Russia’s Deoffshorization Legislation & Cyprus companies

Cyprus companies have long been part of Russian business structures. However the introduction of the Russian Controlled Foreign Company (CFC) legislation threatens the position of Cyprus companies within Russian structures. According to the CFC, profits generated from Russian companies cannot be transferred to jurisdiction with preferable tax regimes only to be retransferred back. Nevertheless, nothing […]


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Cyprus Citizenship Scheme for Foreign Investors

According to the Decision taken by the Council of Ministers in Cyprus, non-Cypriot investors and their families can be granted the Cyprus Citizenship by Naturalization. The Decision was made official in March 2014. Important Features of the Decision As maintained by the Decision a non-Cypriot is eligible to acquire the Cypriot Citizenship by Naturalization provided […]


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What is FATCA?

The Inland Revenue Department of the Republic of Cyprus on the 2nd of December 2014 signed Model 1 IGA (Inter Governmental Agreement) with the US Treasury, in regards to the Foreign Account Tax Compliance Act (FATCA). What is FATCA? The Foreign Account Tax Compliance Act (“FATCA”) is a US tax legislation which was enacted as […]


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HC rejected request against blacklist of Cyprus

Recently, the courts of Uttarakhand rejected a written plea, which challenged its decision to blacklist Cyprus as a notified jurisdiction regarding income tax. The court’s rejection dissatisfied a flow of foreign investors. Foreign investors were hoping the petition would lead the courts to reconsider the Indian’s government notification issued in November 2013, declaring Cyprus as […]


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Alteration made to the EU Parent-Subsidiary Directive

As anticipated, the Council of the European Union altered the EU Parent-Subsidiary Directive and included an anti-abuse clause in order to put a stop to tax avoidance and assert that all member states apply the directive consistently and effectively. The purpose of the Parent-Subsidiary Directive is to make certain that profits generated by groups outside […]


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Economic Cooperation between Russia and Cyprus

The eighth in a series of meeting was held between Russian and Cypriot government officials last Friday concerning Intergovernmental Committee for Economic Cooperation. The Cyprus Minister of Finance and the Russian Deputy Minister of Economic Development established the rules and regulations of the protocol regarding economic collaboration between the two countries, which will be signed […]


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Cyprus Government Asserts No New Taxes will be implemented in 2015 Budget

The government of Cyprus verifies that no new taxes will be implemented and not cutbacks will be made concerning the 2015 budget. The government informed that the 2015 budget would be conservative and realistic, while still being within the targets set. The government opted to follow a conservative path in order to make up for […]


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Advantages of the Cyprus International Trust

The Cyprus International Trust is possibly the strongest and most flexible corporate facility the island of Cyprus provides. It offers utmost protection concerning the assets included in the trust while simultaneously can be customised to suit the most complicated situations. The trust provides potential investors, who seek EU protection, with great opportunities like planning of […]


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Why it is Essential to Maintain a Strong Double Tax Treaty Network

The recent Cyprus-Lithuania Double Tax Treaty (DTT) is a prime model to use in order to outline both the multiple benefits a DDT carries for Cyprus and the prospects that surface in regards to new markets especially when taking into consideration the latest developments and happenings within the destinations the island has traditionally been involved […]


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Three more treaties will be put into effect as of January 1, 2015

Cyprus has made three new tax treaty agreements, thus further expanding its tax treaty set of connections. The new tax treaties with Lithuania, Spain and Norway will be valid as of January 1, 2015. The new tax treaties aim to further promote Cyprus’ services sector that unfortunately has recently been through a worrisome period due […]


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