Our dedicated team has extensive experience in the licensing and ongoing regulatory support of:
Cyprus Investment Firms
There are many reasons why accessing the European Securities Markets is becoming increasingly attractive. European exchanges in recent years compare favourably with those in the United States in both IPO volume and value terms. Other than providing liquidity and access to a diverse pool of investors, European listings provide companies with the appropriate status for further European and international expansion.
With its entry into the EU in May 2004, Cyprus has become one of the most attractive countries to set up and conduct investment and financial services.
Cyprus Investment Firms (“CIF”) are operating under the The Cyprus Investment Firms Law 144(I) 2007-2012 (the “Law”) which provides the legal framework for the provision of investment services as well as for the registration, regulation of operations and supervision of CIFs.
Investment services include any of the following services:
Ancillary services include the following:
Our team can effectively navigate you throughout the whole process of obtaining a CIF license under CySEC and then provide the ongoing regulatory support for ensuring full compliance with the relevant laws and regulations.
Alternative Investment Funds
Cyprus over the last few years has evolved into a leading investment fund center, not just in Europe, but globally.
Alternative Investment Funds in Cyprus are regulated by the Alternative Investment Funds Law of 2018 (the “AIF Law”) which was enacted by the Cyprus House of Representative on 30/07/2018. The AIF Law repeals the Alternative Investment Funds Law of 2014.
The Alternative Investment Fund (AIF) legal act in Cyprus since 2014 is aligned both with the Cyprus legal and regulatory framework and the latest EU directives on asset management, transparency and investor protection.
An AIF can take the following legal forms and may be established with limited or unlimited duration:
The Types of AIF:
At Fidescorp, we provide complete solutions in fund setup and licensing, fund administration, rendering middle and back office services as well as regulatory support to a wide range of investment funds and private vehicles operating predominantly in the alternative investment sphere.
Alternative Investment Fund Managers (AIFMs)
A Cypriot Alternative Investment Fund Manager (AIFM) can offer specific advantages to non-EU fund managers wishing to raise capital in Europe, as well as to develop a presence in the European market to benefit from the right to easily distribute their funds to investors in all EU countries.
One of the key issues monitored and assessed by many non EU fund managers is whether it makes sense to establish a European management company. There are related reasons for such considerations. First, the difficulties associated with utilizing the private placement regimes, and second, the recognition that even if or when the AIFMD marketing passport is extended to non-European fund managers, there is likely to be a period of uncertainty of application and approach – and in any case this demands full compliance with AIFMD requirements. As such, establishing a European management company is an attractive solution.
The AIFM must at least engage in the following core investment management functions when managing an Alternative Investment Fund (AIF):
In the course of collectively managing an AIF, the AIFM may be authorised to perform any of the following functions:
An external AIFM may also be authorised to provide the following MiFID services, subject to compliance with the relevant MiFID rules without separate MiFID authorisation being required. These are:
Our team provides tailored solutions in the setup and licensing of AIFM and ongoing regulatory support.
Electronic Money Institutions (EMIs)
The “Electronic Money Law of 2012” transposes into Cyprus legislation the EU “Directive 2009/110 on the taking up, pursuit and prudential supervision of the business of Electronic Money Institutions”. The said law shall repeal and replace the basic law [Electronic Money Institutions Law – Law 86(I) of 2004].
The Law revises the legal framework for services regarding pre-paid electronic payment products, by regulating the following issues: (a) the issuance of electronic money in the Republic of Cyprus, (b) the issuance of electronic money in another EU member state or in a third country by a natural person residing in the Republic or by a legal person incorporated in the Republic, (c) the licensing and the prudential supervision of electronic money institutions.
Electronic money services in the Republic of Cyprus may only be provided by an electronic money institution which has been granted an authorisation by the Central Bank of Cyprus (CBC).
Our team provides tailored solutions in the setup and licensing of EMIs and ongoing regulatory support.
Alternative Citizenship and Residency
Being one of the most reputable firms in the European Union in terms of investment migration services, Fidescorp’s dedicated team, in cooperation with our global partners, provides a complete guide and a full range of immigration services for the following programs:
We navigate you through the complex procedures and we gained the expertise to eliminate the hassle of paperwork, with all immigration authorities, so you can stay concentrated on you core business. We process your applications smoothly, avoiding any unpleasant surprises.
Cyprus Permanent Residency
In line with the Cypriot government’s intention to increase foreign investment and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations has recently been simplified by the Ministry of Interior in order to issue residence permits to applicants from non-European countries who intend to invest in the republic, provided that the following requirements are met:
Procedures and time frame
A fee of EUR 500 is payable with the submission of the application and EUR 50 extra for biometric capturing. The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior, who will make a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit.
When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.
Benefits of the Cyprus Permanent Residence Program
Cyprus Investment Program
The Cyprus Investment Programme full Cypriot citizenship to wealthy individuals who invest EUR 2.15 million into the country and meet certain other requirements. Successful applicants gain the right to live, work, and study in all 28 EU member countries.
On 15 May 2019, the Council of Ministers revised the existing program and implemented new rules that enable foreign nationals to gain citizenship if they meet certain criteria. The changes include the addition of two government contributions of EUR 75,000 each and an approval time frame of six to eight months.
Any non-Cypriot citizen may apply for the Cyprus Investment Programme if they meet one of the investment criteria presented below. The qualification may either be done personally or through a company or companies in which the applicant acts as a shareholder or as a high-ranking senior manager.
The applicant should make an investment of at least EUR 2 million for the purchase or construction of real estate.
The applicant must make an investment of at least EUR 2 million in the purchase of, creation of, or participation in businesses or companies that are based and operating in the republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot citizens.
The applicant should purchase units amounting to at least EUR 2 million from alternative investment funds. This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities, and debt securities.
The applicant may invest in a combination of the above, provided that the total investment amounts to at least EUR 2 million.
Our team can advise on which option is best for you based on your personal circumstances and needs. Please get in touch with our experts for a free consultation.