The Central Bank of Cyprus has communicated its intention to incorporate the definition of shell/letter box company in the forthcoming revision of the Directive for the Prevention of Money Laundering and Terrorist Financing.
The term "shell company" shall refer to a non-publicly traded, limited liability company or any other business entity that fulfils any one of the following criteria:
Exemption for true holding companies, asset holding companies (e.g. real estate and ships) as well as companies with a demonstrable purpose of existence e.g. facilitating currency trades, asset transfers, corporate mergers, etc shall also be included in the definition.
Related Article: Cyprus joins the aversion to shell companies.Back to Articles Back to B2B Lateral Thinking Solutions
The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.
B2B Lateral Thinking Solutions
B2B Lateral Thinking Solutions is a dynamic consultancy operating from Cyprus and servicing private, corporate and institutional clients. Our team of dedicated, passionate and highly qualified professionals assists numerous clients across the EU, Russia and CIS countries. Lateral thinking is not only a name. Lateral thinking defines how we approach problems and our work ethic. We partner up with our clients to uncover solutions through indirect avenues and by employing creative thinking.
Greek citizen setting up in Cyprus - The checklist! We get a lot of queries from our Greek clients and associates on how Greek citizens can become Cyprus tax residents and what the process of obtaining a tax residency certificate is. As such, we have prepared the below checklist to assist everyone interested in this.Read more