Cyprus: Upcoming CbC Reporting Deadlines and Compliance Essentials
Multinational groups (MNEs) with entities in Cyprus must be aware of the approaching deadlines for Country-by-Country (CbC) Reporting obligations. These requirements are part of Cyprus’ alignment with global tax transparency standards set by the OECD, aiming to provide tax authorities with a detailed view of multinational tax structures and operations. This article offers a timely […]
Is Your Business Ready for CARF? Navigating the New Era of Crypto Tax Compliance
The OECD’s Crypto-Asset Reporting Framework (CARF), set to transform tax reporting in the crypto space, represents a global initiative for transparency in crypto-asset transactions. CARF’s requirements will be effective in 2026, with compliance deadlines starting in 2027, significantly impacting exchanges, wallet providers, and even decentralized platforms. If your business operates in crypto, now is the […]
MiCA: The Dawn of Comprehensive Crypto Regulation in the EU and Cyprus
The upcoming Markets in Crypto-Assets (MiCA) regulation is set to transform the European Union’s crypto landscape by establishing a cohesive regulatory framework. Effective from December 30, 2024, MiCA aims to unify crypto-asset regulations across EU member states, bringing clarity and stability to the sector while significantly increasing the responsibilities of service providers, exchanges, and crypto-asset […]
Cyprus International Trusts: Securing Wealth with Advanced Asset Protection
The Cyprus International Trust (CIT) framework has become a preferred vehicle for individuals and businesses looking to safeguard their assets and manage wealth across borders. The International Trusts Law, initially enacted in 1992 and significantly enhanced by amendments in 2012, has positioned Cyprus as one of the world’s most robust trust jurisdictions. One of the […]
Beyond Mobility: The Real Reasons Why HNWIs Are Choosing the EU for Second Citizenship and Residency
The decision by High-Net-Worth Individuals (HNWIs) to pursue second citizenship or permanent residency in the EU is often attributed to desires for greater global mobility and a “Plan B” for uncertain times. While these motivations are significant, they do not fully capture the deeper, strategic reasons driving this trend. Beyond mobility, HNWIs seek to mitigate […]
Navigating Cross-Border Tax Investigations: What to Expect and How Savva & Associates Can Assist
In an increasingly interconnected global economy, businesses and individuals engage in complex cross-border financial activities that often require a clear understanding of international tax regulations. This interconnectedness, while providing opportunities for growth and diversification, also presents significant challenges, particularly when it comes to tax compliance. Cross-border tax investigations are becoming more common as tax authorities […]
Recent Abuses of RAIFs in Cyprus and Their Legitimate Uses
Recent reports have shed light on alleged abuses of Cyprus-registered Registered Alternative Investment Funds (RAIFs). Investigations have revealed how these investment vehicles were used to conceal high-value luxury assets, such as yachts and real estate, linked to Russian oligarchs facing international sanctions. For example, sanctioned Russian banker Andrei Kostin was reportedly linked to secretive RAIFs […]
The Future of Golden Visas in the EU: A Complex Landscape for Investors
The European Union’s approach to Golden Visa programs—investment-based residency schemes—has undergone significant changes in recent years. These programs, once widely popular across the continent, are now facing increasing scrutiny and regulation due to concerns over their impact on local housing markets, potential for money laundering, and broader national security risks. However, not all EU countries […]
The Impact of OECD’s Pillar Two Rules on Cyprus’ Tax Landscape
Cyprus has established itself as a pivotal jurisdiction for international tax planning, attracting multinational corporations (MNCs) and high-net-worth individuals (HNWIs) with its strategic location, favorable tax regime, and comprehensive network of double tax treaties. However, the tax landscape in Cyprus is poised for significant change due to the introduction of the OECD’s Base Erosion and […]
The Evolving Role of Fiduciary Services in Cyprus Amid Global Regulatory Changes
Fiduciary services have long been a cornerstone of Cyprus’s financial sector, playing a crucial role in supporting international business operations. The island’s well-established framework for company formation, trust management, and cross-border transactions has made it a preferred jurisdiction for multinational corporations and high-net-worth individuals. However, the fiduciary services landscape in Cyprus is undergoing significant changes […]
