A new generation

is driving the services

sector

Talented Young Professionals

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

529

1295

0005

77

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ISSUE 17 AUGUST 2012PRICE €6.95

UNDER ATTACK!Anti-piracy lawcomes into force

PLUS: MONEY / BUSINESSECONOMYTAX & LEGALLIFESTYLE

FRAUD How to safeguard your organisation’s assets

OPINIONIrakli BukhiashviliConstantinos Charalambous Theo Panayotou

+ TONY CHRISTODOULOU, THEO PARPERIS, CONSTANTINOS ROUSSOS

cover_final.indd 23 01/08/2012 10:12

6 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

“OTHER JURISDICTIONS HAVE CAUGHT

UP WITH US. OUR GENERATION’S ‘MISSION’ MUST BE TO ELEVATE

CYPRUS’ ROLE TO THE NEXT LEVEL.”

I am confident that Cyprus will overcome the current financial issues as long as appropriate measures are implemented, such as the appointment of technocrats in key positions, and collective action is taken by the relevant authorities.

“INTERNATIONAL FIRMS OR FIRMS WITH INTERNATIONAL ASPIRATIONS TEND TO BE BUILT ON THE PRINCIPLE OF MERITOCRACY.”

“CYPRUS IS ALREADY AN ESTABLISHED SERVICES AND

FINANCIAL CENTRE. THE CHALLENGE FOR ALL OF US IS

TO MAINTAIN THAT POSITION FOR THE YEARS TO COME.”

“The firm I work for can provide

me with the same challenges, quality of work

and opportunities as any London

firm.”

“STRONG AND AMBITIOUS INDIVIDUALS WILL ALWAYS BE PRESENTED WITH GOOD OPPORTUNITIES AND PROFESSIONAL QUALIFICATIONS TEND TO PROVED TO BE A GOOD PASSPORT.”

“I believe that there is an over-supply of nominally qualified people and an undersupply of true talent.”

“Cyprus is an easy and fun place to live and work, ranking relatively high on the HDI index and the professional pace can

be as fast or as slow as you set it.”“THERE IS A NEED FOR STRUCTURAL CHANGES AND INCENTIVES FOR ECONOMIC GROWTH. IF WE MANAGE THINGS RIGHT, WE COULD BE IN A MUCH BETTER SITUATION IN A FEW YEARS.”

TALENTED YOUNG PROFESSIONALS

08 10 16

issue 17august 2012

FEATURE

CYPRUS NEEDS ITS OWN MARGARET THATCHER by Dr. Constantinos Charalambous 32

HERE COMES ANOTHER ECONOMIC MIRACLE! by Stelios Violaris 34

CUTTING BUREAUCRACY By Irakli Bukhiashvili 62

NOSTALGIA FOR THE FUTUREby Peter Economides 90

+ OPINION

46 | OCCUPATIONAL FRAUD How to safeguard your organisation’s assets

50 | LIVE-ON-LINEThe new, flexible mode of study from Intercollege Globaltraining

54 | LET’S SEE ACTION!Tony Christodoulou looks back on 40 years of PR success.

58 | UNDER ATTACK! Anti-Piracy Law Comes Into Force

EDITORIALUP FRONTFIVE MINUTES WITH

18

5866 {money}

68 {business}

76 {economy}

80 {tax&legal}

84 {lifestyle}

50

A NEW GENERATION OF PROFESSIONALS IN CYPRUS ARE AT LAST BEING GIVEN A CHANCE TO MAKE THEIR

MARK ON SOCIETY AND THE ECONOMY IN A WAY THAT WAS NOT PREVIOUSLY POSSIBLE.

46

54

contents.indd 6 01/08/2012 07:33

{august 2012}

68 Doing Business in CyprusAlexia Aspri and Celia Pourgoura on the business environment and the risks it faces.

70 Investing in the FutureInterview with Christos Christodoulou, CEO of Trust Insurance (Cyprus).

74 Limassol Hosts WISTA MED 2012Professional women from the Mediterra-nean and beyond came together to network and create new business opportunities.

76 How to Pay Off Cyprus’ National DebtThe ‘unmentionable’ solution of a pipe-line to Turkey would have major advan-tages. By Fiona Mullen.

ISSUE

1786

THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES OF CYPRUS Gold 65

66 {money}

66 Going Green with Alternative InvestmentsBy Steven A. Newberry

80 Intellectual Property RightsCyprus is Becoming the Jurisdiction of Choice

82 No Taxing ProblemsCompanies doing business in Cyprus have good relationships with the local tax au-thorities.

84 {lifestyle}84 Domain ThingThe changing business of Top-Level Domains

87 Top-Level Domain ManInterview with Constantinos Roussos about his .music project and more.

BUSINESS: Management in 10 Words By Terry Leahy 74

ECONOMY: How Much is Enough? The Love of Money, and the Case for the Good Life By Robert Skidelsky & Edward Skidelsky 79

TAX & LEGAL: The Oxford Guide to Treaties By Duncan B. Hollis 83

LIFESTYLE: The Venetian By Lina Ellina 89

+ BOOK REVIEW

68 {business} 80 {tax&legal}

76 {economy}

gold_plus.indd 65 31/07/2012 12:39