The Central Bank of Cyprus on 2 November 2018, issued an updated circular regarding the definition of Shell Companies following its first circular issued in 14 June 2018. The new circular provides clarifications on the definition of Shell Companies, offering clearer guidelines to Banks as well as the Services Industry, removing the ambiguities which were contained in its first circular. The full document as issued by the Central Bank of Cyprus can be accessed on below link.

With over 40 successful years of service to the international business community, Eliades & Partners is today considered one of the most distinguished commercial law firms in Cyprus and provides a multi-disciplinary legal, tax and business consultancy service not only to the local market but more so to the broad international community.

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