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%…

Taxation of international executives

For mobile international executives, tax can be a major consideration and for human resource professionals, the need to provide answers to questions relating to tax can be pressing.KPMG member firms have produced a series of summaries titled Taxation of International Executives. These summaries cover relevant income tax and social security rates, together with the key…