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Cyprus-Russian Successful Business magazine 8 - 2013
www.cyprusrussianbusiness.com
-
2834
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- 2013
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90 . , .
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
, 8 (- 2013)
2013 2013 5,86 7,01
, , , -
: , , . !
H
S S
N
V
A A
V
A
CIPA,-
Christodoulos Angastiniotis President, CIPA,
Vice-president, CCCI
Contributors
A
,Hellenic Bank
Antonis CharitouManager, International
Department, Hellenic Bank
, -
Evgenios Evgeniou President,
Cyprus-Russian Business
Association
C
, , Deloitte (Cyprus)
Christis ChristoforouPartner,
Chief Executive Officer,Deloitte (Cyprus)
Boris Humeniuk Ambassador
of Ukraine in Cyprus
,-
Philokypros AndreouPresident,
Limassol Chamber of Commerce and Industry
,,Navigator Consulting Group Ltd
Philip AmmermanConsultant,
Managing Director, Navigator Consulting Group Ltd
, Ernst & Young Cyprus
Neophytos Neophytou Partner, Head of Tax
Ernst & Young Cyprus
Vyacheslav ShumskyAmbassador
of the Russian Federation in Cyprus
, Alpha Bank Cyprus
Costas Stylianou Head of International Division,
Alpha Bank Cyprus
(1988-1993)
George VassiliouFormer President of the
Republic of Cyprus
Christodoulos VassiliadesAdvocate,
Managing Partner, Christodolous
G. Vassiliades & Co LLC
, ,Christodolous G. Vassiliades & Co LLC
-
7 Successful Business
-
-
8 Successful Business
, 8 (- 2013)
Successful Business MagazineIssue 8, January-March 2013
Editorial Board: Natalia Kardash, Andrey Korneev, Igor Nossonov,
Andrey Pavelko.
Project Coordinator: Julia Basharina ([email protected])
Contributors: Daria Pisareva, Maria Vetrova, Igor Shlykov, Julia
Avanesova, Andrianne Philippou.
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Distribution: free at business forums, conferences, seminars.
1100 selected recipients (in Cyprus and Russia) mailing list.
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A note to readers: the views expressed are the authors' and not
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consulting or other business relationships with the companies they
discuss.
Copyright: no part of this publication may be reproduced or
transmitted in any form or by any means without prior permission of
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Our Team
Successful Business
-
10 Successful Business
, 8 (- 2013)
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12 Successful Business
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, 8 (- 2013)
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2018 2020
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18 Successful Business
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30 Successful Business
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32 Successful Business
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34 Successful Business
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35 Successful Business
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1,0430,9610,9271,0010,9910,9240,8820,8560,8380,8710,9460,872
0,9940,9931,0091,0401,0120,9881,0151,0030,9460,9230,8930,871
4,8894,6144,2844,1213,7763,4763,3273,1703,0222,9282,8372,563
16,33015,72015,14515,15614,05112,93112,04711,28310,5089,9489,6989,020
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36 Successful Business
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37 Successful Business
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2,8942,7582,7232,4972,3072,1551,9971,8851,8101,5001,3941,326
2,6172,4792,2492,0801,8251,7771,7221,5281,3421,1340,9890,896.
0,4260,3910,4320,4870,4830,4700,4730,4170,4150,3480,3570,331
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1,5431,4971,4581,4831,2921,1951,1040,9521,1440,9840,9030,719
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38 Successful Business
, 8 (- 2013)
201120102009200820072006200520042003200220012000, %
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, (GGB) Bank of Cyprus Cyprus Popular Bank (Laiki), .
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39 Successful Business
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2012**2011201020092008200720062005,
18 15917 97917 40616 85317 15715 83014 43313 402,
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. 2012
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. 2010
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. 2008
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. -,
1 6341 1101 1061 5631 7891 8171 6981 566
10 1409 2316 3735 3553 7292 2231 1431 477-.
33 17731 11228 17927 44127 31219 22513 74212 101
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20 85820 72620 57621 53020 38919 04318 013 ,
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, , - , - , 71,42
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40 Successful Business
, 8 (- 2013)
2005
2012
12,1 33,2
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227,32 17,98
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-;
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41 Successful Business
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2011
2009
71% 129%
# -
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26
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b. , . , 2010 , , , - , , PASOK . - - , 2012 , , - , .
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-
42 Successful Business
, 8 (- 2013)
( 2012 )
2011 183%
- , . , 2011 52%. , - , (ELA). , .
d. , , . , - . , , - - . , - , - . .
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44 Successful Business
, 8 (- 2013)
, 80% 5%
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45 Successful Business
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2013
,
, - ( -) 2012, 2013, 2014 - () .
- , , - , .
-, , - . - .
/
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. the Official Gazette of the Republic.
, , (- ), - , - .
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.
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46 Successful Business
, 8 (- 2013)
, - . , - . , , , - () 1992 , - . .
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47 Successful Business
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. - 26 2012 , , 50 .
, , - , .
1992 (InTERnATIOnAl TRusT lAw Of 1992)
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Law of 2012 (the 2012 Law)).
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, -
,
-
48 Successful Business
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dTT * / **
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49 Successful Business
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- , , , - . - , - , .
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50 Successful Business
, 8 (- 2013)
* . ** 2,5%, . *3 , *4 $11 000. *5 $1800. *6 $10 400. *7 $8000.
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51 Successful Business
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( , ) (2011 )
49 544 .
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-
52 Successful Business
, 8 (- 2013)
, , - . , , , , - , , .
83 . 2 4
- - . , -, , - , . - (, ) , - . ? ?
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, - -, - 30 , - . , - 1994 . - , .
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53 Successful Business
www.cyprusrussianbusiness.com
453 3 207 3
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-
54 Successful Business
, 8 (- 2013)
2010 - , (Assessment of Undiscovered Oil and Gas Resources of
the Levant Basin Province, Eastern Mediterranean. USGS, March
2010).
, -
. , (, ) - , . , , - , .
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14 3 100 3
(100 3) . , , . , - , , - , -, , .
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17 8%. , , .
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, ,
, - .
29N
30N
31N
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-
55 Successful Business
www.cyprusrussianbusiness.com
100 1700
, .
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160 100 , 1700 6000 . (-) 16 , 375 , 1400 , 30 3.
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-, .
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(floating LNG systems), - . - , , Shell no. ? - , ?
. 3. - . , . . , 17.08.2010
-
-
6000
-
56 Successful Business
, 8 (- 2013)
,
. , .
(Vlad Popovici. The Levantine Basin: A Mediterranean Hydrocarbon
Saga Begins for Greece, Turkey, Cyprus and Israel.
Balkanalysis.com, January 13, 2012) , - , . , , - , , -, . - , ( ).
, , , , .
-, - - - . , - . , ,
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57 Successful Business
www.cyprusrussianbusiness.com
-
58 Successful Business
, 8 (- 2013)
-
, , - .
- , .
- www.cyprusrussianbusiness.com - - , , .
-
25 Columbia Plaza - . , .
21 -- . , , - .
, , - , , , , .
- . , - - .
, , , , , , , , Frixos Savvides, President, CIBA, Julia
Basharina, Coordinator, Successful Business magazine, Panicos
Demetriades, Governor, Central Bank of Cyprus
, Speech of Panicos Demetriades, Governor of the Central Bank of
Cyprus
, , Otkritie Finance (Cyprus)Alexander Kupriyanov, Director,
Otkritie FInance (Cyprus)
, , Ronin Europe, , , MDM LtdTatiana Elkina, Director, Ronin
Europe, Anna Romanenko, Director, MDM Ltd
, -,
George Demetriou, Vice President, Limassol Chamber of Commerce
and Industry
, , Philokypros Andreou, President, Limassol Chamber of Commerce
and Industry
-
59 Successful Business
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:
27-28 - -, - , , .
- , , .
, -- , (CIPA) , -- , . , , - . , , , -, , .
, , , -. - , -. , , , .
- , , , - . , - , , . - , 10%,
, Svetlana Bedrega,Deputy Mayor of Odessa
, Nikos Nouris, Deputy Mayor of Nicosia
, Phidias Pilides, President, CCCI
, (CIPA)Christodoulos Angastaniotis, President, CIPA
-
60 Successful Business
, 8 (- 2013)
. Alexey Kostusev, Mayor of Odessa
, , Vassiliades & Co LLCChristodoulos Vassiliades, lawyer,
Managing Director, Vassiliades & Co LLC
, , Deloitte (Cyprus)
Paul Mallis, Partner, Deloitte Cyprus
, , . Tatiana Markova, Head of Culture and Tourism Department,
Municipality of Odessa
. The meeting of the Cyprus delegation with the Mayor of Odessa
Alexey Kostusev and heads of departments of Odessa Municipality
- . The meeting of the Cyprus delegation with the Odessa Chamber
of Commerce and Industry
Phidias Pilides is giving the symbol of Cyprus to Alexander
Malin, the Lieutenant Governor of Odessa
-
61 Successful Business
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, , Anna Bila, Marketing Manager, Cyprus Tourism Organisation
Office in Ukraine
: , , , . Organizers of the Forum: Andrey Pavelko, Julia
Basharina, Natalia Kardash, Andrey Korneev. In the premises of the
Honorary Consulate of Cyprus in Odessa
Members of Cyprus delegation during official reception
celebrating the completion of the Forum
, MIBS Group, , Markos Shapanis, MIBS Group, and Alexander
Grabovsky, President, Odessa Association of tour operators and
travel agencies
, - , , Pavlos Pavlou, Vice President, University of Nicosia,
and Yury Titovets, Head of Cyprus representative office of
international diplomatic mission European Ukraine
, ,
, , Evagoras Vrionides, Ambassador of Cyprus in Ukraine, is
being interviewed by Odessa media
- , - . , .
-
62 Successful Business
, 8 (- 2013)
lA mAIsOn du VIn lAPOsTOllE
30 four Seasons - . - , La Maison du Vin.
-, . . - , , .
2012.
CyPRus Eu PREsIdEnCy summIT8-9 Cyprus-EU Presidency Summit
Leadership Strategy for Stability, Progress and Prosperity in
Europe. - , , , , , .
,
Demetris Christofias, President of Cyprus
-,
Erato Kozakou-
Marcoullis, Minister of Foreign Affairs
of Cyprus
, , , Vladimir Chizhov, Ambassador, Permanent Representative of
the Russian Federation to the European Union
, , , , , , , , , , , Marios Garoyian, President, Democratic
Party, Andros Kyprianou, General Secretary of the Central
Committee, AKEL, Nicos Anastasiades, President, Democratic Rally of
Cyprus, Yiannakis Omirou, President, EDEK
Alexandra Marnier Lapostolle and Victor Papadopoulos at the
opening ceremony
, , , Alfredo Bastianelli, Ambassador of Italy in Cyprus, Anna
Shusmkaya and Vyacheslav Shumsky, Ambassador of Russia in
Cyprus
Wine tasting
Gala Dinner
-
63 Successful Business
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THIRd lImAssOl ECOnOmICs fORum17 four Seasons
, 500 , , , .
, , . - : -, , -, .
, , , , Andreas Christou, Mayor of Limassol, Philokypros
Andreou, Chairman, Limassol CCI
, Nicholas Papadopoulos, Parliament of Cyprus
, c, Imperio Properties, , , Chrysses Demetriades &
Co.Yiannis and Antonis Misirlis, Imperio Properties, Demosthenes
Mavrellis, Partner, Chrysses Demetriades & Co. LLC
,
Medochemie LtdAndreas Pittas,
President, Medochemie Ltd
: , , CySECRight: Demetra Kalogirou, Chairperson, CySEC
,, , Andreas Neocleous & CoElias Neocleous, Lawyer, Partner,
Andreas Neocleous & Co
.: Forum participants. Right: economist and analyst Michalis
Sarris
. Forum participants
-
64 Successful Business
, 8 (- 2013)
20-
, , 11 20- . -, 1992 .
- 20- 19 . , - - - , - - , , , , , - , . , - .
, , FBME, , Guegam Ovakimian, Branch Manager, FBME, Andreas
Christou, Mayor of Limassol
, , Yuri Pianykh, Director, Cyprus Branch, ITERA
20- . Members of ARBC during the celebration of the 20 years
anniversary of ITERA
, , Laurus Services Limited, , , Sergey Bondarenko, Director,
Laurus Services Limited, Igor Nosonov, Chairman, Association of
Russian-speaking residents of Cyprus
20- The celebration of the 20th birthday of International group
of companies ITERA
, Vyacheslav Shumsky, Ambassador of Russia in Cyprus
, , Igor Makarov, Chairman of Board of Directors, ITERA
-
65 Successful Business
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yIAnnOs IOAnnOu jEwEllERy
2 30 , - . , XVII . , 40 , , , . . - , . , , , .
dEVERE gROuP .
24 . , , , deVere , .
200 , - , , , .
, , PKP Consultants, Photis Photiou, Partner, Founder, PKP
Consultants, with his wife
Showpieces of the exhibition
, -, , , , - Harris Thrassou, Chairman of the Cyprus-Russian
Friendship Association, Yiannos Ioannou, Kikis Kazamias and
Partasides, Cyprus-Russian Friendship Association
, , , , , , , Maria Paphiti, the organizer of the exhibition,
Andreas Christou, Mayor of Limassol, Vyacheslav Shumsky, Ambassador
of Russia in Cyprus, Yiannos Ioannou, the owner of the jewellery
shop
, -, JP Morgan Asset Management
UK & International SalesMark Riggall, Vice President
JP Morgan Asset Management UK & International Sales
, - .
-
66 Successful Business
, 8 (- 2013)
ORPHEus AfTER summER PARTy27
Orpheus After Summer Party, - . Dafermou Winery, . - , -
Orpheus.
- -, , .
, - - .
o , Imperio PropertiesYiannis Misirlis and Ino
Anastassiades,Imperio Properties
, Graffiti Lounge LimassolMarios Karmiotis with his wife
Elizaveta Veselova,Graffiti Lounge Limassol
: , Cyprus VIP ServiceAlex Gruntmanis, Cyprus VIP Service
, ReLux EstatesStelios Frangou with his wife Olga, ReLux
Estates
, Chris Tofi Real Estate Agency, , Orpheus TravelStefan Kovaevic
with his wife, Chris Tofi Real Estate Agency, and Elina Koroleva,
Orpheus Travel
, Orpheus TravelMaria Prokhorova,Customer of Orpheus Travel
, Orpheus TravelNatalia Lukian with her husband, Orpheus
Travel
Mikhail Ebanoidze with his wife Irina
, , Orpheus Travel, , Four Seasons HotelElena Narbuts, Roman
Starikovich, Orpheus Travel,and Nick Aristou, Four Seasons
Hotel
, Vyacheslav Shumsky,Ambassador of Russia in Cyprus
, , Alexander Anikin, Consul, Embassy of Russia in Cyprus
-
67 Successful Business
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, Orpheus TravelMaria Prokhorova,Customer of Orpheus Travel
- II - .
, . , () , .
, - II. , - , .
The official award ceremony
II Archbishop Chrysostomos IIis giving the Gold Order of Saint
Paul to Vladimir Potanin
The Gold Order
of Saint Paul
, Awards Certificate given to Vladimir Potanin
, IIParticipants of the church construction project, Vladimir
Potanin and Archbishop Chrysostomos II
-
68 Successful Business
, 8 (- 2013)
:
1 , , - . - .
5-9 2012 . 8- - . - - (IATR), .
, , , , , , Valery Zhigarev, ARBC, Vladimir Chizhov, Ambassador,
Permanent Representative of the Russian Federation to the European
Union, Yuri Pianykh, ARBC
, , -, , , , , Charis Thrassou, Chairman, Cyprus Russia
Friendship AssociationAlexey Rogalev, Rossotrudnichestvo,Konstantin
Kosachev, Director, Rossotrudnichestvo
, Stephanos Stephanou, Cyprus Government Spokesman
: , Right: Anatoly Lysenko, President, IATR
, , , , AlpariVyacheslav Shumsky. Ambassador of Russia in
Cyprus,Andrey Dashin, Chairman of the Board, Alpari
, Loucas Louca, Minister of Justice of Cyprus
-
69 Successful Business
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CIPA:
(CIPA) 2012 2013 , . : , , , . - , . , .
: , , Chrysses Demetriades & Co.Left: Christos Mavrellis,
Partner, Chrysses Demetriades & Co. LLC
, : , , , : , -, CIBAParticipants of the meeting. On the left
Thomas Kazakos, Director General, Cyprus Shipping Chamber, on the
right Chris Koufaris, ex-Director General, CIBA
, , CySEC,
,
Demetra Kalogirou, Chairperson, CySEC,
Sotos Zackheos, Russian Commercial Bank
, , , , Demetris Christofias, President of Cyprus, Panayiotis
Loizides, Secretary General, CCCI
, , Neoclis Sylikiotis, Minister of Commerce, Industry and
Tourism of Cyprus
, U.P.M. Limited, , , , , - CIPANicholas Theocharides, Chief
Executive Officer at U.P.M. Ltd, Natalia Kardash, Editor-in-Chief,
Successful Business Magazine, Sotiris Soteriou, ex-Director
General, CIPA
,-, CySEC,
,
, CIPAAndreas Andreou,
Vice-Chairman, CySEC, Marios Tannousis,
Senior Investment Officer, CIPA
, (CIPA), , , CIPAChristodoulos Angastaniotis, President, CIPA,
Charis Papacharalmbous, Director General, CIPA
-
70 Successful Business
, 8 (- 2013)
8 -
. - . - III. , , -. - , 15 . , - - - - .
Official arrival of the President of the Ukraine Victor
Yanoukovich
President Demetris Christofias meets the Ukrainian delegation
headed by the President of Ukraine Mr. Victor Yanoukovich
IIIWreath-laying ceremony to the pedestal of Archbishop Makarios
III memorial
Talks in the Presidential Palace in Nicosia
Signing of bilateral treaties and agreements
, , , Demetris Christofias, President of the Republic of Cyprus
, Victor Yanoukovich, President of Ukraine
Signing of bilateral treaties and agreements
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71 Successful Business
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- - -
, , . - 9 : , - , - . -- -, , . , ,
, Viktor Yanoukovich, President of Ukraine, Demetris
Christofias, President of the Republic of Cyprus
1) , Anatoliy Kinakh, Union of Industrialists and Enterpreneurs
of Ukraine
2) , , Panayiotis Loizides, Secretary General, CCCI
, Konstantin Grishenko, Minister of Foreign Affairs of
Ukraine
, , , Christodoulos G. Vassiliades & Co LLC, , Christodoulos
Vassiliades, Lawyer, Managing Partner, Christodoulos G. Vassiliades
& Co LLC,Vassos Shiarlys, Minister of Finance of Cyprus
- -Participants of the Cyprus-Ukraine Business Forum
1 2
- ( .)
14521,5
7403,9
4949,3
3652,5
3249,6
2505,2
2393,1
1749,7 -
1566,1
1071,5
123
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72 Successful Business
, 8 (- 2013)
CyPRus COngREss Cyprus Congress -
INTAX GROUP, -, - . 226 26 Amathus . - . - , , . Cyprus Congress
11-12 2013 Amathus Hotel, .
,
Phidias Pilides, President, CCCI
, Piraeus BankSymeon Symeou, Piraeus Bank
, , CIPA
Charis Papacharalambous, General Director, CIPA
From the presentation by Symeon Symeou
From the presentation by Eesh Aggarwal
, , International Business Banking, Laiki BankMiltos Michaelas,
Director, International Business Banking, Laiki Bank
, , Cyprus Fiduciary AssociationGeorge Savvides, President,
Cyprus Fiduciary Association
, , CySecDemetra Kalogerou, Chairperson of Board of Directors,
CySec
85,4 - 33%
59,8 - 34%
35,1 - 20%
33,3 - 19%
10,9 - 6%
7,2 - 4%
7 - 4%
59,6 - 23%
44 - 17%
12,9 - 5%
9,8 - 4%
8 - 3%
National Bank + Eurobank
National Bank + Eurobank
Alpha Bank + Emporiki
Alpha Bank + Emporiki
Piraeus + Ate + Geniki
Piraeus + Ate + Geniki
Popular Bank
Popular Bank
Bank of Cyprus
Bank of Cyprus
Hellenic Postbank
Hellenic Postbank
2%0%
5/10%0%
5%, 20% 100 . .
15% 0%
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73 Successful Business
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APHROdITE HIlls17 Intercontinental
( Aphrodite Hills) - (Luxury Russian Dinner). - : 400 , - .
: , , Right: Svetlana Kalogera, Branch Manager,Russian
Commercial Bank
, Baldinini S.r.l., , , Baldinini S.r.l., , , Saga Baldinini,
Marco Macori, Baldinini S.r.l., Gimmi Baldinini, owner of Baldinini
S.r.l., Sergey and Ludmila Serdyuk, co-owners, Saga and BALDININI
boutiques, Cyprus
Sergey Gorsky with his wife
, Benedict School, RussiaVictoria Alexandrova, Benedict School,
Russia
Gala Dinner Participants
, - Dmitry Labin, Moscow Chamber of Commerce and Industry
, , MDM Ltd, , , ABC InternationalAnna Romanenko, Director, MDM
Ltd, Dmitry Sloutsky, ABC International
-, , Tatiana Kuznetsova-Demetriou, Director, Arbat Store
, InterrosNevena Bagaeva, Interros
, Lolita Papacosta,Moi Ostrov
1) Galina Volodina
2) Mila Bojedomova
3) Anastasia Tolstaya
, , Headtrans Ltd, , ,Otkritie Finance (Cyprus)Irina Delgado,
Partner, Headtrans Ltd, Alexander Kuprianov, Director, Otkritie
Finance (Cyprus)
1 2 3
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74 Successful Business
, 8 (- 2013)
CIPA InTERnATIOnAl InVEsTmEnT AwARds
19 - CIPA International Investment Awards. - NCR (Cyprus) Ltd,
Lidl Cyprus, Alpha Capital Holdings (Cyprus) Ltd, Bernhard Shulte
Ship management (Cyprus) Ltd, Columbia Ship management, H.M.
Housemarket (Cyprus) Ltd (- IKEA ), Laureate International
Universities. - , Noble Energy. , (CIPA) , Noble - . 300 , VTTI , .
- . , . , 1972 Coopers&Lybrand. - .
, , - , , -, Michalis Sarris, Economist and Analyst, ex-Minister
of Finance of CyprusPhotis Photiou, Press Spokesman, Democratic
Party of Cyprus
(), - ,
, ,
Voici La Mode Michael Zambelas with his wife (left), Former
Mayor of
Nicosia, Artemis Antoniadou, Managing Director, Voici La Mode
Group of Companies
, , CIPAChristodoulos Angastiniotis, Chairman, CIPA
1) , , , , Peter Economides, Brand StrategistThomas Kazakos,
Director General, Cyprus Shipping Chamber
2) , , CIPACharis Papacharalambous, Director General, CIPA
, , , , Alfa Capital Holdings (Cyprus) Ltd, , , CySec Panicos
Demetriades, Governor, Central Bank of Cyprus, Dinos Hadjisavvas,
Alfa Capital Holdings (Cyprus) Ltd, Demetra Kalogirou, Chairperson,
CySec
1 2
, , KPMGAngelos Grigoriades,Partner, KPMG
, -, CIPA, , , Columbia Shipmanagement Ltd, , , KPMGChristos
Mavrellis, Vice Chairman, CIPA,Capt. Dirk Fry, Managing Director,
Columbia Shipmanagement Ltd, Andreas Christofides, CEO, KPMG
-
75 Successful Business
www.cyprusrussianbusiness.com
20 -21 : -, . . .. .
, Parthenon Trust, , , Hellenic BankZacharias Palexas, Parthenon
Trust, Iacovos Iacovidis, Phanis Pitiris, Hellenic Bank
, Titos Christofides, Counsil of Ministers,Under Secretary to
the President of Cyprus
, - , Solon Kassinis, Director of Energy, Ministry of Commerce,
Industry and Tourism, Cyprus
: . . , . 13 blocks: min and max depth, area
. From the presentation of Solon Kassinis
.
From
the presentation of Solon Kassinis
. From the presentation by Titos Christofides
, , , , Vyacheslav Shumsky, Ambassador of Russia in Cyprus, Yuri
Pianykh, Director, Cyprus Branch, ITERA
, , , , , . , , , - , , , . Igor Nosonov, Chairman, Vestnik
Kipra, Alexander Logunov, Professor, Chernomyrdin Moscow State Open
University, Kostas Guliamos, Vice Rector, European University
Cyprus, Evgeny Butko, Vice Rector, Chernomyrdin Moscow State Open
University
Turkey
Crete
Greece
Peloponese Cyprus
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76 Successful Business
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1. Cyprus As A Jurisdiction For Alternative Investment Funds And
Asset Management: ICIS Funds, Cyprus Alternative Investment Fund
Managers And MIFID Investment Firms
2. Tax Updates
3. New Vat Regulations On Invoicing With Effect From 01/01/2013
And Other Changes Which Came Into Force During 2012
4. Credit Cash Management
5. Administrators, Receivers And Liquidators
6. Accounting For Non Accountants
7. International Tax Principles
8. IFRS Updates And Advanced Applications
9. Profitable Market Analysis
10. A Global Perspective On Todays Insurance Challenges:
Solvency, Capitalization And Available Restructuring Tools (Free
Event)
1. Doing Business With China (March)
2. 5th E-Commerce Conference (March)
3. Commercial Property Conference (March)
4. 5th Professional Services Conference (March)
, . www.cyprusrussianbusiness.com. , -.
, - 2013
KmPg
ImH
for more information please contact: Persa PapademetriouTel:
+357 22 209 053 fax: +357 22 513 294
E-mail: [email protected]
for more information please contact: ImH Aigaleo 5, strovolos,
2057. Tel: +357 22505555 fax: +357 22679820
E-mail: [email protected]
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77 Successful Business
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1. Leadership (18-19 January)
2. Finance for Non-Financial Directors (5-7 February)
3. 360 Degrees Feedback (22-23 February)
4. Communicating Effectively (27 February)
5. Digital Display Advertising & Affiliate Marketing (5
March)
6. Principles of Investment Management (5-7 March)
7. Directors Role in Strategy & Marketing (6-8 March)
8. Managing People Successfully (13 March)
9. Managing Change, Complexity and Crisis (15-16 March)
10.Personal and Professional Development (20 March)
11. International Business Development and Promotion for Service
Companies (20-21 March)
CIIm
for more information please contact: CIImTel: +357 22462246
E-mail: [email protected]
www.ciim.ac.cy
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78 Successful Business
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60% 2 2011 I 2012
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79 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.
This issue focuses on the Memorandum with Troika and current
crisis in Cyprus. You will find an interview with former President
of Cyprus Mr. George Vassiliou and several articles on challenges
and opportunities the crisis brings, as well as a detailed research
on natural gas in the Mediterranean. Please, look at the pages
where we published photoreportages from the events where Vestnik
Kipra Communication Group acted as a media partner.
SUCCESSfUL BUSINESS is the only business magazine in Russian
language published in Cyprus. It comes out quarterly. In order to
keep our readers informed we update our website
(www.cyprusrussianbusiness.com) 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: suBjECTs COVEREd By THE mAgAZInE
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, Christmas fair.NGO: Association of Russian-speaking
residents of Cyprus.
Executive Summaries
Interview with george Vassiliou
during a Crisis Be Aware of The danger, But Recognize The
Opportunity
The Cyprus Bail-out: Challenges, Opportunities and lessons from
greece
new tax laws and regulations
summing up The year...Two Things Are Inevitable In life - death
And Taxes
Oil-And-gas Prospects of The Eastern mediterranean
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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80 Successful Business
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george Vassiliou:memorandum Is A guide To Action
To choose an interlocutor for this issue was easy to decide.
Proficient economist and analyst George Vassiliou formulated the
pros and cons of the memorandum, which Cyprus had signed with
potential lenders. Mr. Vassiliou clearly described what is
happening today in Cyprus. And, of course, having a lot of
experience and a wide breadth of vision, he was also able to tell
us about the underlying causes and consequences.
what happens to Cyprus today? what is the situation with its
economy? what can we expect in the future? It is impossible to
examine the Cypriot economy out of common scheme. But it is obvious
that Cyprus today is in a serious financial crisis. I consider that
the Memorandum offers the professional, serious and clear analysis
of the situation.
do you think the memorandum is a guidance document now? That is
simple. Businessmen in Cyprus, Cypriot and foreigners, were much
concerned about the uncertainty that existed in the past. That has
changed upon the Memorandum having been signed. In the first
instance, Cyprus remained in the EU and secondly, it allowed Cyprus
to follow its financial obligations; eventually Cyprus will apply
all necessary measures to become a competitive state.
The memorandum concerns taxation as well. How do you think it
will help the Cyprus economy to recover, if existing taxes are
raised or new taxes applied? Certainly, a lot shall be changed.
Taxes are paid in each and every country and in Cyprus as well. Of
course raising VAT to 18 percent is not ideal but lets remember
there are some countries where VAT is as high as 25 percent.
Therefore it would be unworthy to aggravate a situation. Just read
the Memorandum there are no cardinal changes to the Cyprus taxation
system written there.
There are thousands of Russians in Cyprus, who have lived and
worked here for a long time; what would you like to tell them?
Firstly, they should not worry about their deposits in the banks
those are state guaranteed and will be paid out if banks merge or
experience reforms. Secondly, the
functionality basics remain unchanged for the international
companies in Cyprus. Thirdly, during the last period correct steps
were taken to improve the economic situation in Cyprus. The country
will remain an attractive jurisdiction for international business.
And lastly, I hope that whoever the future president may be, he
will listen to my proposal about a casino in Cyprus.
what do you propose? Its simple: I suggest the opening of one
large casino and to give permission for several small casinos one
per each town. The casino revenues should be imposed by taxes, so
that the state may have the profit. This is live money, a good and
timely addition to the countrys current budget. By the way the
Memorandum has a special tax tariff on all kinds of gambling. what
do you think of Cyprus as an energy center? Im sure Cyprus will
become an energy center.
Please tell us in a few words about your research into
international business problems in Cyprus, which you started about
one year ago. The research is completed, but I have to add some
information about the financial crisis. Currently Im finishing off.
This is research about the steps to be taken to increase the
efficiency of the system and to help international companies. All
that I wish is that the new President will keep his promises. All
the candidates understand how important international business is
for Cyprus.
Please explain briefly what steps should be taken to make Cyprus
more attractive for international companies? Its important to
overcome the bureaucracy, to reduce the period of registration of
international companies, to guarantee that in case of any problems
they will get help sooner than what exists currently. But to obtain
all these, the system of a one-stop-shop should be imposed. This is
an authority of complex services which will be engaged only with
international companies affairs. The same applies with taxes; all
international companies will apply to the same authority. Only in
this way will international companies feel secure and reassured and
efficiency will increase.
EXECUTIVE SUMMARIES
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during a Crisis Be Aware of The danger, But Recognize The
Opportunity
The Cyprus Bail-out: Challenges, Opportunities and lessons from
greece
Sovereign debt crises always spark struggles between creditors
and debtors over who should suffer losses. Since the Greek crisis
exploded nearly three years ago, those fights have played out in
eurozone summits and finance ministers meetings and have been
covered feverishly by the global media. There are issues beyond
market forces that decide the direction of todays economic
environment and capital markets (i.e. geopolitical issues).
Monetary policy alone is not enough to deal with the situation We
cannot have a common currency, a common monetary policy, and leave
everything else to the states involved. That is why the 17 will
have to go further Mr Van Rompuy, Oct 2011. What action did
European leaders take and practically implement, in order to save
Europe? We are still waiting to see whether national interests are
above European Unions future. Cypriot Reality salvation or
damnation?Cyprus seems to be entering a course of agreement with
its creditors for the support program, with European officials
implying that it may take another few weeks for its finalization.
Only a slight outflow of deposits was observed, while on an annual
basis deposits increased 0.9% in the Cypriot banking system. All
the developments along with the banking restructuring in Cyprus
will affect the short term economic environment. Cypriot Banks need
to amalgamate (or merge) and there is room for only two local banks
on the island. The exact amount of the bailout cannot be determined
until after the PIMCO report (independent consultant hired by the
Central Bank) is completed. The country may need as much as 17.5
bln euros in aid (10 bln for the Banks and 6 bln euros to refinance
the state debt from 2013 to 2016 and 1.5bln euros to cover fiscal
deficits).
This article evaluates the basic elements of the Cyprus bail-out
package and compares how this programme and the fundamental
economic situation of Cyprus compare with that of Greece. It
concludes that if implemented properly and proactively by Cypriot
public authorities, this programme will have short-term recession
impacts, but over the long term will restore the competitiveness
and a disciplined fiscal framework to the Cypriot public sector. It
will no resolve the fundamental risks that the Cypriot economy
accrues as an international financial centre. And it contains
significant implementation risks which will spill over into the
general economy and affect future national priorities, including
the development of the offshore oil and gas sector. The Cyprus Bail
Out, or the extension of emergency loans from the Troika in
exchange of austerity as a condition of the loans, has not yet been
agreed by the time this article goes to press. Although the
conditionality document was released to press, the implementing
laws have not yet been voted on, and negotiations between the
Government of Cyprus and the Troika continue. Furthermore, the
precise terms of the loan agreement remain undefined. Press reports
indicate a loan agreement of between EUR 14 and 17.5 billion is
under consideration, and that the following loans are being
negotiated: a. EUR 10 bln will be used for bank recapitalisationb.
EUR 6 bln to refinance existing government debt between 2013-2016c.
EUR 1.5 bln to cover state deficits.The Cypriot Minister of
Finance, Vassos Shiarly, has indicated that an interest rate of
2.5% and a loan term of 30 years are being considered. The
Parliament of Cyprus is debating the first of several bills
translating this loan conditionality into national law. Ultimately,
the current government has been forced to sign a challenging
bail-out deal. The next government will have to implement it,
unless a cross-party effort is made to address the very serious
structural and fiscal challenges in the Memorandum but also in the
wider economy.
Costas Stylianou, Head of International Division, Alpha Bank
Cyprus
Philip Ammerman, Consultant, Managing Director, Navigator
Consulting Group Ltd
Executive summaries
new Tax laws and Regulations
Cyprus IP Box regimeIn essence Cyprus IP Box regime allows a
deemed expense deduction of 80% from net IP related income, which
results in an effective tax rate of 2% on the profits that fall
within the scope of the regime and an (accelerated) 5 year tax
amortization period of qualifying IP.deductibility of interest
expense related to the acquisition of sharesUnder the changes to
the tax law interest incurred in connection with the acquisition
(directly or indirectly) of shares in a 100% owned subsidiary
company as of 1 January 2012, shall be deductible for Cypriot tax
purposes.Profits subject to deemed dividend distribution rulesFor
the purposes of arriving at the profits subject to the deemed
distribution rules, any capital expenditure incurred on the
acquisition of plant and machinery (excluding private saloon cars)
and buildings during the years 2012, 2013 and 2014 is deducted from
the after tax profits.group loss reliefThe changes allow a company
incorporated by its holding company during the relevant year of
assessment to be considered as being a member of the same group for
the whole year of assessment for the group loss relief purposes
(under existing rules the subsidiary has to be a member of the
group for the whole tax year).VAT on construction/acquisition of
residential propertiesThe VAT law provisions regarding the
application of the reduced rate of 5% on the construction/
acquisition of residential property in Cyprus which is to be used
as their primary and permanent place of residence, have been
extended, so as to include acquisitions by individuals who do not
ordinarily reside in Cyprus, but acquire property to be used as
their residence whilst in Cyprus.land Registry Office feesThe law
providing for the exemption from transfer fees on sales made after
2 December 2011 in case the immovable property is subject to VAT
and 50% exemption in case of first sale, has been extended until 31
December 2012.
Neophytos Neophytou, Partner, Head of Tax, Ernst & Young
Cyprus
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Two Things Are Inevitable In life - death and Taxes
Benjamin franklin
Oil-and-gas Prospects of The Eastern mediterranean
Any state shall live on something, and the main source of its
income is the tax system. Thus the main source of tax revenues are
taxes on labor - almost half of all taxes in the EU.The most
striking example of this is income tax. There is not only the
financial function of income tax, but also the social function. The
purpose is to smooth over the disadvantages of taxation and involve
the wealth segment of people in greater participation for the
fulfillment of the tax burden.Cyprus has a progressive rate of
income tax.In addition, from January 1, 2012 there exists a
temporary tax. And over the next two years, those who work in the
private sector are required to make contributions to the state
budget on the basis of salary. This fee is calculated as a
percentage of gross salary and paid by both employees and
employers.where does the money go?Income tax is the main source of
income of developed countries (50% of total tax revenue) and it
accounts for all kinds of social programs: free housing and
scholarships, social benefits and payments to the indigents.And who
does not pay?Zero or very low income tax rates in some countries
exist for several reasons:First, the population of these countries
is very low. Second, they either do not have social protection
systems (Cayman Islands), or have other sources of funding.
How much oil and gas could be found there?The oil-and-gas
prospects of the Eastern Mediterranean is extremely high, something
that was first mentioned by Russian scientists-geologists 30 years
ago, according to the first hydrographic and regional geophysical
works results. We are talking about the Levantine sedimentary basin
(former Phoenician concave).The geological recourses of
hydrocarbons of Levantine basin could be valued at 4 billion tons
of oil equivalents; extracted by modern methods of natural
occurrence exploitation, these could be valued at 3 billion tons of
oil equivalents where there is 300 million tons of oil and 2,7
trillion cubic meters of gas.How much has been found?Huge recourses
of Israeli Leviathan field (453 billion cubic meters of gas and
probably 500 million tons of oil) and Tamar (207 billion cubic
meters), Dalit (14 billion cubic meters), Cypriot Aphrodite deposit
(100 million cubic meters) are well-known nowadays. However, we
shouldnt forget all the great numbers are not proven reserves that
have been counted by tough western standards yet but the forecasts
of expected stocks, opinions of the operating companies that are
based on interpretation of seismic information and information from
the one or two drillings only. Ecology of Eastern
mediterraneanPlease dont forget and about the ecological problems
inevitably resulting in conducting exploration and production
operations at sea. Deep-sea drilling is performed from a vessel or
from fixed platforms, whose supports are mounted on the seabed. As
a result, drilling is inevitable creating local discontinuity of
seabed, sometimes at a very considerable depth. Boring liquid is
pumped into the oil well, liquid contains chemical components which
relieve the process of drilling. From the depth of the oil well
highly mineralized hydrothermal solutions and oil are penetrating
into the surface of the bottom of the sea. They pollute not only
the surface but the water column, and the sea surface for many
kilometers around.
Igor Shlykov, Economic Analyst
Yury Pashkov, ex-Advisor to UN in Cyprus, Marat Modelevsky,
Consultant
EXECUTIVE SUMMARIES
summing up The year...
This year was marked by significant developments made on the
Cypriot legal front. Of particular importance were the changes made
to the countrys migration provisions as they related to
third-country nationals, the modernization of the International
Trust (Consolidated) Law of 1992, the adoption of a Yacht Leasing
Scheme, and the signing or ratification of a number of double tax
treaties. Amended migration Provisions Relating to Third-Country
nationalsA new and accelerated procedure for attaining immigration
permit F was introduced this year, to be applied in cases where
third country nationals are intent on investing in the islands
property market. The showing of a secured minimum annual income of
30.000 from sources other than employment in Cyprus. The submission
of the title of ownership or the contract of sale for a Cypriot
property with a minimum market value of 300.000. The submission of
a letter from a Cyprus bank confirming a minimum deposit of 30.000
which shall be blocked for a period of three years. The submission
of statement confirming that the applicant does not intend to work
in Cyprus.In short, the brevity with which these applications are
processed, coupled with the fact that a resident need only visit
Cyprus once every two years in order to maintain his residency, has
made Cyprus an ideal country for establishing simple and seamless
residency. Adoption of yacht leasing schemeSpecifically, the March
2012 guidelines have effectively reduced the VAT rate applicable to
yachts by introducing a scheme for the leasing of leisure boats
including sailing and motor yachts. Prior to the implementation of
the scheme, the standard services rate of 17% was applied. On the
basis of the new Yacht Leasing Scheme, the effective VAT rate for
yacht registration in the EU may be reduced to as low as 4.42
%.
Christodoulos Vassiliades, Managing Partner, Christodolous G.
Vassiliades & Co
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Oil-and-gas Prospects of The Eastern mediterranean
The economic adjustment programme will address short- and
medium-term financial, fiscal and structural challenges facing
Cyprus. The key programme objectives are: to restore the soundness
of the Cypriot banking sector by thoroughly restructuring,
resolving and downsizing financial institutions, strengthening of
supervision, addressing expected capital shortfall and improving
liquidity management; to continue the on-going process of fiscal
consolidation in order to correct the excessive general government
deficit, in particular through measures to reduce current primary
expenditure, and maintain fiscal consolidation in the medium-term,
in particular through measures to increase the efficiency of public
spending within a medium-term budgetary framework, enhance revenue
collection and improve the functioning of the public sector; and to
implement structural reforms to support competitiveness and
sustainable and balanced growth, allowing for the unwinding of
macroeconomic imbalances, in particular by reforming the wage
indexation system and removing obstacles to the smooth functioning
of services markets.
1. financial sector regulation and supervisionKey ObjectivesThe
banking sector has been severely affected by the broader European
economic and sovereign crisis, in particular through its exposure
to Greece. However, many of the problems for the sector are
home-grown and relate to overexpansion in the property market as
consequence of banks poor risk management practices. Furthermore,
the financial sector is vulnerable because of its size relative to
that of the domestic economy. The handling of problems in the
sector has been complicated by the sensitivity of collateral
valuations to property prices, and banks have used certain gaps in
the supervisory framework to delay the recognition of loan losses,
thus leading to significant under-provisioning. The banking sector
needs to be thoroughly reformed and restructured in depth in line
with state-aid rules. The solvency of viable banks will be
reinforced by restoring capital, their liquidity situation will be
addressed, the non-performing assets will be tackled, and financial
regulation and supervision, including those of the cooperative
credit institutions, will be strengthened along with the crisis
management mechanisms.
mEmORAndum Of undERsTAndIng On sPECIfICECOnOmIC POlICy
COndITIOnAlITy
Non-viable institutions will be resolved. At the end of the
restructuring process