Cyprus will receive Russian loan in exchange for the information about the Russian Beneficial Owners

Cyprus will receive Russian loan in exchange for the information about the Russian Beneficial OwnersThe Finance Ministry of the Russian Federation is planning to obtain information about Russian Beneficial Owners from Cyprus Authorities in exchange for the financial aid to the country. Russia will require full financial transparency regarding Russian founding directors and Beneficial Owners of the companies from those countries it gives loans, Russian media reported. This provision is described in a separate paragraph in the plan developed by the Ministry of Finance meaning mobilization of additional revenue to the 2014 - 2016 budgets.  On January 1, 2013 the double tax agreement (DTA) between Cyprus and the Russian Federation entered into force, but it does not include provisions that would provide full financial transparency. To remind you, in 2011 Russia extended the low-interest loan of €2.5 billion to Cyprus, and in January 2013 Cyprus asked to postpone repayment of the loan from 2016 to 2022. In addition, in summer 2012 Cyprus asked for a new loan of €5 billion. The EU also requires financial transparency from Cyprus.  Getting information about the non-residents is one of the conditions of giving the loan for the recapitalization of the Cyprus banking system.

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