April 2015
Issue No.5

I welcome you to the fifth edition of our Newsletter.
The issue of this Newsletter marks the lifting of all capital controls imposed on Cyprus’ banking system, during the 2013 bail in. It signals the restoration of confidence and trust in the banking system and will enable banks to raise capital to finance the economy. The eventual implementation of the foreclosure law that is going to be voted soon is expected to reinforce the financial soundness of the banks and tackle non-performing loans.
In this edition, we also cover an array of interesting topics including an update on Russian de-offshorization, advantages of Cyprus citizenship program treaty news and an economic overview of the Cyprus economy.
Concerning the UAE, we cover various issues notably new treaties and the importance of Dubai and potential use of Alternative Investment Funds (AIFs) for MENA investors.
And in Oneworld news, senior executives of Oneworld Ltd and Oneworld MidEast addressed and attended the Wealth Pro Bosco conference and a number of other international tax conferences.
I sincerely hope you enjoy reading our Newsletter and always happy to receive your feedback!
George Philippides
Focus on Cyprus... 
Cyprus lifts all capital controls
Cyprus has lifted the last remaining capital controls imposed on its banking system. President Nicos Anastasiades announced on 3 April 2015 the lifting of capital controls imposed on the island in 2013, effective immediately. All domestic controls have been lifted, only some restrictions remain on international transactions. read more
Standard & Poor revises Cyprus' outlook to positive: On 28 March 2015, Standard & Poor's Rating Services (S&Ps) revised Cyprus’ outlook to positive from stable. This was based on faster than expected reduction of government debt which resulted in a substantial decline in the government debt to GDP ratio from 2014, thus maintaining the Cypriot economy’s “B+/B” rating. read more
Cyprus offers a most attractive "fast-track" citizenship program: Europe has long established itself as the most sought after region in terms of high net worth immigration. Also noteworthy, are recent studies conducted by global immigration experts, ranking the Cyprus citizenship by Investment program among the "top ten best in the world". read more

Cyprus for the domiciliation and management of Investment Funds - Focus on MENA region: The importance of promoting Cyprus in key strategic markets with proximity to it can be said in the case of the Middle East, North Africa, otherwise known as MENA region. Cyprus clearly possesses comparative advantages versus other EU jurisdictions and has all the ingredients to be considered as a gateway for investment outflows from the MENA region to Europe, as well as other high growth markets such as Russia and China. read more
Russian "de-offshorization": A hot issue! The CFC regime introduced recently in Russia, is becoming a significant subject as the first reporting moment gets closer. The existing shareholdings of more than 10% in foreign companies must be reported by the Russian taxpayers to the tax authorities by 1 April 2015. read more
Spotlight on Dubai...
Dubai enters top five fastest growing economies: Growing trade and tourism has helped Dubai become one of the top five fastest growing cities in the world, according to a survey of 300 cities by a leading American think tank. read more

Dubai for business : The United Arab Emirates is a union of seven thriving Emirates of Abu Dhabi, Ajman, Dubai, Fujairah, Ras-al-Khaimah, Sharjah and Umm Al Quwain. As of today, there are about 30 Free Zones (FZ) in the UAE. The possibility of registration of a company in the Free Economic Zones allows foreign investors an independent, 100% sole ownership and management of the company. read more

Dubai tax residency certificate takes tax treaty benefit: The tax residency certificate (TRC) is issued to a resident company operating in the country. A company operating in the Mainland Dubai and a Free Zone Company can apply for a tax residency certificate. An Offshore Company is not entitled to the tax treaty benefit. read more
Double tax treaty news
Barbados and Cyprus to negotiate new double tax agreement:
Cyprus and Barbados seek to strengthen economic relations by announcing the beginning of negotiations for a double taxation agreement. read more
Cyprus and Bahrain treaty: During his recent visit to the kingdom of Bahrain, president of Cyprus Nicos Anastasiades and the king of Bahrain Hamad bin Isa Al Khalifa signed four bilateral agreements. read more

UAE and Luxemburg sign new protocol: Luxembourg has published the new protocol to its existing Income and capital gains tax treaty with the UAE. The protocol was signed on 26 November 2014 in Abu Dhabi. read more

UAE – Lithuania tax treaty: The double tax treaty between the UAE and Lithuania entered into force on 19 December 2014 and its provisions apply from 1 January 2015. read more
Oneworld News
Conferences in Dubai: Senior executives of Oneworld Mideast took part in the Wealth Pro Bosco Conference in Ras Al Khaimah (RAK) in March 2015. read more 
Conference in Lugano: Senior executives of Oneworld Limited and Oneworld Mideast took part in the Lugano Fund Forum in Switzerland on 24 and 25 of November 2014. read more
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