In which areas of economic activity does Prospectacy emphasize and what do companies demand from professional service providers in Cyprus?
Prospectacy is a specialist firm that provides high-level advisory services to businesses and individuals from abroad on personal and corporate taxation, transfer of corporate headquarters, real estate and other asset management, as well as a wide range of other corporate matters. We currently employ approximately 40 people from Cyprus and abroad.
Our company’s team of professionals can guide clients who are interested in investing and are looking for advice on how to organize and manage their portfolio, with the aim of having a competitive advantage locally or internationally.
Many companies turn to us asking for our contribution in the search for business housing or housing for their staff, as well as legal guidance for their establishment in Cyprus or for the transfer of their staff to the country and explanation of procedures.
In other words, we focus on facilitating companies that wish to set up headquarters in Cyprus, creating the appropriate environment and conditions.
Attracting foreign investment remains key to the recovery of the Cypriot economy. What could the country do to create further opportunities?
In the highly competitive environment that has been formed internationally due to the successive crises, the attraction of foreign investment remains of key importance for the recovery of the economy and a condition for the creation of a sustainable development model.
It is necessary to continue to place special emphasis on the promotion of Cyprus as an attractive destination for attracting quality investments in various sectors of the economy such as technology, education and research, health, renewable energy sources, financial and professional services, shipping , sports and the cultural industry.
Can Cyprus rise above the competition from other countries in the field of financial services for businesses?
Our country gathers a number of comparative advantages, however there are still some steps to be taken. In particular, it is a condition for the continuation of the upward trend in the international competitive environment to deal with the hoarseness of the bureaucracy. This is an issue that continues to plague businesses and citizens. At the same time, we should work to strengthen economic diplomacy, in conjunction with expanding the network of embassies and consulates that Cyprus has abroad. An important issue is the digital transformation of the state as well as dealing with the long delay in the administration of justice, while the passage of the investment law is also urgent.
What is the role of technology in the service sector? Can Cyprus become a Regional Center for Data and Digital Entrepreneurship?
Technology plays a key role in asset management, but historically its role has been to support internal needs in areas such as portfolio management and accounting. Since 2010, we have witnessed a revolution in the application, flexibility and development of technology in the field. Today, there are more solutions than ever, powered by the ability to analyze big data. From artificial intelligence to robo-advisors, many changes are taking place that affect different areas of the industry, including regulation, privacy, and transparency.
Technology plays a key role in the service sector mainly because it ensures transparency but also saves time. It allows the due diligence process to be carried out immediately regarding the customer, through specialized houses, and the origin of money to be controlled. The technology also offers asset management solutions powered by big data analytics.
One of the greatest benefits of artificial intelligence is its ability to “sift” large amounts of data. What would normally take weeks or even months can now be done in days or even hours. Using the data they collect along with customer information, AI systems can determine where customers’ money can be allocated or which products they should invest in. This allows the manager to offer services tailored to the customer’s needs quickly.
The ability to process large volumes of data with ease allows monitoring of every aspect of work and quick correction of errors and frees managers from repetitive and complex tasks while allowing them to provide specific information based on customer needs.
It is my strong belief that by taking advantage of our country’s geographical and geo-strategic positioning, combined with a series of other steps and correct handling, Cyprus can emerge as a regional center for data and digital entrepreneurship. The most important thing is to prioritize Information and Communications technologies as a priority axis, and to work towards the connection of Cyprus and the implementation of an integrated digital strategy.
How does Prospectacy face the challenges in the new era?
Prospectacy’s goal, like any organization that aims for its sustainable development, is to continue to constantly evolve, grow and respond to the increased needs of its customers and partners. Our effort is to create value through our activity, contributing to building conditions of long-term economic prosperity and, by extension, to supporting the local community.