Cyprus Removal from Russian Black List from January 2013

Category: Business

Cyprus will be removed from the Russian list of desginated offshore jurisdictions, also know as the “Black list” with effect from January 2013. This will make Cyprus a more attractive jurisdiction for inbound and outbound investment by Russians as well as third country nationals. Dividends received by Russian companies from Cypriot subsidiaries will be exempt from Russian taxation, as long as the recipient has held not less than a 50% equity share in the Cypriot subsidiary for at least one year. The transactions between Cypriot and Russian entities will no longer be subject to transfer pricing control in Russia. For further information regarding the use of Cyprus, you can email us on newsletter@intuitconsultancy.com