Founded in 2008, Savva & Associates has emerged as an alternative for companies and individuals looking for top-tier Cyprus tax planning, corporate services provider and company formation agent and ongoing administration of Cyprus structures. We can provide you and your clients with expertise, flexibility, responsiveness and a personal touch only a smaller firm can provide.
By way of introduction I am a Charlie Savva, a Canadian Chartered Accountant residing in Toronto, and along with my Partner, also a Canadian citizen who resides in Cyprus, have established Savva & Associates.
We are looking to work with North American tax professionals and clients that have an interest in using Cyprus structures as part of their international tax planning strategies. Our goal is to allow Americans and Canadians the opportunity to work with fellow corporate service professionals and enjoy the peace of mind that comes with knowing that like minded and competent corporate service professionals are looking after their Cyprus structures needs.
As you may likely know, Cyprus remains a leader amongst international tax planning jurisdictions, and is the preferred gateway for doing business in Europe, Russia, Ukraine, South Africa and India. Thousands of Cyprus companies are formed each year by foreign investors. The administration of these companies in most cases is entrusted to Cyprus Corporate Service providers. Unfortunately, the Corporate Services industry in Cyprus is unregulated and laden with abuses. Such abuses create risk to tax planning structures which are often not communicated to international tax planning professionals. As a result, taxpayers are exposed to risk they are not aware of.
Our view is that setting up or maintaining Holding, Finance or IP companies in any jurisdiction without proper substance (functions, risks, employees, decision making powers and assets) should be avoided. International tax planning strategy should be aligned as much as possible with business strategy and sufficient substance should be present at the level of the International companies.
We are often asked to provide a generic list of the necessary substance requirements for a certain jurisdiction. Although general guidelines are available, we feel that a cookie cutter approach should not be taken. Our view is that we should tailor substance to the business strategy and the tax requirements in the source jurisdiction as well as the Holding, Finance or IP jurisdiction. An empty letter box company in a tax haven may be a short term cost efficient solution but may prove costly in the long term.
Savva & Associates aims to work with North Americans to ensure their Cyprus tax structures are established and administered to the highest level of international standards. We aim to ensure that your structures contain the appropriate level of substance, and that all risks are clearly identified and communicated. Please click here to read more about our unique substance services which are not currently offered by our competitors in Cyprus.
If you are thinking about or ready to enter the Cyprus market, choosing the right business partner is the most important decision you will make.
Our
business model is based on offering our clients complete business solutions
regarding the formation and ongoing administration of a Cyprus
structure.
Our high caliber professionals are well positioned to offer you a complete
range of services in:
I would like to provide you with more information about our firm and our unique services. Through our Toronto desk, I am available for a telephone conversation or face to face meeting upon request (cp.savva@savvacyprus.com)
Sincerely,
Charlie Peter Savva
Partner
