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Bank of Cyprus Prepares for Athens Stock Exchange Listing

by THEFUTURE.TEAM

September 9, 2024

The Bank of Cyprus, a leading financial institution in Cyprus, is making significant strides towards listing on the Athens Stock Exchange, buoyed by a steady rise in its stock value. This move marks a pivotal moment in the bank’s history, reflecting its ambition to further solidify its position as a major player in the regional financial market. With its shares climbing in value, this strategic decision signals a renewed confidence in the bank’s long-term prospects, and it is set to attract increased investor interest from across Europe.

A Well-Timed Strategic Decision

The bank’s decision to pursue a secondary listing in Athens comes at a time when its stock has been performing well. According to recent reports, the stock has experienced a noteworthy rise of approximately 36% this year alone. This surge in value has not only enhanced the bank’s market capitalisation but has also reinforced its appeal to a broader investment base. The secondary listing is expected to provide the bank with access to a more diversified pool of investors, particularly in Greece, which remains an attractive market due to its relative proximity and economic ties with Cyprus.

CEO Panicos Nicolaou, who has been at the helm of the Bank of Cyprus since 2019, has led the institution through a period of stabilisation and growth. Under his leadership, the bank has navigated various challenges, including the economic impacts of the COVID-19 pandemic and the broader pressures on the European banking sector. The listing in Athens aligns with Nicolaou’s vision of expanding the bank’s footprint while enhancing its shareholder value.

Confidence in the Market

The timing of this move appears to be well-calculated. The Greek economy, despite facing headwinds in recent years, has shown signs of recovery, with improved investor sentiment and gradual economic reforms. By listing on the Athens Stock Exchange, the Bank of Cyprus is positioning itself to tap into this positive momentum, while also enhancing its visibility and liquidity in the European financial markets.

Moreover, the rising stock price reflects increasing confidence from existing investors in the bank’s strategic direction. As the Bank of Cyprus continues to bolster its balance sheet and improve operational efficiency, its approach to expansion appears to be paying off. The move to Athens is expected to further fortify the bank’s reputation and could potentially unlock new opportunities for growth in the coming years.

Cyprus Showcases Its Business Advantages At 2024 London Event

by THEFUTURE.TEAM

December 5, 2024

Cyprus seized the opportunity to present itself as a premier destination for high-net-worth individuals (HNWIs) at the ‘Non-Doms: The Cyprus Private Client Offering Gathering 2024,’ held at the iconic London Stock Exchange. The event attracted over 150 participants, including professionals from the UK and experts from Cyprus, all gathering to explore Cyprus’ business advantages.

The gathering aimed to strengthen ties between the international investment community and Cyprus, highlighting the island’s competitive tax regime and wealth management opportunities. The central focus was Cyprus’ strategic appeal for non-domiciled residents, particularly as changes to the UK’s tax framework prompted many HNWIs to reconsider their tax and residency options.

A Shift in Global Tax Dynamics

With the UK government’s decision to abolish its long-standing non-dom tax regime, Cyprus stands poised to become an attractive alternative. The UK’s new residence-based system, set to take effect in April 2025, could direct more wealthy individuals and businesses toward jurisdictions like Cyprus, known for its fiscal benefits and strategic location in the Eastern Mediterranean.

Marios Tannousis, CEO of Invest Cyprus, and George Pantelis, former Director General of the Finance Ministry, addressed how Cyprus is uniquely positioned to capitalize on this shift. Their presentations underscored the island’s stability, tax benefits, and favorable environment for both personal wealth and corporate operations.

Key Highlights from the Conference

One of the highlights of the event was the panel discussion titled “Cyprus: A Destination of Choice for HNWIs, Their Families, Companies, and Employees.” Experts like Christos Neokleous, Consultant at Tsirides Law, outlined the simplicity of doing business in Cyprus, emphasizing the ease of setting up companies and understanding the regulatory environment.

Andreas Andronicou, Partner at PwC Cyprus, discussed the significant tax advantages for both individuals and corporations looking to operate from Cyprus, especially within the European and global markets. The country’s legal framework, based on the English Common Law system, was another focus, with Melina Dionysiou, Director/Head of Corporate at Totalserve, explaining its business-friendly aspects.

A Strategic Business Environment

Cyprus’ status as an international business hub is further reinforced by its competitive tax rates, skilled workforce, and advantageous legal system. These factors, combined with its prime location, make it an ideal choice for companies seeking to expand into new markets. Moreover, the conference highlighted the island’s growing appeal to foreign investors and companies, with opportunities ranging from tax-efficient corporate structures to residency-by-investment programs.

As the world moves toward greater tax competitiveness, Cyprus is keen to attract international clients seeking efficiency and flexibility. This year’s event comes at a crucial moment, as the UK’s changes to its non-dom tax regime create new openings for Cyprus to solidify its position as a leading destination for wealthy individuals and businesses.

Global Appeal for High Net-Worth Individuals

Cyprus’ tax benefits, wealth protection solutions, and modern legal structures were the focal points of the final panel, which also explored investment opportunities on the island. Experts such as Sara Eojourian, Head of Wealth Management at Athlos Capital, discussed the array of investment solutions that Cyprus offers, particularly for HNWIs. These services not only provide personalized wealth management but also come at competitive costs, making them an attractive option for international investors.

Conclusion: Cyprus, an Attractive Option for International Clients

In conclusion, Cyprus is increasingly recognized as a top destination for both high-net-worth individuals and international businesses. Thanks to its competitive tax system, business-friendly legal environment, and strategic location, Cyprus is solidifying its status as a prime hub for foreign investment. As global tax policies continue to evolve, Cyprus remains well-positioned to provide attractive opportunities for clients and businesses seeking stability, efficiency, and significant fiscal benefits.