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ARTICLE · 14 SEPTEMBER 1999

Cyprus International Collective Investment Schemes

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CyprusLitigation, Mediation & Arbitration
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By Elias A. Neocleous of Andreas Neocleous & Co, Limassol

Cyprus has long been used by fund promoters to domicile sub-funds in the form of local subsidiaries to take advantage of the beneficial provisions of the island’s double taxation treaties with 26 countries including many emerging markets, such as Central and Eastern Europe, CIS, India and China. Cyprus’ legal and regulatory framework did not allow the creation of open-ended investment funds and it was only possible to set up funds in the form of closed–end companies which are only suitable for limited purposes. This has changed with the enactment in May 1999 of the International Collective Investment Schemes Law No. 47(I)/99 ("the Law") which has effectively rendered Cyprus an appropriate domicile choice in the global fund industry.

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