Invest Cyprus and the Cyprus Fiduciary Association (CYFA) signed a memorandum of understanding on Wednesday, aiming to strengthen their relationship and promote collaboration for the further development of Cyprus's business ecosystem, economic growth, and job creation through direct foreign investments.

According to the announcement, the MoU was signed by Marios Tannousis, CEO of Invest Cyprus, and Christoforos Ioannou, General Manager of CYFA. 

The key objectives of this significant collaboration include maintaining regular and frequent communication between the parties for mutual information exchange, with a focus on fiduciary and management services. Additionally, the collaboration aims to conduct studies, reports, and other relevant projects to develop the fiduciary sector and, by extension, the Cypriot economy.

The MoU also includes the arrangement of meetings for business cooperation and mutual support in organizing conferences, roundtable discussions, workshops, and other targeted business events.

Furthermore, it involves exchanging information on the latest trends and developments in business administration, key infrastructure, research and development, and submitting proposals to attract investment capital to strengthen the fiduciary sector.

Coordination of efforts to resolve and eliminate potential obstacles in areas such as taxation, visas, and regulations, within the limits of each party's responsibilities, is also part of the MoU.

Additionally, the agreement aims to facilitate contacts with international and foreign companies that may be interested in starting a collaboration to relocate or expand in Cyprus. The memorandum of understanding will be effective for one year from the date of signing (May 15, 2024) and will be automatically renewed unless jointly decided otherwise.