Apex Fund Services Cyprus, Limassol

Cyprus, Limassol

Anthony O' Driscoll,
Managing Director
Email: anthony@apexfunds.com.mt
Tel: +356 21311330

Apex Co. Services (Cyprus) Ltd.

The time in Limassol, Cyprus is

Cyprus has historically been one of the fastest growing countries in the European Union, and has transformed itself into one of the Mediterranean’s most dynamic international business and financial centers, bridging three continents and offering world-class services in a tax-efficient and stable environment. Cyprus is a well-regulated jurisdiction, with transparency, disclosure and risk management high up on the agenda of the Central Bank of Cyprus.

 

Hedge fund managers are looking cautiously at new regulations, as well as at tax and cost factors which affect their ability to raise funds and produce returns for their clients. This has, and will continue to result in hedge fund managers reassessing the jurisdictions in which to domicile. We are seeing increasing trends of hedge funds registering in alternative European jurisdictions, such as Ireland and Luxembourg. Cyprus is in a strong position to participate in this trend, and in the current climate, the government and the private sector are taking this opportunity to promote the country as a key jurisdiction in which to set up and regulate funds.

 

On 5 July 2013 Cyprus transposed the AIFMD by means of legislation. On 22 July 2013 the EU Level II Regulation (“Regulation”), which substantiates AIFMD provisions and is directly and uniformly applicable in all EU Member States (“EU MS”), became applicable in Cyprus

 

The AIFMD brought with it a radical transformation in the alternative investment fund industry from an EU regulatory perspective when it came into effect on 22 July 2013.

 

The Directive has imposed a licensing and regulatory compliance framework on the managers of alternative investment funds which are managed or marketed in the EU. Its provisions have affected EU AIFMs managing and marketing AIFs in the EU, non-EU AIFMs managing EU AIFs and non-EU AIFMs marketing AIFs in the EU.

 

Cyprus offers some key advantages to AIFMs and AIFs reconsidering their structure and arrangements. AIFMs and AIFs operating from Cyprus will benefit from low tax burdens levied on Cyprus-based corporations. Further, non-Cypriot investors in Cyprus AIFs will, at the time of a redemption from, or distribution of, a Cyprus AIF, benefit from an extensive double-taxation treaty network in place in Cyprus as well as all applicable EU Directives.

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