Cyprus removed from Russia's blacklist

The end of 2012 brings a great success to Cyprus. The Russian Ministry of Finance published an amended blacklist on 31 October 2012, which did not include Cyprus. The official removal of Cyprus will take place on 1 January 2013.

The removal of Cyprus from the Russian blacklist is very important for that country because it will allow Cyprus to freely present itself to the Russian market for outbound investments. The use of tax exemptions by Cypriot legal entities for the purpose of investing and paying dividends back into Russia can now take place without any obstacles.

Many third country corporations wishing to invest in Russia can now do that freely through Cyprus while receiving a benefit from its appealing taxation regime.

The removal of Cyprus from the Russian blacklist has been one of the changes that were brought about by the Protocol to the DTT signed between Russia and Cyprus on 7 October 2010.

Eurofast has over 25 years of experience in advising legal entities and individuals that have ties with the Russian Federation. Eurofast can assist you in finding the most suitable structure for your particular case that will minimize taxes and ensure the smooth operation of your business.