The Cyprus Investment Promotion Agency (Invest Cyprus) and the Cyprus Fiduciary Association (CYFA) signed a memorandum of understanding on Wednesday, aiming to strengthen their ties and foster cooperation to further develop the Cyprus business ecosystem, accelerate economic growth, and create jobs in Cyprus through Foreign Direct Investment.

According to a press release, the signing of the memorandum by Marios Tannousis, CEO of Invest Cyprus, and Christoforos Ioannou, General Manager of CYFA, marks "a significant step towards enhancing collaboration between the two organizations and the promotion of Cyprus as an international centre for fiduciary and administrative services."

More specifically, the main goals of this collaboration include maintaining frequent and regular contact between the two organisations for mutual exchange of information centred on the fiduciary and administrative services sector and cooperating in preparing surveys, industry reports, and other projects aimed at growing the fiduciary sector and, subsequently, the economy of Cyprus.

Furthermore, the MoU aims at organizing meetings for business cooperation and providing each other with the necessary support in organizing conferences, roundtable discussions, road shows, and other targeted business events and exchanging information on the latest trends and developments regarding business administration, key infrastructure, and research and development, as well as providing suggestions to attract investment funds to boost the fiduciary sector.

The two partners will coordinate efforts, within the limits of their competence, to solve and eliminate potential obstacles in taxation, visas, sector regulations, etc and will facilitate introductions with international and foreign companies that might be interested in initiating collaboration to relocate and/or expand in Cyprus.

This memorandum shall come into force on Wednesday, the date of its signature. It will be valid for one year and will be automatically renewed unless terminated earlier by mutual consent.