Cyprus Agile

The CIIM – Cyprus International Institute of Management & the MSc in Financial Law and International Taxation organized an online masterclass in a series of panel discussions powered by CIBA – Cyprus International Businesses Association in regards to:

“Cyprus agile! The new EU investment policy, trade & financial services.”

Thursday, 25th of February 2021

The first session of discussions is dedicated to:

“Brexit Withdrawal agreement & professional education: the impact on the financial industry’s professionals.”

Key speaker: Christopher Bovis, Professor of International Business Law at the University of Hull, Visiting Professor in MSc in Financial Law and International Taxation at CIIM, advisor for the UN, European and national governments.

The discussion raises awareness about the UK academic and professional qualifications with an emphasis on the Legal, Finance, and Accountancy professions under the EU-UK Brexit agreement. Brexit affects the academic qualification since UK degrees become third-country degrees and will need to be assessed to recognition by KYSATS. Professional qualification acquired from the UK is no longer automatically equivalent.

The debate explores the Cyprus educational industry’s opportunities targeting EU students, resulting from partnerships with UK actors. In addition, online education is growing in strength in a short period of time and this may have some repercussions on the local educational industry. We are also discussing the role of the local regulatory authorities on the matter.

The Brexit saga does not end here: The UK finance industry is a leading provider of financial services in Europe, but the question is whether it maintains this position. Is there more space for other regional actors?

COVID has pushed for more digitalization in our business practice; the geographic factor that has been a disadvantage to Cyprus is neutralized. Digitalization is transforming the tax industry – more, and more of the earnings flow to the web giants, soon subject to specific tax rules. Consequently, Cyprus’ international tax policy is to seek for new tailored services. This needs to consider the “digital-economy” which will necessitate a drastic revamp of the way we set our Tax structures (e- Commerce, Digital Permanent Establishment).

Re-designing academic and professional qualifications for accounting, finance, and tax advisors in this landscape is urgently required. Linking those qualifications to new industry sectors attracting genuine investment for the local economy is requested.

Professor Christopher Boris sets the framework. Notable speakers give specific insight on Cyprus’ implementation of the conditionalities provided by the agreement. The topic is broadened by asserting Covid’s influence on two distinguished sectors, the Educational and the Financial services industry, with a forward-looking glance.

The panelists are prominent experts in the field:

  • Professor Yiorgos-Sokratis Smirlis, Chairman of the Cyprus Council of Recognition of Higher Education Qualifications (KYSATS)
  • Leonidas Paschalides Deputy Secretary General of the Cyprus Chamber of Commerce (CCCI), a key factor in the Brexit negotiations
  • Kyriakos Iordanou, General Manager of the Institute of Certified Public Accountants of Cyprus (ICPAC)
  • Laris Vrahimis, former coordinator of lawyers’ qualification and training, Cyprus Legal Counsel, Cyprus Bar Association
  • Christos Theophilou, Tax advisor, Professional qualification provider (Taxand).

A Q&A session follows. The conclusions are driven by Dr. Eleni Apostolidou, CIIM, Director of MSc in Financial Law and International Taxation.

The Background:

  • Brexit agreement and academic qualifications
  • Brexit agreement and professional qualifications
  • Brexit and trends for the financial services industry in the EU

The influences:

  • Covid & online education: its impact on Cyprus education industry
  • Covid & digitalization: its impact on the advisory industry & investment policy

Venue: Zoom Online Platform