What is FATCA – The FATCA Definition


Foreign Accounts Tax Compliance Act In March 2010, the provisions commonly known as the Foreign Account Tax Compliance Act (FATCA), became law in the United States of America. FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts and focuses on reporting: By U.S. taxpayers about certain foreign financial accounts and offshore assets. By foreign […]


Cyprus Compliance with the Foreign Account Tax Compliance Act


This intergovernmental agreement is activated between the Cyprus Government and the Government of the United States to improve the International Tax Compliance and implementation of FATCA – (Foreign Account Tax Compliance Act) and was signed on 2 December 2014. Under the Inter-Governmental Agreement all participating Cyprus financial institutions are required to report all FATCA related […]


Cyprus: Insolvency Framework


The six pieces of legislation forming the Insolvency Framework came into force on May 7, 2015, day of its publication in the Official Gazette [five laws and a regulatory administrative acts (regulations)]. Those provisions have been passed by the House of Representatives on April 18 2015. The following came into force: The Insolvency Individuals (Personal […]


Tax Avoidance Strategies in the European Union


While the formation of the EU brought unity to its member nations in a number of ways, there still remains a substantial difference between the laws of those member nations which include tax avoidance strategies in the EU making them vary by country. It is a well-known fact that some offshore tax haven countries have streamlined taxation […]