The Cyprus Investment Funds Association (CIFA) has teamed up with law firm King & Wood Mallesons LLP (KWM) to develop the legal and regulatory framework for investment funds in Cyprus and position itself as a domicile for managers, particularly from Asia.

KWM has embarked on a comprehensive review of investment funds in Cyprus, including corporate tax arrangements and registration laws, with the aim of enhancing Cyprus’ as a destination for domiciling and managing funds.

“We are pleased to mandate KWM - as the only global law firm headquartered in Asia - to take Cyprus’ investment funds sector to the next stage of its development," said CIFA’s chairman, Angelos Gregoriades. 

"It marks our commitment to Cyprus’ recovery in developing core growth sectors, of which fund management is one. There is huge opportunity for global fund managers from Asia and other regions to use Cyprus as a springboard to the deep markets of Europe.”

The findings of the review will be published in 2015 and KWM will continue to work with CIFA to promote Cyprus as a gateway to Europe for regional fund managers.

European Fund and Asset Management Association (EFAMA) granted CIFA observer status in June 2014, following Cyprus’ adoption of the Ucits IV and the Alternative Investment Fund Manager (AIFM) directive into the country’s national legal system.