Breaking news

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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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.

The Future Forbes Realty Global Properties

Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.