Cyprus and India share a long-standing and powerful relationship that continues to evolve — particularly in the economic and investment spheres. Today, Cyprus is emerging as a strategic hub for cross-border investments, offering access to European markets, tax-efficient structures, and advanced fund administration services. Meanwhile, India’s rapidly growing alternative investment market is creating fresh opportunities for collaboration and knowledge exchange, further deepening ties between the two nations and fostering value creation for investors and institutional stakeholders.
A panel discussion titled "Strategic Dialogue: The India Dimension", held during the 11th Cyprus International Funds Summit & Expo — organised by CIFA and Invest Cyprus — focused on strengthening collaboration between Cyprus and India in the field of alternative investments. As India’s Alternative Investment Fund (AIF) market expands at an unprecedented pace, Cyprus stands out as a strategic location for cross-border fund structuring, capital distribution, and financial synergies.
Investment bridges between India and Europe
Participants explored the investment opportunities offered by the Indian market, Cyprus’ role as a gateway for Indian fund managers to Europe, and the advantages of tax optimisation and investor access. Special emphasis was placed on institutional capital flows between India, Europe and the MENA region, as well as on fintech–fund administration synergies and the need to align regulatory frameworks to promote sustainable growth.
Rinkesh Devnani, Partner, Tax & Regulatory Services, KPMG India, presented the strong momentum of India’s AIF market and its potential for cooperation with international institutional investors. He highlighted India’s impressive economic trajectory, now ranking as the world’s fourth-largest economy and projected to climb to third place by 2030. With a population of 1.4 billion and growth rates surpassing those of any other major economy, India attracts significant attention from both inbound and outbound investors.
Devnani also referred to the recent visit of India’s Prime Minister Narendra Modi to Cyprus, underscoring the renewed momentum in bilateral ties and the opportunities it opens for mutual investment collaboration.
Cyprus as Europe’s gateway for Indian fund managers
Panayiotis Chrysostomou, CFA, Manager, Banking Services & Representative Offices, Eurobank Cyprus, analysed Cyprus’ role as a strategic entry point for Indian fund managers into Europe and discussed the potential for cross-border structuring. He revealed that Eurobank is establishing a representative office in India, specifically in the BKC district of Mumbai, further expanding the bank’s footprint in the world’s fastest-growing economy.
Chrysostomou also underlined India’s appeal as an investment destination, noting that real GDP growth is expected to reach 6.5% in 2025–2026, positioning the country among the top three global economies.
Building synergies in fund management
Demetris Themistocleous, Fund Services Director at PwC Cyprus, focused on financial management practices and synergies that can drive capital growth and enhance fund efficiency. He noted that India has achieved remarkable progress, with capital commitments exceeding USD 115 billion, two-thirds of which fall under AIF Category II — funds investing in private equity, real estate, and debt.
Cyprus, he added, offers a flexible and fully EU-aligned regulatory framework, EU passporting capabilities, and a mature professional ecosystem with proven expertise in fund management and administration. The combination of these two markets, he concluded, creates significant opportunities for collaboration and the development of joint investment structures.
The discussion was moderated by Petros Mavrommatis, Vice President of the Cyprus Investment Funds Association (CIFA).
