PRESS RELEASE
6 March 2025

Latest CRS Developments For Trusts In Cyprus

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Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Cyprus remains committed to international tax transparency through its ongoing implementation of the Common Reporting Standard (CRS), an OECD initiative designed...
Cyprus

Cyprus remains committed to international tax transparency through its ongoing implementation of the Common Reporting Standard (CRS), an OECD initiative designed to facilitate the automatic exchange of financial account information between jurisdictions. As a CRS participant since 2017, Cyprus requires financial institutions to report relevant account holder information to the Cyprus Tax Department (TD) annually.

In a recent announcement, the TD provided key clarifications regarding the CRS’s application to trusts. Depending on their structure and activities, trusts are classified under CRS as either Financial Institutions (FIs) or Non-Financial Entities (NFEs), each with specific reporting obligations. Notably, all Cyprus-resident trusts must now complete and submit a CRS questionnaire to the TD by March 31, 2025, irrespective of their reporting status.

To avoid penalties and ensure compliance with international tax regulations, trustees must carefully assess their obligations under the CRS framework. These developments further reinforce Cyprus’s role in strengthening global tax compliance and enhancing financial transparency.

For a more details, please refer to the full publication by our managing partner Elias Neocleous, along with Michalis Loizou and Adonis Zachariou, available on Lexology and Mondaq.

For further guidance, contact our team.

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.

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