Successful Busines 8

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Cyprus-Russian Successful Business magazine 8 - 2013

www.cyprusrussianbusiness.com

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3 Successful Business

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ExEcutivE summariEs

This is a special section for businessmen who do not speak Russian. At the end of the magazine there are summaries (in English) of all major articles of the issue.

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6

, 8 (- 2013)

2013 2013 5,86 7,01

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H

S S

N

V

A A

V

A

CIPA,-

Christodoulos Angastiniotis President, CIPA,

Vice-president, CCCI

Contributors

A

,Hellenic Bank

Antonis CharitouManager, International

Department, Hellenic Bank

, -

Evgenios Evgeniou President,

Cyprus-Russian Business

Association

C

, , Deloitte (Cyprus)

Christis ChristoforouPartner,

Chief Executive Officer,Deloitte (Cyprus)

Boris Humeniuk Ambassador

of Ukraine in Cyprus

,-

Philokypros AndreouPresident,

Limassol Chamber of Commerce and Industry

,,Navigator Consulting Group Ltd

Philip AmmermanConsultant,

Managing Director, Navigator Consulting Group Ltd

, Ernst & Young Cyprus

Neophytos Neophytou Partner, Head of Tax

Ernst & Young Cyprus

Vyacheslav ShumskyAmbassador

of the Russian Federation in Cyprus

, Alpha Bank Cyprus

Costas Stylianou Head of International Division,

Alpha Bank Cyprus

(1988-1993)

George VassiliouFormer President of the

Republic of Cyprus

Christodoulos VassiliadesAdvocate,

Managing Partner, Christodolous

G. Vassiliades & Co LLC

, ,Christodolous G. Vassiliades & Co LLC


-


, 8 (- 2013)

Successful Business MagazineIssue 8, January-March 2013

Editorial Board: Natalia Kardash, Andrey Korneev, Igor Nossonov, Andrey Pavelko.

Project Coordinator: Julia Basharina ([email protected])

Contributors: Daria Pisareva, Maria Vetrova, Igor Shlykov, Julia Avanesova, Andrianne Philippou.

Printers: CASSOULIDES MASTERPRINTERS.

Circulation: 3,000 copies.

Distribution: free at business forums, conferences, seminars. 1100 selected recipients (in Cyprus and Russia) mailing list.

Subscriptions 2013 four issues 40 euro (delivered by courier service) or 20 euro (mailed).

Website: www.cyprusrussianbusiness.com

A note to readers: the views expressed are the authors' and not necessarily those of SUCCESSfUL BUSINESS Magazine. Authors may have consulting or other business relationships with the companies they discuss.

Copyright: no part of this publication may be reproduced or transmitted in any form or by any means without prior permission of VESTNIK KIPRA or N. G. K. Cyprus Advertiser Ltd.

8, - 2013

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2013 40 ( ) 20 ( ).

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Director and Editor-in-Chief: Natalia Kardash ([email protected].)

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Te.: (+357) 25 590530

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Our Team

Successful Business


, 8 (- 2013)

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1 6341 1101 1061 5631 7891 8171 6981 566

10 1409 2316 3735 3553 7292 2231 1431 477-.

33 17731 11228 17927 44127 31219 22513 74212 101

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, 8 (- 2013)

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, 8 (- 2013)

( 2012 )

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, 8 (- 2013)

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2013

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, 8 (- 2013)

, - . , - . , , , - () 1992 , - . .

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, 8 (- 2013)

dTT * / **

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, 8 (- 2013)

* . ** 2,5%, . *3 , *4 $11 000. *5 $1800. *6 $10 400. *7 $8000. *8 $345.

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, 8 (- 2013)

, , - . , , , , - , , .

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, 8 (- 2013)

2010 - , (Assessment of Undiscovered Oil and Gas Resources of the Levant Basin Province, Eastern Mediterranean. USGS, March 2010).

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, 8 (- 2013)

,

. , .

(Vlad Popovici. The Levantine Basin: A Mediterranean Hydrocarbon Saga Begins for Greece, Turkey, Cyprus and Israel. Balkanalysis.com, January 13, 2012) , - , . , , - , , -, . - , ( ). , , , , .

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10-30 3 $75


, 8 (- 2013)

-

, , - .

- , .

- www.cyprusrussianbusiness.com - - , , .

-

25 Columbia Plaza - . , .

21 -- . , , - .

, , - , , , , .

- . , - - .

, , , , , , , , Frixos Savvides, President, CIBA, Julia Basharina, Coordinator, Successful Business magazine, Panicos Demetriades, Governor, Central Bank of Cyprus

, Speech of Panicos Demetriades, Governor of the Central Bank of Cyprus

, , Otkritie Finance (Cyprus)Alexander Kupriyanov, Director, Otkritie FInance (Cyprus)

, , Ronin Europe, , , MDM LtdTatiana Elkina, Director, Ronin Europe, Anna Romanenko, Director, MDM Ltd

, -,

George Demetriou, Vice President, Limassol Chamber of Commerce and Industry

, , Philokypros Andreou, President, Limassol Chamber of Commerce and Industry



:

27-28 - -, - , , .

- , , .

, -- , (CIPA) , -- , . , , - . , , , -, , .

, , , -. - , -. , , , .

- , , , - . , - , , . - , 10%,

, Svetlana Bedrega,Deputy Mayor of Odessa

, Nikos Nouris, Deputy Mayor of Nicosia

, Phidias Pilides, President, CCCI

, (CIPA)Christodoulos Angastaniotis, President, CIPA


, 8 (- 2013)

. Alexey Kostusev, Mayor of Odessa

, , Vassiliades & Co LLCChristodoulos Vassiliades, lawyer, Managing Director, Vassiliades & Co LLC

, , Deloitte (Cyprus)

Paul Mallis, Partner, Deloitte Cyprus

, , . Tatiana Markova, Head of Culture and Tourism Department, Municipality of Odessa

. The meeting of the Cyprus delegation with the Mayor of Odessa Alexey Kostusev and heads of departments of Odessa Municipality

- . The meeting of the Cyprus delegation with the Odessa Chamber of Commerce and Industry

Phidias Pilides is giving the symbol of Cyprus to Alexander Malin, the Lieutenant Governor of Odessa



, , Anna Bila, Marketing Manager, Cyprus Tourism Organisation Office in Ukraine

: , , , . Organizers of the Forum: Andrey Pavelko, Julia Basharina, Natalia Kardash, Andrey Korneev. In the premises of the Honorary Consulate of Cyprus in Odessa

Members of Cyprus delegation during official reception celebrating the completion of the Forum

, MIBS Group, , Markos Shapanis, MIBS Group, and Alexander Grabovsky, President, Odessa Association of tour operators and travel agencies

, - , , Pavlos Pavlou, Vice President, University of Nicosia, and Yury Titovets, Head of Cyprus representative office of international diplomatic mission European Ukraine

, ,

, , Evagoras Vrionides, Ambassador of Cyprus in Ukraine, is being interviewed by Odessa media

- , - . , .


, 8 (- 2013)

lA mAIsOn du VIn lAPOsTOllE

30 four Seasons - . - , La Maison du Vin.

-, . . - , , .

2012.

CyPRus Eu PREsIdEnCy summIT8-9 Cyprus-EU Presidency Summit

Leadership Strategy for Stability, Progress and Prosperity in Europe. - , , , , , .

,

Demetris Christofias, President of Cyprus

-,

Erato Kozakou-

Marcoullis, Minister of Foreign Affairs

of Cyprus

, , , Vladimir Chizhov, Ambassador, Permanent Representative of the Russian Federation to the European Union

, , , , , , , , , , , Marios Garoyian, President, Democratic Party, Andros Kyprianou, General Secretary of the Central Committee, AKEL, Nicos Anastasiades, President, Democratic Rally of Cyprus, Yiannakis Omirou, President, EDEK

Alexandra Marnier Lapostolle and Victor Papadopoulos at the opening ceremony

, , , Alfredo Bastianelli, Ambassador of Italy in Cyprus, Anna Shusmkaya and Vyacheslav Shumsky, Ambassador of Russia in Cyprus

Wine tasting

Gala Dinner



THIRd lImAssOl ECOnOmICs fORum17 four Seasons

, 500 , , , .

, , . - : -, , -, .

, , , , Andreas Christou, Mayor of Limassol, Philokypros Andreou, Chairman, Limassol CCI

, Nicholas Papadopoulos, Parliament of Cyprus

, c, Imperio Properties, , , Chrysses Demetriades & Co.Yiannis and Antonis Misirlis, Imperio Properties, Demosthenes Mavrellis, Partner, Chrysses Demetriades & Co. LLC

,

Medochemie LtdAndreas Pittas,

President, Medochemie Ltd

: , , CySECRight: Demetra Kalogirou, Chairperson, CySEC

,, , Andreas Neocleous & CoElias Neocleous, Lawyer, Partner, Andreas Neocleous & Co

.: Forum participants. Right: economist and analyst Michalis Sarris

. Forum participants


, 8 (- 2013)

20-

, , 11 20- . -, 1992 .

- 20- 19 . , - - - , - - , , , , , - , . , - .

, , FBME, , Guegam Ovakimian, Branch Manager, FBME, Andreas Christou, Mayor of Limassol

, , Yuri Pianykh, Director, Cyprus Branch, ITERA

20- . Members of ARBC during the celebration of the 20 years anniversary of ITERA

, , Laurus Services Limited, , , Sergey Bondarenko, Director, Laurus Services Limited, Igor Nosonov, Chairman, Association of Russian-speaking residents of Cyprus

20- The celebration of the 20th birthday of International group of companies ITERA

, Vyacheslav Shumsky, Ambassador of Russia in Cyprus

, , Igor Makarov, Chairman of Board of Directors, ITERA



yIAnnOs IOAnnOu jEwEllERy

2 30 , - . , XVII . , 40 , , , . . - , . , , , .

dEVERE gROuP .

24 . , , , deVere , .

200 , - , , , .

, , PKP Consultants, Photis Photiou, Partner, Founder, PKP Consultants, with his wife

Showpieces of the exhibition

, -, , , , - Harris Thrassou, Chairman of the Cyprus-Russian Friendship Association, Yiannos Ioannou, Kikis Kazamias and Partasides, Cyprus-Russian Friendship Association

, , , , , , , Maria Paphiti, the organizer of the exhibition, Andreas Christou, Mayor of Limassol, Vyacheslav Shumsky, Ambassador of Russia in Cyprus, Yiannos Ioannou, the owner of the jewellery shop

, -, JP Morgan Asset Management

UK & International SalesMark Riggall, Vice President

JP Morgan Asset Management UK & International Sales

, - .


, 8 (- 2013)

ORPHEus AfTER summER PARTy27

Orpheus After Summer Party, - . Dafermou Winery, . - , - Orpheus.

- -, , .

, - - .

o , Imperio PropertiesYiannis Misirlis and Ino Anastassiades,Imperio Properties

, Graffiti Lounge LimassolMarios Karmiotis with his wife Elizaveta Veselova,Graffiti Lounge Limassol

: , Cyprus VIP ServiceAlex Gruntmanis, Cyprus VIP Service

, ReLux EstatesStelios Frangou with his wife Olga, ReLux Estates

, Chris Tofi Real Estate Agency, , Orpheus TravelStefan Kovaevic with his wife, Chris Tofi Real Estate Agency, and Elina Koroleva, Orpheus Travel

, Orpheus TravelMaria Prokhorova,Customer of Orpheus Travel

, Orpheus TravelNatalia Lukian with her husband, Orpheus Travel

Mikhail Ebanoidze with his wife Irina

, , Orpheus Travel, , Four Seasons HotelElena Narbuts, Roman Starikovich, Orpheus Travel,and Nick Aristou, Four Seasons Hotel

, Vyacheslav Shumsky,Ambassador of Russia in Cyprus

, , Alexander Anikin, Consul, Embassy of Russia in Cyprus



, Orpheus TravelMaria Prokhorova,Customer of Orpheus Travel

- II - .

, . , () , .

, - II. , - , .

The official award ceremony

II Archbishop Chrysostomos IIis giving the Gold Order of Saint Paul to Vladimir Potanin

The Gold Order

of Saint Paul

, Awards Certificate given to Vladimir Potanin

, IIParticipants of the church construction project, Vladimir Potanin and Archbishop Chrysostomos II


, 8 (- 2013)

:

1 , , - . - .

5-9 2012 . 8- - . - - (IATR), .

, , , , , , Valery Zhigarev, ARBC, Vladimir Chizhov, Ambassador, Permanent Representative of the Russian Federation to the European Union, Yuri Pianykh, ARBC

, , -, , , , , Charis Thrassou, Chairman, Cyprus Russia Friendship AssociationAlexey Rogalev, Rossotrudnichestvo,Konstantin Kosachev, Director, Rossotrudnichestvo

, Stephanos Stephanou, Cyprus Government Spokesman

: , Right: Anatoly Lysenko, President, IATR

, , , , AlpariVyacheslav Shumsky. Ambassador of Russia in Cyprus,Andrey Dashin, Chairman of the Board, Alpari

, Loucas Louca, Minister of Justice of Cyprus



CIPA:

(CIPA) 2012 2013 , . : , , , . - , . , .

: , , Chrysses Demetriades & Co.Left: Christos Mavrellis, Partner, Chrysses Demetriades & Co. LLC

, : , , , : , -, CIBAParticipants of the meeting. On the left Thomas Kazakos, Director General, Cyprus Shipping Chamber, on the right Chris Koufaris, ex-Director General, CIBA

, , CySEC,

,

Demetra Kalogirou, Chairperson, CySEC,

Sotos Zackheos, Russian Commercial Bank

, , , , Demetris Christofias, President of Cyprus, Panayiotis Loizides, Secretary General, CCCI

, , Neoclis Sylikiotis, Minister of Commerce, Industry and Tourism of Cyprus

, U.P.M. Limited, , , , , - CIPANicholas Theocharides, Chief Executive Officer at U.P.M. Ltd, Natalia Kardash, Editor-in-Chief, Successful Business Magazine, Sotiris Soteriou, ex-Director General, CIPA

,-, CySEC,

,

, CIPAAndreas Andreou,

Vice-Chairman, CySEC, Marios Tannousis,

Senior Investment Officer, CIPA

, (CIPA), , , CIPAChristodoulos Angastaniotis, President, CIPA, Charis Papacharalmbous, Director General, CIPA


, 8 (- 2013)

8 -

. - . - III. , , -. - , 15 . , - - - - .

Official arrival of the President of the Ukraine Victor Yanoukovich

President Demetris Christofias meets the Ukrainian delegation headed by the President of Ukraine Mr. Victor Yanoukovich

IIIWreath-laying ceremony to the pedestal of Archbishop Makarios III memorial

Talks in the Presidential Palace in Nicosia

Signing of bilateral treaties and agreements

, , , Demetris Christofias, President of the Republic of Cyprus , Victor Yanoukovich, President of Ukraine

Signing of bilateral treaties and agreements



- - -

, , . - 9 : , - , - . -- -, , . , ,

, Viktor Yanoukovich, President of Ukraine, Demetris Christofias, President of the Republic of Cyprus

1) , Anatoliy Kinakh, Union of Industrialists and Enterpreneurs of Ukraine

2) , , Panayiotis Loizides, Secretary General, CCCI

, Konstantin Grishenko, Minister of Foreign Affairs of Ukraine

, , , Christodoulos G. Vassiliades & Co LLC, , Christodoulos Vassiliades, Lawyer, Managing Partner, Christodoulos G. Vassiliades & Co LLC,Vassos Shiarlys, Minister of Finance of Cyprus

- -Participants of the Cyprus-Ukraine Business Forum

1 2

- ( .)

14521,5

7403,9

4949,3

3652,5

3249,6

2505,2

2393,1

1749,7 -

1566,1

1071,5

123


, 8 (- 2013)

CyPRus COngREss Cyprus Congress -

INTAX GROUP, -, - . 226 26 Amathus . - . - , , . Cyprus Congress 11-12 2013 Amathus Hotel, .

,

Phidias Pilides, President, CCCI

, Piraeus BankSymeon Symeou, Piraeus Bank

, , CIPA

Charis Papacharalambous, General Director, CIPA

From the presentation by Symeon Symeou

From the presentation by Eesh Aggarwal

, , International Business Banking, Laiki BankMiltos Michaelas, Director, International Business Banking, Laiki Bank

, , Cyprus Fiduciary AssociationGeorge Savvides, President, Cyprus Fiduciary Association

, , CySecDemetra Kalogerou, Chairperson of Board of Directors, CySec

85,4 - 33%

59,8 - 34%

35,1 - 20%

33,3 - 19%

10,9 - 6%

7,2 - 4%

7 - 4%

59,6 - 23%

44 - 17%

12,9 - 5%

9,8 - 4%

8 - 3%

National Bank + Eurobank

National Bank + Eurobank

Alpha Bank + Emporiki

Alpha Bank + Emporiki

Piraeus + Ate + Geniki

Piraeus + Ate + Geniki

Popular Bank

Popular Bank

Bank of Cyprus

Bank of Cyprus

Hellenic Postbank

Hellenic Postbank

2%0%

5/10%0%

5%, 20% 100 . .

15% 0%



APHROdITE HIlls17 Intercontinental

( Aphrodite Hills) - (Luxury Russian Dinner). - : 400 , - .

: , , Right: Svetlana Kalogera, Branch Manager,Russian Commercial Bank

, Baldinini S.r.l., , , Baldinini S.r.l., , , Saga Baldinini, Marco Macori, Baldinini S.r.l., Gimmi Baldinini, owner of Baldinini S.r.l., Sergey and Ludmila Serdyuk, co-owners, Saga and BALDININI boutiques, Cyprus

Sergey Gorsky with his wife

, Benedict School, RussiaVictoria Alexandrova, Benedict School, Russia

Gala Dinner Participants

, - Dmitry Labin, Moscow Chamber of Commerce and Industry

, , MDM Ltd, , , ABC InternationalAnna Romanenko, Director, MDM Ltd, Dmitry Sloutsky, ABC International

-, , Tatiana Kuznetsova-Demetriou, Director, Arbat Store

, InterrosNevena Bagaeva, Interros

, Lolita Papacosta,Moi Ostrov

1) Galina Volodina

2) Mila Bojedomova

3) Anastasia Tolstaya

, , Headtrans Ltd, , ,Otkritie Finance (Cyprus)Irina Delgado, Partner, Headtrans Ltd, Alexander Kuprianov, Director, Otkritie Finance (Cyprus)

1 2 3


, 8 (- 2013)

CIPA InTERnATIOnAl InVEsTmEnT AwARds

19 - CIPA International Investment Awards. - NCR (Cyprus) Ltd, Lidl Cyprus, Alpha Capital Holdings (Cyprus) Ltd, Bernhard Shulte Ship management (Cyprus) Ltd, Columbia Ship management, H.M. Housemarket (Cyprus) Ltd (- IKEA ), Laureate International Universities. - , Noble Energy. , (CIPA) , Noble - . 300 , VTTI , . - . , . , 1972 Coopers&Lybrand. - .

, , - , , -, Michalis Sarris, Economist and Analyst, ex-Minister of Finance of CyprusPhotis Photiou, Press Spokesman, Democratic Party of Cyprus

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Voici La Mode Michael Zambelas with his wife (left), Former Mayor of

Nicosia, Artemis Antoniadou, Managing Director, Voici La Mode Group of Companies

, , CIPAChristodoulos Angastiniotis, Chairman, CIPA

1) , , , , Peter Economides, Brand StrategistThomas Kazakos, Director General, Cyprus Shipping Chamber

2) , , CIPACharis Papacharalambous, Director General, CIPA

, , , , Alfa Capital Holdings (Cyprus) Ltd, , , CySec Panicos Demetriades, Governor, Central Bank of Cyprus, Dinos Hadjisavvas, Alfa Capital Holdings (Cyprus) Ltd, Demetra Kalogirou, Chairperson, CySec

1 2

, , KPMGAngelos Grigoriades,Partner, KPMG

, -, CIPA, , , Columbia Shipmanagement Ltd, , , KPMGChristos Mavrellis, Vice Chairman, CIPA,Capt. Dirk Fry, Managing Director, Columbia Shipmanagement Ltd, Andreas Christofides, CEO, KPMG



20 -21 : -, . . .. .

, Parthenon Trust, , , Hellenic BankZacharias Palexas, Parthenon Trust, Iacovos Iacovidis, Phanis Pitiris, Hellenic Bank

, Titos Christofides, Counsil of Ministers,Under Secretary to the President of Cyprus

, - , Solon Kassinis, Director of Energy, Ministry of Commerce, Industry and Tourism, Cyprus

: . . , . 13 blocks: min and max depth, area

. From the presentation of Solon Kassinis

.

From

the presentation of Solon Kassinis

. From the presentation by Titos Christofides

, , , , Vyacheslav Shumsky, Ambassador of Russia in Cyprus, Yuri Pianykh, Director, Cyprus Branch, ITERA

, , , , , . , , , - , , , . Igor Nosonov, Chairman, Vestnik Kipra, Alexander Logunov, Professor, Chernomyrdin Moscow State Open University, Kostas Guliamos, Vice Rector, European University Cyprus, Evgeny Butko, Vice Rector, Chernomyrdin Moscow State Open University

Turkey

Crete

Greece

Peloponese Cyprus


, 8 (- 2013)

1. Cyprus As A Jurisdiction For Alternative Investment Funds And Asset Management: ICIS Funds, Cyprus Alternative Investment Fund Managers And MIFID Investment Firms

2. Tax Updates

3. New Vat Regulations On Invoicing With Effect From 01/01/2013 And Other Changes Which Came Into Force During 2012

4. Credit Cash Management

5. Administrators, Receivers And Liquidators

6. Accounting For Non Accountants

7. International Tax Principles

8. IFRS Updates And Advanced Applications

9. Profitable Market Analysis

10. A Global Perspective On Todays Insurance Challenges: Solvency, Capitalization And Available Restructuring Tools (Free Event)

1. Doing Business With China (March)

2. 5th E-Commerce Conference (March)

3. Commercial Property Conference (March)

4. 5th Professional Services Conference (March)

, . www.cyprusrussianbusiness.com. , -.

, - 2013

KmPg

ImH

for more information please contact: Persa PapademetriouTel: +357 22 209 053 fax: +357 22 513 294

E-mail: [email protected]

for more information please contact: ImH Aigaleo 5, strovolos, 2057. Tel: +357 22505555 fax: +357 22679820

E-mail: [email protected]



1. Leadership (18-19 January)

2. Finance for Non-Financial Directors (5-7 February)

3. 360 Degrees Feedback (22-23 February)

4. Communicating Effectively (27 February)

5. Digital Display Advertising & Affiliate Marketing (5 March)

6. Principles of Investment Management (5-7 March)

7. Directors Role in Strategy & Marketing (6-8 March)

8. Managing People Successfully (13 March)

9. Managing Change, Complexity and Crisis (15-16 March)

10.Personal and Professional Development (20 March)

11. International Business Development and Promotion for Service Companies (20-21 March)

CIIm

for more information please contact: CIImTel: +357 22462246 E-mail: [email protected]

www.ciim.ac.cy


, 8 (- 2013)

60% 2 2011 I 2012



This section of the magazine contains a summary of the most important articles. We have translated them into English for those of our clients and partners who do not speak Russian but want to know more on the content of this issue.

This issue focuses on the Memorandum with Troika and current crisis in Cyprus. You will find an interview with former President of Cyprus Mr. George Vassiliou and several articles on challenges and opportunities the crisis brings, as well as a detailed research on natural gas in the Mediterranean. Please, look at the pages where we published photoreportages from the events where Vestnik Kipra Communication Group acted as a media partner.

SUCCESSfUL BUSINESS is the only business magazine in Russian language published in Cyprus. It comes out quarterly. In order to keep our readers informed we update our website (www.cyprusrussianbusiness.com) every day with the most important business news, statistics, analysis, stock exchange results, all kinds of monetary questions and financial market issues. A list of names (people, companies, events) published in the issue will be always placed on the last pages of the magazine. This way anyone can easily trace necessary information.

Please look through summaries provided in this section of the magazine. And if you have questions or you need more information, please do not hesitate to contact us for further details.

Natalia KardashPublisher

[email protected]

Education and carEErs

Higher and professional education in Cyprus, professional development and advanced training, recruiting, head hunting, business psychology. Detailed programs of trainings, seminars, conferences, business forums in Cyprus and abroad.

FinancE and invEstmEnts

Articles on Cyprus banking, insurance, taxation, brokerage and investment fields. World tendencies in finance markets, reports and analysis on oil, gold and currency markets. Insurance, investment in business and property (comparative analysis, statistics, price movement).

Law and taxation

Comments and interpretations on taxation, auditing and accounting. Corporate law. Labour law. Immigration and migration issues.

LiFEstyLE

Independent rating of Cyprus' restaurants, hotels, recreational facilities for business people. Columns on wine, style, business fashion, cars.

TABlE Of COnTEnTs: suBjECTs COVEREd By THE mAgAZInE

VEsTnIK KIPRA COmmunICATIOn gROuPVESTNIK KIPRA is a group of companies working with the Russian community of Cyprus. The most important fields of activities are publishing, education, event management, PR and the promotion of Cypriot enterprises in Russia and Ukraine. Well known publications: weekly Russian newspaper VESTNIK KIPRA, MAGAZINI KIPRA (Cyprus Shopping Guide), DOMA i LUDI (Cyprus Property Guide), Russian Yellow Pages. The biggest events: Cyprus-Russian festival, Limassol International Children's festival, Christmas fair.NGO: Association of Russian-speaking residents of Cyprus.

Executive Summaries

Interview with george Vassiliou

during a Crisis Be Aware of The danger, But Recognize The Opportunity

The Cyprus Bail-out: Challenges, Opportunities and lessons from greece

new tax laws and regulations

summing up The year...Two Things Are Inevitable In life - death And Taxes

Oil-And-gas Prospects of The Eastern mediterranean

BusinEss and tEchnoLogiEs

News on IT, e-commerce, e-money. New business technologies, innovations. Advertising, PR, business communications.

Practical information on Cyprus and CIS economies, business tendencies, reports and analyses on world economy and its influence on business.

BusinEss and Economy


, 8 (- 2013)

george Vassiliou:memorandum Is A guide To Action

To choose an interlocutor for this issue was easy to decide. Proficient economist and analyst George Vassiliou formulated the pros and cons of the memorandum, which Cyprus had signed with potential lenders. Mr. Vassiliou clearly described what is happening today in Cyprus. And, of course, having a lot of experience and a wide breadth of vision, he was also able to tell us about the underlying causes and consequences.

what happens to Cyprus today? what is the situation with its economy? what can we expect in the future? It is impossible to examine the Cypriot economy out of common scheme. But it is obvious that Cyprus today is in a serious financial crisis. I consider that the Memorandum offers the professional, serious and clear analysis of the situation.

do you think the memorandum is a guidance document now? That is simple. Businessmen in Cyprus, Cypriot and foreigners, were much concerned about the uncertainty that existed in the past. That has changed upon the Memorandum having been signed. In the first instance, Cyprus remained in the EU and secondly, it allowed Cyprus to follow its financial obligations; eventually Cyprus will apply all necessary measures to become a competitive state.

The memorandum concerns taxation as well. How do you think it will help the Cyprus economy to recover, if existing taxes are raised or new taxes applied? Certainly, a lot shall be changed. Taxes are paid in each and every country and in Cyprus as well. Of course raising VAT to 18 percent is not ideal but lets remember there are some countries where VAT is as high as 25 percent. Therefore it would be unworthy to aggravate a situation. Just read the Memorandum there are no cardinal changes to the Cyprus taxation system written there.

There are thousands of Russians in Cyprus, who have lived and worked here for a long time; what would you like to tell them? Firstly, they should not worry about their deposits in the banks those are state guaranteed and will be paid out if banks merge or experience reforms. Secondly, the

functionality basics remain unchanged for the international companies in Cyprus. Thirdly, during the last period correct steps were taken to improve the economic situation in Cyprus. The country will remain an attractive jurisdiction for international business. And lastly, I hope that whoever the future president may be, he will listen to my proposal about a casino in Cyprus.

what do you propose? Its simple: I suggest the opening of one large casino and to give permission for several small casinos one per each town. The casino revenues should be imposed by taxes, so that the state may have the profit. This is live money, a good and timely addition to the countrys current budget. By the way the Memorandum has a special tax tariff on all kinds of gambling. what do you think of Cyprus as an energy center? Im sure Cyprus will become an energy center.

Please tell us in a few words about your research into international business problems in Cyprus, which you started about one year ago. The research is completed, but I have to add some information about the financial crisis. Currently Im finishing off. This is research about the steps to be taken to increase the efficiency of the system and to help international companies. All that I wish is that the new President will keep his promises. All the candidates understand how important international business is for Cyprus.

Please explain briefly what steps should be taken to make Cyprus more attractive for international companies? Its important to overcome the bureaucracy, to reduce the period of registration of international companies, to guarantee that in case of any problems they will get help sooner than what exists currently. But to obtain all these, the system of a one-stop-shop should be imposed. This is an authority of complex services which will be engaged only with international companies affairs. The same applies with taxes; all international companies will apply to the same authority. Only in this way will international companies feel secure and reassured and efficiency will increase.

EXECUTIVE SUMMARIES



during a Crisis Be Aware of The danger, But Recognize The Opportunity

The Cyprus Bail-out: Challenges, Opportunities and lessons from greece

Sovereign debt crises always spark struggles between creditors and debtors over who should suffer losses. Since the Greek crisis exploded nearly three years ago, those fights have played out in eurozone summits and finance ministers meetings and have been covered feverishly by the global media. There are issues beyond market forces that decide the direction of todays economic environment and capital markets (i.e. geopolitical issues). Monetary policy alone is not enough to deal with the situation We cannot have a common currency, a common monetary policy, and leave everything else to the states involved. That is why the 17 will have to go further Mr Van Rompuy, Oct 2011. What action did European leaders take and practically implement, in order to save Europe? We are still waiting to see whether national interests are above European Unions future. Cypriot Reality salvation or damnation?Cyprus seems to be entering a course of agreement with its creditors for the support program, with European officials implying that it may take another few weeks for its finalization. Only a slight outflow of deposits was observed, while on an annual basis deposits increased 0.9% in the Cypriot banking system. All the developments along with the banking restructuring in Cyprus will affect the short term economic environment. Cypriot Banks need to amalgamate (or merge) and there is room for only two local banks on the island. The exact amount of the bailout cannot be determined until after the PIMCO report (independent consultant hired by the Central Bank) is completed. The country may need as much as 17.5 bln euros in aid (10 bln for the Banks and 6 bln euros to refinance the state debt from 2013 to 2016 and 1.5bln euros to cover fiscal deficits).

This article evaluates the basic elements of the Cyprus bail-out package and compares how this programme and the fundamental economic situation of Cyprus compare with that of Greece. It concludes that if implemented properly and proactively by Cypriot public authorities, this programme will have short-term recession impacts, but over the long term will restore the competitiveness and a disciplined fiscal framework to the Cypriot public sector. It will no resolve the fundamental risks that the Cypriot economy accrues as an international financial centre. And it contains significant implementation risks which will spill over into the general economy and affect future national priorities, including the development of the offshore oil and gas sector. The Cyprus Bail Out, or the extension of emergency loans from the Troika in exchange of austerity as a condition of the loans, has not yet been agreed by the time this article goes to press. Although the conditionality document was released to press, the implementing laws have not yet been voted on, and negotiations between the Government of Cyprus and the Troika continue. Furthermore, the precise terms of the loan agreement remain undefined. Press reports indicate a loan agreement of between EUR 14 and 17.5 billion is under consideration, and that the following loans are being negotiated: a. EUR 10 bln will be used for bank recapitalisationb. EUR 6 bln to refinance existing government debt between 2013-2016c. EUR 1.5 bln to cover state deficits.The Cypriot Minister of Finance, Vassos Shiarly, has indicated that an interest rate of 2.5% and a loan term of 30 years are being considered. The Parliament of Cyprus is debating the first of several bills translating this loan conditionality into national law. Ultimately, the current government has been forced to sign a challenging bail-out deal. The next government will have to implement it, unless a cross-party effort is made to address the very serious structural and fiscal challenges in the Memorandum but also in the wider economy.

Costas Stylianou, Head of International Division, Alpha Bank Cyprus

Philip Ammerman, Consultant, Managing Director, Navigator Consulting Group Ltd

Executive summaries

new Tax laws and Regulations

Cyprus IP Box regimeIn essence Cyprus IP Box regime allows a deemed expense deduction of 80% from net IP related income, which results in an effective tax rate of 2% on the profits that fall within the scope of the regime and an (accelerated) 5 year tax amortization period of qualifying IP.deductibility of interest expense related to the acquisition of sharesUnder the changes to the tax law interest incurred in connection with the acquisition (directly or indirectly) of shares in a 100% owned subsidiary company as of 1 January 2012, shall be deductible for Cypriot tax purposes.Profits subject to deemed dividend distribution rulesFor the purposes of arriving at the profits subject to the deemed distribution rules, any capital expenditure incurred on the acquisition of plant and machinery (excluding private saloon cars) and buildings during the years 2012, 2013 and 2014 is deducted from the after tax profits.group loss reliefThe changes allow a company incorporated by its holding company during the relevant year of assessment to be considered as being a member of the same group for the whole year of assessment for the group loss relief purposes (under existing rules the subsidiary has to be a member of the group for the whole tax year).VAT on construction/acquisition of residential propertiesThe VAT law provisions regarding the application of the reduced rate of 5% on the construction/ acquisition of residential property in Cyprus which is to be used as their primary and permanent place of residence, have been extended, so as to include acquisitions by individuals who do not ordinarily reside in Cyprus, but acquire property to be used as their residence whilst in Cyprus.land Registry Office feesThe law providing for the exemption from transfer fees on sales made after 2 December 2011 in case the immovable property is subject to VAT and 50% exemption in case of first sale, has been extended until 31 December 2012.

Neophytos Neophytou, Partner, Head of Tax, Ernst & Young Cyprus


, 8 (- 2013)

Two Things Are Inevitable In life - death and Taxes

Benjamin franklin

Oil-and-gas Prospects of The Eastern mediterranean

Any state shall live on something, and the main source of its income is the tax system. Thus the main source of tax revenues are taxes on labor - almost half of all taxes in the EU.The most striking example of this is income tax. There is not only the financial function of income tax, but also the social function. The purpose is to smooth over the disadvantages of taxation and involve the wealth segment of people in greater participation for the fulfillment of the tax burden.Cyprus has a progressive rate of income tax.In addition, from January 1, 2012 there exists a temporary tax. And over the next two years, those who work in the private sector are required to make contributions to the state budget on the basis of salary. This fee is calculated as a percentage of gross salary and paid by both employees and employers.where does the money go?Income tax is the main source of income of developed countries (50% of total tax revenue) and it accounts for all kinds of social programs: free housing and scholarships, social benefits and payments to the indigents.And who does not pay?Zero or very low income tax rates in some countries exist for several reasons:First, the population of these countries is very low. Second, they either do not have social protection systems (Cayman Islands), or have other sources of funding.

How much oil and gas could be found there?The oil-and-gas prospects of the Eastern Mediterranean is extremely high, something that was first mentioned by Russian scientists-geologists 30 years ago, according to the first hydrographic and regional geophysical works results. We are talking about the Levantine sedimentary basin (former Phoenician concave).The geological recourses of hydrocarbons of Levantine basin could be valued at 4 billion tons of oil equivalents; extracted by modern methods of natural occurrence exploitation, these could be valued at 3 billion tons of oil equivalents where there is 300 million tons of oil and 2,7 trillion cubic meters of gas.How much has been found?Huge recourses of Israeli Leviathan field (453 billion cubic meters of gas and probably 500 million tons of oil) and Tamar (207 billion cubic meters), Dalit (14 billion cubic meters), Cypriot Aphrodite deposit (100 million cubic meters) are well-known nowadays. However, we shouldnt forget all the great numbers are not proven reserves that have been counted by tough western standards yet but the forecasts of expected stocks, opinions of the operating companies that are based on interpretation of seismic information and information from the one or two drillings only. Ecology of Eastern mediterraneanPlease dont forget and about the ecological problems inevitably resulting in conducting exploration and production operations at sea. Deep-sea drilling is performed from a vessel or from fixed platforms, whose supports are mounted on the seabed. As a result, drilling is inevitable creating local discontinuity of seabed, sometimes at a very considerable depth. Boring liquid is pumped into the oil well, liquid contains chemical components which relieve the process of drilling. From the depth of the oil well highly mineralized hydrothermal solutions and oil are penetrating into the surface of the bottom of the sea. They pollute not only the surface but the water column, and the sea surface for many kilometers around.

Igor Shlykov, Economic Analyst

Yury Pashkov, ex-Advisor to UN in Cyprus, Marat Modelevsky, Consultant

EXECUTIVE SUMMARIES

summing up The year...

This year was marked by significant developments made on the Cypriot legal front. Of particular importance were the changes made to the countrys migration provisions as they related to third-country nationals, the modernization of the International Trust (Consolidated) Law of 1992, the adoption of a Yacht Leasing Scheme, and the signing or ratification of a number of double tax treaties. Amended migration Provisions Relating to Third-Country nationalsA new and accelerated procedure for attaining immigration permit F was introduced this year, to be applied in cases where third country nationals are intent on investing in the islands property market. The showing of a secured minimum annual income of 30.000 from sources other than employment in Cyprus. The submission of the title of ownership or the contract of sale for a Cypriot property with a minimum market value of 300.000. The submission of a letter from a Cyprus bank confirming a minimum deposit of 30.000 which shall be blocked for a period of three years. The submission of statement confirming that the applicant does not intend to work in Cyprus.In short, the brevity with which these applications are processed, coupled with the fact that a resident need only visit Cyprus once every two years in order to maintain his residency, has made Cyprus an ideal country for establishing simple and seamless residency. Adoption of yacht leasing schemeSpecifically, the March 2012 guidelines have effectively reduced the VAT rate applicable to yachts by introducing a scheme for the leasing of leisure boats including sailing and motor yachts. Prior to the implementation of the scheme, the standard services rate of 17% was applied. On the basis of the new Yacht Leasing Scheme, the effective VAT rate for yacht registration in the EU may be reduced to as low as 4.42 %.

Christodoulos Vassiliades, Managing Partner, Christodolous G. Vassiliades & Co



Oil-and-gas Prospects of The Eastern mediterranean

The economic adjustment programme will address short- and medium-term financial, fiscal and structural challenges facing Cyprus. The key programme objectives are: to restore the soundness of the Cypriot banking sector by thoroughly restructuring, resolving and downsizing financial institutions, strengthening of supervision, addressing expected capital shortfall and improving liquidity management; to continue the on-going process of fiscal consolidation in order to correct the excessive general government deficit, in particular through measures to reduce current primary expenditure, and maintain fiscal consolidation in the medium-term, in particular through measures to increase the efficiency of public spending within a medium-term budgetary framework, enhance revenue collection and improve the functioning of the public sector; and to implement structural reforms to support competitiveness and sustainable and balanced growth, allowing for the unwinding of macroeconomic imbalances, in particular by reforming the wage indexation system and removing obstacles to the smooth functioning of services markets.

1. financial sector regulation and supervisionKey ObjectivesThe banking sector has been severely affected by the broader European economic and sovereign crisis, in particular through its exposure to Greece. However, many of the problems for the sector are home-grown and relate to overexpansion in the property market as consequence of banks poor risk management practices. Furthermore, the financial sector is vulnerable because of its size relative to that of the domestic economy. The handling of problems in the sector has been complicated by the sensitivity of collateral valuations to property prices, and banks have used certain gaps in the supervisory framework to delay the recognition of loan losses, thus leading to significant under-provisioning. The banking sector needs to be thoroughly reformed and restructured in depth in line with state-aid rules. The solvency of viable banks will be reinforced by restoring capital, their liquidity situation will be addressed, the non-performing assets will be tackled, and financial regulation and supervision, including those of the cooperative credit institutions, will be strengthened along with the crisis management mechanisms.

mEmORAndum Of undERsTAndIng On sPECIfICECOnOmIC POlICy COndITIOnAlITy

Non-viable institutions will be resolved. At the end of the restructuring process

Documents

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