This article reviews the wealth structuring options and applicable regulations in Cyprus, including available structures and their distinct advantages and disadvantages, with particular regard to recent developments.
A survey conducted by Diligex, which studied possible reactions to the new Corporate Services Provider (CSP) regime, found that a material number of warranted professionals and smaller registered CSPs were thinking of exiting the business because they would find it difficult to meet the new regulatory requirements.
Diligex conducted a survey of 64 CSPs in Malta as part of a campaign to raise awareness of the reforms. This number represents nearly 11 per cent of the known CSP universe, according to Malta’s 2019 Moneyval report.
The survey established that many CSPs were concerned by the higher costs associated with complying with the revised regulatory regime. The concerns were particularly expressed by warranted professionals and smaller registered CSPs. A top concern was the cost and availability of Professional Indemnity Insurance (PII), now mandatory for Class B and Class C holders.
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