Sunny Cyprus Welcome for INPACT Members

INPACT members from as far afield as Brazil joined delegates from the Middle East and across the EU for a weekend of networking, knowledge transfer and thought leadership.

The event hosts were INPACT Cyprus member, P & P Advisory Services Ltd who led series of interesting and informative sessions on local and international challenges following the banking crisis; steps for bringing the economy back to growth; and the advantages of doing business in Cyprus.

Tax expert, Spyros Ioannou of Primus Ltd gave an in-depth presentation on changes to Tax Systems in Cyprus over the last few years from both a domiciled and non-domiciled perspective. He highlighted the main features of the ‘attractive and transparent’ Cyprus tax system and provided specific detail on issues such as personal taxation of expats, Cyprus residency, non-dom tax status, Transfer Pricing adoption, Notional Interest Deduction (NID) and Intellectual Property.

INPACT events always include a full and active social programme and this year’s ESM was no exception. The group visited Vasiliko Terminal Services (VTS) and toured their newest tug boats. VTS is the leading provider of marine services in the Eastern Mediterranean, whose largest investor is serviced by INPACT members in Cyprus, Netherlands, Greece & London. A visit to a local taverna for wonderful mezze concluded the day.

Saturday saw the group head to the Troodos mountain region for a wander through the cobbled streets of Omodos village, famous for its wine, Zivania spirit and handmade lace, and then on to Phini village to admire their traditional arts and pottery.

The delegates rounded off the weekend with a farewell dinner in one of the island’s finest fish restaurants in Limassol Marina. Commenting on the weekend, INPACT Tax Committee Chairman, Mark Moore of Rayner Essex said,

“Events such as these provide an opportunity to share knowledge and information and to build relationships. Over the years, INPACT colleagues from across the globe have become friends and these strong relationships are of great benefit to our clients.”