Messages from past Presidents

I have been involved with the Cyprus Fiduciary Association since its first AGM in 2012. I started out from the Committees, joined the Board of Directors and served as Vice-President and for a 5-year period as President. It has been an honour and a privilege to be able to contribute to CYFA, an organization that has played a pivotal role in shaping and strengthening the fiduciary and corporate services sector in Cyprus. Over the years, CYFA has evolved into a respected institution, advocating for our industry’s interests, collaborating with regulators, and driving positive change in an increasingly complex global landscape.

From the very beginning of my involvement, it was clear that the path ahead would not be without challenges. Our sector emerged amidst one of the worst banking crises in Cyprus’s history, navigating a turbulent period of economic instability, heightened regulatory scrutiny, and rapid transformation. Despite these hurdles, we remained steadfast in our mission—to enhance the reputation of Cyprus as a premier international business hub, ensuring that our industry not only survived but thrived.

A key focus during my tenure has been finding the right balance between regulatory compliance and business growth. While the push for stronger anti-money laundering measures and compliance frameworks is crucial for the integrity of our sector, over-regulation can also stifle innovation and economic expansion. It is our responsibility as industry professionals to not only adhere to the highest standards but also to make strategic choices that align with long-term sustainability. We must prioritize quality over quantity, ensuring that Cyprus attracts reputable international businesses that contribute to our economy’s credibility and resilience.

Looking ahead, the modernization of our regulatory framework, the continuous reform of our legal, tax and banking environment to maintain competitiveness, and the digitalization of processes will be instrumental in securing our industry’s future. Reputation remains at the core of everything we do—by strengthening our image, attracting high-caliber clients, and fostering a competitive yet compliant business environment, we will continue to elevate Cyprus’s standing on the global stage.

I want to extend my heartfelt gratitude to our members, stakeholders, regulators, and sponsors for their unwavering support. The progress we have made is a testament to our collective efforts, and I have no doubt that CYFA will continue to lead the way in shaping the future of fiduciary services in Cyprus.

It is amazing so many years have passed since the very first gathering of, what were meant to be called, Administrative Service Providers, which I have managed to arrange on a really hot day at the beginning of June 2011. That was the very first step for the creation of the Cyprus Fiduciary Association…

The meetings that followed were actually hotter, as we also had to deal with the consequences of the lethal blast at Mari army base and the turbulent period that followed, with frequent power cuts. As if this was a sign of what was to follow, the first few years of existence of the Cyprus Fiduciary Association were marked by unprecedented events, such as the global financial crisis and its local implications, which led to the collapse of the banking system in Cyprus in March 2013.

There are so many things passing through my mind thinking about those times. The endless hours spent on researching about equivalent bodies as well as the regulatory regime in other countries, on setting up the association, including hiring personnel, finding offices, creating a logo, setting up a website, etc,. and of course on getting ready to invite members for registration. And what a joy it was to welcome members and start arranging educational and other events for them! Well-marked in my mind are also the, often, challenging meetings with the regulators, parliamentary committees, ministries, the media and other important players.

Our ultimate goal when setting up the Association has always been to raise the standards of the sector in all respects, be that in relation to the quality of service offered by the providers, the creation and maintenance of a fair and robust regulatory regime, the relationship with other stakeholders, the promotion of Cyprus as an international business centre and much more.

I am glad to note that the Cyprus Fiduciary Association has not lost sight and remains well on target in relation to the goals set. I truly wish that in the years to come it will have an even more important role to play in the business life of Cyprus, for its members but also for the country at large.