May 2015
Issue No.6

I welcome you to the sixth edition of our Newsletter.
This issue marks the positive review of Cyprus’ economy by the international lenders and rating agency Moody’s. It signals the restoration of confidence in the banking and financial system and the effective implementation of the foreclosure law. Cyprus’ government bonds will become eligible for direct purchases by the ECB, which will boost bank liquidity and support lending.
In this edition, we also cover an array of interesting topics including an update on EU-anti offshore measures, advantages of the Cyprus citizenship program and double tax treaties news.
Concerning the UAE, we cover various issues notably the much anticipated DIFC Wills and the importance of Dubai as an International Financial Centre and double tax treaties news.
In Oneworld news, senior executives of Oneworld MidEast attended and addressed the Real Estate & Investment Conference held in Moscow in April 2015. We also draw attention to our affiliate investment company’s One Plus Capital, OPC Trader, a truly top 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, as always, happy to receive your feedback!
George Philippides
Anti-offshore changes to EU Directive on Parent and Subsidiary companies: What will change in 2016

In accordance with the Directive, subsidiaries are effectively exempt from withholding taxes on dividends and taxes on profit distributions in case of making payments to the parent companies. This option was often misused to minimize taxation. In order to prevent abuse, on January 27 2015, changes were adopted to the Directive. read more
Focus on Cyprus... 
Positive Review from the Troika, Moody Confirms: A joint statement released by the troika of Cyprus’ international lenders (EC, ECB and IMF) at the conclusion of their last visit in Cyprus welcomed the continued progress being made. According to informed sources, the general feeling on the troika review is indeed very positive. read more
The Cyprus Permanent Residency Scheme: The Cyprus Permanent Residence Permit has been in existence for a number of years and the requirements, as well as the process, have been amended to make them simple. The Cyprus government has introduced recently a new procedure for granting the permit to applicants who are third country nationals and intend to invest in Cyprus. The authorities aim to grant the permit within two months from the date of submission. read more

Cyprus – Bahrain Conclude Double Tax Treaty: On 9 March 2015, the Republic of Cyprus and the Kingdom of Bahrain signed a Double Tax Treaty (DTT) based on the OECD Model Convention for the Avoidance of Double Taxation on Income and Capital with the aim to help attract foreign direct investment to Cyprus. read more
Double Tax Treaty with Georgia Signed, Amended Protocol Signed with South Africa: On 1 April 2015, Cyprus and South Africa signed a Protocol amending their existing Income and Capital Tax Treaty of 1997. Furthermore, on 13 May 2015, Cyprus and Georgia signed an Income and Capital Tax Treaty. read more
Spotlight on the UAE...

DIFC Wills and Probate Registry: Legal uncertainties over expatriate wills in Dubai will become a thing of the past with the launch early next year of a new registry. The Dubai International Financial Centre (DIFC) hopes that the DIFC WPR (Wills and Probate Registry) - open to all non-Muslim expatriates - will benefit those wishing to hold financial and real estate assets in Dubai, but who are concerned about the uneven treatment of wills by the Dubai Courts. read more

UAE as a Tax Efficient IFC: The UAE has concluded nearly 80 double tax treaties, many of them with OECD countries. In many other treaties, however, especially with European countries which have adopted the exemption method there are ample opportunities for UAE subsidiaries or regional centres of European holding entities to set-up, meet substance criteria, become tax efficient and reduce substantially overall group taxation. read more

UAE Double Tax Treaty News: The UAE and Romania signed a new Income Tax Treaty on 5 May 2015. The UAE and Ethiopia signed an Income Tax Treaty on 12 April 2015. Furthermore, The UAE signed a Double Tax treaty with Comoros on March 26, 2015. read more

DWC – Business Park of the Future: Dubai World Central’s premium Free Zone Business Park offers companies the ideal environment in which to thrive. The park comprises 11 aesthetically pleasing, commercial buildings that are ready to use. The team works closely with investors towards full facilitation, keeping in mind their unique organizational, needs every step of the way. 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 (CySEC) under licence no. 111/10 to conduct brokerage, asset management, investment advice, corporate finance and forex services. OPC is committed to provide competitive prices, reliable trade execution, premium trading tools and comprehensive research to help our clients succeed. The fully transparent, high quality and low complexity platform give OPC an edge to achieve its goals. read more
Oneworld News
Oneworld MidEast Participates in Real Estate & Investment Conference in Moscow: In April 2015 senior executives of Oneworld Mideast took part in a conference in Moscow, which was attended by many Russian professional firms and businesses.  The conference was organized by Real Events LLC and professional events company from Dubai. read more




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