November 2015
Issue No.9
Oneworld Ltd Global Business Services
Onegroup
 
I welcome you to the ninth edition of our Newsletter.
 
This issue discusses Cyprus tax proposals for enticing non domiciled individuals. It elaborates on the recent tax reforms to re-establish Cyprus as an international financial centre.
 
We also cover an array of interesting topics including the “largely compliant” status according to the
Global Forum on Transparency and Exchange of Information for Tax Purposes, the Russian blacklist of jurisdictions for CFC rules, the revised double tax treaty with Ukraine and other double tax treaty news.
 
Concerning the UAE, we cover various new projects and developments notably how to obtain tax residency in the UAE, its development as one of the most popular destinations for immigrants, the benefits of Cyprus – UAE double tax treaty benefits and double tax treaty news.
 
And in Oneworld News, senior executives of Oneworld MidEast presented “Dubai an International Financial Center with Enormous Possibilities" in Switzerland. The presentations took place in Hotel Baur au Lac in Zurich and Four Seasons Hotel in Geneva on 28 and 29 October. Both events were marked as a success with high attendances and a lot of interesting questions regarding Dubai and its business opportunities.
 
Furthermore, executives of Oneworld Ltd participated in the Cyprus Funds Summit in Nicosia on 9 of October. The Summit hosted senior expert speakers, including representatives from international law firms, EFAMA and members of international fund industry associations and asset managers. Our Nicosia senior executive team gained valuable information regarding current EU regulatory framework and the latest global trends and opportunities.
 
I sincerely hope you enjoy reading our Newsletter and always happy to receive your feedback!

George Philippides
Chairman
Highlight on Cyprus... 
Highlight on Cyprus
New Tax proposals Enhance Cyprus for Non-Doms: During July 2015, the House of Representatives enacted into law a number of significant tax proposals. They purport to modernize the framework of the Cyprus tax system and further enhance Cyprus' attractiveness as a tax efficient jurisdiction. The changes offer compelling advantages to individuals from a personal tax perspective and many now consider Cyprus as being the most tax efficient jurisdiction for wealthy entrepreneurs. Read more
Global Forum on Transparency and Exchange of Information for Tax Purposes: On 30 October 2015, the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) released the ratings for the jurisdictions for which the latest round of reviews was completed. Cyprus has been granted an overall rating of “largely compliant” having undergone both Phase 1 and Phase 2 reviews. Read more

Russian blacklist of jurisdictions as per CFC rules does not include Cyprus: The Federal Tax Service (FTS) of the Russian Federation, as part of the de-offshorization process in pursuant to paragraph 7 of article 25.13-1 of the Tax Code of the Russian Federation, has prepared a list of the countries and territories that do not comply with the exchange of information for tax purposes with Russia. This list includes 119 countries and 18 territories Cyprus is out. Read more

The advantages of Cyprus as an Asset management/Alternative Investment Funds hub: With the recent banking crises experienced worldwide, people have been becoming more and more inclined in seeking alternative sources of financing and investment. Cyprus, having experienced the potential of the sector and in its long-term commitment in establishing itself as a financial services jurisdiction of choice, remains at the forefront of the developments in the asset management and investment funds sectors. Read more
Cyprus and Ukraine: Amendments to the Double Tax Treaty
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. Read more
Cyprus - South Africa amending protocol enters into force: On 18 September 2015, the Amending Protocol of the Income and Capital Tax Treaty between Cyprus and South Africa entered into force. The Amending Protocol was signed on 1 April 2015. Read more

Cyprus – Switzerland Double Tax Treaty enters into force: The Double Tax Treaty with Switzerland has now been ratified by Switzerland and will come into effect as from 1st January 2016. Read more
Focus on the UAE... 
Tax Residence in Dubai, UAE: Obtaining a residence permit is the primary condition for being considered as resident in the UAE.  By obtaining a tax residency certificate a free zone company in UAE and foreign individuals can have residence permits and it is possible to obtain tax residency certificates.useful to many foreign owners and executives of FTZs who wish to register tax residency in the UAE.  Read more
Cyprus and UAE Double Tax Treaty
Benefits of the Cyprus and UAE Tax Treaty: The DTT between Cyprus and the UAE open a wide array of new tax planning possibilities which benefit many EU and east European entities. The treaty was signed between the two countries in February 2010 and became effective in January 2012.  Read more
 
UAE as one of the most popular destinations for immigrants: According to M/Advocates of Law, the UAE is among the best immigration destinations when it comes to residency programmes. Read more 

UAE enhances bilateral ties with Lithuania, Spain, Belize, Chad, Italy and Liechtenstein: During the 70th UN General Assembly in New York Foreign Minister H.H Sheikh Abdullah bin Zayed Al Nahyan met with a number of foreign ministers in order to discuss with them ways to enhance UAE's bilateral ties with their respective countries.. Read more

Mohamed Bin Zayed and Putin Discuss Bilateral Relations: His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces have discussed with Russian President Vladimir Putin, ways to strengthen bilateral relations, as well as regional and international issues of mutual concern. Read more

Double Tax Treaty News: United Arab Emirates signed an Income Tax Treaty in October with Mauritania, Senegal and FYROM. Further details will be reported when the text of the treaties become available.
Oneworld News
“Dubai an International Financial Center with Enormous Possibilities" presentations in Switzerland: Senior Executives of Oneworld MidEast delivered presentations in Switzerland "Dubai an International Financial Centre with Enormous Possibilities".  Read more

Cyprus Funds Summit attendance in Nicosia: Executives of Oneworld Ltd participated in the Cyprus Funds Summit in Nicosia on 9 October. The Summit hosted senior expert speakers, including representatives from international law firms, EFAMA and members of international fund industry associations and asset managers. Read more
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