Anastasiades: Government to Support Growth of Financial Sector

19:47 - 06 Ιουλίου 2016

President of the Republic Nicos Anastasiades has assured that his government will continue to actively support the growth of the financial services sector in Cyprus, the Cyprus News Agency reports.

Addressing on Tuesday evening a gathering at the Presidential Palace on the occasion of the 20th anniversary of the establishment of the Cyprus Securities and Exchange Commission, he said that Cyprus “is emerging stronger than ever from an unprecedented crisis and our journey along the road to recovery has been faster than anyone could predict three years ago”.

The President remarked that despite the economic difficulties that “we have faced, our country’s comparative advantages not only remain intact, but have been further enhanced and expanded, setting them apart from most investment destinations” which include a significant network of Agreements for Avoidance of Double Taxation, a highly qualified and professional workforce, a fully EU harmonised tax and legal system and one of the lowest and most competitive corporate tax rates in Europe at 12.5%, making Cyprus an attractive investment destination, and a highly competitive centre for international businesses, offering a platform for operations and preferential access to markets like Europe, Middle East, North Africa and Asia.

Furthermore, he said, through the introduction of decisive and effective structural changes and the significant reductions achieved in costs and operating expenses, the already attractive investment destination that Cyprus is, has now become considerably more competitive and efficient.

The Government, President Anastasiades said, is currently implementing a series of measures, which include the simplification of procedures for the faster issuing of permits and licensing of investment projects and operation of businesses, as well as the speedier granting of residence permits to foreign investors.
He praised the Cyprus Securities and Exchange Commission contribution in all these years, noting it assists the efforts of the Government to demonstrate that we are well-equipped, determined and able to overcome the challenges which lie ahead.

President Anastasiades expressed certainty that the Cyprus Securities and Exchange Commission will continue its proactive efforts to further upgrade the national framework for the supervision and regulation of the investment services sector.

He also pledged the Government`s commitment to fostering the capacity and abilities of the Cyprus Securities and Exchange Commission with increased personnel posts and enhancing its legal framework for the investment funds sector.

He praised the Chairman of the Cyprus Securities and Exchange Commission, Demetra Kalogerou, as well as the board and personnel of the Commission, for their hard work and efforts in establishing a well-regulated and supervised securities market in Cyprus.

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