Breaking the deadlock – can Russia and Cyprus' business partnership survive the island's banking crisis?
The Cypriot banking crisis in March caused plenty of headaches for Russian businesses. It is no secret that Russian businessmen hold a significant amount of funds in accounts with Cypriot banks. Historically, the island has been the most popular jurisdiction for Russian investors, mainly because of the favourable double taxation treaty concluded with Russia (and with more than 40 other countries), flexible corporate governance rules, confidentiality and unique geography. The legal system in Cyprus – being based on English law – is by no means less important than the attractive taxation regime. Russian corporate legislation is traditionally famous for a number of mandatory rules that can make it too rigid.
Cyprus has long been a popular offshore haven for Russian investors. But will their strong business ties survive the island’s banking crisis? Alexei Dudko and Andrew Gamble assesses the challenges ahead
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