On 4 August 2015, the governments of Cyprus and Iran signed an agreement for the avoidance of double taxation (the Treaty). With the lifting of international sanctions against Iran, Cyprus is now uniquely positioned to act as...more
On 1 April 2015 the British Virgin Islands (BVI), Cayman Islands and 19 other jurisdictions were removed from Italy’s blacklist of jurisdictions. As a result it will now be easier for Italian individuals and companies to...more
On 2 December 2014, the US and Cyprus governments signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). There are two types of IGAs known as "Model 1" and "Model 2". The...more
The Federal Law No 376-FZ dated 24 November 2014 “Concerning the Introduction of Amendments to Parts One and Two of the Tax Code of the Russian Federation (Regarding the Taxation of the Profit of Controlled Foreign Companies...more
Why set up a holding company? In essence, holding companies are set up as an effective means of consolidating ownership of operating subsidiaries. Deciding where to set up a holding company is not always a tax driven...more
THE US DEPARTMENT OF TREASURY HAS ANNOUNCED that Cyprus and the US have reached agreement in substance as regards the Inter-Governmental Agreement for FATCA and Cyprus has consented to being included ...more
The Republic of Cyprus issued new decrees on 2 August 2013 pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more
In This Issue:
- Highlights of AIFM Law provisions
- Licensable AIFMs pursuant to the AIFM Law
- Cross-border management and marketing of AIFs (Passport)
- On 5 July 2013 Cyprus transposed...more
The Convention for the avoidance of double taxation and the prevention of fiscal evasion signed between Cyprus and the Ukraine on 8th November 2012 will enter into force as from 1 January 2014....more
The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more
The Republic of Cyprus continues to issue decrees pertaining to the relaxation of restrictive measures....more
Cyprus has been a member of the European Union since 2004. The country has long been known for its low corporate income tax rate and absence of withholding taxes on payments of interest, dividends and royalties paid to...more
The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures....more
The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures.
Updates regarding these decrees, from Harneys' Cyprus Banking Group, are below.
Restrictive Measures - Transactions:
The latest relaxations pertaining to transactions were passed on 17 May 2013 in Decree No 12 under the Enforcement of Restrictive Measures on Transactions in case of Emergency Law...more
The British Virgin Islands is a well respected and sophisticated jurisdiction for the establishment of trusts. The general principles of BVI trust law are derived from those of English law and they have been supplemented by...more
28 March 2013 - Below are answers to frequently asked questions about banking in Cyprus in the context of the current banking crisis.
Q. Under what circumstances is the Deposit Protection Scheme activated?