. By the way, any of our clients may announce their
business events in our forthcoming issues, inviting our readers to
their presentations and parties. We are very active in the social
life of our community. Our correspondents visit many different
events in order to publish reportages. Photos and videos are also
placed on our website (www.cyprusrussianbusiness.com).
This is the only business magazine in the Russian language
published in Cyprus. It comes out quarterly. In order to keep our
readers informed we update our website every day with the most
important business news, statistics, analysis, stock exchange
results, all kinds of monetary questions and financial market
issues. A list of names (people, companies, events) published in
the issue will be always placed on the last pages of the magazine.
This way anyone can easily trace necessary information.
Please look through summaries provided in this section of the
magazine. And if you have questions or you need more information,
please do not hesitate to contact us for further details.
Natalia KardashPublisher
[email protected]
Education and carEErs
Higher and professional education in Cyprus, professional
development and advanced training, recruiting, head hunting,
business psychology. Detailed programs of trainings, seminars,
conferences, business forums in Cyprus and abroad.
FinancE and invEstmEnts
Articles on Cyprus banking, insurance, taxation, brokerage and
investment fields. World tendencies in finance markets, reports and
analysis on oil, gold and currency markets. Insurance, investment
in business and property (comparative analysis, statistics, price
movement).
Law and taxation
Comments and interpretations on taxation, auditing and
accounting. Corporate law. Labour law. Immigration and migration
issues.
LiFEstyLE
Independent rating of Cyprus' restaurants, hotels, recreational
facilities for business people. Columns on wine, style, business
fashion, cars.
TABlE Of COnTEnTS
VESTnIk kIPRA COMMUnICATIOn GROUPVESTNIK KIPRA is a group of
companies working with the Russian community of Cyprus. The most
important fields of activities are publishing, education, event
management, PR and the promotion of Cypriot enterprises in Russia
and Ukraine. Well known publications: weekly Russian newspaper
VESTNIK KIPRA, MAGAZINI KIPRA (Cyprus Shopping Guide), DOMA i LUDI
(Cyprus Property Guide), Russian Yellow Pages. The biggest events:
Cyprus-Russian festival, Limassol International Children's
festival. NGO: Association of Russian-speaking residents of
Cyprus.
Executive Summaries
The Main Thing: Accurate Goals and knowledge of the Case
The Banking Threat to the Eurozone
The Cyprus International Trusts law: Renaissance
How Can Cyprus Improve Its Competitive Advantages?
natural Gas in Cyprus: Explorations, Synergies And Benefits
Cyprus EU Presidency. What Does It Mean?
fresh look at the fiscal framework in the EU
new life of Cyprus Stock Exchange
EU Yacht Registration Cyprus the Preferred location
Advice on Taking Guests Out
Sports not for Everyone
BusinEss and tEchnoLogiEs
News on IT, e-commerce, e-money. New business technologies,
innovations. Advertising, PR, business communications.
Practical information on Cyprus and CIS economies, business
tendencies, reports and analyses on world economy and its influence
on business.
BusinEss and Economy
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90 Successful Business
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- In September 2011 the new governing body of the Cyprus
Securities and Exchange Commission (CySEC) was appointed. We
immediately changed the style of communication and began a new
policy - the policy of open door. The first action taken by the new
Board of Directors was to establish contacts with market
participants, study their needs and make a strategic plan for the
next five years.- There are many Russian financial companies on the
island. Why did they choose Cyprus?- Establishment of a company in
Cyprus means that you can conduct transactions with financial
instruments throughout Europe and in third countries and benefit
immediately from the tax advantages of Cyprus.- How difficult is to
obtain a license for operating activities in Cyprus for financial
companies?- One of our primary tasks has been an acceleration of
the licensing procedure. Under the law, the issuance of a license
takes up to six months. In an effort to improve its effectiveness,
CySEC takes measures to reduce the time of issuance of the license
up to three months, in cases where the company provides all the
necessary documentation. - What actions are you planning before the
end of 2012?- To accelerate the procedure of examinations for CySEC
certificates for individuals and improve its efficiency. At the
same time, the Presidency of Cyprus in the EU Council in the second
half of 2012 has created a lot of work for CySEC. In close
cooperation with the Ministry of Finance of Cyprus, our Commission
will be heading the work of 12 EU committees.
Interview with Demetra Kalogirou, Chairman of CySEC
In the last few months we have been observing a paradox with
regards to the European Economy. Greece, which represents below
1.2% of the Gross Domestic Product (GDP) of Europe, has been called
the Achilles heel of the Eurozone that will jeopardize the
existence of euro. The paradox is even greater when Greece is
regarded as the threat to the world economy (Greeces GDP is below
0.40% of the worlds economy).The Eurozone leaders need to urgently
understand that common policy is more urgent than fiscal union.
Stability in Europe is important for the world economy. Eurozone in
particular is a key global market player. Both Germany and France
should lead the way out of the crisis because they have the
resources. The banking crisis has brought the euro to the brink of
collapse. There are two ways to deal with this banking crisis:(i)
Write off bad debts, recapitalize the banks, rein in public
spending and increase taxes, or(ii) Gradually shift the bad debts
from the private to the public sector without writing them off.A
collapse of the euro area would create a major recession in Cyprus
and a systemic threat to the banking sector. There is no doubt that
the Central Banks and the governments efforts to recapitalize banks
is in the right direction and definitely positive.
The Banking Threat to the Eurozone
There has been a lot of speculation and examination of
structures and how these can best be adopted to provide users with
the best possible tax planning solutions, thus mitigating their tax
liabilities while still remaining commercially feasible and
plausible. Recently, Cyprus has played a paramount role in such
solutions, in structures which predominantly involved the use of a
trust, mostly, but not exclusively, with respect to Very High Net
Worth Individuals and Ultra High Net Worth Individuals. (VUNWIs).
The trend, with respect to the Cyprus jurisdiction, has
demonstrated that the pattern followed by VUNWIs in connection to
their group of companies trading, commercial and business
activities, is predominantly the use of a Cyprus Holding Company,
which is a private limited liability company by shares,
incorporated and governed under the Cyprus Companies Law, Chapter
113. In 1992, Cyprus enacted the International Trusts Law. This was
done to update and modernise the law and establish Cyprus as a non
offshore and financial centre and as a serious trust
jurisdiction.The 2012 Law which amended the 1992 law was a long
awaited and overdue change. The amendments have reinforced the
robustness of Cyprus as a competitive jurisdiction in the field of
trusts and have once again positioned Cyprus as a leader in the
race of favourable jurisdictions in international tax planning,
personal wealth management and inheritance planning.
The Cyprus International Trusts law: Renaissance
Christodoulos Vassiliades,Advocate, Managing Partner,
Christodolous G. Vassiliades & Co LLCc
EXECUTIVE SUMMARIES
The Main Thing: Accurate Goals and knowledge of the Case
Costas Stylianou,Head of International Division Alpha Bank
Cyprus
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91 Successful Business
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The Presidency of the European Union is a responsibility taken
by a member state which alternates every six months. Cyprus will
take the EU Presidency in the second half of 2012, immediately
after the Danish Presidency and before granting the baton to the
Republic of Ireland.The Council of the European Union, after the
changes brought about by the enactment of the Lisbon Treaty, is the
European Parliaments main decision making body in the EU. Among its
main responsibilities are Synarmodio, the Council of the European
Parliament for the adoption of European legislation, the adoption
of the EU budget, while being partly responsible for the
coordination of general economic policies of member states, and the
implementation of the Common Foreign and Security Policy of the
Union.The EU Presidency provides in the Republic the opportunity to
develop appropriate actions that will create the framework to reap
multiple benefits in the medium and long term, while strengthening
its role and voice among partners and consolidating its position
internationally.Cyprus is being given an opportunity to promote its
own political vision for the future of Europe. Over and above the
successful outcome of a political agenda and in the social
activities and initiatives, Cyprus will have an excellent
opportunity to promote its culture and civilisation at a European
level.
Cyprus EU Presidency. What Does It Mean?
Christos Floridis,Lawyer,Chairman WG Schengen Acquis
Antonis Paschalides, Senior Lawyer, Antonis Paschalides & Co
LLC
Executive Summaries
Up until now Cyprus was so far losing in the area of
Intellectual Property holding companies, (IP) to its main
competitors, such as the Netherlands and Luxembourg that had
adopted in the last decade a special tax incentive legislation
often referred to as IP/Patent/Innovation Box regimes. These tax
incentive rules provide for a tax deduction of a deemed expenditure
(mostly 80%), or for a reduced rate of income tax on certain
qualified IP related activities or both. In order to improve
investment climate as well as to keep up with the rising
competition in IP segment, Cyprus has recently adopted amendments
to the Income Tax Law (ITL), introducing IP Box rules.Proposed
incentiveAccording to the proposed new wording of Section 9 (1e) of
the ITL (Deductions allowed), the 80% of the profit from the use of
the covered intangible assets (e.g. royalties, penalties for
improper use), and of the profit upon their disposal, is deemed as
expense for the purposes of computation of the Cypriot income tax
base for these activities.This deemed expense will decrease the
taxable basis in addition to other tax deductible expenditure, such
R&D expenses and amortisation.
How Can Cyprus Improve Its Competitive Advantages?
Neophytos Neophytou, Partner, Head of Tax,Ernst & Young
Cyprus
On 11th May 2012, the official announcement of the applications
regarding the 2nd Round of Licences took place. In fact, 33
applications were submitted. The evaluation procedure is expected
to take up to 6 months. Depending on the time needed for this
evaluation and for the relevant negotiations (another 6-9 months),
the Council of Ministers will decide to whom the first license/s,
will be granted by the end of 2012 or in early 2013. The key
challenge for the future is to ensure that gas producing countries
are ready and open towards exporting gas directly to Europe, which
for them may often imply accepting high political risk linked to
their geopolitical situation. Cyprus must proceed in all necessary
decisions and implementations of the decisions regarding gas and
oil exploration, establishing LNG terminal, terminal for liquid
fuel with determination and commitment. In 10 years time Cyprus has
the golden opportunity to become an Energy exporter, an Energy hub
and ideally an Energy Centre providing and offering the complete
package of energy goods and services.
natural Gas in Cyprus: Explorations, Synergies And Benefits
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The overriding concern in the EU today is the specific fiscal
policy that is being followed in relation to the broader crisis in
a number of Eurozone countries. Fiscal consolidation and the
rationalisation of the revenue and expenditure sides of a state
budget must be a sine-qua-non in any country. The Greek people
today are suffering not only as a result of a corrupt
socio-economic and political system but also as a result of
one-sided policy prescriptions imposed by the European Union in the
last two years. In this regard there appears to be an unprecedented
adherence to the philosophy of draconian fiscal discipline without
any effort to promote growth policies. The EU must re-examine
policy priorities and the results of the philosophy followed so far
in relation to the Eurozone which has often run against the
provisions of a fiscal union. It is a dangerous misconception to
believe that the cost of a presumed exit of Greece from the
Eurozone would be minimal. In this regard one cannot rule out that
other countries may also leave the Eurozone if their economic
conditions further deteriorate. The assumption of the EU Presidency
by the Republic of Cyprus in the second half of 2012 provides an
excellent opportunity for the government to submit an alternative
proposal in relation to the ongoing economic crisis.
- What are the prospects of CSE?- The new EU directive converted
the entire system. Previously, the stock exchanges were state
monopolies. Now, in every country there are several regulated
markets. They constitute a serious competition to unregulated
markets. In the frame of high competition the small CSE has to find
a way to survive and remain competitive. We have created a
strategic plan and now act in accordance with it. Our key advantage
is the development of fundamentally new types of exchange services
to our customers. The traditional products market is too rich now.
New products give us some perspective.Cooperation with Russia- How
did the idea of cooperation with the Russian stock exchange arise?-
Many Russian companies are using Cyprus as a basis for their
operations. It is obvious that one of our priorities is the
collaboration with colleagues from Russia.- But what is the benefit
for Russia?- Cyprus is a member of the Eurozone, so the Russian
company will be listed on the CSE in euros. The small amount of CSE
does not allow it to compete with the MICEX-RTS, so Russian
colleagues see us as partners.- When would the details of the
agreement between stock exchanges be announced?- CSE and MICEX-RTS
have already signed several agreements. To start cooperation, we
are waiting for the completion of the merger of Russian exchanges.
We plan to resume negotiations in September this year.
fresh look at the fiscal framework in the EU
new life of Cyprus Stock Exchange
On the basis of new guidelines issued by the Cypriot VAT
authorities the effective VAT rate on lease payments can be reduced
to as low as 3.4%. This is increased to 4.42% when taking into
consideration the VAT on the acquisition of the yacht.What is a
Yacht leasing Agreement?A Yacht Leasing Agreement is an agreement
whereby the lessor (the owner of the yacht) contracts the use of
the yacht to the lessee (the person who leases the yacht) in return
for a consideration. At the end of the lease period, the lessee may
opt to purchase the yacht at a fraction of the original price. What
is the VAT treatment?No VAT is paid on the acquisition of the
yacht. The lease installments are subject to VAT at the VAT rate of
17% but only to the extent that the leased yacht is used within the
territorial waters of the European Union (EU). How is the use of
the yacht within EU territorial waters calculated?Due to the
inherent difficulty of trailing the movements of yachts the Cypriot
VAT authorities introduced fixed percentages based on the length
and type of the yacht (motor or sailing yachts). Income Tax
TreatmentThe total profit from the leasing agreement which amounts
to 10% on the initial value of the yacht, will be subject to Income
Tax at the rate of 10%.
EU Yacht Registration Cyprus the Preferred location Chrysilios
Pelekanos, Partner, Tax & Legal Services,PWC
Interview with Nondas Metaxas, General Director of Cyprus Stock
Exchange
EXECUTIVE SUMMARIES
Andreas Theophanous,President, Center for European and
International Affairs
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93 Successful Business
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Dinos Hadjimiltis, advertising consultantAll work and no play
makes Jack a dull boy with that in mind, I recommended to my
clients that they should also take the opportunity to spend some
leisure time in Cyprus especially when it is their first trip to
the island.The uniqueness of Cyprus is that during the period of
the year when there is snow in the mountains to go skiing, it is
also possible to go for a swim and enjoy the water sports
facilities in the Mediterranean Sea. Keen golfers have a choice of
golf courses they can choose to play on.Peter G. Economides, fCCA,
TEPChairman, Totalserve Management ltdRussians are perhaps the most
cultivated and culturally educated people on Earth. Besides strong
economic ties, Cypriots and Russians also enjoy cultural and
religious ties. Cyprus enjoys a turbulent, yet interesting history
that spans thousands of years and may offer culturally inclined
guests a wide range of cultural performances and events throughout
the year. Most memorable are the Paphos Festival set at the
picturesque Paphos Castle by the sea at night and an evening of
theater at the ancient Curium Amphitheater in Limassol. A day trip
to the islands religious landmarks such as Kykkos monastery,
Panayia Forviotissa and other centuries-old monasteries and
churches will be most enjoyed by our Russian guests.Costas
Mavrocordatos, Partner, Head of Tax & legal, PwC I would
suggest to my visitors to begin their day early, driving through
Fassouri citrus groves and vineyards, to the ancient City of
Kourion, a beautiful and unspoilt spot perched high on a cliff, to
enjoy a dazzling view of the ruins and the sea below. Then visit
the famous Coral beach of Pafos to enjoy swimming in the crystal
clear waters. Lunch in a fish tavern and a nice walk in the
beautiful old town of Paphos are strongly recommended.
Michalis Michail, Head of the International Department in
limassol, Cyprus Popular BankI would organize the trip to the pearl
of Cyprus - the Troodos mountain range. We would stop at the
charming village of Omodos where we would learn about the
traditions, history, winemaking and general culture of ancient
Cyprus. We would walk along picturesque streets with lace, pottery
and traditional architecture, enter a unique church. Then we would
sit at a coffee shop in the village square and try not only Cypriot
coffee, but also traditional Komandaria.Angelos Grigoriou,
Director, Dynamic WorksI would take my guests to the inlands and
specifically to my favourite area, Pitsilia. A visit to the church
of Panayia tou Araka (built in 1192) located at walking distance
from the beautiful Lagoudera and Saranti villages would be our
first stop. Next, a walk through both villages will give visitors
an impression of how Cypriots lived 50-60 years ago; then a
traditional souvla lunch served under the Chestnut tree at Saranti.
nick Chaloner, General Director, Action GlobalWe start by joining
the locals at one of Nicosias fashionable coffee shops for a
Cypriot coffee or frappe, before leaving for Paphos. Then we head
for the Paphos Mosaics, some of the best examples of Roman floor
mosaics discovered to date. After refreshment at Paphos harbour we
set off to the Avakas Gorge, a deep, steep-sided gorge cut through
the rocks, Grand Canyon it isnt fascinating it is.Mikhail Sobolev,
Vice-President, ConsulcoIt depends on what kind of outdoor
activities our guests like. There are people for whom the
unforgettable moment will be held at the Orthodox shrines. For
others, it will be a visit the archaeological sites of the Roman
Empire and the Crusaders. Some will be in awe of mountain trails,
waterfalls, romantic Venetian bridges, mountain villages, the
sunset viewed from the mountains or the sea ...whilst lovers of the
sea can be offered diving, scuba, fishing.
Advice on Taking Guests Out
Advice on Taking Guests Out
In Cyprus you can play tennis all the year round. Cyprus has
enough places where you can cross rackets: mainly at tennis clubs,
and hotel tennis courts. Where to play is only a matter of taste,
habit, and the quality of courts. However, playing at a club is
better. First, hotels generally have no more than two courts, they
can be occupied by guests and the quality of coverage does not
always correspond to the norm. In addition, in the clubs it is
easier to find a partner for the game.Lighting on tennis courts is
important. For example, at certain places lighting is paid for by
the players themselves which means you are bound to play at the
time the club is staffed. An annual members card is roughly the
same in many venues with little variation, beginning at about 240
euro per year.In Cyprus, there is quite an active tennis lifestyle
with many tournaments, both for professionals and amateurs.To
participate in a tournament, visit to the following sites
atpcyprus.com and www.atlcyprus.com to select the tournament and
register as a participant.
Sports not for Everyone
Executive Summaries
Igor Shlykov,Analyst,Successful Business Magazine
Everyone who lives in Cyprus receives and entertains foreign
guests. We asked our friends how they entertain visitors.
Useful advice on organizing a day out for a foreign business
partner. How to combine a business program with entertainment?