Invest Cyprus has partnered with FT Locations, part of the Financial Times Group, which provides foreign direct investment, for a briefing which brings together financial services leaders, investors and industry experts in London. Their goal was to explore how Cyprus and the Eastern Mediterranean are evolving as hubs for international business, financial services and wealth management.
Evgenios Evgeniou, Chairman of Invest Cyprus, explained the changing investment landscape, with international companies increasingly "looking beyond cost and towards stability, regulatory credibility, access to talent, connectivity and the confidence to make long-term decisions," he told the delegation.
Evgeniou explained how Cyprus brings those elements together: an EU and eurozone jurisdiction, a common-law legal tradition, an international and highly skilled talent base, and a strategic position connecting Europe with the Middle East, North Africa and Asia.
Discussing how financial services are becoming increasingly technology-driven and sophisticated, he said that the opportunity is to "compete not simply on cost, but on stability, talent and trust, enabling international companies to establish, scale and serve markets well beyond Cyprus."
As Evgeniou noted: “Our ambition is to compete beyond cost: through the combination of stability, access to talent and trust.”
According to Invest Cyprus, today’s discussion in London reinforced a clear position: Cyprus is not merely an investment destination. It is a platform for European and regional growth.
The MUFG and payabl. success story
“Within the framework of our partnership with the Financial Times, we organised an informative event at its offices in London, attended by approximately 40 people. The event focused on presenting Cyprus as an attractive destination for financial organisations seeking to establish and develop back-office operations in the country,” Eugenio Evgeniou told InBusinessNews.
As he explained: “In this context, the success story of MUFG Investor Services was presented by Costa Evlogimenos, Executive Director and Head of Technical Product at the company. MUFG established a presence in Cyprus four years ago and today employs approximately 350 people in the country, serving as a characteristic example of an international financial organisation that chose Cyprus to develop its operations.
“The same thematic session also featured a presentation by Ori Kissos, Head of Compliance and MLRO (UK) and Head of Corporate Affairs at payabl., who referred to the use of Cyprus as a base for creating and developing back-office operations in the fintech sector.
“The second part of the event focused on the opportunities Cyprus offers in the areas of wealth management and family offices.”
The event’s speakers included Francesca Speroni, Head of UK Private Banking at EFG Private Bank; Marios Andreou, Tax Partner at PwC Cyprus and President of the Cyprus-UK Business Association; Vasilis Boukas, Partner at McKinsey & Company in Athens; and Vahe Vartanian, Founder and CEO of the Global Family Office Community.
The discussion was moderated by Alex Irwin-Hunt, Global Markets Editor at fDi.
“The strongest proof of trust is not the number of companies arriving for the first time”
“We are seeing companies from the Middle East and India use Cyprus as a platform from which to expand into the European Union. We are also seeing Western companies establish and expand their operations in Cyprus in order to access talent and serve markets across the wider region.
“In an increasingly complex neighbourhood, Cyprus offers something valuable: a stable European base for regional operations,” Eugenio Evgeniou said in welcoming attendees.
He underlined that, over the past four years, Cyprus has consistently ranked among the fastest-growing economies in the European Union. Public debt is now comfortably below 60% of GDP, unemployment has fallen to 4%, and Cyprus is now consistently rated in the A category by major international credit-rating agencies.
“Cyprus now has a significant international business community, while technology and information and communications technologies (ICT) have evolved from an emerging sector into a major pillar of the economy. More than 800 technology companies are now active in sectors including ICT, fintech, gaming and technology-enabled services,” he noted.
He added that, alongside technology, “we continue to deepen our established strengths in financial and professional services, shipping, investment funds, tourism and real estate, while also developing capabilities in areas such as research, innovation and healthcare.”
“And perhaps the strongest proof of trust is not the number of companies arriving for the first time. It is what happens after they arrive. When international businesses choose to reinvest, expand their teams and strengthen the operations they conduct from Cyprus, this represents a far stronger test of the country’s investment proposition,” he added.
The questions discussed
According to the event summary, macroeconomic uncertainty is prompting financial-services companies to relocate their back-office operations from saturated jurisdictions to strategic alternative hubs. Family offices, wealth managers and entrepreneurs are seeking regulatory certainty and cost savings.
At the same time, the conflict in Iran is prompting investors with operations in the Middle East to turn towards more stable gateways to the region.
Against this backdrop, Cyprus and the wider Eastern Mediterranean are emerging as competitive centres for financial services and international wealth management. A dynamic business environment and a multilingual workforce are enhancing the region’s appeal as a base for business operations.
Meanwhile, policymakers are strengthening venture-capital ecosystems and expertise in alternative investments, with the aim of supporting entrepreneurs.
Among the questions raised were:
- How can the Eastern Mediterranean compete with other business hubs as companies seek refuge from geopolitical turbulence?
- What factors are directing wealth towards emerging financial centres?
- What are companies’ priorities when selecting locations for their back-office operations?
The event was attended by UK-based wealth managers, investors, back-office operations specialists and policymakers from the region.
Industry executives analysed the operational challenges and practical aspects of relocating activities, as well as ways of accessing the innovative investment opportunities offered by Cyprus.
