Monday, January 21, 2019

Baker Tilly South East Europe: New substance requirements in offshore financial centers

Under the OECD’s and EU’s influence and in an attempt to get rid of their status as “bad” jurisdictions, long established island offshores are adopting their legislation and are introducing requirements on the actual business operations of companies which are considered as tax residents in these jurisdictions.

The changes are likely to render it unfavourable or even make it impossible to hold assets in these jurisdictions through companies without adequate business activities.

You can read or download the file on the link below:

https://www.bakertilly.com.cy/english/publications/2019/january/new-substance-requirements-in-offshore-financial-centers/

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