Private banking is all about making the right choices, whether it is to save, invest or borrow. In today`s competitive business world, banking has become one of the major matters for a wise entrepreneur, and we are here to help you.
We can guide you and open bank accounts in numerous jurisdictions for you. Specifically, we can introduce you to banking institutions for private banking in reputable jurisdictions such as Switzerland, Liechtenstein and Hong Kong, as well as link you with external asset managers and investment consultants where requested.
Common Reporting Standard (CRS)
As an international tax compliance with the Global Forum of the Organisation for Economic Co-Operation and Development (OECD), the Republic of Cyprus signed on 29 October 2014 the Multilateral Competent Authority Agreement for the automatic exchange of financial information of financial accounts, and adopted the Common Reporting Standard (CRS).
This standard represents a global effort to improve tax transparency on one hand, but compromises confidentiality between clients and institutions/professionals on the other hand. The scope of the financial information reported covers types of investment income such as interest and dividends and requires information on account balances. The regime not only targets banks but also other financial institutions such as brokers, certain collective investment vehicles and certain insurance companies.
We are continuously monitoring the implementation of the CRS in the different jurisdictions and institutions and we are advising clients on compliance matters as well as how to work around the newly introduced legislation, as there appear to be ways for clients to secure their privacy and confidentiality.
We would be glad to be of service to you. Contact us!