GOVERNMENT AUTHORITIES

All information provided is from public sources and is accurate as of the time of posting: 27 September 2019.

Central Bank of Cyprus

The Central Bank of Cyprus (CBC) is the central bank of the Republic of Cyprus, located in Nicosia and established in 1963.

The CBC manages all the currency, money supply and interest rates of the Cypriot government. Additionally, it works to ensure price stability, manages the government’s official reserves, conducts foreign exchange policies and more.

Following the financial crisis and the EU’s decision to protect taxpayers and investors, the CBC’s responsibilities have been extended.

The Deposit Guarantee and Resolution of Credit and Other Institutions Scheme created a separate Committee consisting of staff from the Ministry of Finance and the Central Bank of Cyprus. This scheme works to compensate the depositors of covered institutions which pay contributions, in the event that a credit institution is unable to repay its deposits.

Additionally, the CBC and the Cyprus Securities and Exchange Commission (CySEC) are supervisory authorities in part of the Investor Compensation Fund (ICF) for clients of banks. Both authorities are responsible to ensure that all Cyprus incorporated banks that offer investment services are member of the ICF.

Committee of Supervision and Control for the Cyprus Investment Programme

The Committee of Supervision and Control for the Cyprus Investment Programme was established to monitor and improve the Cyprus Investment Programme. The Committee consists of representatives from the Ministry of Finance, the Ministry of Interior and Invest Cyprus.

Cyprus Department of Registrar of Companies

The Cyprus Department of the Registrar of Companies and Official Receiver (D.R.C.O.R.) is responsible for keeping the Register of Companies, Partnerships, Business Names, Trademarks, Patents and Industrial Designs as well as administering properties of insolvent legal and natural persons.

The Cyprus D.R.C.O.R. provides correct and up-to-date information for the structure of registered businesses and their financial status. There are currently over 155,000 registered organisations in Cyprus that include companies, partnerships, business names and oversea companies.

Cyprus Hydrocarbons Company

The Cyprus Hydrocarbons Company (CHC), established in 2014, is the National Oil and Gas Company of Cyprus.

CHC is state-owned and has the mandate to act as the technical and commercial arm of the Government of Cyprus on matters relating to exploration, production and monetization of Oil and Gas reserves from the Exclusive Economic Zone (EEZ) of Cyprus. CHC aims to exploit the hydrocarbon reserves in order to maximise benefits for the Cypriot economy and society.

Cyprus Securities and Exchange Commission

The Cyprus Securities and Exchange Commission (CySEC) is an independent public supervisory authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector.

The mission of the CySEC is to exercise effective supervision to ensure investor protection and the healthy development of the securities market.

It supervises operations and legal compliance of the following entities:

Cyprus Investment Firms (CIFs)
Cyprus branches of Investment Firms (Ifs) of other EU Member States
Tied Agents of CIFs
Undertakings for Collective Investment in Transferable Securities (UCITS)
UCITS (Undertakings for Collective Investment in Transferable Securities) Management Companies
UCITS Agents
Cyprus branches of UCITS Management Companies of other EU Membe States
Administrative Services Companies - Trustee and Fiduciary Service Providers
Variable Capital Investment Companies
Alternative Investment Fund Managers (AIFMs)
Regulated Markets
Central Counterparty Clearing House (CCPs) of over-the-counter (OTC) derivatives
Trade depositories of over-the-counter (OTC) derivatives

Deputy Ministry of Tourism (former Cyprus Tourism Organisation)

The Deputy Ministry of Tourism, formerly known as the Cyprus Tourism Organisation (CTO), is a governmental institution that aims to establish a strategic and supervisory authority with powers to develop a national strategy for tourism, promotion and projection of Cyprus as a tourist destination, as well as implementation of tourism legislation.

It is responsible for establishing, co-ordinating and implementing the National Tourism Strategy, supporting investment in the Tourism sector, promoting tourism awareness and education and implementing tourism legislation.

The Deputy Ministry of Tourism operates regional offices in Cyprus as well as offices abroad in London, Frankfurt, Berlin, Paris, Stockholm, Athens, Milan, Zurich, Amsterdam, Moscow, Tel Aviv, St. Petersburg, Warsaw, Dubai and Kiev.

Human Resource Development Authority of Cyprus

The Human Resource Development Authority of Cyprus (HRDA), founded in 1974, is a body governed by public law under the name of Cyprus Industrial Training Authority. The HRDA refers to the Government through the Minister of Labour and Social Insurance.

The HRDA is managed by a 13 Board of Directors with a tripartite character, involving representatives of the Government, Employers and Trade Unions.

The HRDA aims to create the prerequisites for planned and systematic training and development of the human potential of Cyprus at all levels and in all areas to meet the needs of the economy within the framework of the social and economic policy of the state.

In order to fulfil its mission, the HRDA operates the Human Resources Development Fund. Each employer is required to contribute a fee to the Fund that does not exceed one percent of the payable earnings to each of its employees, currently set at 0.5%.

Invest Cyprus (formerly the Cyprus Investment Promotion Association)

Invest Cyprus is the government’s dedicated partner responsible for attracting and facilitating Foreign Direct Investment (FDI) in key economic sectors.

Invest Cyprus promotes Cyprus’ competitive environment through reform and FDI maximisation for both the economic and social benefit of Cyprus. Invest Cyprus collaborates with all government authorities, public institutions and the private sectors.

Invest Cyprus is a member of the World Association of Investment Promotion Agencies (WAIPA) and the Mediterranean Investment Network, ANIMA.

Ministry of Interior

The Cyprus Ministry of Interior is broken down into the following Departments:

District Administrations
Department of Land and Surveys
Town Planning and Housing
Press and Information Office
Civil Registry and Migration
Asylum Service
Civil Defense
Turkish Cypriots Properties Managements
Service for the Displaced Persons

Following the introduction of the Cyprus Investment Programme, the Ministry of Interior is highly involved in its monitoring through its representation in the Committee of Supervision and Control for the Cyprus Investment Programme as well as through evaluation such as Residence permits.