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Limassol — RCB Bank announced last week that it will cease operating as a bank and would become an asset management company. The bank cited the “ongoing and extremely volatile geopolitical situation” as the key reason for its transformation and adoption of a new business model, despite its ample liquidity and capital, saying that this...
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Cyprus’ GDP could be affected by between 1.5-2% during 2022 if Cypriot airspace remains closed to Russia for the entirety of 2022, rating agency DBRS Morningstar reported yesterday. “DBRS Morningstar estimates that Cyprus could lose 1.5-2% of Gross Domestic Product (GDP) in 2022 if the airspace closure is maintained for the whole year,” the report...
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Nicosia — The ERGANI Information System entered into force on 13 September 2021, with the aim of combating illegal and undeclared work in Cyprus. The new online system obliges employers to register themselves and their employees with Social Insurance Services electronically, at least one day before the start of employment. Specifically, the application for registration...
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Following the transposition of the 5th European Anti-Money Laundering Directive at a national level, Cyprus has introduced a central Register of Beneficial Owners, which will be kept by the Department of the Registrar of Companies and Official Receiver. All natural persons who ultimately own or control, either directly or indirectly, more than 25% in a...
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Limassol — Managing Director of Chelco VAT Ltd, Alexis Tsielepis offers his assessment on what lies ahead in Value Added Tax (VAT) in an article in the Financial pages of Greek-language Phileleftheros newspaper on Sunday, 4 July 2021. Titled ‘VAT: Urgent and Important’, Tsielepis outlines in the article the many challenges VAT currently poses and...
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Nicosia — The Cyprus Securities and Exchange Commission (CySEC) issued last week a directive in relation to the registration of Crypto-Asset Service Providers (CASPs) on the island. In the context of the implementation of pan-EU requirements including CASPs under the 5th AML Directive, Cyprus recently updated its definition of obliged entities under the Prevention and...
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New York — The cryptocurrency market capitalization hit an all-time peak of $2 trillion earlier this week, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors. The surge was led by bitcoin, which hit its own milestone by holding at...
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Nicosia — Cyprus had €8.58 bln in Funds and Assets Under Management in the 4th quarter of 2020, up by 10.3% from the 3rd quarter and an increase of 3.8% from the last quarter of 2019, the island’s financial services regulator, CySEC, stated in its quarterly report. The Cyprus Securities and Exchange Commission (CySEC) said...
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Nicosia — Cyprus plans to reopen its airports with a colour-coded health risk assessment system from 1 March 2021, applicable to travellers from many of its main tourism markets and the European Union. The island has adopted a traffic-light system for EU member states and third countries such as Britain, Russia and Israel that are...
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Cryptocurrency believers and sceptics alike are in for a treat. The Cyprus Fiduciary Association (CYFA), of which Chelco Management Services is a member, is organising on Friday, 29 January 2021 a half-day webinar on digital currencies. The webinar will be delivered by Limassol entrepreneur and financial risk analyst, Evis Zenios, who will present the fairy-tale...
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