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Tax Authorities will get their hands on Taxpayers’ Bank Accounts-Cyprus

Tax Authorities will get their hands on Taxpayers’ Bank Accounts-Cyprus

March 30, 2015 6:25 am

A new law has been introduced in Cyprus, allowing the Tax Authorities to tap into taxpayers’ bank accounts in order to acquire unpaid taxes. The new legislation does not require a court order to be issued before the tax officials tap into people’s accounts. The Ministry of Finance passed the law in an attempt to […]

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Russia’s Deoffshorization Legislation & Cyprus companies

Russia’s Deoffshorization Legislation & Cyprus companies

March 30, 2015 6:24 am

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

Cyprus Citizenship Scheme for Foreign Investors

March 20, 2015 11:41 am

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?

What is FATCA?

March 17, 2015 6:42 am

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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