Unravelling
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Unravelling Complexity

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Cypriot authorities issue advisory on Iran
Regulatory and Tax

Cypriot authorities issue advisory on Iran

Various key Cypriot competent authorities issued, in November 2018, advisories relating to the reimposition of certain US sanctions on Iran and pronouncements by FinCEN as well as a recap on the current state-of-play in the EU on doing business in Iran, including reminders on the so-called EU-Blocking Regulation.
Protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom
Regulatory and Tax

Protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom

On 19 December 2018, the Cypriot Minister of Finance, Harris Georgiades; and the British High Commissioner to Cyprus, Stephen Lillie, signed a protocol amending the Convention for the Elimination of Double Taxation between Cyprus and the United Kingdom, with respect to taxes on income, capital gains, and the prevention of tax evasion and avoidance.
National Risk Assessment of Money Laundering and Terrorist Financing Risks in Cyprus
Regulatory and Tax

National Risk Assessment of Money Laundering and Terrorist Financing Risks in Cyprus

The Advisory Authority against Money Laundering and Terrorist Financing has reported on the first National Risk Assessment of Money Laundering and Terrorist Financing Risks which has effectively been carried out in Cyprus as required under the provisions of the Fourth Anti Money Laundering Directive.
Project finance structuring with an offshore element; protecting your Project Company and shifting risks
Banking and Finance

Project finance structuring with an offshore element; protecting your Project Company and shifting risks

In this article, originally published by LexLatin, Nicole Pineda and Ana Lazgare address why Cayman Islands SPVs are the issuing vehicle of choice for project bonds funding large infrastructure projects (including greenfield projects) with a long economic life. This comes at a time of such great need for Foreign Direct Investment into Peru. This article is published in Spanish, download the PDF to read more.
Cyprus: Tax treatment of non-returnable capital contributions
Regulatory and Tax

Cyprus: Tax treatment of non-returnable capital contributions

The Cyprus Tax Department has recently published an informative circular, which explains the tax treatment of non-returnable capital contributions by Cyprus taxpayers to companies that are non-Cyprus tax resident.
Do UK Territories Need Beneficial Ownership Info Registers?
Regulatory and Tax

Do UK Territories Need Beneficial Ownership Info Registers?

Within its 65 sections, the Sanctions and Anti-Money Laundering Act covers two subjects: All but three sections provide for a framework of sanctions implementation in the UK following Brexit. The remaining three sections, precisely sections 49 to 51, deal with discrete anti-money laundering issues, most controversially including the proposed introduction of publicly accessible registers of beneficial ownership information on companies in the UK overseas territories. In this article, published by Law 360, Aki Corsoni-Husain addresses why the UK has Legislated for the UK overseas territories, what the requirements will be, and what will happen next.