September 2015
Issue No.8
Oneworld Ltd Global Business Services

I welcome you to the eighth edition of our Newsletter.
This issue marks the recent signing of the double tax treaty of Cyprus with Iran. It signals the long- awaited “legitimacy” of Iran after decades of economic isolation and the restoration of Cyprus as an international financial centre.
We also cover an array of interesting topics including estate planning and succession in Cyprus, financial benefits of expatriate individuals and non-doms to work or retire in Cyprus and double tax treaties news.
Concerning the UAE, we cover various new projects and developments notably the DMCC Family Office the most dynamic free zone in the UAE, the updated UAE commercial Company Law, new Real Estate projects in the UAE and the recent update on DIFC Wills and Probate Register together with tax treaty news.
And in Oneworld news, senior executives of Oneworld MidEast attended as exhibitors the Cityscape Global Real Estate Exhibition in Dubai World Trade Centre. The exhibition is regarded as the most dynamic platform for real estate, at least in the Middle East featuring many acknowledged companies such as Dubai Properties, Nakheel and Emaar.
We also make reference our affiliate investment company’s One Plus Capital, OPC Trader a truly class Trader platform that can give its clients the opportunity to explore the world of FX and CFDs and the potential that leveraged trading can offer.
I sincerely hope you enjoy reading our Newsletter and always happy to receive your feedback!

George Philippides
Spotlight on Cyprus... 
Cyprus and Iran Double Tax Treaty
Cyprus and Iran Sign Double Taxation Avoidance Agreement On 4 August 2015, the Republic of Cyprus and Iran, signed an agreement for the avoidance of double taxation and fiscal evasion with respect to taxes on income paving the way for the strengthening of business investment opportunities and trade relations between the two countries. Read more
Estate planning & succession in Cyprus: In Cyprus, your domicile is a deciding factor regarding your succession. At any given time you may possess either a ‘domicile of origin’, being the domicile received at birth, or a ‘domicile of choice’, which may be acquired and/or retained during the course of your life. Cyprus laws provide different rules depending on your domicile. Read more

Financial Benefits Available to Individuals Moving to Cyprus to Work or Retire: Cyprus offers a number of advantages as a location in which to work or retire the warm climate and the Mediterranean lifestyle being just two of the many benefits. In addition Cyprus offers a number of financial incentives. Read more 

Obtaining Cyprus Permanent Residency: Cyprus often features at the top of the list of best countries to live, work or retire in thanks to its winning combination of work life balance. The popularity of Cyprus stems from various factors, such as its stable economic and political environment, its EU member state status, efficient taxation system, sophisticated infrastructure and the high quality yet low cost of living. Read more
Cyprus and Ukraine: Amendments to the Double Tax Treaty: On 8 September 2015, the Cyprus Ministry of Finance published an official press release announcing the conclusion of a Protocol between Cyprus and Ukraine amending the Convention for the Avoidance of Double Taxation after it expires. During the negotiations a most favourable nation clause has been agreed, for the taxes on interest, dividends, royalties and capital gains. Read more
Cyprus Signs New Double Tax Treaty with Guernsey: The treaty between Cyprus and Guernsey that was signed on July 29, 2014 has entered into force on March 4, 2015. The provisions of the treaty will come into effect on 1 January 2016. Read more 
Focus on the UAE... 

DMCC Family Office has Become the Most Dynamic Free Zone in the UAE: The DMCC (Dubai Multi Commodities Centre) has become the most dynamic free zone in the UAE. It now accepts single family offices allowing wealth, asset and legal affairs management of a single family and provides other administrational services. The main condition is that the single family office must be wholly owned by the same family. Read more

UAE Commercial Company Law Revisited: Many countries in the Middle East limit company control to locals. Foreigners can only have up to 49 percent ownership. For nearly 30 years, the UAE has operated free zones where foreigners can own 100 percent of the company. However, the activities of those companies are restricted to the free zone or outside the UAE. In the last ten years, it was often announced that the limitation on ownership for mainland companies will be lifted or at least changed. Read more

DIFC Wills and Probate Registry Update: Non-Muslims with assets in Dubai now have the ability to register wills that create legal certainty for the inheritance of their assets after death. It provides a simple mechanism for non-Muslims to pass on their estates according to their wishes. The innovative new legal solution enhances Dubai’s attractiveness as a destination for expatriate talent and investment and support greater economic growth and capital inflows. Read more
UAE Real Estate: The announcement in 2013 that Dubai will be host for the 2020 Expo increased real estate prices 20 to 30 percent. In the meantime, many people have realized that it is still five years away and that an apartment far away from the Expo location will not really benefit. In addition, new apartments and villas are entering the market daily. Therefore, real estate prices have decreased in the last 12 months by about 20 percent. Read more
Introduction to Abu Dhabi Global Markets: Dubai started the free zone concept some 30 years ago. Today, there are more than 30 free zones in Dubai and the concept has been copied by the other emirates forming the UAE. The DIFC (Dubai International Financial Centre) has become the most developed free zone, where the common language is English and it has its own courts. Read more

Double Tax Treaty News

United Arab Emirates – Andorra Tax Treaty Signed: United Arab Emirates and Andorra signed an Income Tax Treaty on 28 July 2015. Further details will be reported when the text of the treaty becomes available.
Oneworld News
Oneworld MidEast participated in September 2015 Cityscape Global Real Estate Exhibition
Oneworld Mideast took part in September 2015 Cityscape Global Real Estate Exhibition: Cityscape is the Middle East’s leading real estate investment event. As investment opportunities in the UAE continue to grow, the overall real estate industry is showing signs of maturity as long term investor security and investment value become the focus of the market. As the real estate market continuously moves towards a sustainable equilibrium and reflects characteristics of other long established property markets across the globe, the potential opportunities for developers and investors to collaborate within the Dubai market continue to gain traction. Read more
OPC Trader: One Plus Capital Ltd (OPC) is registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission under licence no. 111/10. OPC, is committed to provide competitive prices, reliable trade execution, premium trading tools and comprehensive research to help our clients succeed. Our fully transparent, high quality and low complexity platform give us an edge to achieve our goal. Read more 




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