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Offshore 2020 “The new normal”

Elias Neocleous, head of our firm’s corporate and commercial department, and colleagues Elena Christodoulou and Marissa Christodoulidou were among those attending the sixth annual Offshore 2020 seminar held in Limassol on 23 November. The event was one of a series held in locations including Hong Kong, Singapore, Shanghai, Taiwan, Dubai and London to present the "Offshore 2020" annual market compiled by OIL, a market leader in international incorporations and corporate services. 
Elias was one of the four expert panel members invited to give their views regarding Cyprus’s services, legal and regulatory sector in a discussion led by Simon Filmer, Deputy Group Managing Director of OIL. Bearing the title “the new normal” the wide-ranging and in-depth discussion covered the contemporary business, political and economic environment in which professionals in the services sector operate and the challenges facing them, with particular reference to offshore and mid-shore jurisdictions and their role in a rapidly involving, inter-related global landscape.
The main topics for discussion focused on demand drivers, increased regulation such as FATCA, the OECD’s BEPS project and Common Reporting Standard, and on the possibility of a central register for beneficial owners. The seminar also presented data about the most important jurisdictions today, their key usages and business constraints, and new and emerging markets.
The consensus was that although times, trends and opportunities are shifting, the future looks promising for organisations with the skills and flexibility to adapt, and that by 2020 “offshore will be a leaner, more resilient, more confident member of the global economy”.