Cyprus is building an investment fund sector which will reinforce its role as a tax-effective offshore headquarters.
NEW FUNDS LEGISLATION ADDS NEW DIMENSION
The Central Bank of Cyprus has changed its policy to allow, under exchange control laws, the registration of offshore collective investment schemes. The move into the offshore investment fund sector has already been accompanied by interesting public offerings which have attracted investors from abroad.
The growth of a competitive fund manage-ment sector will complement established offshore companies and trust sectors and provide further flexibility in channelling invest-ment through Cyprus to various regions including eastern Europe.
