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Prominent Cyprus-US Businessman Dinos Iordanou Passes Away

by THEFUTURE.TEAM

June 17, 2024

Constantine (Dinos) P. Iordanou, a prominent Cyprus-US businessman, passed away suddenly on June 16 at the age of 71. Iordanou was a respected figure in both the Cypriot and American business communities. He served as an independent non-executive member of the Board of Directors of the Bank of Cyprus and chaired its Audit Committee. His illustrious career in the United States included senior positions at major insurance firms such as AIG, Berkshire Hathaway, and Zurich Financial Services. He was the chairman and CEO of Arch Capital Group until his retirement in 2019.

Iordanou’s career was marked by significant achievements and contributions to the insurance and finance industries. At Arch Capital Group, he played a crucial role in the company’s growth and success, establishing it as a leading global insurance and reinsurance provider. His leadership and strategic vision were instrumental in driving innovation and profitability.

In addition to his corporate roles, Iordanou was actively involved in philanthropic efforts and community development. Recently, he was engaged in the development of a new stadium for APOEL, a prominent football club in Cyprus, reflecting his commitment to supporting local initiatives and sports infrastructure.

Iordanou’s passing is a significant loss to the business world and the communities he served. His legacy is characterized by his dedication, leadership, and the positive impact he had on the organizations and people he worked with. He leaves behind a lasting influence on the insurance industry and a strong example of cross-continental business success.

New Decrees For Blue Card And Foreign Students: Key Changes And Implications

by THEFUTURE.TEAM

December 20, 2024

The Ministry of Labor and Social Insurance has announced a series of new measures aimed at addressing the increasing demands of Cyprus’ labor market. These initiatives are designed to attract highly skilled professionals from third countries and broaden employment opportunities for foreign students in select fields, as outlined in the recent Decrees published in the Official Gazette of the Republic.

Attracting Skilled Professionals

One of the key updates is the introduction of a minimum annual salary for foreign professionals, which has been set at €43,632, 1.5 times the average gross annual salary in Cyprus. This salary threshold applies to individuals coming to work in sectors such as Information and Communication Technologies (ICT), pharmaceuticals for research purposes, and maritime industries (excluding skippers and crew).

Expanded Employment Options For Foreign Students

The new regulations also provide an update on the employment rights of foreign students. From December 2024, students from third countries will be able to work in Cyprus, with the new rules replacing the previous March 2024 start date.

Students studying ICT who have completed their first academic semester will be eligible to work in occupations related to their field of study, thereby gaining practical experience while pursuing their education.

In response to critical sector shortages, the regulations also clarify the specific occupations and salaries that Blue Card holders—third-country nationals—will be eligible for in Cyprus. The Blue Card, in line with the European Directive, allows highly skilled professionals to live and work in EU member states.

Strengthening The Labor Market and Economy

These updates are expected to bolster the supply of specialized workers in key sectors, addressing existing gaps and promoting the continued growth of Cyprus’ economy. At the same time, the new measures offer foreign students enhanced opportunities for professional development, facilitating their seamless integration into the country’s workforce.