IFG Trust sets up Cyprus operations

IFG Group Plc, the international trustee and corporate management company with USD 30 bln in funds under management, has launched its Cyprus operation with its wholly owned subsidiary, IFG Trust (Cyprus) Ltd.

Listed on both the the Dublin and London stock exchanges, IFG Group includes subsidiaries and operations in Ireland, the U.K., Switzerland, Jersey, British Virgin Islands and isle of Mann.

With 33 years of international experience, IFG executives who were in Nicosia on Monday to mark the launch of the Cyprus operations earlier this year, said that “we at IFG Group are not investment advisors. We only deal with trusts and corporate managers.”

“Instead of acquiring a Cyprus-based trustee or corporate management company, IFG’s International Division decided to establish a wholly-owned subsidiary,” Group Director and International Division CEO Declan Kenny told the Financial Mirror.

Cyprus also has an advantage over many other international business jurisdictions because of its EU-harmonised legislation, double taxation agreements, low tax and most of all the experience from operating trust companies, Kenny said, adding that Cyprus is also learning from the ‘Irish experience.’

Heading the Cyprus subsidiary is Andria Andreou, Director of IFG Trust (Cyprus) Ltd., who brings in her experiences from corporate law acquired from leading law firms where she worked in Cyprus and the U.K.

The company’s Senior Manager is Constantinos Leontiou, whose is a certified accountant with Cyprus and U.S. experience and a specialisation in taxation matters, while James Russell is the Client Services Manager with a career as a chartered secretary who has joined the Cyprus subsidiary from IFG Group’s International Division in the Isle of Man.