Cyprus has substantially implemented the internationally agreed tax standards and is included in the ‘White List’ of OECD. The numerous double tax treaties concluded with other countries, offer tremendous possibilities for international tax planning. It should be noted that Cyprus is one of the few countries in the world that has concluded tax treaties with all Eastern Europe Countries. Thus, Cyprus is a prestigious tax-incentive EU financial center.
Confidentiality and Anonymity
The client’s anonymity and confidentiality can only be ensured by using nominee directors/shareholders. Each nominee shareholder (a company created for the purpose of holding shares and other securities on behalf of investors) appointed will sign a declaration of trust to the beneficial owner. Trusts are not a new concept in Cyprus, which inherited its trust law from the U.K. Trust law is based on the principles of equity that have long formed part of the Cypriot legal system.
Cyprus Companies are obliged by law to:
Maintain in Cyprus proper accounting books and records and prepare financial statements on an annual basis according to the International Accounting Standards. These financial statements are to be laid before the company in general meeting. We are also providing accounting services for all other off shore juristictions.
Audit the annual financial statements of a company which are audited by a local practicing auditor (Cyprus Company Law Cap.113). The audited financial statements are submitted annually to the Department of Inland Revenue and to the Registrar of Companies.