The investment management sector is developing rapidly in Cyprus, with the number of licensed Cyprus Investment Firms (CIFs) currently amounting to more than 100. The existing legal and tax framework makes Cyprus an attractive place for establishing a CIF, as it offers the lowest corporate tax rate in the EU as well as a “single passport” to provide investment services across the EU.
It is critical, however, for a CIF which operates under an authorisation granted by the Cyprus Securities and Exchange Commission (CySEC) to be adhering, on an ongoing basis, to the Laws and Directives applicable to CIFs.
PwC has wide experience in this field, as since 2004 we have assisted a large number of CIFs in their effort to obtain an authorization from CySEC, to “passport” their license to other EU jurisdictions and to comply with local legislation and CySEC’s directives. We are also acting as the internal auditor for a large number of CIFs.
PwC’s leading position as a provider of services to CIFs, gives you the advantage to talk to people who are experts not only in their specific field but in your industry as well. Our service offering includes:
• Assistance with the licensing application for the provision of investment services
• Internal Audit services
• Capital Adequacy related services
• Ongoing support for regulatory compliance
• Legal, accounting and auditing support