coveR made in the usa STORY

American brands and business in Cyprus

34 | Gold | The Business Magazine of Cyprus Relations between the United States and Cyprus may, at first glance, appear to be a rather odd, uneven combination, given that they involve one of the world’s biggest economies and one of the smallest and it is a fact that, over the years, diplomatic relations at least have resembled a roller-coaster ride of occasional highs and more than a few lows. Nonetheless, economic and trade relations between the two countries are thriving and, according to US Ambassador Judith Garber, there is great potential for even stronger ties (see her exclusive GOLD interview on page 34). Earlier this year, Cyprus took a bold step towards gaining a foothold in a totally new but lucrative industry – film & TV production – by offering a variety of incentives to film studios that produce movies on the island. It is no coincidence that the first feature film to be shot entirely in Cyprus is an American production. US imports and investments are playing a growing role in the Cypriot business world, boosting sectors such as financial services, consumer goods and, in particular, energy, notably after the discovery of natural gas offshore by the US company Noble Energy, which acted as an economic breakthrough, attracting new investment and job opportunities in a brand new industry. American influence on Cypriot society and culture has been growing since the country gained independence in 1960 and it continues to grow, thanks in part to globalisation. The bilateral economic and business relationship between the US and Cyprus is promoted here primarily by the American Chamber of Commerce (AmCham) (see page 44 for an interview with the organisation’s President) whose Board of Directors is made up of well-known Cypriot entrepreneurs from a wide range of sectors (page 42). The extent of the American presence in the Cypriot market may be seen in our list of 25 US companies that are currently operating on the island and in another of the popular American brands and products that are not only available in Cyprus but are, in many instances, things that many of us could not envisage living without. As we looked at all things American for this issue of GOLD, we wondered what living in Cyprus must be like for American citizens who have made their way to our part of the world. So, in addition to the US Ambassador, we also spoke to Ryan Barnard, Design Global Development Director at Wargaming Group Ltd, and Fritz Merz, Geologic Operations Advisor at ExxonMobil (Cyprus) Ltd. (page 52) who shared their views on life on a small Mediterranean island.

By John Vickers, Artemis Constantinidou & Angeliki Jacovides | Photos by TASPHO

www.goldnews.com.cy | Gold | 35 coveR us ambassador STORY

In an exclusive GOLD interview, Judith Garber discusses US foreign policy issues, including problems with China and Russia, the fundamental link between national security and the economy, the Cyprus Problem and the search for a settlement. She also reveals why she believes that this is such a great time be the US Ambassador to the Republic of Cyprus. By John Vickers Cyprus-USA: An Expanding and Broadening

partnership36 | Gold | The Business Magazine of Cyprus see students demonstrating outside the GOLD: Last month, the leaders of embassy last month over an event that the two communities met with the took place over 45 years ago? UN Secretary-General in Berlin, both J.G.: You know, peaceful assembly is a insisting that they want to resolve the part of democracy and the democratic island’s division, but they have still process. Freedom of expression and free- not managed to agree on the terms of dom of assembly are enshrined in our reference to restart talks on reunifica- constitution. When people feel passion- tion, let alone negotiate a settlement. ate about something, it’s actually great Do you think time is running out for to see them holding peaceful demonstra- Cyprus? How can the present dead- tions. lock be broken? Is there a role for the United States in efforts to reach an GOLD: The US government has been agreement or is a question of ‘leave it very clear in its support for Cyprus re- to the UN’? garding its energy programme and its J.G.: Well, it’s not really ‘leave it to plans for natural gas exploration and the UN’. As I have already said, this is exploitation, which involve two major a Cypriot-led process facilitated by the ow much did you know about US companies. You are aware of Turkey’s United Nations. I think it’s really posi- HCyprus when you were appointed views and actions in this regard, however. tive that the leaders met in Berlin last as Ambassador and what were your Do you agree with the view expressed by month with the UN Secretary-General initial feelings on hearing where you some observers that Cyprus ought to use and reaffirmed some important princi- would be spending the next three the energy issue as a ‘bargaining chip’ in ples. My government would like to see years? its efforts to gain Turkish approval of a the resumption of formal negotiations Judith Garber: My family and I were reunification deal? Or should it remain soon but, in terms of the timetable, that absolutely delighted to learn that our outside the scope of any talks until agree- really needs to be coming from the com- next assignment would be the Republic ment is reached? munities themselves, driving this process of Cyprus. We served in the Eastern J.G.: As you noted, the United States has forward with the United Nations. So, Mediterranean before and everybody re- been very outspoken and clear about our any kind of framework or timetable is ally loved it. I’ve spent most of my career support for the right of the Republic of going to be decided by the parties them- on transatlantic relations so I had some Cyprus to develop the resources within its selves. familiarity with Cyprus in that context exclusive economic zone. Regarding the and, of course, since I’ve been here, I’ve negotiation process, we continue to sup- GOLD: You will know about the been learning the reality of Cyprus. port negotiations to reunify the island as a financial and banking crises that af- bi-communal bizonal federation and that fected Cyprus in 2013 but do you see GOLD: How would you describe your is a Cypriot-driven, Cypriot-led process, any signs of crisis today? How do you first nine months in Nicosia? facilitated and coordinated by the United view the country’s economy as 2020 J.G.: It’s been absolutely wonderful. Nations. In our view, it’s really up to the approaches? It’s a beautiful island; the history, the leaders of both communities to set the agen- J.G.: I certainly don’t see any signs of a crisis culture, the food...! And the people are da, decide what the framework is, figure out right now and, in fact, many of the econom- just so warm and hospitable, so on a per- what they’re going to be talking about and ic indicators are extremely good: unemploy- sonal level it’s been absolutely fantastic. what the pace of the talks will be. ment has been going down pretty steadily Professionally, what has really struck me is what a great time it is to be the US Cyprus-USA: ambassador to the Republic of Cyprus. We’re really deepening and expanding and broadening our partnership in so An Expanding many different areas, it’s very dynamic and so there’s a lot of opportunity, which makes it a lot of fun. isNational economic securitysecurity and Broadening GOLD: Given those much-improved and the two very relations between the US and Cyprus in recent years, were you surprised to much go together

www.goldnews.com.cy | Gold | 37 coveR us ambassador STORY

US-Republic of Cyprus economic ties are very good but there’s still a lot of room for growth in those ties

and the Republic of Cyprus has one of the GOLD: The world is still concerned US does not appear to have convinced fastest growth rates within the European about the ongoing trade/tariff ‘wars’ be- its allies about the risks that Huawei Union right now. Not many countries can tween the US and China and, to a lesser may pose to their national security. Are say that. Since the 2013 crisis, there have extent, between the US and the EU. US fears truly justified? been a lot of important structural reforms President Trump himself has said that J.G.: Yes, absolutely. Concerns over the undertaken by the Government and progress a strong global economy is essential to reliability of the networks, over data pri- is continuing in those areas. So the prospects achieving the goal of American security, vacy issues with regard to the networks are definitely much better than they were just so are you hopeful that a mutually ben- and, frankly, their security are very much a few years ago and I think it’s important to eficial solution can be reached in both justified. 5G is going to be transforma- recognize that. instances? tional: it will form the backbone of all of J.G.: Our National Security strategy is very our economies and be the key to how GOLD: A couple of months ago, the clear; National security is economic secu- government services are provided in the Chairwoman of the US House Committee rity and the two very much go together. future. We’re talking about telecommuni- on Financial Services was here and she The US-China economic relationship is cations networks, utilities, transportation later said that she would “like to see ad- an incredibly important one. The Trump Networks, medical devices… Everything ditional progress toward detecting and Administration is committed to reaching a is going to be connected through this stopping illicit financial activity”, which meaningful and enforceable agreement that 5G infrastructure, so it’s incredibly im- suggests that there is still work to be done. can address some of the structural issues portant that the vendors providing this How far has Cyprus come on this issue? that have caused harm in that relationship. infrastructure are reliable. Our concern J.G.: I think it’s important to recognize that We’re talking about steps that need to be is that, under Chinese law, some of the all countries face challenges when it comes to taken over a broad range of policies and providers have to serve the interests of illicit finance. It’s true for the United States practices and over our persistent trade defi- the government of the People’s Republic and it’s true for the Republic of Cyprus and cits. What’s really important to us is that of China. That means, to the extent that it’s essential that countries work together in the measures contained in any agreement they exercise control over your network, the effort against illicit finance because the are actual steps, real, verifiable and enforce- very real exposures of data privacy, in- bad actors don’t restrict themselves to just able. Our conversations with the govern- tellectual property rights, and network one space or one place. It’s also important to ment of China continue on this issue and security, and that affects the operations of recognize the really good progress that the that is an important sign. absolutely everything. So yes, these con- Republic of Cyprus has made in strengthen- cerns are absolutely justified. In October, ing its anti-money laundering regime and GOLD: Are you optimistic that agree- the European Union issued guidelines oversight, but that doesn’t mean that there’s ment can be reached? about how to consider 5G tenders and not still more to be done. There is, just as J.G.: This is never easy – if it were, it we’ve had very constructive conversations there’s still more to be done in my own would have already happened – but I do with the EU about this and the security country. We all need to be constantly vigi- think that there’s a commitment there to issues that need to be addressed and lant in that fight. We’re looking forward to find a fully enforceable, meaningful agree- thought about. Those conversations are the release of the Moneyval report later this ment and if there’s a commitment there, continuing and the European Union is month and we stand ready to work with the we’re going keep at it. looking more concretely at what needs to relevant authorities in Cyprus as appropriate be done to make sure that these very vital on any recommendations that are contained GOLD: Another issue concerning the networks are protected. We’re hopeful in it, because it should shine a light on the US, China and the EU concerns the that our European friends and allies will areas where more progress still needs to be Chinese company Huawei and its role choose reliable providers, whether those made. in national 5G telecommunications. The be European or others.

38 | Gold | The Business Magazine of Cyprus GOLD: Let’s move on to another coun- on issues affecting global challenges but investment with the Republic of Cyprus. try: Russia. Many people fear that the we believe it’s incredibly important that One of the most important relationships US and Russia are leading the world these agreements truly be respected. If economically for the United States is the into a new era of East-West ‘cold war’- they’re not being respected and effected, US-European Union relationship – we style antagonism. Is that how you see it? we don’t see a reason to stay in those have $5 billion of trade in goods and J.G.: President Trump’s nominee to agreements. services with the European Union every be our next Ambassador to the Russian single day. The Republic of Cyprus is Federation, John Sullivan, said in his re- GOLD: A major part of an part of that and, to my mind, it’s only cent confirmation testimony that it’s clear Ambassador’s role in today’s world is natural that, as that grows – and it looks that US-Russia relations are at a post-cold to support economic and business ties as if it’s going to continue to grow – the war ebb. He also noted that the litany of with the host country. How would Republic of Cyprus should have a better Russian malign actions is incredibly famil- you describe those ties between the share of that. There’s so much potential iar. We believe that it’s still important to US and Cyprus and how much scope here that really isn’t being utilized. That have engagement with Russia. Russia’s a is there for greater collaboration in is partly because the economic crisis was permanent member of the UN Security both the public and the private sector? not that long ago but we see American Council and we need to be interacting J.G.: US-Republic of Cyprus economic companies coming back, so I think it with it on issues of global security and ties are very good. We’ve recently had is important that we work on this eco- stability. We think sustained diplomacy some very significant investments, par- nomic relationship, and that is certainly is very important in this area, if you’re ticularly in the energy area, but there’s one of my goals. A year ago, we signed talking about arms control and non- still a lot of room for growth in those an agreement on security cooperation proliferation counterterrorism or a range ties. We were talking earlier about the and we’ve been growing the relationship of other issues. That said, it’s equally im- good economic situation here and the in that dynamic area. The Cypriot for- portant for us to be absolutely clear and economic indicators being very positive. eign minister was in Washington a few resolute when Russia is affecting issues The Republic of Cyprus really has a lot weeks ago, talking with the Secretary of of concern to us, attacking our values, or to offer: its strategic location, its well- State about the Visa Waiver Program, issues that affect our sovereignty or that educated English-speaking workforce, its which is something that’s got great po- of our allies. membership of the European Union and tential as well, and we’re committed to the Eurozone, and all that is attractive working with the government here on GOLD: Coming back to what you to many American companies. We see the steps that need to be taken so that were saying earlier about the need room for growth in sectors aside from Cypriot citizens can become eligible for for countries to work together, dur- energy – perhaps tourism or education that program. We also see a lot of scope ing his first term in office, President – and this is something that I’m really for deepening our ties other areas and I Trump has pulled out of several major committed to working on. There is defi- think the prospects are pretty positive. I international treaties, including the nitely room for growth and I think a lot look forward to being able to sit down Paris Climate accord, the Iran nuclear of good can happen here. with you three years from now and deal, the TPP and the Intermediate- show you how the relationship has really Range Nuclear Forces treaty with GOLD: What do you hope to achieve grown! Russia. As the world becomes increas- in this regard during your term as ingly globalised and interdependent, Ambassador to Cyprus? GOLD: Thank you very much. I look isn’t this sending the wrong message J.G.: I would like to see more trade and forward to that, too! to the rest of the world? J.G.: The message that the Trump Administration is trying to send is that, regarding international agreements, we 5G is going to be expect everybody to live up to the com- mitments contained within them. If it’s just the United States that is doing so, or transformational: it we and a few others, then we don’t see ourselves as beholden to those particular will form the backbone agreements. International agreements are one tool that can affect outcomes and policies in the international arena or of all of our economies

www.goldnews.com.cy | Gold | 39 coveR AMERICAN brands IN CYPRUS STORY Top US Brands 40in Cy prus Coca-Cola Lanitis Bros became the official CocaCola The3M company was incorporated as Minnesota Mining and Manu- bottler and facturing Company in 1902, its distributor in name later shortened to 3M. Its products are imported and dis- Cyprus in 1950, tributed in Cyprus by Andreas with its first Jacovides Trading Ltd. bottling plant based in Limassol. Android As of October 2019, Android holds 33.34% of the operating system Apple market in Cyprus. Apple has sold over 1.3 billion iPhones since the launch of AMAZON its first one in 2007. Today, Amazon Alexa, the virtual assistant with over $210 billion in cash developed by Amazon, has been reserves, it is the world’s available to 41 countries across most valuable company. the world, including Cyprus, since 2018.

ford Michaels Automotive Boeing is the official Boeing’s first Next- dealership of The 40-year-old Irish Ford in Cyprus. Generation 737-800 The company pub-themed casual airplane, the highest- has 4 dedicated dining restaurant chain selling commercial showrooms and 3 has offered chef-driven jetliner, first flew by an service and parts airline operating out of centers across food, innovative drinks Larnaca, Nicosia, Cyprus in 2001. Paphos and and memorable dining Limassol. experiences in Cyprus since 2002.

40 | Gold | The Business Magazine of Cyprus Converse Coffee Beanery, with over Converse shoes, 100 locations in the US and 20 internationally, is founded in 1908, recognized for its unique family business approach, were originally corporate culture and popular athletic shoes Jack Daniel’s commitment to quality. before becoming Jack Daniel’s distillery is a casual fashion found in Moore County, in one of the United State’s accessory. Converse many dry counties, meaning was bought out by that it is illegal to purchase Facebook Nike Inc. in 2003. the product there. Jack Facebook is the Daniels is distributed in Cyprus through Brown Forman of biggest social network A.S. Xinaris & Sons Ltd. worldwide, with 2.45 billion monthly active users. In 2019, Domino’s Pizza it reported that it can Domino’s stores reach 930,000 people across the globe in Cyprus with adverts sell an on its platform. average of 3 million google pizzas Cypriots spend an a day. There are average of 12 minutes currently and 13 seconds per day 7 outlets Gillette on the world’s leading in Cyprus. It was founded by King C. Gillette in online search engine. 1901 as a safety razor manufacturer. The company’s razors are used by 750 million men in more than 200 Häagen- million countries. Hard Dazs Rock Café The American ice cream company’s Hard Rock Café Cyprus products are sold at retail in more than is located in Ayia Napa 900 Häagen-Dazs shops in 50 countries. in a spacious landmark Häagen-Dazs made its debut building with 860 m² of in Cyprus in 2011. outdoor and indoor seating areas on the first and second floor.

Head & HOvereinz 650 million bottles of Heinz HeSad &h Shouldersoulder was first intros - Tomato Ketchup are duced in the U.S in 1961 and is made sold around the under parent company Procter & Gamble. Procter & Gamble ap- world in more than pointed Diplomat Distributors 140 countries, with Cyprus Ltd as its new distributor annual sales of more for all its products. than $1.5 billion.

www.goldnews.com.cy | Gold | 41 coveR AMERICAN brands IN CYPRUS Kleenex STORY The first Western facial tissue was introduced in 1924 and KFCKFC (Kentucky Fried Chicken) originally was founded in 1952 and was marketed as first introduced to Cyprus in Kellogg’s a disposable 1994 by PHC Franchised Kellogg’s Restaurants Ltd. substitute for is distributed in face towels or Cyprus by Argosy Trading Company Ltd cotton wool (ATC) since 1968 as a way to remove cold cream. Its famous chilren’s shampoo slogan “No Lay’s More Tears” was Chips Lay’s potato introduced in 1953, chips, distributed succeeded by “No More in Cyprus by Co- rina Snacks Ltd, Tangles” in 1971. both were introduced are still used today. by Herman Lay in 1932.

Mastercard M&M’s The second most popular The candy-coated chocolate concept card in Cyprus, it had was inspired by a method used to allow 903 million credit cards circulating in the second soldiers to carry chocolate in warm quarter of 2019, 235 climates without it melting. More than million of which were in 2 billion M&M’s are produced in the New the United States. Jersey factory every eight hours.

The video-on-demand subscription company went live in Cyprus in 2016. Today, Netflix op- Merck erates in 190 countries. The company operates across Healthcare, Life Science and Perfor- mance Materials. Merck products are distributed in Cyprus through C. G. Papaloisou Ltd. and IMcDonald’sn June 1997, Family A.J.Vouros LTD. Restaurants Andreou Co. Ltd. opened the first McDonald’s restaurant in Cyprus on the Phinikoudes seafront promenade in Larnaca.

42 | Gold | The Business Magazine of Cyprus Pampers In 1956, P&G research- Papa John’s er Victor Mills disliked Papa John’s opened changing the cloth diapers its doors in 1984. The of his newborn grandchild Papa part of its name and assigned fellow re- is actually the acronym nike searchers in P&G’s Explor- P.A.P.A. and stands The brand atory Division in Miami for ‘People Are Priority Valley, Ohio to look into Always’. takes its name making a better disposable from the diaper. Pampers were intro- Greek goddess duced in 1961. of victory. As pizza of 2017, the Pepsi Originally Nike brand created and hut developed in Pizza Hut, is valued at 1893 by Caleb Bradham and founded in 1958 $29.6 billion. introduced as Brad’s in Wichita, Drink, it was renamed Kansas by Dan Pepsi-Cola in and Frank 1898, and then shortened to Carney, currently Pepsi in 1961. operates 18,431 PayPayl hPaas morel restaurants than 267 million accounts worldwide. worldwide and is available in 202 countries and 25 currencies around the world. Snickers The chocolate-coated peanut, caramel and nougat bar Starbucks was founded in Seattle, Washington was named after the Mars in 1971. As of early 2019, the company operates family’s favorite horse. over 30,000 locations, the first one in Cyprus, having opened in the capital in 2003.

The most popular tgi Fridays Under credit card among TGI Fridays operates seven Cypriots, Visa had restaurants across the island. the first one a 45.99% worldwide opened in Nicosia in 1996. ArmourUnder Armour was market share for the founded in 1996 first six months by a 24-year-old of 2018. former athlete in his grandmother’s basement. The company was ranked as the fifth most valuable sports business brand worldwide in 2017.

www.goldnews.com.cy | Gold | 43 coveR

AmCham Cyprus STORY

Representing several US companies based in Cyprus, in cooperation with the Cyprus Chamber of Commerce & Industry and the US Embassy, AmCham Cyprus (the American Chamber of Commerce in Cyprus) promotes business, economic, trade and cultural relations between the two countries. AmCham Cyprus President Haris Kakoullis explains how the organisation helps safeguard the interests of its members and shares his views on the current state of entrepreneurship in Cyprus. PromotingCyprus-US Ties By Artemis Constantinidou

44 | Gold | The Business Magazine of Cyprus for laws and regulations and from the US Government to be approved by the Board of the promotion of corporate bring our members together Directors. Interested parties social responsibility. with the right professionals can obtain an application and learn from the most ap- form from our website (www. GOLD: What are the main propriate and relevant sources. amchamcyprus.com.cy). objectives of AmCham? We hold business dinners with Members have the opportu- H.K.: Our objectives are (1) prominent speakers to discuss nity to raise any challenges W to promote, expand and en- regional and other business they face related to the busi- hat exactly is AmCham Cy- courage economic and trade developments, related to eco- ness environment of Cyprus. prus and what is its mission? relations between Cyprus and nomic, legal, tax, environmen- Our Board of Directors meets Haris Kakoullis: AmCham the United States of America; tal and regulatory matters. at least once a month and is an organisation with a (2) to propose to the govern- Historically, we have periodi- discusses all matters raised by presence across the globe, ments of the two countries, cally organised business del- its members. We also meet which speaks for and sup- ways and means by which egations to the United States, regularly with the US Em- ports American companies. In trade and economic relations accompanied by several of our bassy, government officials, Cyprus, AmCham operates can be further improved; (3) members and other business ministers and other leaders under the auspices of the Cy- to hold meetings with of- people with the dual aim of of business forums in Cyprus prus Chamber of Commerce ficials of the two countries promoting Cyprus and iden- with the intention of discuss- & Industry (CCCI) from its with a view to safeguarding tifying business opportunities ing our members’ issues and offices in Nicosia. AmCham the smooth operation and for our members. Our next pushing for appropriate solu- Cyprus, which has been active flow of trade between the US business delegation will go to tions. Members participate in for 20 years, relies heavily on and Cyprus; (4) to create and the USA next year. our events and are also eligible the volunteering support of its maintain regular communi- Earlier this year, we organised to become members of our 70 or so members, together cation between the business for the first time a regional working committees, which with that of the CCCI and communities and politicians meeting with the leaders enables them to successfully the US Embassy in Cyprus. of the two countries; (5) to of AmCham Greece and network with others within We also operate through our develop ways of enhancing co- AmCham Israel and signed the Cyprus business com- working committees, where operation between American a Memorandum of Under- munity. participants seek through and Cypriot businessmen; and standing, with the intention regular meetings to develop (6) to present to the American of following in the steps of GOLD: What does your topics of interest and create market the dynamic aspects of the three governments and collaboration with the CCCI relevant and valuable events the Cyprus economy, with an promoting regional business and the US Embassy entail? for our members. AmCham emphasis on the opportunities H.K.: As already mentioned, cooperation. We are confident Cyprus is itself a member of for international and US com- AmCham Cyprus operates of the success of this ambitious the US Chamber of Com- panies to trade not only with under the auspices of the idea and we aspire to soon merce, whose headquarters are Cyprus but also, via Cyprus, CCCI. We do not employ in Washington D.C, and a with the Middle East, North have an opportunity to co- any staff and so, besides rely- member of AmCham EU and Africa, Eastern Europe and the organise events that promote ing heavily on the voluntary AmChams in Europe. European Union. the interests of our members work carried out by our Board Our mission is to create and our countries. Members, we also depend on value for our members by GOLD: What events and the assistance of the CCCI, advocating for a supportive other actions does AmCham GOLD: What are the re- which currently provides staff, policy environment, providing Cyprus organise in order quirements for a company financial and other support. business insights, promoting to support its members and to become a member of Am- We also have a close col- professional development and promote business in Cyprus? Cham Cyprus? In what ways laboration with Invest Cyprus, connecting people and busi- H.K.: We organise various does the organisation assist which offers its expertise in nesses. We further aspire to local social events with the its members? promoting our country in the be among the best and most objective of bringing our H.K.: Members of AmCham US and trying to attract new prominent international busi- members and others together Cyprus can be individuals, investors, as we did recently ness associations in Cyprus, to meet and network, to and/or other legal entities of with the film industry. The through our core values of discuss their experiences and Cypriot or other origin that US Embassy is actively in- support for private enterprise, learn from one another. We have made a notable and volved in AmCham Cyprus, free trade and open markets, organise business breakfasts distinguished contribution to through the participation of proper corporate governance, and lunches with government the Cyprus and/or American ex-officio members on the ethical and transparent busi- officials, ministers, US Embas- business community. Applica- Board. The US Ambassador Cyprus-US Ties ness and operations, respect sy officials and other officials tions for membership must and other embassy officials

www.goldnews.com.cy | Gold | 45 coveR

AmCham Cyprus STORY

meet with us regularly and corporate tax rate of 12,5%, entirely in Cyprus, starring that Cyprus, as a fund jurisdic- discuss matters affecting one of the lowest in the Eu- award-winning actor Nicolas tion, could be a serious option American business in Cyprus ropean Union, tax breaks for Cage. for American fund managers, and ways in which the US expat executives and a very who might be interested in us- Government can support it. strong network of double tax GOLD: Are there specific ing Cyprus as their entry point Occasionally, events might be treaties. In addition to the sectors in which US compa- to European capital markets as co-organised and partly spon- tremendous economic and nies are particularly attract- well as a platform for their in- sored by the US Embassy. tax advantages offered to in- ed to invest in Cyprus? ternational activities, in terms vestors, Cyprus also offers an H.K.: All of the factors men- of investors and investments. GOLD: What are the bene- attractive lifestyle. It is a safe tioned earlier are already entic- fits of a US company setting place to live, with a relatively ing multinational and other GOLD: In what ways can up in Cyprus, rather than in very low crime rate; the edu- companies to set up regional the Government help im- another country, and what is cation system offers primary, headquarters or other offices prove the business environ- it that attracts US investors secondary and university level in Cyprus. Considering the ment and further enhance to do business here? entrepreneurship between H.K.: Cyprus stands at the teaching in English; we have technological advancements a high standard of living and and integration of information Cyprus and the US? crossroads of three continents, H.K.: Since the crisis in 2013, close to countries with popula- healthcare, excellent food technology systems, moving a and fabulous weather. Add to company’s head office is much Cyprus has made tremen- tions totalling hundreds of dous progress in improving millions. It is a member of the this our culture, thousands of easier than before. Many years of history, archaeologi- technology multinationals, its finances and restarting its EU and the eurozone, with economy and its efforts have cal sites, stunning coastlines, including IBM, Microsoft, a competitive, modern and been rewarded by regaining exclusive golf resorts and high NCR, Oracle and TSYS, and transparent legal, financial its investment-grade status. quality hotels and it’s easy to others in the energy sector, and regulatory framework. We have also made significant Cyprus is further character- see why Cyprus is an attrac- such as ExxonMobil, Noble progress towards combat- ized by its low set-up costs, tive destination for all visitors. Energy and Halliburton, have ing money laundering and excellent telecommunications These factors, together with been successfully operating in improving transparency. systems and a highly skilled, recent new incentives offered Cyprus for many years now, Unfortunately, negative media educated and multilingual by the Government, have and we envisage more such coverage relating to allegations workforce. The country has a played an important role in companies following their of past money laundering competitive tax system with a the production of the first example. Additionally, Cyprus incidents have created adverse Hollywood film to be shot is an emerging fund and fund publicity for the country but management jurisdic- we must not give up; the fight tion, offering fund against money laundering is We strongly managers and promot- a continuous one, in which ers cost-effective and all business and professional believe that agile solutions to meet groups and the Government a wide range of busi- need to do everything possible Cyprus, as a fund ness requirements. to protect Cyprus’ prestige The country offers and credibility. Last year, jurisdiction, flexibility to fund man- a Statement of Intent was could be a agers within a robust signed between Foreign Min- EU framework and ister Nikos Christodoulides and the then US Assistant Sec- can serve as a practical serious option retary of State, Wess Mitchell, long-term platform to serve as a framework for for fund managers for American further and deeper coop- and service providers eration on security matters. to develop their fund Further to that, last March, business, moving away Secretary of State Mike Pom- fund from the traditional peo stated that the US views offshore jurisdictions. Cyprus as a key partner for managers We strongly believe prosperity and security. It’s

46 | Gold | The Business Magazine of Cyprus Last March, obvious that our Government ment funds in the USA are Secretary and, specifically, the Ministry always looking for innovative of Foreign Affairs, is taking ideas that could evolve into of State Mike action to grow our partner- profitable businesses. We ship with the United States, must implement an effective Pompeo stated focusing on enhanced coop- system to support our young that the US views eration on anti-terrorism and scientists and business entre- cybersecurity matters. preneurs and guide them to Cyprus as a key We believe that the Gov- find the necessary funds to ernment must continue its develop their ideas into suc- partner for pursuit of modernizing and cessful businesses. strengthening our double tax treaty with the US. In addi- GOLD: How important has tion, it would be extremely the Cyprus Investment Pro- beneficial if Cypriot citizens prosperity gramme been to the revival were to become eligible in and security of the Cyprus economy and the near future to apply for what role do you expect it an ESTA (Electronic System are many other cases where that has led the country to to play in the future? for Travel Authorization) visa investors have established overcome past economic H.K.: The Cyprus Invest- waiver when travelling to the new companies or moved challenges. As we have now ment Programme is available United States. Currently, this their headquarters and their corrected many of our mac- to individuals who invest in is not the case, although the families to Cyprus. The hold- roeconomic imbalances and the country and although Government is working hard ing company regime, together seen the economy return there has been a focus on the to achieve this. Cyprus needs with the non-domicile status to investment grade, I feel real estate sector, investments to set out a clear vision and and the country’s advanced confident that we are on in units of funds and compa- strategy for the economy with education system, are three of the right track. At the same ny shares are also included in a long-term objective of grow- the main factors that inves- time, we need to focus on the Programme’s financial cri- ing in specific sectors such as tors take into consideration particular industry sectors, teria. These incentives, com- tourism and hospitality, real before relocating. The latest and set measurable goals bined with the attractive tax estate, shipping, information revisions to the Programme and a strategy to success- and legal system, economic technology, investment funds include very detailed and fully develop them in the growth, enhanced confidence and energy. Strengthening enhanced due diligence re- medium to long term. Such in the country by the inter- the higher education sector garding applicants and their industry sectors include national market (as seen in and creating links to innova- background, ensuring that energy, investment funds, the unprecedented reductions tion and local entrepreneur- Cyprus citizenship is not tourism and hospitality, real in the yields of Government ship will further support the granted to anyone whose estate, shipping, filming and bonds), the solid capital base local economy, create more integrity is in doubt. De- education. Over the last few of Cypriot financial institu- jobs and further improve the spite the stricter regime, the years, all these sectors have tions, political stability and standard of living. country continues to retain attracted a large amount of one of the lowest crime rates, its competitive advantages Foreign Direct Investment A healthy economy also have already led a significant and remains an attractive and offered tremendous new needs to maintain an effec- number of investors to take investment destination. opportunities. We further tive ecosystem that supports advantage of the Programme. need to gradually build innovation, Research & It should be noted, however, GOLD: What is your view an ecosystem in which in- Development and start-ups. that the real estate market also on the current state of en- novation and start-ups can In addition to the actions that attracts investors who have trepreneurship in Cyprus? grow. Such an ecosystem we need to take in Cyprus not applied for citizenship Which sectors have the will allow business incuba- to gradually build such an but consider Cyprus as the most potential to flourish tors to develop and the new ecosystem, we also need to ideal place in which to have a in the near future? generation of Cypriot entre- create alliances with other holiday home or make an in- H.K.: Cyprus has a long preneurs to emerge. vestment. Together with the countries such as the USA history of entrepreneurship many instances of investors and Israel, which have the and commerce. Capable *Thanks to Sitio Café & Res- acquiring a property in order required knowledge, expertise Cypriot business leaders are taurant where the photo was to apply for citizenship, there and resources. Large invest- the critical success factor taken.

www.goldnews.com.cy | Gold | 47 coveR

AmCham Cyprus Additional members STORY of the Board: Marios Kapiris, IBM, Kyriakos Kyriakou, NCR and Stelios Violaris, PwC.

Kyriacos Xenophontos, Demetris Elias Neocleous Sparsis, & Co LLC Hellenic Member Bank Member

Leonidas Georgiou, Microsoft Member Antonis Skoullos, Oracle Member

Lia Riris Secretary

George Georgiou, Logicom Vice-President

Savvas Klitou, Baker Tilly Treasurer Elena Kontemeniotis, University of Nicosia Member AmCham Cyprus Bo ard of directors

48 | Gold | The Business Magazine of Cyprus Thanks to Sitio Café&Restaurant where the photograph was taken.

John Georgoulas, Economist Conferences/ Varnavas Way out Theodosiou, Communications ExxonMobil Member Haris Kakoullis, Exploration KPMG and Production President Cyprus (Offshore) Limited Member Ephie Charalambidou US Embassy

Aris Anastasiades, Advance Business Solutions Member

Demetris Taxitaris, MAP S.Platis Member

Periklis G. Theodoridis, Cablenet Member

Andreas Dermosoniades, NewCytech Business Solutions Ltd Member

AmCham Cyprus Bo ard of directors

www.goldnews.com.cy | Gold | 49 coveR AMERICAN companies IN CYPRUS STORY

US Companies in Cyprus

he USA is everywhere, competing and often leading the way in their be it culturally through the respective fields. entertainment industry, fashion Recent discoveries of natural gas reserves in and popular events, or through Cyprus’ Exclusive Economic Zone have furthered its influence in the business the American presence on the island through Oil sector. Cyprus is no exception & Gas companies. US companies have proven and there is a strong, varied particularly important in this area and it was, of and very evident American course, an American company – Noble Energy Tpresence on the island. – that made the first hydrocarbon discoveries A large number of American companies have set offshore Cyprus. up here, some opening their own branches and On the following pages, we list (in alphabetical others investing in existing Cypriot companies. order) 25 major US firms that are active in Multiple firms and organisations in the fields Cyprus. The list should not be considered as of Consulting, Software and Technology, comprehensive and it should be noted that no Accountancy and Finance, Education, Real Estate firm or company has paid to be included, nor has and Marine Offshore have been established, payment of any kind been sought.

50 | Gold | The Business Magazine of Cyprus

DATE OF ★ CEO ★ COMPANY NAME DESCRIPTION INCORPORATION IN CYPRUS CONTACT DETAILS ABS, a marine and offshore classification -or ganization, covers technical, operational and ABS (American Address: 237, 28th October Street, regulatory challenges for the safe, secure and Lophitis Business Center II, Office Bureau of responsible operation of marine and offshore 402, 3035, Limassol Shipping) industries. Its services include marine, contain- Soteris Pavlou 2007 Tel: +357 25817230 er certification, offshore, government, Rapid e-mail: [email protected] Response Damage Assessment, Advisory Website: ww2.eagle.org Services, Gas, Type Approval and Maritime Training.

Amdocs is a software and services provider to Address: The Maritime Center, 141 Amdocs communications and media companies, provid- Omonia Avenue, 3045 Limassol ing services around the Internet of Things (IoT), Tel: +357 25 886000 artificial intelligence, network functions virtual- Yiannis Tinis 1997 Fax: +357 25 886822 ization (NFV), network control and optimization, e-mail: [email protected] business support systems (BSS) and operation- Website: www.amdocs.com al support systems (OSS), among others.

American American Hellenic Hull is a global insurer Address: 4, Kallitheas Str.Imperial and insures hull, machinery and war risks for House, 2nd floor, office 202, 3086 Hellenic Hull most classes of vessel and all types of tanker, Limassol container ships, gas carriers and passenger 2016 Ilias Tsakiris Tel: +357 25 584545 vessels. American Hellenic Hull operates in all Fax: +357 25 584641 international marine insurance markets and has e-mail: [email protected] been in Cyprus since April 2016. Website: hma.com.cy

AIG serves commercial, institutional and indi- vidual customers with insurance products. AIG American Address: 26, Esperidon Street, 2001 Cyprus Ltd. is its local general representative. Strovolos, Nicosia International The global insurance company provides a Tel: +357 22 699999 Group (AIG) range of insurance products including general Stavros Florides 1959 Fax: +357 22 699700 property/casualty, life insurance, and retirement e-mail: [email protected] and financial services through its General In- Website: www.aig.com.cy surance, Life and Retirement and Investments business units.

Cisco Systems, Inc. are the networking foun- dations for service providers. The company's Cisco Systems Address: 81-83 Grivas Digenis core development areas are in routing and Avenue 1st Floor, Nicosia, 1090, Inc. switching, as well as in advanced technologies. Antonis Tsiboukis Tel: +30 210 638 1445 Cisco also provides technical support. Cisco 2000 e-mail: [email protected] sells its products and services, both directly Website: www.cisco.com/c/en_cy through its own sales force as well as through its channel partners.

Crowe Cyprus Limited is an accountancy firm and Address: 8 Stasinos Avenue, 1st an independent member of Crowe LLP, which Floor, Photiades Business Center, Crowe LLP specializes in international tax planning and struc- 1060 Nicosia, 1522 Nicosia, turing. Among its services Crowe provides Tax 2007 Andreas Pifanis Tel: +357 22755656 Consulting, Audit and Assurance, Global Corpo- Fax: +357 22452055 rate Consulting, Enterprise Risk Management, e-mail: [email protected] VAT, Corporate and Shipping services. Website: www.crowe.com/cy

Exxon Mobil Corporation is an American mul- Address: 6 Ayiou Procopiou str, tinational oil and gas corporation. After signing 2406 Engomi, Nicosia an exploration and production sharing contract Exxon Mobil Tel: +357 22393101 with the Government of Cyprus in April 2017, it Varnavas Corporation Fax: +357 22777840 began offshore exploration drilling in Block 10 2017 Theodosiou e-mail: kasia.chrysostomou@ in November 2018 with its partner Qatar Petro- exxonmobil.com leum International. ExxonMobil explores for oil Website: www.esso.com.cy and natural gas on six continents.

FedEx Corporation (originally Federal Express) is an American multinational courier delivery Address: Dimokratias 39, Strovolos FedEx services company. The company is known for Nicosia, 2034, Corporation its overnight shipping service and pioneering a - Tel: +357 22 606 100 (International) system that could track packages and provide - Fax: 22 450 065/68 real-time updates on package location, a fea- e-mail: [email protected] ture that has now been implemented by most Website: www.fedex.com/en-cy other carrier services.

Halliburton Halliburton comprises 14 product service lines (PSLs) in two divisions: Drilling & Evaluation, and Completion & Production. Halliburton Consulting and Project Management PSL works across both divisions and is the spearhead of its integrated- 2014 Artem Krokhin - services strategy. PSLs are primarily responsible and accountable for strategy, technology devel- opment, process development, people develop- ment and capital allocation.

www.goldnews.com.cy | Gold | 51 coveR AMERICAN companies IN CYPRUS STORY

DATE OF ★ CEO ★ COMPANY NAME DESCRIPTION INCORPORATION IN CYPRUS CONTACT DETAILS

International The International Business Machines Corpo- Business Address: 42-44 Grivas Dighenis ration (IBM) is an American multinational infor- Avenue, 1080, Nicosia Machines mation technology company. IBM produces Tel: +357 22841100 Corporation and sells computer hardware, middleware and Marios Kapiris 1963 Fax: +357 22666372 (IBM) software, and provides hosting and consult- e-mail: [email protected] ing services in areas ranging from mainframe Website: www.ibm.com/cy computers to nanotechnology.

Iron Mountain Cyprus is an information management company in Cyprus, offering records management, digitisation, confidential Iron Mountain destruction and enterprise content manage- Tel: 77 778666 Inc. ment solutions. Among others, their services 2003 Andrea Antoniou e-mail: [email protected] include Document Storage & Retrieval, Elec- Website: www.ironmountain.com tronic Document Management Solutions, Se- cure Document & Media Destruction, Backup Media Vault, Back file Document Imaging.

Microsoft, founded in 1975, develops, manufactures, licenses, supports, and sells Address: 11 Limassol Avenue, Microsoft computer software, consumer electronics, Galatariotis Building, 1st Floor, personal computers, and related services. Theodosis Aglandjia, 2112, Nicosia Microsoft is best known for its Windows oper- 2002 Michalopoulos Tel: +357 22 799700 ating systems, the Microsoft Office suite, and e-mail: [email protected] services such as Windows Phone, Xbox, Sur- Website: www.microsoft.com/en-cy face, Visual Studio and Microsoft Dynamics.

Moody's Investor Service, also known as Address: Moody's Investors Moody’s, provides credit ratings, research, Moody’s Service Cyprus Limited, Porto tools and analysis. The company ranks Bello Building, 1 Siafi Street, 3042 Cooperation the creditworthiness of borrowers using a Mardig Haladjian Limassol, 53205, Cyprus standardized ratings scale which measures - Tel: +357 25586586 expected investor loss in the event of default. Fax: +357 25586677 Moody's Investors Service rates debt securi- Website: www.moodys.com ties in several bond market segments.

NCH began investments in the Real Estate and Hospitality sectors of Cyprus in 2015 Address: NCH Cyprus, 18 Arch. through an investment in a boutique hotel Makarios III Avenue, 1st Floor, 2220 development project in Larnaca. NCH Capital Inc. Andreas K. Santis Latsia - Nicosia, Cyprus In 2018, it acquired two large seafront devel- - Tel: 22504644 opment sites in Larnaca (former Beau Rivage e-mail: [email protected] Hotel and adjacent land) that are planned to Website: www.nchcapital.com be developed into branded, mixed-use hospi- tality and leisure integrated resorts.

NCR in Cyprus was established in Nicosia Address: 80, Limassol Avenue, NCR as a subsidiary of NCR Corporation in 1955. 2014 Nicosia It provides specific solutions and consulting Corporation Kyriakos Tel: +357 22423388 service, to government and semi-government 1955 Kyriakou Fax: +357 22424460 organisations, banks and businesses in the e-mail: [email protected] retail, communications, travel, hospitality and Website: www.ncr.com technology sectors, and to small businesses.

Nielsen Cyprus is a management consulting Address: 8 Skopa Street, 1075 Nielsen company based in Cyprus. Nielsen is a global Nicosia measurement and data analytics company. Holdings Plc Daniel Tel: +357 22886600 Nielsen Holdings serves media, advertising, 1994 Chorbadjian Fax: +357 22337312 retail and consumer goods industries, e-mail: [email protected] operating in over 100 countries, covering Website: www.nielsen.com/cy/en/ more than 90% of the world’s population.

Noble Energy is an independent exploration Noble Energy and production company. It was the first International operator to discover natural gas resources Address: 73, Metochiou Street, Ltd. offshore the Republic of Cyprus. In November Vance Greene 2407 Engomi, Nicosia 2019, Noble Energy entered an amended 2008 Tel. : +357-22449190 production sharing contract and received the Website: www.noblenergy.com first exploitation licence granted by the Gov- ernment of Cyprus.

52 | Gold | The Business Magazine of Cyprus

DATE OF ★ CEO ★ COMPANY NAME DESCRIPTION INCORPORATION IN CYPRUS CONTACT DETAILS Oracle Corporation is an American multi- national computer technology corporation, Oracle Address: 58 Acropoleos Avenue, which sells database software and technolo- 2084, Nicosia Corporation gy, cloud engineered systems, and enterprise Antonis Skoullos Tel: +357 22 694694 software products – particularly its own-brand 2003 Fax: +357 22 317979 database management systems. It specializes Website: www.oracle.com/cy in enterprise software applications and busi- ness intelligence, among others.

Pfizer Inc. is an American multinational pharmaceutical corporation. The company Address: 57 Digeni Akrita Avenue, develops and produces medicines and vac- Pfizer Inc. Nicosia cines for a wide range of medical disciplines, Kyriacos Mikellis Tel: +357 22817690 including immunology, oncology, cardiology, - Fax: +357 22751855 endocrinology, and neurology. Its products Website: www.pfizer.com include drugs such as Lipitor, Lyrica, Diflucan, Zithromax), Viagra and Celebrex.

Providence Equity Partners owns Galileo Global Education, which acquired European Address: 6, Diogenous Str, 2404 Providence University Cyprus from Laureate institutions in Engomi, Nicosia Cyprus in 2017. Galileo Global Education is a Equity Partners Tel: +357 22 713000 European private education group focused on - 2017 Fax: +357 22 662051 providing students with increased access to e-mail: [email protected] higher education in the fields of art, creativity, Website: euc.ac.cy/en/ design, digital, communication and manage- ment.

RE/MAX also offers real estate brokerage Address: Interlink Hermes Plaza, through its international real estate franchise Shop 4, Office 301A, 46 Ayiou RE/MAX network. The RE/MAX Regional Franchise for Athanasiou Av., Ayios Athanasios, Cyprus is owned by CN Franchise Co Ltd, Christos 4102, Limassol while each individual office within the RE/ 2016 Nikolaou Telephone: +357 25507001, MAX Cyprus group is independently owned Fax. +357 25507100, and operated. RE/MAX Cyprus is a real estate e-mail: [email protected] network provider that buys and sells real es- Website: www.remax.com.cy tate in Cyprus.

SYKES is a provider of multichannel demand generation and customer engagement ser- Address: 40 Constantinou Kalogera vices for Global 2000 companies. It provides Street, 6021 Larnaca SYKES the teams, systems and technology needed to Tel: +357 99 852070 streamline and optimize all phases of the cus- Kurt Sölter 2017 e-mail: recruitment.cyprus@sykes. tomer journey. SYKES’ services include digital com marketing, sales expertise, customer service Website: www.sykes.com/cyprus/ and technical support through multichannel delivery platforms.

Tiger Offshore is an international provider of Address: Tiger Offshore Rentals rental equipment to the upstream offshore oil East Med Ltd, Zakaki, 3045, and gas market. Its fluid tanks and logistics Tiger Offshore Limassol allow for the safe transportation and storing - Tel: +357 96 251527 of drilling fluids and liquids. Its equipment - e-mail: contact@ moves assets such as pipe, dry sack material, tigeroffshorerentals.com (global) groceries and supplies to and from drilling and Website: tigeroffshorerentals.com production sites.

TSYS is a global payments provider that offers TSYS secure and innovative solutions across the Address: 4 Verginas Street, 1st International payments spectrum – for issuers, acquirers, Floor, 2025 Strovolos, Nicosia merchants and consumers. TSYS’ main focus Troy Woods Tel: +357 22882600 is unlocking opportunities in payments. Global 2006 Fax: +357 22882982 Payments Inc. is a play payments technology e-mail: [email protected] company delivering software and services to Website: www.tsys.com their customers globally.

UPS is a package delivery company and UPS Address: 20 Strovolos Avenue, global provider of specialized transportation 2011 Strovolos, Nicosia and logistics services. It manages the flow of Tel: +357 22710100 goods, funds, and information in more than Manolis Manoli - Fax: +357 22 22495070 200 countries and territories worldwide. G.A.P. e-mail: [email protected] Vassilopoulos Group is the authorised service Website: www.ups.com/cy/en contractor of UPS in Cyprus.

www.goldnews.com.cy | Gold | 53 coveR AMERICANS AT HOME IN CYPRUS STORY hat led to your move Ryan Barnard from the Development Director, USA to Design Global Cyprus? Development W Wargaming Group Ltd Wargaming approached me and they were interested in having my whole family move to Cyprus with me, which was very interesting and a huge advantage. When my wife and I first heard about this opportu- nity, we began researching the country. At first we were a bit concerned with the geographi- cal location, due to its proxim- ity to the Middle East. Upon researching, however, we found that Cyprus is very high up in global lists regarding educa- tion and safety, something that played a big role in our move. We came over two years ago in July and it was extremely hot when we arrived. They took us to Limassol Marina on one of our first days on the island and we couldn’t even walk around on the boardwalk. We had to sit in a coffee shop for a few hours! But now we’ve very much adapted, I’d say. My son, who is four, is absolutely fine with the weather. We take advantage of the summers here, so he gets to swim and enjoy the sea. Obviously the summers are amazing here, but even the ‘winters’ here are very short. We really like it here, and let’s not forget the excellent food!

Did you experience any kind of culture shock upon moving to Cyprus? If so, what? I wouldn’t call it a ‘shock.’ The biggest adjustment, rather, that I had to get used to was the concept of ‘Cyprus Time,’ Life in the which applies to everything. Even when we first arrived and wanted to connect our Internet upon setting up our house, the quote they gave me was a full

Photo by TASPHO

Slow54 | Gold | The Business Magazine of Cyprus Lane month. In the United States, guage isn’t really an issue here. it would have been merely a There’s no problem commu- Only 10% of few days. The Internet is fast nicating what you might want though, which, being in the or need in English so there’s Wargaming works industry I am in, was prob- not much adjustment needed ably one of my biggest con- regarding a potential language on the island, so cerns upon moving. In gen- barrier. We’re still getting used we’re a tight- eral, however, if you need to to the long hours when we get something done, it works travel abroad, whether we’re knit team, almost at a relatively slow pace. It travelling home or for work. may not necessarily be a Travelling is something we do family and it’s characteristic that is exclusive a lot of so we’re trying to get to Cyprus – perhaps it is a used to spending long hours in Mediterranean thing – and airports. I think that if you live in a really nice place where it’s too hot to do How does the professional anything in the middle of the environment in Cyprus dif- How do you view your in- How is the Cypriot lifestyle day, then things take longer fer from that in the US? dustry’s progress over the different from the Ameri- to get done. Your culture just It really depends on the indus- recent years? can? grows around that and em- try. It’s a bit more of a ‘boys I think there is definitely prog- Pace. Just pace. Here, you braces it. That was probably club’ than it would be inter- ress. We went to Malta for a don’t have to be constantly the biggest adjustment. Also, nationally. My interactions mini-vacation this past spring moving and active. Things the driving is here is… insan- are through Wargaming and and I was surprised to see a are just slower and they move ity! I always tell my friends the people we interact with are few independent gaming com- at a more relaxed pace. In that it’s like a smaller version generally those who come to panies appear. Tax breaks are general, this is a good thing of Paris. It’s like bumper cars. us to ask us about the gaming positive, so I think we’re go- but, in certain situations, it People drive however they industry, rather than to col- ing to be seeing more. I think can be inconvenient, because want and park wherever. That laborate as such. I do know Wargaming is the biggest one the whole world doesn’t took some getting used to! that there is a lot of ‘red tape’ as here but, depending on where work on Mediterranean time! we’d call it in the States: there you are in Europe, it can make When you’re in a delivery- Is there anything Cyprus are a lot of hurdles to jump over a lot of sense to develop or start driven industry like ours and has to offer that you prefer in order to get something done a studio. However, if you’re many others, you have dead- to what you were used to in here in Cyprus. In that sense it moving a company or starting lines and so you need people America? seems... culturally different than one up, you have to get people to work hard towards meet- Apart from the climate, it’s the States but I don’t get that to agree to come and that can ing those deadlines. But as the people, who are very open side of it too much because we be challenging. It’s tough to I’ve previously mentioned, we and friendly, which I think is work mostly internally. recruit. If you’re moving a don’t develop anything here another Mediterranean char- studio, it might be easier to get so I only encounter this in acteristic. There’s no situation How do you view the business your employees to follow and life outside work, if we need where you feel unsafe, which environment in your particu- it helps if the location is attrac- work done on the house, for can be very different from the lar industry? tive. In any industry, when the instance. Generally speaking, States depending on where I don’t get to see much of it discussion concerns moving things require longer to get you live. We like that a lot. As in Cyprus because we don’t for development, location is done. This is unfortunately a family we’ve been very happy develop projects in Cyprus. important. It might not be the reflected a little bit in the living here. The headquarters are here – the main reason but it does weigh industry trend: there aren’t brain – so we need to move in on decision making. Your many big Electronic Arts Are there still things that information out to the heart. priority when choosing a career companies (EAs) or any you’re having trouble adjust- The main studio is in Minsk, will certainly be to make sure of the big publishers like ing to here in Cyprus? Belarus and there are studios that the company and projects Wargaming in the Mediter- My wife took Greek for a year in St. Petersburg and Ukraine. are the right ones for you but ranean countries and I think or so, just to get the basics. It Only 10% of Wargaming if you have two similar op- a lot of it has to do with pace. helps with schools, rent and, works on the island, so we’re a portunities – one in a desirable You need good deliveries. It’s sometimes, government pro- tight-knit team, almost family location and the other in a less not that the work wouldn’t cedures, but it’s hard. I’m not and it’s really nice. It’s a great desirable location – then loca- be good but it might take going to learn Greek but lan- place to work. tion matters. longer to get done.

www.goldnews.com.cy | Gold | 55 coveR AMERICANS AT HOME IN CYPRUS STORY

Fritz Merz Geologic Operations Advisor ExxonMobil Cyprus Ltd Photo by TASPHO

56 | Gold | The Business Magazine of Cyprus A Real Family Atmosphere secure in Cyprus. We also like How do you view the busi- bons are developed respon- the extended family atmosphere ness environment in your sibly. I am hopeful that here, where lots of relatives live particular industry? will occur in Cyprus also. near each other, unlike in the I have had very good interac- States. It gives the country a tions with other oil and gas How is the Cypriot life- real family atmosphere. companies and while working style different from the with the various ministries. American? W Are there still things that Everyone is very knowledge- The Cypriot lifestyle is hat led to your move from you’re still having trouble able and helpful to the oil and more relaxed and less the USA to Cyprus? adjusting to here in Cyprus? gas business. hectic than in the States. My job with ExxonMobil as No, we adjusted very quickly We feel that we have more a Geologist led me here. I am and feel at home here already. Have you witnessed prog- time to enjoy our family here in support of Block 10 The only thing I had to adjust ress in your industry here in and friends without a lot exploration activities. to was the portion size of the Cyprus? of driving or traffic. The meals and mezes; they are all I feel that the upstream side Cypriots are genuinely Did you experience any very large! the oil and gas industry is still friendly and hospitable kind of culture shock upon in its infancy here but with and they have made our moving to Cyprus? If so, Does the professional en- more exploration activities stay here very pleasurable. what? vironment in Cyprus differ and, hopefully, more discov- We can be in the moun- No, not really. We found all from that in the US? eries, it can grow for oil and tains hiking or at the beach the Cypriots, from the of- No. I have found everyone to gas companies as well as ser- swimming within an hour fice staff to the car dealers, be very professional. There vice companies. My last jobs from our home; you can’t extremely hospitable and anx- seems to be a high number of were in Russia and Guyana find that in the States. We very educated individuals here ious to help us. Whenever I and I have seen first-hand feel very fortunate to be and everyone is very knowl- had a question, there was al- how a whole sector can grow living in your wonderful edgeable of their profession. ways someone to help us out. and prosper when hydrocar- country. Driving on the other side of the road took a couple weeks to adjust but now it seems The Cypriots are genuinely normal! friendly and hospitable Is there anything Cyprus has to offer that you prefer and they have made to what you were used to in America? our stay here very Yes. We love not only the hospi- tality but the safety of the coun- try. My family feels very safe and pleasurable

www.goldnews.com.cy | Gold | 57