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Cyprus Substance



Cyprus Substance Solutions


The absence of economic substance triggers an alert for the possibility of tax avoidance in many jurisdictions. A fully operational basis provides a more rational and beneficial solution than the traditional agency structure.


Under the OECD model convention, a company may qualify for tax treaty benefits if the following criteria, which are usually present in tax treaties, are met:


  1. The company is a tax resident of the State it is registered in ; and
  2. The company is the beneficial owner of the income distribution (dividends, interest,  royalties)


According to the Cyprus Company Law, a Cyprus company is considered as a Cyprus tax resident if its effective management and control is exercised in Cyprus.


Effective management and control means that the:


  • registered office address in Cyprus;
  • the majority of directors are Cyprus tax residents;
  • all board meetings are held in Cyprus;
  • Board Decisions are taken in Cyprus.


According to OECD definition, the place of effective management is the place where key management decisions and commercial decisions that are necessary for the conduct of the entity’s business are in substance made.


Place of incorporation VS Place of effective management

Management and control may not be at the same place as incorporation. A jurisdiction therefore that classifies as tax resident a company organized under its laws may seek to claim tax residency of the company, even though the company is managed and controlled in another jurisdiction. As such, it is possible that double taxation may occur.  Double taxation may be avoided with the use of double tax treaties;


The Cyprus resident directors should be the top managers of the company and should be in a position to exercise the management function in full.


Board meetings should be held in Cyprus, to discuss substantive issues relating to the management and control of the company and its investments. Important strategic decisions should be taken in Cyprus as well as negotiations of major contracts.


All financial and other transactions of the company should be prepared and kept in Cyprus. This includes the issue of invoices and receipts, bookkeeping, preparing of management accounts, financial reports and financial statements in line with the IFRS should be performed in Cyprus. The accounts should be audited in Cyprus and their discussion and approval should take place in Cyprus.


Physical substance in Cyprus means that the company has (some or all of the below):


  • Majority of directors are resident in Cyprus.
  • its own physical office space (rented or owned);
  • website, telephone and fax line in the name of the company;
  • preferably email address and website;
  • employees (registered with the Social Insurance);
  • business activities mainly undertaken from Cyprus;
  • accounting records must be kept in Cyprus;
  • local bank account.
  • Registered with the VAT authorities, depending on its activities.
  • Annual Audit by Certified Public Accountants of Cyprus.
  • Invest via the Cyprus company.
  • Manage interest income and dividends.
  • Hold international assets to the Cyprus company.
  • Establish a Cyprus International Trust. Setting up such a trust to own the shares of a Cyprus company is a further step to secure beneficial ownership.


We can assist you with issues of Cyprus economic substance. We can offer:


  • complete setting up and maintenance of physical business office of the company, including the staff needed;
  • full-fledged modern offices and workstations;
  • own phone and fax lines of the company, answering of phone calls in the name of the company,
  • automatic call forwarding possible, notification via email;
  • forwarding of incoming mail via email (physical forwarding is possible as well).


We can assist you with setting up a customized infrastructure as well as with customized re-structuring of the company from the legal and tax point of view in order to be in compliance with all the regulations and to eliminate the potential challenges and liabilities.


A trading company which implements all or some of the above will not only enhance its ‘substance’ but will also strengthen its Cyprus tax residency claim beyond any doubt.


The above information provides a general guidance.  We can provide specialized, tailor made advice based on specific needs.


For more information you may contact our director Mrs. Chrysanthi Varnava.



Privacy Policy


At TLS Partners, we are committed to the privacy of every person. We recognise that our clients, employees and people we work with, entrust important non-public personal data (as defined in the General Data Protect Regulation – GDPR, regulation 2016/679 of the European Parliament and Council of the 27 April 2016), to us, and we take seriously our responsibility to protect and safeguard this data. Our long-standing privacy policies and practices covering non-public personal data (herein also referred to as personal data or personal information) are described below.


1. Who are We?


TLS Partners is the trade name of Chrysanthi Varnava & Co LLC, a Cyprus based law firm  constituted and operating locally  internationally and providing legal, tax, personal and business consultancy.
Your non-public personal information is controlled by our company, a company duly incorporated under the laws of Cyprus, having registration number HE327343. Your information is accessible by our employees/person responsible for your case or matter and depending on the services requested by you.


Our company follow and adhere to appropriate safeguards in line with EU law for the processing of non-public personal data.


2. What Data We Collect and How do we Use it


The non-public personal data that we collect and the processing of such information will vary on the basis of the purpose and scope of the particular use or engagement.



2.1 Visitors to our Websites


When someone visits our website/s we collect standard internet log information and details of visitor behaviour patterns. This information is collected through the use of cookies. We maintain also a cookies policy.  Please contact us at to send you a copy of our Cookies Policy.


This information is processed to improve website use, for our internal purposes including the administration of our website, market research, data analytics and compliance with our legal obligations, policies and procedures.


2.2 People who Request to Receive Updates and Information from Us


TLS Partners frequently shares updates on legal developments and solutions that might affect you or your business through various means including mail, email and social media. If you consent to receive such updates, we will collect your name contact details and keep a record of the information we have sent you as well as any interactions related to such information sent to you.  If you do not provide such information, we will not be able to provide you with updates.


Please send us an email at to unsubscribe from our updates.


The information so collected is used and processed to:


  • enter into, or perform, a contract with you;
  • remember your preferences or specific interests;      and
  • for our internal purposes including the      administration of the flow of such information, market research and data      analytics, internal record keeping and/or to improve our services.


2.3 People who Send us a Request for Information


Our websites provide for functions that allow users to request information about our services.  The information collected through the request for information function on our websites is the following:


  • information you provide in the fields of the online form;
  • IP address;
  • date, time and data of our website/s access; and
  • identification data of the used browser.


You can also contact us through email, phone, or social media to request information.  We will, therefore, be collecting any information you provide to us or available on the relative media used.  We will also collect any correspondence in furtherance of the request.  This information is necessary for us to be able to respond to your request.  General and preliminary information will be provided to you without the requirement of any other additional personal information.  An identification document and other personal information will be requested in order to comply with anti-money laundering rules and to be able to provide you detailed and specific information to your request.


If you are not able or unwilling to provide us such information, we will not be able to provide any additional information.

Any personal information that you provide to us through these processes will be used and processed to:


  • provide you with the information you requested;
  • follow up with you on such request;
  • comply with any legal or regulatory requirement      including compliance with anti-money laundering rules; and
  • for our internal purposes including the      administration of the flow of such information, market research and data      analytics, internal record keeping and/or to improve our products.


2.4 People who Use our Services


When a client is being provided a service, we collect information as required by statutory obligations, principally information required by anti-money laundering rules and regulations, and information required to be able to provide the services.  If you are not able or unwilling to provide us such information, we may not be able to provide the service/s.

The information collected varies depending on the service/s being provided. By way of example, for succession planning, we will typically collect all relevant data, including information about our client’s personal assets, goals and preferences.


Any personal information so collected will be used:


  • to provide you the relative service/s; and
  • to comply with any legal duty including compliance with anti-money laundering rules.


2.5 Prospective Employees


If you apply with us for a post we will collect the following information on you:


  • name and contact details;
  • your previous experiences and details of your previous jobs;
  • education details and transcripts;
  • referees names and contact details; and
  • answers to questions made to you during the recruitment process.


You are not obliged to provide this information although your application may be affected.  We work with various recruitment agency and such information may be obtained from agencies you would have applied with.  The information we collect will be used:


  • to progress your application;
  • to assess your suitability for employment;
  • to contact you on the progress of your application; and
  • comply with any legal or regulatory requirement.

We may request you to allow us to process your personal information to contact you for any other vacancy that may arise.  Should you consent, we will contact you whenever a suitable vacancy will arise.


On acceptance of an employment offer of an employee, we may collect the following information:


  • identification document;
  • police conduct certificate or equivalent; and
  • health Information to ensure you are fit to work and to cater for any special conditions.


This additional information collected is processed to undertake pre-employment checks. This information is necessary to finalize you employment and onboarding process.





  • bank details to process salary payments; and
  • emergency contact details.


This information is required and will affect your employment if not provided.  During your employment with us, other information will be collected:


  • records of      your employment performance;
  • answers to      questions we make to you during assessments; and
  • health      information obtained through medical certificates and the employer’s      medical doctor.
  • The      information collected will be held in the systems we use and:
  • will be      accessible to our human resources department and management;
  • you may      make your contact details and other information available to the other      employees. The systems provide control to the employees to update their      profile with the information s/he would like other employees to access;
  • will be      used to progress your employment with us and assess your performance; and
  • will be      used to comply with any legal or regulatory requirement including      registering you with the relevant employment authorities and paying      National Insurance contributions and taxes on your behalf.


Our systems may prompt you to provide your marital status, number of children and other general interest questions.  This information is not required and may not be provided.  This information, if provided, will be used to improve your experience with us in furtherance of the social and family friendly initiatives that we may undertake from time to time.


2.7 Collaborators and Suppliers


We pride in choosing collaborators and suppliers that share our standards and commit to our level of privacy policies and practices.


On collaborators we work with and suppliers that provide us a service, we collect information as required by statutory obligations, principally information required by anti-money laundering rules and regulations and information required for the collaboration or the provision of the service by the supplier to us.  If you as a collaborator or supplier are not able or unwilling to provide us such information, we will not be able to collaborate with you or use your services.

Any personal non-public information so collected will be used:


  • to contact      you in furtherance of the collaboration or supply of service;
  • for our      internal purposes including the administration of the flow of such      information, data analytics, internal record keeping, financial and market      research; and
  • to comply      with any legal duty including compliance with anti-money laundering rules.


3. Legal basis for Processing


In line with the principle of data minimization and data economy, we only collect personal data and processes it on the following legal basis:


  • when you      request our services or you are an employee, a collaborator or a supplier,      our legal basis for collecting and processing information is based on and      the requirements for the performance of a contract or to take steps to enter      into a contract and/or legal regulations, mainly anti-money laundering      regulations;
  • our legal      basis for collecting and processing your personal data when you opt-in to      receive information for us, or to participate in a conference, workshop is      based on your consent;
  • we may      collect and process information for legitimate interest, primarily to      protect us from legal action or claims from third parties, including you      and/or to protect our legal rights and/or those of our employees.


4. Recipients of Personal Data


We may disclose personal information legally in the following scenarios:


  • for the      performance of a contract or to take steps to enter into a contract; and
  • to      collaborating entities/persons that are required for the provision of      services to you or with your consent.
  • group      entities, including non-EU entities part of the group based on contractual      terms issued by the European Commission (refer to section 6);
  • when there      is a legal requirement to do so;
  • if we are      requested to do so by a governmental or regulatory authority or by a court      of competent jurisdiction;
  • to enforce      our contractual terms;
  • in cases      or merger or acquisition of our business or parts of it to the new owners;
  • to protect      us and our employees from legal action or claims from third parties,      including you;


5. Intra-Group Transfers of Data Within the EU/EEA


The free exchange of personal data between Member States is a fundamental aspect of the EU’s basic principles. This principle is also reflected in the GDPR, which excludes the restriction or prohibition of the free movement of personal data within the EU or EEA.


GDPR therefore allows for the transfer between EU/EEA companies subject to the legal basis as provided above in section 3 of this policy.


6. Transfers Outside the EU/EEA


The personal non-public data we collect from you may be collected stored or processed by or transferred between group entities, including our entities established outside the EU/EEA. To date, the European Commission has not determined the non-EU countries we are established in to have an adequate level of protection of personal data within the terms of article 45 of the GDPR.

In the absence of an Adequacy Decision, the GDPR provides that a transfer can take place through the provision of appropriate safeguards and on condition that enforceable rights and effective legal remedies are available for individuals. Such appropriate safeguards include contractual arrangements with the recipient of the personal data, using, the standard contractual clauses approved by the European Commission.

For this purpose, contractual arrangements based on contractual provisions as approved by the European Commission are in place to ensure effective legal remedies to you in relation to the processing of personal non-public data by our company outside the EU/EEA.



7. How Long do we Retain the Data


We retain the personal information that we collect from you only for as long as required for statutory, business, tax or legitimate interest purposes. Your information is retained in electronic or paper format or both. When it is no longer required, it will be deleted or destroyed.

Should you wish to obtain information on the specific retention period of any personal information we hold on you, please contact us on


8. Automated Individual Decision Making, Including Profiling


We do not undertake fully automated individual decision-making, including profiling, that has a legal or similarly significant effect.


9. Systems we Use


We maintain physical, electronic and procedural safeguards to protect personal non-public data.
Data transmitted to us through the contact forms on websites are transmitted in an encrypted form. Transmission of personal data via the internet is made at your own risk.  We attempt to protect your personal data from unauthorized access by third parties by means of precautions such as pseudonymization, data minimization and observing deletion periods. Despite these protective measures, however, we cannot completely rule out unlawful processing by third parties.

Additionally, we herein outline programmes and systems we use in our collection, processing and storing of data:


  • we use an      online portal managed and operated by us online to store and process      information, data and details;
  • we use      reCAPTCHA to detect any improperly use of our websites by      automated mechanical processing. Certain personal data, including IP      address, is thus transmitted to “Google”;
  • when      someone visits our website/s we use a third party service, Google      Analytics, to collect standard internet log information and details of      visitor behaviour patterns. This information is processed in such a manner      that it does not identify the user. Such information is only collected as      per our Cookie Policy.
  • we use      third party HR systems for the collection, processing and storing of      information on prospective employees and employees.  All third party      systems we use are GDPR compliant;
  • we use      industry standard tools in order to monitor and collect information on our      website/s users’ needs and to optimize the use of our websites. The information collected does not      identify the individual users;


Please contact  should you require more information on the GDPR compliance of such systems.


10. Links to Other Websites


Occasionally we may provide links to other websites for your convenience and information. This privacy policy does not cover the links within our websites linking to other websites. We are not responsible for such other website/s and/or any products or services they may offer. It is your responsibility to check how these websites treat your personal data and we encourage you to read the privacy statements on the other websites you visit.


11. Your Rights


Your principal rights under data protection law are:


  • right to be informed about the personal non-public      data we collect and how we process it – this policy aims at providing you      with this information;
  • right to access – you have the right to obtain      confirmation that your personal non-public data is being processed and      have the ability to access it;
  • right to modification – you have the right to      request the modification of any personal non-public data we hold on you if      it is incorrect or incomplete;
  • right of portability – you may ask us to forward      to you the personal data we hold on you and which is portable at law in a      structured, commonly used and machine-readable format or to transmit that      data to another data controller, where it is technically feasible to do so
  • right to erasure – you have the right to request      the removal of your personal data, which shall be deleted, unless there is      a legal requirement or reason for us to continue processing or storing it;
  • right to restrict processing – you have a right      to restrict or withdraw consent to the processing of your personal data.      In such cases we are permitted to store your data, but not to process it      further unless there is a legal requirement or reason for us to continue      processing it;
  • right to object to processing for specific      reasons at law, being the following:
  • processing based on legitimate interests or the      performance of a task in the public interest or in the exercise of      official authority,
  • direct marketing, including profiling to the      extent that it is related to such marketing activities,
  • processing for scientific or historical research      purposes or for the purpose of statistics; and
  • you have the right to file a complaint with      supervisory authorities if your information has not been processed in      compliance with GDPR.


For any requests in furtherance to the above, please contact us on . We shall endeavor to reply at the very earliest and deal with your request by not later than 30 days from receipt by us of your request.


12. Changes to this Privacy Policy


We keep our privacy policy under regular review.  If any change in this privacy policy will affect the way we collect or process any personal information, you will be provided with prior notice via email. Your continued use of services or websites after any change to this privacy notice will constitute your acceptance of such change.


Cookies Policy

 Storage of Cookies Policy

This Storage of Cookies Policy provides the conditions, procedures, and purposes of the use and storage of cookies by us.

We make use of Cookies in order for the Internet Site to function properly. Cookies are small bit record-keeping information that we store in Your computer/ other equipment in order to associate and identify activity with You. Cookies do not typically include names and/or email addresses and/or other personal data; in fact they typically contain anonymous information which is required for the better functionality of the Internet Site.

Any use of the Internet Site means that You are acquainted and You agree with this Storage of Cookies Policy and unconditionally accept all its terms.


The following words and terms, should be interpreted as follows, unless, the context clearly implies otherwise and shall apply to all the sections of this policy and to every document forming part of this policy.

a) “Governing Law” shall refer to the Laws of Cyprus.

b) “Internet Site” shall mean the website <> and all other websites connected to it and accessible through links or other access paths and the services available through such sites.

c) “Services” shall mean the services offered by us;

d) “You/r” shall refer to the individual who makes use of the Internet Site and Services.

Accepting these Terms

By making use of the Internet Site, You confirm that You have read, understood, agreed and unconditionally accepted this policy as set out below, together with any documents forming an integral part of this policy and You hereby guarantee that You are a Person vested with all the powers to use the Internet Site and Services.

Storage of Cookies

You hereby understand and accept that we may store and make use of cookies in Your computer/ any other equipment through which You make use of the Internet Site and/or its Services. You hereby agree that we may continue to presume that You consent to this Storage of Cookies Policy until and/ or unless You have disabled cookies through Your browser settings.

Using the Internet Site or the Services shall mean that You have accepted this Storage of Cookies Policy and you hereby agree that we may continue to presume that You consent to this Storage of Cookies Policy until and/ or unless You have disabled cookies through Your browser settings.

You may at any time disable cookies by changing Your browser settings. Disabling Cookies may jeopardise the quality of the Internet Site or Services and may also cause the impossibility to access the Internet Site or Services and hereby agree that we shall have no liability for any loss and/ or damage to Your information in case You have disabled cookies.


Cookies stored on Your computer or any other equipment through which You make use of the Internet Site or Services have amongst others but without limitation the following functions:

a) providing access to secured areas which You have requested. Without these Cookies, services you have requested such as secure login areas cannot be provided;

b) Visit Cookies – remembering the choices and/ or settings You have made and enable Your recognition when making use of the Internet Site or Services. Without such Cookies the functionality of the Internet Site may be impaired;

c) Voting (Survey) Cookies – marking the items of any survey for which You have cast a vote and prevent You from voting again in the same survey;

d) Performance (Analytics) Cookies – collecting anonymous information on how You make use of the Internet Site or Services. We guarantee that we shall only store cookies which are reasonably required for the normal functioning of the Internet Site and the Services and you hereby agree that without enabling Cookies the Internet Site may not function properly;

e) Advertising Cookies – delivering You with the most relevant advertisements and help improve the effectiveness of our advertisement campaigns. You hereby accept and agree that we may make use of these cookies for our own advertisement campaigns and that we may also allow and/ or contract with any third parties in order to collect information and provide advertisements on the basis of these cookies.

Use of Cookies by Third Parties

We guarantee that in cases in which we allow third parties to make use of our cookies and/ or collect information from the our Cookies, such third parties are bound by our Storage of Cookies Policy. We further guarantee that we shall exclusively allow reputable third parties to make such use.

Amendments to this policy.

We hereby reserve the right to suspend, add, end, amend and/or supplement this policy at any time as we may deem appropriate, without Your preliminary or subsequent notification. Any changes will enter into force ten (10) days from the moment of making the corresponding changes. Any further use of the Internet Site together with any other Services shall mean unconditional acceptance of the modified version of this policy.

We highly recommend that You take cognisance of this policy from time to time in order to inform Yourself of any modified version of this policy. Should You disagree with any part of

We undertake no obligation to verify if You use the Internet Site according to the updated version of this policy. The version posted on the Internet Site is the effective version, and that which You should use as reference. It is Your responsibility to inform Yourself of this policy, as well as being familiarised with the modifications that affect You and/or will and/or might affect You.



You shall fully indemnify us and any of our affiliates against all claims, losses, damages and demands arising out of Your use and access of the Internet Site.


Failure or neglect to enforce, from our side, at any time, any of the provisions hereof shall not be construed nor shall be deemed to be a waiver of our rights herein, nor in any way affect the validity of the whole or any part of this policy, nor prejudice our rights to take subsequent action.

Entire Policy

This policy represents the entire agreement between You and us in relation to its subject matter and supersedes and voids all prior agreements between such parties relating to such subject matter.

Headings and Gender

The headings contained in this policy are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of any of the terms and conditions. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.


In the event that any of these terms, conditions or provisions shall be determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision shall to that extent be severed from the remaining terms, conditions and provisions which shall continue to be valid to the fullest extent permitted by law.

Law and Forum

The parties hereby agree that this policy, together with any other documents forming an integral part of this policy shall be construed in accordance with the Laws of Cyprus and shall be subject to the jurisdiction of the Courts of Cyprus.

13. How to Contact Us

We try to meet the highest standards when collecting and processing personal data. We encourage you to contact us if you think that our collection or processing of data may be improved. You may also file a complaint. We welcome your suggestions for improving our procedures and take any complaints seriously. This privacy policy was drafted with the aim of providing clarity and information about our data collection, processing and retention. We understand that, however, it does not provide exhaustive details. Please feel free to contact us to provide you with any additional information or clarifications.


Branch Establishment in Cyprus

Branch Establishment in Cyprus


A foreign branch registered in Cyprus can enjoy all the advantages extended to all Cyprus legal entities. The procedure is easy, straight forward and shall contribute towards the growth and development of your company. The corporate environment is ideal and established branches can take advantage of E.U Directives and Regulations along with one of the lowest tax rates in the E.U. As long as your company’s subsidiary in Cyprus is managed and controlled in Cyprus the advantages shall apply.

  • 12.5% Corporate tax
  • Enjoy the benefits of Cypriot companies
  • If the management and control of the branch is not in Cyprus, then the profits of the branch are exempted from taxation in Cyprus.
  • Dividends received by a Cypriot holding company are generally exempted from the corporate income tax and in most cases are also exempt from the special defense contribution
  • an ideal business environment with flexible company law regulations
  • can hold immovable property in Cyprus
  • easy and straightforward procedure in establishing a branch in Cyprus

Registration Requirements and Procedures

For the incorporation of a Branch of an overseas company the following documents need to be filed with the Registrar of Companies. Such documents must be certified by the Registrar of Companies or by a director of a company as true copies and legalized by an Apostille or Notary Public and translated in Greek.

  • Certificate of incorporation of an overseas company
  • Memorandum & Articles of Association of the overseas company
  • Particulars of directors and secretary
  • Name and address of at least one person resident in Cyprus authorized to accept on behalf of the company any notices required to be served on the company
  • The name of the branch is the same with the name of the overseas company.

Compliance to Statutory Regulations
Audited financial statements and Tax Return of the overseas corporation are required to be filed with the Income Tax Office. If the accounts are in a foreign language a certified translation in Greek/English must be annexed.

For more information you may contact our director Mrs. Chrysanthi Varnava.



This publication has been prepared as a general guide and for information purposes only.

Copyright © 2018 TLS PARTNERS.  All rights reserved


Gas proposal

A deicison by Israel’s Delek energy group to bid for Cyprus’ interim gas solution could serve as the first step for future export deals, the Jerusalem Post reported.

“The construction of a pipeline from Leviathan to Cyprus for small annual imports on the island might pave the way for larger opportunities,” a report said this week.

“The Leviathan partners (Delek Group and Houston-based Noble Energy) may want to try to get a foot in the door,” it added.

Supplying some gas from the Leviathan field to Cyprus could serve as the first step to having this added option of piping more gas from the Israeli plot there for a potential future export facility.

The bailed-out island’s Natural Gas Public Company announced last week that four proposals had been received for the temporary supply of natural gas for power generation.

And that the government’s goal is to have natural gas used in electricity generation in Cyprus – whose electricity is Europe’s most expensive – by 2016.

The tender requirements are for natural gas supply to be delivered at the station boundary at Vasilikos power station in Limassol.

In a Tel Aviv Stock Exchange (TASE) report, Delek and Noble Energy which are also exploiting Aphrodite field offshore Cyprus said they responded to DEFA’s tender on Monday.

“The tender calls for the supply of between 0.7 and 0.95 billion cubic meters of natural gas annually to the Cypriot market through two delivery routes, one that will begin supplying the resource in early 2016,” the report said.

“And the other in no later than the second half of 2017. Initially concluding at the end of 2022, the tender includes a possibility of three one-year extensions through the end of 2025,” it added.

The offer of the Leviathan partners is contingent upon, among other things, a binding agreement occurring between the bidders and the Cypriot government no later than August 21, 2014, the TASE report said.

Financial closure on the Leviathan reservoir’s development and the pipeline construction, as well as receipt of necessary Cyprus government approvals, would also need to occur by this point, it added.

Noble Energy owns a 39.66% portion of the 535-billion cubic meter Leviathan field, while Delek Group subsidiaries Delek Drilling and Avner Oil Exploration each hold 22.67%.

The Jerusalem Post report contradicts a recent Reuters story that Israel had put previous plans to pump its gas reserves into a future export plant in Cyprus on the back burner.

And that this dealt a major blow to the indebted island’s ambitions to become a global player in the gas market.

An LNG export plant at Vasilikos is due to deliver at least 5 million tonnes a year to Europe and Asia, allowing Europe to reduce its growing dependency on Russia.


Kuwaiti prospects

Cyprus’ legal and tax systems are the main attraction for potential foreign investors, government sources said Friday – the last day of an exploratory visit by Kuwaiti investors.

But President Anastasiades again sent a cautiously optimistic message saying that Cyprus offers plenty of investment opportunities but feet should be kept firmly on the ground.

“I hope that at some point we will have something positive to announce. We will not give up efforts, we will try our best to attract inflow of foreign capital into the country,” he said.

“There is great interest but we are still at an exploratory stage. Let us not create illusions to the people. This is not our intention,” he added.

As for Energy Minister George Lakkotrypis he repeated on state radio that Kuwait’s investment fund representatives are interested in the energy sector and mainly petrochemicals which produce ammonia for fertilisers. And this requires the availability of cheap onshore natural gas reserves, he added.

The Kuwaitis are also interested in golf courses, the marinas and other large development projects related to tourism and which are already underway.

“All indications whether these concern upgrades or the performance of Cyprus bonds overseas or other evidence shows foreign investors that this is a very good time to invest in Cyprus,” Lakkotrypis said.

Nonetheless, the Kuwaitis turned down Anastasiades’ invitation to extend their stay in Cyprus for another two days so as to be provided with additional demonstrations on the island’s investment climate.

They had already committed themselves to visiting other countries, the sources said before adding that the Kuwaitis promised to come back soon. In addition, investors from the United Arab Emirates and Dubai are also due to visit Cyprus next month.

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