Cyprus, the Netherlands and Luxembourg close the register of beneficiaries of companies
Suspension of access to the public register of beneficiaries: consolidated position of Cyprus, the Netherlands and Luxembourg
The European Court of Justice ruled that certain provisions of the Anti-Money Laundering Directive violate the human right to protection of private property. The question is about those paragraphs of the document, which affect the publicity of information about the owners of companies registered in the European Union. The reaction to the court decision was immediate: Cyprus, the Netherlands and Luxembourg are now closing the public access to the register of beneficiaries of companies.
At the same time, companies are still required to update and publish information about their owners. Regulators will retain access to the documents, which is guaranteed by Article 12 of the Directive. The closed beneficiary registry in the Netherlands, Cyprus and Luxembourg continues to operate as before.
Advantageous jurisdictions for doing business
The position of the Netherlands, Cyprus and Luxembourg did not emerge by chance. These jurisdictions maintain a reputation as comfortable harbors for registering companies and partnerships.
Continues to be interesting for foreign investors. The Republic of Cyprus is a financial business center with low taxation and minimal bureaucracy. The main advantages of the jurisdiction are:
- The state is a member of the European Union with a non-corrupt judicial system;
- one of the lowest corporate taxes in Europe - 12.5%;
- dividend yield is not subject to income tax;
- non-resident businessmen pay only tax on income derived from Cypriot sources;
- There is no capital gains tax on profits derived from the sale of shares, bonds and other securities.
In Cyprus, there is also a program for issuing financial citizenship.
Luxembourg maintains favorable conditions for large businesses. The government is willing to offer individual taxation for investors. To take part in such a program you must have a business, bringing in more than 100 million euros. An additional bonus for investors - an agreement on protection against double taxation.
Businessmen appreciate this jurisdiction for its economic stability. The rule of law reigns here. Additional bonuses are systems: social protection, education and health care. The state is a signatory member of the Parent-Subsidiary Directive. Many sources of dividends are tax-free.