Resources

image The Seychelles and the Dawn of the Offshore Era

The Seychelles, like many other so-called tax havens are rushing to introduce amendments to existing legislation to be excluded from the list of non-cooperative countries that the EU has created to distinguish EU-based companies when trading with Seychelles companies by imposing additional taxes on payments toward the Seychelle counterparts of the EU companies. The EU …

image Is There a Rocky Road Ahead for the Cyprus Banking Sector?

Is the Cyprus banking sector considered to be overcrowded? If you look at the population size of Cyprus, you will most probably come to the conclusion that yes, it is quite oversaturated. There are 7 banks that have a full licence in Cyprus. These banks are listed below in alphabetical order: 1. Ancoria Bank Limited. …

black iphone 4 with red and white flag

image Global Tax Developments in Response to the COVID-19 Pandemic

Fiscal policies have provided important emergency aid to individuals and businesses during the COVID-19 pandemic. They are also essential to increase countries’ ability to react to a crisis and assist in the recovery and beyond. With most countries currently easing back into normal working hours and businesses are slowly opening, a vigorous economic recovery that …

image Cyprus: Changing the Face of the Island’s Professional Services Industry

The recent developments on limited Cyprus’ Double Tax Agreement with Russia, and subsequent implementation of the Controlled Foreign Corporation rules in Ukraine have caused many to speculate that they will most probably follow Russia to increase the taxation of dividends paid by Ukrainian subsidiaries toward their Cyprus holding companies. This, combined with the EU’s push …

low-angle photo of buildings

image Banking for Offshore Companies: Changing the Global Landscape

The COVID-19 pandemic, stringent regulations, and challenges from Electronic Money Institutions are pushing the traditional commercial banks to cut expenses and roll back operations. HSBC is a good example. It looks like HSBC has stated to accelerate announced job cuts. HSBC is planning to lay off about 35,000 staff worldwide. The COVID-19 pandemic has forced …

image The Secrets to Successfully Opening a Bank Account in Singapore

How it all began For more than 10 years, our company has been successfully opening bank accounts for our clients. During this time, we have accumulated a vast experience in this sphere, allowing us to guarantee of opening new bank accounts in a range of various jurisdictions. There was a time when opening of bank …

image Is Cyprus Heading for Another 2013 Banking Crisis?

Cyprus is experiencing another banking collapse. Currently, Cyprus Co-operative Bank is going through a difficult time. This passes unnoticed among most foreigners and it is not surprising – the bank’s main specialisation has always been the provision of banking services to Cypriots rather than account opening for offshore companies. Until 2017, Cyprus Co-op Bank was …

interior of a coffee shop

image Daily Expense Price Disclosure in Cyprus: 2020 Update

Cyprus offers an enviable combination of climate, business and culture and holds its own as one of the smallest EU member states, (with Luxembourg and Malta being the only 2 countries in the EU with a smaller population) and an adaptable free-market economy with a positive long-term outlook despite the current challenging environment. Cyprus offers …

A stack of thick folders on a white surface

image How to: Get Your Yellow Slip in Cyprus

Applying for a residence permit (also known as the yellow slip) is a process which is to be completed by every EU citizen living and working in Cyprus. It is renowned for being lengthy and fastidious, and it doesn’t necessarily have to be! And once you have managed to obtain it, the permit does not …

image Cyprus ASPs: How We Can Help

Each licensed Administrative Service Provider (ASP) in Cyprus is registered under CySEC, and must comply with the preparation and submission of the below-mentioned reports in order to be eligible for maintaining a valid license in Cyprus: Annual Internal Audit Report. MLCO Annual Report. Monthly Prevention Report. Quarterly Statistics Report. We are an international corporate service …

gray concrete building under blue sky

image Cyprus: Holding Companies

Cyprus is an ideal place for holding company location. The following factors are important when deciding the location of a holding company: Tax treatment of inward and outward dividends. Tax treatment of capital gains arising from sales of subsidiaries. Taxation of consolidated profit. Reputation of jurisdiction where the holding company was formed. Cost of incorporation …

image Q&A: Does my Cayman Company Have to Register for FATCA? 2020 Update

Q- As far as my Cayman Islands company doesn’t have US investors, does it have to register with FATCA? A- Yes- The IGAs and the FATCA Regulations apply to all Cayman Islands Financial Institutions (“CFIs”), regardless of whether they hold any Financial Accounts for Specified Persons. (see research below). Q- Does my company have to …

image Reporting Requirements for Scottish Limited Partnerships

The financial and reporting requirements for Scottish Limited Partnerships (SLPs) vary depending on whether the company is a micro-entity, or a small, medium or large entity. Micro-entities and small companies benefit from less burdensome requirements. In order to qualify as a small entity, the SLP must meet at least two of the following conditions: Annual …

image UK Penalties For Filing Incorrect Financial Statements & Corporate Tax Returns

HM Revenue and Customs (HMRC) General anti-abuse rule (GAAR) guidance, with reference to The UK Finance Act 2013, the UK Companies Act 2006, the National Insurance Contributions Act 2014. All UK corporate service providers, accountants, companies and intermediaries all have a duty to report any false statements submitted to the HMRC. By failing to report …

Test seminar3

Test seminar2

Test seminar

Test vebinar3

Test vebinar2

Test vebinar

Business newspaper article

image The Named and Shamed from the Cyprus Papers Leak

A recent investigation from Al Jazeera into Cyprus revealed a plethora of leaked government documents, uncovering that Cyprus has sold dozens of passports to foreigners linked to crime. What the leak essentially shows, is that there have been 1,400 citizenship applications approved by the Anastasiades government between 2017 and 2019, to people from 70 countries. …

[:ru]Саммит G20: новые критерии для внесения юрисдикции в черные списки будут объявлены уже к 2017 году[:]

image OECD Countries Fail to Reach Tax Agreement for Digital Multinationals

Earlier this week, 137 OECD member countries were unable to reach an agreement on the taxation of large digital companies before the end of 2020, a deadline set by the G20, therefore risking a proliferation of unilateral initiatives. The glass is half full: the package is almost ready, but a political agreement is missing”, acknowledged …

architectural photograph of lighted city sky

image China Experienced Growth in Foreign Trade Last Month

China’s foreign trade continued to accelerate in September, confirming the rapid recovery of the world’s second largest economy, the first country to detect cases of the new coronavirus, but also to control the pandemic. Exports increased 9.9% to 239,800 million dollars after having grown 9.5% in August, according to Chinese customs data. Imports increased 13.2% …

image Details of the Cyprus & Russia Cross-Border Interest Hike

Russia’s Ministry of Finance has announced that it signed a Protocol to amend its double tax agreement with Cyprus earlier this month. The Protocol will increase the withholding tax at source to 15% for dividends and interest income. The Ministry said ratification should be completed by the end of this year so that the provisions …

brown Sereniteit wallet

image UK to Start Charging Interest On Overdue Digital Services Tax (DST)

Earlier this month, the UK Government have a number of upcoming meetings to discuss The Taxes (Interest Rate) (Amendment No. 2) Regulations 2020, which will enable the HMRC to collect or pay interest on overpaid or underpaid digital services tax liabilities. The UK introduced its DST on April 1st, 2020, at a rate of 2%. …

image Cyprus’ Answer to Economic Challenges is Making Business Easier to do on the Island

Foreign investments might help Cyprus to overcome economic difficulties caused by the COVID-19 pandemic and adverse legislation moves on the Cyprus tax system. Historically, Cyprus is dragging its feet in the digitalisation of government services. Someone may compare Singapore and Cyprus. It takes only 2 hours to register a company in Singapore, which is in …

image UK: The Popularity of New Visas for Overseas Business Owners is Gaining Momentum

The UK government has introduced a new type of UK visa – the Representative of an Overseas Business visa. The new UK visa allows senior management of overseas businesses to allow the establishment of a branch or subsidiary of the existing overseas business in the UK; to bring family and change the visa type in …

image Arrest Warrants Issued for German Founders of Law Firm Mossack Fonseca

A spokesman for the public prosecutor’s office in Cologne, Germany, confirmed the existence of two international detention orders without specifying who, however German newspaper Süddeutsche Zeitung confirmed it was Jürgen Mossack and ‎Ramón Fonseca, the founders of the Panamanian law firm Mossack Fonseca. According to Süddeutsche Zeitung , German authorities hope that Mossack, who has …

image Cyprus Government to Abolish Passport-by-Investment Scheme

After being implicated in an investigation exposing Cyprus’ shady Passport-by-Investment Scheme, the President of the Cypriot Parliament, facing mounting political pressure to resign, announced yesterday that he would step down from his positions as both speaker of the house and lawmaker for the Cyprus parliament. Two days following the bombshell investigation, Mr Syllouris finally agreed …

image BVI Will Make its Beneficial Register Public

As bank secrecy has gone with the wind, offshore company’s secrecy will follow the same route.

image MONEYVAL: Czech Republic has Made Progress on AML/CTF Compliance

MONEYVAL has assessed the progress made by the Czech Republic on the FAFT Recommendations. MONEYVAL has recorded the progress was made on the improvement of mechanisms for national cooperation and coordination to tackle money laundering and terrorism financing, the strengthening of countermeasures against countries and jurisdictions which represents a high ML/TF risk, and the removal …

image MONEYVAL: Lithuania is Making Progress on AML/CFT Compliance

MONEYVAL has confirmed that the Lithuanian government has finally gained sufficient understanding of the AML/CFT requirements. Nevertheless, MONEYVAL reports that it found the deficiencies in the regulation of virtual assets leading to a downgrading of Lithuania’s rating from “largely compliant” to “partially compliant”. At this moment, Lithuania has managed to achieve the full level of …

image MONEYVAL: Ukraine’s AML Compliance Rating Improved

The EU agency MONEVAL has confirmed that the Ukrainian government has made the progress on improving the criminal provisions for offences relating to terrorist financing and enhanced sanctions for financial institutions and other entities for non-compliance with AML/CFT legislation to “largely compliant”. However, MONEYVAL has not noted any progress on financial sanctions related to terrorism, …

water between buildings

image Russia Approve DTA & Increased Withholding Tax Rate with Malta

Russia’s Government has approved wording for a draft Protocol that it will seek to conclude with Malta, to revise their double tax agreement to increase withholding tax rates at source for cross-border dividends and interest income. The terms are set out in Russian in Order No. 2291 2020, which has been approved by Russia’s Cabinet …

A stack of thick folders on a white surface

image Сommon Company Questions

If I want to open a bank account for an existing company that is older than 3 months, does it require any additional documentation? Banks in any jurisdiction has the right to request any documents in order to understand the activities and structure of the company. In this sense, one of the key documents for …

worm's view of glass high-rise building

image Company Registration

s it possible to pay for a virtual office on a monthly basis? As standard practice, we use a pre-payment for the financial year for the rental of our virtual offices. This however depends on jurisdiction specific requirements. For example, in some countries in the provision of services for sending postal correspondence is used in …

architectural photography of city buildings

image Overseas Incorporation Concept

As reflected in the legislation that governs overseas jurisdictions, is there more pressure to survive? It should be noted that now the pressure on the offshore zones reduced. Offshore zones could survive at a critical time and have the best in today’s environment legislation. What are the advantages of using an offshore company? There are a …

man standing in front of group of men

image Confidentiality & Overseas Accounts

Is there any assurance that tax authorities or other interested person, if desired, will not be able to get information about who is the real owner of the offshore company? When registering an offshore company, which has Nominee Directors and shareholders, the public authorities of the country of registration are not provided with information about …

blue cash machine

image Bank Account Maintenance

Which banks co-operate with Eltoma Corporate Services in matters regarding account opening? Company Eltoma Corporate Services offers bank account opening services in Cyprus, the Baltic States, Switzerland, Austria, Czech Republic, Hong Kong & Singapore. A list of banks who we work with are updated and expanded on an ongoing basis. Feel free to contact us …

person using laptop computer holding card

image Tax Advice

What is “tax optimisation” or constitutes “effective tax planning?” Tax payments play an important role in the cost of any organisation. Regarding any type of expenditure of the company, tax planning must be considered carefully. Tax optimisation is particularly important during periods of lower demand, when the primary task for each company is to provide …