CA Advocates launches CA FIDUCIA GROUP and the opening of a new office in The Netherlands

The Cyprus office of CA FIDUCIA will deal with the provision of fiduciary services in Cyprus, such as incorporation and management of Cyprus companies, incorporation and management of Investment Firms, Investment Funds, the establishment of Trusts and the provision of nominee services to Cyprus companies as well as other related services.

The Cyprus office will also provide the liaising and co-ordination for the provision of fiduciary services in other jurisdictions offered through our well trusted associates.

CA FIDUCIA – NETHERLANDS

A successful first cocktail event for the Poland Cyprus Chamber of Commerce

The first cocktail event of the Poland Cyprus Chamber of Commerce took place on the 26^th of November 2013 at the Hilton Park Hotel. The Ambassador Mr. Pawel Dobrowolski and the President of the Association Mrs. Celia Pourgoura stressed how important the strengthening of the relationship of the two countries is and that a new era for the Association is now commencing. The event is just the beginning of numerous of other events which will follow in the year 2014

Cyprus agrees to renegotiate the tax treaty with India

Following the Indian Government’s decision on 1^st November 2013 to specify Cyprus as a 'notified' jurisdictional area for the purposes of section 94A of the Income Tax Act the Cyprus government took immediate action in order to amend the situation. The Cypriot Ministry of Finance has on the 3^rd of December issued a press release regarding the visit last week to India concerning the Indian tax treaty and India’s black listing of Cyprus in respect of Exchange of Information. Both countries have agreed that Cyprus will adopt the provision of the new Article 26 of the OECD Model Tax Convention relating to the exchange of information in a new tax treaty with India.

Most importantly when the notification of Cyprus as a “notified jurisdictional area” under section 94A of the Indian Income-tax Act 1961 is rescinded, it will be with retrospective effect from 1 November 2013, date when the notification of India was issued.

Upgrade for Cyprus and downgrade for the Netherlands by Standard and Poor’s

On the 30^th of November, Standard & Poor’s raised its long-term sovereign debt rating on Cyprus to B- from CCC+. The decision was justified on the basis that the immediate risks to debt repayments on the bailed-out island appeared to have receded.

Standard & Poor’s however, cut the Netherlands credit to AA+ on the same date, removing one of the euro zone’s few remaining triple-A ratings.