EBA Education Update: Funds, Trusts, Investment Firms and International Tax Compliance (CFC, Deoffshorization)
Nasos A. Kyriakides & Partners LLC together with EBA Education Team invite you to participate in the EBA Education Update: Funds, Trusts, Investment Firms and International Tax Compliance (CFC, Deoffshorization) scheduled for September, 29, at 11:00 – 13:00. During the lecture the participants will receive valuable information on the below matters: • New era for […]
Authorized persons for the activation of compensation payment procedures from FBME Bank
Following the announcement on 11 April 2016, it was decided to resolve the continuous problems with FBME’s personnel. The Identification of beneficiary depositors will start by duly authorized persons at the offices of FBME Avenue Archbishop Makarios III, Nr. 90, Nicosia, Cyprus, on 15 June 2016. It is noted that this process is intended, according to […]
Cyprus Courts reject FBME’s application
By its decision which took place in May 2016, the High Administrative Court of the Republic of Cyprus has rejected the unilateral application, made by the FBME Bank Ltd (FBME) on the 22 nd of December, 2015 in connection with the issuance of a decree, which would temporarily suspend the enforceability of a decision taken […]
Payment of up to 100.000 EUR to FBME blocked depositors
The Central Bank of Cyprus has activated the Deposit Guarantee Scheme (DGS) as it considered that FBME Bank LTD- Cyprus Branch appears for the time being unable to repay deposits, and seems that will not do so in future due to its financial condition. Deposits include all deposits held by natural or legal persons in […]
Revocation of license for activities of JSC “Trasta Komercbanka”
On Friday, 4th of March, the Central Bank (CB) of Cyprus announced the withdrawal of the license of the Bank of Latvia JSC “Trasta Komercbanka”, the oldest private bank in Latvia which has a branch in Nicosia, Cyprus from September 2006. This is a statement, which republishes the announcement made on 3rd of March by […]
Cross-Border Corporate M&A Transactions – Corporate Finance Documentation and new era in international banking transactions (M&A)
Mergers and acquisitions (M&A) Mergers and acquisitions (M&A) involves the following types of transaction : • Acquisition: the purchase of a controlling interest in any company, private or public. • Takeover : the acquisition of a publicly quoted company, rather than a private company. • Merger: a combination of two companies, neither of them acquiring […]
Cross-Border Corporate M&A Transactions – Corporate Finance Documentation and new era in EU and International banking transactions
New era of European Union anti Money Laundering Regulations in Banking Practice In 2014 the Eur. Commission released its proposal for the 4th MLD giving countries years to roll up the changes. It is important for banks and corporates to be prepared to meet the following major changes: • Beneficial Ownership • Politically Exposed Persons (PEP) […]
Amendment of Cyprus tax law
The House of Representative of Cyprus voted on 10 December 2015 on changes to the tax laws, which were previously agreed with the private sector over the past few months. The changes relate to income tax and capital gains tax law. The brief overview of the most crucial changes is presented below. Income Tax Law […]
Protocol that will amend the DTA between Cyprus and Ukraine
UKRAINE DOUBLE TAXATION – 11.12.2015 (Ukrainian & English)
A double tax treaty between Cyprus and Ukraine is amended
A double taxation avoidance protocol (“the Protocol”) amending the double tax treaty between Cyprus and Ukraine was signed on 11th of December 2015 in Kiev. The signed protocol will come into force not earlier than the 1st of January 2019, the date that the existing Convention will expire,” a press release issued by the Cyprus […]