Gold ISSU

E 12 M

ARCH

20

12

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

529

1295

0005

77

00001>

ISSUE 12 MARCH 2012PRICE €6.95

POWERED BY:

OPINIONNicos RolandisTheodore PanayotouJoanne Theodorides

PLUS: MONEY / BUSINESSECONOMYTAX & LEGALLIFESTYLE

REAL ESTATELuxury Properties & Major Projects

TRANSPARENCYHow it isperceived in Cyprus

+ ELENA AMBROSIADOU, MEGAN GREENE, PRADEEP KUMAR

ALL 4 ONETHE CEOs OF THE ‘BIG FOUR’ ACCOUNTING FIRMS ARE UNITED ON HOW CYPRUS SHOULD ADAPT TO THE NEW SERVICES ECONOMY

cover gold march 2012.indd 1 29/02/2012 12:58

6 Gold the international investment, finance & professional services magazine of cyprus

08 10 14

issue 12march 2012

FEATURE

GAs bElonGs To ThE FUTURE GEnERATions Tooby nicos a. rolandis 16

sTop ThE CollUsion!by theodore panayotou 54

EURopEAn Commission sETs iTs siGhTs on doUblE TAxATion by Joanne theodorides 64

FEEdinG ThE hUnGRy bEAsTby peter economides 90

+ opinion

28 | GRowTh in ThE FinAnCiAl And invEsTmEnT sERviCEs sECToRs pREdiCTEd The international business sector is still driving the economy30 | invEsTinG in lUxURy REAl EsTATE in CypRUsHomes in prime coastal locations continue to buck the trend in the local property market

56 | TRAnspAREnCy in CypRUsChanging perceptions on transparency and corruption60 | wEAlTh pREsERvATion And invEsToR pRoTECTionThe Wealth Management unit of Piraeus Bank (Cyprus)62 | hEllEnism in CRisisGreek society is being asked to evolve and adapt on an unprecedented scale

EdiToRiAlUp FRonTFivE minUTEs wiTh

All 4 onEThE CEos oF ThE ‘biG FoUR’ ACCoUnTinG FiRms ARE UniTEd on how CypRUs shoUld AdApT To iTs nEw pRoFEssionAl sERviCEs EConomy

30 30

62

18

68 {money}

72 {business}

76 {economy}

82 {tax&legal}

86 {lifestyle}

56

{march 2012}

72 {business}

72 Shipping Revenues Continue to RiseThe results of the Central Bank’s biannual Ship Management Survey

74 A Cohesive Global OrganisationGrant Thornton

76 {economy}76 Greene EnergyLeading eurozone crisis economist Megan Greene has no doubts about where the single currency is heading

80 THe China ConundrumOnce Beijing makes its currency convertible and starts to issue sovereign debt, there will be no stopping the Chinese economy.

82 {tax&legal}82 Holding OnTwo recent court cases strengthen the status of Cypriot holding companies

84 Tax NewsRecent changes and amendments to Cypriot tax legislation

iSSuE

12

86 {lifestyle}86 Suite LuxuryStaying in the world’s most expensive hotels

ECONOMY: Valuing the Future: A Conversation About InvestmentBy Ben Paton 78 TAX & LEGAL: Political Economy of Corporation Tax: Theory, Values and Law Reform By John Snape 85 LiFESTYLE: Religion for Atheists: A non-believer’s guide to the uses of religion By Alain de Botton 89

+ BOOk REviEw

80

the international investment, finance & professional services of cyprusGold67

68 {money}68 A whole New world of Trust and Corporate SolutionsIFG Trust (Cyprus) Ltd