G20 ministers endorse ‘historic’ global deal to tax multinationals

G20 finance ministers on Saturday gave their backing to a “historic” global deal to tax multinational companies more fairly and urged hold-out countries to sign up. A framework for international tax reform, including a minimum corporate rate of 15%, was agreed this month by 131 countries. But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years…

Establishment of the Ultimate Beneficial Owner (UBO) Register in Cyprus

The requirement for the establishment of the Ultimate Beneficial Owner (UBO) Register. The requirement for the establishment of the Ultimate Beneficial Owner (UBO) Register, originally emanated from the 4th Anti-Money Laundering Directive (EU) 2015/894), which was transposed into national legislation on the 3rd day of April 2018 through the Prevention and Suppression of Money Laundering and Terrorist…

The Use of Cyprus Alternative Investment Funds in Family Office Structures

The Use of Cyprus Alternative Investment Funds in Family Office Structures The Alternative Investment Fund (“AIF”) sector in Cyprus has continued its recent growth with the latest figures (for the quarter ended 31 December 2020), released by the Cyprus Securities & Exchange Commission, showing total assets under management reaching EUR 8.58 billion (recording a 3.8%…