The 1 June edition of "Phileleftheros", Cyprus's most widely read and respected newspaper, featured an interview with Mr. Roy Saunders, founder and president of the International Business Structuring Association, which will launch its Cyprus branch today in Limassol.
Mr. Saunders commented that Cyprus must lead the way in the adoption of the OECD initiative for tax transparency and should re-examine the definition of administration and control, so as to correct the misapprehension sometimes expressed by foreign governments that companies involving foreign interests are governed by "puppet" directors. While recognising the need to restore the credibility of the Cyprus banking system, Mr. Saunders considers that the benefits for holding companies, intellectual property rights, shipping companies and commercial companies, in general, continue to provide a compelling argument for establishing such companies in Cyprus. He also comments that Cyprus must forestall any potential negative publicity through the promotion of a general understanding as regards reputational risks. He further highlighted the necessity of implementing the OECD's BEPS proposals in the course of the next two years. Cyprus must embrace this change and demonstrate not only that it is soundly regulated but also that it upholds the principles approved by the members of the OECD.
The launch of the IBSA Cyprus branch will take place today at Neocleous House, at 18:00.
To view the full interview (in Greek) please follow this link.
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