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New Legislation To Bolster Cyprus’s Position In Collective Investment Schemes

by THEFUTURE.TEAM

July 2, 2024

The Cyprus Investment Funds Association (CIFA) recently announced a new legislative initiative aimed at strengthening Cyprus’s position in the global arena of collective investment schemes. As reported, this development marks a significant step forward for the Cypriot financial sector, positioning it as a more competitive and attractive destination for investment funds.

Overview of the Legislation

The new legislation introduces several reforms designed to enhance the regulatory framework governing collective investment schemes in Cyprus. These reforms are intended to align Cyprus with international best practices, ensuring that the country remains an attractive and competitive location for fund managers and investors.

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Key aspects of the legislation include:

Enhanced Regulatory Oversight: The new measures will bolster the regulatory oversight of investment funds, ensuring greater transparency and accountability. This will help mitigate risks and protect investors, fostering greater confidence in the Cypriot financial market.
Streamlined Processes: The legislation aims to simplify administrative procedures, making it easier and more efficient to establish and operate investment funds in Cyprus. By reducing bureaucratic hurdles, the country can attract more fund managers and streamline operations for existing ones.
Tax Incentives: To further attract international investment, the legislation includes provisions for favourable tax treatment of investment funds. These incentives are designed to make Cyprus a more appealing jurisdiction for collective investments, enhancing its competitive edge in the global market.
Innovation and Flexibility: The reforms promote innovation within the investment funds sector by providing greater flexibility in fund structures and operations. This includes accommodating a variety of investment strategies and asset classes, which can attract a broader range of investors.

The introduction of this legislation is poised to have several positive implications for Cyprus’s economy and its financial sector.

The financial industry in Cyprus has welcomed the new legislation, recognising its potential to drive growth and enhance the country’s position in the global investment landscape. The Cyprus Investment Funds Association (CIFA) has been a key advocate for these reforms, highlighting the benefits they bring to both local and international stakeholders.

Industry experts anticipate that the reforms will attract a new wave of investment funds to Cyprus, leveraging the country’s strategic location, skilled workforce, and favourable business environment. The legislative changes are seen as a proactive move to adapt to the evolving global financial landscape and meet the needs of modern investors.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.