Contributed by Soteris Pittas of SOTERIS PITTAS & CO LLC
September 23rd, 2010

A high profile Russian Businessman invested Euro 222 million for the acquisition of 7.5% of the issued share capital of one of the biggest Cypriot Banks namely BANK OF CYPRUS PUBLIC COMPANY LIMITED (“BOC”).

The shares of “BOC” are listed in the Cyprus Stock Exchange and Athens Stock Exchange.
This movement is another proof of the trust of foreign investors in the Cyprus economy and in the Cyprus banks.

Cyprus, now a member of the EU and the Euro zone, has built over the years a solid reputation as an International Business Centre, due:

• High Standard legal and accounting services;
• A well-educated workforce, many of whom are multi-lingual;
• A sophisticated and sound legal system;
• Attractive corporation rates of just 10% (i.e. the lowest amongst all European Countries);
• A tax system which conform to EU directives;
• Double taxation treaties with many countries;
• Full ranging of banking services;
• A good reputation in shipping business (Cyprus is amongst the 10th countries in shipping registrations);
• Legislation preventing money laundering, in accordance with EU directive;
• High Standard of living, good climatic conditions and a friendly society;
• Good transportation and communication systems.


For further information on this topic please contact Mr. Soteris Pittas at Magnumserve Limited, by telephone (+357 25 028460) or by fax (+357 25 028461) or by e-mail (