Cyprus Central Bank issues a new circular on shell companies
The Central Bank of Cyprus has issued a new Circular Letter dated 2 November 2018 concerning shell companies, also known as “paper companies” or “mailbox companies”. It is addressed to […]
Blog and Resources
Automatic exchange and citizenship by investment programs
16 October 2018 the Organisation of Economic Co-operation and Development (OECD) has published a list of jurisdictions that provide citizenship, residence and special types visas to foreign individuals by investment
Amendment of low tax jurisdictions blacklist of the European Union
On 2 October 2018 the Council of the European Union (EU) has amended the blacklist of non-cooperative jurisdictions for tax purposes: Palau has been de-listed. This blacklist was published on
Estonia: registers of beneficial owners
1 September 2018 the amendment to Money Laundering and Terrorist Financing Prevention Act (“the Act”) that establishes publicly available registers of beneficial owners in Estonia has entered into force. In
Liquidation of Loyal Bank
According to the information from the official internet portal of Loyal Bank Limited (the Bank) that is situated in Saint Vincent and the Grenadines the liquidation process of this Bank
Changes to anti-money laundering rules in the USA
In May 2018 the document named Customer Due Diligence Requirements for Financial Institutions (CDD Rules) came into force in the USA. It was developed by Financial Crimes Enforcement Network (FinCEN),
Extension of list of countries for automatic exchange of tax information
According to official website of Organisation for Economic Co-operation and Development (OECD) the list of countries that have activated bilateral relationships for automatic exchange was extended in July 2018 and
How to open a foreign bank account?
The international banking for non-resident customers has recently become a permanent source of news. While some of that news appear to be predictable (especially to those who in some way
Restrictions on servicing of shell companies in Cyprus banks
On 14 June 2018 the Central Bank of Cyprus has sent a Circular Letter to all financial institutions of this jurisdiction with requirement to restrict servicing of so called shell
Cayman Islands: registers of beneficial owners
In 2017 the legislation of Cayman Islands regulating collection, keeping and disclosure of information regarding beneficial owners of companies was amended. The registers of beneficial owners were to be filed