The effects of Russian de-offshorisation legislation on the Cyprus UHNWI sector

Citywealth,  the leading portal for ultra-high net worth clients and their advisers and managers working in the private wealth sector, recently included an article on the latest developments in the UHNWI sector in Cyprus, drawing extensively on the views of Elias Neocleous, managing partner of our firm.

The article focused on the changes that have taken place since President Putin signed the de-offshorisation law in November 2014, forcing Russian citizens and companies to pay tax in Russia on earnings made by foreign-registered entities.

Prior to then the wealth management industry in Cyprus was almost entirely dependent on Russian clients, but, to quote Elias’s words in the interview, “We do still see some work coming in from Russia and the former CIS countries, but we now have new work coming in from the Middle East,

which is geographically quite close to us, and from Africa and Asia. …  A lot of these individuals are coming from countries where they aren’t happy with the rule of law, or political stability, and so they want to move elsewhere so that they can live and structure their businesses for peace of mind and security. Our benefit is that Cyprus is not as expensive as alternatives like Switzerland or Monte Carlo.”

You can read the complete article via the following link