The Cyprus Funds Roadshow – presenting the opportunities offered by the new Cyprus law on investment funds

A team from our firm, led by managing partner Elias Neocleous, played a key role in the Cyprus Funds Roadshow, which took place on 19 September 2018 at the Thomson Reuters Auditorium in Canary Wharf, London.

The event presented the opportunities that Cyprus offers following the enactment of the new law on alternative investment funds on 30 July 2018. An audience of more than 100 senior fund managers, professional service providers and representatives of financial institutions and other institutional investors based in the UK attended the event. The speakers included Ms Demetra Kalogerou, Chair of the Cyprus Securities and Exchange Commission, who gave an overview of regulatory matters affecting the Cyprus funds sector and prospective changes to the regulatory environment.

Michael Pelosi, Legal Counsel at our firm, introduced the audience to the Registered Alternative Investment Fund (RAIF), a new, flexible structure introduced by the new law. A RAIF does not require local licensing and has no minimum capital requirements; it can be a single fund or have an “umbrella” structure, and its advantages include speed and ease of establishment, low costs and a favourable tax and regulatory regime.

Participants came away from the event fully informed of the advantages of Cyprus as a base for fund managers and funds, and of the structuring options and practical considerations for any relocation. With a wide range of benefits including regulatory simplicity and legal certainty under EU law, a benevolent taxation system and remuneration incentives for executives as well as the EU passporting right for cross-border provision of services, Cyprus is set to become a highly-competitive alternative to traditional funds jurisdictions.

If you would like a copy of Michael’s presentation on the new fund structuring option of RAIFs , or for any further information, please contact Michael Pelosi, Dimitris Papoutsis or your usual contact at Elias Neocleous & Co LLC.