Global Legal Update (#09 September 2012)

Legal Issues of Investments by Ukrainian Tax Residents in Cyprus

by Maksym B. Ferenc

The Republic of Cyprus is deemed a safe and financially efficient treasury to deposit gained profits among Ukrainian investors for many years. Due to constant legislative changes and political turbulences in Ukraine, increasingly more entrepreneurs are deciding to use a company seated in Cyprus as a holding company for conducted business. This solution is relatively safe and simple. As since 2004 Cyprus is a member of the European Union and officially is not regarded as a tax heaven, the investments made in this country are entirely in line with the law and company budget...

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