January 2015
Issue No.4

I welcome you to the fourth edition of our Newsletter.
In this edition we cover a whole array of interesting topics including the Cyprus Companies Emerging Market, Russian De-offshorization and an economic overview of the Cyprus economy.
Concerning the UAE we discuss various issues notably the UAE- Hong-Kong Double tax treaty and the Dubai Real Estate market outlook.
And in Oneworld news, senior executives of Oneworld Ltd and Oneworld MidEast attended the Lugano Fund Forum in November 2014.
I sincerely hope you enjoy reading our Newsletter and I am eager to receive your comments.

Finally, I wish you a Happy and Prosperous 2015!

George Philippides
Focus on Cyprus... 
Cyprus Economy: Overview of the Industry Sectors for 2014:  Since the bailout from Troika in 2013 and the enormous restraints on capital movement and bank account haircuts on the islands’ two largest banks, the Cypriot economy has turned out to be more resilient than many key business individuals had anticipated. read more
Bank of Cyprus listing and commencement of trade: On the 16 December, 8.904.425.940 Ordinary Shares of the Bank of Cyprus were listed and commenced trading on the Cyprus Stock Exchange (“CSE”) and the Athens Exchange (“ATHEX”). read more

The Cyprus Emerging Companies Market. A safeguard to CFC rules?  In order to attract foreign investors and businesses in Cyprus, the Cyprus Securities and Exchange Commission established its Emerging Companies Market (ECM), along with other measures, for example new regulated entities like the Alternative Investment Funds. read more

Double Tax Treaty between Cyprus and Iceland - New Double Tax Treaties enter into force:
Cyprus and Iceland gave signed a double taxation agreement and Cyprus treaties with Guernsey, Switzerland, Lithuania and Norway entered into force on the 1st of January this year. read more

Cyprus FACTA : The Inland Revenue Department of the Republic of Cyprus has proceeded with the sign-up of a Model 1 IGA (Intergovernmental Agreement) with the US Treasury, in regards to the Foreign Account Tax Compliance Act (FATCA). read more
Russian "De-offshorization"... 
Highlights of new rules: The Russian de-offshorization law was approved on 18 November 2014. The law introduces concepts new to Russian tax law: tax residency for legal entities, controlled foreign companies (“CFC”), and expanding Russia’s taxing rights in connection with profit from indirect sales of Russian real estate. read more
Spotlight on the UAE...
The UAE is now ranked 12th in the World Economic Forum’s Global Competitiveness index, with foreign direct investment growing by 20% to US$14.4bn. This makes it the 11th most attractive FDI destination.
Highlights on establishing a UAE RAK Offshore Company: The recent attack on uncooperative tax heavens initiated by the G20 has only cemented UAE’s popularity as a valuable alternative to traditional offshore centres. RAK offshore companies in UAE offer an excellent choice for investors. read more

Highlights of the Authorization Process of Fund Managers setting up in DIFC: In the UAE the financial regulation is based on the criterion of territoriality and it prohibits from carrying out any financial activity, without being licensed. A licence is required for activities undertaken directly or indirectly within the UAE or into the regardless of the status of the client. read more

Real estate boom in Dubai: As a result of the Expo, and Dubai’s inclination for real estate development, the construction sector is booming and home prices are soaring. read more

UAE and Hong-Kong sign Double Tax Treaty: The UAE signed the final agreement for the avoidance of double taxation on income with Hong Kong on Thursday, during a meeting between businessmen and commercial banks from both parties in Dubai. read more
Oneworld News
Lugano Fund Forum (LFF) Attendance: Senior executives of Oneworld Ltd and Oneworld Mideast took part in the Lugano Fund Forum in Switzerland on 24 & 25 of November 2014. The forum is a well-established networking hub for International financial Institutions, private bankers, wealth managers and providers of services for the Fund Industry. read more
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