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From the Managing Director's desk

Preface - LAVECO Newsletter 2015/2.


Előszó a LAVECO hírlevélhezThis, the second edition of the LAVECO Newsletter in 2015, is inextricably linked to our first offering of the year. We are delving a little further into the explanation of the changes likely as a result of the signing of the tax information exchange agreements. We concentrate on the active steps which can be taken in stead of passive resistance. Our leading article offers numerous thoughts on this, which could be considered as an instruction manual on what is worth doing.

We revisit the most significant features of companies registered in Cyprus. This small country in the Mediterranean possesses a complete tax system, teamed with the related corporate infrastructure which has been offering benefits which can be enjoyed worldwide for 40 years now. The role of Cyprus in the fields of finance and company formation is set to grow from 2017. EU membership together with the agreements for the avoidance of double taxation signed by Cyprus will serve to significantly strengthen the country’s position. It will be very difficult to discriminate against Cyprus in the future.

We have had very few nice things to say about the banks in these in recent years. Unfortunately, the banking dictatorship we live under puts us completely at the mercy of the banks. Our position is relatively weak, and as a result we are left with no choice but to submit to the banks’ conditions. Our article offers advice to those considering the offshore banking option.

The signing of tax information exchange agreements has begun. LAVECO Ltd. has launched a blog related to the topic, providing up to date information, and passing comment on the developments. In this article we look at the number of agreements which have been signed to date.

And if we call the next phase of development in the offshore world the 2.0 software, then we can apply the same synonym to tax planning, which is also set to become two-level in the future. While many people have ignored the precise planning of personal income tax up until now, from 2017 this will become a matter of extreme significance. This article provides some useful tips on where it is worth becoming tax resident.

I would like to thank our readers for all the valuable remarks, comments and ideas they have provided both in writing and in person in our offices. A newsletter like this is worthwhile if people read it, are able to benefit from what they find here, and than share their thoughts with us. I would be more than happy to receive your thoughts, too.

Wishing you a pleasant summer and a good rest,

With warm regards
László Váradi
Managing Director