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The Central Bank of Cyprus (Amendment) Law of 2014
Banking and Secured Financing
The aim of the new amendment to the Central Bank of Cyprus Law [138(I)/2002] is to accommodate specific recommendations of the European Systemic Risk Board (ESRB) on the macro-prudential mandate of national central banks in the framework of the oversight of the financial systems. read more
FATCA and the Intergovernmental Agreement between the U.S.A. and Cyprus
Taxation Law

On 22 April 2014 the U.S.A. Department of Treasury (the “Treasury”) announced that Cyprus is among the jurisdictions that have reached an Intergovernmental Agreement ("IGA") with the Treasury to improve international tax compliance with the Foreign Account Tax Compliance Act (“FATCA”). The FATCA is a U.S.A. statute, targeting perceived tax abuse by American persons through the use of offshore accounts. American nationals, including individuals who live outside of the U.S.A, are required to report to the U.S.A. Internal Revenue Service (“IRS”) their financial accounts held outside of the U.S.A., while Foreign Financial Institutions (“FFIs”) are required to report to the IRS the financial assets and income of their American clients.

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Double Tax Treaty between Cyprus and the UAE
Taxation Law
Cyprus and the United Arab Emirates (UAE) signed a Treaty for the avoidance of double taxation and prevention of fiscal evasion on 27 February 2011, which was ratified and became effective as of 1 January 2014.
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Announcement by the Ministry of Finance - Relaxation of Restrictive Measures on Banking Transactions
Banking and Secured Financing

On 28 March 2014, the Ministry of Finance announced relaxations on the 28th Decree on the Enforcement of Temporary Restrictive Measures on Transactions.

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Cyprus announces further easing of bank restrictions
Banking and Secured Financing
Further easing of the restrictions on bank transactions were announced on Friday, 21 February 2014. read more
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