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Address by Mr. Makis Keravnos, Minister of Finance to the 11th Annual General Meeting of the Cyprus Fiduciary Association - CYFA, Thursday, 19 October 2023

Dear President of the Cyprus Fiduciary Association,

Members of the Association, Ladies and Gentlemen,


I am genuinely delighted and privileged to address all of you today at the 11th Annual General Meeting of the Cyprus Fiduciary Association (CYFA). Attending this general meeting is an opportunity, allowing us to contemplate the substantial progress achieved and the ongoing commitment to nurturing the development of companies offering administrative services.

First and foremost, I would like to extend my heartfelt congratulations to CYFA for its steadfast dedication to cultivating sustainable international activities within the Cypriot economy while upholding the highest professional standards and business integrity, which is invaluable to our society. CYFA's path since its establishment in 2011 reflects its members' collective vision and dedication, evolving it as one of the country's most respected and well-known organisations.

In this ever-evolving business landscape, we've witnessed the rapid growth of Administrative Service Providers (ASPs), offering fiduciary services to legal entities in Cyprus and beyond. These services encompass a broad spectrum, including directorships, company secretarial functions, and other supporting services. ASPs have become indispensable partners, streamlining regulatory compliance, reducing administrative burdens, and enabling businesses to focus on their core operations while adapting to the constantly changing demands of the global corporate world.

It is an undisputable fact that no international business centre can operate effectively without reliable administrative services for companies and other organisations.

As we contemplate what may have been the most demanding decade for Cyprus' professional services sector, the Cyprus Fiduciary Association's continued effort and responsibility have achieved many of its aims and objectives and have shown its ability to adapt and adjust in an environment of constant change. I am heartened that CYFA has the necessary infrastructure, expertise, and capacity to provide training and guidance to its members and ensure its continued prominence on the global business landscape, all while upholding the collective well-being of this important industry. I am confident that in the coming years, CYFA will play an even more pivotal role in shaping Cyprus' business landscape, benefiting its members and our country.

This meeting today also presents a unique opportunity to emphasise the Government's unwavering commitment to improving every aspect of this industry. This includes elevating the quality of service providers and establishing a robust regulatory framework to fortify Cyprus' strong fiduciary and broader international business sector, underpinned by the highest professional standards and steadfast integrity. The Council of Ministers confirmed this Government's continued efforts through its recent decision dated 28/6/2023, which has resolved to undertake a comprehensive study to enhance the governance and oversight of administrative services companies.

The Ministry of Finance looks forward to working closely with the CYFA and other professional bodies to enhance the sector's institutional framework, ensuring its sustainability and future prospects.

Ladies and gentlemen, in my closing remarks, I would like to extend my heartfelt gratitude to the efforts of CYFA and its members, for the development of the sector in a robust and sustainable way and for being a reliable and trusted partner to the Government. As we stand on the threshold of a promising future, let us seize this moment to strengthen our collaborative spirit, embrace new opportunities, and collectively shape a prosperous destiny for Cyprus and its thriving global business sector. Together, we will continue to navigate the ever-evolving landscape, persistently pursuing excellence and working tirelessly for the industry's greater good.

My warmest wishes for a highly successful meeting.


Thank you.


Makis Keravnos

Minister of Finance

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