Eurofast Global Tax Briefing: Cyprus Removed from Russian Black List

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Cyprus/November 2012


Cyprus Removed from Russian Black List

The end of 2012 marks a great success for Cyprus. The official removal of Cyprus will take place on 1st January 2013. The amended blacklist of the Russian Ministry of Finance has been published on 31 October 2012. The Republic of Cyprus was not present on that list. The removal of Cyprus from the Russian black list has a great meaning for Cyprus. It allows Cyprus to freely present itself to the Russian market for outbound investments. Using the tax beneficial Cypriot legal entities for the purpose of investing and pay dividends back into Russia, can now occur without any obstacles.


Many third country corporations wishing to invest in Russia can now do so freely using 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 7th October 2010.


Eurofast has over 25 years of experience of 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 minimise taxes and ensure the smooth operation of your business.




For further information please contact our tax team at




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