The InvestPro Cyprus Limassol 2025 conference, held on Monday in Limassol, successfully brought together industry leaders, decision-makers, and financial experts to discuss the future of business and investment in Cyprus.

The event highlighted the strategic advantages the island offers, not just as a picturesque destination but as a thriving business hub with significant tax incentives and global investment opportunities.

Key topics of the conference included business relocation, wealth management, taxation, real estate, fintech, and blockchain.

Experts and pioneers from these sectors shared their insights on the challenges and opportunities businesses face in an increasingly interconnected world.

The conference also covered important themes such as international law, asset management, banking, and citizenship by investment programmes, all of which are critical to navigating the modern business landscape.

One of the key presentations at the event focused on the challenges within account opening and maintenance, particularly the stringent and often opaque Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements that businesses face.

These barriers were described as leading to issues such as account freezing, sudden closures, and delays in international payments.

The presentation also highlighted the slow, fragmented platforms that hinder efficient accounting and reconciliation processes.

Cross-border payments were another key area of discussion, with experts noting the high foreign exchange fees and poor exchange rates that many businesses experience.

International payment delays and settlement times were also significant pain points, with some payments taking up to five days to execute due to compliance procedures such as AML checks.

It was noted that approximately 30 per cent of international payments are delayed because of these compliance procedures.

Moreover, 68 per cent of business owners report paying unnecessarily high fees when dealing with international transfers.

Currency volatility, meanwhile, can add an additional 3-5 per cent to business costs if not properly managed.

The conference provided a valuable platform for discussing these challenges and exploring potential solutions for improving the efficiency of international transactions, streamlining regulatory processes, and enhancing the overall business environment in Cyprus.