Cyprus Company News

The Cyprus-based property development company Leptos Estates  announced that it has received the Cyprus Export Services Award from the President of the Republic of Cyprus, Mr. Nicos Anastasiades. During a special event which was held on 12 November 2020 the company was recognised for its outstanding performance and efforts towards opening of new markets and for its contribution to the economy of Cyprus. Previously the company received this award in 2012 and 2016, respectively. The Award itself was established in 1982, has become very prestigious and is given to companies that have encouraged foreign direct investment and have excelled in both service and performance. This time, the Leptos Group has been awarded for its outward-looking strategy, adding value and creating potential for investment.

According to businessmen and professional service firms in Cyprus, new companies are waiting long queues to open bank accounts in the jurisdiction. Some of them are should wait for 3-4 months and even longer. According to some financial sources, it is not only banks which are to blame for this, but also insufficient Cyprus Central Bank guidance in terms of evaluation of potential account holders, and the vastly increased amount of compliance regulations. Bankers say that there is enormous and growing complexity of regulations, especially for companies with branches in several countries. By words of Chris Boreham, group head of Business Development at the Nicosia-based Highworth, “there is a definite need for improvement, as clients are giving up and going elsewhere because they can’t arrange their finances here.” There is a significant danger to the Cyprus economy, as Cyprus is being judged for its ability to provide good corporate governance. Professional associations in the jurisdict...